Tesla is experiencing a successful year, with its stock more than doubling in 2023. Despite recent media reports of a worker being injured by a robot at one of its factories, market analysts remain unfazed. Instead, their focus lies on the electric-vehicle company’s upcoming delivery figures.
The incident occurred at the Tesla gigafactory in Texas back in 2021, when a malfunctioning machine caused an injury to an employee’s hand. The injury report was filed to Travis County and federal regulators, as reported by the Daily Mail on Tuesday.
Tesla has not yet provided a comment on the report as of Wednesday morning. However, this news has had little impact on the stock’s performance, as it was up 0.4% during premarket trading at $257.69.
Although Tesla’s shares have retreated from their peak level of over $290 earlier this year, they have still seen significant growth from around $108 at the beginning of 2023.
Wedbush analyst Daniel Ives believes there is potential for further short-term growth. In a recent research note, he reaffirmed his target price for Tesla’s stock at $350, based on demand data from China. This data suggests that the company might surpass analysts’ expectations for its fourth-quarter delivery numbers, which will be announced on January 2. The estimated figure stands at an impressive 475,000 vehicles.
With its soaring stock and promising delivery performance, Tesla continues to establish itself as a key player in the electric-vehicle industry.
The Future of Tesla in China and the Potential of Self-Driving Cars
Tesla is poised to reach new heights in China as the company bounces back from a challenging year. According to analyst Daniel Ives, Tesla’s fourth-quarter volumes in China are expected to set yet another record. The company has successfully weathered the storm caused by a Category 5 event in early 2023 and is now experiencing steady demand, leading to price increases in this crucial market.
However, if Tesla wants to replicate its stellar performance in 2024, it may require a more radical approach. Ives suggests that the key lies in the advancement of Tesla CEO Elon Musk’s vision for fully self-driving (FSD) cars as the future of the company. Despite concerns regarding the safety of this software, Tesla’s FSD capabilities are gaining traction in the market, which Ives believes will further drive the growth of Tesla (TSLA) into 2024.
Although the hype surrounding self-driving vehicles has subsided in recent times, Musk remains steadfast in his conviction that autonomous driving presents an enormous opportunity for Tesla. As a result, the capabilities and safety of self-driving technology are likely to be prominent themes for Tesla in the coming year.
In conclusion, Tesla’s prospects in China are looking bright as the company recovers from past challenges and continues to witness robust demand. Additionally, the development of self-driving technology is expected to be a crucial driver of Tesla’s growth and success in the years ahead.
