🔴 LIVE: The Secrets of ProPicks AI Success Revealed + November’s List FREEWatch Now

SolarCity co-founder Peter Rive to quit Tesla

Published 07/19/2017, 12:47 PM
© Reuters. A Solar City logo is seen on the side of a company vehicle in San Diego, California
TSLA
-

(Reuters) - Tesla Inc (O:TSLA) said SolarCity co-founder Peter Rive is leaving the company, eight months after the electric car maker bought the biggest U.S. residential solar panel maker.

SolarCity was founded by Peter Rive and his younger brother Lyndon in 2006 with financial backing from their cousin and Tesla chief Elon Musk. Former SolarCity Chief Executive Lyndon Rive announced his resignation in May.

Peter Rive will be leaving the company to explore new opportunities, a Tesla spokesperson said in a statement.

Tesla bought SolarCity for $2.6 billion last year, paving the way for Musk's ambitious plans for a carbon-free energy and transportation company. The sale came as investors worried about the solar panel installer's debt-fueled growth.

Under Tesla, SolarCity has slowed installations and focused on the most profitable projects that generate cash upfront.

Rive was overseeing the development of solar roof tiles, which are expected to go into production this summer.

© Reuters. A Solar City logo is seen on the side of a company vehicle in San Diego, California

"Peter's responsibilities, including work on Solar Roof, will be distributed among Tesla's existing engineering teams," Tesla said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.