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Tesla drops 'Motors' from the company's name

A Tesla logo hangs on a building outside of a Tesla dealership in New York, US. Photograph:( Reuters )

Reuters Bengaluru, Karnataka, India Feb 02, 2017, 08.36 AM (IST)

Tesla Motors changed its name to "Tesla Inc" as Chief Executive Elon Musk looks to transform the Silicon Valley firm from an electric car maker to a diversified energy products company.

In October, Musk unveiled solar-powered roof tiles that eliminate the need for traditional panels and a longer-lasting home battery illustrating the benefits of combining his electric car and battery maker with solar installer SolarCity.

Tesla won approval in November from its shareholders to acquire SolarCity, for a stock swap deal worth about $2 billion, in which Musk was the largest shareholder.

The new name is effective from February 1, Tesla said in a filing on Wednesday.