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Abstract:Elon Musk's electric car company installed its fewest solar energy products ever last quarter, but things may be beginning to change.
Tesla's solar-energy management is being changed, Bloomberg News reports, with the vice president Sanjay Shah stepping out of the limelight.
The company's solar business has struggled in recent years, but a flurry of new announcements in recent months shows that could soon change.
Last year, Tesla fired many solar sales representatives and erased any distinction between energy and vehicle sales.
Visit Business Insider's homepage for more stories.
Tesla is looking to ramp up its solar-energy business after yet another quarter of declining sales, according to reports by Bloomberg and CNBC.
After CNBC reported Thursday that the company had obtained permits to test its solar-roof products on top of its factory in Fremont, California, Bloomberg News reported Friday that the company was also shaking up the management ranks of the struggling unit.
Sanjay Shah, the vice president of energy operations, is stepping back from any direct management of the solar generations and storage business, anonymous sources told the outlet. Kunal Girotra, a product manager for Tesla's Powerwall product, is said to be gaining more oversight of the unit.
A Tesla representative did not respond to a request for comment from Business Insider.
In its second-quarter earnings report in late July, Tesla said it installed just 29 megawatts' worth of energy products, its lowest three-month period to date. In the first quarter, Tesla installed 47 megawatts. In previous years, the company has topped 200 megawatts in a quarter.
To be sure, energy revenue ticked up in the second quarter, to $368 million, but it remains below last year's levels.
Last year, when the company announced a sales shift for its vehicles away from brick-and-mortar stores, a move it later reversed course on, the company also shifted the way it sold both cars and home-energy products. Sales representatives who had focused on either product specifically, Business Insider reported at the time, now sold the whole “ecosystem.” For solar sales representatives, this also meant blurred lines between inside and outside sales, a traditional distinction in many organizations.
Read more: 'It feels like a morgue': Tesla employees say morale has fallen drastically as stores close and workers are let go
On Monday, CEO Elon Musk tweeted that Tesla was aiming to manufacture 1,000 solar roofs a week by the end of the year — a massive increase from current levels. The company also announced this week a new “Megapack” battery it says can store up to 3 megawatt-hours of electricity and convert up to 1.5 megawatts of energy from a direct current, or DC, to an alternating current, or AC, so homes can use it, Tesla said.
The company has previously used its industrial-size Powerpack batteries for large-scale projects but says the Megapack has 60% more energy density.
Shake-ups in the energy unit's management add to a year that's been rife with executive changes for Tesla. J.B. Straubel announced his resignation as chief technology officer last week on the company's earnings call, becoming at least the 22nd senior employee to depart in the past year.
“Battery storage is transforming the global electric grid and is an increasingly important element of the world's transition to sustainable energy,” Tesla said in a blog post on its website this week.
Are you a Tesla employee? Have a story to share? Get in touch with this reporter at grapier@businessinsider. Secure contact methods are avilable here. (Do not use a work phone).
More Tesla news:
A Tesla employee died at the Gigafactory earlier this month — and the investigation is ongoing
Tesla's biggest bear on Wall Street says the stock will plunge 80% this year and explains what the bulls are missing
You think Tesla's second quarter was bad? Goldman Sachs sees a 'step down' next quarter — and keeps its outlook for a 40% plunge in the stock next year
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The global market reacts to various developments, including Tesla's profit miss, China's interest rate cut, Bernard Arnault's net worth decline, and typhoon Gaemi's impact. The Mt. Gox compensation, Lineage Inc.'s IPO, and Netanyahu's speech in the US Congress also influence market dynamics. European banks' mixed performance, Canada's rate cut, and Russia's sanction issues add to the market fluctuations, along with South Korea's GDP contraction and stable oil prices.
Tesla faces ongoing struggles with profit misses, impacting its stock and investor confidence. Meanwhile, Alphabet Inc.'s strong Q2 earnings highlight robust demand in cloud services and advertising. Political developments in the US, with Vice President Kamala Harris rallying support, and India's budget aimed at job creation reflect significant economic shifts. Natural disasters and corporate news, such as Boeing's resumed 737 Max deliveries and Citi's upgrade of Coinbase, also influence market
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