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Tesla Stock Tumbles Hard as Questions Mount About Proposal to Go Private

Investors are “raising a lot of sensible questions,” while the SEC also begins sniffing around.

by on Aug.09, 2018

Investors -- along with the SEC -- are raising concerns about CEO Musk's proposal to take Tesla private.

Barely two days after euphoric investors started snapping up Tesla stock, buoyed by a tweet from CEO Elon Musk suggesting the company was ready to go private, gravity has set in. After nearing an all-time record, Tesla’s share price settling back to barely above where it started.

While the battery-carmaker’s board – along with at least one major investor — has cautiously backed the idea, saying it will now explore the idea of taking Tesla private, there appear to be more questions than answers. One of the uncertainties is how the SEC is viewing what happened this week, the federal agency set to take a close look at Musk’s suggestion that “Funding (is) secured” to make the transition once Tesla stock hit $420 a share.

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That number was certainly a big jump from where TSLA shares began the day on Tuesday, just over $340 a share. By the end of the day it had rocketed close to Tesla’s record closing of $389.61. But concerns were apparent almost immediately with some analysts pointing, among other things, to the “420” in Musk’s tweet, a number more often used as slang for marijuana.

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SEC Amps Up Investigation of Tesla After Musk’s Buyout Tweet

Moving to "Private" mode.

by on Aug.09, 2018

Tesla CEO Elon Musk's tweets about taking the company private and having the funding to do it has the SEC's attention.

The Securities and Exchange Commission is ramping up its investigation of Tesla Inc. in light of CEO Elon Musk’s recent tweets about taking the company private at $420 a share.

More precisely, they are interested in his assertion that he already has the funding in place. According to a Bloomberg report, the SEC’s San Francisco office was already investigating the company and the recent round of tweets escalated its interest.

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Though it is not illegal for company officials to use twitter to promote Tesla, talking about potential buyout prices and issuing other proclamations that could artificially alter the California-based EV maker’s stock price could be reason for an investigation and ultimately charges. (more…)

Infiniti Set to Reveal “Electrified” Concept at Pebble Beach

Show car will “underline the electrified performance theme."

by on Aug.09, 2018

Infiniti is offering a tease of its Pebble Beach Concept.

It’s going to be a busy week when everyone starts rolling into California for the week-long celebration leading up to the annual Pebble Beach Concours d’Elegance. Automakers from around the world are promising to use the Concours and related events as backdrop to unveil an array of production cars and concepts later this month.

That includes Infiniti which today dropped some hints about the electric luxury model it will launch on the Pebble Beach show. While the Nissan luxury brand is being coy about details, it hints that the show car will “underline the electrified performance theme” that it has announced for future products, virtually all models set to be offered with some form of battery-based drivetrain – with an emphasis on plug-in hybrids and pure battery-electric vehicles.

What a Concept!

“Our new concept provides clues to where the Infiniti brand is heading,” said the brand’s design director Karim Habib, in a statement accompanying this teaser image. “For us, electrification means performance – our electrified cars will be powerful, efficient, and a joy to drive, and the new concept is a physical representation of our electrified performance future.”

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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.”

Dig Deeper!

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.

News You Can Trust!

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.

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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 twitter telling his millions of followers, “Am considering taking Tesla private at $420 a share. Funding secured.”

Stay Plugged In!

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.

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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.”

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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.

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