TTAC Commentator Waftabletorque writes:
I’m having an issue diagnosing a navigation system problem on my 2002 LS430. I’ve gone a few years with the GPS link not working, which means it no longer receives a satellite signal and defaults to dead-reckoning mode (the GPS symbol disappears on the touchscreen). It’s a nuisance issue but it’s low on my priorities.
It also happens that I’ve been using a dashcam for the last four years. I never linked the two together until I had a couple of dashcams go bad in 2016, and spent the whole summer without one. Well, my GPS started working again, and I chalked it up to a warm summer fixing some sort of electrical wiring fault in the antenna.
Once I got my fourth dashcam in September, I noticed my GPS stopped working again. It was getting cold in the mornings and I thought my good luck spell had ended. Then, it occurred to me that maybe the GPS gets disabled when the 12V was in use. I’ve since found that it’s true for all three of my 12-volt ports (cigarette lighter, arm rest, rear seat cigarette lighter).
None of my other electrical loads (seat heaters, defrosters, seat massagers, headlights, fridge, etc) seem to trigger this issue, and I replaced the car battery in 2013.
So, what’s my next step? Is this a grounding issue? Voltage issue? A conspiracy of aftermarket electronics deliberately disabling automotive functionality? (Read More…)
The brief uptick in share price Tesla enjoyed after beating production estimates this week was swiftly erased by a newly critical Goldman Sachs Group.
The investment bank downgraded the company on Thursday, sending its stock back down the hillside, Bloomberg reports. It’s bad news for CEO Elon Musk’s fundraising plans. (Read More…)
After a second quarter that was anything but hot, Tesla Motors surprised analysts by delivering 24,500 vehicles in the third quarter — a 10,000-unit jump over the previous tally.
The healthy delivery numbers allow CEO Elon Musk to stick to his promise of 50,000 deliveries in the second half of this year, reports Bloomberg. Still, the production boost failed to buoy the company’s stock, meaning Musk’s fundraising plans won’t be easy. (Read More…)
Michigan doesn’t want its residents to order a Tesla, but it sees no problem in owning $72 million in stock to bolster its state retirement fund.
According to The Detroit News, the Michigan Department of Treasury bought a further $48 million in Tesla shares in the second quarter of this year, boosting its stake to 339,623 shares — more than triple the amount it owned in March. Meanwhile, Michigan won’t budge on laws that prevent Tesla from selling vehicles in the state. (Read More…)
I’m anticipating that my 1997 Subaru Legacy wagon, with 210,000 miles on the clock, will need replacing soon. I’m lucky in that my wagon is a five-speed manual with the 2.2 EJ motor, so it has been fairly bullet proof. I’ve been looking around at affordable commuter five-door hatchbacks (Mazda3, Impreza, Focus, etc) to replace the Legacy as the replacement needs to be able to fit multiple kids and sports gear, as well as be my daily driver (~45 miles roundtrip work commute).
Here is my question: I would like something a little sporty as more than half of my commute is on fun, twisty, back roads.
It was a little terrifying watching the question-and-answer session near the end of Tesla’s livestreamed annual shareholder’s meeting, and it wasn’t just the lady asking about goji berries.
All of the speakers — well, the majority of them — seemed to possess a stratospheric level of admiration for Tesla CEO Elon Musk. Like religious (or political) disciples, the trust they placed in the man’s brilliance and decision-making abilities seemed limitless.
Well, after this week’s announcement that Tesla is offering to buy SolarCity — a solar energy provider co-founded and chaired by Musk — cracks are forming in his circle of supporters, especially in the financial realm. (Read More…)
(Caveat: I know nothing at all about stocks, bonds or other financial instruments.)
After automotive startup Elio Motors raised approximately $17 million dollars in a Reg-A+ stock offering the company crowdsourced from small investors via StartEngine, it said its shares would be listed on the OTCQX exchange to provide those investors with liquidity.
It’s probably too early to call Elio another Tesla (whose own market capitalization probably exceeds its actual value), and I don’t know how many of those investors are going to sell their stock so soon. But, if they did, they would have more than doubled their money in less than two weeks as of Monday’s close. (Read More…)
Fiat Chrysler Automobiles chief Sergio Marchionne rang the opening bell Wednesday for Ferrari’s first day of trading on the New York Stock Exchange and shares of the supercar maker soared.
The stock, which was up as high as $60 per share, leveled off around $57 in mid-day trading.
“This is not really a car, it’s a unique expression of art and technology,” Marchionne told Bloomberg.
According to The Truth About Cars’ stock exchange bureau chief, Ferrari is good and Tesla is bad today.*
Tesla shares have dropped 10 percent on news today that Consumer Reports would pull its “Recommended” rating from the Model S because of concerns about the car’s reliability. That’s bad.
Also, initial shares of supercar-maker Ferrari may be going for more than expected due to the stock’s appeal on office walls and potential value people may find in owning another Ferrari-branded item beyond overpriced shirts. (Read More…)
Fiat Chrysler Automobiles on Monday finally priced its initial price offering for Ferrari at $48 and $52 per share for 10 percent of the luxury carmaker when its stock goes sale, the Detroit News reported. The pricing values Ferrari at roughly $9.8 billion — less than the $12 billion reported last week — and analysts say the interest in the stock, which will trade under the symbol RACE, is roughly 10 times higher than available shares.
The IPO is part of FCA’s long-term strategy to raise cash for investment in its own vehicles in Jeep, Dodge, Fiat, Chrysler and Maserati brands. According to paperwork filed ahead of the IPO, 10 percent of the company will remain with Ferrari scion Piero, 80 percent will be distributed among Fiat family ownership.
More than $17 billion has been erased Monday from Volkswagen’s value in shareholders’ eyes as the company awaits more fallout from news that the company cheated through emissions tests.
Volkswagen’s stock dropped more than 20 percent Monday after the German automaker announced it would stop sales of its diesel cars on Sunday. New CEO Martin Winterkorn issued a statement Sunday to apologize:
I personally am deeply sorry that we have broken the trust of our customers and the public. We will cooperate fully with the responsible agencies, with transparency and urgency, to clearly, openly, and completely establish all of the facts of this case. Volkswagen has ordered an external investigation of this matter.
Tesla’s second stock offering netted the automaker $738 million in cash for its Gigafactory, Model 3 development, and dealer and service upgrades, Bloomberg is reporting.
Banks exercised their options to buy more stock than the initial $500 million estimate, with underwriters Morgan Stanley and Goldman Sachs buying more than 2 million of the available 3.1 million shares. Tesla CEO Elon Musk said he would be interested in buying $20 million worth of shares in the offering.
(Before the stock offering, the banking arms of Morgan Stanley and Goldman Sachs loaned Musk a combined $475 million, to which Musk pays market rate and is separate from their investment divisions, according to the offering.)
Shares of Tesla were down more than 3 percent in Thursday trading to $245. (Read More…)
Tesla’s ride-sharing business could be worth hundreds of millions to the company in the future, an analyst for Morgan Stanley said Monday.
Adam Jonas increased his price target for Tesla from $280 to $465 — but said the stock could go even higher to $611 — based on his forecast that Tesla could introduce an autonomous ride-sharing service by as early as 2018, Bloomberg reported.
It’s at least the third time that Jonas has publicly pumped Tesla’s stock.
Fiat Chrysler Automobiles formally filed its initial public offering on Thursday to spin off Ferrari into its own separate company.
The filing doesn’t specify price or number of shares to be offered when the shares are publicly available sometime after Oct. 13.
Roughly 10 percent of the company will be publicly traded, with the rest of the company remaining under control of existing FCA shareholders and Piero Lardi Ferrari, Enzo Ferrari’s son and current vice chairman.
This edition of While You Were Sleeping offers up a bit more than usual. Instead of just overnight, we are going to try to cover as many topics from over the long weekend as possible with additional commentary.
Here we go!