Tesla teases new product reveal on October 7

Investing.com-- Tesla Inc (NASDAQ: TSLA) shares are up more than 2% premarket after the electric vehicle giant released teasers on Sunday for an October 7 event where the company is expected to reveal a new product.

The company released two short videos on the social media platform X– one featuring a spinning wheel or turbine, and the other featuring the illuminated headlights of a vehicle– touting the date October 7.

The tease comes amid growing focus on an affordable model from the electric vehicle maker, as it struggles with declining sales, an aging lineup, and heightened competition from Chinese players.

Tesla had last week reported record-high deliveries in the September quarter. But the figure was seen as largely driven by increased purchasing before the expiration of U.S. tax credits on EVs, with the company now set to face increased sales pressure in the coming quarters.

Tesla was also seen losing ground in Europe and China, amid heavy competition from local automakers in both regions. China’s BYD Co (HK:1211) has been a major competitor for Tesla in recent quarters, and had outsold the EV maker in several markets outside the United States.

CEO Elon Musk has repeatedly touted self-driving, artificial intelligence, and robotics as the next major growth drivers for Tesla.

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