Detroit Bureau on Twitter

Archive for the ‘Tesla’ Category

Tesla Misses With Q4 Earnings, Raising New Concerns

Automaker plans to ramp up Model 3 output in bid for bigger earnings.

by on Jan.30, 2019

Tesla's Elon Musk said the company faced significant headwinds in the previous quarter and will continue to do so.

Tesla delivered its second consecutive quarterly profit on Wednesday, but hit by various headwinds, including weak sales in China, the world’s largest battery-car market, the numbers fell well below the Wall Street consensus forecast, triggering a pushback from nervous investors.

The automaker said it would push to boost production of its mainstream Model 3 battery-electric vehicle in the months ahead, but whether that can kick-start momentum remains uncertain, Tesla CEO Elon Musk earlier this week warning that the automaker faces a “very difficult” road ahead, something potentially complicated by a nearly $1 billion bond payment due near the end of the first quarter.

News Now!

Referring to 2018 as “the most pivotal year in Tesla’s history,” the automaker tried to put a positive spin on its Q1 results, noting that sales came in stronger than expected with strong revenues. But the initial response was far from upbeat, despite Tesla shares regaining some of the losses of recent weeks during the regular Wednesday trading session. (more…)

Tesla Strongly Hints at Q1 Loss as Musk Warns of “Very Difficult” Road Ahead

Automaker’s stock continues tumble triggered by job cuts.

by on Jan.29, 2019

Weaker-than-expected Q4 demand is expected to mean just a modest profit.

Tesla is expected to report a small profit for the final quarter of 2018 but the automaker’s CEO is now signaling it may have some bad news for the current quarter.

The automaker delivered a solid surprise when it announced a $311.5 million profit for the third quarter of last year, well exceeding analysts’ expectation. CEO Musk earlier this month warned that the final three months of the year would bring a much smaller profit. While Wall Street has already digested that forecast, there are concerns about Musk’s latest advisory.

Breaking News!

While Musk, on January 18th, suggested the company might still be able to deliver “a tiny profit… with great difficulty, effort and some luck” as it headed into 2019, his latest advisory suggests its luck may be running out, at least for now. With Musk warning of a “very difficult” road ahead, there’s a growing consensus the first quarter now will bring another dose of red ink.

(more…)

Exclusive: GM Looking to Add to Growing List of Electric Pickups

Electric drive could deliver major hp, torque increases.

by on Jan.24, 2019

The GMC Sierra is one of the trucks GM is "considering" for electrification.

General Motors is “considering” options for adding an electric pickup to its line-up, a senior executive told TheDetroitBureau.com, a move that would see it join an expanding list of other manufacturers who are developing all-electric trucks.

How far along the project has gotten is unclear, but it appears to fit into the broader “path to an all-electric future” that GM CEO Mary Barra outlined last March. It would also allow the Detroit automaker to challenge its cross-town rival Ford which announced its own plans for a battery-electric pickup this month, as well as several upstart competitors, Tesla and Rivian.

http://www.thedetroitbureau.com/about/subscribe

Electrifying!

“Certainly, it’s something we’re considering,” Duncan Aldred, the vice president of the GMC brand, said during an interview in San Diego, where the “professional grade” brand was previewing several new products this week, including the off-road AT4 version of the big GMC Sierra pickup.

(more…)

Tesla Gets Go-Ahead to Sell Model 3 in Europe

Expect to see wheels on roads in 2020.

by on Jan.21, 2019

Tesla received approval from authorities to begin selling the Model 3 in Europe.

Reversing a string of unpleasant announcements, Tesla found out it has been given approval to sell its Model 3, its mainstream sedan, in Europe next month.

The company’s latest introduction now meets the requires for European approval, according to data published on the Netherlands Vehicles Authority’s website. The group is of several agencies tasked with licensing vehicles and their replacement parts.

All Charged Up!

The Model 3 is considered critical to Tesla’s long-term success. Indeed, it was Model 3 sales that thrust the company into the black in the third quarter of 2018 – the EV maker’s first ever in the black. (more…)

Tesla Cutting 7% of Workforce, Warns “Road Ahead is Very Difficult”

Move comes days after cuts at CEO Musk’s SpaceX announced.

by on Jan.18, 2019

Tesla chief Elon Musk, in atter to employees announced plans to cut 7% of the company's workforce.

Warning that Tesla faces some serious challenges, despite delivering a solid third-quarter profit, Tesla CEO Elon Musk announced plans to cut 7% of the battery-carmaker’s staff in a letter sent to employees on Friday.

All told, that would work out to about 3,150 of the people who work at Tesla’s headquarters in Silicon Valley, plants in Fremont, California, and Reno, Nevada, and other facilities. The move comes just days after Musk outlined plans to cut 10% of the workforce at his SpaceX rocket company.

Business News!

“I want to make sure that you know all the facts and figures and understand that the road ahead is very difficult,” Musk said in the memo sent to the Tesla workforce, adding that, “While we have made great progress, our products are still too expensive for most people.” (more…)

No-Shows, But Tesla and Musk Still Have Strong Presence at NAIAS

But can California carmaker survive the new onslaught of competition.

by on Jan.17, 2019

Tesla CEO Elon Musk showed off a prototype Model S in 2010, the last time he attended the NAIAS.

Battery-electric vehicles may still account for less than 1% of the U.S. new vehicle market, but they have had a notable presence at this year’s North American International Auto Show – something that many credit to a manufacturer that was notably absent from Detroit’s Cobo Hall convention center: Tesla.

Cadillac made a major splash during the first media preview of this year’s show, when it not only revealed the new XT6 utility vehicle but announced that it will be the first General Motors brand to use the automaker’s new all-electric platform for another SUV debuting in 2021.

http://www.thedetroitbureau.com/about/subscribe

Electrifying!

Throughout the show, automaker’s either revealed new battery cars and concepts or outlined their plans for an electrified future. Volkswagen, for one, announced plans to invest $800 million to add production of two new all-electric models at its plant in Chattanooga, Tennessee.

(more…)

Musk Puts Halt to Tesla Referral Program to Cut Costs

CEO says its too costly to keep the program.

by on Jan.17, 2019

Musk is cutting the referral program as the EV maker looks to cut costs and improve profits.

Tesla CEO Elon Musk means business when he talks about cutting costs to improve profitability. The company’s founder tweeted the company will eliminate the customer referral incentive plan on Feb. 1.

Musk wrote the referral program is ending because “it’s adding too much cost to the cars, especially Model 3.”

News Now!

The program was introduced in 2015 by the EV maker, aimed at luring buyers and creating disciples. The owners were given personal referral codes providing them with six months of free supercharging and prizes for existing owners such as launching personal photos into deep space or invites to a Tesla event.  (more…)

GM Expects Bigger Profits, More Transformation in 2019

Company wants to make workforce changes during strong labor market.

by on Jan.11, 2019

GM CEO Mary Barra is leading the transformation of the company's manufacturing footprint.

General Motors Co. expects earnings to grow in 2019 as it restructures, picks up the pace of moving towards what Chairman Mary Barra described as an “all-electric” future, and maintains its market share in China.

“We will continue to strengthen our core business and invest in the technologies that will transform the future of mobility. Managing both well is critical to position General Motors for success for generations to come,” Barra said, adding that it was better to tackle this restructuring during a strong labor market.

News Now!

“We are committed to driving significant shareholder value over the long term as we drive the transformation,” she added. (more…)

Nissan Boosts Range, Performance With New Leaf Plus

World’s best-selling battery-electric vehicle breaks 200-mile barrier.

by on Jan.09, 2019

The 2020 Nissan Leaf Plus.

It’s been the world’s best-selling battery-vehicle since its introduction nearly a decade ago, but the Nissan Leaf had been losing ground as competitors like Tesla have rolled out an array of new competitors.

Now, the Japanese automaker is aiming to regain momentum with the introduction of a critical update to the battery-electric vehicle, the new Nissan Leaf Plus set to increase both range and performance by about 50 percent. That will position the five-door model, to be sold as the Leaf e+ in most other markets, as the latest BEV to top the 200-mile mark.

Stay Charged Up!

“This is a big psychological barrier,” said Denis LeVot, the CEO of Nissan North America, during the debut of the Leaf Plus at the Consumer Electronics Show in Las Vegas. Along with the improvement to Leaf’s traditionally anemic performance, he added, that should prove to potential buyers that “these are more than real cars.”

(more…)

Tesla Breaks Ground on New Shanghai Gigafactory

Musk expects plant to be completed by midyear.

by on Jan.07, 2019

Tesla's Elon Musk said he expects the new Shanghai plant to be complete during the second quarter.

Tesla chief Elon Musk extended his vision of a world dominated by electric vehicles by traveling to Shanghai, China, to break ground for the company’s newest plant, Gigafactory 3.

Always the optimist, Musk said he expects construction on the massive 210-acre facility to be complete by the middle of this year with finished products rolling off the assembly line and out the doors by the end of this year.

Global News!

“With the resources here, I think we can build the Shanghai Gigafactory in a record time,” Musk said during the rain-soaked ceremony. (more…)