Since June 2016, there have been news about Tesla Motors intending to buy SolarCity. The former makes cars and car batteries and the latter is a solar power giant. So what do they have in common? Elon Musk.
Musk is chairman of SolarCity and the chairman and CEO of Tesla Motors- a car company as well. An official announcement was made yesterday, August 2nd, confirming the merger between Elon Musk’s Tesla Motors and his SolarCity.
Elon Musk did not participate in the negotiations of the merger owing to his conflict of interest. As a result, Tesla Motors- manufacturer of electric cars and batteries acquired SolarCity for $2.6 billion.
What would this merger do? It will bring both the energy storage home devices – Tesla’s Powerwall battery – and solar panel installation – SolarCity- at one place for the convenience of the consumers. And maybe they can get themselves a Tesla car while they are at it.
A blog post published by Tesla stated: “By joining forces, we can operate more efficiently and fully integrate our products, while providing customers with an aesthetically beautiful and simple one-stop solar + storage experience: one installation, one service contract, one phone app.”
