Tesla has hired a new head of operations to help lead the launch of its household energy supplier as Elon Musk presses ahead with his vision for houses to have a “virtual power plant” of batteries.
Roxanne Inskip-Kaye, a former director of operations at the domestic provider Social Energy, joined the tech giant in June, according to LinkedIn.
Social Energy was the first British energy operator to sign an agreement with National Grid to even out supply by exporting electricity and buying it back when prices lower.
Last summer Tesla unveiled plans to sell electricity to British households, similar to its energy supply business in the US. The ambition is to “support the transition of the entire electricity grid to 100 per cent renewables”.
The appointment of Inskip-Kaye comes amid a downturn in the company’s electric vehicle (EV) business.
In July, Tesla’s share of the US EV market slid below 50 per cent for the first time, as the world’s largest provider faces increasing competition in its domestic market.
At the same time, it has been embroiled in a price war in China after aggresively cutting prices in 2023 at the expense of profit margins. Rivals such as BYD, Geely and Nio have increasingly brought models to market at cut-throat prices, threatening Western car manufacturers’ dominance.
Tesla’s move to develop a household supply business was first revealed by The Daily Telegraph.
Any entry into the UK market would be seen as a boost for the new Labour government, which is aiming to achieve a net zero electricity grid by 2030
Tesla’s entry into the market would be regarded as a potential boost to Labour’s plans for a net zero electricity grid by 2030.
Tesla has previously signed a deal with Octopus Energy’s German unit, to provide top-up power supply to households owning rooftop solar panels and Tesla’s Powerwall storage batteries.