Archive for the ‘Tesla’ Category

SEC Prepping Response to Musk Over Tweet Dispute

Tesla CEO claims agency wants to restrict his 1st Amendment rights.

by on Mar.13, 2019

Tesla CEO Elon Musk emphasized his distaste for the SEC during an interview on "60 Minutes."

A federal judge has given the SEC permission to fire the next shot in an ongoing battle that could determine not only whether Tesla CEO Elon Musk can continue tweeting about company business but whether he may face new penalties for allegedly violating terms of a fraud settlement.

The Securities and Exchange Commission accused Musk of improperly publishing a tweet on February 19th outlining Tesla’s 2019 production plans. In technical terms, the agency referred to it as a “material” statement, one that could impact the company’s stock price. Musk later revised the tweet and then asserted that the information had been previously announced, anyway.

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The latest in an ongoing battle between securities regulators and the 47-year-old executive could have a significant impact if the courts agree with the SEC that last month’s tweet violated an agreement aimed at settling the fraud settlement stemming from Musk’s proposed plan to take Tesla private. He not only paid a fine but agreed to run material comments by the automaker’s legal team before posting them. As part of last year’s settlement, Musk was forced to relinquish his position as Tesla chairman. He could now face penalties including his removal from the CEO’s job, as well.

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Trump Moves to Kill EV Tax Credits

Support strong in Congress.

by on Mar.11, 2019

President Donald Trump announced plans to end electric vehicle tax credits.

President Donald Trump has proposed eliminating the tax credits that have helped promote the emergence of the battery-car market, though that proposal could hit a snag when Congress begins to consider the new White House budget proposal.

If anything, some lawmakers – backed by the auto industry – are pressing to extend the credits, which run up to as much as $7,500 for qualifying battery-cars.

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Two manufacturers, Tesla and General Motors, have already crossed sales thresholds at which they will begin seeing the credits begin to phase out. As of January 1, Tesla buyers qualify for half the original number, of $3,750. The credits for the California-based automaker will expire entirely at the end of thise year. (more…)

Tesla Backtracks on Store Closures; Raises Prices 3% Instead

$35K Model 3 exempt from price increase.

by on Mar.11, 2019

Tesla announced it will only close half of its stores and offset that by raising prices 3%.

Tesla buyers looking to walk into a store to buy a new vehicle were disappointed recently when Chief Elon Musk said the company would close the stores to cut costs — now they can rejoice.

In a blog post, the company announced it would only close about half of the stores across the country, after a spate of negative back about the move initially.

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“Over the past two weeks we have been closely evaluating every single Tesla retail location, and we have decided to keep significantly more stores open than previously announced,” the electric carmaker said.  (more…)

Las Vegas Ponders Bet on Musk’s High-Speed Tunnel

Mile-long tunnel would ferry riders using high-volume cars.

by on Mar.07, 2019

Instead of cars, the Las Vegas version of Elon Musk's high-speed underground tunnels would use high-volume passenger cars, like a subway or train.

Sin City looks like it’s ready to indulge Elon Musk and his plans to build an underground high-speed transport system to ferry 1 million tourists back and forth across the city, starting January 2021, if approved.

Through the Boring Co., Musk will build the system, which is similar to what he’s proposed for Los Angeles, at a cost of $35 million to $55 million. The plan has already drawn the support of Las Vegas’ tourism agency.

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“It’s really innovative. I think it will be an attraction in and of itself, frankly,” Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority, told The Associated Press. (more…)

Chinese EV Maker Niro Charged Up for Battery Swapping

Swapping dead for new is faster than recharging.

by on Mar.05, 2019

Chinese EV Maker Nio is swapping batteries instead of plugging them in to "recharge" them.

While most EV makers and battery producers scramble to find a way to reduce battery charging times, Nio – known as China’s Tesla – is taking a different approach by swapping batteries as a way of recharging in the same amount of time it takes to refill a gas tank.

Owners of Nio’s ES6 and ES8 sport-utility vehicles can already access the entirely automated battery swap service it calls “Power Swap. It’s already available in nine cities in China and it’s expected to grow to at least 40 by the end of this year.

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Basically, the driver enters a swap station and waits while an autonomous robot removes a vehicle’s drained battery and replaces it with a fully charged one. (more…)

Tesla Ready to Reveal Model Y, With All-Electric Pickup to Follow

But competition is heating up in both segments.

by on Mar.04, 2019

Tesla CEO Elon Musk said the company will introduce the Model Y later this month.

Tesla will reveal the much-anticipated Model Y battery-SUV during a March 14 event in Los Angeles, with a “futuristic” all-electric pickup to follow later this year, CEO Elon Musk said in a series of tweets on Sunday.

The Model Y will be smaller than the current Model X, Musk confirmed, but larger – and more expensive – than the Model 3 sedan. But Tesla is betting that it could generate even more demand considering the ongoing market shift from passenger cars to light trucks.

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“Model Y, being an SUV, is about 10% bigger than Model 3, so will cost about 10% more & have slightly less range for same battery,” the 47-year-old Musk tweeted. (more…)

Musk Confirms Tesla Won’t be Profitable in Q1

Founder says "a lot going on" during quarter.

by on Mar.01, 2019

CEO Elon Musk said the company will lose money during the first quarter, but be profitable again after that.

Tesla’s tease made the $35,000 Model 3 a reality for the legions of fans who had been waiting for the entry-level model the company’s founder, Elon Musk, promised about two years ago.

And while the announcement sated many who wanted the lowest-priced Model 3, lost in the hubbub was a less promising announcement Musk made later in the call.

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“Given that a lot is happening in Q1, we do not expect to be profitable in the first quarter,” he said during a call with media and analysts. He quickly added that the company expected to return to profitability in the second quarter. (more…)

Tesla Now Selling $35K Model 3; Moving to Online Only Sales

EV maker closing all stores by end of year.

by on Feb.28, 2019

Tesla is now producing the $35,000 version of the Model 3. It can be ordered online – the only way to buy a Tesla now.

As is often the case with Tesla, it’s better late than never as the company announced Thursday its “Standard Range” Model 3 is now available for purchase.

The California-based EV maker had planned for this to be the case from the word go, but it began delivering the higher priced version of the Model 3 – as much as nearly $60K – about a year ago in an attempt to generate more profits for the company.

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“From the beginning, this has been the goal,” Musk said on a press call about the news. “It’s an incredible car.” (more…)

Tesla Boss Musk Teases Big Announcement

What's coming later today? Nobody really knows.

by on Feb.28, 2019

Tesla CEO Elon Musk plans to reveal something new at 2 p.m. Pacific Time today.

Elon Musk is creating more news. Fortunately, this time it won’t – or shouldn’t – involve the U.S. justice system.

Musk changed his name on Twitter to Elon Tusk and announced the company would be making an announcement at 2 p.m. Pacific Time today. He didn’t provide any other details, and has since changed his name back to Elon Musk.

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Naturally this sent followers, analysts and industry observers a buzz with anticipation. One analyst, Adam Jonas of Morgan Stanley decided to take a stab at what he thinks is coming later today on the webcast. (more…)

First Look: Polestar 2 Goes All Electric

Long-range performance EV to serve as “foundation of our brand.”

by on Feb.27, 2019

The Polestar 2, the brand's first fully battery-electric vehicle, made its debut.

In a global webcast, Volvo’s new performance subsidiary pulled the wraps off its second new model, the Polestar 2, a battery-electric vehicle set to become “the foundation of our brand,” according to Polestar CEO Thomas Ingenlath.

Set to compete with the likes of the Tesla Model 3, the new offering will initially be offered in key growth markets for electric vehicles, including North America, China and Europe. The base European model will start at 39,900 euros, or about $45,000 at current exchange rates, with the U.S. “Launch Edition” starting at $63,000 before incentives.

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But Ingenlath noted that Polestar’s goal is to rethink the entire design, manufacturing and sales process, with the company putting an emphasis on all-inclusive subscriptions, rather than conventional retail sales. (more…)