Tesla shareholder meeting

Annual corporate business meetings are notoriously tedious. However, nothing about Tesla, the world’s largest manufacturer of electric vehicles, is dull.

On Thursday, Tesla’s (NASDAQ: TSLA) annual shareholders meeting will get held. It kicks off at 5:30 p.m. Eastern time. Tesla will handle all of the details, including board member elections. However, stockholders aren’t very concerned about Elon Musk’s brother Kimbal being on the board of directors. Microchips, production, and competitiveness will be top of mind for investors.

Wedbush analyst Daniel Ives has a “outperform” rating on the company and a $1,000 price target for the next 12 months.

Given the existing chip restrictions and the impending new facilities, Ives predicts that the summit will focus on semiconductor shortages and supply build-out.

Tesla’s Austin and Berlin plants remain critical to the Elon Musk-led company’s worldwide expansion aspirations, and Ives anticipates a new update on both fronts.

Tesla’s new Gigafactory, which is now under construction near Austin, Texas, is slated to be finished this year and begin full-scale production in 2022.

“Austin is particularly crucial since it will house the Cybertruck manufacturing, and given its size, location, and strategic blueprint, we believe Austin will eventually be more of a domestic hub than Fremont,” Ives said.

Despite the red tape, the expert believes the Berlin Gigafactory will begin the cars within the following month. Because Tesla’s Model, 3s/Ys, is manufactured in China and shipped to Europe, the relocation would alleviate a severe logistical bottleneck.

Global chip shortages appear to be harming conventional automakers. It includes General Motors Co (NYSE: GM) and Ford Motor Co. The annual shareholder meeting closely follows Tesla’s record third-quarter deliveries (NYSE: F).

Tesla gets expected to comment on the chip scarcity, some moderation through 2022. Musk’s focus is on creating its semiconductors, according to Ives. Other topics of interest might include an update on Tesla’s battery technology, China’s development and demand, the competitive landscape, and the plans for its energy or solar businesses. On Wednesday, Tesla shares closed 0.29 percent higher at $782.75 per share.

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By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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