While many other oil majors…
U.S. oil majors ExxonMobil, Chevron…
Tesla has unveiled the first Supercharger station of its ambitious plan to install 100 throughout the US by 2015. The EV charging station is one of six that will be installed in California (Folsom, Gilroy, Coalinga, Lebec, Barstow, and Hawthorne), as well as the 94 others that will be installed in high traffic corridors around the country.
The Supercharger stations are powered by solar cells, made by SolarCity, and can provide the Model S sedan with a 90 kilowatt charge, which is enough for an extra 150 miles of driving.
The problem with the project is that Tesla’s charging stations are only compatible with Model S sedans. Of which, according to the Securities and Exchange Commission (SEC), Tesla has only built 255, and delivered just 132. A very small number of sales to justify installing 100 charging stations at an estimated cost of $20 to $30 million.
A lot of money to invest, when revenue is small, and cash flow is poor. On the 25th of September Tesla announced that they wanted to sell 4.3 million shares, hoping to raise $228 million in cash from the stock sale. The DoE has just made things more difficult by demanding that Tesla submit a new loan repayment plan, which will see them pay off the debt much sooner.
By. Charles Kennedy of Oilprice.com
Charles is a writer for Oilprice.com