Tesla Inc (TSLA) intends to increase parts production at its Shanghai facility in an attempt to meet rising demand for exports, a document filed with the city government showed.
The document stated that the US electric car maker would add production workshops, hire more workers and lengthen the time equipment is operational.
At present, Tesla’s Shanghai facility has an annual production capacity of 450,000 Model 3 and Model Y vehicles combined.
In 2021, the US company sold over 470,000 China-produced vehicles, over 160,000 of which were sold abroad.
Tesla shares closed lower for a fourth consecutive trading session on NASDAQ on Wednesday. It has also been the steepest single-session loss since January 27th. The stock went down 7.00% ($57.49) to $764.04, after touching an intraday low at $760.56. The latter has been a price level not seen since September 24th 2021 ($744.56).
Shares of Tesla Inc have retreated 27.70% so far in 2022 compared with an 11.34% loss for the benchmark index, S&P 500 (SPX).
In 2021, Tesla Inc’s stock went up 49.76%, thus, it outperformed the S&P 500, which registered a 26.89% gain.
Analyst stock price forecast and recommendation
According to TipRanks, at least 17 out of 30 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 7 – as “Hold”. The median price target on the stock stands at $1,097.33.
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