Tesla To Establish Manufacturing Plant In India – Report

India Today has reported that Tesla will be opening an electric vehicle (EV) manufacturing plant in Karnataka, India, according to a statement released by Chief Minister BS Yediyurappa on Saturday.

Tesla’s (TSLA) CEO, Elon Musk, has been very vocal recently about his intention to enter the Indian market, and last month, registered Tesla Motors India and Energy Private Limited in the city of Bengaluru in Karnataka.

India’s desire to reduce its dependence on oil in its bid to cut down on air pollution and greenhouse gas emissions has been widely reported, but its efforts to develop an EV industry have been frustrating due to a lack of investment in infrastructure and manufacturing.

Last year, Reuters reported that India was setting up a $4.6 billion incentives scheme for companies who would develop advanced EV battery manufacturing facilities in India. (See Tesla stock analysis on TipRanks)

Morgan Stanley analyst Adam Jonas reiterated his Buy rating on Tesla three days ago and set his price target at $880. This implies upside potential of around 8% from current levels.

Jonas highlighted his concerns about the expected shortfall in battery supply as the demand for electric vehicles gains momentum. This sentiment was confirmed by Elon Musk, who said that “the fundamental limit on electric vehicles right now, in general, is total availability of cells.”

Consensus among analysts is a Hold based on 7 Buys, 14 Holds and 7 Sells. The average analyst price target of $603.83 suggests that TSLA shares are overpriced at current levels, with around 26% downside potential over the next 12 months.

Tesla scores a 9 out of 10 from TipRanks’ Smart Score system, which suggests that analysts expect the company to outperform expectations moving forward.

Related News:
Amtech Earnings Beat Estimates; Shares Pop 22%
Sanofi’s COVID-19 Vaccine With Translate Bio Delayed Until Next Year – Report
G1 Therapeutics Wins FDA Approval For COSELA Drug; Shares Pop 20%

India Today has reported that Tesla will be opening an electric vehicle (EV) manufacturing plant in Karnataka, India, according to a statement released by Chief Minister BS Yediyurappa on Saturday.Tesla’s (TSLA) CEO, Elon Musk, has been very vocal recently about his intention to enter the Indian market, and last month, registered Tesla Motors India and Energy Private Limited in the city of Bengaluru in Karnataka.India’s desire to reduce its dependence on oil in its bid to cut down on air pollution and greenhouse gas emissions has been widely reported, but its efforts to develop an EV industry have been frustrating due to a lack of investment in infrastructure and manufacturing.Last year, Reuters reported that India was setting up a $4.6 billion incentives scheme for companies who would develop advanced EV battery manufacturing facilities in India. (See Tesla stock analysis on TipRanks)Morgan Stanley analyst Adam Jonas reiterated his Buy rating on Tesla three days ago and set his price target at $880. This implies upside potential of around 8% from current levels.Jonas highlighted his concerns about the expected shortfall in battery supply as the demand for electric vehicles gains momentum. This sentiment was confirmed by Elon Musk, who said that “the fundamental limit on electric vehicles right now, in general, is total availability of cells.”Consensus among analysts is a Hold based on 7 Buys, 14 Holds and 7 Sells. The average analyst price target of $603.83 suggests that TSLA shares are overpriced at current levels, with around 26% downside potential over the next 12 months.Tesla scores a 9 out of 10 from TipRanks’ Smart Score system, which suggests that analysts expect the company to outperform expectations moving forward.Related News:Amtech Earnings Beat Estimates; Shares Pop 22%Sanofi’s COVID-19 Vaccine With Translate Bio Delayed Until Next Year – ReportG1 Therapeutics Wins FDA Approval For COSELA Drug; Shares Pop 20%Read MoreStocksStocks Feed
¡Haz clic para votar esta entrada!
(Votos: 0 Promedio: 0)

Deja un comentario