Tesla Stock (NASDAQ:TSLA)
According to Wood Mackenzie, a market research company, Elon Musk’s Tesla (NASDAQ:TSLA) must catch up to its solar-roof installation goals due to intense competition from GAF Energy and other firms. Despite this, Tesla stock surged in the market.
In 2022, Tesla only managed an average of 21 weekly installations, and even its greatest quarter only managed 32.
A weekly rate of 1,000 was considerably below the company’s 2021 goal. As of now, Musk still needs to release his 2022 prediction.
Max Issokson, an analyst at Wood Mackenzie, has indicated that GAF Energy’s Timberline Solar roofing system is better positioned to become widely adopted.
Issokson said that the success of Tesla’s Solar Roof will hinge on the company’s ability to attract a wider client base and make installations quicker and easier.
Tesla stock did not immediately reply to a request for comment. However, the company previously said (in January) that it worked with more than 85 installation partners.
Timberline Solar was introduced by GAF Energy last year. The business’s president, Martin DeBono, recently told Reuters that the company has 280 partners that sell and install the product.
According to DeBono, “the reason we can have a building integrated solution for the same cost as a new roof and new solar is that we’ve decreased labor content.” Finding workers to do the roofing and electrical work was the most difficult part.
When Tesla bought SolarCity in 2016, it became the most valuable carmaker in the world. Musk’s original plan for a solar product was to produce electricity from rooftop solar panels and store that energy in batteries.
It was in contrast to most solar roofing businesses, which mainly deal in selling and installing solar panels and nothing else.
Several installations of Tesla’s hybrid energy generation/storage system in homes and businesses have survived hurricane-force winds without damage.
According to Wood Mackenzie’s report from 2015, SolarCity controlled 35% of the solar panel industry. By 2021, Tesla’s market proportion had dropped to 2%.
Featured Image: Unsplash
Author Shariq Khan 
