Tesla’s shareholders have approved the acquisition of Solar City, bringing together two of Musk’s companies under one (solar-powered) roof. The vote clears the way for the $2.6 billion deal to close “in the coming days,” Tesla said.
The acquisition of Solar City is part of Musk’s master plan, which has Tesla expanding its offerings to include integrated energy generation and storage, entering the electric truck and bus markets, and vehicle sharing. The first product to come out of the newly combined company is likely to be the Solar Roof Tesla showed off last month.
While the acquisition is a risk for Tesla and Musk, the combination of Solar City and Tesla could potentially pay off in the long run if the company can meet its growth targets and keep its debt in check. Now that Elon Musk is getting his wish, we’ll see if he can continue to grow the new version of Tesla.