Tesla News Roundup: Price Target Cuts and Production Updates
Bank of America Lowers Tesla Price Target
Bank of America has cut its price target for Tesla, citing concerns over slowing demand and increased competition. However, the bank believes that Tesla can rebound with two strategies: expanding into new markets and improving its battery technology.
Mercedes-Benz Head in India Eager for Tesla
Martin Schwenk, the head of Mercedes-Benz in India, has expressed excitement about the potential entry of Tesla into the Indian market. Schwenk believes that Tesla's presence would stimulate the electric vehicle industry and create opportunities for collaboration.
Tesla Eyes June 2025 Production Start for New Crossover
According to Reuters, Tesla is aiming to begin production of a new mass-market compact crossover in June 2025. The vehicle is reportedly aimed at reaching a wider audience and is expected to be priced competitively.
Citi Cuts Tesla Price Target Amid Delivery Miss
Citi has also lowered its price target for Tesla, citing the company's recent delivery miss and concerns over market saturation. Tesla's stock has fallen over 30% so far in 2024, with several analysts expressing concerns about the company's growth prospects.
Tesla Breaks Ground on Lithium Refinery
Tesla has broken ground on its in-house lithium refinery, a key step in the company's efforts to secure its supply chain. The refinery is expected to produce battery-grade lithium, reducing Tesla's dependence on third-party suppliers.
Tesla Achieves Breakthrough in 4680 Battery Cell Production
Tesla has announced a significant breakthrough in 4680 battery cell production. The company claims that the new cells have higher energy density and lower cost, which could improve the performance and affordability of its electric vehicles.
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