Elon Musk is said to have talked with a Mexican Governor about a prospective new investment

WAN CHAI, Hong Kong - Feb. 13, 2023 - PRLog -- The gains occurred after one analyst still expects more than 50% upside for TSLA shares despite economic challenges, as well as a rumour that the EV leader may be looking for a new location for a production factory.

Following TSLA's third-quarter results announcement last week, Morgan Stanley (MS) analyst Adam Jonas reduced his price objective from $350 to $330 per share. Even though Jonas stated that he wants to "allow for unanticipated headwinds" in the present economic situation, the revised price target is still more than 50% higher than where TSLA shares began this week. Reuters also reported that TSLA CEO Elon Musk may be exploring a new investment in Mexico.

Musk allegedly visited with the governor of Nuevo Leon, a Northern Mexican state that borders Texas. According to Reuters, the meeting also included other local leaders and the United States Ambassador to Mexico, Ken Salazar.

Several American automakers have facilities and suppliers in Mexico, and it's unclear if Musk is considering the region for a new production plant or for some other reason. Musk has stated that his firm will eventually require around 12 production sites to generate the amount he desires. TSLA is actively expanding its third and fourth manufacturing plants in Germany and Austin, Texas.

Investors want to see the firm develop, regardless of where Musk finds the next site or sites. Investors appear to be buying back into the stock this week after it has dropped more than 35% year to date, according to reports that he may be making headway on a new investment.

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