Tesla Inc Chief Executive Officer Elon Musk informed workers on Thursday that he will boost scrutiny of the company’s expenses in his recent initiative to slash costs at the electric automaker. Tesla earlier this month shut down at a $2.7 billion offering of stock and convertible notes, providing it much needed cash as it increases […]
Elon Musk
U.S. turns down Tesla bid for tariff exemption for Autopilot ‘brain’
U.S. trade officials turned down Tesla Inc’s bid for relief from President Donald Trump’s 25-percent tariffs on the Chinese-made Autopilot “brain” of its Model 3 among other electric automobiles, one of over 1,000 product denials associated with China’s industrial development plans. According to documents submitted by the U.S. Trade Representative’s office (USTR) and seen by […]
Elon Musk owes $507 million to banks helping Tesla raise capital
Tesla Inc CEO Elon Musk personally owes $507 million to Wall Street banks involved in Tesla’s stock and debt sale, supported by his stake in the electric car maker, a company filing revealed on Thursday. The lending was revealed in Tesla’s prospectus on Thursday to raise up to $2.3 billion with new shares and convertible […]
Tesla increases capital raise to $2.7 billion, Musk purchases more stock
Tesla Inc on Friday was set to boost up to $2.7 billion in a record-setting capital raising for the electric automaker, as investors scooped up a mix of new stock and convertible notes that are going to recharge the company’s cash-depleted balance sheet. The company stated in a filing that it had boosted its offer […]
Tesla expects to have fully self-driving cars by 2020
Tesla expects to have fully self-driving cars in which humans won’t have to touch the steering wheel around the second quarter of 2020. The company made the declaration during an investor meeting at its Palo Alto, California, headquarters Monday, in which it highlighted its bold but risky bid to modify Tesla’s electric cars into driverless […]
Tesla’s self-driving tech is ‘vastly ahead of everyone’, says Musk
Elon Musk thinks that Tesla is “vastly ahead of everyone.” Tesla CEO Elon Musk recently appeared on Lex Friedman’s Artificial Intelligence Podcast, where Musk spoke that how much longer people will be required to keep their hands on the wheel (“At least six months from here”) to what question would you ask of a very […]
Tesla and Panasonic to suspend spending on $4.5 billion Gigafactory
Tesla and Panasonic are freezing plans to boost the capacity of their Gigafactory 1, the largest EV battery plant of the world, as concerns mount on Wall Street regarding sales at Tesla dipping below estimates. The partners had planned to increase capacity 50% by next year, but with sales of electric vehicles performing less than […]
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 […]
$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 […]
Musk tweets Tesla to end customer referral plan due to expenses
Tesla Inc’s customer referral incentive plan is going to end on February 1, the electric automaker’s CEO Elon Musk tweeted on Thursday, citing costs. Musk tweet here that the referral program is ending as “it’s adding too much cost to the cars, especially Model 3”. Musk in the past few months has been pushing for cost-cutting plans […]
Tesla names Larry Ellison to board
Tesla Inc on Friday named Oracle Corp co-founder Larry Ellison, a shareholder and self-admitted close friend of CEO Elon Musk, to its board to give the independent oversight demanded by U.S. regulators following Musk’s tweet about taking the electric automaker private. The move is meant to bring Tesla past months of turbulence after Musk’s August […]
Tesla, GM weigh fate of Ohio plant Trump wants saved
Tesla CEO Elon Musk boosted hopes again on Thursday that he could ride to the rescue of a threatened General Motors car plant at the center of a political storm regarding auto jobs, and GM responded, saying the Ohio factory’s fate depends on union talks in 2019. Musk suggested in a Twitter exchange with outgoing […]
Tesla begin taking Model 3 orders in China
Tesla Inc begin taking orders for its Model 3 sedan in China for a deposit of 8,000 yuan ($1,153.60), as per the electric automaker’s China website www.tesla.cn/model3/reserve. CEO Elon Musk stated, “Probably some deliveries in March, but April is more certain”, after one Twitter user asked when the deliveries in China would start. Tesla has […]
Tesla to deliver new Model 3 orders by end of this year
Tesla Inc CEO Elon Musk stated on Thursday that Model 3s ordered in the United States by the end of this month are going to be delivered by December 31, as the electric automaker attempts to take advantage of tax breaks. “Tesla just acquired trucking capacity to ensure Model 3 can be delivered in U.S. […]
