Will Sono Motors’ Solar Electric Vehicles Surpass Tesla’s Future Plans?
Last updated on February 17th, 2020
As the world strives to increase the usage of renewable sources for energy generation in everyday life, electric vehicles’ manufacturers have been forced to make major changes in their manufacturing process. Despite achieving great records in Q4 2019 for its solar energy and storage systems business, the American automotive manufacturer – Tesla Inc , witnessed a plunge in its energy revenue by over $24 million in 2019.
The hiking demand for electric vehicles and drooping revenues has put the firm in a tight spot. Based on the annual financial report released yesterday, Tesla is boosting solar photovoltaic production at its plant in Buffalo, New York.
The news comes at a time when Munich based, Sono Motors claims to sell a self-charging electric car, fully covered in solar panels. In order to cope up with competitors in the automotive industry, Tesla Inc’s CEO Elon Musk has announced that the firm has recently started producing solar panels at Gigafactory 2.
Adding $209 million to the expected cost of building Tesla’s factory, the empire state taxpayers have dolled out a total of $959 million. Besides dealing with the New York factory issues, Elon Musk is struggling to manage Tesla’s shareholders, who earlier sued the firm for $2.6 billion acquisition of SolarCity.
The CEO had been serving as the co-founding Chairman of SolarCity and was the biggest shareholder at the time of acquisition. Currently, he is to undergo a trial in Delware’s Chancery Court in the month of March.
Despite introducing new customer-friendly ways to lease solar systems and launching a new version of its Solarglass roof tiles, the solar energy and storage business of Tesla Inc counted for only 6.2 percent of the total revenue worth $24.6 billion in 2019.
Currently, the automotive industry is full of upcoming launches of multiple prototypes and concepts of solar-powered vehicles. The ‘Lightyear One’ by the Dutch start-up – Lightyear and the planned ‘Sion’ by Sono, have surpassed sales targets to €53 million ($A85 million). Based on Sono Motors’ statements, the recent range extension of Sion can help the car run additional 20 miles per day. As 13,000+ customers have already pre-ordered the electric vehicles, Sono Motors popularity can further complicate things for Tesla.
In the field of electric vehicles, Asian automotive makers are also giving tough competition to Tesla. Hyundai Motors recently revealed a hybrid Sonata with photovoltaic panels in the car’s roof. The company claims these panels can increase the driving range by 1,300km.
As the demand for electric vehicles seems to be rising every day, direct competition from strong automotive manufacturers in the field of electric vehicles can make Tesla’s survival difficult.
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