While the proposed expansion of EV tax credits sounds like good news for the automakers, several requirements have now been introduced that have the automakers claiming 70% of EVs and PHEVs (plug-in hybrid EV) will not qualify for the credit, and it could get worse from there.
Yahoo Finance's Brian Sozzi breaks down Elon Musk's projections for Tesla production over the next 10 years.
The stock of Tesla (NASDAQ: TSLA) jumped today after Canaccord analyst George Gianarikas raised his price target for the electric vehicle company's shares and after the Senate passed the Inflation Reduction Act, which could give some electric vehicle (EV) sales a boost. Gianarikas raised his price target for Tesla's shares to $881, up from his previous price target of $815, and kept a buy rating on the stock today. The analyst believes that Tesla has a built-in advantage over other EV makers because of the company's lead in manufacturing, its ability to procure EV materials, as well as its autonomous vehicle technology, according to TheFly.com.