It’s been 5 years since Tesla acquired SolarCity for around $2.6 billion. Why hasn't Tesla’s solar business taken off as Elon Musk promised? Watch the full video here:
Elon Musk hosted a splashy eventSolarCity was founded in 2006 by Musk's cousins, Peter and Lyndon Rive. It was backed by Musk who served as chairman of the board at both Tesla and SolarCity. Musk's aerospace company, SpaceX, had also purchased tens of millions of dollars worth of solar bonds from SolarCity.
The roof tiles were going to be the next big thing in residential solar, according to Musk, and once Tesla and SolarCity combined, the product would juice the company's growth while delivering clean energy to homeowners.In the fourth quarter of 2017, Tesla reported a 43% drop in solar deployments compared with when it purchased SolarCity. The company ended up losing its market-leading position in 2018 and now hovers around 2% of the residential solar market, according to Wood Mackenzie.
Tesla moved some solar employees to work on building the company's electric cars and batteries, fired other solar employees, and moved others who had been doing new installations to work on repairs and remediation.
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