kTesla Motors Inc. said its $2.6 billion merger with SolarCity Corp. would add over $500 million in cash to the electric carmaker’s balance sheet over the next three years, while contributing over $1 billion to revenue in 2017.

Shares of Tesla fell another two per cent in after-hours trade after tumbling four per cent in afternoon trade to close at $197.73. Similarly, shares of solar panel installer SolarCity fell another 3.5 per cent after falling 2.7 per cent during regular trading at $19.07.

Tesla, whose shares had fallen 10 per cent since the deal was made public in June, used an eight-page document posted on its blog and investor relations website after the market closed to convince sceptical shareholders in advance of a November 17 vote on the deal.

Tesla chief executive Elon Musk, who is chairman of SolarCity and the largest shareholder in both companies, has described their combination as a “no brainer”. The document pitched the deal as part of Tesla’s mission to combat the “catastrophic impact” of greenhouse gases on the environment by accelerating the world’s transition to clean energy.

“The acquisition will enable us to transform into a truly integrated sustainable energy company,” it said, referring to the promise of a unique provider of carbon-free energy, transportation and power storage.

Naysayers of the deal – whom Musk called out during a conference call with analysts, saying they had never accurately predicted Tesla’s success – have said the merger was short on synergies and amounts to a Tesla bailout of money-losing SolarCity.