In a recent development, two market giants of the United States Walmart and Tesla resolved the lawsuit related to the solar rooftop installations. Previously, Walmart sued the EV company over violation of the contract in August. The lawsuit was filed in New York state court for Tesla’s negligence and faulty installation of the solar rooftop. The company asked Tesla to bear all costs for removing the solar panels installed in 240 Walmart stores.
Both the companies issued a joint statement showing there is no dispute now. The concerns by Walmart has resolved, the statement added. Both companies now agree to work together to get sustainable energy systems.
Tesla got a positive response once the disputes were resolved. The share value of Tesla increased in the stock market after the announcement. On the contrary, when Walmart filed a lawsuit in August, the share value of the company was greatly affected.
Tesla is doing great in the electric vehicle segment, while its solar business is not performing up to the potential since the acquisition of SolarCity in 2016. During the third quarter of 2019, Tesla installed 43 megawatts of solar panels, which are 54% lower than the company’s last year’s performance.