Archive for the ‘Investors’ Category

Musk Says Tesla to Have Driverless Car Ready This Year

CEO says regulators will determine when vehicle's can be self-driving.

by on Feb.21, 2019

Tesla CEO Elon Musk said the company's vehicles would be able to be run without a driver by the end of this year.

Elon Musk continues to push the narrative that Tesla Inc. will have vehicles ready to operate without a driver by the end of this year.

Tesla’s CEO made the claim during the company’s recent earnings call and repeated it on a podcast hosted by two executives at ARK Invest, which is an investor in Tesla.

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“I think we will be feature complete – full self-driving – this year,” Musk said. “Meaning the car will be able to find you in a parking lot, pick you up and take you all the way to your destination without an intervention, this year. I would say I am of certain of that. That is not a question mark.” (more…)

Amazon Becoming Lead Investor in Rivian

Rumored GM investment could yet follow.

by on Feb.15, 2019

The Rivian R1T pickup will boast 400 miles range, according to the company.

Just a week after announcing a major investment in an autonomous vehicle development company, online retailer Amazon said Friday it will become the lead investor in a new, $700 million round of financing for Rivian, the Detroit-based battery-electric company.

Rivian is in the final stages of developing two all-electric models, the full-size R1T pickup and R1S sport-utility vehicle. It is aiming to challenge not only electric vehicle rival Tesla but the established Detroit automakers that have long dominated the full-size pickup market.

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Rumors of a deal between Amazon and Rivian began to circulate earlier this week, though some reports had suggested that General Motors would also come up with some financing. Sources tell bingdb.info that this remains a possibility and suggest that Rivian could have more announcements coming. The automaker has scheduled a news conference for the New York International Auto Show in mid-April. (more…)

Shake-Up and Setback for Ghosn

Former Nissan chief cuts legal team; likely to lose Renault payout.

by on Feb.13, 2019

Carlos Ghosn fired his legal team, replacing them with a lawyer known as "the razor."

Carlos Ghosn, the former Nissan chairman facing charges of financial corruption, has shaken up his legal team in an effort to reverse a series of setbacks that have resulted in his being held in solitary confinement in a Tokyo prison since last November.

Ghosn is replacing his lawyers with a new team led by a high-profile defense attorney known in Japan as “the razor,” for his ability to win acquittals in a number of high-profile cases. That’s relatively rare in Japan where prosecutors claim conviction rates of more than 90%.

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Separately, Renault is ready to scrap about $34 million in deferred pay and severance Ghosn stood to collect after tendering his resignation last month. Nissan’s French alliance partner is also expected to drop a two-year non-compete clause, which would free up Ghosn to join another automaker once released from Japanese prison, Reuters news service reported. (more…)

EV Truck Maker Rivian Reportedly in Talks with Amazon and GM

Deal could be announced this month, according to Reuters.

by on Feb.12, 2019

Rivian founder RJ Scaringe showed off the the R1T all-electric pickup at the LA Auto Show.

Battery truckmaker Rivian Automotive is reportedly in negotiations with both Amazon and General Motors on a deal that could be worth as much as $2 billion.

The deal would give the two companies a minority stake in Rivian, a start-up based in the Detroit suburb of Plymouth, according to a report on Reuters.

Breaking News!

The proposed deal could help GM, in particular, add a battery-electric pickup to its line-up, something archrival Ford Motor Co. has said that it is already working on. A senior executive at GM last month told bingdb.info that the carmaker is “considering” an all-electric truck.

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Plugging In: An Inside Look at the MEB — VW’s Platform for an Electrified Future

A combined VW-Ford battery-car program seems to have come un-plugged, however.

by on Feb.11, 2019

An under-the-skin look at VW's modular MEB battery-car platform reveals the skateboard-like layout.

Volkswagen is plugging into battery power in a big way, the German automaker planning to launch 50 or more all-electric models by 2025, an aggressive push that will have it betting heavily on a single new platform it is developing. Dubbed the MEB, this flexible, modular “architecture” will be used to underpin the vast majority of battery-electric vehicles, or BEVs, that will be offered by VW’s dozen different passenger car brands.

The MEB has been a topic of discussion between VW and Ford Motor Co., the two companies recently launching a joint venture to develop light commercial vehicles. They also are exploring ways they may be able to work together on the development of electric vehicles, possibly using the new VW platform — though a senior Ford official cautioned that this might prove more difficult than originally hoped.

Beyond the Headlines!

“The future, for us, is really a dedicated EV platform,” said Matthew Renna, vice president of e-Mobility for Volkswagen’s North American Region, a platform “flexible enough to cover a broad gamut of products ranging from an entry level subcompact up to models like the ID. Buzz minivan and even midsize SUVs.

(more…)

Tesla Out of Cheaper Model 3s, Stakeholder Cuts Share in Half

T. Rowe Price halves stake from 10.12% to 5.2%.

by on Feb.11, 2019

The mad rush to blow out Model 3s at the end of the year has left Tesla with very few Model 3s to deliver.

Tesla CEO Elon Musk recently said that the company would face some stiff headwinds in the early part of this year, and now some of those issues are now coming to light … as are the consequences.

The company’s last recent round of layoffs were unexpected, but were initially seen positively as analysts suggested the company would need to find ways to cut costs. However, according to Reuters, one of the teams that were cut significantly should have raised alarm bells sooner.

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Reuters reports that Tesla’s delivery team saw 150 of 230 employees lose their jobs. The Las Vegas-based group was largely responsible for delivering the company’s savior vehicle: the Model 3.  (more…)

Aston Martin Lagonda All-Terrain Concept Hints at Future

All-electric prototype hints of crossover set to mark the brand’s revival.

by on Feb.06, 2019

The Aston Martin Lagonda All-Terrain Concept will strongly influence a coming production model.

Automakers have a habit of reaching into the history books. We’ve seen a number of once forgotten nameplates rise from the dead lately, including the Chevrolet Blazer and Ford Bronco. And the upcoming Geneva Motor Show will mark the revival of two once-grand brands: Hispano-Suiza and Lagonda.

The return of the latter, a subsidiary of Aston Martin, has been in the works for several years, a show car called the Lagonda Vision making its debut in Switzerland a year ago. Next month, we’ll see the debut of a second prototype, the Lagonda All-Terrain Concept, and it seems a lot closer to the production model set to reach showrooms a couple years from now.

Geneva Motor Show News!

“The Lagonda All-Terrain Concept offers explicit clues regarding what will be the first Lagonda model to enter production, and further demonstrates how Lagonda’s zero emission powertrain enables us to create spectacular cars that will radically redefine their sectors of the market,” says Aston CEO Andy Palmer.

(more…)

Tesla Purchasing Ultracapacitor Maker Maxwell Tech

Electrify America turns to Tesla Powerpack for new charging stations.

by on Feb.05, 2019

A Tesla supercharger station.

Tesla will spend $218 million to acquire Maxwell Technologies, an energy company that could help it both reduce battery costs and develop a battery alternative called an ultracapacitor.

Separately, Electrify America, a company dedicated to promoting and supporting electric vehicles, plans to use Tesla’s Powerpack battery backup system at more than 100 of its EV charging stations.

Electrifying News!

“We are always looking for potential acquisitions that make sense for the business and support Tesla’s mission to accelerate the world’s transition to sustainable energy,” Tesla said of the planned purchase of Maxwell in a statement.

(more…)

General Motors Set to Begin About 4,000 Layoffs on Monday

Goal is to complete handing out pink slips before Q4 earnings release.

by on Feb.01, 2019

General Motors plans to terminate 4,000 jobs in its North American operations on Monday.

General Motors will begin involuntary layoffs on Monday, hoping to complete the latest round of cutbacks before releasing its fourth-quarter earnings on Wednesday.

In all, about 4,000 workers in its North American operations will be terminated, part of a broader series of cuts expected to save the automaker billions of dollars and help it prepare for an expected slowdown of the U.S. automotive market during the next several years.

The Last Word!

“This is not going to be like Black Friday,” one source told bingdb.info, referring to the massive cutback GM ordered in the run-up to its 2010 bankruptcy. (more…)

With More Product Coming, Tesla CEO Musk Promises Good Earnings Even In a Global Recession

Musk outlines plans for Tesla Model Y, Semi and Pickup in hour-long earnings call.

by on Jan.31, 2019

Tesla's Elon Musk spent much of his time on a call with analysts and media painting a rosy picture for 2019.

Tesla’s weak fourth-quarter earnings failed to impress industry analysts and investors, despite an optimistic, hour-long presentation by CEO Elon Musk who promised that the battery-electric automaker is ready to deliver solid profits “even if there’s a global recession.”

Speaking to reports and analysts, Musk presented an upbeat vision that anticipates a huge surge in both production and demand for the Model 3 sedan, while noting that two other products, the Model Y SUV and battery-powered Semi will go into production in 2020. The 47-year-old entrepreneur fended off concerns that Tesla won’t be able to cover an upcoming bond payment of more than $900 million without seeking new equity.

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“2019 is going to be an amazing year for Tesla,” Musk said, later adding that he is “optimistic about being profitable in Q1. Not by a lot, but I’m optimistic about being profitable in Q1 and for all quarters going forward.” (more…)

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