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02 February 2017, 12:43 | Candice Butler
What do Analysts suggest for: Tesla Motors, Inc. (NASDAQ:TSLA)
Tesla Motors Inc TSLA.O changed its name to "Tesla Inc" as Chief Executive Elon Musk looks to transform the Silicon Valley firm from an electric auto maker to a diversified energy products company. This year company's Earnings per Share (EPS) growth is -43.10% and next year's estimated EPS growth is 14.39%.
After 13 years, Tesla is finally changing the tires on its brand. A financial filing on Wednesday with the Securities and Exchange Commission formalized the name change.
In fact, the change comes at a pivotal time for Tesla, as they plan not only to expand their range of vehicle offerings with the upcoming (but likely-to-be-delayed) Model 3, but also to release home technologies like battery storage units and personal solar energy solutions. Also, VP John Douglas Field sold 1,000 shares of Tesla Motors stock in a transaction that occurred on Tuesday, January 10th.
Shares of Tesla Motors Inc (NASDAQ:TSLA) inclined 0.52% to $251.93. When that will be completed, a clearer structure is expected to appear with "Tesla" being the overall company and "Tesla Motors" for vehicles and "Tesla Energy" for energy products (solar, Powerwall, and Powerpack) representing separate divisions within Tesla.
The namesake of Elon Musk's enormous business enterprise would be proud.
State of Wisconsin Investment Board boosted its stake in Tesla Motors Inc.
Looking forward, Tesla only expects its energy storage business to grow more significant. There was chatter for months within the tight-knit network of Silicon Valley self-driving whizzes: Where was one of their industry's most-prominent players going to land? Tesla first hinted at the move by taking the "Motors" out of its website name. Investors should bear in mind that Tesla still generates the bulk of its revenue from electric vehicles. So going beyond the scope of just electric vehicles, the company now makes solar roofs and batteries too. Indeed, even after Tesla's recent acquisition of SolarCity, almost 90% of Tesla's revenue comes from electric vehicles - and this likely won't be changing anytime soon considering the company is planning to significantly ramp up vehicle deliveries when it brings its Model 3 to market later this year.
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