Musk describes the sale of SolarCity to Tesla Motors for $2.6bn as a ‘no-brainer’, as companies expect to save $150m in first year of merger
Elon Musk’s electric vehicle company, Tesla Motors, has bought Elon Musk’s solar power company, SolarCity, in an all-stock transaction worth $2.6bn (£2bn), the companies have confirmed.
The new firm sees Tesla emphasise its battery power storage technology as a natural fit to SolarCity’s solar generation. Musk called the merger a “no brainer”, saying: “Instead of making three trips to a house to put in a car charger and solar panels and battery pack, you can integrate that into a single visit. It’s an obvious thing to do.”