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SolarCity announced officially that they acceptedthe Tesla Motor’s offer bid for 2.6 billion to purchase solar panel installer whose cofounders Lyndon Rive and Peter Riveare cousins of Elon Musk who will be chairman and biggest shareholders of bothTesla and SolarCity after final approve from board. The ambitious acquiringdraw attention of investors who has concerns that company growth plan trappedin the financial risk because 2.6 billion would double the long-term debt forthe Tesla’s balance sheet. Whereas some people show their applaud to Musk whois described as superman who can think 10 steps ahead compared the smart guywho is only 3 steps ahead. Is that true?
Actually bid-target SolarCity is the corporationwhich running operation of solar energy system to government, residential, andbusiness customers in America. It was ever shinning honey in the wall street whenlaunched IPO in 2012 thanks to its skyrocketing no-money-down solar paneloffering now countering fierce competition from its rivals which runningservice at low cost because state government set comfortable threshold forother individuals. The main index sitting in the negative territory indicatesthat the Solar business is not that well done as before. But Musk still buys itat low share price which is falling off the cliff in near 1 year thanks toeconomy downturn all around world to strengthen Tesla’s greater scale in electricalmanage system, integrity of clean energy industry, and easy temper flamed by Musk’sstatement which want to extend its business to trucks and buses by expandingdebt scale.
Lest look at what’s financial condition forboth 2 companies as following, we can see both 2 companies are burning cash toexpand operation business.
| Company | SolarCity | Tesla Motor |
| Market Cap | 2.43B | 33.88B |
| Price/book | 2.96 | 32.39 |
| Enterprise Value/Revenue | 5.77 | 7.71 |
| Enterprise Value/ EBITDA | -9.68 | -90.92 |
| Profit Margin | -13.59% | -23.91% |
Actually recently some fatal traffic accidentcases push Tesla in the storm relative to auto-pilot which is advanced technologyof Tesla but still in test mode. The death of driver who adopt self-drivingraised the doubt from public who concerns that is any distance need to go for Teslaputting that auto-pilot technology into mass adoption?
The vehicle driven by electric is not Tesla’smonopolization any more. Audi will set objective of electric cars accountingfor 25% of total sales by 2025 as a strategy to mitigate the loss caused byemission scandal probed by EPA last year approved that test data is lower 40times than standard physical road condition rigged by operation software. Audi,which although has been lucrative to research battery-powered vehicle, will nowinvest 1/3 R&D budget into electric cars.
Based on European auto association ACEA’sdata, there are about 14 million new cars in European Union and the EuropeanFree Trade Association in the year 2015, only 186,000 were electric cars and234,000 were hybrid. The electric vehicles’ lack of demand is caused by multiplereasons which dominated is that oil price plunge to boost SUV with big displacementbecause consumer would not care the oil-burning that much.
It’s obvious Tesla is challenged by Lack ofdemand, doubt of vehicle crash link to autopilot, emerging competition fromrival. The strategy of Elon Musk’s reaction to market would be tested by market itself.
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