Tesla and SolarCity Agree to Combine Forces—Even as SolarCity Struggles to Meet Targets

By [email protected] Independent board members have approved Tesla’s bid to acquire SolarCity in an all-stock transition worth $2.6 billion.

By combining the two companies, Tesla expects to realize cost efficiencies of $150 million in the first year after closing the deal. Those savings will mostly be driven by sales and marketing efficiencies, overhead savings and manufacturing efficiencies. That will likely mean layoffs, particularly in sales. Tesla said that $150 million was probably a conservative figure.

As for the factories, “I think we’ll have more people, not fewer people,” said Tesla CEO Elon Musk, speaking on an investor call this morning. He said the Gigafactory

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