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home / news releases / EV - Tesla Stock Drops as the Report Suggests Shanghai Factory Expansion Would Be Postponed

EV - Tesla Stock Drops as the Report Suggests Shanghai Factory Expansion Would Be Postponed

Eaton Vance Corporation

Tesla Stock ( NASDAQ:TSLA )

On Thursday, trading in Tesla ( NASDAQ:TSLA ) was lower after a report suggested that a significant expansion of the Shanghai Gigafactory had been delayed due to concerns from Beijing over data security, with Elon Musk also owning the Starlink business. The report was based on the fact that the expansion would have involved Starlink. According to individuals who spoke with Bloomberg, the expansion of the Shanghai facility was scheduled to begin this year and bring the site’s annual production capacity up to 2 million cars.

A similar restriction was placed on Tesla automobiles in China’s housing and military compounds a year ago for the same reasons as the last one.

Oppenheimer, a Wall Street investment firm, reaffirmed its Perform rating for Tesla stock. Analyst Colin Rusch stated that all indications point to a pricing environment that will be moderated for the manufacturer of electric vehicles. He also warned of a potential increase in marketing spending and incremental incentives as the company works to scale its production of 4680 cells, Cybertrucks, and Semis. Rusch observed, “we believe the company is well positioned to improve geographic diversity of sales with four production facilities up and may need to leverage that position as certain markets slow in growth.” “We believe the company is well positioned to improve geographic diversity of sales with four production facilities up.”

Following the release of CPI data that halted for the time being the unexpected rush into tech and growth companies during the previous two sessions, the price of Tesla stock fell by 3.33 percent during the early trading session on Thursday.
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Stock Information
Company Name: Eaton Vance Corporation
Stock Symbol: EV
Market: NYSE
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