U.S. electric car manufacturer Tesla Inc has applied for a license to produce electricity in the U.K. on Saturday.
The purpose of the license from the power regulator may be to introduce the company’s Autobidder platform, the report stated, citing an organization source. The report didn’t make clear why Tesla has applied for the license, The Telegraph reported.
Autobidder is a platform for automated power trading and is currently being controlled at Tesla’s Hornsdale Power Reserve in South Australia.
Having constructed a significant battery enterprise in recent years, the car manufacturer is now preparing to enter the British market with its technology, the paper stated, citing trade sources.
The corporate didn’t instantly respond to a request for a remark.
In 2017, the car manufacturer constructed the world’s largest lithium-ion battery to assist keep the lights on in South Australia.
Shares of Tesla plunged 9% Friday after Chief Elon Musk tweeted that the electric car manufacturer’s high-flying stock was overly expensive. “Tesla stock worth is too high,” Musk wrote on Twitter.