After reporting solid Q4 deliveries, the stock went on a tear on Tuesday.

Morgan Stanley's Adam Jonas who has an overweight rating on the stock, cranks up the argument in favor of Tesla another notch.

In a new note he says investors are beginning to seriously ask if Tesla can be much more than a car manufacturer.

From Jonas:

"Tesla's plans for a 'Giga' battery factory starting to get more attention as a call option on the economics of mass produced batteries and the business model.