#Tesla

Hot on the heels of yesterday’s Tesla cash-raising bonanza, the electric automaker is looking to boost the size of its stack once again.

After Thursday’s shelf offering of stock and convertible notes, Tesla announced Friday it wants to boost its injection of capital from $2.3 billion to $2.7 billion, issuing further common stock and debt. CEO Elon Musk now says he’ll buy $25 million of the new stock, up from $10 million yesterday.

Financial Twitter and Tesla Twitter — groups that are often one and the same — are in hardcore prediction mode after Tesla announced plans to raise $2 billion through the sale of stock and convertible bonds.

The automaker’s move comes after a first-quarter earnings report showed a steep drop in deliveries and automotive revenue, plus a $702 million net loss. Tesla’s cash pile dwindled, quarter over quarter, to $2.2 billion — its smallest stack in years. Among those snapping up shares will be CEO Elon Musk, who promises to buy $10 million in common stock.

Forgive this writer for channeling Jonathan Pryce. Brush up on your secret handshake, too, as Tesla has a new version of the Model 3 customers can’t order online.

It’s a model that stands to become even more of a ghost than the U.S.-market Model 3 Standard Range, which disappeared from the company’s website after being on sale just a few days. American customers don’t apply here, as this cynical model’s sole purpose is to undercut a government EV incentive program’s price cutoff by a single dollar. A dollar, it should be said, that’s worth about 75 U.S. cents.

Who’s excited about 93 miles of range?

Analysts and investors, who were already warned to expect disappointment, didn’t walk away disappointed from Tesla’s first-quarter 2019 earnings report. The automaker’s two-quarter streak of profitability came to a crashing halt, with the company warning that next quarter might bring with it another loss.

Quite an about-face from the rosy projections issued at the start of the year. It wasn’t all that long ago that CEO Elon Musk was only mildly worried about Q1. Now, as the company reports a $702 million loss, the onus is on Musk to restore investor enthusiasm the hard way.

Later today, Tesla will release financial data for the first quarter of 2019, a quarter in which both deliveries and production fell compared to Q4 2019. The Model S and X returned their worst sales showings in years, and analysts fear a steep drop in revenue in a period where CEO Elon Musk pulled a U-turn on profitability predictions.

Should be fun.

However, there’s a more news coming out of Tesla than just anxious investors and head-scratching autonomy promises. There’s real, bonafide driving range added to the two aforementioned vehicles, and the company at least deserves kudos for improving its existing products.

Did you miss Autonomy Day yesterday? If you’re unaware, that’s the name given to Tesla CEO Elon Musk’s promise-filled, self-driving-focused speech to investors yesterday in the cradle of dreams (also known as Silicon Valley). There, Musk promised cars a driver can sleep in; cars that will make its owner money. Cars that, despite their self-driving nature, might be allowed to bash other vehicles around a bit.

Also stemming from that announcement? Musk’s assertion that any new car that isn’t a Tesla will be as antiquated and useless as a horse in three years. That’s right, even that affordable Kia Rio hatch that can be serviced anywhere. It’s “financially insane” to buy that, you know.

Tesla celebrated “Autonomy Day” on Monday, broadcasting a web presentation to investors touting its self-driving strategy — part of CEO Elon Musk’s attempt to prove that the manufacturer’s longstanding commitment to the technology will bear fruit. While the mood was undercut by news of one of its vehicles spontaneously combusting in a Shanghai parking garage, the company stayed the course, focusing on autonomy instead of electrification.

Still, it wasn’t the fire that had investors seeking comfort. Tesla’s promise of fully self-driving vehicles is years old, with Musk initially pegging 2018 as the target date. That didn’t happen, with 2018 turning out to be the year the company faced elevated scrutiny over the effectiveness of its Autopilot system after a series of high-profile crashes.

As Tesla feverishly attempts to complete construction of a Chinese assembly plant and kick off production before the end of the year, a viral video isn’t helping the automaker’s reputation in that country.

Over the weekend, security camera video shot in a Shanghai parking garage emerged on China’s main social media platform, Weibo. The video shows a parked Tesla Model S lighting its own funeral pyre, sealing the fate of the high-end sedans parked alongside it.

If you can find a Tesla store (that’s still open), and someone working in it, maybe you can buy … a Model 3 Standard Range.

Yes, the $35k car promised three years ago during the Model 3’s launch, and hyped to infinity in the months and years since, stands to become as shadowy and elusive as the A-Team. In yet another raft of changes to its Model 3 line announced Thursday night, the automaker ensured the Standard model’s status as a rare bird.

Offered by a company that’s moved to online ordering, the Standard model will not be available for ordering online. Hey, don’t be confused — there’s a solid explanation!

Tesla’s lackluster first-quarter deliveries report did more than spook analysts and investors — it also provided the rationale for Panasonic to reevaluate its relationship with the automaker. Japan’s Nikkei Asian Review reports that the battery maker, which partnered with Tesla on the automaker’s Nevada Gigafactory 1, has grown cold feet.

The publication reports the two companies have frozen spending on the Nevada plant, culling plans for an expansion of battery production. Not only that, Panasonic has decided not to invest in Tesla’s Shanghai vehicle/battery production facility.

The torturous wait to learn if Tesla’s job cuts would come to their doorstep ended in April for dozens of members of the automaker’s sales team. As it embarks on a cost-saving plan, Tesla has let go numerous staff members and sought to close the bulk of its storefronts after moving the company’s buying process online. Last quarter’s grim deliveries report didn’t paint a rosy picture for the company, suggesting more cost-cutting to come.

According to Bloomberg, the axe fell in three U.S. cities last week.

Treating Tesla CEO Elon Musk and the U.S. Securities and Exchange Commission like a pair of squabbling kindergarteners, a federal judge handed down a message to both on Thursday. Basically, figure out your shit.

The two sides remain locked in a battle sparked by a true product of our time — tweets. The SEC claims Musk’s recent use of Twitter violates the conditions set out in the settlement reached between the regulator and Tesla last year, a settlement resulting from a lawsuit over … tweets.

“Put your reasonableness pants on,” Judge Alison Nathan told the two parties in a New York City federal court yesterday.

Following a rocky first quarter of 2019, Tesla’s decidedly lackluster production and delivery report sent the automaker’s stock tumbling in pre-market trading.

Not only were analyst estimates missed, in some cases by a mile, production actually fell at Tesla’s Fremont, California assembly plant, sparking concern that demand is drying up for the company’s EV offerings. A dip back into the red — something CEO Elon Musk warned of, not long after predicting the opposite — seems unavoidable.

As cars grow more dependent upon computer-controlled driving aids and automakers implement permanent internet connectivity, we’ve grown increasingly concerned with how automakers handle their customer’s data.

It sounds conspiratorial, but there’s a series of events to hang the tinfoil hat on. In 2017, General Motors announced it had successfully monitored the listening habits of 90,000 motorists in a study aimed at improving marketing insights. It also rejiggered OnStar and introduced the Marketplace app for seamless in-car purchasing options. Our take was that it was as impressive as it was ominous — and GM is only leading the charge into a what analysts believe will eventually become a multi-billion dollar industry.

Naturally, this led to privacy concerns over how automakers will protect customer data on future models. But we might want to start worrying about the cars we have now. A couple of white-hat hackers (those are the good ones) recently probed the internal computer networks of wrecked and salvaged Teslas and found a mother lode of personal information waiting inside.

Few — if any — journalists cover Tesla with the same dogged determination as former TTAC managing editor Ed Niedermeyer, and he’s just shed light on a perplexing mystery: The case of the missing Standard Range Model 3.

We’re talking about the base, $35,000 Model 3 promised at the model’s launch three years ago. The vehicle Tesla finally opened orders for in February, apparently after working some magic that made the long-awaited variant’s appearance financially viable. It seems that not only are would-be owners still waiting, but Tesla is doing its damndest to sway them from the purchase.