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.
The Tesla Model S has been restored as the top-rated ultra-luxury sedan by Consumer Reports after the Silicon Valley-based electric car maker released a software update that increased its automatic emergency braking (AEB) upper limit to 90 mph.
The Model S and Model X SUV were both downgraded in April because vehicles produced after October 2016 did not include AEB at highway speeds as part of the “standard” package. Consumer Reports said that it “awards extra points to the overall score to vehicles that provide automatic braking as a standard feature across all trims,” due to the feature’s tested ability to prevent accidents.
The difference between models built before and after October comes from a split between Tesla’s original Autopilot system that leveraged technology from then partner Mobileye and a fully redesigned Autopilot 2.0 system – Tesla recreated “Mobileye” in 6 months. With the parting, Tesla had to develop its own AEB software, but promised owners an update by the end of 2016. After months of delays, Consumer Reports downgraded the Model S from the top spot in the ultra-luxury sedan group. On April 26, 2017, Tesla provided its first over-the-air update to its Enhanced Autopilot system in the models, but that only allowed for activation of AEB at speeds up to 28 mph.
In early July, Tesla’s Model S received another over-the-air update that increased that limit to 90 mph. Consumer Reports said that after testing and verifying this update, the Model S was upgraded once more. The Model X, receiving the same update, “regained some points, but those did not lift it very much in its category, where it resides near the bottom.”
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.
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 fun, quirky perk about owning a Tesla is that you can always look forward to a new Easter Egg.
In the past, Tesla owners have been able to turn the car shown on their infotainment screen into the the submersible Lotus Esprit S1 from the James Bond movie, "The Spy Who Loved Me." They've also been able to virtually drive down "Mario Kart's" rainbow road.
Now, Model X owners can trigger a Christmas light show by holding the "T" button on their infotainment screen and entering the code "holiday." Doing so will prompt the Falcon Wing doors to swing open and a light show set to the tune of "Wizards in Winter" by Trans-Siberian Orchestra will begin:
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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