Tesla will ramp up deliveries of its Chinese-made cars next week when it hands over Model 3 sedans to the first public customers.
The electric automaker will make the deliveries at a Jan. 7 event at its Shanghai factory, a Tesla representative said Thursday. They will come exactly a year after Tesla CEO Elon Musk broke ground on the $2 billion “Gigafactory,” the company’s first outside the US.
Tesla shares were trading up 2 percent at $426.76 as of 9:35 a.m. Thursday.
The Shanghai plant started production in October and is already churning out about 280 cars a day, Tesla executives have said. The company delivered its first Chinese cars Monday to 15 Tesla employees — including one who proposed to his girlfriend on the factory floor.
Analysts say the Chinese market — the world’s biggest for electric vehicles — will be key to Tesla’s continued growth this year. Tesla expects to eventually make 250,000 vehicles a year at the Shanghai factory after the addition of its Model Y crossover.
“As Model 3s roll off Tesla’s Chinese manufacturing facility with local subsidies intact, we believe the US-based focus will need to shift globally for the company,” Canaccord Genuity analyst Jed Dorsheimer said in a client note. He raised his target for Tesla’s stock price to $515, Wall Street’s second-highest.
Wedbush Securities analyst Daniel Ives said Tesla’s business in China is the “major swing factor” for the company’s stock, which jumped more than 40 percent last year to a high of $435.31 on Dec. 27.
Shares in the company could rise to $580 to $600 if Tesla sees Chinese and US demand grow and hits no snags with the Shanghai factory buildout, Ives said — or they could plummet to as little as $200 if competition stiffens, demand weakens and a roadblock emerges in China.
“2020 represents a pivotal year for Musk & Co. as ultimately this will be the year the bulls have been waiting for with China coming on board and Musk’s grand (electric vehicle) vision starts to potentially take hold,” Ives wrote in a Thursday note.
With Post wires
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January 02, 2020 at 10:34PM
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Tesla will start delivering China-made Model 3 cars on January 7 - New York Post
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