SolarCity raises $403 million in George Soros hedge fund-advised deal

Elon Musk, the CEO of Tesla, is already a chairman of SolarCity and helped found it in 2006.

Tesla Motors has a 12 month low of $141.05 and a 12 month high of $271.57.

Despite the fatality of a driver using the auto-driving mode in his vehicle, and worries that Tesla Motors Inc.

Autopilot 8.0, as it is dubbed, uses the radar as the primary method for how the auto builds a picture of its environment: roads, and potential hazards. Notably, Musk went so far as to say that the upcoming Autopilot update could have potentially prevented the highly publicized crash in Florida where a Model S crashed into an 18-wheeler. The new Autopilot will rely primarily on radar – and not just cameras – to help the vehicle “see” better and avoid collisions. The Company produces and sells two electric vehicles: the Model S sedan and the Model X sport utility vehicle (SUV). However, Elon Musk doesn’t want you to break the bank just because you want to drive an EV and his firm has started lowering the prices on certified pre-owned cars.

“Tesla has the most advanced automated cruise-control system on the market” and the improvements “make the system better”, Enderle said. The debt-laden company agreed to sell itself to Tesla for $2.6 billion, though regulators and shareholders of SolarCity will have to weigh in on the transaction before it can close.

The Bolt also will be able to get software fixes over the internet, Pam Fletcher, GM’s executive chief engineer for electric vehicles, said at a recent conference. But the day ended with no word, and the next morning a SpaceX rocket exploded on the launchpad, putting the Autopilot news on hold longer.

Leading US residential solar PV installer SolarCity said it had raised US$305 million in its second cash equity transaction, this time through a private investment fund affiliated with Quantum Strategic Partners Ltd. In response, SolarCity’s stock jumped 6% on Monday, gaining $1.03 to $17.80 a share. Additional plans to raise funds this year will burn a gaping hole in Tesla’s pockets. Otherwise the auto will gradually come to a stop itself.

“Although other manufacturers are introducing autopilot systems based on a suite of technologies (cameras, lidar, radar, etc.), we believe TSLA’s radar-based system should provide improved functionality and increased safety since TSLA has solved the main challenges with radar, including object identification”, senior equity analyst Ben Kallo writes a note.

Musk said Sunday another “quite significant” upgrade to Autopilot was with its “Autosteer” feature.

Specifically, Chanos is talking about Tesla merging with SolarCity. Although Tesla denied most of the claims made, many auto experts believe that the company’s update plans were probably caused by these issues.