EV maker Tesla (NASDAQ:TSLA) is looking to boost output at its Shanghai Unit and is seeking regulatory clearance for the move, according to Reuters.
Further, the company is also looking to produce pouch-battery cells. The expansion in capacity would take its powertrain unit production to 1.75 million units a year from the current 1.25 million units.
The initial output of pouch-battery cells is pegged at 20,000 amp/hour and the development comes while Tesla also looks to ramp up the production of 4,680 battery cells in China.
Overall, the Street has a $202.84 consensus price target on Tesla alongside a Moderate Buy consensus rating. Despite a recent correction, shares of the EV company are still up nearly 54% so far in 2023.
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