Tesla's Solar Sales Are Slipping

IMG Auteur
 
Published : May 16th, 2020
334 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
[titre article pour referencement]
0
Send
0
comment
Our Newsletter...
Category : Crisis Watch
24hGold - Tesla's Solar Sales ...

Most of the solar cells made at Tesla’s solar factory in Buffalo, New York, are being exported instead of being installed on U.S. homes as originally planned, as Tesla continues to struggle on the American solar market, Reuters reported on Wednesday, citing sources at the factory and documents it has reviewed.

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

Tesla said in late 2016 that it had finalized an agreement with Panasonic to begin manufacturing photovoltaic (PV) cells and modules at the Buffalo, NY, factory.

Originally, the solar cells from the Buffalo factory were intended for the ‘Solar Roof’ solution that Tesla is offering.

“As part of the agreement, Panasonic will cover required capital costs in Buffalo and Tesla is making a long-term purchase commitment from Panasonic,” Tesla said back in December 2016.

However, according to an employee at the Buffalo factory who spoke to Reuters, Tesla has sporadically bought solar cells from its partner Panasonic. Most of the cells manufactured at the U.S. site are being exported to foreign buyers, according to a letter from Panasonic to U.S. customs officials that Reuters has seen. Related: U.S.-China Impasse Threatens Rare Earth Trade

The number of Tesla’s Solar Roof system installations has not lived up to initial expectations, as 21 systems were connected in California, according to state data cited by Reuters. A few others have been installed in the northeast of the U.S., a former Tesla employee familiar with the matter told Reuters. The employee was laid off in personnel cuts earlier this year.  

Tesla’s solar sales slumped by 36 percent quarterly and by 38 percent annually in Q1 2019, according to the company’s Q1 update.

Last month, Tesla was said to be cutting 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.

By Tsvetana Paraskova for Oilprice.com

<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
OilPrice.com provides Information, articles and Prices on a wide range of commodities, in a format that appeals to both novices and industry professionals.
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.