tesla inc shares tsla rose 2 tuesday as chief executive elon musk cut the ribbon on the companys first manufacturing facility in europe its 55 billion euro 55 billion gigafactory in berlin the plant is based in gruenheide a coal town that sits within commuting distance of the german capital musk did a dance as he oversaw the delivery of the first germanmade tesla vehicles to 30 clients and their families cnbc reported the ceremony was also attended by protesters who are concerned at the high amount of water it will use and the number of trees that were felled to build it the factory is expected to produce up to 500000 electric cars a year wedbush analyst dan ives a tesla bull said the berlin plant is one of the biggest strategic endeavors for tesla over the last decade and should further vault its market share within europe over the coming years as more consumers aggressively head down the ev path in a note to clients published monday ives said the decision by the german authorities to clear the plant to start production removes a major overhang on the stock for the past few months we cannot stress the production importance of giga berlin to the overall success of teslas footprint in europe and globally as the current rubiks cube logistics of producing cars in china at giga shanghai and delivering to customers throughout europe was not a sustainable trend the analyst wrote wedbush has an outperform rating on tesla stock and a 12month price target of 1400 that is about 58 above its current price tesla shares have gained 40 in the last 12 months but are down about 11 in 2022 to date while the sp 500 spx has fallen 6