Monday , June 27 2022

Tesla starts price war in the solar panel market


The sun is a roof of the Tesla roof

Tesla will cut the price of its solar panels by 38% below the national average in an attempt to regain ground in the solar market, the New York Times reported today, noting that the official announcement will be published later in the day.

Tesla entered solar power with the acquisition of SolarCity in 2016, and concern among investors and industry observers that it is too tense.

Tesla bought SolarCity for $ 2.6 billion, plus an additional $ 3 billion in solar debt in 2016. At the time, many doubted the wisdom of such a purchase because Silverlight had a cash burner, but since Tesla streamlines the company's activity as it pursued its plan of growing into one-stop shop for energy solutions, from batteries to solar roofs. However, concern about the luxury brand's solar business has deepened, but according to company executives who spoke to The New York Times, the price cuts should be put down.

This is not the first time Tesla has cut prices for its solar energy products. Last November, the company reduced prices for its domestic solar power systems to boost sales, the Reuters news agency reported at the time, presenting the company's senior vice president of energy, Sang Shah. The price reduction was significant, ranging from 15 to 25 percent, which translates to $ 3,000-5,000 per system. The move is part of SolarCity's ongoing restructuring.

The purchase of a solar panel manufacturer was part of Tesla's one-day strategy to become one shop for everything, enabling households to be as independent as possible with roof tiles, battery packs and of course cars. However, achieving this goal proved complicated as the company repeatedly failed to maintain its own deadlines for product releases, the most notorious with the flagship model 3 that is designed to transform Tesla into a mainstream automobile manufacturer rather than a luxury brand only.

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