More Than Just A Carmaker Now, Tesla Drops 'Motors' From Name

Tesla proposed the purchase of SolarCity for an all-stock deal worth $2.8 billion in June 2016. A few months later, in October to be precise, the Silicon Valley firm's CEO revealed Powerwall 2 and solar-powered roof tiles that do away with the need for traditional panels, thus demonstrating the advantages of bringing together the electric car and battery maker with solar installer SolarCity Corp.

The carmaker received its shareholders' approval for the acquisition in November 2016 which will, in turn, created the world's only integrated sustainable energy company, from energy generation to storage to transportation. In a blog post on its official website, the company said, "The acquisition will enable us to transform into a truly integrated sustainable energy company capable of developing, producing, selling, installing, and servicing these products in the most seamless way possible."

Tesla Inc. has explained the combination of the two companies will afford the "first-ever opportunity" to develop, store and consume energy entirely sustainably through a suite of integrated products that add aesthetics and function while reducing cost.