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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.

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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 Loses Nearly $900 Million in 2015

Stock price jumps after Model 3, profitability news.

by on Feb.11, 2016

Tesla CEO Elon Musk delivered sour financial results, but the company's stock rose 9% anyway on bright product news.

Tesla announced it lost more money in the fourth quarter of 2015 than it lost in all of four quarters of 2014 — $320 million compared with $294 million – and its stock rose 9%.

In fact, Tesla lost $889 million on revenue of $4 billion for the full year compared with a loss of $294 million on revenue of $3.2 billion in 2014 on an unadjusted basis. Tesla’s adjusted full-year revenue of $5.29 billion was slightly below analysts’ forecast of $5.38 billion.

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Despite the annual loss coming in three times higher, investors were happy for three reasons. (more…)

Nissan Leaf Buyers Getting Free Car Charging

New program allows owners to use stations at no cost.

by on Jul.09, 2014

Nissan Leaf buyers not only don't have to pay for gas as owners of an electric vehicle, under a new program, they'll be able to charge their cars free of charge.

One of the standing arguments in favor of electric vehicle ownership is that it costs far less to charge a car than to fill it with gasoline. Nissan is strengthening that argument by making that cost zero.

The Japanese maker’s new “No Charge to Charge” promotion gives Nissan Leaf buyers two years of free charging at selected public charging stations in 10 markets around the country: San Francisco, Sacramento, San Diego, Seattle, Nashville, Phoenix, Dallas-Ft. Worth, Houston, Portland, Oregon, and Washington, D.C.

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“Free charging is a great way for Nissan and our charging partners to make Leaf an unbeatable value for the average American driver,” said Brendan Jones, director, Nissan Electric Vehicle Sales and Infrastructure. “The popularity of ‘No Charge to Charge’ since our April announcement shows that public charging spurs range confidence and additional Leaf sales.” (more…)

Tesla Trying to Recover Wrecked Model S

EV maker sued by trademark squatter in China.

by on Jul.08, 2014

Tesla founder and CEO Elon Musk wants to recover a stolen Model S involved in a high-speed collision in California over the weekend.

Tesla is looking to get its hands on a recently wrecked Model S sedan – it split in half after hitting a light pole and the battery caught fire – after it was stolen from a dealer lot in California last weekend.

“We’ve asked to take a look at the vehicle as soon as that’s possible,” Simon Sproule, Tesla’s vice president of communications, told Bloomberg News. “There aren’t so many Ses involved in major crashes, and certainly not quite like this one, so we absolutely want to have a look to understand what happened.”

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The car crashed on a street in West Hollywood, Calif., after a police chase at speeds up to 100 mph. There were several injuries in the multi-car crash, but no deaths at the scene, police officials said. (more…)

Tesla’s Musk Has No Plans of Leaving CEO Job

Chief exec blames Ford for taking the SEX out of Tesla’s plans.

by on Jun.04, 2014

Tesla founder and CEO Elon Musk told Tesla shareholders he plans to remain in charge of the company for at least the next four or five years.

He may be splitting his long days between carmaking, space exploration and solar cells, but Tesla Motors CEO Elon Musk says he expects to remain in his post at the helm of the battery-carmaker for at least another four or five years.

Musk outlined his plans for Tesla during the maker’s annual shareholders meeting, noting he plans to stick around through the launch of the upcoming Model X sport-ute, as well as a more mainstream battery-car that the company had hoped to call the Model E. But that has apparently run afoul of a trademark at Ford Motor Co., and spoils Tesla’s plans to have a line-up that spelled out SEX.

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“They are killing SEX,” Musk jokingly told shareholders, noting that Ford had threatened to sue Tesla. But he hints there’s another sexy alternative name Tesla is working on. (more…)

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…)

Tesla Sets New Record High for Share Price

Investors push stock beyond $200 mark during trading.

by on Feb.13, 2014

Investors seem pretty excited about Tesla. They pushed the company's stock price to a record-high close today of $199.63.

Investors apparently are expecting good news from Tesla when it reports earnings next week as the company’s stock floated above $200 a share today before closing at record high $199.63.

It was the second time this week that the Palo Alto, Calif.-based electric vehicle maker’s stock broke through the $200 barrier. In fact, it set a new record today of $202.72.

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Analysts surveyed by FactSet expect the car maker to report fourth-quarter earnings of 19 cents a share on $646 million in sales, according to MarketWatch.com. (more…)

Tesla Stock Jumps as German Investigators Clear Model S – But Questions Remain

Will stock rebound continue as NHTSA continues to probe fires?

by on Dec.04, 2013

Investors seem to be ready to overlook the issues surrounding the Model S, but NHTSA is definitely not.

Investors appeared to be willing to overlook the recent Tesla Model S fires yesterday, pushing the company’s stock to its biggest one-day gain in four months; conversely, the National Highway Traffic Safety Administration (NHTSA) is taking time to really examine the incidents and the safety of the Model S.

Tesla’s stock jumped 16.5% yesterday on a couple of pieces of good news. First, the German Federal Motor Transport Authority – Germany’s version of NHTSA – basically cleared Tesla of any culpability in the three incidents where the Model S caught on fire: two in the United States and one in Mexico.

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“No manufacturer-related defects could be found,” according to a letter outlining the findings from the German agency, which was provided by Palo Alto, Calif.-based Tesla. “Therefore, no further measures under the German Product Safety Act are deemed necessary.” (more…)

A Musk Meltdown? NHTSA Disputes Tesla Founder’s Claims

Are Tesla’s batteries fatally flawed?

by on Nov.21, 2013

Tesla CEO Elon Musk said the company asked for the National Highway Traffic Safety Administration to open an investigation into the fires plaguing the Model S in recent months. Safety officials have denied that claim.

What’s clear is that the federal government has opened an investigation into the three fires involving Tesla vehicles – and the potential that the Model S battery-electric vehicle suffers from a significant safety design defect. What’s less clear is how that probe got underway after an initial delay.

In a blog posting that came out earlier this week, Tesla CEO and founder Elon Musk declared that his company asked the National Highway Traffic Safety Administration (NHTSA) to launch its probe. But during a tour of the L.A. Auto Show, NHTSA Director David Strickland stressed that was news to him.

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The head of the federal government’s automotive safety arm first noted that during a hearing on Capitol Hill this week, later repeating that the decision to launch the investigation was made “independently,” with no feedback from Tesla or its CEO, despite Musk’s blog claiming the company “requested” a safety probe “as soon as possible into the fire incidents.” (more…)

Tesla Gains Ground in America’s Wealthiest Neighborhoods

West Coasters leading the charge to get the pricey EV.

by on Nov.04, 2013

Tesla is scoring big with wealthy Americans as it has become the new "it" car to own.

“The rich are different from you and me,” or so is the slightly misquoted comment from F. Scott Fitzgerald, but the fact is that they can afford from pretty exclusive vehicles – such as the Tesla Model S, the battery-electric vehicle that tops out at more than $100,000.

And according to the latest sales data, it’s become one of the favorites among the affluent motoring sect. Data tracking service Edmunds reports that the Model S is now the most-registered new car in eight of the nation’s 25 wealthiest neighborhoods tracked by zip code.

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But the bulk of those communities are located in California, as anyone who has visited the sprawling Los Angeles metroplex lately can’t help but notice. It appears that the Tesla battery car has become the latest status symbol among the region’s trend-setters – among the rich, a more fitting green fashion statement than the more plebian Toyota Prius that gained notoriety a few years back when actor Leonardo DiCaprio arrived in one for the Oscars ceremony. (more…)