Tesla drops ‘Motors’ from name as Elon Musk looks to transform

Tesla Motors has changed its name to “Tesla Inc” as CEO Elon Musk wants to transform the Silicon Valley firm from an electric auto maker to a diversified energy product company.

In October, Musk revealed solar-powered roof tiles that get rid of the need for standard panels and a longer-lasting home battery showing the advantages of combining his electric car and battery maker with solar installer SolarCity Corp.

Tesla won approval in November from its investors to obtain SolarCity, for a stock swap offer worth about $2 billion, where Musk was the largest shareholder.

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