Tesla Reduces Solar Operations, Cancels Projects

Tesla: According to a report by Electrek, which cited an email sent to consumers by the pioneer of the electric vehicle (EV) industry, Tesla (NASDAQ: TSLA) abruptly canceled a large number of solar projects in a number of U.S. areas recently. This move placed some customers in a state of limbo.

Tesla Reduces Solar Operations, Cancels Projects

There have been rumors that Tesla is slowing down its solar operations in particular locations, including the greater Los Angeles area, Northern California, Oregon, and Florida regions. Additionally, the corporation is cutting the number of employees working in its solar scheduling, planning, and design department.

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Many people were taken aback by the decision, as Tesla revealed in its most recent quarterly report that the company has already installed 4.08-gigawatt hours worth of energy storage products and 248 megawatts worth of solar energy systems in the United States as of the end of September.

Tesla Reduces Solar Operations
Tesla Reduces Solar Operations

In addition, the firm said that it intends to increase the production of energy storage products, improve the competence and efficiency of its Solar Roof installation process, and expand the market share of its retrofit and new build solar energy systems.

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Is Now the Time to Buy Tesla Stock?

Wall Street is cautiously enthusiastic about Tesla stock, as evidenced by the consensus recommendation of Moderate buying given to the company’s shares, which is based on 19 Buys, seven Holds, and four Sells. TSLA stock is expected to reach an average price objective of $302.05, which represents an upside potential of 58.37%.

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