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Posts Tagged ‘Tesla’s Elon Musk’

More Tesla Trouble: Electric Semi-Truck Reveal Again Delayed to Focus on Model 3 Production Snags

Investors largely ignore concerns.

by on Oct.09, 2017

Tesla CEO Elon Musk said the company is diverting resources from its semi truck launch to Model 3 production, which is behind schedule.

Tesla’s troubles continue to mount, even as investors appear to be holding onto a long view of the company, largely ignoring delays that include the slow ramp-up of production of the critical Model 3 sedan.

The California-based battery carmaker is again delaying the much-anticipated unveiling of its first-ever electric semi-truck. The event originally was scheduled for September then pushed back to Oct. 26. It now will take place Nov. 16, said CEO Elon Musk.

News You Can Trust!

The latest delay comes because Tesla is “diverting resources,” Musk said in a tweet, to resolve problems that have resulted in extremely slow production of the Model 3. The company is still largely having to hand-assemble the electric sedan, according to several reports, pushing it far behind on the ramp-up of a vehicle that is expected to finally bring Tesla into the black after years of substantial losses. (more…)

Tesla Cuts Prices for Second Time in Two Months

Company lops money off top models this time.

by on Aug.31, 2017

Tesla CEO Elon Musk cut prices on vehicles for the second time in the last two months.

Is Tesla feeling pinched by ever-growing competition? For the second time in the last two months, Elon Musk has gone all “Crazy Eddie,” cutting prices this time on the EV maker’s highest-priced models.

While “Crazy Eddie” is an exaggeration, the company cut the prices on the Model S and Model X 100D by $3,500. The performance versions of each, the P100D, saw a $5,000 price drop. So is this a proactive move to head off competitors?

Technology News!

Nah. Tesla says production costs for the 100-kilowatt battery packs have falling, and the company is simply passing along the savings to potential customers. The new price tag is similar to the prices seen before a price increase on the same models back in April of this year, but the current models offer more features than before. (more…)

Musk Betting Big on Australian Battery Project

Tesla founder says 100MW storage battery done in 100 days or its free.

by on Jul.07, 2017

Tesla CEO Elon Musk guaranteed the company's 100MW storage battery in South Australia will be ready in 100 days or it's free.

Elon Musk continues to add to his reputation as a gambling man. Tesla’s just won the contract to produce a 100MW hour lithium ion, grid-style storage system for South Australia.

Tesla’s founder and CEO told officials that the company would build it in 100 days or it would be free: a $50 million guarantee.

News Now!

“There will be a lot of people that will look at this -’Did they get it done within 100 days? Did it work?’” Musk told reporters in South Australia’s capital city of Adelaide. “We are going to make sure it does.” (more…)

Tesla Closing in on Deal to Build Cars in China

EV maker inking deal with city of Shanghai.

by on Jun.21, 2017

Tesla is apparently closing in on a deal to build new cars in Shanghai.

Not long after suggesting a new plant in India was coming, it appears Tesla’s Elon Musk is making headway on plants around Asia, especially China.

The EV maker is reportedly close to an agreement with the city of Shanghai to build a new plant in the city’s Lingang development zone. The deal could be done in just a few days, Bloomberg reported.

Technology and Business News!

China’s central government has been pushing hard for an increase in electric vehicle sales in the last two years, providing incentives and easing regulations to help manufacturers get moving on the needed escalation of EVs. (more…)

Tesla Trying to Tie Up Loose Ends With Old Grohmann Customers

EV maker searching for “individual solutions” for each company.

by on May.05, 2017

Elon Musk's insistence that Tesla Grohmann's resources be focused on the company's Fremont, California plant to ensure delivery of the Model 3 this summer.

Tesla continues to work on the issues cropping up at its Tesla Grohmann subsidiary in Germany, including how best to deal with the engineering unit’s non-Tesla customers, such as BMW, Volkswagen and Daimler.

How best to deal with these legacy customers is the root cause of the departure of the subsidiary’s former owner, Klaus Grohmann. Tesla acquired the former Grohmann Electronics late last year to help improve the California-based EV maker’s manufacturing operations.

Global News!

Grohmann specializes in “building the machines that build the machines,” Tesla CEO Elon Musk noted at the time. The intention was to have Klaus Grohmann staying to help oversee the transition and direct the work done for Tesla’s Fremont, California plant. (more…)

Grohmann Quits Tesla After Feud With CEO Musk

Leaves after disagreement over handling of previous customers.

by on Apr.27, 2017

Tesla CEO Elon Musk lost another top executive, Klaus Grohmann, after the two disagreed about how to handle Grohmann's now former customers.

As Tesla CEO Elon Musk continues to play whack-a-mole trying to eliminate potential roadblocks to getting the EV maker’s mainstream model, the Model 3, into production on schedule, there have been a few glitches.

The most recent being departure of Klaus Grohmann, who left last month after a clash with Musk. Grohmann was leading the company’s efforts to improve the “machines that build the machines” at Tesla.

The Inside Story!

The pair disagreed over Musk’s insistence on shedding long-time customers – and competitors to Tesla – from Grohmann’s company, which Tesla had acquired in November, according to Reuters. The carmaker wanted all of its new engineering subsidiary’s resources focused on bringing the Model 3 to market on time, with high quality and in large numbers: 500,000 units annually by 2018. (more…)

More Worries as Tesla Strains Finances Rushing to Launch Model 3

Stock analysts as analysts issue new warnings.

by on Feb.27, 2017

Investors are growing increasingly worried about Tesla's finances, sending its stock tumbling again.

Tesla shares took another sharp dip on Monday, continuing a decline triggered by the maker’s weak fourth-quarter earnings, and the admission by CEO Elon Musk that the battery-carmaker’s finances were “getting very close to the edge.”

Shares were off 4.2% at the end of Monday trading, to $246.23, as Goldman Sachs became the latest to turn on Tesla, analyst David Tamberrino downgrading the maker’s stock from “neutral” to “sell.” The market turned bearish when, last week, Tesla reported that it lost $121.3 million, or 78 cents a share, during the final quarter of 2016.

Beyond the Headlines!

That might have been taken in a more positive light, considering that was less than half the $320.4 million deficit posted during the fourth quarter of 2015. But Musk struck a cautious note when advising analysts and media during a conference call that the company has been burning through cash at a frantic rate as it prepares to introduce its new Model 3 sedan over the summer. (more…)

Tesla’s Musk Claims Autonomous Car Critics Are “Killing People”

Too much attention to crashes scares off the public, CEO claims.

by on Oct.20, 2016

Tesla CEO Elon Musk said that the media is complicit in the 1.2 million global traffic deaths each year because it writes stories about autonomous vehicle crashes.

Critics of self-driving cars may be “killing people” by building consumer resistance to the technology, said Tesla Motors CEO Elon Musk.

Proponents of autonomous vehicles – including not only Musk but also U.S. Transportation Secretary Anthony Foxx – contend the technology could eventually result in the elimination of most, perhaps all, highway deaths. But early prototypes, as well as vehicles equipped with semi-autonomous systems, have been involved in a number of crashes, including a May 9 accident in Florida in a Tesla Model S that resulted in the death of a former Navy SEAL.

Safety News!

Nonetheless, the South African-born Tesla founder, said that reporting on such events is counterproductive because when, “you write an article that effectively dissuades people from using an autonomous car, you’re killing people.” (more…)

China Fatal Crash Focuses New Attention on Tesla Autopilot

"No way of knowing" if semi-autonomous system was to blame, says Tesla.

by on Sep.14, 2016

Dash cam footage chronicles the second fatal crash involving Tesla's Autopilot program. This one was in China in January. Photo credit: Jalopnik.

A second fatal crash, this one in China, may have been the result of a malfunction by Tesla’s semi-autonomous Autopilot system.

The incident, which occurred last January but is only now being revealed, took the life of 23-year-old Gao Yaning, the son of the Model S owner. A video captured by a dash camera mounted in the car showed that it appeared to hit a street sweeper at highway speeds, rather than moving aside.

Auto Safety News!

The crash preceded a May 9 collision between a Model S operating in autonomous mode and a truck that turned into the battery-car’s path. Tesla confirmed the Autopilot system was operating when that accident, which took the life of a 40-year-old former Navy SEAL, occurred on a Florida highway. Because of the extent of the damage in the China crash, Tesla says there is “no way of knowing” if the system was enabled. (more…)

Shareholder Files Suit to Halt Tesla’s $2.6B SolarCity Acquisition

Investors nervous about taking on solar panel maker.

by on Sep.13, 2016

Tesla CEO Elon Musk has been serving as chairman of SolarCity, raising conflict of interest concerns.

Tesla shareholders generally seem to have a lot of faith in founder Elon Musk, who has overcome a number of challenges without raising the ire of outside stockholders, who might be expected to raise a few questions.

But Tesla’s $2.6 billion acquisition of SolarCity – Musk is the chairman of both companies and owns nearly 20% in each – seems to testing the confidence of some shareholders.

Your Auto Insider!

At least one shareholder of Tesla Motors Inc. asked a Delaware Chancery Court judge to expedite her derivative suit against the company related to the deal. (more…)