Tesla drops 'Motors' from the company's name

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

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

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.

(Reuters)