Tesla Inc (NASDAQ: TSLA) is trading down on Thursday even though it reiterated that it will be producing 20 million vehicles annually by the end of the current decade.
What else did Tesla say at its investor day last night?
The long-awaited Cybertruck will be launched in 2023
Next generation vehicle will be unveiled at a later stage
Target for the next-gen platform is to lower costs by 50%
Texas customers will benefit from “Tesla Electric” this summer
New businesses like refining lithium are also coming soon
CEO Elon Musk also confirmed that the EV company is setting up a new factory in Monterrey, Mexico (read more). That’s where it plans on manufacturing its next-generation vehicle.
Tesla stock is still down more than 7.0% this morning as many believe the investor day lacked specifics.
Morgan Stanley’s Jonas remains bullish on Tesla stock
Also on Thursday, Morgan Stanley’s Adam Jonas recommended that investors buy Tesla stock on the weakness and reiterated his $220 price target that suggests a more than 15% upside from here.
His bullish view is quite simply based on confidence that the Austin-headquartered EV giant is well ahead of its competitors. Jonas’ research note reads:
Tesla’s audacious efforts on vertical integration are about to pay off. It gave a number of drivers for a 50% cost reduction for its next-gen platform. We seriously question how the competition can keep up.
The analyst expects innovations that Tesla Inc introduces moving forward to eventually become the industry standard. Versus the start of this year, Tesla stock is still up about 75% at writing.
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