NEW YORK (TheStreet) -- Tesla Motors (TSLA) shares are down 1.36% to $222.97 in afternoon trading on Friday, but news of the launch of a used vehicle portal on its website could help the stock today.
The company now allows cutomers to purchase used Tesla vehicles from its website at a discounted price while also providing maintenance assistance and an extended 4-year or 50,000 mile limited warranty.
The used vehicle market is important to the company in order for it to gain new customers as well as establishing that its vehicles have resale value, according to the Wall Street Journal.
"There are a whole new set of buyers potentially exposed to the brand now," a Kelley Blue Book analyst told the paper.
Separately, TheStreet has further coverage of Tesla and the unveiling of its new energy business, here.
TheStreet Ratings team rates TESLA MOTORS INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TESLA MOTORS INC (TSLA) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, poor profit margins and generally high debt management risk."