Tesla will cut the prices of the solar panels by as much as 38 per cent below the national average in an attempt to regain the ground in the solar energy market, reported The New York Times today and noted that the official announcement will be made later in the day.
Tesla entered solar energy with the acquisition of SolarCity in 201
Tesla bought SolarCity for $ 2.6 billion plus the assumption of a further US $ 3 billion in SolarCity debt in 2016. At that time, many asked the wisdom of such a acquisition given that SolarCity was a cash burner, but since then Tesla streamlined the company's business as it pursued its plan to grow into a one-stop energy solution store, from batteries to sun roofs. The luxury carmakers sun industry has become deeper, but, according to company leaders who spoke to the New York Times, the price decline should move to rest.
This is not the first time Tesla has cut the prices of its solar energy products. In November, the company reduced the prices of household solar heating systems to improve sales, Reuters reported at that time, and quoted the company's senior vice president of energy use, Sanjay Shah. The price decline was substantial, from 15 to 25 percent, which translates into US $ 3000-5000 per system. The move is part of a continuous restructuring of SolarCity.
The acquisition of the solar panel machine was part of Tesla's strategy of one day becoming a one-time energy store, so that households could become as self-sufficient as possible with the roof tiles, battery packs and of course, cars. Achieving this goal, however, has proved difficult because the company repeatedly does not hold its own deadlines for product releases, most notorious with the flagship Model 3, which is scheduled to turn Tesla into a regular automaker rather than a luxury brand.
By Irina Slav for Oilprice.com
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