Tesla (TSLA) said on Monday that this month it plans to export China-made Model 3 sedans to more than 10 European countries, including Germany, France, Italy and Switzerland.
Shares of the Palo Alto, Calif., electric-vehicle maker at last check were up 1.6% to $446.60.
The company said in a statement that it would keep expanding its investment and business in China.
Exported vehicles have arrived at Shanghai Haitong International Automobile Terminal and are expected to set sail next Tuesday, the Shanghai Observer reported.
The Tesla Shanghai Gigafactory Project (Phase I) is China’s first wholly foreign-owned vehicle-manufacturing project and Tesla’s first Gigafactory outside the U.S.
The Shanghai Super Factory will undertake more original-design and R&D work for products, the Observer reported. And it will make products that are more in line with the needs of Chinese consumers.
Separately, Wedbush analyst Daniel Ives raised his price target on Tesla ahead of the company's third-quarter earnings, which are due out later this week.
Ives reiterated his neutral rating on Tesla’s stock, which he has had in place since April 2019, but raised his one-year price target to $500 from $475.
Tesla’s third-quarter report is expected to show earnings of 55 cents a share on sales of $8.28 billion.
“Tesla's improved manufacturing efficiency and shining Giga 3 success in China will be on full display later this week and lead to another strong bottom-line performance which should beat the Street in our opinion," Ives wrote in a note to clients.
Tesla earlier this month said it delivered a record 139,300 vehicles in the third quarter, topping analysts’ expectations of 136,000. More than 124,000 of those vehicle deliveries consisted of the Model 3 sedan and Model Y crossover.