With the construction of a new production facility, Tesla, Inc. (NASDAQ: TSLA) plans to make Shanghai “the world’s largest vehicle export hub,” a report published by StreetInsider.com said.
The new facility, which will be built next to the EV giant’s Gigafactory 3, will have an annual production capacity of 450,000 units. Once the initial construction of the factory is complete, Tesla is planning to manufacture Model Y and Model 3 vehicles.
Last year, the Texas-based company manufactured 484,130 units of Model 3 and Model Y at its Gigafactory 3, which accounted for 51.7% of the total global production.
Analysts’ Take
Bill Selesky of Argus Research, said, “Whether or not you’re in favor of the Twitter buyout, from a Tesla shareholder perspective, the biggest concern is that Musk ‘gets distracted’ with this purchase and spends less time worrying about how Tesla is going to manage through the year.”
On the contrary, CFRA analyst Garrett Nelson said, “We think if anyone can juggle these companies, it’s Elon. He’s been able to successfully balance growth at both Tesla and SpaceX over the last several years and he’s surrounded by a highly capable supporting cast at each company.”
Nelson has a Buy rating on Tesla with a price target of $1,350 (48.5% upside potential).
Overall, the stock has a Moderate Buy consensus rating based on 14 Buys, eight Holds and five Sells. TSLA’s average price target of $980.41 implies 7.8% upside potential. Shares have gained 35% over the past year.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Tesla’s performance.
According to the tool, Tesla’s website traffic registered a 32.2% rise in global visits in March, compared to February. Further, the footfall on the company’s website has grown 14.3% year-to-date against the same period last year.
Conclusion
TSLA stock has been witnessing volatility ever since Musk revealed his plans to take over Twitter. Let’s hope this is only a temporary thing and investors do not lose confidence in the stock seeing Musk put his finger in many pies.
Learn more about the Website Traffic tool in this video by Youtube sensation Tom Nash.
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