Tesla supremo (NASDAQ:TSLA) Elon Musk is visiting the company’s Shanghai unit and meeting up with government officials in his first China trip in nearly three years, according to Barron’s.
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As per Reuters, Mr. Musk is also planning to meet Chinese leader Li Qiang as the company looks to decide on the possible expansion of its Shanghai unit. The plant contributes to nearly half of the company’s worldwide vehicle deliveries.
As Tesla looks to make up its mind on the next steps in expanding its footprint, India has been mentioned as a possibly attractive location as well.
Wedbush analyst Daniel Ives, who has a $215 price target on Tesla alongside a Buy rating, noted that Mr. Musk’s visit comes at a critical point for the company as competition from Chinese electric vehicle manufacturers heats up.
Overall, the Street has a $201.84 consensus price target on TSLA alongside a Moderate Buy consensus rating. Shares of the company have already surged nearly 79% so far this year.
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