So what if Tesla Motors(TSLA) - Get Report  is having cash flow issues while also acquiring underperforming and undervalued Solar City (SCTY) ?

This is only the beginning of their story.

Consider General Motors, which has a huge runway behind it. GM was founded in 1908 and went public in 2010, following a restructuring and bailout in 2009.

That means that GM had a full 100 years to grow, fail, restructure and grow again before it went public. Compare that with Tesla Motors' founding in 2003 and its initial public offering in 2010.

Since going public, GM's stock has fallen $2.55 a share, compared with Tesla Motors' stock over the same period, which has rocketed higher by $178.16 a share.

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Rather than thinking of Tesla Motors and SolarCity as two distinct clean-energy companies or even as energy technology companies with a tenuous relationship, we should think of them more as vertically integrated mega-corporations of the late industrial era.

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Take Standard Oil, which was established in 1870 by John D. Rockefeller and later broken up into 34 smaller companies, for example. At its prime, many subsidiary companies conglomerated together from different parts of the oil industry -- drilling, marketing companies, pipelines and steamboat fleets -- to form the basis of "the octopus," at it became known in the late 19th century.

Very few of those companies were engaged in the oil refining business that Standard Oil was primarily built upon, but by diversifying its interests, it was able to dominate the entire industry through cost-effectiveness and scale. In fact, in an early attempt to control the shipping costs of crude and refined oils, Standard Oil created its own barrel-making enterprise to remove one layer of inefficiency in the system.

If Tesla Motors' vehicles run on batteries, then why not own a company that specializes in power storage for large devices such as homes and vice versa? Why shouldn't SolarCity want to be intimately linked to a company that may have the leading research and development team in the world for large-capacity lithium-ion battery packs?

The merger between the two companies isn't as far-fetched as many in the media make it seem.

In terms of Tesla Motors' financial situation, the $300 million line of credit issued by Deutsche Bank shows that the company will be able to continue its unique buyer financing packages to keep sales growing while working out the issues with manufacturing processes. Demand for Tesla Motors vehicles continues to grow and looks likely to continue doing so for the near future.

Even taking into account the canceled pre-sales for the Tesla Motors Model 3 and claims of safety issues in some select units, when was the last time there was a 400,000-person waiting list to purchase a mass-produced entry-level car?

Tesla Motors and SolarCity shouldn't be written off yet. Elon Musk, the co-founder, chief executive and product architect of Tesla Motors and the co-founder and chairman of SolarCity, has personally financed or guaranteed Tesla Motors multiple times, and each time it came back bigger, with more products and continuing to capture the imagination of consumers around the world.

Recent events are merely a speed bump in the larger picture that is Tesla Motors' future. The only note of caution is that Musk might want to consider slowing down the charge for continued innovation by a small margin in favor of refining the company's manufacturing processes before releasing another complicated model.

This article is commentary by an independent contributor. At the time of publication, the author had a position in TSLA.