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Elon Musk Renames Tesla Motors to Expand Clean Energy Business

published: 2017-02-08 15:53

After Tesla Motors acquired SolarCity, the name of Tesla Motors has been changed to Tesla Inc. on February 1st 2017. Tesla Inc. will be focusing on providing clean energy service. 

Elon Musk, CEO of Tesla, announced to acquire SolarCity last October and later launched solar roofs and upgraded energy storage systems - Powerwall and Powerpack. In addition, Tesla teamed up with Panasonic to build a lithium battery factory – Gigafactory, which will start the operation this year. The company’s business domain has far exceeded the EV industry.
Reuters reports that Tesla has exchanged stocks worth US$ 2 billion for the acquisition of SolarCity. The deal will make Musk the largest shareholder.
Musk has repeatedly mentioned the future of clean energy. His goal is to build energy business that focuses on PV solar. Tesla Inc. combines several technologies including solar PV, lithium battery energy storage, and EVs.
The company will also work on expanding the business domain like working with Panasonic to re-activate SolarCity’s cell and module factories in Buffalo, New York and cooperating with SCE on 80MWh energy storage systems.

(Photo Credit: Damien Pollet via Flickr shared by CC 2.0)

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