Electric vehicle (EV) behemoth Tesla’s (NASDAQ:TSLA) CEO Elon Musk met with Turkish President Tayyip Erdogan during his visit to the U.S. for the United Nations General Assembly. As per reports, Erdogan pursued Musk to build a manufacturing plant in Turkey. Currently, Tesla has six fully functional plants and is building the seventh one in Mexico. Further, Musk has stated his desire to finalize a destination for Tesla’s eighth manufacturing plant by the end of 2023.
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Turkey’s communications directorate broke the news on September 18. Further, Erdogan proposed a collaboration between Musk’s SpaceX company and Turkey’s space program. Moreover, Musk was invited to attend Turkey’s annual aviation, aerospace, and technology festival, Teknofest, which is scheduled between late September and the end of October this year.
Overwhelmed by the gesture, Musk said that Tesla was already working with several Turkish suppliers and that the nation was one of the most promising candidates for Tesla’s next factory location. Musk also showed interest in starting its Starlink satellite internet services in Turkey and obtaining a license for the same.
Tesla’s Dominance in the EV Market
Tesla’s dominance in the EV space, absence of union pressures, and price cuts that are driving higher sales have made the company one of the most sought-after EV manufacturers globally. This year, Indian Prime Minister Narendra Modi also invited Musk to build a manufacturing plant in India for low-cost EVs. Meanwhile, yesterday, billionaire Musk denied a Wall Street Journal report stating that Tesla is in early discussions with Saudi Arabia about establishing a manufacturing facility.
Interestingly, Turkey has been pushing for technological advancements in the nation, and efforts to make it a global manufacturing hub are playing out well. Turkey’s strategic position on the world map makes it one of the most preferred destinations for industries. Even Chinese e-commerce giant Alibaba Group (NYSE:BABA) has ambitious plans for Turkey. As per talks between Erdogan and Alibaba President Michael Evans, the company plans to invest $2 billion in Turkey, in addition to the $1.4 billion already invested through its unit Trendyol.
Is Tesla Stock Expected to Rise?
Tesla stock has already gained a humongous 145.4% so far in 2023. Even so, the average Tesla price target of $294.08 by Top Analysts on TipRanks, implies 10.9% upside potential in the next twelve months.
Of the 13 Top Analysts who recently rated Tesla stock, seven have given it a Buy rating, five have a Hold recommendation, and one has given the stock a Sell rating. Top Wall Street analysts are those awarded higher stars by the TipRanks Star Ranking System. This is based on an analyst’s success rate, average return per rating, and statistical significance (number of ratings).
