Tesla Motors and SolarCity Officially Become One

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Just four days after shareholders gave their thumbs-up, SolarCity is now officially a wholly owned subsidiary of Tesla Motors Inc.

According to the filing with the Securities and Exchange Commission, each SolarCity share was converted into 0.11 Tesla shares and that the former company is crossed off of the Nasdaq market quotes.

Friday marked the final trading day for SolarCity with its shares’ last trading price hitting $20.34. Tesla shares for today’s early trading slightly tripped 50 cents at $184.52. This made the original $2.6 billion pricing of the deal end up $600 million short to only $2 billion.

Tesla chief, and also SolarCity chair, Elon Musk plans to make a powerful combo out of Tesla’s alternative-powered cars and electricity storage systems and SolarCity’s current-generating solar panels.

At an attempt to further introduce renewable power to the masses, Tesla launched its integrated solar roof panels that will be available in all Tesla stores alongside their cars and electric-storage units. The said solar roof panels can be installed like the regular ones, both in new construction and replacement roofing. The panels will begin selling next summer.

Musk told Tesla shareholders after the approval on Friday, “I don’t want to 100 percent commit to this yet, but it’s looking quite promising that a solar roof will actually cost less than a normal roof before you even take the value of electricity into account.”

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“So the basic proposition would be, ‘Would you like a roof that looks better than a normal roof, lasts twice as long, costs less and by the way generates electricity?’ Like, why would you get anything else?” the electric car frontrunner added.

Skeptical analysts see the merger as a present drawback though, since the two companies have been annual money-losers. They are uncertain if the merger will be much of a synergy as these executives hope them to be.

Meanwhile, the International Energy Agency projects a decline in global gasoline consumption as the rise of the more energy-efficient electric cars from key players of the emerging industry force demand growth to halt in the next 25 years which will cause weighty consequences for the oil-refining industry as gasoline takes up one in every four barrels in consumption globally.

“Electric cars are happening,” said IEA Executive Director Fatih Birol in an interview in London. She also added that the number of these imminent innovations will likely rise above 150 million by 2040 compared to last year’s slightly above a million

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Porsche To Add 1400 New Jobs

Porsche announced the addition of 1400 new jobs on Tuesday as it expands its workforce and boosts its production staff  to do the first all-electric cars, getting head to head to Tesla Motors.

According to the data provided by the car manufacturer, around 1,200 positions will be opened to build a paint shop and the new assembly line for the battery-powered Mission. From the 150 trainees previously, the company plans to make it 220 this time.

Moreover, the German automobile manufacturer is looking for 100 information-technology specialists and 50 digital experts. The other jobs will be available in the main factory in Stuttgart, Germany.

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Aside from Tesla Motors, the company also will raise the bar against Google and Apple Incorporated, which has been one of the developers of highly technological vehicles.

Porsche Self-Driving and Electric Vehicles

Porsche has showed interest in self-driving technology as well, despite the recent involvement of Tesla’s Autopilot mode in accidents. The newest Panamera sports sedan showcased an adaptive control system and a satellite navigation data.

“Right now that’s very important that an assistance system, it is far away from autonomous driving. You can take your hands off for a couple of seconds, but the driver is still in control, he’s still responsible. Of course all these systems…coming to the car are the first step in that direction,” Dr Gernot Dollner, Product Line Director for Panamera said.

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“We have defined various levels of autonomous driving and level five is a car without a driver, which doesn’t really makes sense for Porsche because they are driver-oriented cars. We are now on level two. Level four would be autonomous driving on special roads, like the autobahn, or for a special time, but we are a way from that,” Mr. Dollner added.

Meanwhile, a person associated with Porshe revealed that the company is building an electric car which was named as electrified 911.  The report was in-line with the initiative of Porshe to provide a hybrid version of every model in the future.

August Achleitner, 911 product director, reiterated the disadvantages of then company’s plan and the irrelevance in today’s market. Mr. Achleitner explained in an interview that it wouldn’t make sense in their opinion to offer an electric 911, or hybrid version, because there are so many disadvantages of such a concept within this narrow layout of a 911.

Porsche in India

Separately, Porsche plans to experiment a a two-pronged approach to its operations in India as the number of millionaires in the country continue to surge and the economy rebounds. The company is set to launch new models to capture the interest of the car aficionados in India.

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Pavan Shetty, Porsche India’s newly appointed director, confirmed that the first plan for them is to reach their customers and for that, they will increase their representation in the country.

“We will add more dealers in the coming months. We will have a dealer in Chennai and another in Hyderabad and also improve upon the existing service facilities. We would rather have no dealers than wrong dealers for Porsche. It is going to be a strict process and hopefully, by next year we would have two more at least,” Mr. Shetty said.

Online media is flooded with finance news here and there. However, Trade12 gives you the freshest update in the market daily. Trade12 provides daily market charts as well. Visit Trade12 now!
Interested in trading binary options. Don’t go anywhere else, try Options12.com. Options12.com brings your money back to you, the difference? Options12 prioritizes each client in maximizing his/her trading potential.
Financial trouble? Let Exo Capital Markets manage your funds accordingly. Exo Capital Markets strives to become the leading financial services firm by offering its clients with the most modern solutions in the industry.