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Tesla acquired SolarCity in 2016, at a cost of approximately US$2.6 billion (equivalent to $3.3 billion in 2023) and reorganized its solar business into Tesla Energy. SolarCity heavily focused on door-to-door sales of leased systems, where customers would pay no upfront costs, but agreed to purchase the power generated by those panels from the ...
On August 1, 2016, Tesla agreed to acquire SolarCity Corp. for US$2.6 billion in stock. SolarCity was then the largest installer of rooftop solar systems in the United States. [111] More than 85% of unaffiliated Tesla and SolarCity shareholders voted to approve the acquisition, [112] [113] which closed on November 21, 2016. [114]
In November 2016, SolarCity was acquired by Tesla, Inc., [8] at which time Zep Solar was merged into the company's Tesla Energy subsidiary. Since the merger, Tesla Energy has continued to manufacture many of the Zep Solar products for use on its projects but does not sell the equipment to other installers. [9]
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Tesla makes electric vehicles while SolarCity installs solar panels and finances them. Events that affect Tesla such as changes in battery prices or oil prices.
Tesla is also seeing production delays in its electric vehicles. [10] In 2016, Tesla acquired SolarCity in a controversial $2.6 billion purchase. SolarCity was founded by two of Elon Musk's cousins. (Musk is the CEO of Tesla). [10] At the Buffalo factory, Tesla produces the Solar Roof product.
SolarCity is one hot company. The company counts super-entrepreneur Elon Musk as its chairman and Lyndon Rive, an Elon Musk cousin, as CEO. SolarCity shares have rallied over 300% since the IPO.