Tesla Inc's sudden decision to shutter the bulk of its stores around the world raises a red flag over the future of its solar branch, a declining ...
SAN FRANCISCO: Tesla Inc's sudden decision to shutter the bulk of its stores around the world raises a red flag over the future of its solar branch, a declining business it paid US$2.6 billion for in a controversial 2016 deal.
When Tesla made its offer for SolarCity - a debt-laden solar-panel sales and installation company founded by two of Musk's cousins - its stock price was down 70 percent from its all-time high. Musk cast the deal as a"no-brainer" rife with synergies, in which customers could be sold both cars and solar energy systems.
Tesla cited a cut in prices of its residential solar systems by as much as 25 percent in November, representing savings of between US$3,000-US$5,000 on average, helped by streamlining its sales operations, and said the shift to online sales would unlock additional cost efficiencies. One former solar seller laid off in January told Reuters that 70 percent of leads on solar had come from Home Depot. Upper management at Tesla"didn't appreciate the significance" of the deal with the big-box retailer, the source said.
When customers order a car on Tesla's website, they are alerted during the configuration process to the possibility of ordering solar or other energy products.
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