elon musk gives tesla giga berlin’s progress a seal of approval

Tesla Giga Berlin seems to be steadily finding its rhythm. Less than a week since thoroughly impressing a number of analysts from several financial firms, the Germany-based electric vehicle plant has earned a seal of approval from none other than Tesla CEO Elon Musk himself. In recent comments, Musk stated that the Giga Berlin team is “doing excellent work.”

Musk visited Norway earlier this week to speak at the 2022 Offshore Northern Shore Conference (ONS) conference. Following the event in Stavanger, Rogaland, Musk headed over to Germany to visit Gigafactory Berlin. Local media reports noted that Musk’s trip to Giga Berlin was an unofficial visit, though the CEO was reportedly looking to check the facility and its current capabilities.

These reports appear to have been accurate, as Musk later noted on Twitter that he had just spent the day walking through the entire Gigafactory Berlin production line. According to the CEO, he was quite impressed with the facility so far. “Spent the day walking entire Giga Berlin production line – team is doing excellent work!,” Musk wrote on Twitter.

Spent the day walking entire Giga Berlin production line – team is doing excellent work!

— Elon Musk (@elonmusk) August 30, 2022

Musk’s comments echo the observations of analysts who visited Giga Berlin last week. A team from UBS, for one, stated that Giga Berlin has the potential to become Tesla’s most profitable Gigafactory. The firm also observed that some parts of the Model Y factory are already prepared for a run rate of 10,000 vehicles per week. Jefferies was on the same boat, noting after its visit that Tesla is leading industry transformation.

Deutsche Bank analyst Emmanuel Rosner echoed these sentiments. In a note, Rosner maintained his “Buy” rating on the electric vehicle maker while giving TSLA stock an optimistic price target of $375 per share post-split. In his note, the analyst noted that Giga Berlin “could be a game-changer” that could make Tesla a formidable competitor in the region.

Tesla has ambitious goals for the coming years. The company expects to sell 20 million cars per year by 2030, and for this to happen, each of its Gigafactories would need to be optimized and ramped. Gigafactory Berlin, which is expected to provide popular vehicles like the Model Y to the European market, plays a pivotal role in Tesla’s targets. With this in mind, a seal of approval from both financial firms and Elon Musk bode well for the plant as a whole.

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

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