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Why SolarEdge Stock Tanked Today

TheMotleyFool

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Shares of SolarEdge Technologies (NASDAQ: SEDG) have tanked today, down by 11% as of 11:05 a.m. EST, after Tesla (NASDAQ: TSLA) quietly launched its own solar inverter. That news represents a major threat to both SolarEdge and Enphase Energy, the two companies that currently dominate the market for solar inverters.

Electrek reports that Tesla has started to offer its own inverter, which was one of the few components that the electric-car maker was still sourcing from third-party suppliers. Tesla expanded into the solar energy market with its controversial 2016 acquisition of then-sister company SolarCity, which Elon Musk co-founded with his cousins.

Image source: Tesla.

Source Fool.com

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