Chinese solar stocks surge after Tesla visit
Chinese solar shares rose in early trading on Wednesday, after local media reported that Tesla staff had visited various companies in the sector. This was just days after Elon Musk announced plans to build large-scale production of solar cells in the U.S.
By lunchtime, the CSI SH-HK-SZ 'Solar Power 50 Index had risen 5.6% and the CSI All Share Solar Power Equipments Sub-Industry Index had risen 6.8%.
Tesla staff visited'several photovoltaic firms in China recently, including those that are involved in equipment and silicon wafers. They also visited battery modules, perovskite, and other technologies, according to an article published on Tuesday by Sina Finance, a Chinese private media company. The story cited sources from the Chinese solar industry. The story didn't name any companies.
Tesla has not responded to any questions regarding the reported visits.
Elon Musk revealed plans to build 100 gigawatts of solar cell capacity in the U.S. last week during a Tesla earnings conference call. He had said a few days earlier in Davos that the U.S. would be able to produce all of its electricity requirements?from solar energy.
He said, "The solar opportunity has been underestimated," during the earnings call.
"We are?going to work to get 100?gigawatts of solar cell production a year, integrating the entire supply chain?from raw materials up to finished solar panels." (Lewis Jackson, Beijing; Li Gu, Shanghai; Nichola Groom, Los Angeles; Hyun Joo, Seoul; Michael Perry; editing)
(source: Reuters)
