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Tesla (TSLA) Secures Big Battery Contract in Australia
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In a major development, Tesla, Inc. (TSLA - Free Report) has grabbed an Australian contract for installing the world's biggest grid-scale battery. Importantly, Tesla beat several other proposals to build gigantic lithium-ion battery that will serve the purpose of emergency back-up power for South Australia.
Per the agreement, Tesla has to deliver the 100-MW battery within 100 days of the date of contract. According to the company, if it fails to deliver the project on time, it will cost it $50 million or more.
The battery, having the capacity to light up 30,000 homes in case of a blackout, will be built on a wind farm operated by France’s Neoen. It will be the largest lithium-ion battery storage project in the world, overtaking an 80 megawatt-hour facility in California, which is also built using Tesla batteries.
Tesla has outperformed the Zacks categorized Automotive - Domestic industry in the last three months. The company’s share price has increased 1.5%, while the industry gained 0.6%.
Allison Transmission has an expected long-term growth rate of 11%.
Cummins has an expected growth rate of around 11.7% in the long term.
Continental has an expected long-term growth rate of 7.8%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
Image: Bigstock
Tesla (TSLA) Secures Big Battery Contract in Australia
In a major development, Tesla, Inc. (TSLA - Free Report) has grabbed an Australian contract for installing the world's biggest grid-scale battery. Importantly, Tesla beat several other proposals to build gigantic lithium-ion battery that will serve the purpose of emergency back-up power for South Australia.
Per the agreement, Tesla has to deliver the 100-MW battery within 100 days of the date of contract. According to the company, if it fails to deliver the project on time, it will cost it $50 million or more.
The battery, having the capacity to light up 30,000 homes in case of a blackout, will be built on a wind farm operated by France’s Neoen. It will be the largest lithium-ion battery storage project in the world, overtaking an 80 megawatt-hour facility in California, which is also built using Tesla batteries.
Tesla has outperformed the Zacks categorized Automotive - Domestic industry in the last three months. The company’s share price has increased 1.5%, while the industry gained 0.6%.
Currently, Tesla carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Allison Transmission Holdings Inc. (ALSN - Free Report) , Cummins Inc. (CMI - Free Report) and Continental AG (CTTAY - Free Report) . While Allison Transmission Holdings sports a Zacks Rank #1 (Strong Buy), Cummins and Continental AG carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Allison Transmission has an expected long-term growth rate of 11%.
Cummins has an expected growth rate of around 11.7% in the long term.
Continental has an expected long-term growth rate of 7.8%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>