Tesla seeks to bring SolarCity into its orbit

2016-06-22 12:18
Tesla Motors Inc CEO Elon Musk. (Francois Mori, AP)

Tesla Motors Inc CEO Elon Musk. (Francois Mori, AP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

San Francisco — Electric car maker Tesla Motors is offering to buy solar panel maker SolarCity for up to $2.8bn in an attempt to create a one-stop shop for cleaner energy as consumers become more concerned about fossil fuels hurting the environment.

The all-stock deal announced on Tuesday values SolarCity Corp. at $26.50 to $28.50 per share, depending on a review of the company's books.

SolarCity's stock surged $3.60, or 17%, to $24.79 while Tesla's shares sank $25.61, or 12%, to $194.

The deal still requires shareholder approval. That process could be complicated by Tesla CEO Elon Musk's position as SolarCity's chairperson and largest individual shareholder. SolarCity's CEO, Lyndon Rive, is also Musk's cousin.

Tesla is pursuing SolarCity 14 months after introducing a home battery system that stores solar energy.

Read more on:    tesla  |  elon musk  |  us  |  energy

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24


6 myths about male cancer

It is important to be aware of the most prevalent cancer diseases amongst men in our country.


You won't want to miss...

Who are the highest paid models of 2017?
10 gorgeous plus-sized models who aren't Ashley Graham
5 top leg exercises for men
10 best dressed men of 2017
Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.