Tesla (TSLA) has installed only 3,000 of its Solar Roof systems in the U.S. since the product’s launch in 2016, Woodmac estimated, adding up to a combined capacity of nearly 30 MW.
The company had set a target of manufacturing 1,000 Solar Roofs weekly in 2019 and installing 1,000 systems per week in early 2020.
Average weekly Tesla Solar Roof installations in the U.S. totaled just 21 in 2022, with a high of 32 weekly installations on average in last year’s Q1.
With an estimated 5M roofs built every year in the U.S., the Solar Roof captured less than 0.03% of the total roofing market in 2022, according to Wood Mackenzie’s findings.
The report highlights Elon Musk’s struggle to integrate a solar energy business into his electric car company following the $2.6B purchase of SolarCity in 2016.
With a recession near and the electric vehicle “not going through its best days,” Tesla (TSLA) stock is “ridiculously overvalued,” Anna Sokolidou writes in an analysis posted recently on Seeking Alpha.