Chinese solar stocks surge after Musk team's visits to Jinko Solar
Shares in Chinese solar companies soared after reports emerged of a team representing Elon Musk visiting major players, including sector leader Jinko Solar.
State-backed Chinese media, including 21st Century Business Herald and Sina Finance, detailed the trips on Tuesday. They came days after Musk outlined Tesla's bold plans during its fourth-quarter earnings call to build 100 gigawatts of annual solar cell production capacity in the United States.
Tesla representatives toured several photovoltaic firms in China, focusing on equipment makers, silicon wafer producers, battery module specialists, and perovskite technology developers. Industry sources highlighted interest in heterojunction and perovskite advancements.
Some companies confirmed contact from Musk's team, though discussion details stayed private. Jinko Solar acknowledged the visit but shared no further information.
The news sparked a rally in morning trading Wednesday. The CSI All Share Solar Power Equipment Sub-Industry index jumped 6.8%, while the CSI-HKZ Solar 50 gained 5.6%.
These visits follow Musk's repeated emphasis on solar energy to power AI infrastructure. At last month's Davos World Economic Forum, he disclosed Tesla and SpaceX efforts to develop up to 100 gigawatts of annual U.S. solar manufacturing capacity within three years.
Solar potential remains underestimated, Musk stated in Tesla's earnings presentation. The company aims for 100 gigawatts yearly in cell production, integrating the full supply chain from raw materials to finished panels.
Musk has praised China's solar achievements, noting its annual production capacity nears 1,500 gigawatts. In December, he endorsed Jinko Solar's world-record 27.79% efficiency for TOPCon cells with a simple "True" social media comment.
China commands over 70% of global photovoltaic manufacturing, from equipment and materials to final components and shipments. Analysts say any large-scale Tesla solar push would likely involve Chinese supply chains.
Tesla has not officially commented on the reported visits.
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