Tesla leading autos 'biggest transformation since the 1950s': Wedbush's Ives

finance.yahoo2022-01-12

Tesla (TSLA) strong rally this week points to more gains ahead, according to Wedbush, with the U.S. electric vehicle maker primed to transform the auto industry after ending 2021 on a strong note....

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Ah Teck
2022-01-13
Ah Teck
No competition in sight!
Steamroller
2022-01-12
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JuYee
2022-01-12
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34b891b9
2022-01-12
34b891b9
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The data confirm that almost half of Tesla’s record year of production and deliveries came from GigaFactory Shanghai.Tesla sold 70,847 China-made vehicles in December, the highest monthly rate since it started manufacturing in Shanghai in 2019,data from the China Passenger Car Association (CPCA) showed on Tuesday. Only 245 units were exported to other markets.Like other analysts, Ives believes China remains a growth opportunity for Tesla, expecting China to be “over 40% of deliveries for Tesla in 2022.”China’s EV market is dominated by domestic brands, including BYD and Wuling – a local marque that’s part of General Motors (GM).According to Shanghai-based consultancy Automobility, Tesla is only the foreign brand in the top 10.“It's a tight rope in terms of China,” Ives said. “But if you look at what's happening right now, the China growth story is actually accelerating for Tesla 2022, and that we believe is worth about 500 hours per share of the story. It's something we believe is underestimated by the Street.”Wedbush maintains an “outperform” rating on the stock, with a $1,400 price target and bull price target of $1,800.And while more competitors jump into the EV space, Ives argued it's “not a zero sum game” for Tesla.“Ford's gonna be successful at GM, Lucid, VW in Europe and of course, NIO in China, but overall in EV land is Tesla's world,\" the analyst explained. \"Everyone else is paying rent at this point and that's what we're seeing\" in the near term, Ives added.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9002218927,"gmtCreate":1642027676207,"gmtModify":1676533672119,"author":{"id":"4099369723784350","authorId":"4099369723784350","name":"Ah 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