$NIO has quite a bit more OS and float.... otherwise I agree...

LOL... You are too funny!!!

$NIO $50+ next week??? Maybe a new high???

OMG... That is crazy! There were batteries everywhere?? Did someone get a good charge out of it??

Chillin.... letting $FSR do her thing...

I would be happy with that too...

$NIO

$NIO I think $100 is quite high at this time, $60 is doable, especially by EOY, but next year would be nice for $100+.

$RIDE You're welcome...

$NIO going to go positive on way back over $50...

7 Takeaways From Nio's Q3 Earnings Call
11:07 am, November 18, 2020

Portfolios: First Watchlist
Tickers: $NIO $TSLA

Read the full article

Nio Inc – ADR (NYSE: $NIO) reported strong third-quarter results Tuesday and issued upbeat guidance.

Aside of the details revealed in the earnings release, the following are takeaways from the Chinese electric vehicle manufacturer's earnings call.

Nio's Competitive Positioning: Nio's ES6 has been the fastest-selling electric SUV in China for 13 consecutive months.

ES8 is now the top-selling premium electric SUV priced above 400,000 yuan ($60,933) in China.

Nio ranked first in J.D. Power's China new energy vehicle experience index in September.

Nio shrugged off Tesla Inc (NASDAQ: TSLA) competition by suggesting the competition for Tesla in China is between the Model Y and the Model 3, and that it has its own unique advantages in products and services.

Nio On Margins: Nio said the vehicle margin received a boost from a favorable product mix, with more higher-priced ES8s sold.

The cost of production declined 7,000 yuan ($1,067) per vehicle due to reduced battery pack costs and also EDS.

Related Link: Dalio's Bridgewater Nearly Doubled Stake In Nio As Institutional Investors Pile Into EV Maker

The BaaS Effect: Nio rolled out its battery-as-a-service program in the third quarter. The company discussed the impact of the service on deliveries and orders.

Since the launch of BaaS, NIO said it has successfully closed the loop through vehicle-battery separation, battery subscriptions and chargeable, swappable and upgradable battery solutions.

New order intake broke Nio's projections and was at a record in October thanks to the BaaS boost.

The pick-up rate for BaaS reached 35% for the first half of November.

Nio's Production Capacity: Nio targets expanding the overall supply chain production capacity to 7,500 units per month in January 2021, up from 5,000 units per month.

Nio's R&D Update: Nio also shed light on achievement on the R&D front and also investment.

Navigate-on-pilot, which was made available for use via firmware-over-the-air in October, has increased the competitiveness of Nio Pilot, the company said.

More details on second-gen Nio Pilot will be shared at Nio Day.

R&D investment is to be increased, primarily due to investment in NP 2.0.

Nio's Product Pipeline: Nio also announced vehicle launch plans.

The company is working on new sedan on the NP 2.0 platform.

A second sedan model is also in the works.

Nio expressed confidence in providing the most advanced chipset for NP 2.0 with the best performance in the industry, with more details to come at Nio Day.

Nio's Globalization Plans: Nio plans to enter global EV market in the second half of 2021, and is planning a step-by-step foray.

Outlining its globalization strategy, Nio said it will stick to its users and price model; reaffirm its premium brand positioning; and localize service to suit the European customers' needs.

NIO Price Action: At last check, Nio shares were slipping 5.73% to $43.92.

'We're In A Race,' Lordstown Motors CEO Tells Cramer
10:43 am, November 18, 2020

Portfolios: First Watchlist
Tickers: $TSLA $F $GM $RIDE

Lordstown Motors (NASDAQ: $RIDE) CEO Steve Burns joined CNBC's Jim Cramer on Tuesday’s “Mad Money” to discuss his company and the electric pickup truck market.

About Lordstown Motors: Cramer called Lordstown Motors a “great American story,” referring to the company bringing a shuttered General Motors Company (NYSE: $GM) plant back to life.

Burns said the relationship with GM started as “a quick asset sale,” but turned into a relationship with financing to help get the plant and production up and running.

“They bring more than money.”

Burns On Electric Pickup Truck Market: Lordstown is focusing on selling to fleets, which meant it had to have a lower price point and focus less on luxury.

“We’re in a race to bring this back to life and come out with the first electric pickup truck in the United States,” Burns said.

The company announced it has 50,000 reservations from fleet customers Tuesday, including Duke Energy and First Energy.

Cramer said the $52,500 price point is aggressive and asked Burns how Lordstown keeps costs low.

Burns said they had to reinvent the drivetrain and are building battery packs themselves in a move similar to Tesla Inc (NASDAQ: $TSLA). The battery pack in the Endurance will be bigger than the biggest Tesla battery, Burns said.

Burns said the top-three selling vehicles in America are pickup trucks, adding that there is room for several electric pickups.

Burns said “nobody else has this lane,” referring to the focus on commercial fleets first. Burns doesn’t consider the Cybertruck a work truck.

Burns also said traditional automotive manufacturers like Ford are conflicted because they don’t want to cannibalize their other vehicles.

RIDE Price Action: Shares of Lordstown Motors were trading 10.57% higher at $27.31 at last check Wednesday.

Call Etrade and tell them your situation and what you would like to do, they will help you...

$RIDE

Tesla Analyst Reacts To S&P 500 Inclusion: A Victory For Bulls
4:13 pm, November 17, 2020

Portfolios: First Watchlist
Tickers: $TSLA

Electric vehicle manufacturer Tesla Motors, Inc. (NASDAQ: $TSLA) will see its stock added to the S&P 500 index, and this represents a victory for Tesla bulls, according to Wedbush Securities.

Wedbush On ‘The Final Straw’: Tesla investors were disappointed that the stock was not added to the S&P 500 index in September, analyst Daniel Ives said in a note.

Tesla's earnings report, which signaled a sustained profitability trajectory, was "the final straw" that got the stock included in the index, the analyst said.

"Clearly this is a key positive for shares and indexing purposes and ultimately removes another question mark around the Tesla story going forward," he said.

Bigger Story Than Tesla: Tesla's inclusion in the S&P 500 index takes a back seat to the bigger story playing out, news executive and author Joanne Lipman told CNBC.

Tesla's inclusion in the index is "confirmation" that electric vehicles represent the future of transportation, she said.

S&P Global Reaction: The S&P 500 index's owner, S&P Global, Inc. (NYSE: $SPGI), is "baffled" and may not know how to handle Tesla's inclusion, CNBC's Jim Cramer said.

Tesla is among the most valuable companies to ever enter into the index, with a market cap in the $400-billion range.

This creates a set of challenges for the index operator, which could add Tesla in two tranches. It is not yet clear what company Tesla will replace in the index.

"They can't knock out the smallest [company], it doesn't do anything," Cramer said. "When they balance this — they almost seem to have to make everything smaller."

TSLA Price Action: Tesla shares ended Tuesday's session up 8.21% at $441.61.

Tesla Expands Full Self-Driving Beta Program To More States Like Michigan, Illinois
3:10 pm, November 17, 2020

Portfolios: First Watchlist
Tickers: $TSLA

Tesla Inc (NASDAQ: $TSLA) is in the final steps of testing features to bring the complete "Full Self-Driving" software package to its customers. This involves sending the new abilities out to a small set of the public that agree to safely test the software for Tesla, and provide feedback to help fix any last-minute bugs.

A map being tracked by a fan online shows all states that currently have at least one person with the "FSD Beta" testing in the state. The rollout was initially only being tested in California but has now made it to 11 states, with Michigan and Illinois being the latest additions.

Tesla is being more open with this beta test, allowing users to safely document and share their experiences with the still-developing beta.

Benzinga's Take: While the system isn't ready for wide release, it's the most impressive tech available to the public, even if it's a limited amount of people. As Tesla rolls the feature out to more owners, the amount of data collected can grow with real-world miles, and the software should improve rapidly.

All Tesla vehicles sold today come with the necessary hardware for FSD, but the software is an optional $10,000 add-on at the time of vehicle purchase.

Tesla will be over 500,000 deliveries for the year.... Nice!

$TSLA

Tesla’s Giga Shanghai To Boost Production To 5,700 Cars Per Week In November

Tesla, Nio, Nikola, Zoom — Stocks The Largest US Pension Fund Is Betting On
4:52 am, November 16, 2020

Portfolios: First Watchlist
Tickers: $NIO $NKLA $TSLA $GM $XPEV $ZM

California Public Employees Retirement System (CalPERS), the largest public pension fund in the United States by assets, has increased its exposure to stocks of Nio Inc (NYSE: $NIO), Nikola Corporation (NASDAQ: $NKLA), and Zoom Video Communications Inc (NASDAQ: $ZM), the fund disclosed in a form filed with the U.S. Securities and Exchange Commission.

What Happened: CalPERS increased its investments in Nikola and Nio and almost doubled its stake in Zoom.

The pensions system added 205,972 Nikola shares in the third quarter, taking its total holdings to 261,546 shares. Those shares have slipped 70% in the period.

In September, short-seller Hindenburg Research released a report accusing Nikola of being “an intricate fraud built on dozens of lies.”

The report was released just days after EV firm had announced a partnership with General Motors Company (NYSE: $GM)

Nio ADRs totaled 2.3 million, with CalPERS adding 381,439 in the period. The electric vehicle firm’s shares have surged over 1000% year-to-date.

Nio gained momentum last week buoyed by strong results of Xpeng Inc (NYSE: XPEV). The stock took 22 sessions to move from $20 to $30 but only five to go from the $30 to $40 mark.

Zoom meanwhile has risen 500%. CalPERS holds 653,764 shares of the videoconferencing company after it added 312,406 in the third quarter.

Why It Matters: The pension fund manages nearly $400 billion in assets including 1.69 million shares of Tesla Inc (NASDAQ: TSLA).

The Palo Alto-based EV maker has seen a 400% gain from the beginning of 2020 till Friday’s closing.

Price Action: Nikola shares closed almost 8.2% higher at $21.18 on Friday and fell 0.47% in the after-hours session. On the same day, Nio shares closed 7.74% lower at $44.56 and Zoom shares closed 5.85% lower at $403.58 and fell 0.38% in the after-hours session.

Tesla, Nio, Nikola, Zoom — Stocks The Largest US Pension Fund Is Betting On
4:52 am, November 16, 2020

Portfolios: First Watchlist
Tickers: $NIO $NKLA $TSLA $GM $XPEV $ZM

California Public Employees Retirement System (CalPERS), the largest public pension fund in the United States by assets, has increased its exposure to stocks of Nio Inc (NYSE: $NIO), Nikola Corporation (NASDAQ: $NKLA), and Zoom Video Communications Inc (NASDAQ: $ZM), the fund disclosed in a form filed with the U.S. Securities and Exchange Commission.

What Happened: CalPERS increased its investments in Nikola and Nio and almost doubled its stake in Zoom.

The pensions system added 205,972 Nikola shares in the third quarter, taking its total holdings to 261,546 shares. Those shares have slipped 70% in the period.

In September, short-seller Hindenburg Research released a report accusing Nikola of being “an intricate fraud built on dozens of lies.”

The report was released just days after EV firm had announced a partnership with General Motors Company (NYSE: $GM)

Nio ADRs totaled 2.3 million, with CalPERS adding 381,439 in the period. The electric vehicle firm’s shares have surged over 1000% year-to-date.

Nio gained momentum last week buoyed by strong results of Xpeng Inc (NYSE: XPEV). The stock took 22 sessions to move from $20 to $30 but only five to go from the $30 to $40 mark.

Zoom meanwhile has risen 500%. CalPERS holds 653,764 shares of the videoconferencing company after it added 312,406 in the third quarter.

Why It Matters: The pension fund manages nearly $400 billion in assets including 1.69 million shares of Tesla Inc (NASDAQ: TSLA).

The Palo Alto-based EV maker has seen a 400% gain from the beginning of 2020 till Friday’s closing.

Price Action: Nikola shares closed almost 8.2% higher at $21.18 on Friday and fell 0.47% in the after-hours session. On the same day, Nio shares closed 7.74% lower at $44.56 and Zoom shares closed 5.85% lower at $403.58 and fell 0.38% in the after-hours session.

Tesla, Nio, Nikola, Zoom — Stocks The Largest US Pension Fund Is Betting On
4:52 am, November 16, 2020

Portfolios: First Watchlist
Tickers: $NIO $NKLA $TSLA $GM $XPEV $ZM

California Public Employees Retirement System (CalPERS), the largest public pension fund in the United States by assets, has increased its exposure to stocks of Nio Inc (NYSE: $NIO), Nikola Corporation (NASDAQ: $NKLA), and Zoom Video Communications Inc (NASDAQ: $ZM), the fund disclosed in a form filed with the U.S. Securities and Exchange Commission.

What Happened: CalPERS increased its investments in Nikola and Nio and almost doubled its stake in Zoom.

The pensions system added 205,972 Nikola shares in the third quarter, taking its total holdings to 261,546 shares. Those shares have slipped 70% in the period.

In September, short-seller Hindenburg Research released a report accusing Nikola of being “an intricate fraud built on dozens of lies.”

The report was released just days after EV firm had announced a partnership with General Motors Company (NYSE: $GM)

Nio ADRs totaled 2.3 million, with CalPERS adding 381,439 in the period. The electric vehicle firm’s shares have surged over 1000% year-to-date.

Nio gained momentum last week buoyed by strong results of Xpeng Inc (NYSE: XPEV). The stock took 22 sessions to move from $20 to $30 but only five to go from the $30 to $40 mark.

Zoom meanwhile has risen 500%. CalPERS holds 653,764 shares of the videoconferencing company after it added 312,406 in the third quarter.

Why It Matters: The pension fund manages nearly $400 billion in assets including 1.69 million shares of Tesla Inc (NASDAQ: TSLA).

The Palo Alto-based EV maker has seen a 400% gain from the beginning of 2020 till Friday’s closing.

Price Action: Nikola shares closed almost 8.2% higher at $21.18 on Friday and fell 0.47% in the after-hours session. On the same day, Nio shares closed 7.74% lower at $44.56 and Zoom shares closed 5.85% lower at $403.58 and fell 0.38% in the after-hours session.

Tesla Opens The World's Largest Supercharger Station
6:31 am, November 16, 2020

Portfolios: First Watchlist
Tickers: $TSLA

Tesla Inc (NASDAQ: $TSLA) has opened the world’s largest Supercharger station with 56 stalls in Firebaugh, California, Electrek reported Saturday.

What Happened: While the Elon Musk-led company has Supercharger stations with 50 stalls in China, 56 is a new record for the automaker, according to Electrek.

The new station is located between the Bay area and Los Angeles, which are reportedly the company’s two of the largest markets in the world.

A tweet by the Tesla Owners East Bay confirmed the presence of 56 V3 Superchargers at the location.

56 V3 Superchargers confirmed!! Club Member Teresa K. With the hot scoop! Thank you @elonmusk and the @tesla supercharger team for working so hard to accelerate the transition and building out this amazing network for us! pic.twitter.com/HkcccK8ZjM

— Tesla Owners East Bay (@TeslaOwnersEBay) November 14, 2020

There are solar canopies to provide shade to the vehicles while they charge and facilities such as a convenience store and restaurant are available on location, as per Electrek.

The 1MW V3 is Tesla’s architecture for Supercharging, which supports 250kW per car. Tesla claims it can deliver enough power to a Model 3 sedan in five minutes so as to take it to 75 miles.

Why It Matters: Musk has said in the past that Tesla would hasten the deployment of Supercharger V3 stations, which started rolling out in 2019.

As of this month, the Palo Alto-based automaker has deployed 20,000 Superchargers, which it describes as constituting the “world’s fastest charging network.”

Tesla has fallen behind its stated Supercharger expansion targets. The automaker planned to have 18,000 Superchargers in place by end of 2018 but it could only manage to put in 12,000 by the deadline.

Price Action: Tesla shares closed nearly 0.8% lower at $408.50 on Friday.

We are having a ZOOM Turkey Thanksgiving... Buying December calls. Think we are going to lockdown further and NYC announced they most likely will be closing schools on Monday.

$ZM

$ZM I bought some Dec Calls... will see what happens... Speculating that Covid is going to cause more businesses to go back to more working from home through winter, so Zoom should have good earnings.

$ZM With lockdowns coming back all around the country and in Europe. Zoom will be right back in focus as the rebound today suggests...

Yes, I mentioned that in the past. It is being voted upon by shareholders. I just now got done voting against it...

$HEXO

Earnings should blow out numbers and $ZM will be needed for quite some time... Probably even more so this winter.

$ZM Lots of support in the 410 to 420 area...

$FSR Very sweet Yacht.... I won't one...

Very nice! Fisker building a great team...

On closing they had $1B in cash, so they should be good for awhile. My hope is that they can get a product line going sooner rather than latter...

Yep, this board is worthless with this constant crap... Boston should be banned/limited and let's get this board back to TESLA...

Nio Unveils 100-kWh Battery, Upgrade Plans: What Investors Should Know
12:29 pm, November 6, 2020

Portfolios: First Watchlist
Tickers: $NIO

Nio Inc – ADR (NYSE: $NIO) on Friday launched its 100 kilowatt-hour battery and also announced battery upgrade plans at a an event in Beijing, underlining its accent on innovation and services.

Nio's 100-kWh Battery: Nio said its 100-kWh battery features cell-to-pack technology, realizing 37% higher energy density, and the new battery increases the NEDC range of Nio vehicles to 615 km.

In 2018, the company launched a 70-kWh battery, which was enhanced to 84 kWh in 2019.

Reports suggest that the company is also working on a 150-kWh battery that could be announced at the Nio Day scheduled for January. This would increase the NEDC range of the company's models to more than 900 km.

The 100 kWh-battery is expected to increase the range of EC6, Nio's latest vehicle model, to 615 km, and the ES6's NEDC range will be enhanced to 610 km.

The improved performance of the 100-kWh battery is brought about by four technological improvements, Nio said: better thermal runaway management, a highly integrated design, all-climate thermal management and an end-cloud bi-directional communication BMS.

The company said vehicles with the 100-kWh-battery will be available for preorder from Nov. 7.

Nio's Flexible Battery Upgrade Plans: Nio said users of the 70-kWh battery can now choose to either purchase the new battery for a perpetual upgrade or flexibly upgrade for 880 yuan ($133) per month or 7,980 yuan ($1,207) per year.

For the purchase of a Nio car with the 100-kWh battery with the battery-as-a-service model, 128,000 yuan will be cut from the car's price, with subscription for 1,480 yuan per month, the company said.

Updating on its battery swap, Nio said that as of Nov. 6 it has already deployed 158 battery swap stations nationwide serving over 1.18 million users.

"NIO's unique service system with vehicle-battery separation and battery subscription enabled by chargeable, swappable and upgradable batteries is a breakthrough innovation in both technology and business model, which has converted increasingly more premium fuel vehicle users to opt for NIO," the company said.

NIO Price Action: Nio shares were trading down 3.02% at $41.13 at last check Friday, following a week of stock gains.

And I am in this at $10.30... Should have sold up at 12, and then just waited, but oh well..

Nice... Any profit is a good profit. I have never shorted a stock either. But probably should try... I usually just find another that is moving and buy options, sometimes stock, and sometimes both.

Have a great day!

I certainly hope so. Good luck!

$HEXO

China's Nio Steamrolls Past GM's Market Cap, Becoming 7th Most Valuable Automaker
3:16 pm, November 5, 2020

Portfolios: First Watchlist
Tickers: $NIO TSLA AUDVF BMWYY BYDDY DDAIF F GM HMC TM VWAGY

Chinese electric vehicle startup Nio Inc – ADR (NYSE: NIO) has mounted an 800%-plus stock rally year-to-date, and its market capitalization now sits among the most storied names in the automotive industry.

Nio Pushes Ahead: The gains have catapulted Nio's market capitalization above that of several traditional automakers such as Bayerische Motoren Werke ADR (OTC: BMWYY), Honda Motor Co Ltd (NYSE: HMC) and Ford Motor Company (NYSE: F).

Wednesday's 6% rally in Nio shares propelled the EV maker's market capitalization above the valuation of Detroit automotive giant General Motors Company (NYSE: GM).

At Wednesday's closing price of $37.71, Nio was valued at $51.29 billion compared to GM's $50.39 billion.

The valuation of the two stood at $48.28 billion and $50.55 billion, respectively, on Tuesday.

Nio now stands seventh in terms of market cap, with only Tesla Inc (NASDAQ: TSLA), Toyota Motor Corp (NYSE: TM), Volkswagen A G (OTC: VWAGY), Audi AG (OTC: AUDVF), Chinese peer BYD Company ADR (OTC: BYDDY) and Daimler AG (OTC: DDAIF) ahead.

Does Nio Have More Upside Ahead? Nio's fundamental improvement, underlined by its cost discipline, innovation and services focus — along with massive potential offered by the Chinese market — suggests the rally has further legs.

Nio's deliveries have been breaking records in recent months, thanks to new model introductions, a battery-as-a-service program, battery technology enhancements and favorable governmental policies.

The company has set its sights on overseas expansion to capitalize on the green energy focus of many European nations.

At the annual Nio Day scheduled for January, Nio's announcements are expected to unveil a new vehicle model, speculated to be a new high-performance, premium, all-electric sedan: the ET7.

On Wednesday, a Citigroup analyst hiked the price target for Nio shares to a Street-high $46.60.

NIO Price Action: At last check Thursday, Nio shares were advancing 8.72% to $41 and GM was up 4.69% at $36.86.

The company on 10/30/20 said they had a proposal for 8:1 RS. Not that it will happen... especially if the price keeps rising, which it very well could/should go over $1 with a Biden win... The whole sector should do nice... I have some options in $HEXO, so I don't want an RS, but lots of companies have had to do it, to bring the pps up...

Hopefully it will go up after RS... We shall see.

$HEXO

Tesla Submits Application For Model Y Manufacturing In China: Report
12:00 pm, November 5, 2020

Portfolios: First Watchlist
Tickers: $TSLA

Tesla Inc (NASDAQ: $TSLA) currently manufactures its Model Y crossover in the United States, and only delivers the vehicle to customers in the U.S. and Canada. Tesla plans to manufacture the Model Y in China, and it was looking like the company was getting close to that goal.

Now, a report on Tesmanian has found Tesla has submitted an application to China’s Ministry of Industry and Information Technology (MIIT) to being Model Y construction at Gigafactory Shanghai.

The specs listed for the Model Y look similar to the U.S. version, with only a 5-seater option listed for now. CEO Elon Musk recently said the 7-seat Model Y will begin deliveries in the U.S. by December.

Benzinga's Take: It looks like Tesla is on target to produce and deliver Model Y from China by the end of the year, like rumors have said. These Model Y will most likely also be exported to Australia and even Europe, at least until Gigafactory Berlin is up and running

Tesla Gets Order For 150 Semi Trucks From Canadian Company As It Prepares For 'Volume Production'
2:29 am, November 5, 2020

Portfolios: First Watchlist
Tickers: $TSLA $WMT

Tesla Inc (NASDAQ: $TSLA) has received an order for 150 units of its Semi electric truck from a Mississauga, Canada-based trucking conglomerate.

What Happened: Pride Group Enterprises announced Wednesday in a statement that it had placed a deposit to secure the initial units and build slots and would further consider purchasing up to 500 trucks.

“We believe that electrification is the way of the future as we work together across multiple industries to reduce our carbon footprint,” Pride Group CEO Sam Johal said.

“Pride Group Enterprises' vision is to invest in facilities that will support charging, full-service maintenance and a consistent supply of electric trucks on North American highways.”

The company said it was busy investing in the necessary infrastructure needed for parking, charging and maintenance at its locations to support the arrival of the all-electric class 8 trucks.

Why It Matters: Privately-held Pride Group has 12 locations in the United States and Canada. The 300-employee company had a five-year growth rate of 2,365% as of September last year, according to Canadian Business.

Pride Group’s order is larger than the 130 units ordered by Walmart Inc (NYSE: WMT) in Canada. Tesla CEO Elon Musk said this summer that it was time to bring the Semi truck to “volume production.”

The company had unveiled two concept vehicles in November 2017 with production slated to commence in 2021 at the time.

Price Action: Tesla shares closed nearly 0.7% lower at $420.98 on Wednesday and gained 0.34% in the after-hours session.

Tesla, French Partner Neoen, To Build Another Gigantic Lithium-Ion Battery In Australia
5:31 am, November 5, 2020

Portfolios: First Watchlist
Tickers: $TSLA

Tesla Inc (NASDAQ: $TSLA) is partnering with Paris-based independent energy producer Neoen SA to set up a massive lithium-ion battery site in Australia.

What Happened: Neoen will be responsible for handling the grid's system integrity, the Financial Times reports. Whereas, Tesla will supply its megapack technology. The battery plant could be operational sometime towards the end of 2021.

The 300-megawatt Victorian Big Battery plant will be located in Geelong city in Australia’s second-most populous state — Victoria.

The move is in sync with Australia’s renewable energy targets. Presently, the Australian government is aiming for 50% power generation from renewable sources by 2030.

Why Does It Matter: Energy Minister for the Victorian State, Lily D’Ambrosio, told Bloomberg that the project would not only support the economy with reduced energy prices and increased jobs but also support the network grids during Australia’s extreme summers. The state’s energy grid is powered by coal-reliant energy plants, which failed in recent summers leading to power outages.

Before the Victorian project, the Elon Musk-led electric vehicle maker partnered with the French company for the Hornsdale wind farm project, which was the largest facility supporting essential grid services when it began operations in 2017. It was dethroned from the top spot in August, with the opening of the 230-megawatt project in San Diego, California, Bloomberg reported separately.

Price Action: Tesla shares traded 2.86% higher at $433 in the pre-market session on Thursday