The U.S. Securities and Exchange Commission has alleged that Musk’s tweets were false and misleading, and is pushing to have him barred from serving on the board of Tesla or any other public company.
German suppliers may still play a central role in providing residential storage systems, however the increasing number of Asian manufacturers on the European market is undeniable. Particularly in the U.K. and Italy, they have captured the lion’s share of sales.
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.
In the wake of the U.S.-China trade dispute, the Chinese government has loosened its policy on ownership caps for factory sites for foreign car brands. Previously, car companies could only retain 50% of the ownership of a factory and had to set up a joint venture with a Chinese partner. By setting up shop in China, Tesla can avoid import duties on its cars, to cater to a broader customer base.
The suggestion of additional investments beyond the $1.6 billion follows reports of battery cell shortages as Tesla’s Model 3 picks up production. It is unknown what impacts this will have on Tesla’s stationary storage business.
The City of Sydney has installed the first large scale battery storage system to be located within the Sydney metropolitan are. Transgrid and the City collaborated on the project, which sees 500 kWh of batteries coupled with around 450 kWp of rooftop PV.
The company will return to selling solar primarily through its stores and online.
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