Full Charge

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Published: May 22, 2015 12:26:28 AM

Tesla’s Powerwall is set to become the fastest product across categories to reach $1billion in sales

Cheeky as it may sound, clean and low-billing power for homes and offices seems more potent than Viagra. That is, as far as product debuts are concerned. Electronic automotive company Tesla Motors’ new line of stackable batteries, Powerwall, that store enough solar power to meet businesses’ requirements during peak hours, could well prove to be founder Elon Musk’s tour de force. The batteries, as per a Bloomberg report, seem set to become the product that reaches $1 billion in sales the fastest after launch, across categories. Apple’s first iPhone, that reached the landmark sales figure within three quarters of its launch in 2007, has held the title so far, followed by Pfizer’s Viagra (debut in 1997) and Tesla’s Model S car, which was launched in 2012.

Tesla already has reservations worth $800 million in the first week since Powerwall was announced,  and nearly $625 million of this has come from orders from businesses, which means at least these transactions are strongly likely to materialise. The batteries—expected to significantly ease companies’ burden of electricity bills—are priced at $3,000-3,500 per unit for home use and $25,000 (for incremental blocks) for industrial use. The pricing itself explains Powerwall’s sprint towards the $1-billion sales figure, along with the fact that businesses and uitilities will form the biggest chunk of clients rather than retail buyers (as in the case of an iPhone or a Viagra). Nevertheless, if the voracious appetite for power and fuel solutions worldwide sustains, Musk’s Tesla—which also offers battery-powered cars—could set a bunch of such records.

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