While Mercedes is unveiling its electric SUV, Tesla's stock collapses

2020 Mercedes-Benz EQC (Image courtesy of Mercedes-Benz USA)

Mercedes-Benz has unveiled a fully electric SUV that she plans to produce next year in Germany, the latest to challenge Tesla in the luxury electric car market.

The luxury brand of Daimler AG showed its EQC cross-fertilization for sports equipment during an event outside of Stockholm. It is seen as a competitor of Tesla & # 39; s Model X.

It also comes when Jaguar Land Rover offers the I-Pace electric SUV and Volkswagen's luxurious arm Audi will appear later this month to unveil its e-tron in San Francisco.

Meanwhile, Tesla's shares fell more than 4 percent Tuesday after a Goldman Sachs analyst said he expects the company to face increasing competition while spending is likely to rise.

Goldman analyst David Tamberrino sees the stock drop to $ 210 within six months. It closed at $ 288.95 on Tuesday.

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