A recent analysis indicates Tesla, renowned for its electric vehicles, may be shifting focus from car manufacturing to becoming a key player in energy storage and electricity supply.
Matteo Wong reports for The Atlantic.
In short:
- Chinese competitor BYD surpassed Tesla as the biggest global seller of EVs. Other competitors like Ford, Hyundai and Rivian are also catching up in the U.S. market.
- As Tesla's EV's lose a share of the market, the company is diversifying from its EV roots to focus more on energy solutions like battery storage and electric grids.
- Despite current challenges in its car business, Tesla's energy sector profits surged by 140% from last year.
- With products like Megapacks and Powerwalls, the company aims to dominate the clean energy market.
Why this matters:
Tesla's strategic pivot could make it a central figure in the transition to renewable energy, impacting how electricity is delivered and stored. Their technological advancements in energy solutions might set the stage for broader adoption of clean energy.
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