Musk's Tesla applies for license to supply electricity to British homes
If approved, it would enable Tesla to compete with a host of big energy firms that currently supply the vital utility to properties across England, Wales and Scotland.
The application to UK energy regulator Ofgem was lodged at the end of last month by Tesla Energy Ventures Limited, which is based in Manchester. The official document was signed off by Andrew Payne, who is cited as the company's director. His LinkedIn page shows him as listed as head of energy for the EMEA region of Tesla.
As well as being the world's most recognized maker of electric cars, Tesla has a business supplying battery storage and solar energy.
Last year, the firm saw its revenue from the sale of solar cells, batteries and other energy products nearly double, rising $1.5 billion or 93% compared to a year earlier.
Musk, one of the world's richest people, was last week awarded a $29 billion pay package from the firm. Tesla, of which he is the CEO, already supplies electricity to residential properties in Texas.
The application comes at a time when the firm's main business – car sales – is on the decline. Tesla's (TSLA) auto revenue fell 16% from April to June and overall revenue was down 12%, according to its earnings report. Sales of its best-selling Model Y and Model 3 fell 12% compared with a year ago, while sales of its more expensive models, including the Cybertruck, plunged 52%.
Sales of new Teslas fell by 60% in July in the UK compared to a year ago, according to the Society of Motor Manufactures and Traders (SMMT). Meanwhile, yearly sales dropped by 22% across Europe, according to June figures from the European Automobile Manufacturers' Association.
The significant drop in sales, not only in the US but around the world, are widely perceived to have been a backlash to Musk's political activities, as well as the growing competition from other electric vehicle makers, most notably from China.
Back in 2023 Tesla advertised on LinkedIn for a head of operations to run Tesla Electric in the UK. The listing said that Tesla was venturing into electricity to 'accelerate the transition to sustainable energy.'
It said: 'We believe strongly that simplifying and improving the customer experience around retail electricity and virtual power plants is necessary to drive significant adoption amongst consumers. Delivering a seamless, simple customer experience will ensure that small scale residential flexibility can be fully utilized to support the transition of the entire electricity grid to 100% renewables.'
CNN has approached Tesla for comment.
Lianne Kolirin, CNN. Chris Isidore contributed to this report.
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