- The shares of Tesla Inc (NASDAQ: TSLA) have received a reiterated price target of $1,000 by Wedbush. These are the details.
The shares of Tesla Inc (NASDAQ: TSLA) have received a reiterated price target of $1,000 by Wedbush. And Wedbush analyst Daniel Ives also reiterated an “Outperform” rating on the company shares.
Tesla CEO Elon Musk gave praise to the domestic electric vehicle brands in China. And Musk noted that the automakers in China are some of the most competitive in the world. And Musk also highlighted the growth potential of the market in China along with the innovations by its rivals during recorded commentary for the World New Energy Vehicle Congress in Haina.
“Chinese consumers want a car with better-connected and more intelligent features, so we see great potential for connected, full self-driving vehicle growth in China,” said Musk in the statement via Barron’s. “I have a great deal of respect for the many Chinese automakers who are driving these technologies.”
One of the reasons why electric vehicle companies were so competitive in China is due those brands have sophisticated software development teams. Musk noted the importance of safety in Tesla’s design process and data security is considered the cornerstone of development across the whole industry.
Tesla has been scrutinized in China over regulatory concerns regarding data security and safety issues in the past year. And Tesla is facing increased competition from brands like Li Auto, NIO, and Xpeng. But Ives said that the public relations and safety concerns in China is a lingering headwind that is starting to reverse course.
Going forward, Ives said that there are several growth levers for the company for next year such as the expansion of supply capacity through the launch of the factory in Germany this year. And there is a growing electric vehicle demand, which is expected to continue well into 2023.
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