SolarCity cofounder Peter Rive is leaving Tesla months after multibillion acquisition
AP
Rive, who served as vice president of solar products at Tesla, follows his brother, Lyndon, out the door at the company. Lyndon announced he was resigning in May to start a new venture.
Tesla confirmed Peter Rive's departure in an emailed statement to Business Insider Tuesday evening:
"As co-founder and CTO of SolarCity, Pete has played an instrumental role in expanding access to solar to hundreds of thousands of people across the country," a Tesla spokesperson said.
"Pete's responsibilities, including work on Solar Roof, will be distributed among Tesla's existing engineering teams. We want to thank Pete for everything he's done for SolarCity and Tesla."
The Rive departures, happening in close succession, have raised concerns within the industry after critics previously questioned Tesla's motivation for the $2.6 billion SolarCity acquisition - a move that was seen as a bailout of that company. The Rive brothers founded SolarCity in 2006 with the help of a $10 million investment from Musk.
SolarCity expanded quickly in the decade that followed with zero-down payment financing incentives and a growing sales and installation arm. After initially setting out to grow its customer base to 1 million by 2018, SolarCity in 2015 scaled back significantly, due to costs and lower-than-expected demand.
SolarCity grew to about 300,000 customers late last year, Reuters reported.
Get the latest Tesla stock price here.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Markets rebound in early trade amid global rally, buying in ICICI Bank and Reliance
- Women in Leadership
- Rupee declines 5 paise to 83.43 against US dollar in early trade
- Election Commission issues notification for sixth phase of Lok Sabha polls
- 6 Coffee recipes you should try this summer
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market