Tesla shares gain for a fourth straight session on Wednesday, 500 000 electric vehicles to be manufactured annually at new facility near Berlin, Bild reports

According to a report by Germany’s Bild newspaper on Wednesday, Tesla Inc (TSLA) intends to manufacture as many as 500 000 electric vehicles per year at a new facility located on the outskirts of Berlin.

Tesla shares closed higher for a fourth consecutive trading session on NASDAQ on Wednesday. The stock went up 1.11% ($3.86) to $352.70, after touching an intraday high at $357.13, or a price level not seen since November 21st ($360.84).

Shares of Tesla Inc have risen 5.98% so far in 2019 compared with a 32.74% gain for the benchmark index, Nasdaq 100 (NDX).

In 2018, Tesla’s stock went up 6.89%, thus, it outperformed the Nasdaq 100, which registered a 1.04% loss.

According to Bild, Tesla is expected to create 10 000 jobs at the new Gigafactory, whose construction site is as large as 420 soccer pitches. Construction itself is to commence at some point next year.

A separate report by Germany’s Frankfurter Allgemeine Zeitung stated that the US electric car maker intended to invest as much as EUR 4 billion in the facility.

Analyst stock price forecast and recommendation

According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $290.00, with a high estimate of $949.00 and a low estimate of $190.00. The median estimate represents a 17.78% downside compared to the closing price of $352.70 on December 11th.

The same media also reported that at least 11 out of 33 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 10 – as “Hold”. On the other hand, 9 analysts had recommended selling the stock.

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