General Motors stated on Monday that majority of its global models will be capable of over-the-air software upgrades by 2023, as GM presents new vehicle electrical systems aimed to securely handle heavy data traffic and software downloads from the internet. General Motors and other established auto companies have been not that quick to catch up […]
Tesla Inc
CEO Musk to evaluate all of Tesla’s expenses in new cost cutting plan
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 […]
Tesla to upgrade battery software after car fires
Car fire in Hong Kong being the most recent. Tesla Inc is set to update its battery software following two recent fires involving it’s Model S electric vehicles in Shanghai and Hong Kong, the American electric automaker stated on Thursday, adding that investigations into the incidents are continued. “As we keep investigating, out of an […]
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 junk bond spreads broaden to a record after a big loss
Investors are asking for a record risk premium for holding Tesla Inc’s $1.8 billion junk bond after the automaker posted a $700 million first-quarter loss and indicated it may be in the market for more capital soon. The cost on Tesla’s 5.3% note due August 2025 slipped, prompting its yield to the highest in about […]
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 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 […]
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 […]
Tesla’s top lawyer leaves two months into the job
Tesla Inc stated on Wednesday its general counsel Dane Butswinkas is departing from the electric automaker just two months into the job, the recent in a string of top-level departures at the company. Butswinkas, who joined Tesla in December and was reporting to Chief Executive Officer Elon Musk, will be back to his previous role […]
T. Rowe Price reduces stake in Tesla to 5.2 percent
Tesla Inc shareholder T. Rowe Price Group Inc had a 5.2 percent stake in the electric car maker as of end-December, approximately half its earlier stake, a regulatory filing on sec.gov revealed on Monday. As of September, the company had a 10.12 percent stake in Tesla. Shares of Tesla increased 3 percent at $315.16 during […]
Tesla to purchase Maxwell Technologies for $218 million
Tesla Inc has agreed to purchase energy storage company Maxwell Technologies Inc for $218 million in an all-stock deal that could assist the automaker produce batteries that hold more energy and last longer at a time when it has to cut expenses and faces increasing competition. Tesla is quickly boosting production of its Model 3 […]
Tesla holds battery supply talks Tianjin Lishen
U.S. automaker Tesla Inc has held conversations with China’s Tianjin Lishen to supply batteries for its new Shanghai factory, and two people with direct understanding of the matter stated the companies signed a preliminary agreement. The companies have yet to decide how large an order Tesla would place, and Lishen is still working out what […]
