Ives noted that Pres. Joe Biden’s green-energy agenda and tax incentives will drive EV stock prices in the upcoming months. He expects EV sales to represent 20% of the total auto sales in the world by 2030, compared to 3% today.
Additionally, Ives believes that Tesla will soon hit a $1 trillion market valuation before the end of 2021. The electric-car manufacturer’s market capitalization hit $574 billion on Monday and would need to increase by 75% to reach the $1 trillion valuation.
“In the EV party, it’s 8 pm, not 2 am,” Ives joked.
Tesla is Building a Gigantic Battery in Texas
Meanwhile, Elon Musk CEO of Tesla is entering the Texas power market. He is edging into the market “with previously unrevealed construction of a gigantic battery connected to an ailing electric grid that nearly collapsed last month,” Naureen Malik of Bloomberg Quint reported.
Gambit Energy Storage LLC, a subsidiary of Tesla will be building the 100-megawatt energy storage project in Angleton, Texas.
According to a report by Bloomberg, the battery could give power to 20,000 homes on a hot summer day. Although site workers tried to keep the equipment discrete, uniforms and public documents confirmed Tesla is behind the project.
