Tesla Seeks to Enter the British Energy Market Amid EV Slowdown

Tesla Inc. (NASDAQ:TSLA) is one of the best high-volume stocks to invest in. On August 11, it was reported that Elon Musk’s company, Tesla, is moving to enter the British energy market and has applied for an energy supply license from the regulator Ofgem. The application was filed last month by a subsidiary called Tesla Energy Ventures and was signed by Andrew Payne, who is the director of the group’s energy business in Europe.

If approved, Tesla hopes to begin supplying energy to homes and businesses in England, Scotland, and Wales as soon as next year. This move would position the company to compete directly with existing energy suppliers such as British Gas owner Centrica and Octopus Energy. The decision to enter the UK energy market comes amidst a period of declining demand for Tesla’s electric vehicles in Europe.

Tesla’s involvement in the UK energy market dates back to 2020, when it was granted a license to be an electricity generator. The company also operates a solar energy and battery storage business. In the US, Tesla has been an electricity supplier in Texas for the past 3 years. The push to expand into the British energy market comes ~2 years after Tesla first started hiring a head of operations for a proposed energy supply business.

Tesla Inc. (NASDAQ:TSLA) designs, develops, manufactures, leases, and sells EVs, and energy generation & storage systems in the US, China, and internationally.

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Disclosure: None. This article is originally published at Insider Monkey.