The Briefing Room

General Category => Economy/Business => Topic started by: Frank Cannon on June 22, 2018, 04:47:30 am

Title: "It's Been A Difficult Few Days" - Musk Shutters 'SolarCity Facilities' Across 9 States
Post by: Frank Cannon on June 22, 2018, 04:47:30 am: https://www.zerohedge.com/news/2018-06-21/its-been-difficult-few-days-musk-shutters-solarcity-facilities-across-9-states (https://www.zerohedge.com/news/2018-06-21/its-been-difficult-few-days-musk-shutters-solarcity-facilities-across-9-states)

(https://img.youtube.com/vi/L_6ftbpozuw/0.jpg)

Quote
Just a week after laying off 9% of Tesla's non-Tesla vehicle production employees (and reminded investors that "profit is obviously not what motivates us") Reuters reports that Elon Musk will sharply downsize the residential solar business it bought two years ago in a controversial $2.6 billion deal, according to three internal company documents and seven current and former Tesla solar employees.

The latest cuts to the Tesla division once known as SolarCity include closing about a dozen installation facilities, according to internal company documents, and ending a retail partnership with Home Depot that reportedly generated about half of its sales.

â€œWe continue to expect that Teslaâ€™s solar and battery business will be the same size as automotive over the long term,â€ the company said in a statement to Reuters.

While Reuters reports that Tesla declined to comment on which sites it planned to shut down, how many employees would lose their jobs or what percentage of the solar workforce they represent; the internal email said that the facilities targeted for closure were located in California, Maryland, New Jersey, Texas, New York, New Hampshire, Connecticut, Arizona and Delaware.
Title: Re: "It's Been A Difficult Few Days" - Musk Shutters 'SolarCity Facilities' Across 9 States
Post by: WingNot on June 22, 2018, 04:48:53 am: Say it ain't so Saint Elon!
Title: Re: "It's Been A Difficult Few Days" - Musk Shutters 'SolarCity Facilities' Across 9 States
Post by: Frank Cannon on June 22, 2018, 04:54:16 am: Quote from: Wingnut on June 22, 2018, 04:48:53 am
Say it ain't so Saint Elon!

Early this Spring every time I hit the Home Despot to buy some slumlord shit I had one of Elon's flunkies bug me to install solar panels on my house. Sent on about how I could get govt' money to do it. I would always ask them if they had their resume ready because they were working for a Ponzi. Haven't seen those dudes at the Despot lately. Hope they took my advice.
Title: Re: "It's Been A Difficult Few Days" - Musk Shutters 'SolarCity Facilities' Across 9 States
Post by: WingNot on June 22, 2018, 04:58:46 am: Quote from: Frank Cannon on June 22, 2018, 04:54:16 am
Early this Spring every time I hit the Home Despot to buy some slumlord shit I had one of Elon's flunkies bug me to install solar panels on my house. Sent on about how I could get govt' money to do it. I would always ask them if they had their resume ready because they were working for a Ponzi. Haven't seen those dudes at the Despot lately. Hope they took my advice.
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I always wondered what ever became of the Hare Krishna movement.
Title: Re: "It's Been A Difficult Few Days" - Musk Shutters 'SolarCity Facilities' Across 9 States
Post by: thackney on June 25, 2018, 02:11:15 pm: Tesla is killing SolarCity

There's no way to look at Tesla's solar performance since acquiring SolarCity and argue that it's improving. You can see in the chart below that Tesla has gone from a large lead over its closest competitors Sunrun (NASDAQ:RUN) and Vivint Solar (NYSE:VSLR) to barely holding any advantage at all. Installations are about a third of what they were when Tesla acquired SolarCity, and the decline shows no sign of stopping.

(https://g.foolcdn.com/editorial/images/486105/screen-shot-2018-06-21-at-104921-pm_large.png)

https://www.fool.com/investing/2018/06/23/more-bad-news-for-tesla-solar.aspx (https://www.fool.com/investing/2018/06/23/more-bad-news-for-tesla-solar.aspx)