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.
This story was originally published on EVANNEX.
Renowned mutual fund manager and investment icon Ron Baron of Baron Capital is well-known for his conservative, long-term approach to stock picking. He’s been compared to Warren Buffett (both for his investing style and outstanding track record) and has said that Tesla “may be the most interesting” company he’s ever invested in over his 46 year career.
Yesterday, CNBC interviewed Baron for his views on Tesla [NASDAQ: TSLA]. What is his forecast for the stock? “I think it is going to be about $500 to $600 next year, and I think it is going to be $1,000 in 2020.” At that time, Baron said, he expects the company to have $70 billion in revenue and to be earning $10 billion in operating profits. By 2020, Tesla says it expects to be selling one million cars per year.
Baron is a major Tesla shareholder. He noted that he bought about 1.6 million shares at an average share price around $208 to $210. Marketwatch reports that “Tesla is the fifth largest holding in the Baron Opportunity Fund which first bought shares back in June 2014… [and] so far this year, the Baron Opportunity Fund has absolutely crushed the S&P 500 and its fund peers, surging 26%.”
And Ron Baron is not alone when it comes to his outlook on Tesla. Yesterday, Teslarati reported that Berenberg (based in Germany) is also extremely bullish on Tesla — upgrading its price target to $464. Berenberg’s Alexander Haissl explains, “With no clear pathway to high-volume EV production for these OEMs [original equipment manufacturers] before the mid-2020s, Tesla will be given a near-monopolistic opportunity to gain market share and outcompete the incumbent automotive industry.”
Berenberg’s Haissl also believes that Tesla’s “best-in-class cost base and production processes” will allow it to generate 50% more profit per vehicle than its competitors in the coming years. Haissel notes, “Tesla’s disruptive potential encompasses the vehicle, the entire production process and the product-to-market strategy. Once the business reaches scale, the cash generation potential is significantly superior to existing premium OEMs.”
The post Billionaire investor sees Tesla (TSLA) crossing $500 in 2018 and $1000 by 2020 appeared first on TESLARATI.com.
Assistant Attorney General Rock Wood, who represented the legislators, told Judge Ellen Carmody Thursday that courts generally only lift the veil of internal communications for criminal cases and for civil cases involving voting rights and redistricting, as reported by the Detroit Free Press.
“There would be no reason to make an exception for the Tesla lawsuit,” Wood said.
Wood went on to say that if Carmody allows access to lawmakers’ records in such a case, there will be a raft of lawsuits aimed at harassing and intimidating lawmakers to the extent that “legislators are spending all their time on this, and can’t legislate,” Wood said.
Tesla attorney John Bursch, a former state solicitor general, said there’s no privilege for communications between lawmakers and third parties, such as lobbyists.
And because the case is about potential economic discrimination that harms consumers and violates the commerce clause of the U.S. Constitution, communications among lawmakers and between lawmakers and their staff members are also subject to subpoena, Bursch told the court.
The electric automaker had subpoenaed records from Governor Rick Snyder, Senator Joe Hune and Representative Jason Sheppard and others in its federal lawsuit against Snyder.
Tesla especially zeroed in on Senator Hune, who has received contributions from the Michigan Automobile Dealers Association. According to the Detroit Free Press, Tesla attorney John Bursch said in court Thursday that Hune was subpoenaed because he introduced the last minute amendment that effectively created the Anti-Tesla law and that his wife, Marcia, “works for the auto dealers” as a registered lobbyist employed by a firm that has the Auto Dealers of Michigan as a client.
The Hunes had not responded to Detroit Free Press’s request for comment and Sheppard declined a comment through a spokeswoman.
The subpoena also included Representative Sheppard, who wasn’t in office at the time. His inclusion comes from his statement to a Tesla representative that Michigan auto dealers and manufacturers don’t want Tesla in Michigan, “so you’re not going to be here,” as recounted by Bursch.
The subpoena hearing stems from a lawsuit against Snyder, Michigan’s Secretary of State Ruth Johnson and state Attorney General Bill Schuette over a 2014 state law that has colloquially become known as the Anti-Tesla bill. The law bans automakers from selling vehicles directly to consumers, which is Tesla’s sales model.
Tesla’s complaint outlines that the law’s purpose is “to reward the dealers’ generous lobbying efforts by handing them a monopoly,” as we previously reported.
Tesla is seeking two things from the lawsuit: a declaratory judgment that Michigan’s ban on direct-sales violates the Due Process, Equal Protection, and Commerce Clauses of the Constitution as applied to Tesla and a permanent injunction preventing state officials from enforcing the law, including the October 2014 amendment.
The post Tesla subpoena hearing update: Claims of corruption in Michigan appeared first on TESLARATI.com.
Tesla has confirmed that it is now in talks with the Shanghai municipal government to build a Gigafactory and manufacture cars in the city’s tech sector, according to Reuters.
“While we expect most of our production to remain in the U.S., we need to establish local factories to ensure affordability for the markets they serve,” Tesla said in a statement.
[Photo credit: Tesla]
Chinese regulations require Tesla to enter into a joint venture with a local company to manufacture vehicles in the country. While Tesla hasn’t announced a partner yet, all eyes are on Tencent Holdings, the Chinese internet company that holds a 5% stake in Musk’s company.
The EV company has not said which vehicles it plans to produce in China if and when the deal goes through, but the Reuters report cites a supplier source who says the company is considering Model 3 and Model Y production there.
The company plans to release more finalized plans by the end of 2017.
Tesla has previously shared that it is looking to build vehicles and batteries in China which would allow the company to avoid a 25% tariff on vehicles it sold in the country. Last year, Tesla’s sales in China tripled to over $1 billion, or roughly 1/7th of its total sales.
The company currently builds all of its vehicles in its Fremont factory in northern California and ships them worldwide, though the other half of its supply chain is firmly rooted in batteries. Tesla produces its newest 2170 lithium ion battery cells – the same cells being used in Tesla’s Model 3 – exclusively at Gigafactory 1 in Sparks, Nevada.
Tesla shares popped 1.5% at the news of the talks, leading to $382 in midday trading.
Tesla has finally introduced fold-flat seats in Model X with the 7-seat configuration, joining the 5-seat option as the other configuration designed to maximize interior cargo space.
The new fold-flat seat design replaces Model X’s “floating” second-row monopost base with a more traditional sliding frame mount. Tesla’s gorgeous monopost design allowed each seat to adjust individually while also providing ample under-seat storage. But despite the advanced design, Model X received criticism by owners over its lack of fold-flat second-row seats. Because of this, Model X had arguably less useable cargo space relative to the Model S trunk when back seats were folded down.
Model X offers three types of seating configuration
Joining Model X’s fold-flat second-row design, previously only available in the five seat interior option, is the redesigned seven seat option available as a $3,000 upgrade. A six seat interior is also available on the Model X which foregoes the center seat in the second-row for either open space or an optional center console.
“Maximize passenger and cargo capacity with seating for seven adults. Second and third row seats can fold flat when not in use, creating extra interior cargo space.” reads the description for Tesla’s optional seven seat interior for Model X.
New photos published by Tesla show the expansive cargo capacity of the Model X with the split 60-40 seats individually folded down while still serving as a seating option in the second-row. With the second and third-row folded completely flat, Model X has an unprecedented 88.0 cubic feet of interior cargo space, besting the 58.1 cubic feet of cargo space found on its sibling Model S premium sedan.
Here’s how Tesla’s Model X cargo space compares with other luxury SUVs within its class.
Tesla Model X – 88.0 ft³ 2017 Volvo CX90 – 85.7 ft³ 2017 Audi Q7 – 71.6 ft³ 2017 BMW X5 – 66.0 ft³ 2017 Volkswagen Touareg – 64.0 ft³ 2017 Porsche Cayenne – 62.9 ft³ In addition to the new fold-flat seat design for the seven seat interior, Model X was recently named the safest SUV ever after being awarded a perfect 5-star rating by the NHTSA. According to Tesla, people inside a Model X have a 93% chance of walking away from an accident without serious injury. Model X’s safety rating is the second highest on record, behind only the Tesla Model S.
A Chinese security research group has hacked a Tesla for the second time.
Keen Security Lab at Chinese tech giant Tencent exploited the popular Model X “holiday show” easter egg, turning on the brakes, opening the trunk and doors, and adjusting the lights to blink with the music streaming, through a remote hack.
The company first hacked a Model S last September — accessing the brakes in a similar fashion — and Tesla subsequently issued fixes to try and beef up its security regiment.
“We informed Tesla of the vulnerabilities we found last year and they corrected them. This year our research found new vulnerabilities and we were able to reproduce the same remote control of the car,” said Sen Nie, lead researcher for the car hacking team at Keen Security Lab.
Nie also said the hack was not easily replicated and that Tesla vehicles are not any more vulnerable than other vehicles on the road.
Tesla has said that it encourages this kind of research so that it can enhance security features in its vehicles. Apparently no Tesla customers have been affected by the new security exploit.
Tesla CEO Elon Musk has expressed concern about Model S, X and 3 hacking in the past. At a National Governors Association meeting earlier this month, Musk said that Tesla was working hard to ensure that its vehicles were impervious to cyber penetration.
The EV mogul joked about if a hack one day led to all autonomous Teslas driving to the state of Rhode Island.
“I think one of the biggest concerns for autonomous vehicles is somebody achieving a fleet-wide hack,” Musk said. “If someone was able to say hack all the autonomous Teslas, they could say — I mean just as a prank — they could say send them all to Rhode Island and that would be the end of Tesla and there would be a lot of angry people in Rhode Island.”
The need for heightened cyber security will certainly grow alongside the company as the Model 3 reaches full-scale production. In the meantime, security research hacks will hopefully expose all the holes that need to be addressed to protect Teslas and their drivers.
Home Depot announced that it is aligning with Tesla and GE to add solar installations at 50 stores as it pushes forward with its sustainable energy plans. The company said that the installations areessentially creating mini solar farms out of unused rooftops.”
The initiative will reportedly reduce annual electricity grid demand by around 30 to 35 percent at each Home Depot store. The companyÂ wrote that this is Â“the equivalent of powering 2,300 average U.S. homes for a year.Â”
The average Home Depot roofÂ is aboutÂ 104,000 square feet and is slated to accommodate 1,000 panels.
22 stores in New York and CaliforniaÂ will be outfitted with the solar panels, six of which with Tesla Powerpacks so as to store and dispatch energy as needed. The remaining 28 stores will be powered by GEÂ’s Current. Those stores will be located in New Jersey, Maryland and Washington, D.C.
Source: The Home Depot PR
Â“Our alternative energy projects are important elements of our sustainability and operations efforts as they reduce carbon emissions while also lowering our energy costs,Â” said David Hawkins, Home DepotÂ’s vice president of labor and operations.
The company says that theÂ solar additions to 50 selected stores will bring the companyÂ’s overall alternative energy footprint to more than 130 MW. Home Depot is aiming to utilizeÂ 135 MW of renewable energy by 2020, which will be in close range once the solar paneled stores come to fruition.
The rooftop miniature solar farms are Home DepotÂ’s latest foray into clean energy. The company also boasts Solar Power Purchase Agreements in Delaware and Massachusetts and fuel cells at more than 170 stores and distribution centers.
The company also announced the Los Mirasoles Wind Farm in Texas thisÂ January and in June added the Zopiloapan Wind Farm in central Mexico.
Tesla Powerpack in Mira Loma Substation (Source: Tesla)
As for TeslaÂ’s involvement, its Powerpack is the companyÂ’s commercial battery systems. Powerpack was recently in the news after Transgrid, an Australian transmission operator, announced it would utilizeÂ a 250 kilowatt, 500 kWh Powerpack installation in New South Wales. The goal of that Powerpack was stated to be an ensured management of fluctuating energy demand as well as a preventive strike against blackouts.
Home Depot says that the 50 stores will continue undergoing construction throughout the rest of 2017.
via .ORGWorld News
By Jack Ryan
CHRIST-MASS is a central calendar observance of the Roman Mass. A practice started out of intense anti-Semitic hatred of Jews, openly confessed by the Nicene Council, and created as a substitute for the Passover Seder commanded by the REAL CHRIST.
The real Christ admittedly never had anything to do with a Roman Mass and not only observed the Seder meal, but commanded his disciples to do so as well.
The Mass, established as a counter to the Passover, after which [though celebrated by followers of Christ for centuries] was actually outlawed as a crime against the state of Rome.
The Mass is the ritualistic killing of an enemy of Rome at Saturnalia, and it's observance is STILL practiced as the killing of Christ to this day.
CHRIST-MASS is actually not "celebrating his birth". It is "celebrating" his execution Rome itself conducted, and scapegoated Jews on behalf of, in a doctrine called "blood liable". It was also the official institutional rejection by Rome, of the very blood and body of THE REAL CHRIST who was Jewish, and in form, if not letter, the New Testament version of the "Abomination of Desolation".
The actual CHRIST-MASS itself is the cloaking of the high holy day of the Roman Empire, THE SOLAR-MASS, patterned ritualistically as a form of magic, for the purpose of Imperial Emperor worship
THE MASS OF CHRIST-MASS
- Lukas Nkhoma
By Queen Esther
THE TRUTHÂ ABOUTÂ CHRISTMAS......
The year was 1928, when Jehovah's people came to understand the God-dishonoring roots of Christmas. Since then, the pagan roots of Christmas customs have become general public knowledge..... but few people have made changes in their way of life as a result. But, Jehovah's Witnesses are always willing to make the needed changes in order to become more acceptable as servants of Jehovah God.
When shown that celebrating the birth of Jesus had actually become of greater interest to people than the ransom provided by his death; that the revelry of the holiday and the spirit in which many gifts were given did not honor God;Â that the magi whose gift-giving was being imitated were actually demon-inspired astrologers;Â that parents set an example for their children in lying by what they told them about Santa Claus;Â thatÂ "St. Nicholas"
(Santa Claus) was admittedly another name for Satan the Devil himself;Â and that such festivals were, as acknowledgedÂ by Cardinal Newman in his "Essay on the development of Christian Doctrine" were "the very instruments and appendages of demon-worship"Â the church had adopted....Â When made aware of these things, Jehovah's Witnesses promptly and permanently ceased having any part inÂ ChristmasÂ celebrations.
Jehovah's Witnesses do have good times with their family and friends. But, they do not participate in holidays and celebrations that are linked with pagan gods (as is true of such holidays as Easter, New Year's Day,Â May Day and Mother's day).Â Read, 2.Cor. 6:14-17.Â Like the early Christians,Â Jehovah's Witnesses do not even celebrate birthdays. They also respectfully refrain from sharing in national holidays, that memorialize political or military events and also refrain from giving worshipful honor to national heroes.
BECAUSEÂ JEHOVAH'SÂ WITNESSESÂ AREÂ NOÂ PARTÂ OFÂ THEÂ WORLD !
Reference, Proclaims Book,Â pagesÂ 198-200....
( byÂ BrotherÂ Roger B. Elder )Â Â Â ThankÂ youÂ BrotherÂ Elder !
By Bible Speaks
Christ and The Early Christians Refused to Celebrate Christmas ? – Did You Know That?
By Guest Nicole
"Estamos viviendo un momento histórico".
Esas fueron las palabras que pronunciÃ³ este viernes Jay Weatherill, el primer ministro de Australia Meridional, estado del sur de Australia, cuando anunciÃ³ la puesta en marcha de una enorme baterÃa de iones de litio producida por Tesla,Â la mÃ¡s grande del mundo.
El sistema fue activado cerca de Jamestown, un parque eÃ³lico al norte de la ciudad de Adelaida, la capital regional, y contribuirÃ¡ a evitar los apagones y mejorar el suministro elÃ©ctrico de la zona, que sufre problemas de energÃa desde hace tiempo debido a lasÂ constantes olas de calor.
Leer mÃ¡s:Â http://www.bbc.com/mundo/noticias-42195321
By Guest Nicole
It was a transaction concocted on Twitter — and in a few short weeks, declared official: Tesla is helping to bring power back to Puerto Rico.
Early this month, Elon Musk touted his companyÂ’s workÂ building solar-plus-battery systems for small islandsÂ likeÂ Kauai in HawaiiÂ and TaÂ’u in American Samoa. He suggested a similar setup could work for Puerto Rico. The U.S. territoryÂ’s governor, Ricardo RossellÃ³, tweeted that heÂ was game. MuskÂ replied quickly: Â“Hopefully, Tesla can be helpful.Â”
After earlier reports of the companyÂ’s batteries arriving at San JuanÂ’s port, Tesla announced today that it has started constructing its first microgrid installation, laying out a solar field and setting up its refrigerator-sized Powerpack batteries to supply electricity to a childrenÂ’s hospital in the Puerto Rican capital.
Read more:Â http://grist.org/article/tesla-and-solar-groups-put-puerto-rico-back-on-the-grid/
By Guest Nicole
THE MODEL 3, Tesla's long-awaited mass-market electric vehicle, launches Friday to what will no doubt be significant fanfare. The unveiling isn't only a coming-of-age party for the nascent car manufacturer; it feels like a significant moment in EV history, too. “It is the car that has been promised to us since the inception of this industry,” says Terry O’Day, who heads up marketing at the electric charging company EVgo. “It’s the moment that we demonstrate a mass-produced vehicle that is affordably priced and has features that don’t require consumers to compromise in any way.”
That's a lot of pressure for the relatively small carmaker. What if it doesn't live up to expectations?
The answer to that question almost doesn't matter. At least not for the general public. If the Model 3 does well, it's a win for the electric vehicle market. And if the worst happens—say, a factory grinds to a halt and creates gigantic production delays—future EVs can coast off Tesla’s cultural cache. This is the company that managed to make electric vehicles cool. (Remember when Tyler the Creator bought a Tesla?)
So, in a sense, no matter the outcome, Tesla has already succeeded by pushing EVs into the public consciousness—and onto the market. The less sexy, but cheaper, Chevrolet Bolt is on the roads. So is the fully electric BMW i3, which will be followed by fully electric Minis and X3s in the next three years or so. Volvo’s making an electric pivot come 2019. Battery technology continues to improve at a surprising rate, and Bloomberg New Energy Finance predicts the number of electric cars on the road will overtake internal combustion ones by 2038.
Read more: https://www.wired.com/story/tesla-model-3-electric-market/
via TheWorldNewsOrgWorld News
By Guest Nicole
A Jehovah's Witness was attacked by her husband who feared she was going to cancel Christmas, a court has heard.
Jason Mortimore struck his wife Rachael in the face three times with a magazine before burning her Bible and other religious documents in a garden incinerator.
Mortimore, 46, admitted racially aggravated assault and criminal damage at Exeter magistrates court yesterday (TUES). He was fined a total of £666 but the court did not impose a restraining order on him.
The court heard that the couple had been married for 12 years and have three children.
In November Mortimore saw that his wife, who "has returned to her faith of Jehovah Witness", had thrown away some Christmas brochures and he assumed she was not going to celebrate the festivities.
Before she could explain he hit her with a magazine around the face, prosecutor Warjinder Sadeghi said.
A few days later they had a row and she woke up to find him burning her Bible and other religious documents in a garden incinerator.
Mortimore also dumped other religious leaflets in their recycling bin.
He denied the offences in police interview but said their relationship was under strain and he did not want their children to be influenced by her religion.
Peter Seigne, defending, said his client had pleaded guilty at the first opportunity.
By Guest Nicole
Tesla CEO Elon is the best car salesman in history. And as CEO of SpaceX, he's declared his intention to retire on Mars.
But what are supercar-fast electric vehicles and low-Earth orbits in the face of ... roofing.
Against all odds, Musk has become perhaps the biggest booster in the history of the roofing business, thanks to a new Tesla product, the Solar Roof, that officially went on sale Wednesday.
It's the first post-Solar City-acquisition product that Tesla is selling, and it sounds as if it's been occupying at least as much of Musk's attention as the forthcoming launch of Tesla's Model 3 car.
I can honestly say that I've never heard anyone express such enthusiasm about the top of house. As someone who has owned a few houses, my general reaction to discussions of roofs has been dread. They have to be replaced periodically, and that's expensive. Also, they have to be repaired. And they leak.
Musk doesn't share this dread. Just as he has a vision for Tesla's vehicles and for SpaceX's Mars-colonizing ambitions (as well as traffic-beating tunnels and artificial intelligence), so he has a vision for roofs. And it's actually rather exciting.
Musk introducing Solar Roof in October of 2016.Tesla
via TheWorldNewsOrgWorld News
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