Tesla’s Solar Business Is a Disaster
When Tesla (NASDAQ: TSLA) acquired SolarCity for $2.6 billion in 2016, it was the U.S.'s biggest residential solar installer by a wide margin. Since then, management has laid off workers from the unit, changed its sales strategy, and stood by as competitors took market share from it year after year. After the dismal quarter it just completed -- another in a long string of them -- it looks like Tesla has now fallen behind Sunrun (NASDAQ: RUN), Vivint Solar (NYSE: VSLR), and SunPower (NASDAQ: SPWR) for market share in residential solar.
The bigger problem is that Tesla may not have any way to recover from this decline. The infrastructure that built SolarCity is gone, and new products that once had promise don't seem to be anywhere near reality.
Image source: Tesla.
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