TESLA (TSLA) To Boost Investments in AI, Robotics and Chips

Tesla Inc. (NASDAQ:TSLA) is one of the 8 Best Automotive Stocks to Buy According to Analysts. The stock grew 31.63% in the past year, while it declined 14.10% year-to-date. On April 22, Reuters reported that Tesla is further boosting its spending plan to over $25 billion this year to support its initiatives in artificial intelligence, robotics, and chips.

Hadrian / Shutterstock.com

Tesla said in the Q1 update:

“We are making the necessary investments that will ensure our access to key materials and componentry in each region across vehicle, energy and AI as trade and geopolitics become more uncertain. In recent months, we have announced further regionalization and vertical integration of critical supply chains,”

The company reported a 16% rise in total revenues in the first quarter of the year to $22.4 billion from $19.3 billion in the same period last year.

On the other hand, on April 23, Canaccord Genuity raised its price target on Tesla to $450 from $420 and maintained a Buy rating on the shares, citing the company’s higher capital expenditure plan, according to a report by TheFly.

According to ratings compiled by CNN of 54 analysts, 44 percent placed a Buy rating on Tesla, while 43 percent marked it with a Hold rating. The Tesla stock has a median price target of $450, a 19.54% upside from the current price of $376.30.

Tesla, Inc. (NASDAQ:TSLA) is a developer, manufacturer, designer, lessor, and seller of electric vehicles and energy generation and storage systems. The company operates across China, the United States, and globally through the Automotive and Energy Generation and Storage segments.

READ NEXT: 10 Best Data Center Stocks to Buy for the Long Term and 5 Best Small-Cap Biotech Stocks to Buy According to Hedge Funds . 

Disclosure: None. Follow Insider Monkey on Google News.