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00:00:00
>> And see that?>> A rooftop with solar panel tiles that charge a wall battery that can then charge your Tesla. That was the future that Tesla's CEO, Elon Musk outlined when he pressed for Tesla's $2.6 billion acquisition of SolarCity. A solar panel installation company in which Musk was the largest shareholder.
00:00:19
But less than two years out, some may wonder if the sun is setting on a solar energy ambitions. Reuters exclusively reporting that the recently announced job cuts at Tesla will heat the solar division hard. Salvador Rodriguez is one of the reporters who broke the story.>> It really looks like Tesla is focusing in on their auto business, and very much moving away from their solar business this probably means good things for the financials of the company.
00:00:48
Right now CEO Elon Musk and the company are focusing on finally turning a profit.>> According to an internal email reviewed by Reuters, Tesla has already closed about a dozen installation facilities nationwide. It's also ended an important partnership with Home Depot, that laid off employees told Reuters, generated about half of the sales for the solar division.
00:01:10
Tesla declined to comment on the specific number of solar employees laid off, but told Reuters in a statement it remains committed to the solar business.>> It wouldn't be too surprising if some shareholders were displeased with this. Perhaps we'll see some law suits and in fact there are already some law suits that have been filed regarding the SolarCity acquisition from a few years ago.
00:01:31
Some of the analysts that we spoke with said that this could have eventually result in TESLA having to write off that acquisition.>> Before the latest TESLA lay offs, the company had already been scaling back the money losing solar business, and axed the large door to door sales team.
00:01:46
Instead, Tesla's been moving solar panel sales online and into Tesla stores, which it says has some of the highest foot traffic of any retail space in the US. But critics will be watching its next steps in solar energy closely, to see how Tesla delivers its vision of the future.