Tesla Inc TSLA executive Max de Zegher said on Sunday that the company is forecasting an increase in the use of its supercharger network over the next two weekends as the holidays near.
What Happened: “The next 2 weekends are busy,” de Zegher said in a post on social media platform X. The Director of Charging for North America, Europe Middle East & Africa as well as the Asia Pacific said that the company is now predicting 20+ GWh/ day use across North American, Asia Pacific and European Superchargers.
Tesla is now trying to ensure 100% uptime for all of its superchargers while also deploying attendants and Tesla Megapack-powered chargers at its busiest sites. The company will also continue to open new superchargers through the holidays, he said.
As of the end of the third quarter, Tesla had 6,706 supercharger stations around the globe and 62,421 connectors.
Why It Matters: The revenue from superchargers alone is difficult to determine from Tesla’s quarterly reports. The revenue from superchargers is included in a segment called “services and other revenue” which includes revenue from repairs and other services.
In the quarter ended September, Tesla reported services and other revenue of $2,790 million, significantly higher than the $2,166 million reported in the corresponding period of last year. The revenue from the segment accounted for about 11% of the company’s total revenue in the last quarter.
However, Tesla reduced supercharging prices earlier this month in the U.S., minimizing the revenue otherwise possible during the busy holiday season.
de Zegher then reasoned the reduction in supercharging prices as aimed at accelerating EV adoption while being financially sustainable to invest in expanding the network.
Earlier this year, Tesla CEO Elon Musk said that the company would invest $500 million into expanding the supercharging network this year.
Tesla has a consensus “buy” rating based on the ratings of 33 analysts. Wedbush securities analyst Dan Ives on Sunday hiked Tesla’s price target from $400 to a whopping $515.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
Read Next:
Image via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
