Tesla’s value by market cap is now equal to the next top 5 car makers combined, as share values continued to soar on Thursday settling at $US2,238.75 ($A3,071.62) for a total value of $US417 billion ($A572 billion).
As investors jostle for a piece of the electric car and energy storage pie prior to a five-to-one stock split on Monday, the company has been handed the title of highest target on Wall Street.
On Thursday, Jefferies analyst Philippe Jean Houchois raised his target of $US1,200 by more than 100% to $US2,500, almost four time his $US650 target from mid-June.
With four years under its belt since unveiling the Tesla Model 3 and just 6 months since its next “mass-market” electric car, the Model Y went to market, Tesla has gone from strength to strength in 2020.
With factories in the US and Shanghai, China, and another under construction in Berlin, Germany, Tesla has said that it will “comfortably” reach 500,000 electric vehicle deliveries in 2020.
Although this is less than 5% of Toyota and Volkswagen sales, the company now accounts for 41% of the value of the world’s top 12 car makers.
It’s been a crazy week in Tesla land, from the soaring stock to almost unbridled speculation about what Tesla’s Battery Day and annual stockholder’s meeting on September 22 will reveal.
Tesla CEO and co-founder took a moment to comment on the “wild times” via Twitter, thanking Tesla’s “smart and hardworking team”.
Thanks to a smart and hardworking team at Tesla. These sure are wild times …
— Elon Musk (@elonmusk) August 28, 2020
But not before stamping out speculation that kicked off after Tesla published a landing page for its Battery Day.
As The Driven reported on Tuesday, theories have been circulating that Tesla is working with silicon nanowire company Amprius Technologies, which is headquartered on the same street as Tesla in Fremont. Musk responded to Cleantechnica on Thursday that there was really nothing in the wild rumour.
“Was surprised to hear they’re across the road. Adding silicon to carbon anode makes sense. We already do,” said Musk, who also pointed out that the use of silicon in batteries has challenges that reduces battery life.
“Question is just what ratio of silicon to carbon & what shape? Silicon expands like crazy during discharge & comes apart, so cycle life is usually bad,” he said.
But actually nothing. Was surprised to hear they’re across the road. Adding silicon to carbon anode makes sense. We already do. Question is just what ratio of silicon to carbon & what shape? Silicon expands like crazy during discharge & comes apart, so cycle life is usually bad.
— Elon Musk (@elonmusk) August 27, 2020
Questioned on what the background was, the Tesla boss noted that in fact the image is of “folded-over current collectors at the top/bottom of the cell”, perhaps referring to Tesla’s tabless electrode patent that he has previously said is “way more important than it sounds”.
Most notably though, he finished by saying he didn’t “want to jump the gun” for September’s Battery Day, which of course leaves us no closer to knowing any more and only more impatient for that day to come.
We were too obtuse for our own good, although I think it works esthetically. Those are folded-over current collectors at the top/bottom of the cell, which are important, but I don’t want to jump the gun on Sept 22 …
— Elon Musk (@elonmusk) August 27, 2020
Bridie Schmidt is associate editor for The Driven, sister site of Renew Economy. She has been writing about electric vehicles since 2018, and has a keen interest in the role that zero-emissions transport has to play in sustainability. She has participated in podcasts such as Download This Show with Marc Fennell and Shirtloads of Science with Karl Kruszelnicki and is co-organiser of the Northern Rivers Electric Vehicle Forum. Bridie also owns a Tesla Model Y and has it available for hire on evee.com.au.