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Tesla shareholders approve $2.6bn SolarCity takeover | Tesla shareholders approve $2.6bn SolarCity takeover |
(35 minutes later) | |
Tesla Motors chief executive Elon Musk has won shareholder approval for a $2.6bn (£2.1bn) deal to buy solar panel company SolarCity, in which he is the largest shareholder. | |
The takeover will expand the electric car maker's clean energy business. | The takeover will expand the electric car maker's clean energy business. |
Some investors had opposed the move, citing a conflict of interest. | |
But Tesla said the tie-up was "overwhelmingly" approved by 85% of shareholders not affiliated with the energy business. | But Tesla said the tie-up was "overwhelmingly" approved by 85% of shareholders not affiliated with the energy business. |
Earlier this month Mr Musk made an appeal to investors, predicting that SolarCity could add $1bn of extra revenue to Tesla next year, despite it having been loss-making until now. | Earlier this month Mr Musk made an appeal to investors, predicting that SolarCity could add $1bn of extra revenue to Tesla next year, despite it having been loss-making until now. |
He said the two firms would move towards "accelerating the world's transition to sustainable energy" by generating and storing clean energy and providing transport that uses it. | He said the two firms would move towards "accelerating the world's transition to sustainable energy" by generating and storing clean energy and providing transport that uses it. |
Competition | Competition |
Tesla has had a tricky 2016, with its share price tumbling 20% since the start of the year. | Tesla has had a tricky 2016, with its share price tumbling 20% since the start of the year. |
There are concerns US president-elect Donald Trump will follow through on a pledge to strip away government subsidies for electric vehicles, which have allowed the firm to compete better on price against petrol and diesel cars. | There are concerns US president-elect Donald Trump will follow through on a pledge to strip away government subsidies for electric vehicles, which have allowed the firm to compete better on price against petrol and diesel cars. |
And it also suffered a setback in May when a man was killed driving a Tesla Model S while using the Autopilot function - though a preliminary US National Transportation Safety Board report into the incident said the driver had been speeding moments before he collided with a lorry. | And it also suffered a setback in May when a man was killed driving a Tesla Model S while using the Autopilot function - though a preliminary US National Transportation Safety Board report into the incident said the driver had been speeding moments before he collided with a lorry. |
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. | 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. |
The firm faces competition from other similarly priced electric cars that will become available first, including General Motors' Chevy Bolt and BYD's Qin EV300. | The firm faces competition from other similarly priced electric cars that will become available first, including General Motors' Chevy Bolt and BYD's Qin EV300. |
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