Market News

Tesla Looks at East Asia to Mitigate Battery Woes

EV maker Tesla (NASDAQ:TSLA) is facing a battery crunch and looking to lower costs, according to Reuters.

The company is looking to increase its battery production and has reportedly had discussions with material suppliers in China and Korea. Specifically, the company is looking at 4680 battery cells as it aims to decrease costs and improve battery performance.

Battery-associated challenges have already contributed to the cybertruck hitting the market later than envisaged. While Tesla has battery production in the U.S., it is also looking to secure the process with battery supply from Japan and Korea as well.

Separately, there also has been talk about the company beginning production at its planned factory in Mexico as soon as next year. In the meantime, the stock has already posted a hefty 63% gain so far this year.

Overall, Wall Street has a consensus price target of $211.93 on TSLA, implying a further 22.56% potential upside in the stock.

Read full Disclosure

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More