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The construction site of Tesla Shanghai Energy Storage Gigafactory is seen in Shanghai on July 6, 2024.
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Solar stocks rose Thursday after Tesla announced record-high energy storage deployments in the fourth quarter.
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The electric vehicle producer also makes batteries for customers looking to store solar energy.
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The announcement comes after a Tesla gigafactory in Shanghai reportedly began trial production earlier this week.
Solar stocks rallied Thursday after Tesla (TSLA) said it deployed a record amount of energy storage products during the fourth quarter.
The Invesco Solar ETF (TAN), which tracks a swath of solar companies, gained 5% Thursday, while SolarEdge Technologies (SEDG) and First Solar (FSLR) advanced 9% and 6%, respectively.
Tesla’s energy storage division produces residential and commercial batteries for customers looking to store solar energy. The company deployed 11 gigawatt hours of energy storage products in the quarter and 31.5 gigawatt hours in 2024. The Elon Musk-led company will release its full fourth-quarter results after the market closes on January 29.
The quarterly figures come after a Tesla gigafactory in Shanghai began trial production earlier this week, Reuters reported.
Shares of Tesla slid 6% on Thursday as the company’s fourth-quarter vehicle delivery numbers were below expectations.
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