Electric automaker Tesla on Wednesday asked shareholders to ratify billionaire Elon Musk's compensation that was set in 2018 under the CEO pay package, just months after a Delaware judge rejected it.

The judge had tossed out Musk's record-breaking $56 billion pay in January, calling the compensation granted by the board "an unfathomable sum" that was unfair to shareholders.

Tesla also urged its investors to approve moving the company's state of incorporation from Delaware to Texas in a regulatory filing.

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Shares of the world's most valuable automaker were up 1 per cent before the bell.

&nbsp;

Electric automaker Tesla on Wednesday asked shareholders to ratify billionaire Elon Musk's compensation that was set in 2018 under the CEO pay package, just months after a Delaware judge rejected it.

Electric automaker Tesla on Wednesday asked shareholders to ratify billionaire Elon Musk's compensation that was set in 2018 under the CEO pay package, just months after a Delaware judge rejected it. The judge had tossed out Musk's record-breaking $56 billion pay in January, calling the compensation granted by the board "an unfathomable sum" that was unfair to shareholders. Tesla also urged its investors to approve moving the company's state of incorporation from Delaware to Texas in a regulatory filing. Watch | Iran attacks Israel: Will use weapons we have never used before: Iran × Shares of the world's most valuable automaker were up 1 per cent before the bell.

Tesla asks shareholders to approve CEO Elon Musk’s 2018 pay voided by judge

During Apple's annual shareholder meeting, CEO Tim Cook revealed plans to provide more insights into the company's utilisation of generative artificial intelligence (AI) later this year.

"We believe that will unlock transformative opportunities for users when it comes to productivity, problem solving and more," Reuters quoted Cook as saying.

While Apple has been somewhat slower in incorporating generative AI compared to competitors like Microsoft and Google, Cook assured shareholders that AI is already integral to Apple's products, with further developments expected in the near future.

Cook highlighted the capabilities of Apple's hardware in facilitating AI advancements, particularly noting the effectiveness of Apple silicon-powered Macs.

He noted, "Every Mac that is powered by Apple silicon is an extraordinarily capable AI machine. In fact, there's no better computer for AI on the market today."

Regardless of Apple's confidence in its AI capabilities, shareholders raised concerns about transparency regarding the company's AI usage and ethical guidelines.

During the meeting, Apple shareholders rejected a proposal demanding increased disclosure about the company's AI practices and ethical standards.

The proposal, put forth by the AFL-CIO pension trust, garnered significant support, winning 37.5 per cent of votes cast.

Brandon Rees, deputy director for corporations and capital markets with the AFL-CIO, expressed disappointment in Apple's lag in disclosing ethical guidelines related to AI, comparing it unfavorably to other technology companies.

The AFL-CIO's proposal aimed to urge Apple to provide a comprehensive report on its AI usage and disclose any ethical guidelines concerning the technology.

Specifically, the proposal emphasised the importance of transparency, consent, and compensation to creators and rights holders in AI training processes.

Apple countered the proposal, citing concerns that increased disclosures could potentially reveal strategic insights to competitors in the rapidly evolving AI landscape.

(With inputs from Reuters)

During Apple's annual shareholder meeting, CEO Tim Cook revealed plans to provide more insights into the company's utilisation of generative artificial intelligence (AI) later this year.

During Apple's annual shareholder meeting, CEO Tim Cook revealed plans to provide more insights into the company's utilisation of generative artificial intelligence (AI) later this year. "We believe that will unlock transformative opportunities for users when it comes to productivity, problem solving and more," Reuters quoted Cook as saying. While Apple has been somewhat slower in incorporating generative AI compared to competitors like Microsoft and Google, Cook assured shareholders that AI is already integral to Apple's products, with further developments expected in the near future. Cook highlighted the capabilities of Apple's hardware in facilitating AI advancements, particularly noting the effectiveness of Apple silicon-powered Macs. He noted, "Every Mac that is powered by Apple silicon is an extraordinarily capable AI machine. In fact, there's no better computer for AI on the market today." Regardless of Apple's confidence in its AI capabilities, shareholders raised concerns about transparency regarding the company's AI usage and ethical guidelines. During the meeting, Apple shareholders rejected a proposal demanding increased disclosure about the company's AI practices and ethical standards. The proposal, put forth by the AFL-CIO pension trust, garnered significant support, winning 37.5 per cent of votes cast. Brandon Rees, deputy director for corporations and capital markets with the AFL-CIO, expressed disappointment in Apple's lag in disclosing ethical guidelines related to AI, comparing it unfavorably to other technology companies. The AFL-CIO's proposal aimed to urge Apple to provide a comprehensive report on its AI usage and disclose any ethical guidelines concerning the technology. Specifically, the proposal emphasised the importance of transparency, consent, and compensation to creators and rights holders in AI training processes. Apple countered the proposal, citing concerns that increased disclosures could potentially reveal strategic insights to competitors in the rapidly evolving AI landscape. (With inputs from Reuters)

Apple to expand generative AI use: CEO Tim Cook at shareholder meeting

Weeks after UBS took over its swiss rival Credit Suisse, the Swiss banking giant has opposed an initial public offering for Credit Suisse's domestic unit. A swiss media report cited UBS CEO Sergio Ermotti as saying that such a move may strengthen UBS' international competitors.

UBS opposes listing Credit Suisse's Swiss operations

UBS group has agreed to buy Credit Suisse, the embedded bank for 3.2 billion dollar. It is to assume up to 5.4 billion dollar in losses. It's a deal that has been backed by a massive Swiss guarantee.

Credit Suisse shareholders take hit as UBS announces deal

Shareholders of Tesla have sued CEO Elon Musk and the electric car-making company over “false and misleading” claims about the safety of their electric vehicles' Autopilot and Full Self-Driving technologies.

In a class action suit filed in San Francisco federal court on Monday, the shareholders have alleged that the company lied to them over four years by concealing how its technologies – suspected as a possible cause of multiple fatal crashes – “created a serious risk of accident and injury”.

They recalled when Tesla’s share price fell several times after the National Highway Traffic Safety Administration began probing the technologies, and reports that the Securities and Exchange Commission was investigating Musk's Autopilot claims.

“As a result of defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the company’s common stock, plaintiff and other class members have suffered significant losses and damages,” the complaint said.

The suit seeks unspecified damages for Tesla shareholders from February 19, 2019, to February 17, 2023. Chief financial officer Zachary Kirkhorn and his predecessor Deepak Ahuja are also defendants.

On Monday, Tesla's share price rose up by $10.75 at the closing, or 5.5 per cent at $207.63, but the stock has lost about half its value since peaking in November 2021.

The world's second-richest person is expected at Tesla's March 1 investor day to promote the company's artificial intelligence capability and plans to expand its vehicle line-up.

This is not the first time that Musk was sued by the company’s shareholders. The tech billionaire was dragged to court over his 2018 tweets indicating that he would take Tesla private. The shareholders said that the tweets cost them millions of dollars. Earlier this month, the court had ruled in favour of Musk.

In another lawsuit continuing this week, shareholders claimed that they received “misleading” information that led them to approve an exorbitant pay package for the billionaire.

(With inputs from agencies)

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Shareholders of Tesla have sued CEO Elon Musk and the electric car-making company over “false and misleading” claims about the safety of their electric vehicles' Autopilot and Full Self-Driving technologies.

Shareholders of Tesla have sued CEO Elon Musk and the electric car-making company over “false and misleading” claims about the safety of their electric vehicles' Autopilot and Full Self-Driving technologies. In a class action suit filed in San Francisco federal court on Monday, the shareholders have alleged that the company lied to them over four years by concealing how its technologies – suspected as a possible cause of multiple fatal crashes – “created a serious risk of accident and injury”. They recalled when Tesla’s share price fell several times after the National Highway Traffic Safety Administration began probing the technologies, and reports that the Securities and Exchange Commission was investigating Musk's Autopilot claims. “As a result of defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the company’s common stock, plaintiff and other class members have suffered significant losses and damages,” the complaint said. The suit seeks unspecified damages for Tesla shareholders from February 19, 2019, to February 17, 2023. Chief financial officer Zachary Kirkhorn and his predecessor Deepak Ahuja are also defendants. On Monday, Tesla's share price rose up by $10.75 at the closing, or 5.5 per cent at $207.63, but the stock has lost about half its value since peaking in November 2021. The world's second-richest person is expected at Tesla's March 1 investor day to promote the company's artificial intelligence capability and plans to expand its vehicle line-up. This is not the first time that Musk was sued by the company’s shareholders. The tech billionaire was dragged to court over his 2018 tweets indicating that he would take Tesla private. The shareholders said that the tweets cost them millions of dollars. Earlier this month, the court had ruled in favour of Musk. In another lawsuit continuing this week, shareholders claimed that they received “misleading” information that led them to approve an exorbitant pay package for the billionaire. (With inputs from agencies) WATCH WION LIVE HERE

Elon Musk, Tesla sued by shareholders over ‘misleading’ self-driving claims

Zhu Xiaotong, also known as Tom Zhu, smiled in a&nbsp;vest and a black hat with a white "T" for Tesla in a Twitter post celebrating Tesla manufacturing 3,000 Model Ys a week at its Texas factory last month. Zhu, who oversaw the US automaker's operations in Asia-Pacific and managed its Shanghai factory to become the company's most productive in the world, was sent to Austin late last year to assist with running Tesla's newest plant, as reported by the South China Morning Post.&nbsp;

It is claimed that Zhu is now in charge of worldwide automotive production, sales, and service—a degree of authority that is perhaps second only to that of Tesla CEO Elon Musk—despite the fact that Tesla has not yet made any announcements or designated him as an executive officer.

<h2>Early life and education</h2>

Zhu was born in China and is said to also have a New Zealand passport. Prior to that, he contributed to the establishment of an international engineering consultancy that offered support to Chinese contractors wanting to expand overseas. He graduated from Duke University's Fuqua School of Business&nbsp;after obtaining a bachelor of commerce in information technology from New Zealand's AUT, as reported by the&nbsp;South China Morning Post.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/elon-musk-breaks-world-record-for-largest-ever-loss-of-personal-fortune-551123">Elon Musk breaks world record for largest-ever loss of personal fortune</a>

<h2>Tom Zhu's Tesla run</h2>

Zhu joined Tesla in early 2014 to help expand its Supercharger network. By the end of his first year at Tesla, Zhu had swiftly risen through the ranks and was in charge of the China operations. Under his leadership, Tesla's Shanghai factory—the company's first site outside the US—materialized quickly, transforming from a muddy field to a dazzling assembly line for electric vehicles in less than a year. Zhu was elevated to the positions of president of Greater China and worldwide vice president before mass production even began at the end of 2019.

He was promoted in July of last year when the automaker expanded into Thailand, Hong Kong, and Singapore. He now has overall responsibility for Tesla Asia-Pacific. Musk also commended Zhu's China team for "burning the 3 am oil" when they toiled nonstop to keep the Shanghai factory running throughout the city's Covid lockdowns. The company underwent improvements to increase manufacturing capacity to 1 million electric vehicles annually during what was an incredibly challenging final year.

Also read |&nbsp;<a href="https://www.wionews.com/technology/us-feds-probe-tesla-autopilot-crashes-musk-tweet-about-disabling-monitoring-alerts-551176">US Feds probe Tesla Autopilot crashes, Musk tweet about disabling monitoring alerts</a>

<h2>What do Tom Zhu's co-workers say about him?</h2>

Zhu is seen as practical and responsive by a number of current and former Tesla China employees, who point out that he frequently responds to emails and texts quickly and at all hours of the day. Zhu referred to himself as "tenacious" in an interview with Duke's Fuqua School.

Also watch |&nbsp;WION Fineprint | Disney asks employees to come back to the office

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In April of that year, Musk stated that development at the Shanghai factory during an earnings call&nbsp;was a “testament to the outstanding execution of our team on the ground there. I get daily emails with a dozen pictures from one day to the next from Tom Zhu, who leads the Gigafactory programme”.

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Zhu Xiaotong, also known as Tom Zhu, smiled in a vest and a black hat with a white "T" for Tesla in a Twitter post celebrating Tesla manufacturing 3,000 Model Ys a week at its Texas factory last month.

Zhu Xiaotong, also known as Tom Zhu, smiled in a vest and a black hat with a white "T" for Tesla in a Twitter post celebrating Tesla manufacturing 3,000 Model Ys a week at its Texas factory last month. Zhu, who oversaw the US automaker's operations in Asia-Pacific and managed its Shanghai factory to become the company's most productive in the world, was sent to Austin late last year to assist with running Tesla's newest plant, as reported by the South China Morning Post. It is claimed that Zhu is now in charge of worldwide automotive production, sales, and service—a degree of authority that is perhaps second only to that of Tesla CEO Elon Musk—despite the fact that Tesla has not yet made any announcements or designated him as an executive officer. Early life and education Zhu was born in China and is said to also have a New Zealand passport. Prior to that, he contributed to the establishment of an international engineering consultancy that offered support to Chinese contractors wanting to expand overseas. He graduated from Duke University's Fuqua School of Business after obtaining a bachelor of commerce in information technology from New Zealand's AUT, as reported by the South China Morning Post. Also read | Elon Musk breaks world record for largest-ever loss of personal fortune Tom Zhu's Tesla run Zhu joined Tesla in early 2014 to help expand its Supercharger network. By the end of his first year at Tesla, Zhu had swiftly risen through the ranks and was in charge of the China operations. Under his leadership, Tesla's Shanghai factory—the company's first site outside the US—materialized quickly, transforming from a muddy field to a dazzling assembly line for electric vehicles in less than a year. Zhu was elevated to the positions of president of Greater China and worldwide vice president before mass production even began at the end of 2019. He was promoted in July of last year when the automaker expanded into Thailand, Hong Kong, and Singapore. He now has overall responsibility for Tesla Asia-Pacific. Musk also commended Zhu's China team for "burning the 3 am oil" when they toiled nonstop to keep the Shanghai factory running throughout the city's Covid lockdowns. The company underwent improvements to increase manufacturing capacity to 1 million electric vehicles annually during what was an incredibly challenging final year. Also read | US Feds probe Tesla Autopilot crashes, Musk tweet about disabling monitoring alerts What do Tom Zhu's co-workers say about him? Zhu is seen as practical and responsive by a number of current and former Tesla China employees, who point out that he frequently responds to emails and texts quickly and at all hours of the day. Zhu referred to himself as "tenacious" in an interview with Duke's Fuqua School. Also watch | WION Fineprint | Disney asks employees to come back to the office In April of that year, Musk stated that development at the Shanghai factory during an earnings call was a “testament to the outstanding execution of our team on the ground there. I get daily emails with a dozen pictures from one day to the next from Tom Zhu, who leads the Gigafactory programme”. WATCH WION LIVE HERE:

Explained: Who is Tom Zhu, Elon Musk's right-hand man at Tesla?

Apple has been ordered to face lawsuit by shareholders who accused CEO Tim Cook of concealing falling demand for iPhones in China, resulting in billions of dollars of investor losses.

World Business Watch: Apple to face lawsuit over CEO Tim Cook's 2018 China sales comments

The management of Indian IT services company Mindtree rejected conglomerate <a href="https://www.wionews.com/business-economy/larsen-toubro-makes-rs-5030-crore-offer-to-buy-31-stake-in-mindtree-204155">Larsen &amp; Toubro Ltd's move to buy a 66 per cent stake</a> in the company by spending about $1.6 billion, terming it "value destructive."

L&amp;T, which has its own IT business unit apart from businesses such as construction, power and financial services, said late Monday it would buy a fifth of Mindtree for roughly $475 million and that it wanted to raise its stake to 66 per cent, spending 107.3 billion rupees ($1.56 billion).

Shares in both L&amp;T and Mindtree fell on Tuesday, and analysts said Mindtree's promoters' stance towards the hostile bid made things uncertain.

L&amp;T executives sought to calm investors, promising that they would run Mindtree separately from its tech services unit L&amp;T Infotech Ltd, in which it owns a 74.8 per cent stake.

The company's chief financial officer, R&nbsp;Shankar Raman, told reporters that he envisioned synergies rather than conflict because there was enough headroom for growth in both entities.

Earlier in the day, Bengaluru-based Mindtree's biggest shareholders said they saw no strategic advantage in the transaction and believed that it would be "value destructive for all shareholders."

Mindtree said its board will deliberate over the L&amp;T proposal on Wednesday.

Mindtree, with a strong client base, is an attractive asset for L&amp;T, analysts said. It trades at 21.45 times forward earnings, compared with a sector average of 15.58, according to Refinitiv Eikon data.

"This acquisition is in line with (L&amp;T's) stated strategy of focusing on services and asset-light businesses ... and will help propel L&amp;T's technology portfolio to within the top tier of Indian IT companies," Morgan Stanley analysts said in a note.

The combined revenues of Mindtree, L&amp;T Infotech and L&amp;T Technology Services - the conglomerate's engineering services unit - would be about $3 billion, the brokerage said.

The Indian IT services industry is dominated by the likes of Tata Consultancy Services and Infosys.

L&amp;T said it will buy a fifth of Mindtree from Indian coffee baron VG&nbsp;Siddhartha and companies related to him.

The company also said it placed an order with its broker for an on-market purchase of up to 15 per cent of Mindtree's shares at 980 rupees each. It is looking for an additional 31 per cent stake from Mindtree's public shareholders at the same price.

If the transactions go through, L&amp;T will be spending up to 107.3 billion rupees ($1.56 billion) to buy a roughly 66 per cent stake in Mindtree, L&amp;T said in an investor presentation on Tuesday.

L&amp;T's offer is a premium of 1.8 per cent to Mindtree's closing price of 962.50 rupees on Monday. Local media reported about the potential stake deal over the weekend.

The management of Indian IT services company Mindtree rejected conglomerate Larsen & Toubro Ltd's move to buy a 66 per cent stake in the company by spending about $1.

The management of Indian IT services company Mindtree rejected conglomerate Larsen & Toubro Ltd's move to buy a 66 per cent stake in the company by spending about $1.6 billion, terming it "value destructive." L&T, which has its own IT business unit apart from businesses such as construction, power and financial services, said late Monday it would buy a fifth of Mindtree for roughly $475 million and that it wanted to raise its stake to 66 per cent, spending 107.3 billion rupees ($1.56 billion). Shares in both L&T and Mindtree fell on Tuesday, and analysts said Mindtree's promoters' stance towards the hostile bid made things uncertain. L&T executives sought to calm investors, promising that they would run Mindtree separately from its tech services unit L&T Infotech Ltd, in which it owns a 74.8 per cent stake. The company's chief financial officer, R Shankar Raman, told reporters that he envisioned synergies rather than conflict because there was enough headroom for growth in both entities. Earlier in the day, Bengaluru-based Mindtree's biggest shareholders said they saw no strategic advantage in the transaction and believed that it would be "value destructive for all shareholders." Mindtree said its board will deliberate over the L&T proposal on Wednesday. Mindtree, with a strong client base, is an attractive asset for L&T, analysts said. It trades at 21.45 times forward earnings, compared with a sector average of 15.58, according to Refinitiv Eikon data. "This acquisition is in line with (L&T's) stated strategy of focusing on services and asset-light businesses ... and will help propel L&T's technology portfolio to within the top tier of Indian IT companies," Morgan Stanley analysts said in a note. The combined revenues of Mindtree, L&T Infotech and L&T Technology Services - the conglomerate's engineering services unit - would be about $3 billion, the brokerage said. The Indian IT services industry is dominated by the likes of Tata Consultancy Services and Infosys. L&T said it will buy a fifth of Mindtree from Indian coffee baron VG Siddhartha and companies related to him. The company also said it placed an order with its broker for an on-market purchase of up to 15 per cent of Mindtree's shares at 980 rupees each. It is looking for an additional 31 per cent stake from Mindtree's public shareholders at the same price. If the transactions go through, L&T will be spending up to 107.3 billion rupees ($1.56 billion) to buy a roughly 66 per cent stake in Mindtree, L&T said in an investor presentation on Tuesday. L&T's offer is a premium of 1.8 per cent to Mindtree's closing price of 962.50 rupees on Monday. Local media reported about the potential stake deal over the weekend.

Mindtree management rejects hostile bid from Larsen & Toubro

Several public funds that hold shares in Facebook Inc on Wednesday backed a proposal to remove Chief Executive Officer Mark Zuckerberg as chairman, saying the social media giant <a href="http://www.wionews.com/world/as-facebook-ceo-you-dont-know-some-key-facts-us-lawmaker-to-mark-zuckerberg-129951">mishandled several high-profile scandals</a>.

State treasurers from Illinois, Rhode Island and Pennsylvania, and New York City Comptroller Scott Stringer, co-filed the proposal. They joined hedge fund Trillium Asset Management, which bought it to the table in June.

The proposal, set to be voted on at the company's annual shareholder meeting in May 2019, is asking Facebook's board to make the role of board chair an independent position.

Facebook did not immediately respond to a request for comment.

"Facebook plays an outsized role in our society and our economy. They have a social and financial responsibility to be transparent – that's why we're demanding independence and accountability in the company's boardroom," Stringer said.

The proposal said lack of independent board chair and oversight has contributed to Facebook "mishandling" a number of severe controversies, including Russian meddling in U.S. elections and the Cambridge Analytica data leak.

Zuckerberg has about 60 percent voting power, according to a filing in April.

The New York City Pension Funds owned about 4.5 million Facebook shares as of July 31.

The Pennsylvania Treasury holds 38,737 shares of the company, according to a spokeswoman. Trillium holds 53,000 shares.

Shares held by the Treasurers of Illinois and Rhode Island were not immediately available.

Several public funds that hold shares in Facebook Inc on Wednesday backed a proposal to remove Chief Executive Officer Mark Zuckerberg as chairman, saying the social media giant mishandled several high-profile scandals.

Several public funds that hold shares in Facebook Inc on Wednesday backed a proposal to remove Chief Executive Officer Mark Zuckerberg as chairman, saying the social media giant mishandled several high-profile scandals. State treasurers from Illinois, Rhode Island and Pennsylvania, and New York City Comptroller Scott Stringer, co-filed the proposal. They joined hedge fund Trillium Asset Management, which bought it to the table in June. The proposal, set to be voted on at the company's annual shareholder meeting in May 2019, is asking Facebook's board to make the role of board chair an independent position. Facebook did not immediately respond to a request for comment. "Facebook plays an outsized role in our society and our economy. They have a social and financial responsibility to be transparent – that's why we're demanding independence and accountability in the company's boardroom," Stringer said. The proposal said lack of independent board chair and oversight has contributed to Facebook "mishandling" a number of severe controversies, including Russian meddling in U.S. elections and the Cambridge Analytica data leak. Zuckerberg has about 60 percent voting power, according to a filing in April. The New York City Pension Funds owned about 4.5 million Facebook shares as of July 31. The Pennsylvania Treasury holds 38,737 shares of the company, according to a spokeswoman. Trillium holds 53,000 shares. Shares held by the Treasurers of Illinois and Rhode Island were not immediately available.

Facebook shareholders back proposal to remove Zuckerberg as chairman

Electric car maker Tesla said today it has won agreement from solar panel installer SolarCity to acquire the solar company for $2.6 billion, confirming a deal that has been criticised on Wall Street. 
 
Tesla announced the bid in late June, but it drew jeers on Wall Street, in part because of skepticism over the motives of Tesla chief executive Elon Musk, who is also chairman of SolarCity, as well as a major shareholder. 
 
Some analysts also questioned whether the deal would divert Tesla&#39;s attention from an ambitious plan to significantly expand electric-car production in the next few years. 
 
But Tesla said the buyout would enable it to achieve lower hardware costs and boost manufacturing efficiency, creating the &quot;world&#39;s only vertically integrated sustainable energy company.&nbsp;Solar and storage are at their best when they&#39;re combined,&quot; Tesla said. 
 
The deal is a major part of Musk&#39;s master plan &quot;part deux&quot; that calls for the company to offer consumers a single source of hardware to power a low-carbon lifestyle.&nbsp; 
 
Under the all-stock deal, SolarCity shareholders will receive 0.110 Tesla common shares. 
 
The agreement allows SolarCity to solicit alternative proposals for 45 days. SolarCity shares fell 5.5 per cent to $25.23 in pre-market trade, while Tesla rose 0.2 per cent to $235.25. 
 
(AFP, Reuters)

The electric car maker announced the bid in late June, but it drew jeers on Wall Street

Electric car maker Tesla said today it has won agreement from solar panel installer SolarCity to acquire the solar company for $2.6 billion, confirming a deal that has been criticised on Wall Street. Tesla announced the bid in late June, but it drew jeers on Wall Street, in part because of skepticism over the motives of Tesla chief executive Elon Musk, who is also chairman of SolarCity, as well as a major shareholder. Some analysts also questioned whether the deal would divert Tesla's attention from an ambitious plan to significantly expand electric-car production in the next few years. But Tesla said the buyout would enable it to achieve lower hardware costs and boost manufacturing efficiency, creating the "world's only vertically integrated sustainable energy company. Solar and storage are at their best when they're combined," Tesla said. The deal is a major part of Musk's master plan "part deux" that calls for the company to offer consumers a single source of hardware to power a low-carbon lifestyle. Under the all-stock deal, SolarCity shareholders will receive 0.110 Tesla common shares. The agreement allows SolarCity to solicit alternative proposals for 45 days. SolarCity shares fell 5.5 per cent to $25.23 in pre-market trade, while Tesla rose 0.2 per cent to $235.25. (AFP, Reuters)

Tesla acquires SolarCity for $2.6 billion

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