http://www.proactiveinvestors.com Proactiveinvestors RSS feed en Wed, 20 Jun 2018 13:16:32 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Tesla files lawsuit against ex-employee for allegedly sharing confidential information ]]> http://www.proactiveinvestors.com/companies/news/199259/tesla-files-lawsuit-against-ex-employee-for-allegedly-sharing-confidential-information-199259.html Tesla Inc (NASDAQ:TSLA) is suing a former employee who allegedly exported data and trade secrets to a third party, according to a Bloomberg report.

CEO Elon Musk sent an email to his employees Sunday evening claiming that he had received information about an employee “who had conducted quite extensive and damaging sabotage” to the company’s operations.

READ: Tesla CEO Elon Musk emails employees about a possible saboteur in its ranks

The former process technician at the Nevada Gigafactory had been passed over for a promotion and is said to have retaliated against the company by making direct code changes to the manufacturing operating system under false usernames, according to the email. Then, the employee allegedly exported large amounts of “highly sensitive” data to unknown third parties, including confidential photographs and video of the company’s manufacturing system.

Tesla also claims that the employee lied to the media by providing false information, including claims that punctured battery cells were being used in vehicles,

READ: Electric car maker Tesla slashes 9% of its workforce as part of what Elon Musk calls a 'difficult, but necessary' reorganization

In the email shared by CNBC, Musk warned employees to be mindful of the Wall Street "short sellers and outside forces" he believes is trying to stand in the way of Tesla reaching its production goal of 5,000 electric vehicles per week.

Musk directed employees to an email address where they could send an anonymous note about suspicious activity within the company.

The electric vehicle company filed a lawsuit in Nevada federal court.

Shares of Tesla were up more than 1% to US$356.87 in Wednesday afternoon trading.

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Wed, 20 Jun 2018 12:16:00 -0400 http://www.proactiveinvestors.com/companies/news/199259/tesla-files-lawsuit-against-ex-employee-for-allegedly-sharing-confidential-information-199259.html
<![CDATA[News - Tesla CEO Elon Musk emails employees about a possible saboteur in its ranks ]]> http://www.proactiveinvestors.com/companies/news/199151/tesla-ceo-elon-musk-emails-employees-about-a-possible-saboteur-in-its-ranks-199151.html Tesla Inc (NASDAQ:TSLA) has been struggling to meet its Model 3 production goals, and CEO Elon Musk believes that a saboteur within its ranks is to blame.

According to an email Musk sent to employees Sunday evening, Musk received information about a Tesla employee “who had conducted quite extensive and damaging sabotage” to the company’s operations.

READ: Electric car maker Tesla slashes 9% of its workforce as part of what Elon Musk calls a 'difficult, but necessary' reorganization

The unnamed employee had been passed over for a promotion and retaliated by making direct code changes to the manufacturing operating system under false usernames, Musk claims. The employee then exported large amounts of “highly sensitive” data to unknown third parties, according to the email shared by a CNBC report.

READ: Tesla’s ‘superior’ electronic architecture ‘overlooked’ says Berenberg

Musk warned employees to be mindful of Wall Street "short sellers and outside forces" that he believes are trying to stand in the way of Tesla reaching its production goal of 5,000 electric vehicles per week.

“Don't want to blow your mind, but rumor has it that those companies are sometimes not super nice. Then there are the multitude of big gas/diesel car company competitors. If they're willing to cheat so much about emissions, maybe they're willing to cheat in other ways?” Musk speculated.

Musk directed employees to an email address where they could send an anonymous note about suspicious activity within the company.

Shares of Tesla sunk more than 4.5% to US$354.50 in morning trading.

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Tue, 19 Jun 2018 10:21:00 -0400 http://www.proactiveinvestors.com/companies/news/199151/tesla-ceo-elon-musk-emails-employees-about-a-possible-saboteur-in-its-ranks-199151.html
<![CDATA[News - Elon Musk scoops up US$25m worth of Tesla shares ]]> http://www.proactiveinvestors.com/companies/news/198818/elon-musk-scoops-up-us25m-worth-of-tesla-shares-198818.html A day after announcing the sacking of 9% of Tesla’s workforce, Elon Musk has bought 72,500 shares of the electric-car maker valued at roughly US$25mln, according to a filing with the US Securities and Exchange Commission.

Tesla’s shares are up almost 20% since the start of June, and Musk’s purchase is bound to irritate short-sellers of Tesla’s stock who Musk has promised to “burn” in the past.

The steady rise in the unprofitable car maker’s share price has put short-sellers in a difficult position and their mark-to-market losses in June come to US$2.09bln, according to data the financial analytics firm S3 Partners supplied to Reuters.

The job cuts, which Musk tweeted about this week, affect mostly salaried workers at Tesla, and will result in the firing of about 3,500 employees at the company, which employs roughly 40,000. The sackings are not aimed at the car maker’s production workers so this will not impede Tesla’s ability to reach its Model 3 production targets in coming months.

Read: Electric car maker Tesla slashes 9% of its workforce as part of what Elon Musk calls a 'difficult, but necessary' reorganization

Last week, Musk said it was “quite likely” that Tesla will meet its challenge of manufacturing 5,000 Model 3 cars each week by the close of June.

Musk said the job cuts were necessary to put the company on the road to profitability after almost 15 years of not delivering an annual profit.

Tesla shares broke even today, finishing at US$344.78.

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Wed, 13 Jun 2018 16:08:00 -0400 http://www.proactiveinvestors.com/companies/news/198818/elon-musk-scoops-up-us25m-worth-of-tesla-shares-198818.html
<![CDATA[News - Electric car maker Tesla slashes 9% of its workforce as part of what Elon Musk calls a 'difficult, but necessary' reorganization ]]> http://www.proactiveinvestors.com/companies/news/198728/electric-car-maker-tesla-slashes-9-of-its-workforce-as-part-of-what-elon-musk-calls-a-difficult-but-necessary-reorganization-198728.html The electric car marker Tesla is slashing roughly 9% of its workforce as part of what its CEO Elon Musk is calling a “difficult, but necessary” reorganization.

Musk said the cuts affect mostly salaried workers at Tesla, which employs roughly 40,000 workers.  The sackings will not hit the car maker’s production workers, so this will not impede Tesla’s ability to reach its Model 3 production targets in the coming months, according to Musk’s  letter to staff, which he posted on his Twitter feed.

Difficult, but necessary Tesla reorg underway. My email to the company has already leaked to media. Here it is unfiltered: pic.twitter.com/4LToWoxScx

— Elon Musk (@elonmusk) June 12, 2018

Musk said the cuts were necessary to put the company on the road to profitability after almost 15 years of not delivering an annual profit.

“What drives us is our mission to accelerate the world’s transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable,” Musk wrote.

Tesla’s job cuts and cost-cutting drive comes as the China-based Kandi Electric Vehicles Group is cracking open the door for its electric vehicles to enter the United States by signing a sales agreement with Sportsman Country.

Under the deal’s terms, JiHeKang, a wholly-owned subsidiary of Kandi, will ship its first electric vehicle prototypes to the US before August 10. Sportsman, meanwhile, will bear responsibility for the sale of these electric vehicles.

Read: China-based Kandi Electric Vehicles to sell its electric cars in the US

Tesla shares were on a tear earlier in the day after KeyBanc analyst Brad Erickson said checks with twenty of the electric car maker’s sales centers suggest that its Model 3 deliveries are tracking at a faster pace than he expected for the quarter.

Indeed, KeyBank’s Erickson has raised his estimate for Model 3 deliveries in the second quarter by 50% to 30,000.

With three weeks to go in the quarter, Erickson predicts that Tesla is set to deliver between 30,000 to 35,000 Model 3 in the second quarter, up from his prior estimate of 20,000 to 25,000.

Erickson is also lifting his estimate of Model 3 deliveries for 2018 to 118,182 from 98,182.

In early afternoon trade, Tesla shares lost some gains from earlier in the day, but were still up 2.78% at US$341.33.

 

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Tue, 12 Jun 2018 14:40:00 -0400 http://www.proactiveinvestors.com/companies/news/198728/electric-car-maker-tesla-slashes-9-of-its-workforce-as-part-of-what-elon-musk-calls-a-difficult-but-necessary-reorganization-198728.html
<![CDATA[News - Tesla’s ‘superior’ electronic architecture ‘overlooked’ says Berenberg ]]> http://www.proactiveinvestors.com/companies/news/198616/teslas-superior-electronic-architecture-overlooked-says-berenberg-198616.html Analysts at investment bank Berenberg said people tended to dwell on the competitive landscape for electric car maker Tesla Inc. (NASDAQ:TSLA), but underestimated the “full extent of Tesla’s technology advantage.”

Tesla’s upswing came amid a vote of confidence from analysts at Berenberg who maintained their US$500 price target and Buy rating on the car maker.

“Imminent competition from traditional Original Equipment Manufacturers (OEMs) is often cited as a key threat to Tesla, but this underestimates the full extent of Tesla’s technology advantage, which manifests in the entire electronic architecture design,” wrote analysts at Berenberg in a research note to clients issued Friday.

“This is a decisive barrier for legacy carmakers. Tesla’s centralised, integrated, technology-driven architecture enables flexibility and OTA (over-the-air) software-upgradeability across the entire domain. In contrast, traditional architectures implement technology additively to the legacy infrastructure, resulting in decentralised electronic control units (ECUs) systems that creates excess complexity and incompatibility,” they added.

READ: Tesla remains a ‘Fresh Pick’ at R.W Baird following high voltage annual meeting

The analysts said this makes it close to “impossible to deploy in-service upgradeability and product enhancements,” which will likely prove to be “increasingly critical” as a “determinant of customer preference.”

Tesla’s advantage and high hurdles for OEMs

“Although OTA technology has existed for some time, it has only been deployed by Tesla to its fullest extent – i.e. in hardware improvement through software updates,” noted the analysts.

“In the traditional industry, OTA capabilities reach little more than telematics and infotainment system updates, even in the most advanced premium cars. The OEMs’ problem is a design concept that shoehorns technology piecemeal into an inflexible infrastructure, resulting in little-to-no interECU communicability or compatibility and a lack of security,” explained the analysts.  

On the other hand, Tesla, with the flexibility afforded “by clean-sheet development, builds the infrastructure around the technology, enabling minimized-time-to-market product improvements” that OEMs are currently incapable of equaling, said the analysts.

Investment thesis

Berenberg not only built its investment thesis around Tesla’s centralised, integrated, technology-driven architecture which enables flexibility but also the Model 3.

The analysts said they expected “Model 3 gross margin to positively surprise.”

“The widespread assumption that Model 3 margins can be directly inferred from Model S/X is inherently and almost totally flawed,” wrote the analysts.

“Substantial gains from lower labor content, as well as capital and material use efficiencies, should allow Tesla to comfortably achieve a margin above 25% throughout the product cycle,” they added.

Read: Morgan Stanley analysts would be surprised if Tesla doesn’t raise capital by the end of 2018

Tesla CEO Elon Musk recently told shareholders that Tesla will be "cash flow positive" during the second half of this year by delivering 5,000 Model 3s with a starting price tag of $35,000 per week.   

Musk indicated his company was “quite likely” to be build 5,000 of the sedans a week by the end of this month. He reaffirmed his forecasts for second-half profit and cash generation based on that target, and said he still sees no need to raise more capital.

According to reports, Tesla is “turning the corner on manufacturing” thanks to the addition of a third general assembly line that completes the process of putting together the Model 3. 

King of battery technology

The analysts noted that Tesla enjoyed significant advantage on battery technology. “We expect Tesla to remain the battery technology leader, as traditional OEMs have shown little effort to commit meaningful capital to battery technology,” said the analysts. “Tesla’s temperature management is the most sophisticated in the industry, allowing better resilience to capacity degradation, and consequently better residual values.”

Tesla shares were up nealry 1% to US$320.60 in pre-market trade on Monday.

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Mon, 11 Jun 2018 08:36:00 -0400 http://www.proactiveinvestors.com/companies/news/198616/teslas-superior-electronic-architecture-overlooked-says-berenberg-198616.html
<![CDATA[News - Morgan Stanley analysts would be surprised if Tesla doesn’t raise capital by the end of 2018 ]]> http://www.proactiveinvestors.com/companies/news/198547/morgan-stanley-analysts-would-be-surprised-if-tesla-doesnt-raise-capital-by-the-end-of-2018-198547.html Tesla Inc (NASDAQ:TSLA) shares surged earlier this week following a show of shareholder confidence in its leadership at its annual meeting.

While the electric car company has struggled to meet production goals, CEO Elon Musk told investors it’s likely that Tesla will meet its weekly production goal of 5,000 cars by the end of the month. Musk also claimed once the company meets that goal, it will be cash-flow positive and will not need to raise more capital.

Morgan Stanley analysts were not swayed, maintaining an Equal-Weight rating with a price target of US$291.

Analysts disagreed with Musk’s timeframe to meet the production goal, forecasting that the company won’t meet its 5,000 per week goal for until 2019.

READ: Tesla remains a ‘Fresh Pick’ at R.W Baird following high voltage annual meeting

While Musk said he expects the company to achieve positive GAAP profit by the third quarter of 2018, analysts don’t see that happening until 2020.

The company believes it will have a positive free cash flow by the second quarter of 2018. Analysts disagreed with that as well and don’t see that or a positive GAAP net profit until 2021.

Musk has taken to Twitter to assure investors that Tesla will not need to raise capital and reiterated this at the shareholder meeting, but the analysts aren’t buying that.

“If Tesla can get through 2018 without raising equity, it would represent a material upside surprise to investors,” wrote the analysts in a note. The analysts foresee Tesla raising US$3bn at US$280 by the third quarter of 2018.

READ: Tesla’s Model 3 receives Consumer Reports recommendation after fixing braking issue

Tesla has been planning an expansion into China, working with the Chinese government to build a factory in Shanghai. While Tesla currently sells vehicles there, each car is subject to a 25% import tax which pushes it out of the price range of some consumers.

Morgan Stanley analysts entertained the possibility but highlighted roadblocks in Tesla’s path to China.

“While we are prepared for an announcement on Chinese capacity additions, our view is that Tesla's ability to access the Chinese shared autonomous transport market will be limited by data privacy and national security issues," wrote analysts.

Shares of Tesla were up less than 1% to US$317.78 in Friday pre-market trading.

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Fri, 08 Jun 2018 09:12:00 -0400 http://www.proactiveinvestors.com/companies/news/198547/morgan-stanley-analysts-would-be-surprised-if-tesla-doesnt-raise-capital-by-the-end-of-2018-198547.html
<![CDATA[News - Tesla remains a ‘Fresh Pick’ at R.W Baird following high voltage annual meeting ]]> http://www.proactiveinvestors.com/companies/news/198383/tesla-remains-a-fresh-pick-at-rw-baird-following-high-voltage-annual-meeting-198383.html Analysts at R.W. Baird said Tesla Inc. (NASDAQ:TSLA) remained a “fresh pick” Wednesday after Tesla CEO Elon Musk rebuffed a shareholder attempt to overhaul the electric car maker's board and strip him of his role as chairman.  

R.W. Baird analyst Ben Kallo reiterated his Buy rating and US$411 price target.

The stock was up 3.5% to US$301.40 in pre-market trade Wednesday after all three directors seeking to remain on Tesla's nine-member board were re-elected during the company's annual meeting held Tuesday in Mountain View, California.

Directors Antonio Gracias, James Murdoch and Elon's brother, Kimbal Musk, won by "a wide margin," according to Tesla.

ABC News reported that CtW Investment Group, an activist firm that represents labor union pension funds, had “spearheaded a rebellion seeking to oust the trio from the board on the grounds that they didn't know about the auto industry” at a critical time when Tesla was struggling to meet its production goals for its first mass-market Model 3 sedan.

Baird analyst Ben Kallo was reassured after shareholders approved the board of directors by a “significant margin.”

“The analyst said the body language was positive, noted that shareholders approved the board of directors by a significant margin and expects management to achieve positive GAAP net income and positive cash flow in Q3 and Q4,” reported Investorshub.com.

Citi’s lingering concerns about the Model 3 sedan

Meanwhile, Citi analyst Itay Michaeli lowered his price target for Tesla to $313 from $347 after refreshing his Model 3 peer analysis. The analyst maintained a Neutral rating on the shares.

“Model 3 demand and autopilot developments are the key "make/break" fundamental call for the second half of 2018,” Michaeli wrote in a note to clients seen by the thefly.com. “The analyst said that while he appreciates the bull case of ramping Model 3 deliveries and Tesla achieving profitability in the second half of the year, thereby easing cash concerns and cementing the carmaker's electric vehicle lead, he can't get there on risk/reward at this point."

According to media reports, missed production targets for the Model 3 contributed heavily to Tesla burning through more than US$1bn in three of the last four quarters. Investors have been worrying Tesla will have to sell more stock or add to its already hefty debt load to raise enough money to survive.

READ: Tesla has refunded nearly one-quarter of Model 3 deposits, says a credit and debit card analytics report

Musk, however, told shareholders that Tesla will be "cash flow positive" during the second half of this year by delivering 5,000 Model 3s with a starting price tag of $35,000 per week.   

Musk said Tuesday his company was “quite likely” to build 5,000 of the sedans a week by the end of this month. He reaffirmed his forecasts for second-half profit and cash generation based on that target, and said he still sees no need to raise more capital.

Meanwhile, Bloomberg reported that one of the reasons for Musk’s assurance that Tesla is “turning the corner on manufacturing” is the addition of a third general assembly line that completes the process of putting together the Model 3. 

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Wed, 06 Jun 2018 09:36:00 -0400 http://www.proactiveinvestors.com/companies/news/198383/tesla-remains-a-fresh-pick-at-rw-baird-following-high-voltage-annual-meeting-198383.html
<![CDATA[News - Tesla has refunded nearly one-quarter of Model 3 deposits, says a credit and debit card analytics report ]]> http://www.proactiveinvestors.com/companies/news/198286/tesla-has-refunded-nearly-one-quarter-of-model-3-deposits-says-a-credit-and-debit-card-analytics-report-198286.html Tesla Inc (NASDAQ:TSLA) has been a mainstay in the news cycle, struggling to meet production goals, stuck in the center of autopilot crashes with CEO Elon Musk’s tweets sprinkled on top.

In the latest addition to the Tesla saga, a report claims that 23% of Model 3 reservations have been refunded. The report is from Second Measure, an analytics platform that sorts through credit and debit card purchases.

Demand for the car was strong when reservations first began in March 2016 with 61% occurring in the first month, according to the report data shared by Electrek.

Tesla said that Model 3 reservations were stable through the first quarter but did admit to some cancellations due to production delays or delays in availability of certain features such as dual motor all-wheel drive.

READ: Tesla faces tough competition as General Motors’ self-driving unit receives US$2.5bn investment

The electric car company recently production for six days from May 26 to May 31 to address the manufacturing issues that have prevented Tesla from reaching its Model 3 production goals, according to Reuters' sources.

Model 3 production has been suspended before as the company struggled to meet its target, blaming excessive automation for the slow down.

READ: Tesla’s Model 3 receives Consumer Reports recommendation after fixing braking issue

A recent report by Business Insider claims that Model 3 production is costing the automaker a lot of cash and raw material. Around 40% of the raw materials in its Nevada factory are scrapped or reworked before heading to its California factory. The report states that Tesla has spent over US$150mln on scrap, based on internal documents. Tesla disagreed with that figure.

"As is expected with any new manufacturing process, we had high scrap rates earlier in the Model 3 ramp. This is something we planned for and is a normal part of a production ramp," Tesla said in response.

Despite production concerns, the electric vehicle maker counted more than 450,000 Model 3 reservations by the end of the last quarter, as per its May shareholder letter.

Tesla will hold its annual meeting on Tuesday, giving shareholders the opportunity to vote for an independent chairman. Musk has been the chairman since 2004 and the CEO since 2008.

Shares of the California-based company were down less than 1% to US$296.03 in Tuesday pre-market trading.

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Tue, 05 Jun 2018 08:30:00 -0400 http://www.proactiveinvestors.com/companies/news/198286/tesla-has-refunded-nearly-one-quarter-of-model-3-deposits-says-a-credit-and-debit-card-analytics-report-198286.html
<![CDATA[News - Tesla faces tough competition as General Motors’ self-driving unit receives US$2.5bn investment ]]> http://www.proactiveinvestors.com/companies/news/198026/tesla-faces-tough-competition-as-general-motors-self-driving-unit-receives-us25bn-investment-198026.html General Motors Company (NYSE:GM) said Thursday that SoftBank Vision Fund plans to invest US$2.25bn in its self-driving unit, sending rival Tesla Inc’s (NASDAQ:TSLA) shares tumbling.

The investment comes as Silicon Valley electric-car maker Tesla and Alphabet's Waymo unit are pushing to gain an advantage in the autonomous vehicle space.

SoftBank Vision Fund will invest around US$2.25bn into GM Cruise Holdings LLC, the automaker’s autonomous driving segment as GM looks to commercialize automated driving.

READ: Tesla’s Model 3 receives Consumer Reports recommendation after fixing braking issue

“GM has made significant progress toward realizing the dream of completely automated driving to dramatically reduce fatalities, emissions and congestion,” said Softbank managing partner Michael Ronen in a press release.

Ronen added that he was impressed by GM Cruise and that its hardware and software present “a unique competitive advantage.”

 The investment will be split into two tranches, US$900mln at the close of the transaction and then the remaining US$1.35bn once the Cruise AVs are ready for commercial deployment.

With this new investment, the companies expect to have enough capital to reach commercialization at scale by the beginning of 2019.

READ: Tesla boss Elon Musk tweets specs for new performance version of key Model 3 electric car

The competition could be a problem for Tesla whose own self-driving fleet has been involved in multiple accidents, including a fatal crash in Florida that led to an investigation by the National Transportation Safety Board.

Shares of GM jumped more than 10% to US$41.98 in Thursday morning trading.

New additions to the Tesla team

Tesla welcomed two new executives to its team.

Sanjay Shah, Amazon.com Inc’s former vice president of its North American fulfillment centers, has been named the new senior vice president of energy operations and will oversee Tesla’s energy products.

Jan Oehmicke, the current CEO of BMW Financial Services France, will leave that position in July to assume the role of vice president of Tesla Europe to manage operations in that region.

“We’re excited for Sanjay and Jan to bring their significant experience to Tesla,” said Tesla in a blog post.

India hasn’t won over Elon Musk

Tesla has been looking to expand overseas, getting closer by the day to establishing a factory in China as regulations on automakers ease.

India has been trying to lure Tesla to build a factory but Musk doesn’t seem interested, according to a Bloomberg report.

Would love to be in India. Some challenging government regulations, unfortunately. Deepak Ahuja, our CFO, is from India. Tesla will be there as soon as he believes we should.

— Elon Musk (@elonmusk) May 30, 2018

Musk tweeted that India’s restrictive policies were an impediment to local production.

Shares of Tesla fell less than a percent to US$290.29.

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Thu, 31 May 2018 09:44:00 -0400 http://www.proactiveinvestors.com/companies/news/198026/tesla-faces-tough-competition-as-general-motors-self-driving-unit-receives-us25bn-investment-198026.html
<![CDATA[News - Tesla’s Model 3 receives Consumer Reports recommendation after fixing braking issue ]]> http://www.proactiveinvestors.com/companies/news/197954/teslas-model-3-receives-consumer-reports-recommendation-after-fixing-braking-issue-197954.html Consumer Reports has finally given its recommendation to Tesla Inc’s Model 3 sedan after a software update improved the car’s stopping distance.

In the initial review, Consumer Reports did not recommend the electric vehicle, citing concerns about the car’s braking distance as well as its control system and level of comfort.

Initially, when going from 60 mph to a complete stop, the Model 3 had a 152-foot stopping distance compared with the 127-foot average for luxury compact sedans.

After the software update, the car stopped in 133 feet, matching Tesla’s own results when testing the vehicle.

READ: Tesla Model 3 fails to earn a Consumer Reports recommendation after brake concerns

Tesla CEO Elon Musk came to the defense of the Model 3 via Twitter after the first Consumer Reports review, saying that the issue could be fixed with a firmware update. He also noted that Consumer Reports had an early production car and should test a newer model.

In another tweet, Musk said that the company would make the Model 3’s braking performance the best in its class.

READ: Tesla's price target raised despite snub from Consumer Reports and standard model delays

“Although this update improved the car’s stopping distances, the braking performance is not class-leading. So for Tesla to make good on Musk’s promise, it may need additional updates to the braking software,” said the Consumer Reports review.

Musk took to Twitter to acknowledge Consumer Reports for its follow-up test.

Really appreciate the high quality critical feedback from @ConsumerReports. Road noise & ride comfort already addressed too. UI improvements coming via remote software update later this month. https://t.co/ZMLPJxmPlM

— Elon Musk (@elonmusk) May 30, 2018

In light of the recommendation, Baird analyst Ben Kallo reiterated an Outperform rating on Tesla shares.

The analyst said the car maker utilizing software updates to fix a braking issue was “unique”  and solidifies the company as a leader in the electric vehicle space.

Shares of Tesla were up more than 2% to US$291.76.

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Wed, 30 May 2018 13:55:00 -0400 http://www.proactiveinvestors.com/companies/news/197954/teslas-model-3-receives-consumer-reports-recommendation-after-fixing-braking-issue-197954.html
<![CDATA[News - Tesla's price target raised despite snub from Consumer Reports and standard model delays ]]> http://www.proactiveinvestors.com/companies/news/197472/tesla-s-price-target-raised-despite-snub-from-consumer-reports-and-standard-model-delays-197472.html Tesla Inc’s (NASDAQ:TSLA) ability to turn a profit and meet production goals has been a concern for investors, but an analyst note may be able to quell those fears.

Berenberg analyst Alexander Haissl forecast that the company will be able to meet its 25% gross profit margin forecast, according to a report on the note by CNBC.

READ: Tesla Model 3 fails to earn a Consumer Reports recommendation after brake concerns

"The widespread assumption that Model 3 margins can be directly inferred from Model S/X is inherently and almost totally flawed. Substantial gains from lower labour content, as well as capital and material use efficiencies, should allow Tesla to comfortably achieve a margin above 25% throughout the product cycle," said the analyst in a note.

The analyst reiterated the Buy rating and raised the price target for Tesla shares to US$500 from US$470.

Tesla CEO Elon Musk came to the defense of the Model 3 after Consumer Reports failed to give the sedan a recommendation, citing concerns about the car’s brakes and longer-than-average stopping distance. The magazine Car and Driver’s test of the vehicle also noted a similar issue.

When going from 60 mph to a complete stop, the Model 3 had a 152-foot stopping distance compared with the 127-foot average for luxury compact sedans. It took 25 feet longer to stop than Tesla’s Model X SUV.

Musk tweeted his response to the report, saying that the issue can be fixed with a firmware update. He also noted that Consumer Reports had an early production car and should test a newer model.

 

Also, Consumer Reports has an early production car. Model 3 now has improved ride comfort, lower wind noise & many other small improvements. Will request that they test current production.

— Elon Musk (@elonmusk) May 22, 2018

 

Despite the cult following and fanfare surrounding Tesla, the standard Model 3 was expected to start at the reasonable price of US$35,000. As the features get fancier, the price would go up.

However, the base model isn’t within reach just yet. Musk tweeted that the standard Model 3 won’t ship until about three to six months after Tesla reaches its weekly production goal of 5,000 vehicles.

 

With production, 1st you need achieve target rate & then smooth out flow to achieve target cost. Shipping min cost Model 3 right away wd cause Tesla to lose money & die. Need 3 to 6 months after 5k/wk to ship $35k Tesla & live.

— Elon Musk (@elonmusk) May 21, 2018

 

Based on the latest results, Tesla has reached about 2,500 cars per week and isn’t expected to reach 5,000 per week until the end of June.

Musk also tweeted about a premium Model 3 with a US$78,000 price tag that can reach up to 155 miles per hour with a range of 310 miles. This upgraded version is more than double the tag price of the standard version, putting the electric vehicle in the price range of luxury vehicles and far from its original goal of being a mass-market car.

Shares of Tesla were up less than 1% to US$286.65 in Tuesday pre-market trading.

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Tue, 22 May 2018 09:10:00 -0400 http://www.proactiveinvestors.com/companies/news/197472/tesla-s-price-target-raised-despite-snub-from-consumer-reports-and-standard-model-delays-197472.html
<![CDATA[News - Tesla Model 3 fails to earn a Consumer Reports recommendation after brake concerns ]]> http://www.proactiveinvestors.com/companies/news/197402/tesla-model-3-fails-to-earn-a-consumer-reports-recommendation-after-brake-concerns-197402.html Consumer Reports did not recommend Tesla Inc’s Model 3 sedan after conducting a review of the vehicle, citing concerns about the car’s stopping distance and other issues.

In the review of the electric vehicle, the testers praised the car’s range, handling and acceleration, viewing it as a competitor with luxury vehicles like the Audi A4 and BMW’s 3 Series.

When the regenerative brake is activated, the Model 3 could last 350 miles on one charge, which is the longest recorded by Consumer Reports for an electric vehicle.

"Our testers also found flaws—big flaws—such as long stopping distances in our emergency braking test and difficult-to-use controls. These problems keep the Model 3 from earning a Consumer Reports recommendation," according to the report.

READ: Tesla boss Elon Musk tweets specs for new performance version of key Model 3 electric car

When going from 60 mph to a complete stop, the Model 3 had a 152-foot stopping distance compared with the 127-foot average for luxury compact sedans. It took 25 feet longer to stop than Tesla’s Model X SUV.

Car and Driver’s test of the Model 3 found a similar braking issue, recording what it called “a bizarre amount of variation.”

READ: Goldman analyst predicts Tesla to need US$10bn in extra capital by 2020

“I’ve been testing cars for 11 years and in 11 years, no car has stood out with inconsistent braking like this. ... It was just weird,” said Car and Driver Testing Director K.C. Colwell in an interview with Consumer Reports.

A Tesla spokesperson told Consumer Reports that the average stopping distance can vary depending on variables like road surface and temperature.

The testers were also critical of the touchscreen, ride quality, rear seat and the amount of wind noise that can be heard while driving at highway speeds.

Consumer Reports also did not issue a recommendation for the Model X.

Shares of Tesla were up more than 2% to US$282.75.

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Mon, 21 May 2018 14:49:00 -0400 http://www.proactiveinvestors.com/companies/news/197402/tesla-model-3-fails-to-earn-a-consumer-reports-recommendation-after-brake-concerns-197402.html
<![CDATA[News - Tesla boss Elon Musk tweets specs for new performance version of key Model 3 electric car ]]> http://www.proactiveinvestors.com/companies/news/197371/tesla-boss-elon-musk-tweets-specs-for-new-performance-version-of-key-model-3-electric-car-197371.html Tesla Inc. (NASDAQ:TSLA) chief executive officer Elon Musk on Sunday tweeted the specifications for two new versions of the firm’s key Model 3 electric car, its first high-volume vehicle.

Musk unveiled details of a US$78,000 performance version of the car, and also a less expensive dual-motor, all-wheel-drive option, confirming that deliveries will begin in July following a series of production delays for the model.

READ: Goldman analyst predicts Tesla to need US$10bn in extra capital by 2020

The performance Model 3 -- also with a dual-motor and all-wheel-drive -- will have a 310-mile range, and accelerate from zero to 60 mph in 3.5 seconds with a top speed of 155 mph.

Tesla dual motor, all-wheel drive performance Model 3:
3.5 sec 0-60mph
155 mph Top Speed
310 mile Range

— Elon Musk (@elonmusk) 20 May 2018

The carmaker has said it will shut down production for six days from May 26 to May 31 to address the manufacturing issues that have prevented it from reaching its Model 3 production goals.

In its first quarter, Tesla was producing 2,000 Model 3s per week, missing its target of 2,500 per week. The company expects to meet a target of 5,000 vehicles per week by the end of the second quarter.

The new model launches come after analysts at Goldman Sachs last week estimated that Tesla will need about US$10.5bn in fresh capital through 2020 to keep operating and meet its own targets.

The US investment bank’s analysts said that is the estimated sum needed from external capital raises and debt refinancing for the electric car maker to fund its current operations and finance new product spend and capacity additions.

Goldman is also assuming that Tesla will go ahead with a plan to launch a new vehicle manufacturing plant and gigafactory in China.

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Mon, 21 May 2018 07:13:00 -0400 http://www.proactiveinvestors.com/companies/news/197371/tesla-boss-elon-musk-tweets-specs-for-new-performance-version-of-key-model-3-electric-car-197371.html
<![CDATA[News - Goldman analyst predicts Tesla to need US$10bn in extra capital by 2020 ]]> http://www.proactiveinvestors.com/companies/news/197229/goldman-analyst-predicts-tesla-to-need-us10bn-in-extra-capital-by-2020-197229.html Tesla’s money problems are moving to the front burner, with another forecast out today from a Goldman Sachs analyst that predicts the electric car maker may require US$10bln in external capital and refinancing by 2020.

Tesla Inc (NASDAQ:TSLA) needs the extra cash not only to fund its current operations and spend on new products, but also to back founder Elon Musk’s plan for a new vehicle plant and battery gigafactory in China.

In a report on business news site TheFly.com, David Tamberrino of Goldman Sachs predicts that Tesla will raise money via new bond issues, convertible notes and equity. But he also points out that if Tesla were to issue incremental debt, it may weigh on the company’s credit profile while issuing additional equity or convertible bonds at lower premiums would dilute shares.

Goldman is keeping a sell rating and a US$195 price target on Tesla shares.

The Goldman notes come in the wake of news that Tesla will temporarily halt Model 3 production at its California factory to work on its assembly lines.

READ: Tesla to halt production at the end of May, expects to reach 3,500 Model 3s this week

The carmaker will shut down production for six days from May 26 to May 31 to address the manufacturing issues that have prevented Tesla from reaching its Model 3 production goals.

Model 3 production has been suspended before as the company struggled to meet its target, blaming excessive automation for the slow down.

In its first quarter, Tesla was producing 2,000 Model 3s per week, missing its target of 2,500 per week. The company expects to meet a target of 5,000 vehicles per week by the end of the second quarter.

Morgan Stanley analysts recently referred to Tesla as the “ultimate high-risk name in autos,” forecasting that Model 3 production won’t be able to reach 5,000 cars per week until either the third or fourth quarter.

Tesla shares were flat at US$284.34 in Thursday's late trading session.

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Thu, 17 May 2018 15:41:00 -0400 http://www.proactiveinvestors.com/companies/news/197229/goldman-analyst-predicts-tesla-to-need-us10bn-in-extra-capital-by-2020-197229.html
<![CDATA[News - Tesla to halt production at the end of May, expects to reach 3,500 Model 3s this week ]]> http://www.proactiveinvestors.com/companies/news/197044/tesla-to-halt-production-at-the-end-of-may-expects-to-reach-3500-model-3s-this-week-197044.html Tesla Inc (NASDAQ:TSLA) will temporarily halt Model 3 production at its California factory to work on its assembly lines, as per a Reuters report.

The electric car company will shut down production for six days from May 26 to May 31 to address the manufacturing issues that have prevented Tesla from reaching its Model 3 production goals, according to Reuters' sources.

Model 3 production has been suspended before as the company struggled to meet its target, blaming excessive automation for the slow down.

In its first quarter, Tesla was producing 2,000 Model 3s per week, missing its target of 2,500 per week. The company expects to meet a target of 5,000 vehicles per week by the end of the second quarter.

Morgan Stanley analysts referred to Tesla as the “ultimate high-risk name in autos,” forecasting that Model 3 production won’t be able to reach 5,000 cars per week until either the third or fourth quarter, in a note shared by TheFly.com.

READ: Tesla the 'ultimate high-risk name in autos' says Morgan Stanley analyst, pointing to Model 3 production

CEO Elon Musk told employees that this week the company could likely reach 3,500 Model 3s per week, as per a staff email cited by the Electrek in a report.

Tesla has been in the spotlight fairly often lately, from a bizarre earnings call to reports of crashes.

READ: Tesla slides amid analyst scorn after 'truly bizarre' conference call with CEO Elon Musk

A Tesla Model S was involved in a crash in Utah while the driver was using the car’s Autopilot feature, which is already under review by the National Transportation Safety Board after a fatal crash.

Musk took to Twitter to comment on the “messed up” coverage of the crash, saying that the driver only suffered a broken ankle.

What’s actually amazing about this accident is that a Model S hit a fire truck at 60mph and the driver only broke an ankle. An impact at that speed usually results in severe injury or death.

— Elon Musk (@elonmusk) May 14, 2018

Shares of the California-based company were down more than 3% to US$282.97.

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Tue, 15 May 2018 16:00:00 -0400 http://www.proactiveinvestors.com/companies/news/197044/tesla-to-halt-production-at-the-end-of-may-expects-to-reach-3500-model-3s-this-week-197044.html
<![CDATA[News - Tesla chief Elon Musk gets open letter from spurned RBC Capital analyst ]]> http://www.proactiveinvestors.com/companies/news/196675/tesla-chief-elon-musk-gets-open-letter-from-spurned-rbc-capital-analyst-196675.html The controversy over Elon Musk’s bizarre treatment of analysts on a Tesla (NASDAQ:TSLA) conference call this month where he dismissed their questions about gross margins as “boring” and “dry” shows little sign of abating.

Still smarting from being rebuffed, Joseph Spak, an RBC Capital analyst, has written a letter to Musk and invited him to talk extensively about "all the amazing industry innovations you are driving and dispel any investor misconceptions you perceive."

Obtained by TheFly.com, a business news site, the letter comes after Musk cut off Spak’s inquiry about demand for Model 3s and called his question absurd given that Tesla has roughly half a million reservations, despite its lack of advertising and not having cars in the showrooms.

In response to being insulted, Spak wrote in his open letter: “Name the time and the place and I will be there, along with every one of your major shareholders.”

Spak wrote that while he considers Tesla an “amazing company” with a “compelling” long-term opportunity and an “incredible” list of accomplishments, he has to hold the carmaker “accountable” for implementing a strategic vision that aligns with an ability to execute at scale.

READ: Tesla shares volatile on narrower-than-expected 1Q loss but concerns remain

In the letter, Spak also stressed that "a financial results call is an opportunity for Wall Street to recalibrate its expectations based on the information you provide so we can thoughtfully reflect on the financial outlook for your company.”

“Our questions collectively represent the concerns and interests of your current and potential shareholders,” he wrote.  “Some of these questions can seem dry, boring or short-term focused, but hopefully you can appreciate that anyone looking to invest in Tesla’s future must first be comfortable with its present.”

This month, Tesla stated in a quarterly filing that it expects its total 2018 capital expenditures to fall slightly below US$3bln and that it may raise additional capital to fund the rapid growth of its business.

And the electric-car giant beat expectations with its first-quarter results, although concerns over its cash burn, huge debt pile and production issues remain.

Tesla reported a loss of US$3.35 in the opening three months of 2018 on revenue of US$3.41bln.

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Wed, 09 May 2018 14:17:00 -0400 http://www.proactiveinvestors.com/companies/news/196675/tesla-chief-elon-musk-gets-open-letter-from-spurned-rbc-capital-analyst-196675.html
<![CDATA[News - Tesla Inc chief Elon Musk scoops up $10mln worth of Tesla shares ]]> http://www.proactiveinvestors.com/companies/news/196570/tesla-inc-chief-elon-musk-scoops-up-10mln-worth-of-tesla-shares-196570.html Short sellers in the electric car maker Tesla (NASDAQ:TSLA) beware. Elon Musk is not just taking them on via Twitter. This week, Musk, who is the company’s biggest shareholder, engaged in a bit of sabre rattling by adding tens of thousands of shares to his own stake in Tesla.

Tesla’s chief executive has bought 33,000 Tesla shares worth close to US$10mln, marking his most extensive stock purchase since March of 2017, according to a SEC filing.

Musk’s buying of shares comes just days after he took to Twitter to lambast short sellers who are taking bets against Tesla which has yet to earn a profit.   

Looks like sooner than expected. The sheer magnitude of short carnage will be unreal. If you’re short, I suggest tiptoeing quietly to the exit … https://t.co/A0Q90pSLKA

— Elon Musk (@elonmusk) May 5, 2018

Some analysts are taking an increasingly bearish stance on Tesla, with Goldman Sachs saying that the Silicon Valley electric car maker is likely to have to tap capital markets this year, regardless of what it has told investors.

This month, the electric-car giant beat expectations with its first-quarter results in the face of looming concerns over its cash burn, huge debt pile and production issues.

Read: Tesla shares volatile on narrower-than-expected 1Q loss but concerns remain

Elon Musk’s company reported a loss of US$3.35 for the opening three months of 2018, narrower than the US$3.58 loss analysts had initially pencilled in.

Revenue for the quarter totaled US$3.41bn, beating the consensus estimate of US$3.22bn.

Tesla had hoped to be producing 2,500 Model 3s by the end of the quarter but was forced to backtrack on that as it grappled with production issues in its factory.

In early trade, Tesla shares were up slightly at US$305.53.

 

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Tue, 08 May 2018 09:23:00 -0400 http://www.proactiveinvestors.com/companies/news/196570/tesla-inc-chief-elon-musk-scoops-up-10mln-worth-of-tesla-shares-196570.html
<![CDATA[News - Tesla CEO defends his unusual earnings call via Twitter and shares continue to fall ]]> http://www.proactiveinvestors.com/companies/news/196438/tesla-ceo-defends-his-unusual-earnings-call-via-twitter-and-shares-continue-to-fall-196438.html Tesla Inc (NASDAQ:TSLA) reported a narrower-than-expected loss in its first-quarter earnings, but shares of the electric-car company continued to fall as its CEO continued to tweet.

In a post-earnings call, CEO Elon Musk cut off analysts’ questions and told investors to stay away from the stock if they can’t handle volatility.

Sanford Bernstein analyst Toni Sacconaghi asked the CEO about capital requirements.

“Excuse me. Next. Boring, bonehead questions are not cool. Next?” replied Musk, eventually moving on to take questions from Galileo Russel of HyperChange TV, a YouTube investment channel.

Musk took to Twitter to defend his position, saying that the analysts he ignored were “ sell-side analysts who represent a short seller thesis, not investors.”

 

The 2 questioners I ignored on the Q1 call are sell-side analysts who represent a short seller thesis, not investors

— Elon Musk (@elonmusk) May 4, 2018

 

Tesla is the biggest short in the U.S. stock market, according to a report by CNBC tweeted by Musk.

In a thread of tweets, Musk said he brushed off the Sanford Bernstein analyst’s question because it was already covered in the first quarter’s newsletter.

An RBC analyst had asked about Model 3 demand, which Musk said was “absurd”, citing half a million reservations despite no advertising or car showrooms.

 

Reason RBC question about Model 3 demand is absurd is that Tesla has roughly half a million reservations, despite no advertising & no cars in showrooms. Even after reaching 5k/week production, it would take 2 years just to satisfy existing demand even if new sales dropped to 0.

— Elon Musk (@elonmusk) May 4, 2018

 

Shares of the California-based company were up 1.6% to US$288.85 in morning trading.

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Fri, 04 May 2018 09:28:00 -0400 http://www.proactiveinvestors.com/companies/news/196438/tesla-ceo-defends-his-unusual-earnings-call-via-twitter-and-shares-continue-to-fall-196438.html
<![CDATA[News - Tesla faces truck competition as Anheuser-Busch orders 800 semis from rival, Nikola Motor Co ]]> http://www.proactiveinvestors.com/companies/news/196379/tesla-faces-truck-competition-as-anheuser-busch-orders-800-semis-from-rival-nikola-motor-co-196379.html There was more bad news for Tesla Inc. (NASDAQ:TSLA) after one of its major competitors, Nikola Motor Co, secured a major order for its hydrogen-powered semi trucks.

Budweiser maker Anheuser-Busch InBev (NYSE:BUD), which ordered 40 electric trucks from Tesla last year, is to buy as many as 800 semi trucks from Phoenix-based Nikola.

Whereas Tesla uses batteries in its powertrain technology, Nikola uses hydrogen fuel cells; neither of which generate any tailpipe pollutants.

Nikola claims its trucks are better because their system is lighter which allows the vehicles to go for up to 1,200 miles on a full charge, compared to just the 500 miles which Tesla trucks will top out at.

Because they run on gas, the trucks can be refueled in 20 minutes – not too dissimilar to conventional diesel trucks – although it isn’t always easy to find somewhere to refuel them.

To combat that Nikola is planning on building 700 refueling stations over the next seven years.

Anheuser-Busch is investing in eco-friendly trucks as it targets a 25% reduction in its overall carbon emissions by 2025.

READ: Tesla slides after Elon Musk's 'truly bizarre' conference call

The beermaker hopes to have all 800 Nikola trucks in its fleet by 2020 and will begin testing the first pre-production semis later this year.

Tesla shares, already hampered by yesterday’s earnings report which failed to clear up some lingering worries, were down 5.9% to US$283.38 come Thursday afternoon. Anheuser’s stock was up 2.2% to US$96.70.

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Thu, 03 May 2018 15:01:00 -0400 http://www.proactiveinvestors.com/companies/news/196379/tesla-faces-truck-competition-as-anheuser-busch-orders-800-semis-from-rival-nikola-motor-co-196379.html
<![CDATA[News - Tesla slides amid analyst scorn after 'truly bizarre' conference call with CEO Elon Musk ]]> http://www.proactiveinvestors.com/companies/news/196347/tesla-slides-amid-analyst-scorn-after-truly-bizarre-conference-call-with-ceo-elon-musk-196347.html Telsa Inc. (NASDAQ:TSLA) and its CEO Elon Musk find themselves in the crosshairs of securities analysts after the electric car maker raised more cash-burn concerns and its top executive got testy during a conference call that analysts described as "contentious" and "truly bizarre."

The stock of Telsa was down in early trading by around US$21, or 7%, to US$280 a share as analysts cast a critical and sceptical eye at the company's financial well-being following the release of its first-quarter results.

Tesla reported a loss of US$3.35 a share, which was smaller the loss of US$3.58 a share that analysts had expected. However, a number of analysts expressed concern about Tesla's enormous debt levels and the large amount of cash it is burning through.

'The clock is ticking for Telsa'

Online investment firm AJ Bell said the company's "diminishing US$2.7bn cash position does mean that the clock is ticking for Tesla, especially as Q1’s net cash outflow from operations of US$398mln comes before capital investment of US$666mln."

AJ Bell noted that Tesla's valuation "leaves shareholders with little downside protection and the company’s US$7.4bn net debt pile and dwindling cash resources mean the pressure is on Mr. Musk and his colleagues to resolve the Model 3 production problems as fast as they can."

Analysts also took exception to Musk's demeanour during the conference call that followed the release of its results.

'Odd' and 'truly bizarre' call

UBS analyst Colin Langan said the conference call grew contentious when Musk was asked about the cash burn rate, which at US$1.1bn in the quarter was worse than UBS expected. Langan remains cautious given the cash burn, the volatile and uncertain production timeline for the Model 3, and initial quality concerns. Langan reiterated his Sell rating and US$195 price target on Tesla shares.

JPMorgan cut Tesla's price target to US$180 from US$185 after the call with Musk. Indeed, the post-earnings research note from JPMorgan analyst Ryan Brinkman was titled, "The Questions We Were Not Able to Ask on Tesla's (Truly Bizarre) 1Q18 Conference Call."

Brinkman kept his "Underweight" rating on Tesla following the results, which JPMorgan said were marked by better-than-expected revenue, margin and earnings, but accompanied by a bigger-than-expected cash outflow. Brinkman expected the stock to fall today after Musk dismissed multiple analyst questions as "dry" and "boring."

RBC Capital analyst Joseph Spak slashed his price target on Tesla to US$280 from US$305 after the "odd" conference call, saying management lacked answers to investor questions. Spak called scepticism regarding Tesla's production capabilities "warranted," but nonetheless kept his Sector Perform rating on the company's shares.

CEO did his company no favours

AJ Bell noted that such testy conference calls will not help "the company’s case if – or when – it needs to access equity or debt markets for fresh funding, something which seems quite possible given the company’s current cash flow profile."

AJ Bell said Moody’s downgrade of Tesla’s debt "does suggest the firm’s position is precarious and investors now just need to hope that Mr. Musk can deliver on his production volume targets, although the market’s reaction to the figures released by Spotify (NYSE:SPOT), Snap (NYSE:SNAP) and Tesla suggest that shareholders are becoming less tolerant of very highly-valued 'jam-tomorrow' stories and are looking for some jam (or profit and cash flow) today instead, as shown by the warm reception given to Apple’s (NASDAQ:AAPL) buyback and dividend plans."

An 'oversold' vote

A more generous view was offered by Morgan Stanley analyst Adam Jonas, who said the first-quarter report was no worse than expected. Jonas sees limited near-term downside risk in the stock but still does not view it as an attractive investment right now; he maintains an "Equal Weight" rating on Tesla shares.

KeyBanc analyst Brad Erickson went so far as to say Tesla's shares "still look a bit oversold" given a low Model 3 profitability bar to step over and likely incremental production announcements in the coming one to two quarters.

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Thu, 03 May 2018 08:13:00 -0400 http://www.proactiveinvestors.com/companies/news/196347/tesla-slides-amid-analyst-scorn-after-truly-bizarre-conference-call-with-ceo-elon-musk-196347.html
<![CDATA[News - Tesla shares volatile on narrower-than-expected 1Q loss but concerns remain ]]> http://www.proactiveinvestors.com/companies/news/196289/tesla-shares-volatile-on-narrower-than-expected-1q-loss-but-concerns-remain-196289.html Tesla Inc. (NASDAQ:TSLA) shares were volatile in after-hours trading Wednesday after the electric-car giant beat expectations with its first-quarter results, although concerns over its cash burn, huge debt pile and production issues remain.

Elon Musk’s company reported a loss of US$3.35 for the opening three months of 2018, narrower than the US$3.58 loss analysts had initially pencilled in.

Revenue for the quarter totaled US$3.41bn, beating the consensus estimate of US$3.22bn.

Shares were jumping up and down in late-trading but were down 1% to US$298 shortly after 5.20 pm in New York. In the 30 minutes after the results were released, the stock traded as high as US$306 and as low as US$300.

On track for 5,000 Model 3s a week in 2Q

While the narrower-than-expected loss and revenue beat will no doubt have pleased some shareholders, other issues seemed to be holding the stock back.

Tesla and its investors are pinning their hopes on the success of the Model 3, which the company expects to “propel electric vehicles into the mainstream.”

The carmaker has repeatedly missed production targets and did so again this quarter, although investors already knew this thanks to an update earlier in the year.

Tesla had hoped to be producing 2,500 Model 3s by the end of the quarter but was forced to backtrack on that as it grappled with production issues in its factory.

The company actually managed to produce 2,020 in the final week of the quarter, although that was still below Bloomberg’s Model 3 tracker which had expected the company to be making 2,323.

Importantly though, Tesla repeated its promise to be building 5,000 Model 3s by the end of the current quarter (second quarter).

“We made significant progress on the Model 3 ramp in the second half of Q1, and the momentum continued into early Q2,” read the earnings letter to shareholders.

“We continue to target Model 3 production of approximately 5,000 per week in about two months, although our prior experience has demonstrated the difficulty of accurately forecasting specific production rates at specific points in time.”

Musk still expects profitability in 3Q and 4Q

If, as Tesla expects, it can get up to that 5,000 mark, it will help the company deliver on one of Musk’s big claims: that Tesla will achieve full GAAP profitability in the third and fourth quarters.

“If we execute according to our plans, we will at least achieve positive net income excluding non-cash stock-based compensation in Q3 and Q4 and we expect to also achieve full GAAP profitability in each of these quarters,” Tesla added.

“This is primarily based on our ability to reach Model 3 production volume of 5,000 units per week and to grow Model 3 gross margin from slightly negative in Q1 2018 to close to breakeven in Q2 and then to highly positive in Q3 and Q4.”

To get to that point, Tesla will have to – and already has – spend a lot of money, which is a major concern for investors and one of the reasons why short-sellers have targeted the stock so aggressively.

Several analysts have claimed that Tesla will need to raise billions of dollars more this year, although Elon Musk has disputed this, claiming that because it expects to be cashflow-positive by the end of the third quarter, there is “obv [sic] no need to raise money”.

At the end of the period, Tesla had US$2.7bn of cash in the bank. It lowered its full-year capex projection to US$3bn from US$3.4bn.

The Economist used to be boring, but smart with a wicked dry wit. Now it’s just boring (sigh). Tesla will be profitable & cash flow+ in Q3 & Q4, so obv no need to raise money.

— Elon Musk (@elonmusk) April 13, 2018

Tesla has also loaded itself with debt – almost US$13bn according to the quarterly report – to try to fund the rapid expansion Musk desires, and it expects to pay out “roughly” US$160mln in interest expenses in the current quarter.

Tesla has only had two profitable quarters since it went public in 2010. It has also repeatedly missed production deadlines.

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Wed, 02 May 2018 16:54:00 -0400 http://www.proactiveinvestors.com/companies/news/196289/tesla-shares-volatile-on-narrower-than-expected-1q-loss-but-concerns-remain-196289.html
<![CDATA[News - Latest Tesla executive departure hints at “impending problems”, says Jim Chanos ]]> http://www.proactiveinvestors.com/companies/news/195872/latest-tesla-executive-departure-hints-at-impending-problems-says-jim-chanos-195872.html More problems are just around the corner for Tesla Inc. (NASDAQ:TSLA), according to billionaire short-seller Jim Chanos.

Tesla has repeatedly struggled to hit production targets, while it has also been burning through cash at a rate of almost US$500,000 an hour.

READ: Tesla lost US$500,000 every hour in final quarter of 2017

Adding to its problems has been the relatively high turnover of executives amid a fierce industry war to tie down the best talent.

Tesla’s former president of global sales, Jon McNeill, departed for Lyft back in February, while top finance executives Eric Branderiz and Susan Repo left a month later.

Now the company’s Autopilot chief and well-respected chip architect Jim Keller has stepped down from his role to join Intel Corporation (NASDAQ:INTC).

Pete Bannon, who has been at Tesla since 2016, will now lead the division while Andrej Karpathy, the firm’s director of AI and Autopilot Vision, will have responsibility for Autopilot software.

READ: Another senior Tesla exec jumps ship

But short-seller Jim Chanos, known for profiting from the fall of Enron back in the early noughties, thinks the recent string of executive departures hints at trouble within Tesla’s upper ranks.

“One of the things that’s just sort of stunning…is the accelerating rate of executive departures,” Chanos, who has been short Tesla for four years, told CNBC.

One of the things I’ve learned in my zillion years of selling short is that probably the number one sign of impending problems is mass executive departures

“This is becoming a torrent at Tesla and we keep this Tesla executive departure list is now at two pages, single-spaced for the last 18 months.”

Tesla shares were down 1% to US$277.95 in early deals on Thursday.

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Thu, 26 Apr 2018 09:47:00 -0400 http://www.proactiveinvestors.com/companies/news/195872/latest-tesla-executive-departure-hints-at-impending-problems-says-jim-chanos-195872.html
<![CDATA[News - Tesla batteries deliver power to Puerto Rico after blackout ]]> http://www.proactiveinvestors.com/companies/news/195402/tesla-batteries-deliver-power-to-puerto-rico-after-blackout-195402.html Tesla Inc (NASDAQ:TSLA) batteries are delivering power to Puerto Rico after a blackout swept across the entire island, according to a tweet by CEO Elon Musk.

 

Tesla batteries are currently live & delivering power at 662 locations in Puerto Rico. Team is working 24/7 to activate several hundred more. https://t.co/OMu8qKJvLy

— Elon Musk (@elonmusk) April 18, 2018

 

Puerto Rico’s Electric Power Authority announced on Wednesday that the island was without power and that it would take 24 to 36 hours to restore electricity.

As per the tweet, Tesla is supplying lithium-ion batteries to 662 locations with plans to deliver more.

The island has been attempting to fully restore power since Hurricane Maria hit in September.

READ: Tesla may be closer to a Shanghai factory in light of Chinese policy change

In the wake of the damage, Musk donated US$250,000 to aid relief efforts.

Shares of Tesla were up 3 points to US$296 in Thursday afternoon trading.

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Thu, 19 Apr 2018 13:47:00 -0400 http://www.proactiveinvestors.com/companies/news/195402/tesla-batteries-deliver-power-to-puerto-rico-after-blackout-195402.html
<![CDATA[News - Tesla board member’s future still undecided after sexual harassment allegations ]]> http://www.proactiveinvestors.com/companies/news/195400/tesla-board-members-future-still-undecided-after-sexual-harassment-allegations-195400.html Tesla Inc (NASDAQ:TSLA) has yet to decide whether venture capitalist Steve Jurvetson will remain on the board of directors after being investigated for sexual harassment in November, according to a report by Recode.

Keri Kukral, the founder of start-up Raw Science, posted on Facebook that “women approached by founding partners of Draper Fisher Jurvetson should be careful,” although she did not mention Jurvetson specifically.

READ: Tesla may be closer to a Shanghai factory in light of Chinese policy change

The post prompted a company investigation into Jurvetson’s behavior that eventually led to his departure, but that investigation is now closed.

There may be an update on board members when Tesla files its proxy statement with the SEC.

Jurvetson sits on the board of two of CEO Elon Musk’s companies, Tesla and SpaceX, and is still listed as a director on Tesla’s site.

Shares of Tesla were up slightly to US$293.90 in Thursday afternoon trading.

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Thu, 19 Apr 2018 12:21:00 -0400 http://www.proactiveinvestors.com/companies/news/195400/tesla-board-members-future-still-undecided-after-sexual-harassment-allegations-195400.html
<![CDATA[News - Tesla may be closer to a Shanghai factory in light of Chinese policy change ]]> http://www.proactiveinvestors.com/companies/news/195387/tesla-may-be-closer-to-a-shanghai-factory-in-light-of-chinese-policy-change-195387.html The Chinese government’s announcement that it will be easing regulations on foreign auto-makers may be good news for Tesla Inc, according to a report by The Verge.

Previously, foreign automakers in China were not allowed to own more than 50% of its manufacturing and as a result had to share profits and trade expertise by way of joint-ventures with Chinese manufacturers.

Some companies, like General Motors (NYSE:GM) and Ford (NYSE:F), have maneuvered around the strict policy by taking on a partner in China. Tesla has been hesitant to do the same.

READ: Tesla the 'ultimate high-risk name in autos' says Morgan Stanley analyst, pointing to Model 3 production

The electric-car maker made a deal with the Chinese government in October 2017, as per a Wall Street Journal report, to establish and fully own a manufacturing facility in Shanghai, exempting the company from the 25% import tax.

In light of the policy change, the automaker may now be able to drive solo. Cowen analysts debated whether Tesla is ready to do that.

“Investors that we speak with aren’t necessarily jumping up and down,” Cowen analyst Jeffrey Osborne told the Verge. “If you can’t finish the Model 3 domestically, then the long-term roadmap isn’t really there.”

Shares of Tesla fell slightyl to US$292.06 in morning trading.

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Thu, 19 Apr 2018 09:53:00 -0400 http://www.proactiveinvestors.com/companies/news/195387/tesla-may-be-closer-to-a-shanghai-factory-in-light-of-chinese-policy-change-195387.html
<![CDATA[News - Tesla's workplace conditions under review by the state of California ]]> http://www.proactiveinvestors.com/companies/news/195298/tesla-s-workplace-conditions-under-review-by-the-state-of-california-195298.html California’s Division of Occupational Health and Safety is investigating Tesla Inc (NASDAQ:TSLA)  after reports that its factory incorrectly reported worker injuries to improve its safety record, according to a Bloomberg report.

Tesla responded via its blog in a post titled, “A Not So Revealing Story”.

READ: Tesla under-reported worker injuries at California plant, RevealNews.org says

“The report suggests Tesla doesn’t accurately track injuries or that we mislabeled or undercounted injuries to make our record look better than it actually is. We believe in transparency and would never intentionally misrepresent our safety record to our employees or the public,” wrote Tesla.

Tesla faced another OSHA violation back in 2013 and paid a fine of US$71,000 after three employees were severely burned. The state found that Tesla didn’t properly maintain a machine, causing the employees to be sprayed by molten aluminum, according to the San Francisco Chronicle.

Shares of Tesla were up 1.9% to US$293.28 just before the closing bell.

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Wed, 18 Apr 2018 15:30:00 -0400 http://www.proactiveinvestors.com/companies/news/195298/tesla-s-workplace-conditions-under-review-by-the-state-of-california-195298.html
<![CDATA[News - Tesla the 'ultimate high-risk name in autos' says Morgan Stanley analyst, pointing to Model 3 production ]]> http://www.proactiveinvestors.com/companies/news/195267/tesla-the-ultimate-high-risk-name-in-autos-says-morgan-stanley-analyst-pointing-to-model-3-production-195267.html Tesla Inc’s (NASDAQ:TSLA) new production goal is 6,000 Model 3 cars per week by the end of June, according to a report by Electrek, an auto news website.

In a letter to employees, CEO Elon Musk said that by producing 6,000 electric cars per week, the company would be able to reach its goal of 5,000 cars per week while allowing for a margin of error.

The electric car company projected in January that it would produce 2,500 Model 3s per week by the end of 2018. However, a report by Jalopnik revealed that it’s only producing around 2,000 per week.

Musk blamed the discrepancy on “excessive automation.”

READ: Tesla halts production of Model 3 to iron out issues

Racing to meet the production goal, Musk took charge of the production line as of April, claiming that he is up all night and sleeps on the factory floor.

Tesla announced on Tuesday that it was halting production to address the issues slowing down Model 3 production. The company later announced that the California factory will be assembling the cars on a 24/7 schedule.

READ: Goldman turns bearish on Tesla, sees slump ahead; Elon Musk pushes back in Tweet

While Tesla has been in the news for myriad issues lately, the factor that matters is how the demand for the Model 3 is affected, according to KeyBanc analyst Brad Erickson in a note obtained by TheFly.com.

Contrary to the bearish sentiment that demand has already taken a hit, Erickson reiterated a Sector Weight rating on Tesla shares.

Morgan Stanley analysts referred to Tesla as the “ultimate high-risk name in autos”, estimating that Model 3 production won’t reach 5,000 cars per week until either the third or fourth quarter, in a note shared by TheFly.com.

Analyst Adam Jones reaffirmed an Equal Weight rating on Tesla shares and lowered his price target on the stock to US$376 from US$379.

Shares of Tesla were up 5 points to US$293 in pre-market trading on Wednesday.

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Wed, 18 Apr 2018 08:36:00 -0400 http://www.proactiveinvestors.com/companies/news/195267/tesla-the-ultimate-high-risk-name-in-autos-says-morgan-stanley-analyst-pointing-to-model-3-production-195267.html
<![CDATA[News - Tesla halts production of Model 3 to iron out issues ]]> http://www.proactiveinvestors.com/companies/news/195150/tesla-halts-production-of-model-3-to-iron-out-issues-195150.html Tesla Inc (NASDAQ:TSLA) has suspended production of the Model 3 mass-market electric vehicle to resolve some of the problems that have held the company back from meeting its targets.

The carmaker said the assembly line will be put on hold for up to five days.

"These periods are used to improve automation and systematically address bottlenecks in order to increase production rates," said a Tesla spokesperson.

READ: Blame it on the 'bots: Tesla's Musk says Model 3 production lagging on 'excessive automation'

It is the second time since February that the group has suspended production for the Model 3 at its Fremont, California plant to iron out problems with production.

In February, Tesla halted production for four days, again saying it was trying to improve automation and address bottlenecks. 

Chief executive Elon Musk recently confessed that excessive automation at the plant had slowed down production of the Model 3.

"We had this crazy, complex network of conveyor belts ... And it was not working, so we got rid of that whole thing,” Musk told CBS.

The group produced 2,000 Model 3s per week in the first quarter, falling short of its target of 2,500 per week.

However, Tesla continues to expect it will meet its target of 5,000 per week by the end of the second quarter.

The Model 3 is Tesla’s first mass-market vehicle with a starting price of US$35,000.

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Tue, 17 Apr 2018 11:54:00 -0400 http://www.proactiveinvestors.com/companies/news/195150/tesla-halts-production-of-model-3-to-iron-out-issues-195150.html
<![CDATA[News - Tesla under-reported worker injuries at California plant, RevealNews.org says ]]> http://www.proactiveinvestors.com/companies/news/195081/tesla-under-reported-worker-injuries-at-california-plant-revealnewsorg-says-195081.html Tesla Inc. (NASDAQ:TSLA) has mislabeled and undercounted worker injuries at its production plant to make its safety record appear better than it actually is, according to a report by RevealNews.org.

In the case of some serious injuries at the plant, Tesla officials labeled the injuries personal medical issues or minor incidents requiring only first aid, Reveal said, citing internal company records.

Tesla told Reveal that any past safety problems at the company have been resolved through a mix of employee training programs and process improvements, the report said.

.

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Mon, 16 Apr 2018 14:19:00 -0400 http://www.proactiveinvestors.com/companies/news/195081/tesla-under-reported-worker-injuries-at-california-plant-revealnewsorg-says-195081.html
<![CDATA[News - Blame it on the 'bots: Tesla's Musk says Model 3 production lagging on 'excessive automation' ]]> http://www.proactiveinvestors.com/companies/news/195057/blame-it-on-the-bots-tesla-s-musk-says-model-3-production-lagging-on-excessive-automation--195057.html Tesla Inc. (NASDAQ:TSLA) confirmed last week that it is falling behind in Model 3 production and robots might be to blame, according to the New York Post.

The electric car company projected in January that it would produce 2,500 Model 3s per week by the end of 2018. A report by Jalopnik revealed that it’s only producing around 2,000 per week.

“Yes, excessive automation at Tesla was a mistake. To be precise, my mistake. Humans are underrated,” CEO Elon Musk tweeted Friday afternoon.

Yes, excessive automation at Tesla was a mistake. To be precise, my mistake. Humans are underrated.

— Elon Musk (@elonmusk) April 13, 2018

Musk took charge of the production line as of April, claiming that he sometimes stays up all night and even sleeps on the factory floor.

“We had this crazy, complex network of conveyor belts…. And it was not working, so we got rid of that whole thing,” he said in an interview with CBS This Morning.

READ: Tesla shares jump after CEO Elon Musk's late-night tweet

In a separate Twitter exchange on Friday, Musk replied to an Economist article about Tesla, saying that the company will be profitable and have a positive cash flow in its third and fourth quarter.

Shares of Tesla were up by around 2% to US$300.34 on Monday morning.

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Mon, 16 Apr 2018 08:54:00 -0400 http://www.proactiveinvestors.com/companies/news/195057/blame-it-on-the-bots-tesla-s-musk-says-model-3-production-lagging-on-excessive-automation--195057.html
<![CDATA[News - Tesla’s flawed parts may affect its profitability, CNBC reports ]]> http://www.proactiveinvestors.com/companies/news/194985/teslas-flawed-parts-may-affect-its-profitability-cnbc-reports-194985.html Tesla Inc (NASDAQ:TSLA) CEO Elon Musk replied to a tweet by The Economist in the wee hours of Friday morning stating that the company will be profitable and have a positive cash flow in its third and fourth quarter.

CNBC's report disputed the likelihood of that outcome, sharing photos of piles of damaged Tesla parts outside of a California repair factory.

READ: Tesla shares jump after CEO Elon Musk's late-night tweet

It was reported back in March by CNBC that Tesla had received such a significant number of damaged parts from its suppliers that it had to outsource the reworking to local machine shops. The company has also been making design changes to some of the parts.

In its Vehicle Production and Deliveries report earlier this month, Tesla’s numbers showed that it had missed its quarterly estimate of 2,500 Model 3s per week, the report said.

The company’s high volume of damaged parts combined with the design changes may impact Musk’s prediction for its third and fourth quarter.

Shares of Tesla finished 2.1% higher Friday to US$300.34.

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Fri, 13 Apr 2018 16:02:00 -0400 http://www.proactiveinvestors.com/companies/news/194985/teslas-flawed-parts-may-affect-its-profitability-cnbc-reports-194985.html
<![CDATA[News - Tesla shares jump after CEO Elon Musk's late-night tweet ]]> http://www.proactiveinvestors.com/companies/news/194962/tesla-shares-jump-after-ceo-elon-musk-s-late-night-tweet-194962.html Tesla Inc (NASDAQ:TSLA) CEO Elon Musk sent a tweet to The Economist at 1 am. PT on Friday that sent shares of the electric car company soaring.

The Economist shared an article on Twitter about how much money Tesla will need to raise this year. Musk replied to the tweet saying that the electric car company will be profitable and have a positive cash flow in its third and fourth quarter.

The Economist used to be boring, but smart with a wicked dry wit. Now it’s just boring (sigh). Tesla will be profitable & cash flow+ in Q3 & Q4, so obv no need to raise money.

— Elon Musk (@elonmusk) April 13, 2018

In Friday’s morning trading, shares of Tesla rose 2.5% to US$301.64.

Tesla released a statement on April 3 about vehicle production and deliveries, stating that the company had a positive cash flow.

“As a result, Tesla does not require an equity or debt raise this year, apart from standard credit lines,” the company stated.

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Fri, 13 Apr 2018 09:30:00 -0400 http://www.proactiveinvestors.com/companies/news/194962/tesla-shares-jump-after-ceo-elon-musk-s-late-night-tweet-194962.html
<![CDATA[News - Elon Musk’s rockets group SpaceX looking to raise around US$500mln in new funding ]]> http://www.proactiveinvestors.com/companies/news/194939/elon-musks-rockets-group-spacex-looking-to-raise-around-us500mln-in-new-funding-194939.html SpaceX, the space rockets company owned by Tesla Inc (NASDAQ:TSLA) boss Elon Musk, is plotting new funding to raise around US$500mln which would see the group valued at almost US$24bn (£16.9bn), according to news reports.

Filings obtained by private analytics firm Lagniappe Labs showed that SpaceX had authorised the addition of 3mln ‘Series I’ shares, website Tech Crunch said.

READ: Tesla chief Elon Musk to test his hyperloop transport pod

Each of those shares will have a value of US$169 which would give the company an estimated worth of US$23.7bn, up from a previous valuation of US$21bn, making it the third highest-valued private company in the US.

The Tech Crunch reports said: “While the filing does not confirm that it has raised the full US$500mln, it serves as another data point to support that the company has picked up an additional huge influx of cash.” 

The potential fundraising follows the successful launch of SpaceX's Falcon Heavy rocket in February which marked the culmination of more than six years of work and took the company one step closer to its goal of offering space tourism.

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Fri, 13 Apr 2018 05:43:00 -0400 http://www.proactiveinvestors.com/companies/news/194939/elon-musks-rockets-group-spacex-looking-to-raise-around-us500mln-in-new-funding-194939.html
<![CDATA[News - Tesla exits National Transportation Safety Board's investigation into fatal Model X crash, says Reuters ]]> http://www.proactiveinvestors.com/companies/news/194889/tesla-exits-national-transportation-safety-board-s-investigation-into-fatal-model-x-crash-says-reuters-194889.html Tesla Inc. (NASDAQ:TSLA) will no longer be working with the National Transportation Safety Board regarding the investigation of a fatal Model X crash, according to a Reuters report.

Model X driver Walter Huang, 38, died after his car crashed while in Autopilot mode on March 23.

Without being a party to the NTSB investigation, the electric-vehicle company will no longer be made aware of the information that comes out of it before the general public.

READ: Tesla blames driver for deadly crash of Model X last month, Bloomberg Reports

Tesla received criticism for a statement it released after the crash, relaying details of the crash and appearing to blame the driver.

“The driver had received several visual and one audible hands-on warning earlier in the drive and the driver’s hands were not detected on the wheel for six seconds prior to the collision,” the company said in a statement.

Shares of Tesla were down slightly to US$299 late Thursday afternoon.

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Thu, 12 Apr 2018 15:05:00 -0400 http://www.proactiveinvestors.com/companies/news/194889/tesla-exits-national-transportation-safety-board-s-investigation-into-fatal-model-x-crash-says-reuters-194889.html
<![CDATA[News - Tesla blames driver for deadly crash of Model X last month, Bloomberg Reports ]]> http://www.proactiveinvestors.com/companies/news/194795/tesla-blames-driver-for-deadly-crash-of-model-x-last-month-bloomberg-reports-194795.html Tesla Inc. (NASDAQ:TSLA) is laying the blame for the fatal crash last month on the driver of the Model X vehicle, Bloomberg News reported.

“The only way for this accident to have occurred” is if the driver “was not paying attention to the road, despite the car providing multiple warnings to do so,” the report cited the company as saying. “The fundamental premise of both moral and legal liability is a broken promise, and there was none here,” it added.

Elon Musk’s Tesla has also been dogged by questions about the safety of its cars after US regulators launched an investigation into the fatal crash

The National Transportation Safety Board said it is examining the fire that occurred after the incident and is looking to determine if the autopilot system had been active.

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Wed, 11 Apr 2018 17:18:00 -0400 http://www.proactiveinvestors.com/companies/news/194795/tesla-blames-driver-for-deadly-crash-of-model-x-last-month-bloomberg-reports-194795.html
<![CDATA[News - Tesla plans to start making Model Y SUV vehicle in November 2019, Reuters says ]]> http://www.proactiveinvestors.com/companies/news/194788/tesla-plans-to-start-making-model-y-suv-vehicle-in-november-2019-reuters-says-194788.html Tesla Inc. (NASDAQ:TSLA) plans to start production of its Model Y sport utility vehicle in November 2019, Reuters reported, citing people familiar with the matter.

The automaker, which hasn’t provided a time frame for production for the model, is taking preliminary bids for supplier contracts and is looking at building the vehicle at its Fremont, California plant, the report said. Production in China will start two year later, it added.

The shares of the company dropped about 1% to US$302.40 at 3:25 p.m.

 

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Wed, 11 Apr 2018 15:25:00 -0400 http://www.proactiveinvestors.com/companies/news/194788/tesla-plans-to-start-making-model-y-suv-vehicle-in-november-2019-reuters-says-194788.html
<![CDATA[News - Goldman turns bearish on Tesla, sees slump ahead; Elon Musk pushes back in Tweet ]]> http://www.proactiveinvestors.com/companies/news/194757/goldman-turns-bearish-on-tesla-sees-slump-ahead-elon-musk-pushes-back-in-tweet-194757.html Goldman Sachs analysts took a bearish stance on Tesla Inc. (NASDAQ:TSLA) on Tuesday, lowering their price target on the stock to what would amount to a 36% decline.

The analysts said that the Silicon Valley electric-car maker is likely to have to tap capital markets this year, regardless of what it has told investors.

The stock was down 1.5% to US$300 in pre-market trade.

Tesla’s “sustainable production rate at present is likely below 2,000 Model 3s,” around 1,400 a week, the Goldman analysts wrote in the note.

READ: Tesla boss Elon Musk tweets that his electric car company is bankrupt on April Fool's day

Shares of Tesla have been churning since CEO Elon Musk's April Fool's joke about the company going bankrupt, then bouncing last week on better-than-expected production guidance. Tesla set a target production rate of 5,000 Model 3s per week by the end of 2018's second quarter.

But some analysts say it will take longer.

On an earnings call, Musk also assured investors that it wouldn’t need a debt or equity raise this year, news that sent its stock higher.

Musk slammed the bearish Goldman thesis worrying that the company won't be able to meet its Model 3 production goals by the end of June.

"Place your bets," Musk quipped on Twitter, appearing to challenge would-be sellers to exit at their own risk.

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Wed, 11 Apr 2018 09:02:00 -0400 http://www.proactiveinvestors.com/companies/news/194757/goldman-turns-bearish-on-tesla-sees-slump-ahead-elon-musk-pushes-back-in-tweet-194757.html
<![CDATA[News - Tesla chief Elon Musk to test his hyperloop transport pod ]]> http://www.proactiveinvestors.com/companies/news/194647/tesla-chief-elon-musk-to-test-his-hyperloop-transport-pod-194647.html Elon Musk, the chief executive of Tesla Inc. (NASDAQ:TSLA) and SpaceX, is again tantalizing his investors with news of his almost implausible plans.

Over the weekend, Musk revealed via Twitter that his companies' upgraded Hyperloop transport pod will be subject to a test soon. 

Upgraded SpaceX/Tesla Hyperloop pod speed test soon. Will try to reach half speed of sound (and brake) within ~1.2km.

— Elon Musk (@elonmusk) April 8, 2018

Half the speed of sound would be a speed of about 383.7 miles per hour. 

The Hyperloop is Musk’s idea for whisking people from one city to another at bullet speeds. But even he admits that given the short length of the course, this test “could easily end up being shredded metal.” 

This is kinda nutty for such a short distance, so could easily end up being shredded metal, but exciting either way

— Elon Musk (@elonmusk) April 8, 2018

Musk first talked publicly about his ideas for a bullet-speed transportation system back in 2013. Since then, he has been engaged actively in its development and has even organized collaborative events for students to design their own transportation pods.

Space X’s third contest, the 2018 Hyperloop Pod competition, will focus on a single factor --  maximum -- speed and take place in late July of this year.

Tesla shares were up 2.6% to US$297.23 in morning trade.

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Tue, 10 Apr 2018 09:43:00 -0400 http://www.proactiveinvestors.com/companies/news/194647/tesla-chief-elon-musk-to-test-his-hyperloop-transport-pod-194647.html
<![CDATA[News - Elon Musk to sleep at Tesla factory ahead of release of Model 3 production numbers; shares soar ]]> http://www.proactiveinvestors.com/companies/news/194160/elon-musk-to-sleep-at-tesla-factory-ahead-of-release-of-model-3-production-numbers-shares-soar-194160.html Elon Musk, the co-founder of the indebted electric car maker Tesla Inc (NASDAQ:TSLA), is back to sleeping on the floor of his factory and will directly oversee the production of Model 3 cars as he attempts to fix production delays ahead of the release of first-quarter production figures.

Musk is reportedly taking immediate charge of the assembly line for Model 3s, replacing Doug Field, Tesla’s head of engineering, who had been managing the engineering of vehicles as well as their production.

Sleeping on factory floor ... not the first time

The revelation sent shares into "Insane" mode, climbing 6% to US$268 in the first minutes of trading Tuesday.

In a series of tweets, Musk dismissed claims that Field was being sidelined, referring to him as one of the “world’s most talented engineering execs.”

“My job as CEO is to focus on what’s most critical, which is currently Model 3 production,” he wrote as a way of explanation. “About a year ago I asked Doug to manage both engineering & production. He agreed that Tesla needed engineering & production better aligned, so we don’t design cars that are crazy hard to build. Right now, though, better to divide & conquer, so I’m back to sleeping at factory. Car biz is hell.”

The last time Musk revealed to the public that he had been sleeping on the factory floor in Fremont, California, was in 2015 during the rollout of Tesla’s Model X, which also had serious production problems and multi-year delays due partly to its falcon-wing doors and its high-tech motors. Investors are eagerly awaiting Tesla’s production figures for the first quarter, which are expected to miss forecasts.

With its cars still wildly popular and people putting down US$1,000 to reserve one, Tesla is facing tremendous pressure to build enough Model 3 cars to meet demand.

Tesla has lofty ambitions of doing twice as much production in the quarter, to produce as many as 5,000 cars per week, according to published press reports.

The group, however, has been hit with a spate of disappointing news recently. Not only has it seen its debt downgraded by the rating agency Moody's, but last month a Model X crashed while in autopilot mode, killing its driver and Tesla's Model S cars built before April 2016 are being recalled due to steering problems, according to published reports.

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Tue, 03 Apr 2018 09:05:00 -0400 http://www.proactiveinvestors.com/companies/news/194160/elon-musk-to-sleep-at-tesla-factory-ahead-of-release-of-model-3-production-numbers-shares-soar-194160.html
<![CDATA[News - Tesla boss Elon Musk tweets that his electric car company is bankrupt on April Fool's day ]]> http://www.proactiveinvestors.com/companies/news/194075/tesla-boss-elon-musk-tweets-that-his-electric-car-company-is-bankrupt-on-april-fool-s-day-194075.html Elon Musk took advantage of April Fool’s day to engage in a bit of wit and deception and declare via twitter that Tesla (Nasdaq:TSLA), the indebted electric car company he founded, has gone “completely and totally bankrupt”.

The tweet, which was sent on the afternoon of April 1st with the headline “Tesla Goes Bankrupt Palo Alto, California” said the following: “Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can’t believe it.”  

Musk later posted a picture of himself via twitter, with his head against a Tesla Model 3 vehicle and a sign in front of him saying: "Bankwupt!"

His comments make light of the problems at Tesla, which is heavily in debt and has yet to turn a profit since its launch in 2003.

In mid-day trading, shares in Tesla were down 4.39% at US$254.45, driven lower again by the news that Federal investigators are investigating the fatal crash near Mountain View, California on March 23rd of a Tesla Model X sport-utility vehicle.

The car was on autopilot and its driver was killed when it hit a barrier and later collided with two other vehicles, according to US news reports. The National Transportation Safety Board has been called in to investigate the accident.

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Mon, 02 Apr 2018 09:29:00 -0400 http://www.proactiveinvestors.com/companies/news/194075/tesla-boss-elon-musk-tweets-that-his-electric-car-company-is-bankrupt-on-april-fool-s-day-194075.html
<![CDATA[News - Tesla and Nvidia among the worst hit in Tuesday’s tech sell-off amid fresh concerns over driverless cars ]]> http://www.proactiveinvestors.com/companies/news/193961/tesla-and-nvidia-among-the-worst-hit-in-tuesdays-tech-sell-off-amid-fresh-concerns-over-driverless-cars-193961.html Shares in Tesla Inc. (NASDAQ:TSLA) and US chipmaker Nvidia Corporation (NASDAQ:NVDA) were among the hardest hit in Tuesday’s tech sell-off amid fresh concerns over the future of self-driving cars.

Driverless vehicles have long been seen as the next frontier in science and technology but their potential to redefine an industry has been thrown into doubt in recent weeks.

Fatal Uber crash

On Tuesday, Nvidia – which supplies its chips to autonomous carmakers but also has a fleet of its own driverless cars – became the latest company to temporarily suspend testing on public roads.

The California-based group said it wants to learn more about a fatal crash in Arizona involving an autonomous vehicle developed by ride-hailing giant Uber earlier this month.

According to an unnamed source quoted by CNN, Nvidia’s decision to halt testing was made “out of respect for what happened” rather than because it thinks its technology is unsafe.

A federal probe into the incident, in which a woman was killed whilst walking her bike across the street, is currently underway and Arizona officials said Monday that Uber would be banned from future tests until the investigation is concluded.

Other firms, such as Japanese car giant Toyota, have also scaled back their testing on public roads while they continue to refine their technology.

Tesla car crash and fire

Elon Musk’s Tesla has also been dogged by questions about the safety of its cars after US regulators launched an investigation into a fatal crash involving one of its vehicles last Friday.

The National Transportation Safety Board said it is examining the fire that occurred after the incident and is looking to determine if the autopilot system had been active.

2 NTSB investigators conducting Field Investigation for fatal March 23, 2018, crash of a Tesla near Mountain View, CA. Unclear if automated control system was active at time of crash. Issues examined include: post-crash fire, steps to make vehicle safe for removal from scene.

— NTSB_Newsroom (@NTSB_Newsroom) March 27, 2018

Tesla shares sunk by 8% on Tuesday and another 2.3% in pre-market trading on Wednesday to leave the mat US$272.63 – their lowest level for a year.

As for Nvidia, its shares also fell by 8% on Tuesday, but it has recovered some of those losses on Wednesday, with the stock up 1.4% to US$228.968 shortly before the opening bell in New York.

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Wed, 28 Mar 2018 08:08:00 -0400 http://www.proactiveinvestors.com/companies/news/193961/tesla-and-nvidia-among-the-worst-hit-in-tuesdays-tech-sell-off-amid-fresh-concerns-over-driverless-cars-193961.html
<![CDATA[News - Elon Musk joins #deleteFacebook movement, pulls Tesla and Space X's Facebook pages ]]> http://www.proactiveinvestors.com/companies/news/193734/elon-musk-joins-deletefacebook-movement-pulls-tesla-and-space-x-s-facebook-pages-193734.html Unwilling to lose face to his challengers on Twitter Inc(NYSE:TWTR), the billionaire Elon Musk joined the anti-Facebook movement Friday and deleted Tesla Inc (Nasdaq:TSLA) and Space X’s pages from the social media network.

Musk’s abrupt moves to pull the Facebook Inc.(Nasdaq:FB) pages of both the electric car company and the space exploration group he co-founded came after he entered a Twitter contest in which he answered a popular tweet calling on people to delete their Facebook pages. “What’s Facebook?” Musk asked as a way of retort.

In the wake of his quick response, another Twitter follower dared him to pull SpaceX’s Facebook page and Musk replied, “I didn’t realise there was one. Will do.”

Then, the debate persisted with yet another Twitter follower pointing out Tesla’s Facebook page. “[T]his should be deleted too right?” “Definitely.,” wrote back Musk. “Looks lame anyway.”

Facebook has come under attack amid the outcry over the news that the consulting firm Cambridge Analytica improperly culled and used the data of some 50mln Facebook users.

Shares in Facebook closed down another 3.3% to US$159.39 Friday, amid the hammering on Wall Street.  

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Fri, 23 Mar 2018 16:11:00 -0400 http://www.proactiveinvestors.com/companies/news/193734/elon-musk-joins-deletefacebook-movement-pulls-tesla-and-space-x-s-facebook-pages-193734.html
<![CDATA[News - Tesla shares edge lower amid cautionary words from analysts at Goldman Sachs, Jefferies ]]> http://www.proactiveinvestors.com/companies/news/193400/tesla-shares-edge-lower-amid-cautionary-words-from-analysts-at-goldman-sachs-jefferies-193400.html Tesla Inc. (NASDAQ:TSLA) shares edged lower Monday after analysts at Goldman Sachs and Jefferies both issued cautionary words about the maker of electric vehicles.

Tesla shares traded down nearly 1%, at US$317.95 a share, at mid-morning Monday as Goldman Sachs reiterated its sell rating on the stock and said the latest data indicate Tesla's deliveries in the first quarter will be disappointing.

"We believe the company is tracking below its 2018 Model S/X guidance of approx. 100k units (an implied 25,000 per quarter)," Goldman Sachs analysts led by David Tamberrino wrote in a note. "Further, while monthly Model 3 deliveries are showing sequential improvement, we estimate that they will fall well short of consensus expectations." The Model 3 is Tesla's mass-market sedan.

Jefferies sees 'minor red flags'

Meanwhile, Jefferies analyst Phillippe Houchois said he sees "minor red flags" in Tesla's annual filing. Nonetheless, Houchois raised his price target for Tesla shares to US$250 from US$240, though he kept his Underperform rating on the stock, according to a report by The Fly.

The Jeffries analyst wrote that purchase obligations of US$2.7bn, imply fiscal year production in the range of 250,000 to 400,000 units, leaving Tesla "limited room for error." The Fly said Houchois' production estimate for the year is 273,000 units.

The Fly said Houchois also believes Tesla's lease accounting change helps profit but may understate liabilities by removing US$3bn of resale value guarantee from accounts but not the economic risk.

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Mon, 19 Mar 2018 10:30:00 -0400 http://www.proactiveinvestors.com/companies/news/193400/tesla-shares-edge-lower-amid-cautionary-words-from-analysts-at-goldman-sachs-jefferies-193400.html
<![CDATA[News - Attentions focussed on reports of Tesla's manufacturing problems ]]> http://www.proactiveinvestors.com/companies/news/193245/attentions-focussed-on-reports-of-tesla-s-manufacturing-problems-193245.html Tesla Inc (NASDAQ:TSLA) is apparently causing sleepless nights for its billionaire founder Elon Musk as manufacturing problems continue to impede the roll-out of the Model 3 electric car.

Musk’s worries are warranted, according to a Wall Street Journal report, which highlighted that with the Model 3 roll-out, the company is entering the most critical phase in its history.

Elsewhere, there are separate reports citing Tesla employees who claim that the Model 3 manufacturing is suffering due to high volumes of flawed parts which needed to be either recycled or repaired.

The second report, by CNBC, does however state that Tesla has denied that its remanufacturing team is “reworking” cars whilst stressing that its quality control is rigorous.

In Thursday’s premarket transactions, Tesla stock was on the front foot, up 0.75%, changing hands at US$326.63.

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Thu, 15 Mar 2018 13:03:00 -0400 http://www.proactiveinvestors.com/companies/news/193245/attentions-focussed-on-reports-of-tesla-s-manufacturing-problems-193245.html
<![CDATA[News - Another senior Tesla exec jumps ship, pushing shares lower ]]> http://www.proactiveinvestors.com/companies/news/193179/another-senior-tesla-exec-jumps-ship-pushing-shares-lower-193179.html Shares in Tesla (NASDAQ:TSLA) dipped Wednesday after reports emerged that the corporate treasurer of the electric car firm is the latest senior executive to join the lengthening list of management departures.

Susan Repo, formerly Tesla's corporate treasurer and vice-president of finance, has parted ways with co-founder and CEO Elon Musk to serve as chief financial officer at another firm, according to multiple US news reports.

In late afternoon trading in New York, Tesla shares were down about 5% to US$325.24.

Repo's departure comes on the heels of the exit of Eric Branderiz, Tesla’s former corporate controller, who left for personal reasons earlier this month, according to a regulatory filing with the Securities and Exchange Commission.

Adding to the pressure, CNBC reported Wednesday that some of Tesla's current and former employees have accused the electronic car maker of making a "surprisingly high ratio of flawed parts and vehicles".

READ: Tesla says chief accounting officer left the company for personal reasons

Musk faces a shareholder vote next month on an equity award valued at US$2.6bn aimed at keeping him with the company.

Repo and Branderiz’s exits follow a spate of high-level management departures including Jon McNeill, president of global sales and service; Diarmuid O’Connell, vice president of business development; and Kurt Kelty, director of battery technology.

The group’s chief financial officer Jason Wheeler also left last year.

-- updated with additional information --

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Wed, 14 Mar 2018 11:08:00 -0400 http://www.proactiveinvestors.com/companies/news/193179/another-senior-tesla-exec-jumps-ship-pushing-shares-lower-193179.html
<![CDATA[News - Tesla's Elon Musk targeting launching trips to Mars in the first half of 2019 ]]> http://www.proactiveinvestors.com/companies/news/192998/tesla-s-elon-musk-targeting-launching-trips-to-mars-in-the-first-half-of-2019-192998.html SpaceX and Tesla founder Elon Musk has dangled the prospect of his SpaceX spaceships being ready for trips to Mars next year.

Answering questions during an appearance at the SXSW annual technology and culture conference in Austin, Musk said; “We are building the first Mars, or interplanetary ship, and I think we’ll be able to do short trips, flights by first half of next year."

From space travel to deep earth boring, @elonmusk shared his opinions on #AI, Mars, and business today at #SXSW 2018! Watch the full Q&A with the SpaceX and Tesla CEO here: https://t.co/wWu7NFrhnV pic.twitter.com/DNCKVIvTFE

— SXSW (@sxsw) March 12, 2018

Musk did give himself a get-out clause by conceding that he might be optimistic in his forecast.

He also expressed the hope that once his SpaceX company has proved traveling to Mars can be done, other companies would move into the field.

“They currently don’t think it’s possible, so if we show them that it is, they’ll up their game and build interplanetary transport vehicles, as well,” he told the SXSW audience.

“In the short-term, Mars is really about getting the spaceship built,” Musk said.

He warned that rather than being a rich person’s jaunt, a trip to Mars would require a frontier mentality.

“For the early people that go to Mars, it will be far more dangerous. It kind of reads like (Ernest) Shackleton’s ad for Antarctic explorers: Difficult, dangerous, good chance you’ll die. Excitement for those who survive,” Musk said.

 

He also admitted that, as a hard-nosed business venture for people interested on return on investment, building rocket ships bound for Mars – or building electric cars, for that matter – would rank “pretty much at the bottom of the list”.

“They would have to be the dumbest things to do,” Musk said.

“SpaceX is alive by the skin of its teeth; so is Tesla. If things had just gone a little bit the other way, both companies would be dead,” Musk admitted.

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Mon, 12 Mar 2018 08:39:00 -0400 http://www.proactiveinvestors.com/companies/news/192998/tesla-s-elon-musk-targeting-launching-trips-to-mars-in-the-first-half-of-2019-192998.html
<![CDATA[News - Tesla shares fall after electric car firm says chief accounting officer left the company for personal reasons ]]> http://www.proactiveinvestors.com/companies/news/192931/tesla-shares-fall-after-electric-car-firm-says-chief-accounting-officer-left-the-company-for-personal-reasons-192931.html Tesla Inc. (NASDAQ:TSLA) shares fell in pre-market trading after news that the electric car maker’s chief accounting officer has left the company, the latest in a string of management departures.

The Nasdaq-listed firm said Eric Branderiz, who also served as its corporate controller, left for personal reasons on Wednesday, according to a regulatory filing on Thursday.

READ: Elon Musk set for multi-billion dollar payday if Tesla hits various milestones over next decade

Branderiz’s exit follows a spate of high-level management departures including Jon McNeill, president of global sales and service; Diarmuid O’Connell, vice president of business development; and Kurt Kelty, director of battery technology.

The group’s chief financial officer Jason Wheeler also left last year.

Tesla’s chief executive officer, Elon Musk faces a shareholder vote next month on an equity award valued at US$2.6bn aimed at keeping him with the company for the long term.

In mid-morning trading in New York, Tesla shares were down 1.2% at US$325.04.

 -- Updates share price --

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Fri, 09 Mar 2018 08:43:00 -0500 http://www.proactiveinvestors.com/companies/news/192931/tesla-shares-fall-after-electric-car-firm-says-chief-accounting-officer-left-the-company-for-personal-reasons-192931.html
<![CDATA[News - Elon Musk’s SpaceX delivers Spanish broadband satellite into orbit ]]> http://www.proactiveinvestors.com/companies/news/192685/elon-musks-spacex-delivers-spanish-broadband-satellite-into-orbit-192685.html After firing a Tesla car into space last month, Elon Musk’s latest launch is ‘nearly the size of a bus’.

SpaceX, Musk’s commercial astronautical venture, on Tuesday launched its largest geostationary satellite to date with the 30W-6 sent into orbit for use in broadband internet communications.

READ: Elon Musk set for multi-billion dollar payday if Tesla hits various milestones over next decade

Significantly for Musk, who has focussed intently on the development of reusable rockets as a means to reduce the cost of space travel, the satellite launch marked the 50th Falcon 9 launch (a partially reusable family of rockets developed by SpaceX).

Falcon 9 flight 50 launches tonight, carrying Hispasat for Spain. At 6 metric tons and almost the size of a city bus, it will be the largest geostationary satellite we’ve ever flown.

— Elon Musk (@elonmusk) March 5, 2018

The company confirmed, however, that it did not attempt to recover the discarded ‘first stage’ part of the rocket due to unfavorable weather conditions in the recovery area off the Atlantic Coast.

SpaceX delivered the six ton satellite into orbit within around 33 minutes of the launch from Cape Canaveral, Florida.

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Tue, 06 Mar 2018 08:21:00 -0500 http://www.proactiveinvestors.com/companies/news/192685/elon-musks-spacex-delivers-spanish-broadband-satellite-into-orbit-192685.html
<![CDATA[News - Tesla's cloud system hijacked by hackers for cryptocurrency mining, according to cybersecurity firm ]]> http://www.proactiveinvestors.com/companies/news/191994/tesla-s-cloud-system-hijacked-by-hackers-for-cryptocurrency-mining-according-to-cybersecurity-firm-191994.html Tesla Inc’s (NASDAQ:TSLA) cloud system was hijacked by hackers who used it to mine cryptocurrency, according to a report by CNBC, quoting researchers at cybersecurity firm RedLock.

The news site said hackers were able to infiltrate the electric car maker's administration console because it was not password protected, according to RedLock.

Cryptocurrency mining is a process whereby so-called miners solve complex mathematical problems to validate a transaction and add it to the underlying network.

The report said RedLock did not specify which cryptocurrency was mined in the cyber breach.

Other major firms, including British insurer Aviva PLC (LON:AV.) and Dutch SIM card-maker Gemalto, were affected by similar problems, RedLock added.

But the cybersecurity firm said the incident affecting Tesla's cloud system was more sophisticated, and used a number of different strategies to hide the hackers from being detected, CNBC said.

RedLock said it notified Tesla of the cyber exposure and that it was swiftly rectified.

Tesla said that it did not see any initial impact on customer data protection or the safety and security of its vehicles, the report added.

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Wed, 21 Feb 2018 09:18:00 -0500 http://www.proactiveinvestors.com/companies/news/191994/tesla-s-cloud-system-hijacked-by-hackers-for-cryptocurrency-mining-according-to-cybersecurity-firm-191994.html
<![CDATA[News - Tesla’s Chinese expansion plans under threat from standoff over Shanghai factory ]]> http://www.proactiveinvestors.com/companies/news/191644/teslas-chinese-expansion-plans-under-threat-from-standoff-over-shanghai-factory-191644.html Tesla Inc’s (NASDAQ:TSLA) ambitious expansion plans in China are coming under threat, according to reports, as the electric car maker can’t agree a deal to open a factory in the country.

Elon Musk has been trying to reach an agreement with the Chinese government since last summer but has so far been unsuccessful, with Bloomberg reporting that the two sides disagree on the ownership structure for a proposed factory.

READ: Tesla lost US$500,000 every HOUR in final quarter of 2017

At the moment, every foreign automaker must partner with Chinese companies in order to manufacture locally, but Tesla wants to own the factory completely.

If a deal can’t be reached, the US car maker could miss out on the surging demand for electric vehicles as President Xi Jinping’s administration hand out billions of dollars in subsidies to try to entice consumers away from air polluting gas guzzlers.

Tesla currently sells into China but each car is subject to a hefty 25% import tax, taking the sticker price beyond the means of most consumers and allowing cheaper models and domestic rivals to take a foothold in the lucrative market.

Citing people close to the negotiations, Bloomberg said the current stalemate doesn’t mean Tesla won’t strike a deal at some point in the future though.

Tesla declined to comment on its negotiations.

READ: Tesla sold just 32 cars in Hong Kong in the final nine months of 2017

Shares in the car maker were broadly flat in pre-market trade on Wednesday at US$325.

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Wed, 14 Feb 2018 08:10:00 -0500 http://www.proactiveinvestors.com/companies/news/191644/teslas-chinese-expansion-plans-under-threat-from-standoff-over-shanghai-factory-191644.html