Tesla Motors Inc and SolarCity Corp have made progress in putting together a deal that will merge the electric car maker and the solar panel installer, people familiar with the matter said. 
 
The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. 
 
It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. 
 
The sources asked not to be identified because the negotiations are confidential. Representatives for SolarCity and Tesla did not immediately respond to requests for comment. 
 
Tesla announced last month that it had made an all-stock offer for SolarCity worth $2.8 billion. It argued that by acquiring SolarCity, the two companies would form a one-stop clean energy shop, offering consumers solar panels, home battery storage and electric cars under a single trusted brand. 
 
SolarCity has not publicly revealed its views on Tesla&#39;s offer since it announced on June 27 that it had formed a special committee consisting of two board members to evaluate the offer. The committee said it had retained legal and financial advisers and would review the proposal against SolarCity&#39;s standalone prospects and a broad range of strategic alternatives. 
 
As chief executive of Tesla, chairman of SolarCity and the biggest shareholder in both companies, Musk has recused himself from voting on the deal at both companies. Several Tesla and SolarCity executives, including Musk&#39;s cousins SolarCity CEO Lyndon Rive and SolarCity board member Peter Rive, have also recused themselves from voting. 
 
Elon Musk said on July 20 when he revealed his master plan &quot;part deux&quot; for Tesla that he is looking to create a &quot;smoothly integrated and beautiful solar-roof-with-battery product.&quot; 
 
&quot;We can&#39;t do this well if Tesla and SolarCity are different companies, which is why we need to combine and break down the barriers inherent to being separate companies,&quot; Musk said. 
 
(Reuters)

The two companies are in the final stages of carrying out due diligence on each other, but failure of negotiations is still a possibility

Tesla Motors Inc and SolarCity Corp have made progress in putting together a deal that will merge the electric car maker and the solar panel installer, people familiar with the matter said. The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. The sources asked not to be identified because the negotiations are confidential. Representatives for SolarCity and Tesla did not immediately respond to requests for comment. Tesla announced last month that it had made an all-stock offer for SolarCity worth $2.8 billion. It argued that by acquiring SolarCity, the two companies would form a one-stop clean energy shop, offering consumers solar panels, home battery storage and electric cars under a single trusted brand. SolarCity has not publicly revealed its views on Tesla's offer since it announced on June 27 that it had formed a special committee consisting of two board members to evaluate the offer. The committee said it had retained legal and financial advisers and would review the proposal against SolarCity's standalone prospects and a broad range of strategic alternatives. As chief executive of Tesla, chairman of SolarCity and the biggest shareholder in both companies, Musk has recused himself from voting on the deal at both companies. Several Tesla and SolarCity executives, including Musk's cousins SolarCity CEO Lyndon Rive and SolarCity board member Peter Rive, have also recused themselves from voting. Elon Musk said on July 20 when he revealed his master plan "part deux" for Tesla that he is looking to create a "smoothly integrated and beautiful solar-roof-with-battery product." "We can't do this well if Tesla and SolarCity are different companies, which is why we need to combine and break down the barriers inherent to being separate companies," Musk said. (Reuters)

One-stop clean energy shop: Tesla, SolarCity merger in the offing

Tesla Motors Inc CEO Elon Musk on Sunday tweeted his intention to soon publish part two of his &#39;top secret Tesla masterplan&#39; following an embattled several weeks for the Silicon Valley heavyweight. 
 
The tweet, which read &#39;Working on Top Secret Tesla Masterplan, Part 2. Hoping to publish later this week&#39; comes amid inquiries into two crashes of Tesla cars, as well as ongoing questions regarding Musk&#39;s plans to combine his electric vehicle company, Tesla, with his solar panel-maker company, SolarCity Corp. 
 
On July 1, a driver of a Tesla Model X in Pennsylvania crashed into a turnpike. The National Highway Traffic Safety Administration (NHTSA) announced last week that it is investigating the crash &#39;to determine whether automated functions were in use at the time of the crash.&#39; 
 
Tesla has said, &quot;Based on the information we have now, we have no reason to believe that Autopilot had anything to do with this accident.&quot; 
 
The crash came on the heels of NHTSA&#39;s disclosure it was investigating a May 7 crash in Florida that killed the driver of a Tesla Model S that was operating in Autopilot mode. 
 
The Tesla Autopilot system allows the car to keep itself in a lane, maintain speed and operate for a limited time without a driver doing the steering. 
 
Last month, Tesla proposed to buy SolarCity over which Musk serves as chairman and principal shareholder. Musk expects the deal will help Tesla get into the market for sustainable energy for homes and businesses. 
 
Jim Chanos of Kynikos Associates has called the proposed acquisition &#39;shameful example of corporate governance at its worst.&#39; 
 
(Reuters)

Tesla founder tweets 'Working on Top Secret Tesla Masterplan, Part 2. Hoping to publish later this week'

Tesla Motors Inc CEO Elon Musk on Sunday tweeted his intention to soon publish part two of his 'top secret Tesla masterplan' following an embattled several weeks for the Silicon Valley heavyweight. The tweet, which read 'Working on Top Secret Tesla Masterplan, Part 2. Hoping to publish later this week' comes amid inquiries into two crashes of Tesla cars, as well as ongoing questions regarding Musk's plans to combine his electric vehicle company, Tesla, with his solar panel-maker company, SolarCity Corp. On July 1, a driver of a Tesla Model X in Pennsylvania crashed into a turnpike. The National Highway Traffic Safety Administration (NHTSA) announced last week that it is investigating the crash 'to determine whether automated functions were in use at the time of the crash.' Tesla has said, "Based on the information we have now, we have no reason to believe that Autopilot had anything to do with this accident." The crash came on the heels of NHTSA's disclosure it was investigating a May 7 crash in Florida that killed the driver of a Tesla Model S that was operating in Autopilot mode. The Tesla Autopilot system allows the car to keep itself in a lane, maintain speed and operate for a limited time without a driver doing the steering. Last month, Tesla proposed to buy SolarCity over which Musk serves as chairman and principal shareholder. Musk expects the deal will help Tesla get into the market for sustainable energy for homes and businesses. Jim Chanos of Kynikos Associates has called the proposed acquisition 'shameful example of corporate governance at its worst.' (Reuters)

Musk hints at top secret Tesla masterplan

Tesla Motors Inc.&nbsp;may source batteries from Samsung SDI Co Ltd.&nbsp;for its energy systems in homes, companies and utilities, rather than for its electric cars, the US&nbsp;company&#39;s chief executive Elon Musk&nbsp;said on Wednesday.

Shares of Samsung SDI, an affiliate of Samsung Electronics Co Ltd, rebounded three&nbsp;per cent early Thursday.

The stock had fallen eight&nbsp;per cent on Wednesday after Elon Musk tweeted that Tesla was working exclusively with longtime partner Panasonic Corporation&nbsp;to supply batteries for its upcoming Model 3, the company&#39;s first mass-market car. Panasonic shares rallied nearly four&nbsp;per cent on Wednesday after his comments.

Asked in a tweet whether Samsung batteries might be used in Tesla Energy, Musk&nbsp;responded, &quot;yes.&quot;

The company launched Tesla Energy storage systems last year to expand its&nbsp;business&nbsp;beyond electric vehicles into supplying energy for homes and&nbsp;businesses.

Samsung SDI spokesperson&nbsp;declined to comment.

Reuters reported on Tuesday&nbsp;that Samsung SDI was making progress in talks with Tesla to supply batteries for the Model 3, as well as Tesla&#39;s energy storage products.

Reuters&#39;&nbsp;source said Tesla planned to initially use Panasonic as the sole supplier for Model 3 and might add Samsung SDI if and when Tesla&#39;s battery plant is unable to meet demand.

Tesla has taken 373,000 orders for the Model 3, which has a starting price of $35,000, about half the price of&nbsp;its luxury Model S liftback sedan. It has said it would begin customer deliveries in late 2017.

Citing &quot;tremendous demand,&quot; Musk said in April that Tesla planned to boost total vehicle production to 500,000 in 2018, two years ahead of its original target. Suppliers have said the goal would be difficult to achieve.

Panasonic said last month it was ready, if necessary, to speed up its investment in Tesla&#39;s $5 billion Gigafactory battery plant to meet demand for the Model 3.

The Japanese company plans to contribute $1.6 billion to the plant in phases over the next few years.

Tesla CEO confirmed in a tweet query that Samsung batteries might be used in Tesla energy

Tesla Motors Inc. may source batteries from Samsung SDI Co Ltd. for its energy systems in homes, companies and utilities, rather than for its electric cars, the US company's chief executive Elon Musk said on Wednesday. Shares of Samsung SDI, an affiliate of Samsung Electronics Co Ltd, rebounded three per cent early Thursday. The stock had fallen eight per cent on Wednesday after Elon Musk tweeted that Tesla was working exclusively with longtime partner Panasonic Corporation to supply batteries for its upcoming Model 3, the company's first mass-market car. Panasonic shares rallied nearly four per cent on Wednesday after his comments. Asked in a tweet whether Samsung batteries might be used in Tesla Energy, Musk responded, "yes." The company launched Tesla Energy storage systems last year to expand its business beyond electric vehicles into supplying energy for homes and businesses. Samsung SDI spokesperson declined to comment. Reuters reported on Tuesday that Samsung SDI was making progress in talks with Tesla to supply batteries for the Model 3, as well as Tesla's energy storage products. Reuters' source said Tesla planned to initially use Panasonic as the sole supplier for Model 3 and might add Samsung SDI if and when Tesla's battery plant is unable to meet demand. Tesla has taken 373,000 orders for the Model 3, which has a starting price of $35,000, about half the price of its luxury Model S liftback sedan. It has said it would begin customer deliveries in late 2017. Citing "tremendous demand," Musk said in April that Tesla planned to boost total vehicle production to 500,000 in 2018, two years ahead of its original target. Suppliers have said the goal would be difficult to achieve. Panasonic said last month it was ready, if necessary, to speed up its investment in Tesla's $5 billion Gigafactory battery plant to meet demand for the Model 3. The Japanese company plans to contribute $1.6 billion to the plant in phases over the next few years.

Tesla CEO may source Samsung battery for energy storage products

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One-stop clean energy shop: Tesla, SolarCity merger in the offing

Musk hints at top secret Tesla masterplan

Tesla CEO may source Samsung battery for energy storage products