Archive for the ‘Tesla’ Category

Musk Hypes Tesla Performance, Future to Shareholders

CEO suggests a Tesla with a 400-mile range is coming soon.

by on Jun.12, 2019

Tesla CEO Elon Musk told shareholders that the company would likely set a new production record in the second quarter.

Tesla CEO Elon Musk walked into the EV maker’s annual meeting facing a slew of tough questions and, as usual, overwhelmed attendees with a slew of positives resulting in enough happy investors to see the stock jump above $220 a share to start the day.

However, the enthusiasm of the previous night’s meeting wasn’t enough to sustain the momentum and the stock fell nearly 6% to just over $211 a share in mid-day trading.

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The brash leader of the world’s biggest seller of battery electric vehicles swept aside concerns about ongoing issues with crashes involving Autopilot, day-to-day funding of the company and demand for the company’s first mainstream vehicles. (more…)

Tesla Workers Less Keen on EV Maker than Last Year

EV maker not sweating the satisfaction slide.

by on Jun.10, 2019

Tesla took 5,000 orders for the Model 3 last week, Musk said, but ultimately its production goal is 10,000 a week.

Tesla employees expressed concerned about layoffs and executive losses in feedback to Glassdoor.com.

Tesla Inc.’s employees aren’t enjoying their jobs as much as they once did citing concerns about potential layoffs, executive turnover and changing corporate strategy, according to two job websites that track these rankings.

The Palo Alto, California-based EV maker placed 16th on LinkedIn’s annual “Top Companies 2019” list, which came out in April. That’s a significant decline from its fifth-place spot last year and sixth place in 2017.

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Meanwhile, Tesla’s overall company rating at Glassdoor.com fell to 3.2 out of 5.0 stars based on reviews written in the first quarter of this year. That’s down from its high-water mark of 3.6 in 2017, according to historical data compiled by Glassdoor at Reuters’ request. The average rating of the nearly 1 million employers reviewed on the site is 3.4.  (more…)

Tesla Model Y Likely to Roll Out of Fremont Plant After All

Musk reveals likely $49,000 base price for Tesla pickup.

by on Jun.03, 2019

Tesla's next vehicle, the Model Y, will be build alongside its siblings at the company's plant in Fremont, California.

We’ve known for some time that the Tesla Model Y will be going into production late next year, but what hasn’t been clear – to anyone, including Tesla – was where it would actually wind up being built.

CEO Elon Musk has been saying for some time that he hadn’t decided whether to use the automaker’s Fremont, California assembly plant or switch gears and set up a line at Tesla’s Gigafactory battery plant in Reno, Nevada. But, over the weekend, Musk said that a final decision has all but been locked in stone.

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“Right now, our default plan actually is to produce the Y at Fremont,” the 47-year-old executive said during an appearance on the “Ride the Lightning” podcast with Ryan McCaffrey. “I was skeptical about whether this made sense at first, but my team convinced me the fastest way to get to volume production is to do the Y at Fremont.” (more…)

Tesla Cutting Prices on China-Built Model 3 Sedans

Shanghai factory expected to start production by end of year.

by on May.31, 2019

Tesla CEO Musk shows a rendering of the future assenbly plant in Shanghai that will be crucial to the automaker's future.

With Tesla plowing ahead on construction of its new factory to build Model 3s in China, the EV maker is looking to ensure that the market will be solid enough to keep the vehicles in demand once they start spitting them out of the plant.

Well, it is an American car company and how do American automakers draw the attention of buyers in a soft market? They make their vehicles cheaper. So, CEO Elon Musk is slashing prices in China!

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Perhaps “slashing” is too harsh a word, but the company is cutting 13% off the standard Model 3, which means it comes in at about $47,000. The carmaker has been building a factory in China since January where it its initial output will be Model 3 cars. Pre-orders for the vehicles will also start on Friday, the company said on its website.  (more…)

Musk Cheers as Tesla Closes in on Production Record

CEO encourages employees via email.

by on May.30, 2019

Tesla CEO Elon Musk send employees an email telling them they were tracking to beat the company's previous quarterly production record.

Tesla Inc. has a chance to beat its previous quarterly production record, and CEO Elon Musk is trying to punch up morale with employees hoping to make it happen.

Musk sent out an email to the Fremont, California plant’s employees letting them know they’re on the precipice of breaking another quarterly production record — last fall’s 90,700 units.

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The EV maker measures its production by deliveries, not just how many vehicles are made, and it’s getting the vehicles to their new owners, i.e. the last step, that is giving the company problems these days. It’s been an issue for most the past year. (more…)

15 Years Later, Caddy Ready to Reveal Two New Models

CT4-V and CT5-V to debut next week. Could electrification by the future of the V-Series?

by on May.24, 2019

The original Cadillac CTS-V was tested on a variety of different tracks, including Germany's Nurburgring, as well as Road America in Elkhart Lake, WI.

Fifteen years after Cadillac introduced its first V-Series model, two more performance offerings are set to make their debut next week, the automaker has confirmed.

What’s unusual about the coming news is that Caddy will use a preview in Detroit to reveal the all-new CT4 sedan in V-Series trim first, with the base model set to follow later, reversing its normal approach. The event also will see the introduction of a V-version of Caddy’s mid-range sedan, the new CT5-V, that effectively replaces the old CTS-V that kicked off the performance program when it debuted in 2004.

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“From the very beginning, Cadillac’s V-Series represented the ultimate expression of our design, technology and performance,” said GM President Mark Reuss, ahead of the two introductions. “It introduced an entirely new breed of performance-minded customers to Cadillac showrooms and helped transform the brand’s traditional image into one with different facets for customers’ varying driving tastes.”

(more…)

Tesla Takes Another Slap as Consumer Reports Faults Latest Autopilot Update

Latest update called “far less competent than a human driver.”

by on May.22, 2019

Consumer Reports criticized the performance of Tesla's latest version of Autopilot.

It has been a tough few weeks for Tesla, the California electric carmaker watching its stock plummet in the wake of a sales slowdown, mounting losses and a report from the National Transportation Safety Board blaming the company’s Autopilot system for a fatal crash last March. Now, Consumer Reports is adding to Tesla’s grief.

CEO Elon Musk has spotlighted Autopilot as one of Tesla’s crown jewels, boasting about its increasingly hands-free capabilities, the latest being the ability to change lanes automatically. But the non-profit publication isn’t convinced, warning in a news release that “the latest version … is far less competent than a human driver.”

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“The system’s role should be to help the driver, but the way this technology is deployed it’s the other way around,” said Jake Fisher, Consumer Reports’ senior director of auto testing. “It’s incredibly nearsighted. It doesn’t appear to react to brake lights or turn signals, it can’t anticipate what other drivers will do, and as a result, you constantly have to be one step ahead of it.” (more…)

Could Tesla’s High-Flying Ride on Wall Street be Ready to Come Crashing Down?

Shares head towards $200 for first time since 2016, as key analyst warns $10 is possible.

by on May.21, 2019

Tesla CEO Elon Musk has plenty to worry about as investors turn bearish on its stock.

After sliding to its lowest level since December 2016 on five days of losses, Tesla stock fell to its lowest level in nearly 30 months, at just above $200 — and one key analyst, Morgan Stanley’s Adam Jonas, warns Tesla could see the stock plunge to just $10 a share.

Not much has gone right for the California automotive upstart in recent months, starting with word that first-quarter sales had fallen well short of expectations. Its unexpectedly deep, $702 million loss for the quarter didn’t help. And the situation only grew worse when CEO Elon Musk last week ordered a “hardcore” belt-tightening covering “literally every payment that leaves our bank account.” Then, the National Transportation Safety Board weighed in, blaming a fatal March 2018 crash on Tesla’s much-ballyhooed Autopilot system.

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Even where the automaker appeared to pull off a coup, topping substantially what it had expected to raise with last month’s combination of stock and debt offerings, Musk told employees in an e-mail, that the $2.7 billion Tesla brought in “actually only gives us about 10 months at the Q1 burn rate to achieve breakeven!”

(more…)

Tesla Stock Getting Hammered as NTSB Investigates, Investors Fret

Musk tells employees that cash burn rate is high.

by on May.20, 2019

Tesla's Elon Musk has ordered employees to rein in spending on virtually everything.

Just a few days after safety regulators revealed that Tesla’s Autopilot system was engaged during a fatal crash of a Model 3, Tesla’s stock has fallen 11% – including nearly 4% today – to the low $200 range.

Adding to the concerns of stock and bond investors in the California-based EV maker, CEO Elon Musk revealed the company’s first-quarter cash burn rate has put it in a precarious position.

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He told employees last Thursday he would increase cost-cutting and that $2.7 billion in capital the company recent raised would give Tesla just 10 months to break even at the rate it burned cash in the first quarter. (more…)

“Hardcore” Belt-Tightening a Must, Says Tesla’s Musk

The “only way for Tesla to become financially sustainable.”

by on May.17, 2019

Tesla's Elon Musk has ordered employees to rein in spending on virtually everything.

Tesla will need to engage in some “hardcore” cost-cutting, CEO Elon Musk told employees in an e-mail late Thursday, a move that comes in the wake of an unexpectedly severe first-quarter loss.

The automaker earlier this month was able to raise $2.7 billion through a combination of stock and debt offerings, but investors have become increasingly wary of the challenges that face the automaker – Tesla facing substantial debt repayments on top of the costs involved in the development of an array of new products and a new plant in China.

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The latest cash infusion, according to Musk, will only let it go for another 10 months without getting back into the black, he wrote, which “is why, going forward, all expenses of any kind anywhere in the world, including parts, salary, travel expenses, rent, literally every payment that leaves out bank account must (be) reviewed.”

(more…)


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