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Tesla Board Backs Consideration of Musk’s Privatization Plan

Six board members willing to look further at the plan.

by on Aug.08, 2018

Tesla's Elon Musk appears to have the support of the board of directors for his privatization plans.

Just a day after telling Tesla employees, and later the world via Twitter, that he wants to take the EV maker private, CEO Elon Musk appears to be getting support from his board of directors.

Six board members issued a statemen saying they were considering his proposal and that they’d met with him previously to explore the strategy, including “discussion as to how being private could better serve Tesla’s long-term interests.”

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Two other the board members, Kimball Musk, Elon’s brother, and Steve Jurvetson, a venture capitalist, were not part of the statement. Members of the board who signed the statement were Brad Buss, Robyn Denholm, Ira Ehrenpreis, Antonio Gracias, Linda Johnson Rice and James Murdoch. (more…)

Nissan Selling Electric Vehicle Battery Business

Automaker offloading group to China's Envision.

by on Aug.08, 2018

Nissan is selling its EV battery operations, including the plant in Tennessee, to Envision, a Chinese company.

Nissan is preparing to sell its battery business, including a piece in the United States, to a company, based in China, specializing in production of sustainable energy, the automaker announced.

The deal covers Nissan assets in Japan, United Kingdom and U.S., including a battery factory in Smyrna, Tennessee that now employs 400.

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Nissan Motor Co. said it has entered into a definitive agreement with Envision Group, a sustainable energy operator, for the sale of Nissan’s electric battery operations and production facilities to Envision. Nissan will retain a 25% stake in a new company set up when the deal with Envision Group closes. (more…)

16 Miles of Smart, Safe and Sustainable Highway Being Built in Rural Georgia

The Ray envisioned as a testbed for tomorrow’s sustainable roadways.

by on Aug.08, 2018

A car drives over a stretch of solar pavement installed along "The Ray," on Georgia's I-85.

Just north of the Alabama border, a 16-mile stretch of Interstate 85 has become an infrastructural experiment that could transform the way highways across the country are designed, engineered and built in the years ahead.

Known as “The Ray,” and named after Ray C. Anderson, an environmentally minded Georgia industrialist, the experimental roadway introduces a variety of services and features designed to encourage both safer and greener driving. That include solar panels built right into the roadway. The project also uses recycled materials, including ground-up tires, to make the pavement itself more durable.

Innovative!

“On 16 miles of interstate in Georgia, we’re innovating the highway corridor from the ground up, creating a living lab that tests and proves what’s possible for roadway ecosystems across the globe,” organizers said when the project was first dedicated two years ago.

(more…)

Tesla CEO Musk Lays Out Plan to Take EV Maker Private

SpaceX appears to be the blueprint.

by on Aug.07, 2018

Tesla CEO Elon Musk wants to take the EV maker private — at $420 a share.

Sometimes Tesla founder and CEO Elon Musk means what he tweets — in this case, taking the company private at $420 a share.

Earlier today, Musk hopped on telling his millions of followers, “Am considering taking Tesla private at $420 a share. Funding secured.”

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That set off two flurries. One a thread of tweets about everything from what a great idea it is to how followers love marijuana references to how the Securities and Exchange Commission frown on these sorts of pronouncements. (more…)

GM Hopes for Compromise in Looming CAFE Clash

Consistency is key for product development.

by on Aug.07, 2018

General Motors President Dan Ammann said the automaker is hoping government policy on fuel economy will help foster innovation.

Despite the uncertainty, General Motors is hoping the unfolding debate over fuel economy triggered by the administration of President Donald Trump will lead to an outcome that can foster innovation.

Ammann acknowledged as he fielded questions from reporters after an appearance at the Billington Cybersecurity Automotive Summit in Detroit that the proposal by the administration to freeze fuel-economy standards has created challenges.

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“We’re obviously in a long-cycle business,” said Ammann, who was careful not to endorse the administration’s proposal, which also challenges the state of California’s ability to set its own fuel-economy and emission rules for automakers.  (more…)

Former Worker Countersues Tesla Over Sabotage Claim

Martin Tripp alleges automaker tried to cover up quality problems.

by on Aug.06, 2018

Former employee Martin Tripp claims he was fired after trying to report problems at Tesla's Gigafactory.

A former employee at the Gigafactory battery plant has sued Tesla after it claimed he committed sabotage and stole intellectual property.

Martin Tripp was fired by the battery-carmaker in June and subsequently sued by Tesla for allegedly sabotaging the company’s manufacturing system and also stealing its intellectual property. In turn, Tripp has filed a whistleblower complaint with the Securities and Exchange Commission, while also filing a lawsuit against Tesla.

News Now!

In the lawsuit, the former employee said the carmaker took action after he “raised his concerns about the seemingly exorbitant amounts of scrap” being produced at the Gigafactory, though “no action was taken.” Tripp even sent an email to Tesla CEO on May 16, 2018 expressing his concerns and backing them up with “graphical charts.”

(more…)

Automakers Caught “In Limbo” As New CAFE Rules Face Major Legal Hurdles

Anticipated court battle could delay changes for years.

by on Aug.03, 2018

Automakers are caught in the middle over the CAFE debate and could face even more challenges if the proposed Trump rollback drags on in court.

Despite, or perhaps because of, the Trump Administration’s plan to roll back the Corporate Average Fuel Economy, automakers are finding themselves in what one long-time industry analyst calls “limbo,” and it could be a year or more before they’ll actually be able to incorporate the CAFE update into their plans due to anticipated legal challenges.

As a result, it could be well into the upcoming decade before the White House revisions actually have any significant impact, according to numerous industry executives who spoke to TheDetroitBureau.com, if any changes ever actually occur.

Insight!

There is the very real possibility that the courts could rule against the proposed changes or that the legal battle drags on long enough for a new administration to come into office and revert back to the guidelines established under the Obama White House. As a result, automakers and suppliers face a major conundrum when it comes to planning for products set to come out through the middle of the coming decade.

(more…)

Tesla’s Looking to Hire Designers — Video Game Designers

CEO Musk tweeted that V9.0 will have some Atari video games in it.

by on Aug.02, 2018

Tesla CEO Elon Musk took to Twitter to recruit new hires to the company: video game designers.

Tesla CEO Elon Musk is certainly known for his unconventional approach to his businesses, as well as his proclivity for espousing his ideas about them on Twitter.

Those two things met again recently when Musk put out a call to video game designers.

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“If you’re into video game development, consider applying to Tesla,” Musk tweeted Wednesday. “We want to make super fun games that integrate the center touchscreen, phone & car [in real life].” (more…)

19 States, DC Launch Legal Move to Block CAFE Cuts

“We are prepared to put the brakes on this reckless and illegal plan.”

by on Aug.02, 2018

Massachusetts Attorney-General Maura Healey is taking the lead in opposing the CAFE cuts.

It didn’t take long for the backlash to begin as critics took aim at the White House effort to roll back the federal mileage mandate, 19 states, along with the District of Columbia, announcing plans to sue the Trump Administration.

The plan revealed Thursday would freeze the Corporate Average Fuel Economy, or CAFE, standard at 37 miles per gallon, the target automakers had been expected to achieve by 2020, on the way to an official target of 54.5 mpg by 2025 – though the original, real-world number would be in the low to mid-40 range. The administration said the move would not only save new vehicle buyers an average of $2,340 but also save 1,000 lives annually. Critics, however, contend the move will increase demand for imported oil, boost household energy costs and worsen global warming.

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Breaking News!

“We are prepared to go to court to put the brakes on this reckless and illegal plan,” the coalition of states attorneys-general, led by Massachusetts Attorney General Maura Healey, said in a news release.

(more…)

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…)