TSLA Stock Forecast: Tesla Inc extends streak to seven as Berlin opens doors for Europe
- NASDAQ:TSLA gained 0.52% during Wednesday’s trading session.
- Tesla opens the doors to European growth through its Berlin GigaFactory.
- LG is opening a new battery plant in Arizona to supply Tesla.
NASDAQ:TSLA surged past the $1,000 plateau Wednesday morning, but market weakness in the afternoon saw the stock close below the mark. Shares of TSLA gained 0.52% and closed the trading day at $999.11. The stock touched as high as $1,040 out of the gate this morning, but rising oil prices and a spike in the ten-year treasury bond yield sent the equities lower into the close. All three major indices closed the session lower, as the Dow Jones dropped by 448 basis points, while the S&P 500 and NASDAQ fell by 1.23% and 1.32% respectively during the session.
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On Tuesday, CEO Elon Musk officially opened the Berlin GigaFactory to much celebration from Tesla fans and shareholders alike. The factory gives Tesla a firm foothold in Europe and will reduce the costs of shipping vehicles from the US and Shanghai. Berlin’s capacity is expected to reach upwards of 500,000 vehicles on an annual basis, which will definitely give domestic brands like BMW and Volskwagen stiff competition. Some analysts are also expecting Tesla to build vehicles in Berlin that will be suited more for the European consumer, something it has already done in the US and China.
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Korean tech giant, LG, is building a new factory in Arizona to build batteries that will supply Tesla and other companies. The news comes on the heels of Japanese electronics company Panasonic announcing that it will build its own battery plant in either Oklahoma or Kansas in the next couple of years, also to supply Tesla. As the EV industry grows in the US, so too does the infrastructure needed to supply EV makers with critical parts and supplies.
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FXStreet
