Tesla Stock Surge Driven by Musk’s Comments
Tesla (NASDAQ: TSLA) shares rose by as much as 4.9% in early trading on Monday, October 9, 2023. As of 11:22 a.m. ET, the stock was up 4.5%. This increase followed a weekend post from CEO Elon Musk regarding Tesla’s and SpaceX’s solar production capabilities.
Musk stated that both companies are building 100 gigawatts of solar production capacity annually but acknowledged that this process takes time. He suggested that manufacturing gas turbine blades in-house could expedite the availability of natural gas turbines by up to 18 months, addressing current production bottlenecks. Tesla’s energy segment is expected to play a crucial role in supplying power for new data centers supporting artificial intelligence (AI) operations.
Despite facing challenges in electric vehicle sales over the past two years, Tesla’s solar and battery storage solutions are pivotal for energy generation and grid stability as demand for data centers grows. Currently, Tesla’s stock is valued at 169 times next year’s expected earnings.
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