Tesla made a $2.8 billion offer to buy SolarCity. Both are Elon Musk’s companies (he owns 21% of Tesla and 22% of SolarCity).
US electric carmaker Tesla has offered to buy solar panel company SolarCity in a bid to expand its clean energy business.
The company has made an all-stock deal worth as much as $2.8bn (£1.9bn).
Tesla shares fell 10% in extended trading after the announcement while SolarCity jumped 23%.
Elon gave the vision of the new, all-in-one clean energy company: “You can go into a store, or go online, and with a few clicks you can have everything from solar panels to batteries to electric cars.”
Tesla said “We would be the world’s only vertically integrated energy company offering end-to-end clean energy products to our customers. This would start with the car that you drive and the energy that you use to charge it, and would extend to how everything else in your home or business is powered.”