Electric vehicles may make up a tiny fraction of the global auto market, but Morgan Stanley is already declaring Tesla Motors is likely the world's most important car company.
"Not even two years after the delivery of the first Model S, Tesla Motors has transformed from fledgling start-up to arguably the most important car company in the world," Morgan Stanley said in a note Tuesday. "Tesla is also emerging as an emblematic force in America's effort to foster high tech manufacturing job growth."
It's a big claim for a relatively small, niche industry. In the first quarter, Tesla produced 7,535 Model S vehicles and it expects to deliver 7,500 units in the second quarter.
Last year, just 96,000 electric vehicles were sold in the U.S., less than one percent of the industry's total sales of 15.6 million vehicles.