Tesla’s corporate mission is to speed up the global transition to renewable energies. This is a big energy transition. The company needs to move towards a reproducible future, so it’s best to do it as soon as possible. In the company’s second-quarter 2020 income statement last week, CEO Elon Musk explained how EV companies are taking the next step in their mission to increase sustainable energy use. Musk discovered that his solar panels cost $ 1.49 a watt and made their first quarterly profit in less than a year after the network-wide mega pack storage was first announced.
This transition could not have happened overnight. In addition to the number of batteries that must be produced, the world must also close existing fossil fuel combustion plants. Musk found that power plants typically have a lifespan of about 25 years. This means that even if the world stops building fossil-fueled power plants tomorrow, the transition to clean energy will take at least 25 years. It has been about 20 years as Toyota launched the world’s first mass-produced hybrid car in the late ’90s.
In 2015, the hybrid vehicle market has grown to 2 million units. When it comes to electric vehicles, sales remain weak compared to gasoline and diesel. A total of 550,000 units were sold in 2015, including all-electric hybrids and plug-in hybrids. For the first time in history, the total number of cars on the road has exceeded one million. These are impressive moves, and while Tesla (NASDAQ TSLA) has flamboyant products like the Solar Single, the company is even better known for its electric vehicles like the Model 3 Sedan.
Automotive Business: According to a 2016 Goldman Sachs report, the electric vehicle market will grow to over 2 million units in 2020, with more than three million hybrid vehicle sales likely to reach about fourteen million units in 2020. That’s all. After twenty years, the combination of government incentives and incentives for automakers could reach 10 million units or even 20 million units. According to the company, the more batteries, the more space to store electricity.
It also means more opportunities to use electricity from non-permanent sources such as sun and wind. Whether solar panels generate energy in the sun or wind turbines generate it on a harsh day, the battery helps to provide that clean energy 24 hours a day. Therefore, it can be used at home and in the business, or transferred to other batteries such as electric vehicles. Tesla has taken several steps to achieve this goal. Perhaps most notable is the solar system price cut announced last month. You can check its balance sheet at https://www.webull.com/balance-sheet/nasdaq-tsla if you want to invest the stock of Tesla.
Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.