TSLA fell on Friday after CEO Elon Musk made a comment on TV that the stock price was “kind of high.” It rose on Monday, though, after a positive analyst report.
Tesla Will Build Its Gigafactory in Nevada
The big news of the week for Tesla was that the company finally chose a site for its gigafactory. Five states had been courting Tesla with tax breaks and other incentives. All were eager to partake in the billions of dollars and the thousands of new jobs the plant will bring to its host state.
The winner was Nevada, and the site will be near Reno. Over a 20-year period, the state will have to provide incentives worth $1.25 billion — however, Nevada expects it will gain $100 billion in economic impact over the 20 years from hosting the plant.
Tesla expects to be producing a quantity of batteries at the gigafactory by the year 2020 that will be enough to fuel 500,000 electric cars.
Tesla to Make Driverless Cars
Tesla CEO Elon Musk caused a brief flurry of excitement yesterday when he told Japanese reporters that Tesla has started working on driverless cars. His intentions in this area, however, are not new. More than a year ago, Musk revealed that he had been in talks with Google about Google’s self-driving cars technology, though Musk said then that he was leaning towards Tesla creating its own, less expensive autopilot system.
Another Glowing Analyst Report Sends TSLA Price Up on Monday
Tesla rose 1.70% on Monday, following another positive analyst report, this one from FBN Securities, hitting an intraday high of 284.88 before ending at 282.11.
FBN started coverage of TSLA with an “Outperform” rating and a price target of $325, saying that the company has “ample room” to “grow well for many years to come.”