NEW YORK (TheStreet) -- Shares of Tesla Motors Inc. (TSLA) are up 0.14% to $281.58 in after-hours trading after it was reported that the electric automaker finally decided that it will build its battery "gigafactory" in Nevada, sources told CNBC.
"That's a go, but they are still negotiating the specifics of the contract," a source within the Nevada's governor's office told CNBC Wednesday afternoon. The source noted that it could be a week before the deal is official.
Nevada is planning a press conference Thursday in Carson City, according to a Dow Jones report.
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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 robust revenue growth, solid stock price performance and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, poor profit margins and generally higher debt management risk."