Elon Musk | TheDetroitBureau.com
Detroit Bureau on Twitter

Posts Tagged ‘elon musk’

Tesla Will Now Charge to Supercharge

Maker also announced purchase of German engineering firm to help boost production capacity.

by on Nov.08, 2016

A Tesla Supercharger station in Hawthorn, CA.

There’s no such thing as a free lunch – or free energy, it seems. Tesla Motors plans to stop offering unlimited use of its cross-continent network of high-speed Superchargers to anyone who buys one of its vehicles after January 1, 2017.

The system, which currently includes 734 chargers worldwide, most in the U.S. and Canada, allows motorists to travel long distances without range anxiety. Until now, they have been open to any Tesla owner at no charge. The battery-carmaker hasn’t said what it will now charge new buyers but claims it will “cost less than the price of filling up a comparable gas car.”

Tech News!

Tesla had already signaled it would not include free charging for buyers of the Model 3, which is expected to go into production during the second half of 2017. The company says it now has more than 300,000 advance registrations on the books. And to help ensure it meets the aggressive production ramp-up outlined by CEO Elon Musk last March, Tesla is now buying Grohmann Engineering, a German firm that develops automated manufacturing systems for batteries.

(more…)

Tesla Delivers Unexpected Profit

Shares surge, though not everyone is convinced.

by on Oct.26, 2016

Tesla overcame quality problems enough to boost production and crawl into the black during Q3.

Long struggling in the red, Tesla Motors delivered a surprise profit, the maker delivering more cars than expected for the third quarter, after a shortfall during the first half of the year.

The black ink, a total of $22 million, or $0.14 a share, was a much-needed boost for a carmaker struggling to launch its first mainstream product next year. The announcement came just days after Tesla took a sharp hit from influential Consumer Reports magazine, which declared the California carmaker suffers from serious quality and reliability issues.

Your Auto Insider!

The black ink sent shares of Tesla soaring after months of weak performance to $211.83 a share. But not all observers were convinced the company had achieved a long-sought breakthrough.

(more…)

More Trouble for Tesla: Consumer Reports Trashes Reliability

Model X rated “sixth least reliable vehicle” in latest owner study.

by on Oct.25, 2016

Tesla's Model X has had a series of major quality problems, especially with the falcon doors.

Already facing growing concerns about quality issues with its newest electric vehicle, the Model X SUV, Tesla Motors was hammered by influential Consumer Reports magazine this week, the non-profit publication ranking the California carmaker 25th of 29 brands in its annual automotive reliability study.

It wasn’t all bad news. After faring poorly in the 2015 auto survey, CR said the Tesla Model S actually had “improved reliability.” But the newer Model X “has a long way to go,” with a variety of issues including balky falcon wing doors, locks, latches and other systems.

Brand News!

The Model X is “the sixth least reliable vehicle in our survey, and there are some monumental challenges with that vehicle,” Jake Fisher, Consumer Reports’ director of automotive testing, said during an appearance before the Detroit Automotive Press Association. “It’s unclear,” he added, “whether they will get the ‘falcon wing’ doors right ever.”

(more…)

Faraday Future Set to Reveal First Car at CES

LeEco’s autonomous debut short-circuited when its car wouldn’t run.

by on Oct.20, 2016

The LeEco LeSee concept.

Tesla Motors isn’t the only automotive upstart attempting to make news about electric and autonomous vehicles. Several potential competitors have their own, futuristic models to reveal – though, as Chinese-owned LeEco demonstrated Wednesday, there are plenty of pitfalls along the path.

With billionaire investor Jia Yueting on hand for a public unveiling in San Francisco, LeEco’s event went off the rails when the LeSee, its prototype autonomous electric vehicle, couldn’t drive down the runway, forcing Jia to run down the ramp on his own.

Plug In!

Jia, who made a fortune in the Chinese electronics industry, is clearly hoping to do better with a second automotive start-up he is funding, California-based Faraday Future. That company made its debut last January at the Consumer Electronics Show in Las Vegas, and will be back at the 2017 CES in less than three months to unveil its first production model.

(more…)

Tesla Delays “Unexpected” News, but Announces Solar Cell Deal with Panasonic

“Needs a few more days of refinement,” tweets CEO Musk.

by on Oct.17, 2016

Panasonic claims to make the world's most efficient rooftop solar cells.

Those who were hoping for a big announcement from Tesla Motors are going to have to wait a couple more days, according to CEO Elon Musk, though the Silicon Valley-based electric car company did have some significant news to report on Monday.

Tesla says it will expand its alliance with Japanese electronics giant Panasonic to start producing solar cells. That could be a major development for SolarCity, the solar panel company Tesla recently said it will acquire. Panasonic already produces batteries for Tesla’s electric vehicles and is a major partner in the massive Gigafactory battery plant being erected in Reno, Nevada.

News Now!

Tesla’s Musk had hinted earlier this month that the company would make an “unexpected” product announcement on October 17th, but in an overnight tweet, the South African-born entrepreneur said the project “needs a few more days of refinement,” and won’t be revealed until Wednesday.

(more…)

Tesla Deliveries Surge 70% in Q3

Upturn after EV maker’s first-half sales shortfall.

by on Oct.03, 2016

The Tesla Model X launch has been a thorn in the company's side, production still a challenge.

Tesla Motors saw third-quarter deliveries of its Models S and X battery-electric vehicles surge 70% during the third quarter, a significant improvement over recent quarters that saw the California-based manufacturer fall short of its targets.

Tesla also said that it expects deliveries during the fourth quarter to come in “at or slightly above” the July to September numbers, something that would put the maker on a path to rolling out more than 2,000 of the battery-electric vehicles, or BEVs, each week for the rest of the year.

News Now!

In turn, company officials have indicated that could translate into a profit for the maker – using non-standard accounting procedures – after some recent, heavy losses.

(more…)

Tesla Gigafactory Delay Complicating Tesla’s Worsening Financial Woes

Maker likely to blow through at least a third of its cash.

by on Aug.09, 2016

Tesla CEO Elon Musk.

Barely two weeks after Tesla Motors CEO Elon Musk led a tour of the company’s new Gigafactory, it turns out that battery plant is running both late and likely over budget – something that is expected to worsen an already troublesome financial situation for the battery-carmaker.

Intended to be the world’s largest lithium-ion plant, the Gigafactory is already set to begin partial operation, and Musk last week boasted of plans to eventually boost output far beyond the original plans. But Tesla now says it spent nearly $120 million to prep the facility during the first half of the year with costs for all of 2016 expected to balloon to $520 million.

Perspective!

That’s one reason the carmaker’s cash reserves are fast on the decline. In fact, Tesla said it will have to lay out $1.1 billion, or about a third of its cash, during just the third quarter of this year. And with plenty of work left both on the Gigafactory and on the development of the Model 3 sedan, the financial pressures on the company are expected to grow more severe –especially in light of its unexpectedly sharp second-quarter loss.

(more…)

Tesla Losses Mount as Sales Fall Short

CEO Musk insists production getting back on track.

by on Aug.03, 2016

Tesla CEO Musk with an image of the troublesome Model X which missed production targets.

Burdened by a slower-than-expected roll-out of its Model X sedan, with sales overall falling short, Tesla Motors delivered an unexpectedly deep loss for the second quarter of the year.

The automaker, which has been using its own accounting procedures, said it lost $293 million, or $2.09 a share, for the April to June quarter. Excluding special one-time items, the loss narrowed to $150 million, or $1.06 a share. But that was still well below Wall Street’s expectations, analysts predicting the maker would lose $0.65 a share.

Your Auto Insider!

The maker tried to put a positive spin on the weak performance by looking forward. “Production and demand are on track to support deliveries of approximately 50,000 Model S and Model X vehicles during the second half of 2016,” CEO Elon Musk and CFO Jason Wheeler said in a joint statement announcing the earnings.

(more…)

Tesla to Complete SolarCity Takeover Despite Concerns

All-stock deal worth $2.6 bil, but critics cite conflicts of interest.

by on Aug.01, 2016

A series of SolarCity solar panel installations.

Despite concerns about potential conflicts of interest, Tesla Motors said Monday morning that it would complete its takeover of the solar power company SolarCity, a move it believes will lead to numerous synergies in its broader green energy strategy.

Tesla CEO Elon Musk said the all-stock, $2.6 billion deal will almost immediately result in $150 million in cost-savings, describing the deal as a “no-brainer” that “we should have done sooner.” But reaction has been skeptical since the proposed takeover was announced more than a month ago.

Power Up!

Together, Tesla and SolarCity “expect to save customers money by lowering hardware costs, reducing installation costs, improving our manufacturing efficiency and reducing our customer acquisition costs,” Tesla said in a statement.

(more…)

Tesla Master Plan Calls for Pickups, More SUVs – and More Non-Auto Ventures

“Part Deux” offers few details on broad strategy.

by on Jul.21, 2016

Tesla CEO Musk outlines a broad new strategy that goes far beyond just offering green cars.

Tesla Motors founder and CEO Elon Musk is nothing if not ambitious, based on the expansive new “Master Plan, Part Deux” the executive released late Wednesday, a week later than originally planned.

The blog posting from Musk calls for the California company to flesh out its line-up with an assortment of new battery-electric vehicles, including a “new kind of pickup truck,” as well as an SUV smaller than the current Model X. But it also appears to envision Tesla as a supplier of a broad range of green technology solutions, a move that is based on its planned acquisition of solar panel company SolarCity.

We'll Keep You Charged Up!

The theme of the Master Plan is “sustainability,” said Musk, in an almost apocalyptic blog post warning of dire consequences if the world doesn’t get off its oil fix.

(more…)