According to an article recently published on ABC, Tesla Motors Inc is expanding its presence in the agriculture sector. The article reports that the American electric vehicle manufacturer has pitched it agriculture technology to Australian farmers at an Agribusiness event. The event took place in the city of Melbourne. Tesla’s battery storage system technology could be used for food or fiber production.
Nick Carter from Tesla said “The history of innovation in Australia is really impressive. The scene is basically set to drive that in the next couple of decades. I think it could be a massive area of growth. If there is land available, then use it for essentially mining or growing energy and if you’re grid-connected you could end up in the future when the rules change, selling it back as another revenue stream.”
Tesla Motors Inc (TSLA) is Diversifying Its Presence in Energy Sector
On the 19/07/2016, Tesla Motors Inc the domain of its homepage from TeslaMotors.com to Tesla.com. This indicated that the firm was placing less emphasis on its EV production part of the business, and moving towards other areas of the energy industry. Tesla recently acquired SolarCity, which is a big player in the renewable energy sector. CEO of Tesla, Elon Musk, owns around 20% of both companies, and he also holds a senior position at SolarCity.
Tesla’s Stock Price is at a 5-day High
As of the 19/09/2016 (pre-market), a share in Tesla is currently valued at $205.40, up by more than $10 over the past 5 days. Tesla Motors Inc’s stock gained by 2.48% (around $4.98) on 16/09/2016. 2016 has been a key year for the California based car maker, with the opening of its Gigafactory in Reno, Nevada, and the unveiling of their new, mass market electric car, called the Model 3 (on the 31/03/2016.) Initial delivers are planned for 2017.