NEW YORK (TheStreet) -- Shares of Tesla Motors Inc. (TSLA) are up 0.89% to $222.50 in pre-market trade after it was reported that the company stopped production at its Fremont, CA assembly plant as it adds robots to accelerate production of electric sedans and prepares to build its Model X sport-utility vehicle, Bloomberg reports.
Work to reconfigure the production floor at the facility began yesterday and vehicle assembly will resume in two weeks, with a goal of boosting production by 25%, according to Simon Sproule, a spokesman for the car maker.
The $100 million upgrade will add 25 robots and modify the factory's body and general assembly lines, he said.
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TheStreet Ratings team rates TESLA MOTORS INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TESLA MOTORS INC (TSLA) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and poor profit margins."