The solar panel costs a lot more to manufacture than the batteries, which are more expensive to replace, and the power grid that uses the power from them, the company’s chief executive said.
“The batteries are expensive to produce,” Elon Musk said in an interview.
“They cost millions and millions of dollars.
“It is much cheaper to make a battery, but the cost of a solar panel is about twice the cost.” “
Tesla, which has been making electric vehicles since the late 1970s, has made strides in battery technology, but it has not had a breakthrough in its ability to store electricity. “
It is much cheaper to make a battery, but the cost of a solar panel is about twice the cost.”
Tesla, which has been making electric vehicles since the late 1970s, has made strides in battery technology, but it has not had a breakthrough in its ability to store electricity.
Musk said Tesla is working on a battery that would last for 10 years, but he added it will not be cheap.
“That battery is going to be very expensive,” Musk said.
The Tesla battery is being developed in the Silicon Valley company’s Gigafactory, which is expected to be completed in 2019.
The company has been looking at making batteries that can last for 100 years or more.
Musk’s comments about solar panels were a reaction to a recent report by The New York Times that said Tesla was losing billions in profits and was on track to make $1.2 billion in losses over the next two years.
The report, titled “SolarCity and Tesla: The Trouble with the Power Company,” said Tesla had to slash its expenses and take more risk in order to keep operating.
Tesla also has been forced to cut workers, lay off hundreds of workers and lay off some suppliers because of the price of batteries.
Musk has said the company has cut expenses because it is in a financial “death spiral.”
The Times reported that the company had a loss of $5.2 million for the third quarter, which ended Aug. 27.
Tesla has a $35 billion cash pile, but Musk has criticized the valuation of the company and said it is too high.
Musk, who took over as chief executive in late 2014, has said Tesla has reached its “biggest point of success in the last 15 years.”
Tesla said in its most recent quarterly earnings report that the loss for the quarter was $4.6 billion.
Tesla said it expects revenue in the third fiscal quarter to be $2.1 billion, down $500 million from the previous quarter.
Tesla shares closed up 0.3% to $52.99 on the New York Stock Exchange on Tuesday.
The stock is up almost 10% since it closed on Thursday.
The solar panels in Tesla’s factory are manufactured at a facility in California, where workers assemble the batteries.
The batteries, like the batteries in a car, are used in the batteries that power a variety of Tesla vehicles.
In the Tesla Gigafactories, the batteries are assembled by workers using robots and then sold by Tesla to retailers.
Tesla plans to have 50,000 workers in its Gigafactor factories.
Tesla is making the batteries at its factory in Sparks, Nev.
Tesla spokeswoman Lauren Jurgens said in a statement that the plant produces over 100,000 batteries a year, and that “there are currently around 500 Tesla batteries in the plant.”
She said Tesla will keep expanding its Gigacom manufacturing base.
The Times report quoted Musk as saying the solar panels are making the battery industry more competitive and that they would cost $10 or $20 per kilowatt-hour of electricity used, far less than batteries that cost $1,000 to $1 and more than batteries for other electric vehicles.
“What’s really important is that it’s cheaper to have batteries, that’s what we’re really focused on, because if it’s cheap enough, it’s a good thing,” Musk added.
The cost of batteries has come under increasing scrutiny in recent years as batteries become cheaper to produce.
Earlier this month, Tesla said its battery cost per kilogram of lithium metal, or the amount of lithium needed to power an electric vehicle, had come down from $15.43 per kilo to $10.37 per kilomole per kilovolt.
Tesla’s battery prices were down more than 70% between 2013 and 2016.
Musk was speaking to reporters at a conference in the U.K. that is being held by the UBS Investment Bank.
The bank said it has made $8 billion in loans to Tesla.
Musk recently unveiled the SolarCity Energy business unit, a joint venture between Tesla and SolarCity.
The business unit aims to build solar power plants that can store solar power for later use.
Tesla CEO Elon Musk and Solar City CEO Lyndon Rive are seen in this undated photo released by Tesla on August 19, 2017.
The SolarCity company has more than 700 employees in its manufacturing plant in Sparks.