Tesla Drops ‘Motors’ From Its Name

A Tesla logo hangs on a building outside of a Tesla dealership in New York, U.S., April 29, 2016. (REUTERS/Lucas Jackson/File Photo)

Tesla Motors Inc (TSLA.O) changed its name to “Tesla Inc” as Chief Executive Elon Musk looks to transform the Silicon Valley firm from an electric car maker to a diversified energy products company.

In October, Musk unveiled solar-powered roof tiles that eliminate the need for traditional panels and a longer-lasting home battery illustrating the benefits of combining his electric car and battery maker with solar installer SolarCity Corp.

Tesla won approval in November from its shareholders to acquire SolarCity, for a stock swap deal worth about $2 billion, in which Musk was the largest shareholder.

The new name is effective Feb 1, Tesla said in a filing on Wednesday.

SOURCE: Reuters

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