After much market chatter, it seems electric vehicle maker Tesla (NASDAQ:TSLA) is getting ready to enter the Indian market with a production facility in Gujarat next year.
Reportedly, discussions surrounding the facility are in the final lap and an announcement could come during the Vibrant Gujarat Summit slated for January 2024. Multiple automakers already have a production presence in the Indian state. Potential locations for Tesla’s facility could be Snanad, Becharaji, and Dholera, According to Inc42.
Earlier, Piyush Goyal, the Union Minister of Commerce and Industry, had held a meeting with the company’s executives regarding the manufacturing facility. Previous reports indicated that Tesla was looking to invest up to $2 billion in a plant in India.
In another development, a malfunctioning assembly robot at Tesla’s Giga factory in Texas caused an injury to a company engineer, according to the Daily Mail. The incident is said to have occurred in 2021. However, Mr. Musk dismissed the report as “Absurd” while responding to a user on X (formerly Twitter).
Tesla’s share price has surged by nearly 125% over the past year, and the company’s market capitalization now stands at over $830 billion. Meanwhile, Chinese EV maker BYD (HK:1211) (OTC: I WILL) is inching closer to surpassing Tesla in terms of volumes in the fourth quarter. The Chinese company is aiming to hit three million unit sales in 2023.
Is Tesla Stock Expected to Rise?
Overall, the Street has a Hold consensus rating on Tesla. After this year’s mega rally in its share price, the average TSLA price target of $243.59 points to a potential downside of 3.8% in the stock.
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