Tesla critic Citron Research makes U-turn ahead of results
Tesla Inc shares jumped over 12 percent on Tuesday after long-time critic and short-seller Citron Research stated it had a change of heart and is now betting the automaker’s stock will boost. The firm stated in a research note that Tesla’s Model 3 sedan is a “proven hit” and serious rivalry from other automakers for
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Tesla secures Shanghai plot for $2 billion to build Gigafactory
Tesla Inc has signed a deal with the Shanghai government for an 860,000 square meter plot of land to construct its first overseas Gigafactory, the automaker stated in a Chinese social media post. The land agreement marks a major step toward the company and its CEO Elon Musk making cars regionally in China for the
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U.S. Senate bill could give electric car tax credit boost
Tesla Inc and General Motors, that have lobbied Congress to lift a cap on electric vehicles eligible for a $7,500 tax credit, could find their way for up to four years under a new proposition from a Republican senator. On Thursday, Senator Dean Heller proposed legislation that would lift the present cap on electric vehicles
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Tesla says orders placed by October 15 eligible for full tax credit
Tesla Inc stated orders for cars placed by October 15 will be eligible for a full federal tax credit of $7,500 and these clients will get their vehicles delivered by the end of the year. Under a major tax overhaul passed by the Republican-controlled U.S. Congress late last year, rewards in the way of tax
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T. Rowe Price boosts stake on Tesla in vote of confidence for Musk
Tesla shareholder T. Rowe Price Group Inc raised its stake in the electric car maker by nearly half in the July-September quarter, according to a regulatory filing on Wednesday, an apparent vote of confidence for CEO Elon Musk. A subsidiary of T. Rowe that manages the company’s mutual funds boosted its investment in Tesla to
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Musk to step down as Tesla chairman, remain as CEO in SEC settlement
Tesla Inc and Elon Musk have accepted to pay $20 million each to financial regulators and the billionaire are going to step down as the company’s chairman but remain as chief executive, under a settlement that caps two months for the automaker. The securities fraud agreement, revealed by the U.S. Securities and Exchange Commission on
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Cost to insure Tesla debt roses to record high
The price to insure debt holdings in Tesla Inc rose to its highest-ever level on Friday as the bond market showed increasing worries about a default, after the news that CEO Elon Musk had been alleged of fraud by federal regulators. The automaker’s 5-year credit default swap TSLA5YUSAX=MG hit its highest cost ever on Friday,
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Tesla is building its own car carriers
Tesla Inc is making its own car carriers, as the electric automaker deals with vehicle distribution problems. The company is upgrading its logistics system but going into an “extreme” shortage of car carrier trailers, CEO Elon Musk tweeted on Monday in response to a client, who placed order for a Model 3 All Wheel Drive
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Tesla Model 3 Gets Five-Star Safety Rating From NHTSA In All Categories
The National Highway Traffic Safety Administration (NHTSA) has launched its crash test results for the Tesla Model 3, giving the electric sedan a five-star safety rating in each of the tested category. Crash tests consists of a simulated 35-miles per hour frontal impact, a 38.5-mph side barrier impact, a side pole impact, along with a
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Tesla’s Elon Musk would no longer pursue $72 billion take-private deal
Tesla Inc CEO Elon Musk stated late on Friday he would no more pursue a $72 billion deal to take his U.S. automaker private, abandoning an idea that had shocked investors and drawn regulatory scrutiny. The decision leaves Tesla as a publicly listed company but raises new concerns regarding its future. Its shares have been
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Norway wealth fund permitted to stay on as investor if Tesla goes private
Rules governing Norway’s $1 trillion wealth fund would permit it to stay on as an investor in Tesla if the electric automaker goes private, its deputy CEO stated on Tuesday. Tesla CEO Elon Musk shocked financial markets this month when he informed on Twitter he was thinking a $420 per share take-private deal for the
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Saudi PIF in talks to invest in Tesla competitor Lucid
PIF, the Saudi Arabian sovereign wealth fund that Tesla Inc CEO Elon Musk has stated could assist him fund a $72 billion deal to take his automaker private, is looking forward to invest in aspiring Tesla competitor Lucid Motors Inc, people knowledgeable with the matter stated on Sunday. The discussion between privately-held Lucid Motors and
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Tesla on its way to make 8,000 Model 3s per week
Tesla Inc is on its way to construct 8,000 Model 3 cars on weekly basis even as it burns more money, Evercore analysts wrote in a note on Thursday, after their visit to the automaker’s California facility. Tesla produced 5,031 Model 3 electric cars in the past seven days of the second quarter, the company
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Slow disclosure by Tesla raises governance, social media concerns
Tesla Inc’s handling of CEO Elon Musk’s proposal to take the automaker private and its failure to promptly submit an official disclosure has raised governance issues and sparked questions about how companies utilize social media. Musk stunned investors on Tuesday by announcing on Twitter that he was thinking about taking Tesla private in a potential
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Saudi Arabia’s PIF is not interested in bankrolling Tesla buyout
Saudi Arabia’s Public Investment Fund (PIF) has shown no interest so far in funding Tesla Inc CEO Elon Musk’s proposed $72 billion deal to take the U.S. electric automaker private, despite acquiring a small stake in the company this year, two sources knowledgeable with the matter stated. The 47-year-old investor and engineer stunned financial markets
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