US electrical carmaker Tesla has stated it has reached a deal to purchase photo voltaic panel firm SolarCity for $2.6bn (£2bn).
The deal, introduced in June, will increase Tesla’s clear power enterprise.
California-based mostly Tesla is called a pioneer in electric cars however since final yr has additionally been selling batteries that may energy houses and companies.
Tesla chief government Elon Musk owns 22% of SolarCity and sits on the agency’s board. SolarCity’s chief government Lyndon Rive and Mr Musk are cousins.
Mr Musk has described the deal as a “no brainer”.
He stated it will rework Tesla into the “world’s solely vertically built-in power firm providing finish-to-finish clear power merchandise”, from photo voltaic panels and residential storage batteries to electrical automobiles.
As a part of that technique, Tesla is opening an unlimited new Gigafactory, which can have the ability to make batteries for rather more than automobiles.
Nevertheless, financier Jim Chanos, who’s betting towards the shares of each companies, has described the deal as a “shameful instance of company governance at its worst”.
Your email address will not be published. Required fields are marked *
Sign me up for the newsletter!
The content is the property of the Roznama Urdu and without permission of the publisher will be considered copyright infringement..