Tesla reveals plans to target household energy-storage market

Business news |
By eeNews Europe

Tesla’s Chief Executive Officer Elon Musk said: “We are going to unveil the Tesla home battery, the consumer battery that would be for use in people’s houses or
businesses fairly soon”.

Musk said the product unveiling would occur within the next month or two.

“We have the design done, and it should start going into production in about six months or so,” explained Musk.

Residential energy-storage units are already being offered by SolarCity Corp., a solar-power company which also lists Musk as its chairman and biggest shareholder.  Tesla’s factory in Fremont, California, USA, also makes larger stationary storage systems for businesses and utility clients.

Tesla’s Chief Technology Officer, JB Straubel commented: “A lot of utilities are working in this space and we are talking to almost all of them. This is a business
that is gaining an increasing amount of our attention.”

Tesla Motors Inc revealed this week that the company had missed fourth-quarter sales targets and reported a $107.6 million loss, but Musk claimed that by 2025 Tesla’s growth trajectory could take its market value to $700 billion, matching that of Apple Inc.  Tesla’s revenue in the quarter climbed to $956.7 million, from $615.2
million a year ago.

Musk confirmed that Tesla remains "on plan" to begin battery production in 2016 at the company’s $5bn gigafactory near Reno, Nevada, USA.

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