SolarCity CEO Says He Wishes Strategy Pitched Differently
- Company announced plans to slow growth and lower costs
- Panel installer planning $600 million in securitizations
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Less than two weeks after its shares slid by a record, SolarCity Corp. Chief Executive Officer Lyndon Rive said he wishes he had explained a strategic shift to investors differently to better illustrate the value the company is still creating.
The biggest U.S. rooftop solar provider on Oct. 29 discussed plans to shrink growth and focus on becoming cash-flow positive by the end of next year. It’s part of an effort to calm investors worried about the company’s ability to raise financing going into 2017, when a federal tax credit that covers 30 percent of rooftop systems’ costs drops to 10 percent.