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Walmart sues Tesla for faulty solar panels

"Walmart sues Tesla for faulty solar panels as Tesla routinely deployed individuals to inspect the solar systems who lacked basic solar training and knowledge," claimed the lawsuit.

Tesla solar panels
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Published : Aug 22, 2019, 1:28 PM IST

San Francisco: In a big setback for Elon Musk, retail behemoth Walmart has sued Tesla's energy division for providing solar panels that caused multiple fires at its stores, asking the company to immediately remove the panels from more than 240 Walmart locations.

According to a report in USA Today, the Walmart lawsuit, filed in New York State Supreme Court, states that fires broke out at "no fewer than seven" stores between 2012 and 2018 and has "since caused millions of dollars in damage".

"Tesla routinely deployed individuals to inspect the solar systems who lacked basic solar training and knowledge," claimed the lawsuit.

The lawsuit comes at a time when Musk last week relaunched Tesla's solar panel services, claiming it could save a user about $500 a year.

The lawsuit said this is a "breach of contract action arising from years of gross negligence and failure to live up to industry standards by Tesla with respect to solar panels that Tesla designed, installed and promised to operate and maintain safely on the roofs of hundreds of Walmart stores".

Tesla or Musk was yet to comment on the lawsuit.

Tesla acquired solar installer, SolarCity, for $2.6 billion in 2016 to pump up its energy business.

Last week, Musk took to Twitter to ask followers what they thought about the relaunch of Tesla' solar business.

Read More: Zomato to rearrange 'Gold' service, NRAI refuses to budge

"Lmk what you think," wrote the entrepreneur with a link to the new website.

According to Tesla's website, one can rent solar power panels or solar roofs for as little as $50 a month and that cost included panel installation, hardware, and ongoing maintenance.

Musk said consumers could cancel anytime, although according to the Tesla website, there was a $1,500 charge to remove panels and restore the roof to its previous condition.

In June, Musk tweeted that he hoped to manufacture about 1,000 solar rooftops a week by the end of 2019.

San Francisco: In a big setback for Elon Musk, retail behemoth Walmart has sued Tesla's energy division for providing solar panels that caused multiple fires at its stores, asking the company to immediately remove the panels from more than 240 Walmart locations.

According to a report in USA Today, the Walmart lawsuit, filed in New York State Supreme Court, states that fires broke out at "no fewer than seven" stores between 2012 and 2018 and has "since caused millions of dollars in damage".

"Tesla routinely deployed individuals to inspect the solar systems who lacked basic solar training and knowledge," claimed the lawsuit.

The lawsuit comes at a time when Musk last week relaunched Tesla's solar panel services, claiming it could save a user about $500 a year.

The lawsuit said this is a "breach of contract action arising from years of gross negligence and failure to live up to industry standards by Tesla with respect to solar panels that Tesla designed, installed and promised to operate and maintain safely on the roofs of hundreds of Walmart stores".

Tesla or Musk was yet to comment on the lawsuit.

Tesla acquired solar installer, SolarCity, for $2.6 billion in 2016 to pump up its energy business.

Last week, Musk took to Twitter to ask followers what they thought about the relaunch of Tesla' solar business.

Read More: Zomato to rearrange 'Gold' service, NRAI refuses to budge

"Lmk what you think," wrote the entrepreneur with a link to the new website.

According to Tesla's website, one can rent solar power panels or solar roofs for as little as $50 a month and that cost included panel installation, hardware, and ongoing maintenance.

Musk said consumers could cancel anytime, although according to the Tesla website, there was a $1,500 charge to remove panels and restore the roof to its previous condition.

In June, Musk tweeted that he hoped to manufacture about 1,000 solar rooftops a week by the end of 2019.

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Pro-growth RBI minutes to cap yields; revives expectations for further policy easing
By Gurdip Singh
          Singapore, Aug 22 (PTI) Minutes from the Reserve Bank of India's August meeting has revived expectations for further policy easing as headline inflation is likely to remain within target over the next one year, says a DBS report.
          According to the report, pro-growth Reserve Bank of India (RBI) minutes are expected to cap bond yields.
          "INR 10Y (generic) government bond yields are likely to stay below 6.7 per cent after RBI minutes revived expectations for further policy easing," Radhika Rao, Economist, and Eugene Leow, Rates Strategist at DBS Group Research said in the report.
          Weakening growth was a dominant worry for policy makers amid weaker global activity, they noted.
          "With RBI projecting inflation at below target over the next four quarters, the door for cuts remains open. We suspect further downward growth revisions might trigger further rate response," the DBS report said.
          The report however cautioned that "the debate over remaining policy space is beginning to surface" after 110 bps cuts already undertaken and another likely in the fourth quarter (4Q).
          In an unusual move, the Reserve Bank of India (RBI) on August 7 had reduced the benchmark lending rate by 35 basis points to 5.40 per cent amid concerns over slowdown in economy. Before this, the RBI had reduced the rate thrice, each time by 25 basis points.
          "Transmission will be accorded the highest priority, as the RBI's moral suasion attempts, surplus liquidity and consideration of an external benchmarks nudged banks to act," the DBS report noted.
          While the RBI has lowered the repo rate by 1.1 percentage points in 2019, the banks are yet to pass on the entire benefit of lower interest rate to borrowers.
          RBI Governor Shaktikanta Das recently asked all banks to link their interest rate with repo for faster transmission of the central bank's policy actions. PTI GS
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