Dragonfly could help Tesla achieve ‘ambitious’ battery targets, says Canaccord

Canaccord notes media reports saying that Tesla (TSLA) has undertaken an “ambitious initiative” to design and produce four new in-house batteries to power the Cybertruck and future Robotaxi and build on the company’s 4680 battery line, which has faced increasing development challenges. In 2019, Tesla acquired Maxwell, primarily, in the firm’s view, for its dry coating technology and the analyst argues that Dragonfly Energy (DFLI), which the firm calls “one of the battery world’s best kept secrets,” has technology that “could help achieve these ambitious targets.” The firm has a Buy rating and $1.50 price target on Dragonfly shares.