Tesla solar panels should soon become the leader in the solar market according to Elon Musk the CEO of the brand. The latter announced that his teams, until now dedicated to the development of the brand’s Model 3 electric vehicle, would now focus on this new objective.
Tesla solar panels will be very competitive
Elon Musk had shown interest in developing solar panels back in 2016 with the purchase of the company SolarCity. However, the latter has seen its sales decline in recent years.
In order for sales to resume, Elon Musk wants to strengthen the links between Tesla Powerwall, which produces a battery of the brand, and Tesla Solar, which has integrated the activities of SolarCity. It intends to optimize its production costs in order to offer the most competitive pricing.
Competing with the merger of Sunrun and Vivint Solar
The challenge of this merger is also to produce Tesla solar panels that would be faster and easier to install, in order to face a competition that is also consolidating.
In that vein, earlier this year, Sunrun, the leading producer of residential solar panels in the U.S., announced the acquisition of Vivint Solar, the second largest installer in the market. The merged company would thus control at least 15% of the residential solar panel market.
Encouraging figures despite the Covid-19 crisis
Despite the Covid-19 crisis, Tesla has continued to increase its vehicle sales lately. As a result, the company recorded $10.7 billion in revenue in the fourth half of 2020. This is above the $10.3 billion that was expected. This will encourage Elon Musk to cultivate his ambitions.