Home / News / World /  Tesla shares its new ecosytem update. Details here

Elon Musk-led Tesla shared an update on its ecosystem on Twitter which describes how the firm is going to work around the sun as the main source of energy for all its requirements

As the diagram shared on Twitter by Tesla, one can see the Sun on the left which will be the energy source and it will provide energy to Tesla's solar roof of solar panels. The energy will be stored at Tesla's storage at Megapack or PowerWall.

The energy which is stored there can later also be sold back to the grid and also from the same energy storage battery cells of Tesla can be recharged which can be used to power Tesla vehicles like Model 3, Model Y to name a few. The vehicles are also equipped with Tesla's FSD software program which allows them to run on autopilot mode.

Meanwhile, Shares of the Elon Musk-led company closed down 11% at $109.10, for the seventh straight decline and its steepest one-day drop since April. The electric-vehicle maker’s market valuation has shrunk to roughly $345 billion, below that of Walmart Inc., JPMorgan Chase & Co. and Nvidia Corp. This latest selloff also cost Tesla its position among the 10-highest valued companies in the S&P 500 Index, a distinction it had held since joining the benchmark in December 2020.

News of reduced output in Shanghai comes on the heels of last week’s report that Tesla was offering US consumers a $7,500 discount to take delivery of its two highest-volume models before year-end, combining to intensify concerns that demand is ebbing. For Tesla, whose valuation is pinned on its future growth prospects, these worries reflect a significant risk.

“Most of the stock’s weakness this year is due to indicators showing flagging demand globally," said Craig Irwin, an analyst at Roth Capital Partners. Tesla’s estimated revenue growth “is still amazing, but not $385 billion market valuation-type amazing," he said, referring to the value at the end of last week.

Analysts on average expect revenue to grow 54% in 2022 and 37% in 2023, data compiled by Bloomberg show.

The hope that Tesla will be the leading EV company in a future dominated by electric cars drove a spectacular eight-fold rally in the shares in 2020, earning its place in the S&P 500 and at one point making it the fifth-most valuable stock in the gauge.

*With inputs from agencies

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