Investing.com – The stock was forecast to rise 35% following its first-quarter report. At the same time, the bank upgraded the company’s stock rating to “recommended for purchase” and outlined a plan that could increase the value of the automaker’s shares, writes Business Insider.
For Tesla to grow, positive catalysts are needed, and they are already beginning to form, according to Bank of America.
In its report Wednesday, Tesla reported lower-than-expected quarterly earnings, but the company will accelerate production of a cheaper electric car, despite concerns that it has abandoned the project entirely to focus on robotaxis.
If the company follows its 4-part plan, BofA believes it has plenty of growth potential ahead. The strategists indicated these 4 stages.
1. Launching new models earlier and more efficiently than expected.
2. Presentation on August 8 of its robotaxi model and next-generation platform.
3. Cost savings with a target sales volume of more than $1 billion by separating production operations.
4. Potential licensing of fully autonomous driving functionality by the end of the year.
— Materials from Business Insider were used in preparation
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