Elon Musk Wants To Sell Electricity To Homes In This Country
Elon Musk’s Tesla could supply supply electricity to homes in the United Kingdom in future. This latest move could see the company enter the UK’s highly competitive energy market.
The application was submitted at the end of last month to the UK energy regulator Ofgem by Tesla Energy Ventures Limited. The document was signed by Andrew Payne, Tesla’s head of energy for Europe, the Middle East and Africa, who is also listed as the company’s director, according to CNN.
Tesla is best known for its electric cars, but it also has a growing energy business. The company sells solar panels, batteries and other renewable energy products. Last year, its revenue from energy products nearly doubled, increasing by $1.5 billion compared to the previous year. Tesla already supplies electricity to homes in Texas, and its UK move could expand its global reach.
The timing of the application is notable, as Tesla’s core car business has been struggling. The company reported that auto revenue fell 16% from April to June this year, while overall revenue dropped 12%. Sales of Model Y and Model 3 fell 12%, and sales of higher-end models, including the Cybertruck, plunged 52%. In the UK, Tesla car sales in July fell by 60% compared to last year, and across Europe, sales were down 22% in June.
According to CNN report, industry analysts say the slump is partly due to increasing competition from Chinese electric vehicle makers and a backlash against Musk’s political activities.
Tesla first signaled plans to launch an energy business in the UK in 2023, when it advertised for a head of operations to lead “Tesla Electric.”
ALSO READ: Tesla Opens Second Experience Centre, Charging Station In Delhi, Know Where The First One Is?
Shivam Verma is a journalist with over three years of experience in digital newsrooms. He currently works at NewsX, having previously worked for Firstpost and DNA India. A postgraduate diploma holder in Integrated Journalism from the Asian College of Journalism, Chennai, Shivam focuses on international affairs, diplomacy, defence, and politics. Beyond the newsroom, he is passionate about football—both playing and watching—and enjoys travelling to explore new places and cuisines.
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