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What you need to know
- Tesla’s announcement of record energy storage deployments for the fourth quarter led to a rise in solar stocks on Thursday.
- Customers who want to store solar power can also purchase batteries from the electric vehicle manufacturer.
- It was reported that earlier in the week, a Tesla-owned gigafactory started trial production.
Solar stocks surged on Thursday after Tesla’s (TSLA), said that the company deployed a large amount of products for energy storage during its fourth quarter.
Invesco Solar’s ETF (TAN), a fund that tracks a wide range of solar firms, rose 5% in value on Thursday. SolarEdge Technologies, First Solar and SolarEdge Technologies, SEDG, all advanced 9% or 6%.
Tesla’s division of energy storage produces commercial and residential batteries to customers seeking to store solar electricity. In the fourth quarter, Elon Musk’s company installed 11 gigawatt-hours of energy storage and will deploy 31.5 gigawatt-hours by 2024. Elon Musk’s company will announce its complete fourth quarter results on Monday, January 29, after market closing.
Reuters said that these quarterly figures are the result of a trial production at a Tesla giant factory in Shanghai, which began earlier this week.
Tesla shares fell 6% Thursday after the company reported lower-than-expected fourth quarter vehicle deliveries.
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