Tesla bids for SolarCity
News
22 Jun 2016
Renowned electric vehicle (EV) manufacturer Tesla has offered to buy solar panel company SolarCity, to signal its intention to expand the company’s clean energy business.
Tesla has made an all-stock deal worth £1.9 billion, causing SolarCity shares to increase by 23 per cent. The news comes after Tesla has also begun investing in selling batteries that are capable of powering homes an businesses.
Commenting on the offer, Elon Musk Tesla chief executive, described the deal as a ‘no brainer’ and claimed it would transform Tesla into the ‘world's only vertically integrated energy company offering end-to-end clean energy products’.
