Tesla’s growth could reach trillions - Chamath Palihapitiya

By Jonathan Campion
The CEO of Virgin Galactic has said that Elon Musk’s company is best placed to capitalise on the renewable energy boom...

Speaking to CNBC on Thursday 23 July, Mr Palihaptiya, who is also the CEO of Social Capital, commented that Tesla’s potential lies away from the cars that have brought the company its first wave of success. He thinks that the company will become synonymous in future with renewable energy.

"This is no longer about cars, that's the first wave of growth. I think people are pricing in an evisceration of traditional autos and an enormous shift to EVs, of which Tesla will get the disproportionate share. This is worth trillions of dollars."

Mr Palihaptiya went on to comment on Tesla’s worth to the business of decarbonization: "It is the leading hedge when it comes to electrification and decarbonization.

Tesla's expansion will only accelerate once more customers buy into its energy business. Utilities are among the most predictable, reasonable businesses, and Tesla's business portfolio will democratize energy generation and storage as the country shifts further to promoting renewable energy”.

"I underwrite this stock as a bet towards decarbonization, towards unregulated energy, and towards the ability for all of us to become our little micro utilities”.

Tesla’s phenomenal rise continues to gather pace. Its market cap is currently over $290bn, and its shares are up 280% year-to-date.

Share

Featured Articles

UK Government awards £54mn in heat network funding

Funding will support the development of schemes in London, Bedfordshire and Woking that use low-carbon heat sources

Shell posts $11.5bn second quarter profit

Shell's earnings fuelled by ongoing price rises and geopolitical instability as the energy major places greater focus on natural gas investments

bp opens first electric truck fast-charging facilities

Operated by bp’s Aral brand, the retail site at Schwegenheim in Rheinland-Pfalz has two 300kw chargers intended for electric trucks

Shell commits to developing Jackdaw gas field in North Sea

Oil & Gas

Prospex Energy raises £1.87m for Selva gas field development

Oil & Gas

Shanghai Electric Group launches low carbon business

Utilities