Tesla Motors Inc. (TSLA) announced Thursday it is selling its home batteries business for about $2 billion.
The announcement comes after the automaker’s stock plunged in the days following the U.S. election, which resulted in President Donald Trump’s victory.
Tesla CEO Elon Musk said he will sell the company’s battery business to fund the development of its self-driving cars.
The automaker said the purchase price includes debt, convertible debt, and $2 million in cash.
Musk said he is also working to buy back shares of its solar-panel maker SolarCity Inc. He said the two companies have not agreed to a sale price for their battery business.
Tesla announced the deal in the U:New York Times on Thursday, noting the battery business has become a key driver of the company and that it is one of the largest in the world.
The sale price reflects Tesla’s long-term strategy to expand its business outside the U, including selling battery technology to countries such as Germany and China, the Times reported.