rtmark
LearnBonds.com

Tesla Will Test Its Solar Roof at the Fremont Car Plant

Tesla Will Test Its Solar Roof at the Fremont Car Plant

EV manufacturing firm Tesla is reportedly planning to test its solar roof at its Fremont, California-based factory. Recently revealed building permit indicates a new direction in the company’s business.

Solar ambition takes hold

Tesla is looking to establish “a test structure to evaluate Tesla solar roof product and installation process,” states the building permit issued to the company last month. The company’s solar ambitions have been delayed for long, but the latest installation could help it propel its ambitions. The company’s CEO Elon Musk also tweeted about this recently, suggesting that he aims to make 1,000 of these solar roof panels by the end of the year.

Tesla Will Test Its Solar Roof at the Fremont Car Plant

The idea was first unveiled by Musk in October 2016 during a joint event with SolarCity. He said that the solar power generating roof would look more like premium architectural shingles. Interestingly, since then, the roof tiles division of the company has been largely lackluster, and it hasn’t generated significant revenue for it too.

In a letter to shareholders, the company briefly mentioned its energy generation and storage business, suggesting that delay in the production of its Solar Roof was behind the overall lukewarm performance of the segment.

“Higher costs from temporary manufacturing under-utilization of our Solar Roof ramp have further contributed to a decrease in margins,” it said.

Back from the dead

Interestingly, the company didn’t mention their solar roof product explicitly in the Q2 earnings call, and even analysts conveniently forgot about this business. Musk reignited the fire on Monday, tweeting that the company is revving up the production line for the solar roof rapidly and aims to manufacture up to 1,000 roofs/week by the end of this year.

However, the tweet didn’t sit well with everyone. The famed CEO had earlier agreed to a settlement with the US Securities and Exchange Commission which mandated him to get any tweets that could impact the company gets pre-approved by the agency. There is no news about Musk seeking approval for the tweet from the watchdog yet. The SEC’s press office has also declined to comment on the status of his tweet.

Tesla’s 2016 acquisition of SolarCity for $2.6 billion has failed to generate any buzz or revenue for the company yet. The deal was criticized earlier because the company was founded by two of Musk’s cousins and he was the top shareholder in the company. The EV maker had plans to establish a factory in Buffalo, New York.

Trusted & Regulated Stock & CFD Brokers

Rating

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission

Rating

64 traders signed up today

Visit Now

75% of investors lose money when trading CFDs.

Available Assets

  • Total Number of Stocks & Shares5000+
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 Zero Commission
  • NASDAQ Zero Commission
  • DAX Zero Commission
  • Facebook Zero Commission
  • Alphabet Zero Commission
  • Tesla Zero Commission
  • Apple Zero Commission
  • Microsoft Zero Commission

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
  • Paypall
  • Skrill
  • Neteller

Rating

What we like

  • Sign up today and get $5 free
  • Fractals Available
  • Paypal Available

Min Deposit

$0

Charge per Trade

$1 to $9 PCM

Rating

Visit Now

Investing in financial markets carries risk, you have the potential to lose your total investment.

Available Assets

  • Total Number of Shares999
  • US Stocks
  • German Stocks
  • UK Stocks
  • European Stocks
  • EFTs
  • IPOs
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 $1 - $9 per month
  • NASDAQ $1 - $9 per month
  • DAX $1 - $9 per month
  • Facebook $1 - $9 per month
  • Alphabet $1 - $9 per month
  • Telsa $1 - $9 per month
  • Apple $1 - $9 per month
  • Microsoft $1 - $9 per month

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
Users should remember that all trading carries risks and users should only invest in regulated firms. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Avatar

Viraj loves to write and express his views on anything related to Finance, Crypto, or Fintech. He has been covering Finance & Crypto for more than five years now. He likes Tesla. He also writes on Healthcare, and Technology among other stuff.