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Tesla’s Gigafactory began production on Wednesday, marking a major milestone that drew praise and excitement from just about everybody but Wall Street.
Goldman Sachs and Morgan Stanley said the facility coming online does little to change Tesla’s short-term financials and pointed out the firm recently missed its own Q4 forecasts, Bloomberg reports. Investors have pushed up Tesla’s stock more than 20% in the last month, largely anticipating the Gigafactory going live, but analysts are focused on profits.
The start of mass battery production is an enormous success for Tesla and will help the company roll out more energy storage products, and ultimately the Model 3 electric car. The $5B Gigafactory is still less than a third complete, but by 2018 experts say it will double the world’s production of lithium-ion batteries and make mass-producing electric cars a reality. [Bloomberg]
