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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Tesla Inc.    TSLA

TESLA INC.

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Tesla : China-built Tesla cars secure new energy vehicle subsidies

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12/06/2019 | 06:32am EST
The gigafactory of electric carmaker Tesla Inc is seen in Shanghai

Tesla Inc said on Friday its Chinese-built Model 3 cars would receive state subsidies, a move that will help the U.S. electric vehicle maker's push into the world's biggest auto market.

China's industry ministry had earlier said Tesla's Model 3 cars, being built at its $2 billion factory in Shanghai, were on a list recommended for subsidies for new energy vehicles (NEVs), which include plug-in hybrids, battery-only electric vehicles and those powered by hydrogen fuel cells.

Tesla said in a statement the subsidies had been secured.

Two variants of Tesla Model 3 vehicles are on the list for the generous NEV subsidy programme, according to the website of China's Ministry of Industry and Information Technology.

The California-based electric vehicle maker aims to make more than 1,000 vehicles a week by the end of 2019 for it Shanghai plant and deliver the China-made vehicles before the Chinese new year on Jan. 25.

The annual capacity at the factory in its first phase is expected to reach 250,000 vehicles, equivalent to about 4,800 a week. This will include 150,000 Model 3 cars.

It was not immediately clear how much of a subsidy the vehicles would receive. The starting price for China-made Model 3 cars is 355,800 yuan ($50,550), according to Tesla's website.

China hopes sales of NEVs which constituted around 4.6% of overall market in 2018, can reach a quarter of car sales in 2025.

Tesla, led by billionaire Elon Musk, is planning a broad after-sales network in China.

(Reporting by Yilei Sun and Brenda Goh; Editing by Edmund Blair)

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Financials (USD)
Sales 2019 24 443 M
EBIT 2019 -141 M
Net income 2019 -802 M
Debt 2019 7 747 M
Yield 2019 -
P/E ratio 2019 -114x
P/E ratio 2020 235x
EV / Sales2019 4,08x
EV / Sales2020 3,28x
Capitalization 92 015 M
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Mean consensus HOLD
Number of Analysts 34
Average target price 378,13  $
Last Close Price 510,50  $
Spread / Highest target 19,9%
Spread / Average Target -25,9%
Spread / Lowest Target -60,8%
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Managers
NameTitle
Elon Reeve Musk Chief Executive Officer & Director
Robyn M. Denholm Chairman
Zachary Kirkhorn Chief Financial Officer
Kimbal Musk Director
Ira M. Ehrenpreis Independent Director
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