It is also having to ramp up vehicle production ahead of the launch of its Model 3 sedan next year, which is aimed at the mass market. Musk is chairman of both companies, and SolarCity is run by his cousins.
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Musk has also said that SolarCity will not harm the combined entity’s financial interests.
“I’m pleased to say that based on the proxies that we’ve previously received, our shareholders have overwhelmingly approved this proposal”, Maron said at the meeting.
Musk stated at one point, “The key is to make solar look good”. They were like a golf cart, ‘ but Tesla automobiles are now highly desired by movers and shakers including Hollywood stars and Silicon Valley entrepreneurs. “We want you to call your neighbors over and say, ‘Check out this sweet roof'”. Musk asked. “Why would you get anything else?” The Solar roof tiles by Tesla look like high-end tiles and are made from textured tempered glass.
Tesla officially became an energy company this week after shareholders voted in favour of the automaker acquiring Solar City. The two companies also recently unveiled a solar roof product with energy storage and EV charging capabilities.
At first, when Tesla and SolarCity announced the new Solar Roof, consumers wondered how expensive it would be. Musk told shareholders, according to Bloomberg.
The deal, worth $2.23 billion, faced fierce opposition on Wall Street.
85% of the shareholders voted in favour of accepting the merger, which caused a 2.5% rise in Tesla shares in after-hours trading in NY.
The deal had been a topic of some controversy since Tesla announced the proposed in June. SolarCity stock closed at $20.40 a share, up 2.9 percent.
The company is expected to start producing its solar tiles by next year and reveal one or two of them before the end of 2017.
SolarCity shareholders will receive 0.11 Tesla shares for every share of SolarCity stock they own.
The takeover will expand the electric vehicle maker’s clean energy business.
Neither company has been sustainably profitable, although Tesla posted a profit last quarter.
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Analysts surveyed by FactSet estimate that SolarCity is on track to report $711 million in revenue in 2016.
