Posts Tagged ‘Tesla China’

Tesla’s Musk Wants Trump to Expand Trade War

"It's like competing in an Olympic race wearing lead shoes."

by on Mar.09, 2018

Elon Musk, was on Trump's economic advisory council until it disbanded over immigration policies.

In a rare show of pique aimed at President Donald Trump, automakers, suppliers and industry trade groups have all but unanimously voiced their disappointment over new steel and aluminum import tariffs.

The one notable exception has been Tesla CEO and founder Elon Musk who, despite claiming to be generally opposed to import tariffs, appears to be backing the White House. If anything, the tweet-happy executive is spurring Trump to take even broader action, specifically targeting China over the way it handles foreign-made cars, as well as foreign automakers who want to set up manufacturing operations in that country.

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“I am against import duties in general, but the current rules make things very difficult,” Musk said in a tweet. “It’s like competing in an Olympic race wearing lead shoes.”


China’s Newest EV Looks to be World Champion

WM Motor's Weltmeister is the first of many.

by on Dec.11, 2017

WM Motor's founder Freeman Shen introduced the company's first sport-utility EV in Shanghai.

The electric vehicle market in China is quickly becoming highly competitive and this is before Tesla has been given the all clear from the government to build vehicles there without a local partner.

The competition got a little stiffer today as new player in the market to borrow a phrase, announced its presence with authority: WM Motor’s Weltmeister.

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Borrowing the German phrase, “world’s best” or “world champion” the new company showed off its new electric sport-utility vehicle at an event in Shanghai that also unveiled the logo for the company. (more…)

Tesla Deliveries Fall Short as EV Maker Cuts Outlook

But overall loss slightly less than expected.

by on Aug.05, 2015

Despite two price hikes, Tesla saw a jump in Model S orders - but cut its full-year forecast.

Tesla had some mixed news for investors as it revealed its second-quarter results Wednesday afternoon. The maker’s loss was less than anticipated by industry analysts, but the maker fell short of expected vehicle deliveries and cut its forecast for the full year.

The news sent the California battery-carmaker’s shares tumbling in after-hours trading. A critical test in the coming months will be the long-overdue roll-out of the Model X sport-utility vehicle, which Tesla CEO and founder Elon Musk acknowledged was “challenging.”

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“Some things are particularly challenging,” he said during a conference call with media and analysts, “But I think it’s going to be the best vehicle in the world and I think it’s going to blow people away.”


Tesla Finding Big Trouble in Not-So-Little China

EV maker cuts staff due to poor sales.

by on Mar.09, 2015

Tesla's time in China hasn't gone a smoothly as the company's founder, Elon Musk, had hoped.

Tesla Motors’ ongoing string of struggles in China have hit home as the EV is expected to cut as much as 30% of its workforce. The move is due largely to poor sales in China.

The maker will eliminate 180 of the 600 positions, according to media reports. The company is making “structural” changes to better serve current and future customers, according to the company. The cuts began at the beginning of the year.

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During its most recent earnings release, the automaker said 15% of its deliveries were to Asia, but added it must increase the number of vehicles it ships to China in order to facilitate sales. (more…)

Tesla Plunges Deeper into the Red

China problems take their toll.

by on Feb.12, 2015

Low gas prices have also been taking a bite out Tesla's stock price in recent weeks.

However you count the numbers, it wasn’t a good quarter for Tesla Motors.

The Silicon Valley battery-carmaker has been embroiled in controversy for its use of non-standard accounting practices that, critics say, make its balance sheet look a good bit better than it might with more traditional bookkeeping. But there was no way to perfume Tesla’s weak fourth-quarter performance, when it sank $107.6 million, or 86 cents a share, into the red.

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That was $74.7 million more than it run up in losses during the same period in 2013, in part due to problems selling all the vehicles it produced at the end of the year. The maker did hit its production target of 35,000 vehicles for all of 2014, but ran into trouble finding a home for all those Model S sedans. China was a major part of that problem.


Tesla’s China Chief Clears Out

Former Apple exec Wu departs after less than a year on the job.

by on Dec.12, 2014

The head of Tesla's operations in China, Veronica Wu, resigned after less than a year at the company.

Less than a year after joining the company and nine months after accepting the job, Veronica Wu resigned as the head of Tesla Motors’ China operation. She gave no reason for her departure.

Wu joined Tesla from the China unit of Apple and was expected to guide the fledgling EV maker through the myriad of problems it could face in the country.

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The California-based EV maker just started expanding its presence in China after years of legal wrangling over the company’s name with a squatter. Tesla founder Elon Musk traveled to Beijing to help deliver the first vehicles to buyers there in April. (more…)

Tesla May Build Cars in China

Battery carmaker launches sales, outlines plans for supercharger network.

by on Apr.22, 2014

Tesla delivered its first eight cars in China today. Building the vehicles in China is a possibility in the future, according to CEO Elon Musk.

Tesla Motors has launched what could become its biggest gamble yet, delivering its first cars in China and hinting at plans to produce cars in the booming Asian nation.

The Silicon Valley start-up is already the second best-selling producer of battery-electric vehicles in the U.S. and has already launched sales of its Model S in Europe, but it is betting its timing is right to tap into burgeoning demand in China where the government is desperately pushing for a shift to battery power as a way to reduce the country’s endemic smog problems.

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Tesla today delivered its first eight Model S sedans to Chinese customers, CEO Elon Musk telling reporting he hoped the maker could sell 5,000 of the vehicles in China this year, though he quickly cautioned the number is “just a guess.” (more…)

Tesla Poaches Nissan VP Simon Sproule as New PR Chief

Plenty of challenges await.

by on Mar.13, 2014

New Tesla PR Chief Simon Sproule.

It’s been an up-and-down month for Tesla, and if at times it seems like the start-up battery-carmaker has struggled a bit to stay on-message that’s probably no surprise.  It has, in fact, struggled to keep staffed with PR professionals and even those now on the Palo Alto-based team have often been overwhelmed.

There’s the generally good news about the maker’s stock price run-up, the worrisome developments involving a series of vehicle battery fires.  This week, Tesla seemed shell-shocked when it was denied the opportunity to set up factory-run dealerships in New Jersey. Never mind the fact that its expanding in Europe, preparing to enter China and getting ready to launch a new SUV, to be followed by a more mainstream battery sedan.

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Making sense out of all that will shortly become the responsibility of one Simon Sproule, at 45 an industry veteran who has worked for Ford, Jaguar, and for most of the last decade with CEO Carlos Ghosn in a variety of duties at Nissan and the Renault-Nissan Alliance.  His most recent assignment was director of communications for that Euro-Pacific partnership.


Tesla May Raise Gigacapital to Build Gigafactory

Maker unlikely to meet demand in China this year.

by on Feb.20, 2014

Tesla CEO Elon Musk said the company would likely need to raise capital if its proposed battery "gigafactory" was to be ready in the next three years.

Tesla Motor’s financial results showed the company’s progress, but the performance of the stock reflects its perceived potential. Now it appears the EV maker is going to leverage that to raise capital.

The company is preparing to announce its plans to develop a “gigafactory” that would produce batteries for its vehicles at a much higher volume and much lower cost, but in order to do it, it’s going to need some cash and now’s the time to get some with the stock price at an all time high.

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“I think that’s a good idea,” said said Elon Musk, Tesla’s founder and leader, during a conference call with analysts yesterday. He declined to comment specifically about the possibility, but allowed if the company were to build the gigafactory within the next three years, raising money to do so would be necessary. Since the announcement for the plan will be next week, it seems getting some more cash is on Tesla’s agenda. (more…)