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ChatGPT predicts Tesla stock price for start of 2024

ChatGPT predicts Tesla stock price for start of 2024

Tesla (NASDAQ: TSLA) has been in a bit of a strange spot throughout 2023. On the one hand, it experienced significant growth on the stock market, rising nearly 100% since January 1. On the other hand, the broader EV has been experiencing a slowdown, prompting Tesla to start lowering prices, which, in turn, initiated a price war among electric vehicle makers.

The company’s performance on the market has also been less impressive in recent weeks – largely due to its disappointing Q3 report – and its stock declined 14.52% over the previous 30 days.

However, the EV giant made approximately 1.3 million deliveries in the first three quarters of the year and is still keeping to its target of 1.8 million for the year, unlike its competitors such as Lucid Motors (NASDAQ: LCID), which recently cut its expectation by about 20%.

As an attempt to analyze the mixed performance and figure out where Tesla might stand and the onset of 2024, Finbold decided to consult OpenAI’s flagship tool – ChatGPT – and see where it thinks TSLA stock will stand on January 1.

ChatGPT estimates TSLA price range for January 1

According to ChatGPT, Tesla is likely to stand somewhere between $180 and $280 on January 1, 2024. Considering that it is a rather wide range, the artificial intelligence (AI) also laid out three possible scenarios and offered tighter estimates for each of them.

Three likely ranges for TSLA on January 1, 2024. Source: Finbold and ChatGPT

The first variant places an emphasis on the most recent numbers for Tesla and sets its price between $180 and $200. ChatGPT believes that the downtrend seen over the previous months might just be strong enough to further suppress the EV maker’s stock market price through November and December.

On the other hand, it estimates that it is more likely that, despite the downtrend, Tesla’s fairly strong year-to-date performance will offer enough support to its shares and keep them between $210 and $230 by the New Year.

Finally, ChatGPT also sees the potential for Tesla to break out in the coming months. According to the AI, Tesla’s strong long-term performance, as well as its demonstrated ability to react to market challenges, gives room for optimism and could still see the stock soar to between $240 and $260.

When asked to assess which of the three scenarios is the most plausible, ChatGPT decided to play things safe and hinted that the middle option – the one that could see Tesla stand as high as $230 on January 1 – is the best bet.

ChatGPT analyzes recent news from India

While factoring in the news on the possible production of a €25,000 model in Tesla’s German plant in its original assessment, ChatGPT created a separate analysis for the updates on the possible future of the EV maker’s planned plant in India.

The government of India is prepared to accept Tesla’s request to significantly lower its tariffs on EVs, according to a Financial Times report from November 13.

Currently, the tariffs are as high as 70% for cars costing less than $40,000 and go up to 100% for models above the price point. The request was made as a part of Tesla’s plans to open a plant in the country and start expanding in India’s fledgling EV market.

Still, even with the slashed tariffs, Tesla is likely to face an uphill battle as currently, the highest demand in the country is for two-wheeled electric vehicles and not the more expensive cars that Musk’s EV maker is known for. 

Accordingly, ChatGPT assessed that should investors see a real possibility for Tesla to significantly expand in India, its stock price might stand as high as $280 at the start of 2024. The AI also stated that – if an agreement is indeed reached – the lower estimate would also increase to between $200 and $220.

TSLA price ranges should an agreement with India be reached. Source: Finbold and ChatGPT

Tesla price analysis

Wherever TSLA may stand on January 1, it is currently worth $214.65, meaning it had risen 2.22% on its last trading day. Additionally, Tesla shares have been on a slight uptrend throughout the extended hours, and their price has increased by another 0.42% by the time of publication.

TSLA 1-day price chart. Source: Finbold

A broader picture of EV maker’s market performance is somewhat different. Since October, Tesla has been falling sharply and dropped by 14.52% over the previous month. On the other hand, the stock has been rising significantly throughout much of 2023 and is up 98.57% year-to-date (YTD).

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