The Tesla stock price is down nearly 2% this morning as the market digests yesterday's Tesla Motors Inc. (Nasdaq: TSLA) shareholder meeting in Mountain View, Calif.
The biggest news from the fifth-annual TSLA shareholder meeting was the announcement that company CFO Deepak Ahuja will be retiring in 2015. He's been with the company since 2008.
Musk described the departure as "akin to letting go of a child," before describing Ahuja's importance to the company.
But that was just one of the major updates provided at yesterday's meeting. Here are three other updates Tesla stock investors need to know now...
News Affecting the Tesla Stock Price
Musk also announced that Tesla will begin delivering Model X SUVs within the next three or four months. That means the vehicle won't be available until late in the third quarter.
Tesla maintained a delivery goal of 55,000 for 2015, and the Model X will play a big part in reaching that target. More than 20,000 Model X SUVs have already been ordered.
Musk also touted the safety features of the electric SUV. While many SUVs have a tendency to roll over, the Model X's heavy battery pack underneath the car limit that risk. Musk even said the Model X could be the safest SUV in history.
Another factor moving the Tesla stock price today is an update on the company's autopilot technology.
By the end of June, Musk expects to have a "beta" version of the company's new Model S with auto-driving capabilities available to select customers. The vehicle will be "predominantly autonomous" on the highway.
Within the next several years, Tesla expects to sell vehicles that will allow drivers to "fall asleep in your car and wake up at your destination."
Finally, the company also updated shareholders on the company's venture into home batteries. Tesla plans to increase the storage capabilities on its Powerwall home battery system from 3.3 kilowatts to 7 kilowatts.
Despite those encouraging updates, the Tesla stock price still dipped to $248.50 shortly after the opening bell. TSLA stock is now up 24% since the end of March and 12.6% year to date.
But should you buy TSLA stock following these updates? Here's what our investing experts recommend...
How to Play TSLA After the Tesla Stock Price's Dip Today
The Tesla stock price is extremely volatile, so you shouldn't buy in if you have a low risk tolerance. But for investors who can buy and hold the stock for several years, the long-term potential is undeniable.
"I believe Tesla is one of the best long-term investments an investor can make at the moment," Money Morning's Chief Investment Strategist Keith Fitz-Gerald said in March.
Tesla's push into the home battery market and Musk's vision for the future of the energy industry are major reasons why.
"I think Musk is the most innovative CEO on the planet and that he sees value others don't yet recognize," Fitz-Gerald said. "Cars, batteries, innovative business models - nobody knows where it will go but ultimately if you're along for the ride, I think it'd be very hard to go wrong over time."
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Some Wall Street experts agree. This week, analysts at Baird raised their price target to $335 from $275. Stifel has an even higher target, at $400.
Money Morning Global Energy Strategist Dr. Kent Moors has also been touting the potential of Tesla's home batteries for months.
"In everyday use, the unit is expected to allow homeowners to store solar-generated power for use during high-cost periods, giving them the flexibility to use the conventional grid for cheaper, off-peak electricity," Moors said in February.
The completion of Tesla's battery plant, "the Gigafactory," will be another huge catalyst for the Tesla stock price.
"The Gigafactory is expected to have a dramatic effect on the energy storage market, helping to bring battery costs down by as much as half by 2020," Moors said.
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