Tesla (TSLA) has submitted all the necessary documentation needed for the approval of its proposed electric vehicle (EV) factory in Berlin, Germany, according to Reuters. TSLA shares jumped 7.49% to close at $1,008.87 on December 22.
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Tesla is a U.S. company that designs, manufactures, and sells EV cars, solar energy generation systems, and energy storage products. It also operates a network of superchargers.
Tesla’s German Push
Due to environmental resistance and red tape, the approval process has taken quite some time. It is still unclear whether Tesla will secure approval and when it is likely to roll out its first electric vehicle from the country. A decision on the approval process might come as early as next year.
In the recent past, the electric vehicle giant has had to push back the expected opening of the factory. Chief Executive Officer Elon Musk has also had to travel to Germany numerous times to check up on the regulatory process, which he has criticized for being slow.
The delay in the approval process came on Tesla expanding its original plan to include a battery factory. Consequently, the regulatory process had to undergo a renewed process involving public participation. All the feedback raised from the consultation will be considered when coming to the final decision.
Stock Rating
Last week, Daiwa Securities analyst Jairam Nathan reiterated a Hold rating on Tesla stock and raised the price target to $1,050 from $850, implying 4.08% upside potential to current levels.
Consensus among analysts is a Moderate Buy based on 13 Buys, 8 Holds, and 6 Sells. The average Tesla stock price target of $1,004.33 implies that shares are fully-valued at current levels.
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