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  • 11.01.16

Tesla expects SolarCity to add $500 million cash to its balance sheet by 2019

Tesla CEO Elon Musk has been making the case for the company’s decision to acquire SolarCity, a solar power company in which he is the chairman and largest shareholder, since the companies reached an agreement in August. Today, he outlined the potential benefits of the deal in a statement to investors. Tesla, he says, expects to save $150 million in the first year through arrangements such as cross-selling Tesla and SolarCity products; expects that SolarCity will immediately account for 40% of the assets of the combined company; and expects that SolarCity will contribute more than $1 billion in revenue next year.SK