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Posts Tagged ‘Tesla CEO Elon Musk’

Model 3 Production Halt Raises New Worries About Tesla

Automaker wants to “improve automation and systematically address bottlenecks.”

by on Apr.17, 2018

Tesla is shutting down its plant temporarily to resolve production problems that have delayed Model 3 production.

Tesla is temporarily idling its troubled Fremont, California assembly plant for as long as five days, the automaker has confirmed, in order to “improve automation and systematically address bottlenecks.”

The factory, originally built by General Motors, is Tesla’s only automotive manufacturing facility and currently produces the company’s three battery-electric vehicles, the Models S, X and 3. The latter EV is Tesla’s first “affordable,” long-range vehicle and is meant to push the company into the mainstream – and its balance sheet into the black.

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But the factory has been in what CEO Elon Musk calls “production hell” since the first Model 3 rolled off the line last July, running up unexpected deficits and leading some to question the company’s very survival. (more…)

Waiting to Take Delivery of a Tesla Model 3? You May be Caught in a “Time Shift”

Apparently, there are no “delays” in Elon Musk’s dictionary.

by on Apr.12, 2018

Tesla CEO Elon Musk at the Fremont plant.

Last we checked, there were more than 400,000 folks waiting to take delivery of the Tesla Model 3, a potential problem considering the slow ramp-up of production. But even though some potential buyers might now have to wait until 2019 – perhaps beyond – they shouldn’t consider that a delay but simply a “time shift,” according to CEO Elon Musk.

The South African-born entrepreneur famously predicted his company’s Fremont, California assembly plant would go through “production hell” when it launched its first mainstream model last July. And, indeed, it had to largely hand-build them for the rest of the year. Tesla recently released numbers that showed first-quarter production reached 2,000 a week, but even that was 20% below the company’s target. And that’s leading some frustrated shoppers to cancel their advance reservations.

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“You’ll definitely get your car,” Musk declared during an interview on CBS on Thursday, suggesting customers shouldn’t think of what’s happening as a delay, but “a six- to nine-month time shift. That’s literally it, and three of those months have already passed.” (more…)

Tesla Shareholders Vote Yes on Musk’s $2.6B Compensation Plan

Total payout could exceed $55B if Tesla his all targets.

by on Mar.22, 2018

Tesla's shareholders approved the $2.6 billion compensation package for CEO Elon Musk.

Tesla Inc. shareholders told founder and CEO Elon Musk that they liked him, but not that they really, really liked him. Investors approved Musk’s compensation package by almost a 3-to-1 margin, which is lower than typical approvals.

The grant gives Musk $2.6 billion in stock options in 12 tranches, each of which vests as the company hits performance markers during the next 10 years.

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The electric vehicle manufacturer must meet certain value targets in order for Musk to receive additional shares of Tesla stock. There is no cash compensation in the deal, according to a Securities and Exchange Commission filing. (more…)

Musk Gives Twitter Users a Peek Behind the Curtain

Popular CEO fields questions via Twitter, reveals upcoming Tesla updates.

by on Dec.29, 2017

Tesla CEO Elon Musk held court on Twitter recently, promising everything from a pickup truck to improved Autopilot.

Tesla founder and CEO Elon Musk went “all Oprah” on Twitter yesterday. He asked his followers for input on how to improve the company’s vehicles and as the answers came back he basically rubber stamped approvals like Oprah gives out cars.

The charismatic EV company leader received more than 13,000 responses to his query, which also sought feedback on his other companies, such as SpaceX, SolarCity and The Boring Co., but most centered on what Tesla mavens wanted to see in the future.

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He responded to about a dozen, promising one respondent that the company will “make a pickup truck right after Model Y.” He added that he is “dying to build it,” so when the company debuts the Model Y, the truck could be part of that unveiling, based on the last event. (more…)

Investors Hammer Tesla as Model 3 Production Hits “Bottlenecks”

Overall 3Q production sets record.

by on Oct.03, 2017

Tesla's CEO Elon Musk reported the company is having some production issues, or bottlenecks, with its new Model 3.

Tesla sales hit an all-time record during the third quarter, but what caught the eye of nervous investors was the severe shortfall in production of the company’s critical new Model 3 battery sedan.

All told, Tesla delivered 26,150 vehicles during the July to September quarter. But that included just 260 of the new Model 3 sedans, well below the 1,500 Tesla had originally forecast due to what the automaker described as “production bottlenecks.”

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Investors responded to the news by driving down Tesla shares by as much as 2% Tuesday morning. It didn’t help that Tesla has gotten yet another poor review from Wall Street. Researchers at Cowen and Co. on Monday warned that Tesla stock is likely to “underperform.” (more…)

Tesla Set to Reveal “Unexpected” New Product

Musk also says there is no need to raise more cash.

by on Oct.10, 2016

Tesla CEO Elon Musk with an image of the troublesome Model X which missed production targets, is unveiling a new product on Oct. 17.

Even as it moves forward on the development of its first mainstream product, the Model 3 sedan, Tesla Motors CEO Elon Musk says the battery-carmaker will lift the covers on an all-new product on Oct. 17.

Musk, a savvy user of social media, suggested in a Monday morning tweet that the new battery-electric vehicle will be “unexpected by most,” but offered no other clues as to what is in store.

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In recent months, Musk has dropped a variety of hints, along with broader indications, as to what he would like to see in the Tesla line-up in the years ahead. That includes a crossover-utility vehicle to complement the downsized Model 3, and even a battery-electric pickup. The Tesla founder has already confirmed that an all-new version of Tesla’s original product line, the Roadster, is in the works. (more…)

Tesla May Build Cars in China

Battery carmaker launches sales, outlines plans for supercharger network.

by on Apr.22, 2014

Tesla delivered its first eight cars in China today. Building the vehicles in China is a possibility in the future, according to CEO Elon Musk.

Tesla Motors has launched what could become its biggest gamble yet, delivering its first cars in China and hinting at plans to produce cars in the booming Asian nation.

The Silicon Valley start-up is already the second best-selling producer of battery-electric vehicles in the U.S. and has already launched sales of its Model S in Europe, but it is betting its timing is right to tap into burgeoning demand in China where the government is desperately pushing for a shift to battery power as a way to reduce the country’s endemic smog problems.

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Tesla today delivered its first eight Model S sedans to Chinese customers, CEO Elon Musk telling reporting he hoped the maker could sell 5,000 of the vehicles in China this year, though he quickly cautioned the number is “just a guess.” (more…)

Thunder and Lightning Set New EV Guinness Record

Tesla team completes cross-country trek in 76.5 hours.

by on Feb.03, 2014

Members of the Cross Country Rally team celebrate the completion of their 3,400-mile trek across the U.S.

It took two Tesla Model S sedans nicknamed after bad weather – Thunder and Lightning – to ward off a slew of bad weather and a team of 15 three days to finish setting a new world record on Sunday in New York.

Spurred on by the recent effort of John Glenney, 62, and his 26-year-old daughter, Jill, a father-daughter team who drove from New York to Los Angeles in five days, the aptly named Cross Country Rally team set a goal of just three days to accomplish the 3,464.5-mile trek using only Tesla’s Supercharger network. Superchargers are also faster than regular charging: they replenish half a charge in as little as 20 minutes.

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They completed the trip from Los Angeles to New York City in just 76.5 hours, and recorded the lowest charge time – 1,197.8 kWh – for an electric vehicle traveling across the country, which is now being assessed for recognition by Guinness World Records in London. The process can take as long a six weeks. (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…)