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Archive for the ‘Tesla’ Category

Tesla Takes Another Slap as Consumer Reports Faults Latest Autopilot Update

Latest update called “far less competent than a human driver.”

by on May.22, 2019

Consumer Reports criticized the performance of Tesla's latest version of Autopilot.

It has been a tough few weeks for Tesla, the California electric carmaker watching its stock plummet in the wake of a sales slowdown, mounting losses and a report from the National Transportation Safety Board blaming the company’s Autopilot system for a fatal crash last March. Now, Consumer Reports is adding to Tesla’s grief.

CEO Elon Musk has spotlighted Autopilot as one of Tesla’s crown jewels, boasting about its increasingly hands-free capabilities, the latest being the ability to change lanes automatically. But the non-profit publication isn’t convinced, warning in a news release that “the latest version … is far less competent than a human driver.”

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“The system’s role should be to help the driver, but the way this technology is deployed it’s the other way around,” said Jake Fisher, Consumer Reports’ senior director of auto testing. “It’s incredibly nearsighted. It doesn’t appear to react to brake lights or turn signals, it can’t anticipate what other drivers will do, and as a result, you constantly have to be one step ahead of it.” (more…)

Could Tesla’s High-Flying Ride on Wall Street be Ready to Come Crashing Down?

Shares head towards $200 for first time since 2016, as key analyst warns $10 is possible.

by on May.21, 2019

Tesla CEO Elon Musk has plenty to worry about as investors turn bearish on its stock.

After sliding to its lowest level since December 2016 on five days of losses, Tesla stock fell to its lowest level in nearly 30 months, at just above $200 — and one key analyst, Morgan Stanley’s Adam Jonas, warns Tesla could see the stock plunge to just $10 a share.

Not much has gone right for the California automotive upstart in recent months, starting with word that first-quarter sales had fallen well short of expectations. Its unexpectedly deep, $702 million loss for the quarter didn’t help. And the situation only grew worse when CEO Elon Musk last week ordered a “hardcore” belt-tightening covering “literally every payment that leaves our bank account.” Then, the National Transportation Safety Board weighed in, blaming a fatal March 2018 crash on Tesla’s much-ballyhooed Autopilot system.

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Even where the automaker appeared to pull off a coup, topping substantially what it had expected to raise with last month’s combination of stock and debt offerings, Musk told employees in an e-mail, that the $2.7 billion Tesla brought in “actually only gives us about 10 months at the Q1 burn rate to achieve breakeven!”

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Tesla Stock Getting Hammered as NTSB Investigates, Investors Fret

Musk tells employees that cash burn rate is high.

by on May.20, 2019

Tesla's Elon Musk has ordered employees to rein in spending on virtually everything.

Just a few days after safety regulators revealed that Tesla’s Autopilot system was engaged during a fatal crash of a Model 3, Tesla’s stock has fallen 11% – including nearly 4% today – to the low $200 range.

Adding to the concerns of stock and bond investors in the California-based EV maker, CEO Elon Musk revealed the company’s first-quarter cash burn rate has put it in a precarious position.

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He told employees last Thursday he would increase cost-cutting and that $2.7 billion in capital the company recent raised would give Tesla just 10 months to break even at the rate it burned cash in the first quarter. (more…)

“Hardcore” Belt-Tightening a Must, Says Tesla’s Musk

The “only way for Tesla to become financially sustainable.”

by on May.17, 2019

Tesla's Elon Musk has ordered employees to rein in spending on virtually everything.

Tesla will need to engage in some “hardcore” cost-cutting, CEO Elon Musk told employees in an e-mail late Thursday, a move that comes in the wake of an unexpectedly severe first-quarter loss.

The automaker earlier this month was able to raise $2.7 billion through a combination of stock and debt offerings, but investors have become increasingly wary of the challenges that face the automaker – Tesla facing substantial debt repayments on top of the costs involved in the development of an array of new products and a new plant in China.

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The latest cash infusion, according to Musk, will only let it go for another 10 months without getting back into the black, he wrote, which “is why, going forward, all expenses of any kind anywhere in the world, including parts, salary, travel expenses, rent, literally every payment that leaves out bank account must (be) reviewed.”

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Tesla Updating Software After Latest Battery Fire

Two recent incidents raise new concerns about EV safety.

by on May.16, 2019

A security camera caught images of a Tesla spontaneously catching fire in a Hong Kong garage.

Responding to the latest in a series of fires involving its electric vehicles’ battery packs, Tesla will updated its digital control software.

The move comes in the wake of a pair of fires in China, a critical market for the manufacturer, both involving parked vehicles. Since the original Tesla Model S was introduced, the company’s products have been involved in more than a dozen vehicle fires.

Electrifying News!

“As we continue our investigation of the root cause, out of an abundance of caution, we are revising charge and thermal management settings on Model S and Model X vehicles via an over-the-air software update that will begin rolling out today, to help further protect the battery and improve battery longevity.” Tesla said in a statement released on Wednesday.

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“You Want to Be There” When the EV Market Takes Off, Ford CEO Hackett Tells Shareholders

The upcoming “Mustang-inspired,” all-electric SUV will “reconceptualize’ the way cars are designed.

by on May.09, 2019

Ford is counting on its "Mustang-inspired," long-range electric SUV, codenamed Mach1, to help it plug into the emerging BEV market.

Ford Motor Co. will launch its “Mustang-inspired,” crossover later this year, its first long-range battery-electric vehicle, and CEO Jim Hackett told shareholders that while the EV market has been slow to build momentum, “When it happens you want to be there.”

Hackett focused a lot of his energy on describing the automaker’s electrification plans during Ford’s first “virtual” shareholders meeting on Thursday, clearly hoping to build support for a program in which it plans to invest $11 billion by 2022, more than double what Hackett’s predecessor, Mark Fields, had committed to spend by 2020. All told, Ford has laid out plans to roll out 40 hybrids, plug-ins and pure battery-electric vehicles, or BEVs.

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The question is whether there will be a market for those vehicles, especially when considering the generally tepid response for earlier Ford battery-based models like the C-Max Energi, a PHEV, and the Ford Focus Electric, a BEV. (more…)

Barely One in Six Americans “Likely” to Buy an EV Next Time They’re in the Market

New AAA study finds millions more might enter market – if gas prices top $5/gallon.

by on May.09, 2019

The Jaguar I-Pace is one of the winners of AAA's annual Top Green Vehicle Award.

Less than one in six Americans say they’d give serious consideration to buying an all-electric vehicle next time they’re in the market for a new car, truck or crossover, according to a new AAA study, a finding that could spell trouble for the automakers ready to launch dozens of new battery-electric vehicles, or BEVs, over the next several years.

The good news for the industry is that as many as 40 million Americans say they’d at least consider the merits of an all-electric model. But, according to the study released today, U.S. motorists remain confused about both the benefits and limitations of battery-cars.

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“Today, more than 200,000 electric cars can be found on roads across the country as almost every manufacturer sells them,” said Greg Brannon, AAA’s director of Automotive Engineering. “But, like other new vehicle technologies, Americans don’t have the full story and that could be causing the gap between interest and action.”

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Tesla Cars Now Can Diagnose Problems, Even Pre-Order Parts

EV maker adds still more OTA update functionality.

by on May.08, 2019

Tesla is now making it possible for its vehicles to self-diagnose some problems with its vehicles, eliminating some maintenance headaches before they happen.

It’s the sort of headache every motorist dreads: a problem that crops up unexpectedly, leaving them stranded on the side of the road.

But Tesla thinks it may be able to prevent at least some of those sudden breakdowns from occurring by introducing a new feature to its vehicles that not only can diagnose problems, but also, in some cases, send an alert to a the Tesla Service Center to pre-order the necessary repair parts.

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“Our cars can keep tabs on certain components to let you know if they need replacing and order parts ahead of you next service visit,” the company said this week. (more…)

Tesla Increases Capital Bid – and Investors Eagerly Comply

EV automaker boosts plan to $2.4 billion – and could go even higher.

by on May.03, 2019

Why is this man smiling? Tesla CEO Elon Musk finally has had a good week.

After long dismissing the need to raise additional capital, Tesla has not only gone back to investors with its hands out but been rewarded with about 25% more fresh funding than it had said it would seek just a matter of days ago.

In all, the financially stretched EV automaker will be able to add at least $2.35 billion to its cash horde, and the figure could grow to around $2.7 billion should underwriters exercise their right to purchase even more stock and bonds.

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The news translated into a solid bounce for Tesla stock, as of mid-afternoon Friday, giving some positive momentum after months of decline. But with shares hovering under $245, the Silicon Valley-based company is still well off from its $319.88 high this year, never mind a 52-week peak of $387.46.

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Product Launches Hammer FCA’s Q1 Earnings

But Ram pickup sales provide a cushion.

by on May.03, 2019

CEO Mike Manley needs to prove he can maintain the pace set by his former boss, Sergio Marchionne.

Fiat Chrysler Automobiles reported profits dropped 41% in the first quarter as a slump in sales in key markets cut the company’s revenues by 5 percent.

The automaker attributed the decline to the normal production challenges related to an array of new product launches in North America, as well as pricing pressure in China and South America.

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FCA CEO Mike Manley, however, reaffirmed the company’s guidance for the full year. “We expect earnings to grow in the following quarters,” he said as FCA completes the launch of the new Jeep Gladiator and the Ram Heavy Duty pickup truck.

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