Elon Musk’s response to Scotland’s plea for a Tesla (TSLA) gigafactory paints a bleak picture for U.K. investments. After Alba Party’s Ash Regan urged Musk to establish a base similar to Tesla’s Berlin plant, Musk replied, “Very few companies will be willing to invest in the UK with the current administration,” highlighting ongoing concerns over the U.K.’s economic climate, including Brexit uncertainty.
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Musk Cites Brexit Risk and Government Policies
Musk’s hesitancy stems from the Brexit aftermath, which he previously cited as a risk factor when announcing Tesla’s Berlin gigafactory. Regan’s call for a gigafactory in Scotland had emphasized the region’s strategic location and potential for job creation. However, Musk has remained cautious about U.K. policies, including government decisions that, according to The Herald, have hindered industrial investment and economic growth.
Labour’s Approach Under Fire
Alba Party officials blame the Labour-led government for stifling growth through austerity measures and policies like increased National Insurance. The proposal for a gigafactory in Scotland, Regan argued, could create thousands of jobs, transforming the region’s manufacturing sector. However, with Musk’s critical stance on the U.K. government, it seems Scotland’s hopes for a Tesla factory may be dimming.
How Much Will Tesla Stock Be Worth in 2025?
Analysts remain sidelined about TSLA stock, maintaining a Hold consensus rating from 13 Buys, 11 Holds, and nine Sells. While TSLA has skyrocketed by over 65% in the past year, the average 12-month TSLA price target of $294.30 suggests a potential downside of 29.7% from its current levels.
