Tesla Motors Inc. is now called just Tesla Inc. The company formerly known for its Motors moniker has changed its name after leading the clean energy industry with new solutions for cars and homes with electric and solar power.
This morning, news broke out after a public record from the U.S. Securities and Exchange Commission hit the web and the stock market with Tesla Motors’ Certificate of Amendment to its original name.
CEO Elon Musk is taking steps towards making Tesla a company much bigger than just an automaker. The firm is now a compendium of businesses that together make up the dream solutions provider for clean energy enthusiasts.
Tesla will continue to make electric, semi-autonomous cars
Tesla Inc., which first started in the automotive industry as a bold rival to mass manufacturers like General Motors and Ford, will stay in the race to produce the cars of the future.
Currently, the company has three vehicles in its lineup: the Model S, the Model X, and the Model 3. The original idea, according to Elon Musk, was to have them spell the word “SEX” but that idea was later dropped presumably over investor concerns.
However, there is nothing short of sexy about Tesla’s cars, which raise eyebrows everywhere they arrive for their unique design and great performance.
The company has pledged to build electric trucks and big rigs in the future, to take on big competitors like Mercedes-Benz and other startups who are also developing battery-based cars for heavy duties both in cities and on the road.
Elon Musk might be consolidating its empire
The renamed Tesla Inc. is more than an abbreviation of the original name, as it aims at accurately representing what the enterprise encompasses.
Tesla is soon turning into a parent company, an umbrella that covers relatively small dedicated units that are worth billions as a whole. Moreover, the CEO has probably been envisioning this move to build an empire for quite some time now.
Even before he started making cars, Elon Musk had a foot on the clean energy business with his cousin on a California startup called SolarCity. The billionaire co-founded the company and served as Chairman until recently.
Now, he owns SolarCity two times over, as Tesla shareholders approved its acquisition late last year. Along with the Nevada Gigafactory, Musk has both electric and solar arms that could soon start powering much more than just homes and cars.
Tesla clean energy products
On Monday, Tesla inaugurated the biggest existing battery storage plant in Southern California. The grid can power up to 15,000 houses for up to 4 continuous hours in the case of a blackout.
The technology is seeing a wider adoption than ever this year, and that is without mentioning the upcoming solar roof tiles that the company plans to offer in partnership with the newly merged SolarCity.
Clean energy could also be the key to another Elon Musk venture, SpaceX. Powering spacecraft for long journeys in space is one of the biggest challenges engineers face, but efforts from Tesla today could make rockets more efficient tomorrow.