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After touring the company's gigafactory in Reno, Baird analyst Ben Kallo says Tesla's battery cost reduction and capacity expansion efforts are on track. The factory could produce up to 150 gigawatt hours of cells when fully ramped, and improved production processes should continue to drive battery cost reductions, Kallo tells investors in a research note. The analyst sees several near-term catalysts for Tesla shares, including increased Model 3 production, additional Model 3 reviews, Tesla Energy announcements and the semi-truck unveiling planned for October. Kallo continues to view Tesla as a top pick with an Outperform rating and $411 price target. The electric carmaker in pre-market trading is up $1.24 to $381.05.

Says it may still take three years for automaker to integrate Tesla AI technology into its model

Elon Musk says: "Regarding FSD Version 12, which is the pure AI-based self-driving, if you haven't experienced this, I strongly urge you to try it out, it's profound. And the rate of improvement is rapid. And we've now turned that on for all cars with the cameras and inference computer everything from Hardware 3 on in North America. So it's been pushed out to, I think, around 1.8 million vehicles, and we're seeing about half of people use it so far and that percentage is increasing with each passing week."

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSAudioEye (AEYE) up... To see the rest of the story go to thefly.com. See Story Here

Tesla (TSLA) is expected to report results on its fiscal first quarter on Tuesday, April 23, with a conference call scheduled for 5:30 pm EDT. What to watch... To see the rest of the story go to thefly.com. See Story Here

Wells Fargo lowered the firm's price target on On Semiconductor (ON) to $95 from $110 and keeps an Overweight rating on the shares ahead of quarterly results. The firm anticipates On to deliver a Q2 guide slightly below expectations as it adjusts to Tesla-specific (TSLA) production softness specific to image sensor and SiC sales.