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Tesla Lands on GM’s Radar

Detroit giant hopes to learn from upstart battery-carmaker.

by on Jul.19, 2013

What can GM learn from Tesla and its brash young founder and Chairman Elon Musk?

General Motors has confirmed the company’s Chairman and CEO Dan Akerson has commissioned a study of Tesla Motors, the upstart electric carmaker from Silicon Valley that has countered the generally weak market for battery cars by exceeding its sales forecasts this year.

According to GM vice chairman Steve Girsky, GM wants to be sure that Tesla doesn’t leave it behind in the field of automobile innovation. The start-up maker has generated almost universal raves for its Model S battery sedan and while it’s stock has taken some hits in recent days, Tesla shares are still up about 450% over the company’s 52-week low – and trading at more than three times higher than GM.

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The decision to study, rather than write off, Tesla reflects a very different attitude at General Motors since its 2009 emergence from bankruptcy, Girsky said during an interview on Bloomberg TV. “In the old days, they would’ve said, ‘It’s a bunch of laptop batteries and don’t worry about it and blah, blah, blah,’” Girsky said.


Tesla Boosts Revenues, Trims Losses In Third-Quarter

Battery car maker claims Model S on track for 2012 launch.

by on Nov.10, 2010

Tesla's future hangs on the launch of the Model S sedan, which it confirms for 2012.

For a company with only one model nearing the end of its life to sell California battery-car start-up Tesla Motors remains charged up.  The maker announced a 10% increase in revenues for the third quarter, along with a big jump in its margins.  But while losses were trimmed, it remains well in the red, the battery car maker revealed.

Tesla, which has lately been signing a spate of joint ventures and other alliances, also says it remains on track to bring its second model, the 7-seat Model S sedan, to market for a 2012 launch.

“We continued to garner high-profile endorsements of our industry-leading technology and electric powertrain systems,” Tesla CEO Elon Musk declared in a prepared release.

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The company reported a net loss for the third quarter of $34.9 million, down from $38.5 million during the second quarter of 2010.  Revenues, however, increased 10%, to 31.2%, while Tesla claimed an improvement in margins from 22% to 30% between the second and third quarters.

The key to the improved numbers was a 15% increase in sales of the Tesla Roadster, the two-seat sports car the maker launched in 2008.  It marked the strongest demand for the Roadster in two years, reflecting Tesla’s push into overseas markets.  The company now claims to have sold 1,300 Roadsters in 31 markets.