• 518 days Will The ECB Continue To Hike Rates?
  • 518 days Forbes: Aramco Remains Largest Company In The Middle East
  • 520 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 920 days Could Crypto Overtake Traditional Investment?
  • 924 days Americans Still Quitting Jobs At Record Pace
  • 926 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 929 days Is The Dollar Too Strong?
  • 930 days Big Tech Disappoints Investors on Earnings Calls
  • 931 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 932 days China Is Quietly Trying To Distance Itself From Russia
  • 933 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 936 days Crypto Investors Won Big In 2021
  • 937 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 938 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 940 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 940 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 943 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 944 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 944 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 946 days Are NFTs About To Take Over Gaming?
Fintech Valuations Have Grown Red-Hot

Fintech Valuations Have Grown Red-Hot

Nu’s successful listing probably served…

Big Money Pouring into Air Taxis

Big Money Pouring into Air Taxis

U.S.-based electric vertical takeoff and…

SuperBowl Is About to Set a New Betting Record

SuperBowl Is About to Set a New Betting Record

This Sunday, the Rams are…

  1. Home
  2. News
  3. Breaking News

Tesla Launches Solar Panel Fire Sale

Solar

Tesla will cut the prices of its solar panels by as much as 38 percent below the national average in a bid to regain ground in the solar market, the New York Times reported today, noting the official announcement will be made later in the day.

Tesla entered the solar power with the acquisition of SolarCity in 2016, sparking concern among investors and industry observers that it was stretching itself too thin.

Tesla acquired SolarCity for US$2.6 billion plus the assumption of another US$3 billion in SolarCity debt in 2016. At the time, many questioned the wisdom of such an acquisition given that SolarCity was a cash burner, but since then Tesla has streamlined the company’s operations as it pursued its plan of growing into a one-stop shop for energy solutions, from batteries to solar rooftops. Still, the concern about the luxury carmaker’s solar business has deepened but, according to company executives who spoke to the New York Times, the price cut move should put these to rest.

This is not the first time Tesla has cut prices for its solar energy products. Last November, the company reduced the prices for its household solar power systems to improve sales, Reuters reported at the time, citing the company’s senior vice president for energy operations, Sanjay Shah. The price cut was substantial, at 15 to 25 percent, which translates into US$3,000-5,000 per system. The move is part of an ongoing restructuring of SolarCity. 

The acquisition of the solar panel maker was part of Tesla’s strategy to one day become a one-stop shop for everything energy, allowing households to become as self-sufficient as possible with its roof tiles, battery packs, and, of course, cars. However, accomplishing this goal has proved tricky as the company repeatedly fails to keep its own deadlines for product releases, most notoriously with the flagship Model 3 that is planned to turn Tesla into a mainstream carmaker rather than a luxury brand only.

By Irina Slav for Oilprice.com

More Top Reads From Safehaven.com

Back to homepage

Leave a comment

Leave a comment