Tesla Inc.'s ( TSLA , Financial ) shares moved up by 3.5% early in trading on Friday as the prolific trading session provided a solid final day for the week. The stock's gain comes as broader discussions among analysts and investors are highlighting Tesla's diversification beyond its core automotive business.

During a New York lunch discussion, Morgan Stanley analyst Adam Jonas said he had become aware of a shift in the way investors think in a recent report. As investors talked up Tesla's other ventures, Jonas said, Tesla's automotive gross margins and vehicle delivery growth seemed to be an afterthought. They include energy storage solutions, autonomous driving technologies and artificial intelligence initiatives.

The gross automotive profit margin for the Tesla Q3 2024 was around 17% without the sale of regulatory credits, credits that have historically contributed to the company's earnings. In line with this, Tesla's gross automotive margin is expected to hover around 15% for Q4 '24, and it will also see vehicle volume growth of around 10% to 15% for 2025.

Tesla's non-automotive segments are now seen by many in the market as a vital contributor to long-term value. Key areas of interest for stakeholders are innovations in energy products, such as the Powerwall, continued progress in its AI-focused Dojo supercomputer and autonomous driving.

This article first appeared on GuruFocus .