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Archive for the ‘Tesla’ Category

Tesla Q2 Losses Double, But Profits Promised in Q3

Investors happy to see capex spend drop, stock jumps nearly 5%.

by on Aug.01, 2018

Tesla CEO delivered enough positives in the second quarter to excite investors. The company's stock rose 5% in after hours trading.

Tesla Inc.’s mad dash efforts to meet its ever-shifting production quotas didn’t result in a narrowing of financial losses for Q2, not that CEO Elon Musk implied that. However, the end result was a doubling of losses on a year-over-year basis.

In the second quarter of 2018, Tesla’s automotive business saw revenue rise to $3.1 billion compared with $2 billion for the same period last year; however, losses jumped to $717.5 million, or $4.22 a share, from $336.4 million, or $2.04 a share.

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However, the letter produced to explain the quarterly results suggests that only good times are on the horizon despite the company missing analyst expectations for losses this quarter. Ultimately, shareholders were pleased with the results as the stock jumped nearly 5% after hours on the news.  (more…)

Cowabunga! Tesla Lets Fans Hang 10 with New Surfboard

Just 200 will be made and check eBay — they're already sold out.

by on Jul.30, 2018

Tesla is producing just 200 of its limited edition surfboards costing $1,500 each.

Electric cars and trucks, solar roofs, rockets, tunneling equipment, a rescue sub, flame throw, er, not-a-flame throwers and now surfboards.

Is there anything Elon Musk won’t take stab at designing and manufacturing during his seemingly unused seven minutes each day?

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Tesla’s latest novelty product is the Limited Edition Tesla Surfboard. The black and red shortboard gives company aficionados the ability to hang 10 without worry about battery range or potential glitches beyond the rider’s own skill level. (more…)

Tesla Faces the “Big Short” Ahead of Q2 Loss Announcement

Worries grow about carmaker’s finances, but brokerage tells short-sellers to put up or shut up.

by on Jul.30, 2018

Tesla CEO Elon Musk will be tested during the 2nd half of 2018 to prove Tesla can be profitable.

Just days before Tesla is expected to announce another big loss for the second quarter, the money manager made famous by the film, “The Big Short” is raising serious questions about the carmaker’s future.

And Steve Eisman, who became a financial legend by calling out the impending collapse of the housing bubble before the Great Recession, isn’t alone. A growing number of analysts and investors are souring on Tesla stock, one key brokerage warning that the company could need to raise $10 billion by 2020. Tesla shares have been riding a roller-coaster, ranging from a low of $244.59 to a high of $373.73 this year. And that’s leading at lead one big brokerage to raise margin requirements for those trying to short Tesla shares.

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“Elon Musk is a very, very smart man, but there are a lot of smart people in this world and you’ve got to execute. He’s got execution problems,” Neuberger Berman Group’s Eisman said in a Bloomberg Television interview. “He’s nowhere in autonomous driving, as far as I can tell, and big competition is coming in his space next year.”

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Tesla Demands Refunds from Suppliers to Help it Claw into the Black

“Simply ludicrous,” warns one analyst.

by on Jul.23, 2018

Tesla CEO Elon Musk is pushing supplies to provide refunds on parts, some of them from months ago, as he scrambles to bring the company into the black.

(This story has been updated with new information.)

Tesla has demanded that suppliers give it refunds on parts purchases, some of those dating well into the past, in order to help the carmaker deliver the promise CEO Elon Musk has promised for the second half of 2018.

It is unclear if Tesla would be able to make that target without the givebacks. Investors reacted with skepticism after the news broke over the weekend, the company’s stock tumbling sharply ahead of the bell marking the official opening of Monday morning trading.

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Tesla officials told TheDetroitBureau.com in a email that only certain suppliers were asked for a refund on past products and that this kind of interaction is not out of the ordinary. (more…)

Detroit Auto Show Moving to June in 2020, Adding Major New Features

Sponsors aim to revive what's been North America’s leading car show.

by on Jul.23, 2018

Toyota Pres. Akio Toyota is shown here revealing the 2019 Camry during this year's NAIAS.

The North American International Auto Show will move from January to June in 2020, a new timeslot that organizers are betting will help revive the flagging momentum of what had long been one of the industry’s most important annual events.

The Detroit Auto Dealers Association had signaled its intention of abandoning its traditional, mid-winter schedule, though a switch to October was also under study. But that would have conflicted with other shows in Europe and Asia, the dealer group’s Executive Director Rod Alberts told TheDetroitBureau.com in an exclusive interview.

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In a background briefing ahead of today’s official announcement, Alberts said one of the advantages of a summer event is the ability to add new functions that expand beyond the confines of Detroit’s sprawling Cobo Hall convention center. “We realized we have to change the show (and) showcase Detroit, too,” said Alberts, who has been running the DADA for the past 28 years.

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Musk Denies a Quarter of Model 3 Orders Were Cancelled – But Reveals New Worry

Order rate, he reveals, has fallen behind increase in production.

by on Jul.20, 2018

Tesla CEO Elon Musk denied claims in a recent analyst report suggesting that nearly a quarter of all Model 3 orders have been cancelled.

Elon Musk has dismissed as “bs” a report that suggested a growing number of advanced reservations for the Model 3 battery-car are being cancelled.

The recent report from investment bank Needham & Co. isn’t the first to raise that prospect, which could make it difficult for Tesla to achieve its promised profit for the second half of 2018. Needham’s Rajvindra Gill joined a growing chorus of analysts this week in downgrading Tesla shares, triggering another dip in the stock, traded as TSLA.

“Dunno where this bs is coming from,” CEO Musk said in a Thursday night tweet – but by trying to support the idea that there’s still strong demand for the Model 3, the South African-born executive actually may have sent a signal that Tesla is facing longer-term problems. Musk indicated Tesla received 5,000 orders for the Model 3 last week, but that’s actually less than the production target for the battery-car in the months to come.

The Last Word!

According to a report Needham issued Thursday, 24% of the estimated 400,000 original Model 3 reservations have been cancelled. That’s slightly higher than the 20% figure reported by data tracking site SecondMeasure in June. Each reservation is accompanied by a $1,000 deposit, so, if Needham is right, Tesla has had to refund more than $100 million and risk the loss of perhaps $4 billion or more in sales.

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Musk Apology Underscores Increasingly Erratic Behavior

"Do you think I'm insane?"

by on Jul.18, 2018

Tesla CEO Elon Musk has come under increasing fire for comments made in recent months.

Tesla CEO Elon Musk has issued an apology for calling one of the divers involved in the rescue of a soccer team caught in a Thai cave a “pedo,” shorthand for pedophile.

The overnight tweet marked one of the rare times the South African-born executive has retreated from what have become increasingly erratic and aggressive comments that, in recent months, have taken aim at journalists, Wall Street analysts, regulators, and even the victim in a fatal crash involving one of Tesla’s battery-electric vehicles.

Beyond the Headlines!

Musk, much like President Donald Trump, has become a regular user of Twitter, developing a broad audience and a loyal fan base for himself and for his company. But as with the president, some of Musk’s tweets have begun raising eyebrows and this week’s attack on diver Vernon Unsworth caused collateral damage to Tesla’s stock which tumbled when Unsworth threatened to sue the eccentric billionaire.

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Electric Polestar 2 “Five-Door Coupe” Will Deliver 350 miles Range, 400+ HP

All-electric Polestar 3 SUV already in the works.

by on Jul.17, 2018

The Volvo 40.2 Concept hints at what's coming with Polestar's first all-electric vehicle.

Volvo’s performance electric brand is getting ready to charge into the market with two additional models over the next two years, starting with the all-electric Polestar 2 which, a senior official claims, will deliver range of up to 350 miles per charge.

And, in keeping with the mandate of the brand – which traces its roots back to the track – the Polestar 2 “five-door coupe” will deliver around 405 horsepower, according to the brand’s Chief Operating Officer Jonathan Goodman. That figure might actually underplay the potential performance of the all-electric offering, as battery-electric vehicles can deliver incredible off-the-line performance because they punch out maximum torque the moment their motors start spinning.

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The Polestar 2 is expected to share the same underlying Compact Modular Architecture, or CMA, as the new Volvo 40-Series line-up. That was an obvious choice considering Volvo itself is planning to offer electrified versions of all future models and the CMA, its newest platform, was designed specifically to allow mounting a large battery pack under the load floor.

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Tesla CEO Musk Lashes Out at British Diver in Latest Round of Odd Behavior

Twice calls diver a "pedo," slang for pedophile.

by on Jul.16, 2018

Tesla CEO Elon Musk called one of the divers that found the Thai boys soccer team trapped in a cave a pedophile.

The wild ride that has been Tesla founder and CEO Elon Musk’s behavior took another odd turn over the weekend as he got into a fight with one of the divers who helped rescue the Thai boys soccer team from a flooded cave last week.

Musk called one of the British divers who discovered the boys a “pedo,” slang for pedophile, not once, but twice in a series of angry tweets after the diver dismissed his interest in trying to help save the boys with a small submarine as a publicity stunt.

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“He can stick his submarine where it hurts,” Unsworth told CNN. (more…)

Tesla Tops 200,000 US Sales; Set to Lose Fed Tax Credits

Being 1st could put EV maker at a disadvantage going forward.

by on Jul.13, 2018

Even when it wins, it loses. Tesla just passed the 200,000 vehicle mark, the most ever by an EV maker, but that brings to an end the tax credit.

Tesla is not just the country’s best-selling EV maker, but the first to sell more than 200,000 electric vehicles in the U.S. market. But that might not necessarily give the carmaker reason to celebrate.

Under guidelines set up by the Obama Administration and retained by Congress as part of last year’s tax overhaul, federal tax credits of up to $7,500 per vehicle apply only on the first 200,000 battery vehicles sold by an individual manufacturer. After that they begin to phase out, meaning that Tesla could be at a financial disadvantage once the company loses the incentives entirely by the end of next year.

The Last Word!

Other companies, including General Motors, Nissan and Ford, are approaching the threshold but their buyers will likely continue to receive some incentives well into 2020, barring any move by Congress – something considered unlikely – to extend the tax credits. (more…)