Tesla's Solar Factory — A Billion-Dollar Misstep For New York: WSJ
Portfolio Pulse from Benzinga Newsbot
New York's nearly $1 billion investment in Tesla's solar-panel factory has largely failed to deliver on its promises. The factory, leased to Tesla for $1 a year, was expected to produce enough solar-panel shingles to cover 1,000 roofs each week by 2020, but is averaging just 21 installations a week. Despite the shortcomings, the state has amended the terms of its subsidy 12 times to accommodate Tesla.
July 07, 2023 | 1:46 am
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Tesla's solar-panel factory in New York, which was expected to produce enough solar-panel shingles to cover 1,000 roofs each week by 2020, is averaging just 21 installations a week. Despite the shortcomings, the state has amended the terms of its subsidy 12 times to accommodate Tesla.
The news about the underperformance of Tesla's solar-panel factory could negatively impact the company's reputation and investor confidence, potentially leading to a short-term decrease in the stock price.
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