Archive for the ‘Tesla’ Category

Tesla Hits Third Quarter Model 3 Production Target

EV maker puts out 55,849 Model 3 sedans.

by on Oct.02, 2018

Tesla's Model 3 production has been the focus of the company much of the year, but the company made its Q3 production goal of 50,000 to 55,000 sedans.

Of the many things that Tesla CEO Elon Musk has uttered or tweeted in the past few months, none may have been more important than what he said, and meant, on Aug. 1 — Tesla would build 50,000 to 55,000 Model 3 sedans in the third quarter.

Musk has made and missed more production predictions than any modern day CEO. However, this time, the company made his – and analysts – forecasts by producing 55,849 Model 3s in Q3. Analysts predicted 55,600.

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Overall, Tesla built an impressive 83,500 vehicles during the period, exceeding analysts predictions of 80,000 vehicles, and more than three times the previous year’s tally of 26,150 units. During Q3, Model S sedan sales rose to 14,470 from 14,065 a year earlier, while Model X sport-utility vehicle deliveries rose to 13,190 from 11,865.  (more…)

Musk Settles: Pays SEC $20M, Resigns as Chairman

Tesla also paying $20M bringing total to $40M in penalties.

by on Sep.29, 2018

Tesla CEO Elon Musk settled with the SEC paying a $20 million fine and resigning as the chairman of the company.

After an initial round of defiance, Tesla CEO Elon Musk elected to take the path of least resistance with the Securities and Exchange Commission, agreeing to resign as chairman and pay a $20 million fine.

Tesla will pay an additional $20 million as part of the deal with the agency, bringing the total paid to $40 million.

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“The total package of remedies and relief announced today are specifically designed to address the misconduct at issue by strengthening Tesla’s corporate governance and oversight to protect investors,” Stephanie Avakian, co-director of the SEC’s Enforcement Division, said in a statement. (more…)

Is Ford Semi Committed? Maker Reveals EV Concept Truck

Level 4 autonomy and a slew of tech is packed into the concept.

by on Sep.28, 2018

Ford's F-Vision concept debuted at the IAA show in Germany. For now, it's just a concept officials claim.

Does Tesla have another competitor in the battery-electric semi truck arena? Maybe.

Ford Motor Co. took the wraps off an electric semi truck concept called the F-Vision at the IAA Commercial Vehicles expo in Hannover, Germany. The company’s vision is similar in many ways to Tesla’s offering with a high level of autonomy and a sleek exterior design.

Keep on Truckin'!

However, it would appear that Elon Musk and the gang in Palo Alto can breathe easier – at least about this anyway – as Ford says the new F-Vision is only a concept. (more…)

Update: Musk Denounces SEC Lawsuit

“Unjustified action…leaves me deeply saddened and disappointed.”

by on Sep.28, 2018

Tesla CEO Elon Musk refuted the fraud charges brought against him in a lawsuit by the SEC.

Elon Musk and the Tesla board have fired back at the SEC, denouncing the federal lawsuit that could lead to the ouster of the automaker’s founder and CEO.

On Thursday, the Securities and Exchange Commission sued Musk, alleging he made “false and misleading statements” to investors when tweeting and posting about his plans to take the carmaker private last month. The suit could force Musk’s ouster, bar him permanently from holding a position of authority at a public company and result in millions of dollars in fines.

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While Tesla itself was not named in the suit, many observers expect that move could yet follow. Even if it didn’t, the company has been targeted by several investor lawsuits. (more…)

SEC Sues Tesla CEO Musk, Alleges Fraud Over Privatization Plan

Penalties could be severe and affect Musk’s other companies.

by on Sep.27, 2018

Tesla CEO Elon Musk is being sued by the SEC, which claims his "plans" to take the company private were "false and misleading."

The Securities and Exchange Commission has sued Tesla CEO Elon Musk, alleging he committed fraud when tweeting and posting about his plans to take the carmaker private last month.

Tesla itself was not named in the suit, though the company has privately given indications it expects to be rolled in later, according to sources. The announcement by the federal agency seriously compounds the problems already facing Tesla and its founder and CEO Musk. They are already being sued by short-sellers who claim the privatization effort was little more than a way to hurt them, resulting in hundreds of millions of dollars in losses.

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In a statement filed in Manhattan District Court, the SEC accused Musk of making “false and misleading statements” to investors when he first tweeted about going private early in August. “In truth and in fact, Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source,” the complaint adds. (more…)

Tesla Bringing Electric Vehicles to the People – Literally

Company building car carriers due to shortages.

by on Sep.25, 2018

Tesla CEO Elon Musk said the company is building its own car carriers because there is an extreme shortage right now.

Tesla is simply swapping rings of hell it seems these days. After characterizing the building of the Model 3 “production hell,” CEO Elon Musk now faces a new dilemma: Delivering the Model 3.

However, he’s got a two-pronged attack to resolve that problem.

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First, after finding no car carriers available to deliver the new “entry-level” model, Musk approved plans to build car carriers to transport new Model 3 sedans to Tesla locations. (more…)

Tesla Losing Top Executives as Uncertainty Sets In

Four top leaders have departed in last month.

by on Sep.21, 2018

Four of Tesla's top executives have departed the company during the last four to six weeks.

Tesla’s been hit by wave after wave of difficult news, situations and investigations, apparently causing some executives to rethink the viability of the company.

Liam O’Connor, Tesla’s vice president of global supply management, is the latest of a group of executives to depart the company. He joined Tesla in 2015 after a four-year run with Apple, Bloomberg reports an unnamed insider said O’Connor is leaving the company within the next several weeks.

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His departure marks at least the fourth executive to leave California-based EV maker within the last month. Justin McAnear, vice president of worldwide finance and operation; Gabrielle Toledano, human resources chief; and Dave Morton, chief accounting officer, have also put in their notices. In all, more than 40 executives have reportedly left Tesla in 2018 alone, the news service reports. (more…)

Musk Facing Justice Department Probe

Feds looking into possible “fraud” in aborted privatization effort.

by on Sep.19, 2018

Tesla CEO Elon Musk is the focal point of investigations by the Department of Justice as well as the SEC.

Elon Musk now says he may try to hitch a ride along with the Japanese billionaire who plans to buy a ride on a SpaceX rocket trip around the moon.

Considering the mounting legal problems facing the 47-year-old executive, the CEO of both SpaceX and Tesla, Musk may need to find a way out of town in the near future.

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Musk and Tesla are now facing a criminal investigation by the U.S. Justice Department looking into his brief flirtation with taking the California carmaker private, even as the U.S. Securities and Exchange Commission is investigating that aborted move. Separately, Musk is facing lawsuits in both Los Angeles and London filed by a British diver who the South African-born executive has accused of being a “pedo,” or pedophile, as well as a “child rapist.” (more…)

Careful What You Ask For: Musk Sued by Diver He Disparaged

Tesla CEO wondered why he hadn't been sued yet.

by on Sep.18, 2018

After pushing for lawsuit from diver Vern Unsworth, Tesla CEO Elon Musk got what he wanted – in London and Los Angeles.

Adding to the many headaches facing Elon Musk, the Tesla CEO has now been sued by a British diver that he has accused of being a pedophile.

In July, the 47-year-old executive got into a Twitter war with Vernon Unsworth earlier this year when Musk offered to send a mini-sub to help rescue members of a youth soccer team trapped in a flooded Thai cave. Unsworth derided it as a publicity stunt and suggested Musk shove the sub where the sun doesn’t shine.

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Musk responded by declaring Unsworth “pedo guy,” slang for a pedophile. “Sorry pedo guy, you really did ask for it,” Musk tweeted to his 22.5 million followers. He followd it up adding, “Bet ya a signed dollar it’s true.” Musk also declared that, “I fucking hope he sues me.” (more…)

New “Hell” for Tesla, as Model 3 Deliveries Run Into Serious Delays

“We’ve gone from production hell to delivery logistics hell.”

by on Sep.17, 2018

Dozens of Tesla Model 3 sedans are reportedly being held in this Union Pacific freight depot in Salt Lake City.

After more than a year of struggles, Tesla appears to finally be getting the production bugs worked out at its battery and assembly plants, but that may not mean much to frustrated buyers waiting to take delivery of a new Model 3.

In recent days, new issues have cropped up, in one case a small fleet of the battery-sedans have been held up at a Union Pacific freight depot leaving Tesla and its customers unsure when they will be released for delivery.

Beyond the Headlines!

Responding to a customer who complained by tweet that she now faces an “indefinite” delay in getting her Model 3, Tesla CEO Elon Musk responded, “Sorry, we’ve gone from production hell to delivery logistics hell, but this problem is far more tractable. We’re making rapid progress. Should be solved shortly.”

(more…)