Tesla on Wednesday reported a huge drop in auto sales for last quarter, though the company stated it’s confident it will still reach its yearly sales goal. About 63,000 vehicles were delivered to clients in the first three months of 2019 — a 31% decline compared to the prior quarter. The total sales figures consisted […]
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Tesla sales lifts Norway’s electric car sales
Nearly 60 percent of all new cars sold in Norway in March were wholly electric, the Norwegian Road Federation (NRF) stated on Monday, a global record as the country looks forward to end fossil-fueled vehicles sales by 2025. Exempting battery engines from taxes enforced on diesel and petrol cars has upended the country’s auto market, […]
Tesla supplier agrees to purchase GM’s South Korean plant
A South Korean supplier of Tesla Inc stated on Friday it had agreed to purchase a shuttered auto factory from General Motors’ local unit to start contract manufacturing of electric vehicles. The deal comes after GM shut down one of its four South Korean plants in late May and let go thousands of employees, as […]
Judge rejects suit over Tesla Model 3 production
A federal judge in San Francisco rejected for the second time a securities fraud lawsuit brought by Tesla Inc shareholders accusing the company of misleading comments regarding the production status of its Model 3. U.S. District Judge Charles Breyer dismissed the lawsuit brought in October 2017. Breyer dismissed the original lawsuit in August but permitted […]
Tesla reveals Model Y, price starts at $39,000
Tesla Inc revealed its Model Y electric sports utility vehicle on Thursday in California, promising a much-awaited crossover that will see competition from European automakers. CEO Elon Musk stated the compact SUV, built on the same design as the Model 3, would first debut in a long-range version with a range of 300 miles (482 […]
Tesla backs off on store closures, plans increasing top-end price
Tesla Inc backtracked its strategy to close all of its U.S. stores and instead will increase prices of its high-end vehicles by about 3 percent on average, as it seeks to earn a profit. The company stated last Sunday that it would now be closing only about half as many stores than what was initially […]
Tesla moving sales online is a ‘leap of faith,’ says Mark Fields
Customers are used to seeing and testing a car, says Fields. Tesla’s decision to shift its sales completely online is a “leap of faith” that may not necessarily succeed, former Ford CEO Mark Fields stated on Friday. While the American automaker has a “very sustainable brand,” it has to find out how to churn out […]
Tesla enters into agreement with lenders in China for Gigafactory
Tesla Inc stated on Thursday it signed an agreement with lenders in China for a 1-year facility of up to 3.5 billion yuan ($521 million) for the automaker’s Gigafactory in Shanghai and secured new commitments from banks that could be utilized for investments in the United States and elsewhere. The company started the factory in […]
Top Tesla shareholder says Elon Musk ‘doesn’t need to be CEO’
Tesla Inc’s largest shareholder expressed its support for CEO Elon Musk, however acknowledged that it was open to a different position for the electric automaker’s founder and CEO, Barron’s reported on Tuesday. “We wouldn’t be against him having a different role,” James Anderson, head of global equities for Baillie Gifford & Co, informed Barron’s. “I […]
Tesla blames misprinted label for China customs issue
Tesla Inc stated on Tuesday that China’s customs officials have accepted the electric automaker’s plan to sort out issues with the clearance of its Model 3 sedans that centered around misprinting of labels. “We have already reached a resolution with Chinese customs, and we are working closely with them to resume clearance procedures on these […]
China officials accept a solution to Tesla customs issue
China’s customs officials have accepted electric automaker Tesla Inc’s plan to remedy concerns with the clearance of imported cars, a source knowledgeable with the matter informed Reuters. Tesla shares dropped over 5 percent after financial publication Caixin reported previously that China had suspended customs clearance for the automaker’s Model 3 sedans, mentioning various irregularities including […]
$35,000 Model 3 to reach volume production mid-year, says CEO
Tesla Inc CEO Elon Musk stated on Monday production of the $35,000 version of the automaker’s Model 3 will start this month, but would not reach “volume production” until mid-2019. “Gap in understanding is that $35k Model 3 production *starts* this month, but will not reach volume production until mid year. Extremely difficult to predict […]
Tesla moves to dismantle store network
Tesla Inc’s move to get rid of its network of high-end showrooms as part of a strategy to release the long-awaited cheaper version of its Model 3 sedan has pushed the electric automaker into uncharted territory for a market that has long depended on physical stores to move the metal. Retailers from Amazon to Apple […]
Volvo announces Polestar 2, aimed to compete with Tesla Model 3
Tesla is seeing another potential competitor in the electric vehicle market. Polestar, Volvo’s standalone electric vehicle brand, is revealing its Polestar 2 model, a five-door car that will have two electric motors. According to the company, the car is aimed to travel up to 275 miles on a single charge with its 78kWh battery. With […]
Tesla Model S the new star of the Fremont Police Department
When you think about electric cars, you don’t usually picture power, speed or the ability to participate in a high-speed chase. The Fremont Police Department in California is hoping to change this perception and reduce their carbon footprint by incorporating electric cars into their fleet. Which electric vehicles have the Fremont PD chosen, and why […]
