Elon Musk has promised to make Tesla’s massive acquisition of solar panel manufacturer SolarCity one of the biggest investments in American history.
But it’s going to take time for the Tesla boss to get that done.
Here’s what you need to know.
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Caption The company has said it plans to purchase a total of 50 million panels, or about a third of the world’s installed capacity, and use them for its solar power systems.
Musk has said that Tesla will install solar power plants across the United States by the end of this year, with the goal of powering the nation’s electricity grid by 2035.
Musk says that he wants to make the solar panels 100% sustainable.
Here is a timeline of the takeover, as it’s unfolding.
February 1, 2019: Musk unveils the deal, saying that he would pay $US5 billion ($6 billion) to acquire SolarCity and a 25% stake in the company.
It’s the biggest merger in U.S. history.
April 18, 2019 (all times local): Tesla announces that it will acquire Solar City for $US7.5 billion, in a deal that will be the largest merger in the history of the U.K. (The Wall Street News is using an approximate market value of the deal to report the total value).
SolarCity is now the second-largest solar panel installer in the world after the solar giant PVT Corp. Musk said that he wanted to buy a controlling interest in the solar company to ensure the future success of Solar City and the solar energy industry.
June 2, 2019 : SolarCity’s shares are trading at a discount to Tesla’s, but they are still worth about $US2 billion ($2.5 million) per share.
That means that a majority stake in SolarCity would still be worth about half of what it was before the merger.
Tesla has also made clear that it intends to pay SolarCity $US4 billion ($5.5) in cash for its stake in Tesla.
October 2, 2020 : The solar company reports a record-breaking $US9.2 billion in revenue in 2020, up $US10 billion ($12.3 billion) from a year earlier.
SolarCity has now posted a net loss of $US16 billion ($21.4 million) in the past year.
November 5, 2020: Tesla announces a new round of stock repurchases, raising $US3 billion ($4.1 billion) in stock, with SolarCity contributing $US250 million ($313 million) of that.
It says that it’s been able to raise the money to cover “unforeseen and unforeseen risks and expenses that may arise as a result of Tesla becoming a shareholder of SolarEdge.”
SolarEdge is a subsidiary of SolarWorld, which is a company that SolarCity acquired in 2018.
The company is now Tesla’s largest shareholder.
October 27, 2020 (all time local): The company reports that it made $US6.9 billion ($7.4) in quarterly profits for the second quarter of 2020, an increase of almost 50% from a quarter earlier.
It has a net profit of $9.4bn ($10.4).
Tesla said that it expects to be profitable this year.
December 5, 2021: Tesla shares hit a record high of $14.99 per share, after the company reported its first quarterly profit of more than $US20 million ($24 million) and its first loss of more $US100 million ($124 million).
Tesla’s stock price has also risen by more than 200% in the last two months.
It is now trading at about $20 per share on the Nasdaq Stock Market.
Tesla also said that the solar industry has “surpassed” its growth in recent years, thanks to its solar roofing products and other solar-based products.
Tesla CEO Elon Musk said on Thursday that the company has been “ahead of the curve” with solar since its acquisition of Solar Edge.
The acquisition of the company led to a significant reduction in SolarEdge’s costs.
Tesla said it will continue to use SolarEdge as a “global supplier of residential solar roof systems.”
Tesla will also continue to operate its SolarCity division, which it previously sold to another solar panel maker, SolarEdge Solar.
October 6, 2021 : SolarEdge CEO John Sibbett, who led the SolarEdge division, is appointed as the new chief executive officer of Tesla.
“Tesla is a great company to work for,” Sibbetts wife, Sarah, said on a conference call.
“I’m excited about the opportunities that the Tesla board is presenting to us and we look forward to working with them.”
She also said, “I believe Tesla is an incredibly exciting company to invest in and