Tesla (NASDAQ:TSLA) has been a pioneer in the advancement of electric vehicles. The company revolutionized the auto industry with its Gigacasting process, which can produce bigger aluminum parts than traditional methods. The payoff has been huge, thanks to lower costs and a much more efficient manufacturing process.
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Now, the company is doing something remarkable that could again transform the industry radically, according to Reuters. Tesla is nearing an innovation that would enable it to die-cast almost the entire underbody of an electric vehicle in one piece. For context, a typical car involves nearly 400 parts.
This technology is part of Tesla’s “unboxed” production strategy, where large sub-assemblies are produced simultaneously and then pieced together. This approach could help CEO Elon Musk realize his ambition of taking Tesla’s production capacity far higher than where it stands today while also drastically cutting down on the time it takes to produce a car from the ground up.
The company aims to slash assembly costs by half in future vehicles and ramp up production to 20 million vehicles by 2030.
Meanwhile, the Street has a consensus price target of $270.80 on Tesla, alongside a Hold consensus rating. The company’s shares have soared by nearly 154% so far this year.
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