Elon Musk

The company’s shares have returned to a level slightly above where they were prior to the August 7 announcement.

The report found over 3,200 employees working at the factory at the end of 2017, and US$3.7 billion in invested in the plant.

With PIF having distanced themselves from rumors they will help Elon Musk take Tesla back into private ownership – although that claim is disputed – the Saudi wealth fund may be about to write a big cheque to California-based Lucid Motors.

Elon Musk has revealed that a Saudi sovereign wealth fund has approached him with a definite offer, and has announced advisors as the company forms a special committee.

The company also says that it has begun installation of the Solar Roof on the homes of non-employee homeowners.

The nation’s largest residential PV installer deployed only 109 MW of solar during Q3, its lowest level in many years, but it did install 110 MWh of battery storage.

Current estimates suggest 80% of Puerto Rico is still without power, but thanks to Elon Musk’s efforts at least one children’s hospital has been able to turn the lights on.

Tesla described the test production as an “interim milestone” and told AP that it expects to begin ramping production by the end of the year.

The EV, battery and solar company continues to raise record amounts of cash as it ramps Model 3 production. At the same time, Tesla is emphasizing profitability from its solar business, which has undergone a significant transformation since the company bought SolarCity.

The installation will be paired with a wind farm in South Australia. At 129 MWh, it will become the world’s largest lithium-ion battery projects, and is being developed in conjunction with French renewable energy firm Neoen.