Germany is trying to get Tesla (TSLA) to allow cars from rival automakers access to its charging stations, according to a Reuters report.
Tesla has more than 1,000 charging stations in Germany. The country as a whole has some 40,000 public charging stations. Germany is trying to expand the infrastructure that will encourage the adoption of electric vehicles. It wants to enable drivers to access charging locations across brands. There would also be a single payment system where drivers could pay with smartphones. (See Tesla stock chart on TipRanks).
“I am in direct talks with carmakers such as Tesla to make sure the existing infrastructure, for example Tesla’s Superchargers, will be open to other manufacturers,” Germany’s transport minister Andreas Scheuer was quoted saying by German newspaper Neue Osnabruecker Zeitung, according to Reuters.
The minister noted that there were technical issues to address in creating an open charging network, but he believes there will be a solution.
Morgan Stanley analyst Adam Jonas recently reiterated a Buy rating with a price target of $900 on Tesla stock. The analyst’s price target suggests 48.79% upside potential.
Jonas notes that Tesla stock rose rapidly in the second half of 2020 but has significantly underperformed the broader market as well as its tech and auto peers this year. The analyst outlined five reasons he believes Tesla stock can move higher, including manufacturing capacity expansion, expansion of the service business, and the sale of batteries to third parties.
Consensus among analysts is a Hold based on 9 Buys, 6 Holds, and 7 Sells. The Tesla average analyst price target of $620.70 implies 2.62% upside potential to current levels.
According to TipRanks’ Hedge Fund Trading Activity tool, confidence in TSLA is currently Positive. The cumulative change in holdings across all 16 funds that were active in the last quarter was an increase of 229,100 shares.