Tesla Drops 'Motors' From Name as CEO Musk Looks Beyond Cars

Tesla Motors Inc changed its name to "Tesla Inc" as Chief Executive Elon Musk looks to transform the Silicon Valley firm from an electric car maker to a diversified energy products company.

In October, Musk unveiled solar-powered roof tiles that eliminate the need for traditional panels and a longer-lasting home battery illustrating the benefits of combining his electric car and battery maker with solar installer SolarCity Corp.

Tesla won approval in November from its shareholders to acquire SolarCity, for a stock swap deal worth about $2 billion, in which Musk was the largest shareholder.

The new name is effective February 1, Tesla said in a filing on Wednesday.

In the meanwhile, electric luxury car startup Faraday Future, one of several Chinese-funded companies taking aim at Tesla is throttling back on plans to build vehicles in the United States, the company and public officials said.

Faraday, an affiliate of Beijing-based Leshi Internet Information and Technology Corp, has also pared its planned product portfolio down from seven to two vehicles, according to two sources with direct knowledge of the company's plans.

Faraday will build a much smaller auto assembly facility than originally planned in North Las Vegas, Nevada, a city official said late on Tuesday.

North Las Vegas city manager Qiong Liu said Faraday told the city it will build a 650,000-square-foot (60,390-square-meter) facility, beginning later this year, on the site of a plant originally planned to take up 3 million square feet.

© Thomson Reuters 2017