Electric vehicle (EV) maker Tesla Inc. (TSLA) has withdrawn its $1.28 billion state subsidy application in Germany. The company said it would build its 4680 battery plant and recycling facility at the Berlin gigafactory without government funding.
TSLA informed the Federal Ministry of Economics and the Brandenburg Ministry of Economics in Germany about the same. Shares closed down 3.1% at $1,081.92 on November 26.
SubsidyIn January this year, the European Union approved subsidies for electric vehicles battery makers such as BMW and Tesla, and reserved the final decision for the end of the year. However, the EV giant has decided to go against the subsidy with no formal reasoning for the same.
Elon Musk, CEO of Tesla, was noted tweeting, “It has always been Tesla’s view that all subsidies should be eliminated, but that must include the massive subsidies for oil & gas. For some reason, governments don’t want to do that.”
The statement reflects Tesla’s strength and its capability to build the massive project without being dependent on any government grants. The company will continue to build its gigafactory as per schedule; however, the final approval is still pending. Tesla plans to build its Model Y in Germany, which is currently being imported from China.
In a separate release, a German media outlet Automobilwoche said that Tesla might receive its full approval for the Berlin Giga factory in a few days and that the company could start manufacturing Model Y by December.
Brandenburg’s Office of the Environment recently concluded its online discussions over some 800 objections from activists against the project. After completion, Brandbenburg’s Economics Minister Jörg Steinbach (SPD) was noted stating that he was confident that the Giga Berlin would produce its first Model Y by the end of 2021.
Target PriceThe Wall Street community has a Hold consensus rating on TSLA stock with 10 Buys, 6 Holds, and 7 Sells. The average Tesla price target of $887.38 implies 17.9% downside potential to current levels. Shares have gained 90.6% over the past year.
See Analysts’ Top Stocks on TipRanks >>
Website TrafficTipRanks’ Website Traffic tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into TSLA’s performance.
In October, Tesla website traffic recorded a 13.17% year-over-year decline in monthly visits. However, year-to-date website traffic growth increased by 1.72% compared to the same period last year.
Related News:
Tesla to Invest $188M for Shanghai Factory Expansion
Amazon Depots Blocked by Climate Activists on ‘Black Friday’
EU Approves Pfizer’s COVID-19 Vaccine for Ages 5 to 11
After the atypical 2020 holiday season, where purchases were made online, in-person shopping has returned with 2021. In fact, customers have the option of capitalizing on the best of both the worlds.
"It's going to be a hybrid holiday this year, blending the return of a celebratory feeling with the now normalized pandemic lifestyle," according to Marshal Cohen, chief retail industry advisor for market research for NPD.
Record Holiday Season Predicted: Market analysts are bracing for a record holiday season. The National Retail Federation estimated that the holiday sales during November and December will likely increase between 8.5%-10.5% year-over-year to $843.4 billion-$859 billion. This excludes spending at auto dealerships, gas stations and restaurants.
NPD expects people, on average, to spend $875 on holiday gifts.
As of 9pm on Black Friday, consumers have spent $6.6 billion, according to the Adobe Digital Economy Index. When the final tally is in, consumers will have spent between $8.8 billion and $9.2 billion, the firm estimates.
Related Link: Cannabis Tech Gift Guide: These Are Some Of The Gadgets To Grab This Holiday Season
Even as shopping continues at a frenzied pace, here are a few cool ideas for holiday gifts put together by Loup Funds:
Gifting Ideas For 2021
Apple, Inc.'s (NASDAQ: AAPL) AirTags based on Cupertino's network-driven approach for tracking things
Twitter, Inc. (NYSE: TWTR) Blue priced at $2.99 per month
Tesla, Inc. (NASDAQ: TSLA) FSD subscription priced at $199 per month
ENS Name, worth $50-$200
Lunii's My Fabulous Storyteller, priced at $80
West Elm Turntable, valued at $200
Zab's Hot Sauce, priced at $12 for 2
iPad mini, priced at $499
Bleusalt Long Sleeve Crew Pullover, a sustainable fabric that has the feel of cashmere, priced at $110
Ledger Nano S, a hardware wallet to keep one's crypto safe, priced at $59
Glerups Slippers, priced at $125
Fine Line Family K9 dog for $20,000-$80,000
Loup has gone a step further and presented holiday gift ideas for 2022 that include:
Nintendo Co., Ltd. (PNK: NTDOY) 64 Classic Edition
Quest 3, new VR hardware from Meta Platforms, Inc. (NASDAQ: FB)
Peloton Interactive, Inc. (NASDAQ: PTON) Strength Machine
Related Link: FedEx Forecast Calls for Holiday Package Shipments to Increase 10%
Latest Ratings for AAPL DateFirmActionFromTo Oct 2021Morgan StanleyMaintainsOverweight Oct 2021BarclaysMaintainsEqual-Weight Oct 2021OppenheimerMaintainsOutperformView More Analyst Ratings for AAPL View the Latest Analyst Ratings
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Get insight into trading platforms. Compare the best online stock brokerages.