Elon Musk’s electric vehicle manufacturer (EV) and energy company Tesla is planning to enter the UK energy market by offering electricity supply to both homes and businesses.
As per multiple reports, Tesla has officially applied to the UK energy regulator Ofgem for permission to supply electricity.
The request for an energy supply licence was signed by Andrew Payne, who oversees Tesla's energy operation in Europe and was submitted at the end of last month.
The regulator Ofgem may take as long as nine months to review and approve the application.
If Ofgem approves Tesla's application, the company will be able to compete with the major energy providers in the UK and start supplying electricity directly across England, Scotland and Wales, next year.
Beside being globally recognized for producing electric vehicles, Tesla also operates solar energy and battery storage business.
Tesla has applied to Ofgem for an energy supply licence at a time when its EV sales in Europe have been dropping sharply.
In July the number of Teslas registered in the UK fell by nearly 60% and in Germany by over 55%, with overall sales in 10 major European markets down by 45% compared to the same month of the last year.
