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Tesla (TSLA) Gearing Up for Vehicle Production in China
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Per a Bloomberg report, Tesla, Inc. (TSLA - Free Report) is close to begin vehicle production in China. The Palo Alto, CA-based electric vehicles maker is about to enter into an agreement with the city of Shanghai. The agreement will allow the company to build facilities in Lingang development zone and access the Mainland market more vehemently.
Tesla is actively undertaking international expansion. Since 2013, the company has started selling its vehicles in a number of new markets such as Europe, China, Japan, Hong Kong, Australia, and Mexico. In fact, in 2016, Tesla’s revenue grew three times to over $1 billion. Moreover, though production in China, the largest auto market in the world, the company can avoid 25% import tariff.
The Chinese government has figured out new-energy vehicles as an important emerging industry. The country aims at raising the annual sales of plug-in hybrids and fully electric cars 10-fold in the coming decade. Given these huge opportunities, Tesla’s China odyssey seems logical.
Tesla has outperformed the Zacks categorized Automotive - Domestic industry in the last three months. The company’s share price has increased 46%, while the industry has gained 8.5%.
Expected long-term growth rate for Fox Factory Holding, General Motors and Dana are 15.6%, 9.2% and 3%, respectively.
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Tesla (TSLA) Gearing Up for Vehicle Production in China
Per a Bloomberg report, Tesla, Inc. (TSLA - Free Report) is close to begin vehicle production in China. The Palo Alto, CA-based electric vehicles maker is about to enter into an agreement with the city of Shanghai. The agreement will allow the company to build facilities in Lingang development zone and access the Mainland market more vehemently.
Tesla is actively undertaking international expansion. Since 2013, the company has started selling its vehicles in a number of new markets such as Europe, China, Japan, Hong Kong, Australia, and Mexico. In fact, in 2016, Tesla’s revenue grew three times to over $1 billion. Moreover, though production in China, the largest auto market in the world, the company can avoid 25% import tariff.
The Chinese government has figured out new-energy vehicles as an important emerging industry. The country aims at raising the annual sales of plug-in hybrids and fully electric cars 10-fold in the coming decade. Given these huge opportunities, Tesla’s China odyssey seems logical.
Tesla has outperformed the Zacks categorized Automotive - Domestic industry in the last three months. The company’s share price has increased 46%, while the industry has gained 8.5%.
Currently, Tesla carries a Zacks Rank #4 (Sell).
Better-ranked stocks in the auto space include Fox Factory Holding Corp (FOXF - Free Report) , General Motors Company (GM - Free Report) and Dana Incorporated (DAN - Free Report) , each sporting a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Expected long-term growth rate for Fox Factory Holding, General Motors and Dana are 15.6%, 9.2% and 3%, respectively.
Zacks' Hidden Trades
While we share many recommendations and ideas with the public, certain moves are hidden from everyone but selected members of our portfolio services. Would you like to peek behind the curtain today and view them?
Starting now, for the next month, I invite you to follow all Zacks' private buys and sells in real time from value to momentum...from stocks under $10 to ETF to option movers...from insider trades to companies that are about to report positive earnings surprises (we've called them with 80%+ accuracy). You can even look inside portfolios so exclusive that they are normally closed to new investors.
Click here for Zacks' secret trade>>