Solar stocks experienced a notable rally, spurred by Tesla’s announcement of record energy storage product deployments during the fourth quarter.
The Invesco Solar ETF (TAN), which tracks a broad range of solar companies, saw a 5% increase, while major solar firms such as SolarEdge Technologies (SEDG) and First Solar (FSLR) also posted strong gains, rising 9% and 6%, respectively.
Tesla’s energy storage division, which manufactures residential and commercial batteries designed to store solar energy, deployed a total of 11 gigawatt hours of energy storage products in Q4, bringing the annual total to 31.5 gigawatt hours for 2024. The company, led by Elon Musk, is scheduled to release its full fourth-quarter financial results on January 29, following the market’s close.
The announcement comes on the heels of Tesla’s Shanghai gigafactory initiating trial production earlier this week.
However, Tesla’s overall stock performance saw a 6% dip on Thursday as the company reported that its fourth-quarter vehicle deliveries fell short of analysts’ expectations.
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