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Tesla rises after Elon Musk plans chip factories in Austin

ReutersMar 23, 2026 3:18 PM

Tesla TSLA.O shares up 4.3% at $384.54

CEO Elon Musk said on Sunday the EV maker and SpaceX will build two advanced chip factories in Austin, Texas

TSLA stock on track for biggest daily percentage gain since November 24

One of the factories will produce chips to power cars and humanoid robots, while another will be designed for AI data centers in space, Musk said in a social media post

A day before his post, Musk had announced plans to build "Terafab," an advanced AI chip complex in Austin

54 analysts covering TSLA rate it "hold" on average; their median PT is $439 - LSEG-compiled data

TSLA down 14.6% YTD vs. NASDAQ Composite Index's .IXIC 4.7% decline

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