In court yesterday, Elon Musk revealed that the Tesla Powerwall production line is behind due to chip shortages. The company has 80,000 orders for the units, but the best case will see 30,000 to 35,000 units produced this quarter.
This revelation came during a court case that is looking at Tesla’s 2016 acquisition of SolarCity. Tesla shareholders allege that Musk acted in his own best interest rather than Tesla shareholders over the $2.6 billion acquisition.
After the sale, it became clear that SolarCity and Musk had established connections. Musk’s first cousins Lyndon and Peter Rive founded the company. At the same time, Musk sat as Chairman of the Board for both companies.
In court, Musk noted that the Tesla Powerwall would not be possible without the acquisition of SolarCity. Further to this, Musk noted that Tesla would not produce a well-integrated product if SolarCity were a separate company.
Demand for the Powerwall and other Tesla Energy products are only expected to increase, especially considering the recent deal in which Tesla will supply Solar and Powerwall units for a new housing development in Texas.
