Archive for the ‘Investors’ Category

Tesla Misses By a Mile its Model 3 Target

Models S and X beat forecast, but slow ramp-up of smaller sedan poses big problems.

by on Jan.03, 2018

A new Model 3 in front of Tesla's Fremont, California assembly plant.

Despite promises by CEO Elon Musk, Tesla has yet to dig its way out of the “production hell” it has faced since the launch of its Model 3 battery sedan last July.

The Silicon Valley carmaker said it delivered just 1,550 of the “affordable,” long-range electric vehicles during the fourth quarter, well below what industry analysts had been anticipating. Some had forecast the numbers would come closer to 9,000 for the October-December quarter, with even pessimists forecasting something closer to 4,000.

Industry News!

The shortfall means that many of the roughly 400,000 customers who have plunked down $1,000 deposits for a Model 3 could be waiting well into 2019 before taking delivery, observers warned. It also raises the specter that Tesla might have to seek more capital to offset continuing losses. The company had said it would finally get into the black as production reached the longer-term target of 10,000 vehicles a week. (more…)

LeEco CEO Defies China’s Order to Return, Stays in US

Jia Yueting stays put to complete $1B in fund raising for Faraday Future.

by on Jan.02, 2018

Chinese billionaire Jia Yueting has money riding on both LeEco and Faraday Future.

Jia Yueting, CEO of Faraday Future, defied orders to return to China and meet with federal regulators there concerning the company’s debt, deciding instead that the company’s financial future was here and now in the U.S. raising funds for the beleaguered start-up automaker.

The China Securities Regulatory Commission ordering Jia Yueting to return to China to address mounting debt from LeEco – he’s the CEO – to protect investors’ rights. Instead Yueting sent his younger brother, Jia Yueming, to meet with the government officials, explaining he needed to remain in the U.S. to wrap up deals to secure the $1 billion in funding that Faraday needs.

Electrifying News!

“I am deeply sorry and blame myself for the negative impact of LeEco’s debt crisis,” he said in the statement that was posted on his official WeChat account, according to Reuters.  (more…)

UAW Keeps an Eye on GM Board Seat

Union not giving up spot its coveted for 40 years.

by on Dec.21, 2017

UAW President Dennis Williams told the media that the union will be looking to reclaim its seat on GM's board of directors.

The United Auto Workers plans to reclaim a seat on the General Motors Board of Directors, according to UAW President Dennis Williams.

At UAW headquarters in Detroit, Williams told reporters this week that the union’s executive board will meet early next year.

Union News!

Williams also said he plans to take up filling the seat with Voluntary Employees Benefit Association, the multibillion dollar trust fund that pays for the health care insurance of blue-collar workers, who retired from GM before the 2008-09 recession. (more…)