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All about Tesla Motors

  1. What's new in this club
  2. LG Chem, Korea’s largest chemical company, is expected to supply electric vehicle (EV) batteries for Tesla’s first plant in China. Until now, Tesla has relied on Japanese battery maker Panasonic for the EV models it produces in the U.S. Production of Tesla’s Model 3 in China is set to begin later this year, less than 12 months after it started building its plant in Shanghai. For LG Chem, the deal reflects the company’s leadership in the lithium-ion battery market; LG Chem already has partnerships with automakers like Audi, Mercedes-Benz and Volvo. LG Chem projects that it will double its EV battery sales in the next five years, from $24 billion today to over $50 billion by 2024.8 8. InsideEVs, “LG Chem To Increase Battery Sales Fivefold By 2024,” Jul 9, 2019.
  3. Just one of those days... Shares of the electric car pioneer Tesla sank 8% Thursday on 1 business headline and 1 legal one: Both its car production and deliveries were down across every Tesla modelin the last quarter of 2018. Elon Musk visited court after ignoring an SEC order for Tesla lawyers to screen his tweets pre-tweet (the judge gave him 2 weeks to agree to a settlement with the SEC). 63K eCars delivered — But that's down 31%... And Tesla got right down to the excuses for coming up short: Ships take time: Tesla began exporting its lower-priced Model 3 to China and Europe. It takes a while for them to get there. $$$: That US government subsidy to encourage electric car purchases? Just got cut in half, making Teslas more expensive for customers. THE TAKEAWAY Tesla shares have no chill... The polarizing CEO attracts lovers and haters (think pineapple on pizza). Thursday's report makes Tesla's goal for 360K-400K car deliveries this year look unreachable, so investors piled on the hate and sold shares. They think it'll run out of money. Others still think it's the car company of the future.
  4. Tesla (-3.74%) is officially having a bad week. Consumer Reports said it won’t recommend the Model 3 anymore due to reliability issues.
  5. He just can't help himself.... an itchy-thumbed CEO new social media habits. Elon Musk was at it again, firing off questionable tweets about just how many cars Tesla plans to crank out this year. Musk first said Tesla (-1.01%) would make 500,000 cars in 2019. Then he backtracked, confirming he meant the company would be producing cars at an annualized rate of 500K by year-end. Elon Musk? Tweeting out material company information? To his 24.8 million followers? You don’t say. The string of tweets felt oddly similar to last summer’s notorious “funding secured” fiasco. Remember, in settling with the SEC over *that* Twitter misfire, Tesla was ordered to designate a securities lawyer to monitor Musk’s and other high-level execs’ Twitter feeds. Interesting timing, given that Tesla announced hours after the tweet that its general counsel, Dane Butswinkas, is leaving the company after just two months on the job. For Tesla, this saga is another instance that shows retention isn't exactly its strong suit. Butswinkas’s exit makes him the 42nd exec to leave the company since 2016.
  6. Elon Musk is fighting to keep his ex-girlfriend, the musician Grimes, from being subpoenaed in the trial over the infamous take-private ordeal.
  7. All Model S, Model X and Model 3 orders placed by November 30, 2018 will be delivered by the end of the year and eligible for the full $7,500 Federal Tax Credit. As a reminder,cthe Federal Tax Credit will halve after December 31, 2018.
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