Detroit Bureau on Twitter

Posts Tagged ‘Musk news’

Tesla to Hold Musk to a Higher Standard for Compensation

No cash or bonuses unless carmaker hits milestones.

by on Jan.23, 2018

Elon Musk won't receive any compensation from Tesla until the EV maker begins hitting select stock and operational milestones.

With Tesla still struggling with serious production problems and a balance sheet that has been sinking deeper into the red, the battery-carmaker said Tuesday that its billionaire founder and CEO Elon Musk won’t be in line for any form of compensation until it reaches stock and operational milestones.

While investors continue to back the company, its shares rebounding sharply since a deeper-than-expected third-quarter loss was announced last autumn, there has been growing concern about the delays in ramping up production of the new Model 3. That has raised concerns the company might have to raise more capital to compensation for its rapid cash burn.

Subscribe Now!

“Tesla and all of its shareholders” will have to perform “extraordinarily well before Musk is to receive any form of compensation going forward, the company said. But the announcement also took aim at another concern that some investors and analysts have raised in recent months: whether the South African-born Musk would remain onboard. (more…)

Richard Branson Aims to Make Hyperloop Travel a Reality

British billionaire buys stake in high-speed transpo company, rebrands it Virgin Hyperloop One.

by on Oct.13, 2017

Virgin Founder Richard Branson invested an undisclosed amount in Elon Musk's Hyperloop One project, which is now named Virgin Hyperloop One.

British billionaire Richard Branson already has taken aim at space with his Virgin Galactic rocket ship company. Now he wants to get travelers rocketing along closer to earth, the head of the Virgin Group joining the board of start-up Hyperloop One.

Branson is also buying an unspecified stake in that company – which aims to commercialize the high-speed transportation system envisioned by Tesla CEO Elon Musk – and it will now be renamed Virgin Hyperloop One. The goal is to send passenger and cargo pods shooting great distances through low-pressure tubes at speeds of more than 600 miles an hour.

News Now!

“Virgin Hyperloop One will be all-electric and the team is working on ensuing it is a responsible and sustainable form of transport,” Branson’s firm said in a statement. (more…)

Musk and Trump: Strange Bedfellows, Indeed

EV innovator hails choice of oil exec for new Sec. of State.

by on Jan.25, 2017

Elon Musk, left, listens intently as President Donald Trump, right, talks during a meeting with leading U.S. tech executives.

At first glance, they might seem to be polar opposites: one has proclaimed his desire to save the world from the effects of global warming and environmental degradation. The other has declared climate change a “hoax” perpetrated by the Chinese, and is kick-starting two controversial oil pipelines while naming a former oil executive to be his new Secretary of State.

True, they both claim to be wealthy entrepreneurs, but the unexpectedly cozy relationship that is developing between Tesla Motors founder and CEO Elon Musk and new President Donald Trump is nonetheless taking many observers, especially those in the environmental community, by surprise.

Subscribe Now!

It wasn’t necessarily the decision to join the new president’s business advisory board – along with traditional auto industry leader Mary Barra, the CEO of General Motors – nor the White House meeting on Monday. But what really shocked Musk’s legion of fans was his Tuesday announcement endorsing the choice of Rex Tillerson as Trump’s Secretary of State. (more…)

Musk Likely to Face Pressure from Trump Administration

New president's focus on old guard fuels likely to hinder EV guru's companies.

by on Nov.10, 2016

The Tesla Model X earned an award in Germany, but Elon Musk and his company's may not feel so welcome in the U.S. with the next administration.

The Tesla Model X has been honored with Germany’s “Golden Steering Wheel,” one of the automotive world’s most prestigious awards, which has rarely gone to an American vehicle.

The EV maker may want to bask in the friendly glow of the European honor because back home a new and unsympathetic administration in Washington D.C. is moving into the White House.

The Journal of Record!

Elon Musk, Tesla founder and chief executive officer, has been targeted by Breitbart, the conservative alternative new site favored by President-elect Donald Trump. In the past, Breitbart has criticized Musk for accepting large grants from the federal government. (more…)

Musk’s Big Plans for Tesla Need Big Money – Maybe $12.5B

Founder dispels notion company needs billions in a tweet.

by on Oct.14, 2016

CEO Elon Musk disputes the notion the company will need to raise billions of dollars.

As the latest product news from EV-maker Tesla looms, it’s the money the company will need – with estimates ranging from nothing to $12.5 billion – to meet all of its obligations that seems to be garnering all the attention.

Analysts have been furiously scouring the company’s SEC filings and looking for other clues to see what Tesla will need to spend to bring out new models, complete the acquisition of SolarCity and expand its other operations.

The Journal of Record!

Additionally, Elon Musk, the company’s founder and CEO, added more to the equation with a recent tweet alerting followers about a new product announcement on Oct. 17. (more…)

Musk Unwrapping Tesla Model 3 Next Spring

Mass-market model production can't start until Gigafactory up-and-running.

by on Sep.03, 2015

Tesla's Elon Musk tweeted recently that the Model X crossover will be slightly more expensive than the Model S sedan.

Any time Elon Musk starts tweeting, Tesla aficionados scramble to see if there’s news or even hints about what’s to come and in a recent string of tweets, he didn’t disappoint.

Musk, the company’s founder, took to social media to talk about both of the California-based EV maker’s anticipated vehicles: the Model 3 and Model X.

Industry News!

The Model 3, which is slated to be maker’s mass-market entry, is expected to transform Tesla from a money-losing, niche operation into a profitable, high-volume manufacturer, Musk previously laying out a goal of hitting sales of at least 500,000 vehicles annually by decade’s end, or 10 times what he expects in 2016. (more…)

Tesla Offering $500 Million in Stock Offering

EV maker plowing cash into product, Gigafactory development.

by on Aug.13, 2015

Tesla is looking to raise $500 million in capital for product and Gigafactory development.

Days after it reported another quarterly loss and a study shows it’s basically losing $4,000 on every Model S it sells, Tesla Motors is looking for investors to gobble up another $500 million in stock with the EV maker’s latest public offering.

Tesla said it “intends to use the net proceeds from this offering to accelerate the growth of its business in the United States and internationally, including the growth of its stores, service centers, Supercharger network and the Tesla Energy business, and for the development and production of Model 3, the development of the Tesla Gigafactory, and other general corporate purposes.”

We Keep You Plugged In!

In the spirit of shared sacrifice, Tesla’s founder and CEO, Elon Musk, will buy the first $20 million, according to the automaker. Tesla intends to grant the underwriters a 30-day option to purchase up to $75 million of additional shares of common stock. (more…)

Elon Musk a Bachelor Again

Files for divorce – for second time – from actress wife.

by on Jan.05, 2015

Elon Musk filed for divorce from his second wife, actress Talulah Riley, for a second time.

Apparently, balancing business and pleasure is difficult for South African-born billionaire Elon Musk. The head of battery carmaker Tesla Motors and rocket company SpaceX has filed for divorce – for a second time – from wife Talulah Riley, a British actress.

Depending upon how you count, it becomes the second or third divorce for the handsome, if eccentric, Musk, who had five children with his first wife.

Subscribe for Free!

“Elon Musk and his wife Talulah Riley have announced that they are ending their marriage amicably,” said a brief statement by a spokesman for the couple, noting they filed their petition for divorce with Los Angeles Country Superior Court on New Year’s Eve. (more…)

Tesla Unveiling “Something Else” This Week

by on Oct.06, 2014

Speculation about what's coming on Thursday has run rampant, but most think it's an all-wheel drive Model S.

Last week, Tesla’s CEO Elon Musk sent out a cryptic tweet suggesting something new was coming on Thursday from the California-based EV maker and speculation has centered on what it is.

“About time to unveil the D and something else,” he tweeted.

Plugged In for News!

The “D” is widely expected to be an all-wheel drive system for the Model S. However, the “something else” may be something much bigger: the beginnings of an autonomous Model S. (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.

Plugged In for News!

“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…)