SolarCity's advisor Lazard misvalued the company in its acquisition by Tesla. The investment bank discounted SolarCity by about $400 million when it double-counted some projected debts, pricing the company between $14.75 and $34.00 per share. Tesla and SolarCity agreed on a price of $25.37 per share (for a total price of $2.6 billion), which was still within the corrected value range of $18.75 to $37.75 per share. According to a regulatory filing by Tesla, the companies agreed that the error would not change their view of the deal. Read more from Automotive News.
Volkswagen is recalling almost 30,000 natural gas powered vehicles in Europe. Volkswagen will replace the tanks in CNG versions of certain Caddy, Passat, and Touran vehicles as the automaker says they cannot be properly checked for corrosion in certain European Union countries. VW also recently recalled certain CNG Tourans to replace the front gas bottles over potential corrosion that could lead to a dangerous burst tank. Read more from Automotive News Europe.
Qiantu Motor plans to sell its electric K50 roadster in the US. The Chinese automaker CH-Auto (which brought us the Lithia EV in recent years) will build a handful of prototypes for testing before it produces a few thousand cars for commercial sales under the Qiantu brand. "We attach great importance to the US because of its size, and it is also an open market where we see opportunities for our car," says Qiantu Chairman Lu Qun. The K50 has a carbon fiber body, and its two electric motors produce a total of 402 horsepower, 479 pound-feet of torque, and a 0-62 mph acceleration time of 4.6 seconds. Read more at Electrek, or from South China Morning Post.