U.S. electric carmaker Tesla Inc has applied for a license to supply the electricity in the United Kingdom, The Telegraph reported on Saturday.
The purpose of the license from the energy regulator may be to introduce the company’s Autobidder platform, the report said, citing a company source. The application did not make clear why Tesla has applied for the license, The Telegraph reported.
Autobidder is a platform for automated energy trading and is currently being operated at Tesla’s Hornsdale Power Reserve in South Australia.
Shares of Tesla tumbled on Friday (May 1) after Chief Executive Officer Elon Musk tweeted that the electric carmaker’s high-flying stock was overly expensive. This report produced by Chris Dignam.
Having built a significant battery business in recent years, the carmaker is now preparing to enter the British market with its technology, the paper said, citing industry sources.
The company did not immediately respond to a request for comment.
In 2017, the carmaker built world’s largest lithium-ion battery to help keep the lights on in South Australia.
Shares of Tesla fell 9% on Friday after Chief Executive Officer Elon Musk tweeted that the electric carmaker’s high-flying stock was overly expensive. “Tesla stock price is too high,” Musk said on Twitter.