The partnership between Tesla Energy and Advanced Microgrid Solutions (AMS) recently won yet another contract to install energy storage in California. This time, AMS will be developing a system for Morgan Stanley’s One Maritime Plaza skyscraper in San Francisco.
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Adam Jonas, Morgan Stanley’s analyst covering Tesla, has been predicting a new “on-demand mobility service” program for the automaker ever since he had a very one-sided conversation with Elon Musk in which the CEO said a lot by refusing to answer a question about whether the company plans on offering a service like Uber or maybe partnering with the startup.
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Morgan Stanley analyst Adam Jonas has been a long-time bull on Tesla Motors (TSLA). The New York Time called him the ‘Tesla Cheerleader‘, but today the analyst is out with a rare negative note on the automaker following the announcement that the company made an offer to buy SolarCity.
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Adam Jonas, a Managing Director at Morgan Stanley covering Tesla Motors and the automotive industry, is nothing if not persistent. During Tesla’s recent conference call to discuss third quarter financial results, the analyst again asked Tesla CEO Elon Musk about the possibility for the company to join the likes of Uber and Lyft in the ride-sharing industry.
Jonas first brought up the idea at Tesla’s last quarterly conference call after comments made by Tesla board member Steve Juvertson about Uber CEO Travis Kalanick potentially wanting to buy 500,000 autonomous Teslas by the end of the decade. First time around earlier this year, Jonas got a firm “no comment” from Musk, but nonetheless the CEO called his question “insightful” at the time. The second time around during this week’s call, Jonas pushed the question again and although Musk’s first reaction was not to comment, which is rare for the CEO, he implied that an announcement could be coming.
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Tesla unveiled the Model X last week and first impressions have been extremely favorable across the board. From safety and performance unmatched by any SUV to the unique windshield and Falcon-Wing doors, the Model X impressed quite a few people including tens of thousands of reservation holders who placed $5,000 to $40,000 deposits to be among the first to get the vehicle. Some of them have been waiting for 3 years to get the all-electric SUV.
But even after the official launch of the vehicle, most reservation holders (estimated 25,000 to 30,000) don’t know when they will get their car or even what it will cost.
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On Tuesday, Morgan Stanley analyst Adam Jonas issued a new note on Tesla Motors reiterating an “overweight” rating and a price target of $465. Tesla’s stock closed at $248 per share Tuesday – representing a 86% potential upside. In the note, Jonas doubled down on his prediction disclosed in a previous note saying that Tesla will launch a “Uber-like” service to compete in the ride-sharing/taxi market, which he refers to as “Tesla Mobility”.
He said he would be “surprised” if the company didn’t explain their plan for such a service before the unveiling of the Model 3, which is expected in March 2016.
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Adam Jonas, Managing Director at Morgan Stanley, published a note yesterday to update the firm’s price target on Tesla’s stock to $465 from $280. The updated price target includes a whole new business segment called “Tesla Mobility” which Jonas expects Tesla to announce within the next 12 to 18 months.
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Tesla just announced details of the Battery Gigafactory to be located in the Southwest US. The location hasn’t yet been selected but will provide 6500 US jobs and, in 2020, enough batteries for 500,000 electric vehicles.
Tesla also announced a $1.6B convertible notes offering to fund the Gigafactory and other ramping.
As we at Tesla reach for our goal of producing a mass market electric car in approximately three years, we have an opportunity to leverage our projected demand for lithium ion batteries to reduce their cost faster than previously thought possible. In cooperation with strategic battery manufacturing partners, we’re planning to build a large scale factory that will allow us to achieve economies of scale and minimize costs through innovative manufacturing, reduction of logistics waste, optimization of co-located processes and reduced overhead.
The Gigafactory is designed to reduce cell costs much faster than the status quo and, by 2020, produce more lithium ion batteries annually than were produced worldwide in 2013. By the end of the first year of volume production of our mass market vehicle, we expect the Gigafactory will have driven down the per kWh cost of our battery pack by more than 30 percent. Here are some details about what the Gigafactory will look like.
TESLA ANNOUNCES $1.6 BILLION CONVERTIBLE NOTES OFFERING http://t.co/rHkp9L1rWe
— Electrek.co (@ElectrekCo) February 26, 2014
Press release follows:
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Last night after the market closed Tesla disclosed that the German Federal Motor Transport Authority (KRAFTFAHRT-BUNDESAMT) cleared Tesla of manufacturer-related defects in the three fires in recent months. “Therefore, no further measures under the German Product Safety Act [Produktsicherheitsgesetz (ProdSG)] are deemed necessary.”
The assumption on Wall Street is that if the German Motor Transport Authority cleared Tesla, so would the NHTSA. German automotive standards are generally considered more stringent (and efficient) than that of the US.
Analysts jumped on the news and dialed the stock up. The market responded with a 20 point gain after opening up 6 points and steady growth throughout the day.
Analyst’s words follow:
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