Tesla Inc (NASDAQ: TSLA) CEO Elon Musk is talking up the company's home solar panel business and its new Solarglass roof as it tries to revamp the controversial business unit, which has started to grow.
Musk introduced a redesigned solar roof last year called Solarglass, promising that the new — and much cheaper — version of the solar panel roof would finally work after difficulties with earlier versions, and electrek reported in late January that installations are ramping up.
Musk said on Twitter over the weekend that Tesla will hold an April "company talk" from its Giga New York factory in Buffalo, where the SolarGlass product is made.
Musk also promised tours of the plant for customers and the media.
The degree to which SolarGlass will positively effect the esthetics & energy sustainability of neighborhoods throughout the world is not yet well appreciated. This is a very important product.
— Elon Musk (@elonmusk) February 10, 2020
Musk tweeted several times over the weekend about the company's new solar roof product.
I think will still be better than a normal roof, but adding a heating grid to automatically remove ice & snow sounds like a good option. We have that already on car windows!
— Elon Musk (@elonmusk) February 10, 2020But the solar business has been a rocky one for Musk and Tesla.
Tesla's directors recently settled a shareholder lawsuit over the company's acquisition in 2016 of SolarCity Corp.
While the company has settled, Musk remains a defendant in the case, in which a group of shareholders say Tesla spent more than $2 billion essentially to bail out a struggling company that Musk and his cousins started.
Musk and other board members didn't fully disclose SolarCity’s problems when they bought it, the plaintiffs allege. Tesla has denied the allegations, saying investors received accurate descriptions of the deal. The lawsuit is set to go to trial next month in Delaware.
Musk also said recently that Tesla — which has hit success milestones recently with its electric car and seen its stock price soar — would be "turning our attention to solar, and we’re going to fix it.” Tesla reported a second straight quarterly profit last week.
Musk has also come under criticism for paying for SolarCity in Tesla stock that has since become much more valuable, meaning he paid far more for the then-struggling company than he intended.
Tesla Price Action
Tesla shares were up again on Monday, closing 3.1% higher at $771.28.
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The Tesla Gigafactory 2 in Buffalo, New York. Photo courtesy of Tesla.
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