Tesla Motors has now officially renamed itself Tesla, reflecting the company’s expansion beyond cars into lithium ion batteries and solar energy.
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In November previous year, Elon Musk sealed a $2 billion deal to acquire SolarCity, and subsequently unveiled its long-lasting home batteries and solar roofs.
CEO Elon Musk, who is a business advisor to President Donald Trump, has said that the company is really a battery company, not a vehicle company.
The new name is effective Feb 1, Tesla said in a filing on Wednesday. Along with that he also introduced the idea of solar roof panels that when put on a roof of a house looked like other normal roof tiles.
Tesla Motors, Inc. has received $-1.09 as the consensus Earnings Estimate for the Quarter ending on Dec 2016, According to the estimate provided by 2 Financial Advisor in the Stock Trading Firms.
Tesla Motors, Inc designs, develops, manufactures and sells electric vehicles and energy storage products. The company has grown 27.41% in past 3 months and in the last five trades has moved down -1.05%.
Musk wanted the company to expand into selling integrated energy generation and storage, alongside autonomous driving technology.
Electric cars were once predicted to cause mass brown-outs in California, but Tesla Motors Inc (NASDAQ:TSLA) may be able to prevent that from happening. The last close places the company’s stock about $17.41 off its 52 week high of $269.34 and $110.88 above the 52 week low of $141.05. This includes a brand which reflects the company’s expanded focus.
The automaker’s name change comes exactly 10 years after Apple’s rebranding. Apple dropped Computer from its old name, Apple Computer, in 2007 just as the iPhone revolution was beginning. The company has been using the latter since it was founded in 2003.
The sudden change of heart, it seems, is because Tesla and SpaceX rely heavily on the USA government including the Department of Energy and NASA for loan guarantees and multi-billion contracts respectively.
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Heading into the stock price potential, Tesla Motors, Inc.by far traveled -13.07% after crossing its median price target of $219. The company followed the announcement with the introduction of its second product: a video recording sunglasses called Spectacles.
