Latest news with #AndrewPayne
Business Insider
a day ago
- Automotive
- Business Insider
Tesla Stock (TSLA) Charges Higher on Plans to Light Up the U.K.
Electric vehicle (EV) maker Tesla (TSLA) is hoping to light up the U.K. in the coming months by entering the country's energy supply market. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. The company has reportedly sought approval for an energy license from regulator Ofgem to supply British households and take on giants such as British Gas owner Centrica and Octopus Energy. Tesla stock was over 1% higher in pre-market trading. Energy Application Tesla Energy Ventures applied for the license last month, according to a new filing published by industry regulator Ofgem, and hopes to start switching on supply next year. The application was signed by Andrew Payne, who has worked for Tesla since 2016 and runs the company's European energy business. Tesla is perhaps best known for its struggling electric vehicle business, where sales have been battered this year by a combination of sterner competition and chief executive Elon Musk's volatile on and off relationship with President Trump. This, in turn, has led to a volatile share price performance. But it also has a burgeoning solar energy and battery storage business and has been an electricity supplier in Texas for the past three years. Energetic Musk Tesla's energy business saw total energy generation and storage revenue jump 67% year over year to more than $10 billion in 2024. After deploying 14.7 gigawatt hours (GWh) of storage in 2023, Tesla more than doubled this figure to 31.4 GWh in 2024. Its Megapack product – a grid-scale battery storage solution designed for utilities and large-scale commercial customers, has led the way. The company is producing Megapacks at its dedicated Lathrop, California, facility, and recently started production at a second Megapack factory in Shanghai, with a target production of up to 40 GWh of capacity per year. The British business is expected to be branded TeslaElectric and could focus on supplying electricity to consumers who own Tesla products such as cars or batteries. Indeed, according to industry experts, Tesla is in a strong position in the U.K. to start supplying if the license application is approved. It has sold more than a quarter of a million EVs and tens of thousands of home storage batteries, called Powerwalls, in the UK, which could help it gain access to a sizeable customer base for an electricity supply business. Is TSLA a Good Stock to Buy Now? On TipRanks, TSLA has a Hold consensus based on 13 Buy, 15 Hold and 8 Sell ratings. Its highest price target is $500. TSLA stock's consensus price target is $305.37, implying a 7.37% downside.
Yahoo
a day ago
- Automotive
- Yahoo
Musk's Tesla applies for license to supply electricity to British homes
Elon Musk's Tesla (TSLA) has applied to the British energy regulator for a license to supply electricity to households in the United Kingdom. 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. Chris Isidore contributed to this report. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Powys County Times
a day ago
- Automotive
- Powys County Times
Elon Musk's Tesla applies to supply energy to British households
Elon Musk's Tesla is plotting to enter the British energy market and supply households in the coming months. The company has sought approval for an energy licence from regulator Ofgem in order to take on energy supply giants including British Gas owner Centrica and Octopus Energy. It hopes to start supplying energy to homes and businesses in England, Scotland and Wales as soon as next year. Tesla Energy Ventures applied for the licence last month, according to a new filing published by Ofgem. The application was signed by Andrew Payne, director of the group's energy business in Europe. The electric car manufacturer, run by the world's richest man, also has a solar energy and battery storage business. It comes around two years after Tesla first started hiring for a head of operations to run its proposed energy supply business. Tesla has been involved in the UK energy market since 2020, when it was granted a licence to be an electricity generator. In the US, the group has been an electricity supplier in Texas for the past three years. It comes amid a backdrop of waning demand for Tesla's electric vehicles across Europe in recent months. Industry figures showed an almost 60% plunge in the number of new Tesla registrations in the UK in July, compared with a year earlier. Data showed that 987 new vehicles were registered in the UK in July compared with 2,462 in the same month a year earlier.
STV News
a day ago
- Automotive
- STV News
Elon Musk's Tesla applies to supply energy to British households
Elon Musk's Tesla is plotting to enter the British energy market and supply households in the coming months. The company has sought approval for an energy licence from regulator Ofgem in order to take on energy supply giants including British Gas owner Centrica and Octopus Energy. It hopes to start supplying energy to homes and businesses in England, Scotland and Wales as soon as next year. Tesla Energy Ventures applied for the licence last month, according to a new filing published by Ofgem. The application was signed by Andrew Payne, director of the group's energy business in Europe. The electric car manufacturer, run by the world's richest man, also has a solar energy and battery storage business. It comes around two years after Tesla first started hiring for a head of operations to run its proposed energy supply business. Tesla has been involved in the UK energy market since 2020, when it was granted a licence to be an electricity generator. In the US, the group has been an electricity supplier in Texas for the past three years. It comes amid a backdrop of waning demand for Tesla's electric vehicles across Europe in recent months. Industry figures showed an almost 60% plunge in the number of new Tesla registrations in the UK in July, compared with a year earlier. Data showed that 987 new vehicles were registered in the UK in July compared with 2,462 in the same month a year earlier. Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
Irish Examiner
a day ago
- Automotive
- Irish Examiner
Tesla set to enter UK's domestic energy market
Elon Musk's Tesla is plotting to enter the British energy market and supply households in the coming months. The company has sought approval for an energy licence from UK regulator Ofgem in order to take on energy supply giants including British Gas owner Centrica and Octopus Energy. It hopes to start supplying energy to homes and businesses in England, Scotland and Wales as soon as next year. Tesla Energy Ventures applied for the licence last month, according to a new filing published by Ofgem. The application was signed by Andrew Payne, director of the group's energy business in Europe. The electric car manufacturer, run by the world's richest man, also has a solar energy and battery storage business. It comes around two years after Tesla first started hiring for a head of operations to run its proposed energy supply business. Tesla has been involved in the UK energy market since 2020, when it was granted a licence to be an electricity generator. In the US, the group has been an electricity supplier in Texas for the past three years. It comes amid a backdrop of waning demand for Tesla's electric vehicles across Europe in recent months, though Tesla sales in Ireland are down just 4.4% this year overall.
