Tesla Motors is now officially Tesla Inc., with the name change effective immediately after the company sent a filing to the Securities and Exchange Commission.
The removal of the second half of the company's name is not just a mere simplification, though, at it shows the direction for the firm that was founded by visionary Elon Musk.
Tesla Inc. Not Just An Electric Car Company
Tesla Motors made a name for itself in the automobile industry through its electric vehicles. While there have been certain controversies, starting from a report from July 2016 on the first self-driving car fatality as the driver of a Tesla Model S was killed in a crash while the vehicle was on Autopilot mode, Tesla Motors has been the undisputed leader and brand to beat in the electric car market.
However, Tesla Motors has made moves beyond just manufacturing electric vehicles. A couple of years ago, its energy arm unveiled the Powerwall, which is a battery pack designed for homes to allow users to become more self-sufficient when it comes to their energy usage. The company also unveiled the solar roof, with Musk claiming that it is possible to make these roofs cost even less than regular roofs, even before taking into account the savings that users can generate from using them as a power source.
There is also the merger between Tesla Motors and SolarCity, a solar energy company, which was approved by shareholders in November 2016. The merger creates an alternative energy company that provides homeowners with all the things they need for clean power sources, ranging from vehicles to home power supply solutions.
Of course, the $5 billion Gigafactory being constructed in Nevada should not be forgotten. The facility is now online with the launch of the mass production of lithium-ion battery cells at the site, despite less than 30 percent of the structure actually having been completed.
With all these under one company, the Tesla Motors brand did not look like it was still appropriate for the company. The simple change to Tesla Inc. shows that electric vehicles are not the only focus of the company, as it looks to provide customers with all forms of alternative energy products and services.
Where Does Tesla Go From Here?
The name change comes just before the company releases its earnings reports for the fourth quarter and full-year 2016, Tesla will likely keep the Tesla Motors name for its electric vehicle unit, with Tesla Energy to remain as the name for its energy division.
The name change to Tesla Inc. also comes at an important time for the company, as it gears up to release the mass-market Model 3 electric vehicle alongside the products that will be crafted in synergy with SolarCity. It is the vision of Musk to provide customers with Tesla technology throughout their homes, and the shift in branding will definitely communicate that the company is not only limited to the garage of consumers.
It might take a while before all the company's assets are rebranded, but with the name change already in effect, Tesla Inc. is already looking ahead to a future of clean, renewable energy.