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Tesla Bids To Supply Electricity To U.K. Households

Tesla Bids To Supply Electricity To U.K. Households

Electric vehicle maker Tesla (TSLA) is bidding to supply electricity to British households and businesses across the United Kingdom (U.K.).

The Austin, Texas-based company has submitted a formal bid for an electricity license to the British energy regulator Ofgem, according to a notice posted on a government website.

If its application is approved, Tesla would be able to compete against the big energy companies that dominate the U.K. electricity market as soon as 2026.

Tesla, which is best known as an electric vehicle manufacturer, also develops solar energy generation systems and battery storage products.

The company already has an electricity supplier arrangement in its home state of Texas, called “Tesla Electric.”

That service, launched in 2022, allows customers to optimize energy consumption and pays them for selling excess energy back to the power grid.

Tesla’s push to supply electricity to households and businesses comes as the company suffers from a global sales slump in its electric vehicles.

Data from the U.K. Society of Motor Manufacturers showed that Tesla’s new car sales dropped by nearly 60% to 987 units across Britain in July, down from 2,462 vehicles sold a year earlier.

Tesla faces growing competition from other automakers, particularly in China, as well as a consumer backlash against Chief Executive Officer (CEO) Elon Musk’s politics.

TSLA stock is down 13% this year and trading at $329.68 U.S. per share.