Walmart and Tesla have settled a lawsuit that the retailer had filed against Elon Musk's renewable energy business in August.
for breach of contract in August in a New York state court, accusing Tesla of negligence and faulty installation, and asking the company to shoulder the costs of removing their solar panels from more than 240 Walmart stores to avoid further fires."Walmart and Tesla are pleased to have resolved the issues raised by Walmart concerning the Tesla solar installations at Walmart stores.
When news of the lawsuit first emerged, Tesla shares dipped. On Tuesday, following the settlement announcement, Tesla shares were inching higher in mid-day trading. Tesla's solar business has declined since it acquired SolarCity for $2.6 billion in 2016 -- a controversial deal to this day. In a recent deposition as part of a shareholder lawsuit, CEO Elon Musk said that the solar business took a back seat to the company's electric car business as it tried to ramp up Model 3 production, and that he "reallocated" any employee he could from the solar business to work on the Model 3.
In that lawsuit, shareholders are suing Tesla over the SolarCity deal, alleging that the whole thing was a bailout for Musk and his relatives, and that Musk knew SolarCity wasIn the third quarter of 2019, Tesla installed 43 megawatts of solar, 54% lower than the same period last year, but an improvement over the second quarter.a.k.a. Solarglass, which it is selling online now to customers for $100 non-refundable order fee.
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