Tesla (NASDAQ:TSLA) has recently called off many solar projects across some U.S. markets in a sudden move that left several customers hanging, Electrek reported, citing the electric vehicle (EV) pioneer’s email to customers.
Tesla is supposedly winding up solar operations in certain markets, including the greater Los Angeles area, Northern California, Oregon, and Florida regions. Also, the company is lowering the headcount in its solar scheduling, planning, and design department.
The move comes as a surprise to many as in its recent quarterly report, Tesla stated that it deployed 4.08 GWh of energy storage products and 248 megawatts of solar energy systems this year through September-end.
Further, the company disclosed plans to boost the production of energy storage products, enhance its Solar Roof installation capability and efficiency, and increase the market share of its retrofit and new build solar energy systems.
Is Tesla Stock a Good Buy?
Recently, Tesla’s CEO Elon Musk sold shares worth $4 billion after finally closing the Twitter deal.
Wall Street is cautiously optimistic about Tesla stock, with a Moderate Buy consensus rating based on 19 Buys, seven Holds, and four Sells. The average price target of TSLA stock is $302.05, which indicates upside potential of 58.37%.
