Tesla Said To Launch Hiring Spree In Shanghai To Propel Production

Tesla Inc. (TSLA) has launched a recruiting bonanza in Shanghai to hire designers at its China studio and about 1,000 factory workers, job posts seen by Reuters show. The move is part of the U.S. electric vehicle maker’s plan to ramp up manufacturing in the world’s biggest auto market. Back in January, Tesla announced plans to open a design and research centre in China to make “Chinese-style” cars. The posts on the Tesla human resources department’s official WeChat account mark the first time the California-based automaker has sought to hire designers in China. However, the posts did not reveal how many designers Tesla planned to recruit. The company also planned to hire 600 workers at stamping, bodywork, painting and assembly workshops in Shanghai, a separate job post by the Lingang local government showed. Another 150 workers were needed for quality checks, 200 for logistics work and 20 for security, it added. According to the Reuters report, the recruitment drive was partly for the preparation of Model Y sport-utility vehicles at the Shanghai plant. Tesla is building manufacturing facilities for Model Ys in Shanghai from next year. In the past quarter, the car maker delivered over 30,000 units in China, most of them locally made Model 3 sedans. In March it advertised for solar and energy storage project managers in China, as it moves to expand its energy business into the country. Shares rose another 8.7% to $1,539.60 at the close on Monday taking this year’s advance to a whopping 268%. Following Tesla’s stronger-than-expected 2Q earnings release last week, Piper Sandler analyst Alexander Potter lifted the price target to $2,400 (56% upside potential) from $2,322 and reiterated a Buy rating on the shares, saying he still believes the stock “deserves ‘must own’ status”. The analyst noted that it is “undeniably impressive” that Tesla may still exceed 500,000 deliveries in 2020, adding that with market share “inflecting” and self-driving roll-outs on the horizon, he “can’t envision” selling the stock now. Meanwhile, the majority of Wall Street analysts are sidelined on the stock with a Hold analyst consensus. In view of this year’s strong rally, the $1,257.04 average analyst price target now implies 18% downside potential for the shares in the coming 12 months. (See Tesla’s stock analysis on TipRanks).
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