EV major, Tesla (NASDAQ:TSLA) plans to build an EV worth €25,000 at its German plant, according to a Reuters report citing an unknown source. Tesla’s German plant currently produces the Model Y, the company’s bestselling EV in Europe.
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The EV maker had stated earlier that it plans to double the manufacturing capacity at the German plant to 1 million vehicles a year, but there has been no production update from the company since March this year. Earlier in March, Tesla had said that the German plant had started producing 5,000 vehicles every week.
According to the report, Tesla’s CEO Elon Musk visited the German plant on Friday and informed the workers of plans to build the low-cost EV. Meanwhile, on Friday, the company also hiked the wages of German workers by around 4%, effective from this month onwards.
Is Tesla a Buy, Sell or Hold?
Analysts remain cautiously optimistic about TSLA with a Moderate Buy consensus rating based on 14 Buys and Holds each, and five Sells. The average TSLA price target of $252.61 implies an upside potential of 14.8% at current levels.
