Serial entrepreneur Elon Musk’s SpaceX has partnered with leading Indian telecom companies to expand Starlink’s high-speed internet services to India. Starlink has signed two back to back partnerships with Indian telecom companies Airtel (IN:BHARTIARTL) and Reliance’s (IN:RELIANCE) Jio, aiming to boost internet connectivity across India. On the other hand, Musk’s EV company Tesla (TSLA) faces a bumpy ride amid growing global backlash against outspoken billionaire.
Starlink Partners with Indian Telecom Giants
Starlink, a wholly owned division of Musk’s aerospace company SpaceX, aims to deliver global mobile broadband connectivity.
Under the agreement, SpaceX will leverage Airtel’s ground infrastructure and resources in India. Meanwhile, Jio will make Starlink solutions available through its retail outlets and online platforms, ensuring easy access for customers. However, both deals remain contingent on Indian government approval for Starlink to begin operations in the country.
Starlink Expands Footprints in Asia
Starlink is poised to extend its reach across much of Southeast Asia by 2025, tapping into the region’s diverse internet infrastructure and high demand for satellite connectivity.
Last month, the company secured approval to introduce its satellite internet services in Vietnam. As of August 2024, Starlink is operational in Malaysia, the Philippines, and Indonesia within the Southeast Asian region.
Tesla Faces Turbulent Times
Tesla’s stock extended its slump on Monday, tumbling 15.4%, marking the sharpest drop among the Magnificent 7 stocks. However, the stock climbed nearly 4% on Tuesday after Musk pledged to double U.S. production and gained public backing from President Donald Trump.
So far this year, shares have plummeted around 43%. The EV giant is under pressure from intensifying competition with Chinese automakers, while Musk’s political views have stirred controversy, weighing on consumer sentiment.
What Is the Prediction of Tesla Stock?
Wall Street remains divided on Tesla’s future. Bulls like Morgan Stanley, Wedbush, and RBC Capital see promise in its robotics and self-driving ambitions. Meanwhile, bears like Redburn Atlantic and UBS cite demand concerns, shrinking margins, and Musk’s controversies.
According to TipRanks, TSLA stock has received a Hold consensus rating, with 12 Buy, 12 Hold, and 12 Sell ratings. The average price target for Tesla shares is $333.14, suggesting a potential upside of 45% from the current level.
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