Tesla Motors Inc(NASDAQ:TSLA) Shares Jump on Panasonic Partnership News


Tesla Motors Inc(NASDAQ:TSLA) shares gained more than 5% after the company reportedly moved toward Panasonic as its partner in a giant U.S. battery factory, and launched sales of its electric cars in China.

Dow Jones reported Tesla CEO Elon Musk said it is nearly certain Panasonic will be Tesla’s choice as its partner in a $5 billion planned Gigafactory.

Musk made the remarks while in Beijing to mark the start of Tesla car sales in China. He also said the company would begin making cars in China within three or four years, and would invest in a network of charging stations in that country, Dow Jones reported.

In mid-day trade, TSLA was up 5.40% to $215.41.

Analysts have a consensus price target of $210 on Tesla Motors Inc(NASDAQ:TSLA) which indicates a 3.14% upside. The consensus rating of the stock is a HOLD with a score of 2.47. There are currently 6 Buy ratings, 10 hold ratings and 1 strong buy rating on the stock.

A recent analyst action consisted of Zacks reiterating their Outperform rating with a price target of $238 on April 21st 2014.

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