After posting a profitable fall quarter, Tesla returned to spending more than it made. However, its fourth quarter losses, announced on Wednesday, were substantially less than originally assumed by analysts. The electric carmaker’s stock price continued to climb during the final three months of 2016, despite losing $448 million from its operations.
Tesla has been throwing a lot of money at projects and acquisitions. It recently purchased SolarCity and Grohmann Engineering, so going into the red was to be expected. However, the dark cloud looming in the distance isn’t related to capital — it’s about production. (Read More…)
In the world of corporate automotive name changes, this one isn’t on the same level as, say, anything involving Chrysler over the past 10 years.
Tesla Motors, builder and purveyor of tech-laden ecomobiles, isn’t the same fledgling company it was when the Tesla Roadster was still a hazy promise a few could conceive of an automaker offering home energy products on the side.
Now that its business umbrella covers both vehicles and the offerings of recently acquired SolarCity, the company needs to change things up. Well, just the name, really. (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…)
A materials engineer fired by Tesla Motors earlier this year is suing the automaker, claiming that his age led to the dismissal.
The discrimination suit filed by Thomas Flessner, 69, paints a picture of a Logan’s Run-like corporate atmosphere that values youth above all else, Fusion reports. It’s the latest in a steady stream of complaints about the youth-focused culture within the tech industry. (Read More…)
The Tesla Model S is neither new nor surprising anymore. When the electric sedan entered the market in 2012, it shattered perceptions of electric cars and proved electric motoring viable.
Since then, Tesla has established itself as the go-to brand for geeks and early adopters. We’ve driven the Tesla Model S before, so there’s no need to talk about its most obvious features. But recent events make this a great time to talk about its second-most-important feature: Autopilot.
Is Tesla’s autonomous system any good? Can it be dangerous? How far is it from being truly autonomous? And, besides that, how did the Model S improve over the last few years?
Eager to find locations to expand its U.S. recharging network, Tesla Motors is busy seeking new partners, with fast food, gas stations and convenience stores being top of mind.
One of the chains Tesla is attempting to seduce is the jack-of-all-trades Sheetz, according to the Washington Post. With hundreds of locations in the mid-Atlantic region, Appalachia and Ohio, Sheetz — maker of the Shmuffinz breakfast sandwich — operates a gas bar, convenience store and fast food restaurant at its locations.
It’s the place to be, and Tesla wants a Supercharger on that property. (Read More…)
Founded with the intent of finding energy solutions (and profit) in the power of the sun, SolarCity’s photovoltaic energy business has grown in leaps and bounds since 2006. Now, as the company poises itself for bigger profits, a very familiar man wants to acquire the operation.
Tesla Motors published a note on its website yesterday stating its intention to acquire SolarCity. The offer, made by Tesla, would see the electric automaker trade shares with the San Mateo, California-based company, bringing the business into its fold.
Tesla founder and CEO Elon Musk is no stranger to SolarCity’s operation — he co-founded it with cousins Lyndon and Peter Rive (CEO and CTO of Solar City), and serves as the company’s chairman. (Read More…)
South Koreans are used to having a bunch of Americans hanging around, but the arrival of a group of Tesla employees won’t be welcomed by executives at Hyundai.
Tesla wants into the South Korean marketplace, and just posted job listings for sales and engineering positions in the Asian country, Bloomberg reports. Already registered in South Korea, the automaker plans to open up an office in Seoul and hire a recruiter based out of Japan. (Read More…)
As the owner of a 2013 Tesla Model S P85 and occasional TTAC writer, I have my opinions on the Model 3. Many commenters thought Tesla’s business model of starting at the high-end and working its way down market was crazy, but Elon Musk had the right idea: use the cash flow from high-end car manufacturing to ramp up your engineering chops and supplier relationships so you can push prices down to eventually make a mainstream product.
That’s exactly what Tesla is doing and the plan seems to be working brilliantly — but there’s a catch: managing the engineering “complexity budget.”
For Tesla Model S P90D owners who have concluded they won’t soil their firm, supportive seats if given the chance to go faster, well, they’re in luck.
Tesla Motors is offering to bring “Ludicrous” mode to owners of the top-end Model S as an aftermarket upgrade, assuming their wallet can match their need to blow everything else out of the water. (Read More…)
Tesla Motors’ revolving door better be generating power considering all the use it’s getting. Tesla Motors’ VP of Global Communications, Ricardo Reyes, has either chosen to part ways with the Silicon Valley automaker or been shown the door by security.
The departure comes just weeks before Tesla Motors is to reveal its newest electric vehicle, the Model 3, on March 31. It is expected to sell for approximately $35,000, Bloomberg reports.
Tesla Motors has been proud to state its focus is on selling cars and not trying to make profit from their service centers — but the real world results prove otherwise.
I stumbled on a thread where a Tesla owner with a failed part was able to purchase a replacement from the EV manufacturer. However, and this is key, Tesla would not supply instructions for installing it.
Tesla’s direct sales structure and independent nature allows it to bypass almost all regulations and agreements currently in place relating to service information and repair software. These regulations and agreements exist to allow owners and independent shops to have the same information and diagnostic tools as dealers so they have the ability to perform repairs properly on their own.
Tesla wants no part of it.
The world is abuzz this week with news of the all-new Tesla Model X, which is a minivan that looks like it may at any moment take flight and get tangled up in some power lines.
Yes, ladies and gentlemen, that’s right: Tesla has brought the first gullwing minivan to market, and people are excited. And not just slightly excited. Elon Musk is giving press conferences to delighted admirers. Tesla fans are running up and down the streets in Palo Alto screaming “THE TESLA IS COMING! THE TESLA IS COMING!” And Pacific Gas & Electric engineers are currently on the job trying to figure out how to get the first Model X down from some high-voltage wires near Tarzana.
Essentially, it is Tesla pandemonium.
Tesla is yet again updating its Model S range with interesting options on each end of the price scale before the release of the Tesla Model X.
Elon Musk, in a blog post yesterday, announced a new single-motor version of the base model Model S 70 priced at $70,000 — or $52,500 after maximum incentives available in certain states — which is $5,000 less than the all-wheel drive Model S with the same 70 kWh battery pack.
On the other end of the spectrum is a $13,000 (!!!) upgrade to the P85D, pushing Tesla Motors’ top performer to a 0-60 mph time of 2.8 seconds.
We have opined in these pages before about how for every Tesla sold in America, there are two or three glowing stories written about the electric automaker. There are days when over 50 percent of the pieces on auto industry news feeds are about Tesla, which is not bad for a company capturing 0.1 percent of the U.S. automobile market. Tesla Motors CEO Elon Musk is truly a marketing and public relations genius.
Given that, it is fascinating when a negative story surfaces about Tesla’s way of doing business and the slobbering media is strangely silent. (Read More…)