Give electric car stock Tesla (NASDAQ:TSLA) credit; it’s not the type to rest on its laurels. Today, Tesla made a big move thanks to plans for a new Gigafactory in a less-than-likely place. The latest word out of Spanish press is that Tesla is currently in talks with the regional government around Valencia in Spain to set up a new electric vehicle factory.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
With a price tag of $4.8 billion, the Valencian government is noting that negotiations with an “unnamed automaker” are currently in play. Tesla, however, isn’t commenting as of yet. That’s not the only planned expansion, though; Tesla is already said to be working on a plant in Mexico that will be twice the size of the plant in Austin, Texas.
It’s part of a major push on Tesla’s part; even as Tesla was connected to possibly two new plants, word from Tesla has already gone out to suppliers about Tesla’s plans. An Electrek report noted that Tesla purportedly said to suppliers that it plans to put out 375,000 Cybertrucks per year. This news comes out at the same time a Wired report noted that the Cybertruck has had significant design problems since day one. But with around 1.8 million pre-orders currently in place—at a $100 deposit each—it’s going to take a long time to get Cybertrucks into the hands of everyone who wants them.
Tesla’s ambition keeps it mostly attractive to analysts as well. With 15 Buy ratings, 10 Holds, and four Sells, analyst consensus calls Tesla stock a Moderate Buy. However, it’s a buy that comes with 15.51% downside risk thanks to its average price target of $198.54.
