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Tesla's Powerwall Backlog Exceeds Production Capacity, Musk Says

Tesla has a backlog of about 80,000 Powerwalls but capacity to produce only as many as 35,000 this quarter, CEO Elon Musk says, according to a report.
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Tesla  (TSLA)  Chief Executive Elon Musk says his company has a backlog of 80,000 orders, valued at more than $500 million, for its Powerwall home solar-energy-storage system.

But Musk also said Tesla can produce only 30,000 to 35,000 Powerwalls this quarter. The company says it can't ramp up production to meet demand due to the global chip shortage. 

CEO Elon Musk made his comments about the backlog yesterday in court, Electrek reports.

Musk was sued by certain Tesla shareholders over the company's acquisition of SolarCity in 2016.

The case, in the Court of Chancery in Wilmington, Del., pits Musk against some pension funds and asset managers. They allege that Musk used his control of Tesla to force the electric-vehicle company in 2016 to rescue solar panel maker SolarCity, saving it and Musk's investment in the company from bankruptcy.

The pension funds and asset managers leading the case want Musk to repay to Tesla the cost of the $2.6 billion deal and to disgorge the profits on his SolarCity stock. 

Electrek reports that Tesla in about five years deployed the first 100,000 Powerwalls and then deployed 100,000 more over the past year. 

Tesla shares at last check were off 0.9% at $662.69.