In a significant development on Thursday, Tesla (NASDAQ:TSLA) Inc. shares leapt to their highest level in over a month, largely propelled by an upgrade from financial services heavyweight Morgan Stanley. The firm spotlighted the potential of a non-automotive revenue stream that could push Tesla's market capitalization beyond the $1 trillion mark.
The robust performance of Tesla's shares on Monday can be attributed to Morgan Stanley's upgrade, which brought attention to an often-underestimated facet of the electric vehicle manufacturer's business model. The financial institution underscored the potential of Tesla's non-vehicle revenue sources, indicating that these could support a market capitalization surpassing $1 trillion.
Under Elon Musk's leadership, Tesla has been making progress in diversifying its revenue streams beyond conventional vehicle sales. This strategy seems to have drawn the focus of major financial institutions like Morgan Stanley, denoting their confidence in Tesla's future growth prospects.
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