Tesla just announced that it wants to buy solar panel company SolarCity for $2.8 billion. Elon Musk - who owns Tesla - is also the chairman of SolarCity, which is run by two of Musk’s cousins. Musk called the bid a “no-brainer,” but many analysts and investors are puzzled by the decision. Especially because SolarCity is struggling with rising costs and increased competition. One estimate found that SolarCity could lose up to $400 million next year alone. And here in California, solar only makes up about four percent of our total power.
KCRW
