Tesla defends plan to acquire renewable energy firm SolarCity

While some analysts see the deal as a bailout of SolarCity which has $6.34 billion in liabilities, including debt, Musk told analysts this week that SolarCity had 300,000 installed customers while Tesla had about 180,000 auto owners, creating an ability to cross-sell services such as the solar panel roof that was unveiled in Hollwyood last week. “They have more money and more influence than any other sector”.

Tesla TSLA, +0.31% has not yet provided specifics about how much the tiles will cost. While explaining that EVs have improved the city’s safety and air quality, he said that customers can now pre-order the newly unveiled solar roof and Powerwall 2.0, which costs $5,500 (HKD 42,651).

For more on the pros and cons of the Tesla/SolarCity deal watch our video.

“We actually did the calculations to figure out what it would take to transition the whole world to sustainable energy… and you’d need 100 gigafactories”, Musk told actor Leonardo DiCaprio during an interview for the actor’s global warming-themed documentary, “Beyond The Flood”.

3M makes a variety of solar films that do things like boost efficiency, protect solar cells, or enable panels to be flexible.

Solar systems would be sold under Tesla’s name. The main area of concern for investors is the high cash burn of both companies.

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“It’s definitely one of the best moments in Tesla’s history”, said Tesla Chief Executive Elon Musk [pictured above], on a conference call to discuss the company’s results. The analyst reiterated an Outperform rating on the electric auto maker.

Musk noted that the first product from Tesla’s newly-created new glass technology group will be featured in the Model 3.

Musk said their “batting average is zero”. He also noted that in high volume glass is “very cheap and very resilient”.

Bloomberg reported in February that Hawaii-based Kaua’i Island Utility Cooperative signed a 20-year contract with SolarCity-the full-service solar provider that Tesla Motors agreed to acquire in June-to purchase solar-generated electricity from it. Many believe it is pointless as Tesla may face difficulties in building the vehicle effectively.

“The acquisition will enable us to transform into a truly integrated sustainable energy company”, it said, referring to the promise of a unique provider of carbon-free energy, transportation and power storage.

Elon Musk doesn’t just want to put solar tiles on top of your house, he also wants to put them on top of your auto.

Musk said one reason solar panels haven’t become more mainstream is because they look bad.