Tesla Motors to Unveil Home and Utility Batteries April 30

Updated on
Tesla Motors Battery Factory

Tesla Motors Inc. plans to begin building lithium-ion batteries at its Reno “Gigafactory” in 2017.

David Paul Morris/Bloomberg

Tesla Motors Inc. will announce a home battery and a “very large” utility-scale battery on April 30, according to an e-mail sent to investors and analysts.

The e-mail Tuesday from Jeffrey Evanson, Tesla’s head of investor relations, said the company “will explain the advantages of our solutions and why past battery options were not compelling.” Khobi Brooklyn, a Tesla spokeswoman, said that “we’ll share more information next week,” without confirming the e-mail.

Chief Executive Officer Elon Musk had tweeted on March 30 that Tesla would announce a “major new product line -- not a car -- will be unveiled” on April 30 at the company’s design studio in Hawthorne, California.

The maker of luxury electric cars is using its lithium-ion battery technology to position itself as a front-runner in the emerging market for energy storage that supplements, and may ultimately threaten, the traditional electric grid.

“We are going to unveil the Tesla home battery, the consumer battery that would be for use in people’s houses or businesses fairly soon,” Musk said during an earnings conference call in February.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE