Tesla and SolarCity agree to $2.6 billion merger

Elon Musk is accelerating his plans to reinvent Tesla, making good on Monday his promise to combine Tesla and SolarCity, two companies where he currently serves as Chairman of the Board.

Electric car manufacturer Tesla announced its intention to buy SolarCity for $2.6 billion in stock in a blog post a little more than a month after it initially proposed the transaction.

Combining these two companies is actually part of Musk's larger grand plan for Tesla, which includes creating a broad portfolio of Tesla vehicles that range from low-volume/high-cost to low-cost/high-volume and building a company that can handle both the generation and storage of energy. Read more...