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    TSLA   US88160R1014

TESLA, INC.

(TSLA)
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Tesla withdrew state funding application for German battery plant - economy ministry

11/26/2021 | 05:31am EST

BERLIN, Nov 26 (Reuters) - Tesla has withdrawn its application for state funding for its planned battery plant in Brandenburg, just outside Berlin, a spokesperson for the economy ministry said on Friday.

"Tesla continues to stick to its plans for the battery factory in the Gigafactory Berlin-Brandenburg, but will do without state IPCEI funding," the spokesperson said, referring to European subsidies allocated to so-called 'Important Projects of Common European Interest'.

The European Union in January approved a plan that included giving state aid to Tesla, BMW and others to support production of electric vehicle batteries and help the bloc to reduce imports from industry leader China.

Tesla was expected to receive 1.14 billion euros https://www.reuters.com/business/autos-transportation/german-decision-tesla-subsidies-expected-by-end-year-2021-09-05 ($1.28 billion) in EU funding under the plan, with a final decision likely by the end of the year.

Construction at the factory site, which Tesla CEO Elon Musk said he hoped could start producing cars by the end of this year, has made good progress in the last few weeks, the spokesperson said. ($1 = 0.8876 euros) (Reporting by Christian Kraemer, Victoria Waldersee, editing by Thomas Escritt)


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Stocks mentioned in the article
ChangeLast1st jan.
BAYERISCHE MOTOREN WERKE AG -1.70% 92.4 Delayed Quote.4.42%
TESLA, INC. 2.08% 846.35 Delayed Quote.-19.91%
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Financials (USD)
Sales 2021 52 734 M - -
Net income 2021 5 326 M - -
Net cash 2021 10 361 M - -
P/E ratio 2021 180x
Yield 2021 -
Capitalization 852 B 852 B -
EV / Sales 2021 16,0x
EV / Sales 2022 10,3x
Nbr of Employees 70 757
Free-Float 80,0%
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Technical analysis trends TESLA, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 35
Last Close Price 846,35 $
Average target price 965,09 $
Spread / Average Target 14,0%
EPS Revisions
Managers and Directors
Elon Reeve Musk Technoking of Tesla
Zachary J. Kirkhorn Master of Coin
Robyn M. Denholm Chairman
Ira M. Ehrenpreis Independent Director
James Rupert Murdoch Independent Director
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