Tesla is increasing its fleet of delivery trucks by ~50% at its Fremont factory, Global Equities Research noted. The firm reaffirmed its “Buy” rating on TSLA (NASDAQ: TSLA) shares with a $2,300 price target.
Tesla continues to actively increase production at its factories around the world. The Fremont factory has made the biggest contribution to date, and recently celebrated the production of its 2 millionth vehicle. The significant increase in production was also seen by Global Equities Research analyst Trip Chowdhry, who visited the factory last week.
In his Aug. 10 note, Chowdhry reaffirmed his $2,300 price target as activity in Fremont impressed him yet again. Based on his observations, the analyst noted that Tesla had increased its delivery truck fleet by about 50% and stressed that he was under the impression that every day during Q3 2022, the manufacturer operates as if every day is a rush at the end of the quarter.
Tesla's Fremont factory was the birthplace of Tesla cars, which launched the electric vehicle revolution. Throughout all these years, the responsibility for the growth of the company was given to this factory, until Giga Shanghai opened in late 2019. The Fremont factory, even with the inefficient location of its manufacturing facilities left over from General Motors and Toyota, has been a great success, and celebrated another milestone in June. The factory achieved its highest daily productivity ever.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.