Alset EHome Partnering with Tesla to Develop eHomes in Texas

Alset EHome International (AEI) gained 24.6% after the company’s subsidiary, Alset EHome Inc., announced a strategic deal with the electric vehicle (EV) company Tesla Inc. (TSLA) on June 21.

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Alset EHome International develops, sells and leases residential properties in the United States. The property developer has gained 52.2% in the past month, but has lost 12.3% over the past year. (See Alset EHome stock chart on TipRanks)

Per the terms of the deal, Tesla will initially supply solar products, namely PV Solar Panels, Powerwalls and EV Chargers, to be installed in 20 single-family homes. These homes are located at the Northpark Community in Porter, Texas.

Apart from this, Alset will develop another 10 Ehomes in the same community by the end of this month.

The deal aligns with the company’s aim of building energy-efficient homes and expand its presence worldwide. The company aims to deliver 100 Ehomes by the end of this year.

Markedly, the company said that it will offer Tesla electric car to its customers.

The move will help the company to build a clean energy ecosystem, promoting the use of more electric vehicles and energy-efficient products.

Alset EHome CEO Mr. Chan Heng Fai said, “Our plan is to develop over 5,000 intelligently designed Ehomes in the next 3-5 years. We are excited to develop the communities of the future in close collaboration with Tesla. Tesla’s products are not only technologically superior but also aesthetically pleasing. In addition to our rollout in the US, we plan to expand our concept on a global scale.”

Alset EHome scores a 6 of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market averages.