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Tag: tesla

  • Musk Nears $346 Million Payday As Tesla Market Value Soars

    Musk Nears $346 Million Payday As Tesla Market Value Soars

    Tesla Inc Chief Executive Elon Musk is coming close to earning the first $346 million tranche of options in a record-breaking pay package, after the electric vehicle maker’s stock more than doubled in the last three months.

    Shares of Tesla surged 9% to a record high on Monday. They need to rise another 6% to put Tesla’s stock market value at $100 billion and then be sustained at that level for both a one-month and six-month average in order to trigger the vesting of the first of 12 tranches of options granted to Musk to buy Tesla stock.

    Musk has already hit an operational target that is also necessary for the options to vest.

    For Musk’s subsequent tranches to vest under the terms of the 2018 package, the company’s market cap would have to continue to sustainably rise by $50 billion increments over the agreement’s 10-year period, with the billionaire earning the full package if Tesla’s market capitalization reaches $650 billion and the electric car maker achieves several revenue and profit targets.

    A full payoff for Musk, who is also the majority owner and CEO of the SpaceX rocket maker, would surpass anything previously granted to U.S. executives, according Institutional Shareholder Services, a proxy advisor that recommended investors reject the pay package deal at the time.

    Musk receives no salary or cash bonus, only options that vest based on Tesla’s market cap and milestones for growth.

    “This is the very definition of pay for performance,” said Ian Keas, senior director at Longnecker & Associates, an executive compensation consulting firm. “But is he the only individual that could serve in that seat as CEO and deliver that value to shareholders? That’s the billion dollar question.”

    Musk’s potential payout compares to the $638 million received by Snap Inc founder Evan Spiegel in 2017 after the social network company’s initial public offering. In 2018, Walt Disney CEO Robert Iger earned stock grants worth as much as $149.6 million, including awards related to Disney’s purchase of film and television assets from Twenty-First Century Fox.

    Musk has transformed Tesla from a niche car maker with production problems into the global leader in electric vehicles, with U.S. and Chinese factories. So far it has stayed ahead of more established rivals including BMW and Volkswagen.

    Last week, Tesla’s stock market value hit nearly $89 billion, eclipsing the sum of General Motors’ and Ford’s for the first time, fueled by a surprise third-quarter profit, progress at a new factory in China and better-than-expected car deliveries in the fourth quarter.

    Many investors remain skeptical that Tesla can consistently deliver profit, cash flow and growth, however. More Wall Street analysts rate Tesla “sell” than “buy,” and the company’s stock has been one of the most shorted on Wall Street.

    Tesla was valued at about $53 billion when shareholders approved the pay package in January 2018 and faced a cash crunch, production delays and increasing competition from rivals. It was viewed as massively ambitious because it implied the company’s value could grow as much as ten-fold in 10 years.

    Last year, Musk hit two operational milestones, pulling in revenue above $20 billion and adjusted earnings before interest, tax, depreciation and amortization of $1.5 billion over four straight quarters. Tesla’s “adjusted” EBITDA excludes stock-based compensation, which in the first nine months of 2019 reached $617 million.

    Musk currently owns about 34 million Tesla shares, equivalent to 19% of the company. His compensation package would let him buy another 20.3 million shares if all of his options vest.

    When Tesla first unveiled Musk’s package in 2018, it said Musk could in theory reap as much as $55.8 billion if no new shares were issued. Tesla has since awarded stock to employees and last year sold $2.7 billion in shares and convertible bonds.

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  • After Tesla’s Record Year In Norway, Rivals Gear Up For 2020

    After Tesla’s Record Year In Norway, Rivals Gear Up For 2020

    New electric car sales in Norway rose by a third last year amid soaring demand for Tesla Inc’s vehicles, but the pioneering U.S. company will face a more competitive market in 2020 as rivals prepare to launch new electric models.

    Fully electric cars made up 42.4% of sales in the Nordic country last year, a global record, rising from a 31.2% market share in 2018 and just 5.5% in 2013, the Norwegian Road Federation said on Friday.

    Norway, which is Europe’s biggest oil and gas producer, is seeking to become the first country to end the sale of fossil-fueled cars by 2025. The country has exempted battery-powered vehicles from the taxes imposed on petrol and diesel engines and after just a few years the streets of Oslo have become quieter and have less air pollution.

    Most of Norway’s top-10 cars in 2019 were electric, including Volkswagen’s Golf, Nissan’s Leaf, Audi’s e-tron, BMW’s i3, Jaguar’s I-PACE and several of Hyundai’s models.

    New car sales in the country last year were 142,381, of which 60,316 were fully electric. This year, as many as six in 10 of all new cars sold in the country could be fully electric, said Volkswagen (VW) distributor Harald A. Moeller AS, which is preparing to launch several models in 2020.

    Other importers predicted the market share in 2020 would be in a range of 50-60% of all sales.

    “The electrification of the car market is accelerating … we forecast electric vehicles to hold a 100% market share in 2025,” Volkswagen said of the outlook for Norway.

    The country’s best-selling car in 2019 was Tesla’s mid-sized Model 3 sedan, which retails from 384,900 Norwegian crowns ($43,721.74), racking up an 11% market share in the California-based firm’s first attempt at cracking the mass market.

    Rising global awareness of climate change has encouraged a shift in regulation, technology and consumer preferences, disrupting the auto industry and boosting Tesla’s share price to make it one of the world’s most highly valued car brands.

    This year, the company will start producing a medium-sized sport utility vehicle, the Model Y, but faces competition from a plethora of rivals, including by Daimler AG’s Mercedes-Benz, VW’s Audi and Ford Motor Co.

    “There will be between 20 and 30 new electric models on the market in 2020, many of them launching early in the year,” the Norwegian Electric Vehicle Association said in a statement.

    Ford late last year unveiled the Mustang Mach-E SUV, which it hopes will help turn around its flagging fortunes.

    “It will compete with Tesla’s models 3 and Y. I also think Audi e-tron is a big competitor. The customers have waited for this car for over two years,” said Kjetil Hagestande, chief executive of Ford importer RoehneSelmer.

    “This amazing car with four-wheel drive and long range fits the Norway market perfectly,” Hagestande told Reuters on the sidelines of the Mach-E launch in November.

    Also aiming for a slice of Norway’s market is China’s Geely group, whose Polestar and Volvo brands will begin producing fully electric cars this year.

    In October, Polestar opened its first European showroom in Oslo’s most upmarket shopping district, rubbing shoulders with fashion designers rather than with rival auto makers.

    “I’m here to consider a new car because my wife already has her second electric car, a Hyundai,” said Espen Cook, a retired IT worker, on a recent visit to the Polestar venue.

    “Two months ago I sold my hybrid Lexus so I would like to go full electric,” the 70-year-old told Reuters.

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  • Tesla Reports Solid Q4 Auto Deliveries, Boosting Shares

    Tesla Reports Solid Q4 Auto Deliveries, Boosting Shares

    Tesla reported Friday a jump in fourth-quarter auto deliveries, lifting shares as it ramps up output in the United States and China.

    The electric automaker led by Elon Musk delivered 112,000 vehicles in the quarter ending December 31, up about 23 percent from the year-ago period.

    The figures boosted full-year deliveries to 367,500, 50 percent above the 2018 level and in line with company forecasts.

    The solid figures come four days after Tesla delivered its first batch of China-made cars from its new multibillion-dollar Shanghai “Gigafactory”.

    Tesla touted its speedy completion of the China plant, saying Friday it has already produced just under 1,000 “customer salable cars” in China “despite breaking ground at Gigafactory Shanghai less than 12 months ago.”

    After a series of controversies surrounding Musk in 2018, including a quickly-aborted effort to take the company private, Tesla hit key targets in 2019 in the critical ramp-up of the Model 3 vehicle.

    Tesla shares have risen to all-time highs, and fewer investors are betting on a decline.

    Canaccord Genuity analyst Jed Dorsheimer on Thursday lifted his price target for the company in a note that predicted that sales in China “will be an important driver for the company in 2020.”

    Shares of Tesla rose 3.8 percent to $446.51 in mid-morning trading.

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  • Musk Defies Skeptics, Meets Tesla Delivery Goal

    Musk Defies Skeptics, Meets Tesla Delivery Goal

    Tesla Inc beat Wall Street estimates for annual vehicle deliveries and met the low-end of its own target, sending shares to a record high in a vindication for Chief Executive Elon Musk after a few turbulent years. Boosted by demand for its mass-produced Model 3 sedans as overseas sales pick up, Tesla on Friday said it delivered 112,000 vehicles in the fourth quarter, including 92,550 Model 3s and 19,450 Model S/X SUVs, which was above expectations of 104,960 vehicles, according to IBES data from Refinitiv. The Silicon Valley carmaker delivered approximately 367,500 vehicles during all of 2019, just meeting the low end of its target to deliver 360,000 to 400,000 vehicles in 2019.

    Tesla shares were up as much as 5.5% at $454, touching a record high.

    The stock has had a strong run in recent months after posting a rare profit in the latest quarter and news of China ramp up. With a market valuation of more than $80 billion, Tesla is far outstripping those of traditional carmakers General Motors Co (GM.N) and Ford Motor Co (F.N).

    The delivery results defy skeptics of Musk, whose mercurial behavior over the last two years came under close scrutiny from federal regulators and shareholders of Tesla.

    Musk, who has more than 30 million Twitter followers, has a history of firing off tweets that resulted in an investigation by the U.S. Securities and Exchange Commission and a defamation trial against him.

    The Tesla CEO settled the SEC complaint for $20 million in 2018 and a Los Angeles jury cleared Musk in the defamation case in December.

    “Elon has Tesla executing right on track,” said Roth Capital Partners analyst Craig Irwin.

    Tesla also provided an update on its Shanghai factory, which has started churning out Model 3 cars. It said the plant demonstrated a production run-rate capability of more than 3,000 units per week.

    The run-rate shows that the factory appears to be ramping faster than expected, Baird Equity Research analyst Ben Kallo said. “Shanghai deliveries should be the next catalyst to drive volume growth.”

    The $2-billion factory, Tesla’s first car manufacturing site outside the United States, is the centerpiece of its ambitions to boost sales in the world’s biggest auto market and avoid higher import tariffs imposed on U.S.-made cars.

    A company representative on Thursday said that Tesla will deliver its first China-made Model 3 sedans to the public on Jan. 7.

    The Model 3 is Tesla’s most affordable car, with lower-range versions available starting at $35,000.

    Analysts in the past have questioned how rapidly Tesla’s vehicle sales will grow as government subsidies for electric vehicle purchases dwindle in the United States, China and other markets. Some analysts consider those subsidies the biggest driver for Tesla purchases.

    Traditional automakers largely relying on fuel-powered vehicles on Friday reported a decline in fourth-quarter U.S. sales and saw their shares tumble as a widening conflict with Iran pushed oil prices more than $2 a barrel on Friday.

    Fiat Chrysler Automobiles NV on Friday said it saw a 2% fall in U.S. auto sales, while GM reported its fourth-quarter U.S. deliveries were down more than 6%.

    “The recently escalating geopolitical uncertainties driving oil prices higher are likely to create a tailwind for TSLA shares,” Canaccord Genuity analyst Jed Dorsheimer said.

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  • Tesla Says Will Start Delivering China-Made Model 3s To Public On January 7

    Tesla Says Will Start Delivering China-Made Model 3s To Public On January 7

    Tesla will deliver its first Chinese made Model 3 sedans to the public on Jan. 7 at an event at its Shanghai plant, a representative for the firm told Reuters on Thursday. The Shanghai plant is part of the Silicon Valley automaker’s plans to bolster its presence in the world’s biggest auto market and minimise the impact of the U.S.-China trade war. Fifteen Tesla employees who had purchased a car were the first to receive their Model 3s on Monday after the first China-made vehicles rolled off the plant’s production line in October.

    The deliveries come a year after construction of Tesla’s only plant outside the United States began. Production started in October with a target of 250,000 vehicles a year once the Model Y is added to the line up. The Model 3 is priced at 355,800 yuan ($50,000) before subsidies. Tesla said previously that it wanted to start deliveries before the Chinese new year beginning on Jan. 25.

    Tesla’s China General Manager Wang Hao said the company plans to ramp up Model 3 deliveries in January.

    Tesla executives also told reporters the plant had achieved a production target of 1,000 units a week, or around 280 cars a day, and that sales for the China-made sedan had so far been “very good”.

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  • Tesla secures more than $1.4 billion in financing from China

    Tesla secures more than $1.4 billion in financing from China

    Tesla clinched more than 10 billion yuan ($1.4 billion) in financing from local banks for its Shanghai factory as it prepares to begin deliveries of China-made Model 3 sedans in the country, people familiar with the matter said.

    An announcement will probably be made as soon as this week, one of the people said, asking not to be identified discussing a private matter.

    CEO Elon Musk is counting on the China plant to help build on recent momentum for the company in the world’s largest market both for electric vehicles and autos in general. Tesla’s new-car registrations in China climbed to a five-month high of 5,597 in November, compared with 393 a year earlier, according to state-backed China Automotive Information Net.

    Tesla’s China-built Model 3s are set to start at about $50,000, slightly cheaper than imported versions. The company may lower the price of locally assembled sedans by 20 percent or more next year as it starts using more local components and reduces costs, people familiar with the matter have said.

    Reuters earlier reported on the financing. Tesla representatives didn’t immediately respond to requests for comment.

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  • Tesla’s German Plant To Produce 500,000 Cars A Year

    Tesla’s German Plant To Produce 500,000 Cars A Year

    Tesla plans to build 500,000 electric vehicles a year at its new factory on the outskirts of Berlin, Germany’s Bild newspaper reported on Wednesday.

    Last month, Tesla Chief Executive Elon Musk announced that a site in Gruenheide, Brandenburg, had been chosen to build Tesla Model 3 and Model Y vehicles.

    German newspaper Frankfurter Allgemeine Zeitung reported that Tesla will invest up to 4 billion euros ($4.41 billion) in the plant.

    Tesla’s Gigafactory will create 10,000 jobs, Bild said, citing planning documents to develop the site which is as large as 420 soccer pitches.

    Construction will start in 2020, the newspaper reported. Tesla declined to comment on the Bild article or on its expansion plans.

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  • Tesla Could Make Electric Dirt Bikes In The Future

    Tesla Could Make Electric Dirt Bikes In The Future

    Tesla is known to make outrageous electric vehicles and we mean outrageous in a good way. The US-based electric vehicle manufacturer recently showcased the Cybertruck which is a piece of work and has divided opinions about its design, though no doubt, it is a radical, futuristic model that will be available for purchase in a couple of years’ time. But our ears pricked up when we heard about Musk responding to a tweet on the electric ATV. A twitter user asked about the availability of Tesla Electric ATV, which was showcased along with the Tesla Cybertruck. Elon Musk responded by tweeting that the electric ATV will be ready along with the truck, which is about two years from now.

    We’ll aim to have it come out at the same time as a truck. Two-seater electric ATV designed to work with Cybertruck will be fun! Electric dirt bikes would be cool too. We won’t do road bikes, as too dangerous. I was hit by a truck & almost died on one when I was 17.

    But he also mentioned that it would be cool to make electric dirt bikes. Although Tesla will never venture into making road bikes as they are too dangerous. Musk had a close brush with death when he was 17, riding a motorcycle and a truck hit him.

    Dirt bikes are fun and electric dirt bikes! Well, knowing Tesla, its electric dirt bikes could definitely have a significant impact on the global two-wheeler industry. Tesla has always been a car manufacturer but diversification is the name of the game and it wouldn’t be a bad idea for Tesla to venture out into the two-wheeler industry.

    Electric dirt bikes are not a new thing though and one of the most popular electric dirt bikes is the KTM Freeride E-XC which is probably as competent as its petrol-powered rivals and most importantly, it looks like a proper dirt bike too. Other electric dirt bike makers include Alta, Cake and so on. We would love to see a radically designed electric dirt bike from Tesla with Elon Musk doing a few wheelies and jumps on it, soon!

  • Tesla Plans Increasing Imported Model 3 Prices In China From January

    Tesla Plans Increasing Imported Model 3 Prices In China From January

    U.S. electric vehicle maker Tesla Inc plans to increase prices of imported Model 3 vehicles in China in January, sources familiar with the matter said.

    Tesla plans to increase prices of imported Model 3 vehicles with a longer range and those with performance function, which are currently priced at 439,900 yuan ($62,495.56) and 509,900 yuan, respectively.

    The move comes as Tesla, which is building a car plant in Shanghai, aims to deliver China-made Model 3 sedans, which are priced at 355,800 yuan, to customers before Jan. 25 next year.

    It was unclear by how much Tesla plans to increase China prices. The sources declined to be named as they are not authorized to speak to media.

    Tesla declined to comment.

    The electric vehicle maker began production in the Shanghai factory in October on a trial basis and aims to produce at least 1,000 Model 3 cars a week by the end of this year.

    The plant’s mass production schedule is crucial for Tesla’s hopes of raising its annual production rate to 500,000 vehicles by the end of this year.

    The $2 billion factories, Tesla’s first car manufacturing site outside the United States, is the centerpiece of its ambitions to boost sales in the world’s biggest auto market and avoid higher import tariffs imposed on U.S.-made cars.

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  • Tesla To Build New Plant And Design Centre In Germany

    Tesla To Build New Plant And Design Centre In Germany

    Tesla will build its first European factory and design center near Berlin, giving the U.S. electric car pioneer the coveted “Made in Germany” label just as local rivals Audi, BMW and Mercedes prepare to launch competing cars.

    Tesla Chief Executive Elon Musk announced the move at a prestigious German car awards ceremony late on Tuesday and said the new plant would make batteries, powertrains and cars – starting with the Model Y sports utility vehicle.

    “Everyone knows German engineering is outstanding for sure. You know that is part of the reason why we are locating Gigafactory Europe in Germany,” Musk said at the ceremony in Berlin.

    The plan is a big boost for Germany as a centre for manufacturing after BMW and Mercedes in recent years chose to build new factories in Hungary, and after its auto industry was hit hard by Volkswagen’s admission in 2015 that it cheated U.S. diesel emissions tests.

    Germany’s powerful manufacturing industry has been slowing, with data on Thursday set to show whether Europe’s biggest economy has slipped into recession for the first time since 2013.

    Tesla is struggling to ramp up production and has yet to prove it can be consistently profitable as rivals including Audi-owner Volkswagen retool plants to mass-produce electric cars.

    Musk said the factory would be near Berlin’s new Brandenburg international airport, diversifying the Silicon Valley firm’s production beyond the United States at a time when global trade tariffs make exports more difficult. Besides Europe, Tesla is opening a factory in Shanghai.

    Tesla’s proposed factory will be within commuting distance of Poland, where labor costs are cheaper, a rival manufacturer – who also looked at the site – told Reuters.

    “Tesla’s decision to build an ultra-modern factory for electric cars in Germany is further proof of the appeal of Germany as an automotive hub,” Economy Minister Peter Altmaier said on Wednesday.

    “We think we now have the chance, in the coming years, to become an important international center in this future-oriented sector,” he said.

    The German government has earmarked financial support for making electric car battery cells locally as a way to secure manufacturing jobs as tougher emissions rules threaten demand for older technologies, like diesel engines.

    Dietmar Woidke, the premier of the Brandenburg state that surrounds Berlin, said any official support given to Tesla would be in accordance with European Union rulesAltmaier said there had been no discussion so far about any subsidies for Tesla’s plans, adding the company would be treated like all other carmakers.

    In a high-profile example of the impact of Brexit, Musk said he picked Germany for his new factory over Britain because of uncertainty over the nation’s exit from the European Union.

    “Brexit made it too risky to put a gigafactory in the UK,” he said in an interview with industry website Auto Express.

    Germany’s biggest labor union, the influential IG Metall, was quick to welcome Tesla’s plan. “This strengthens Berlin as an industrial location and creates jobs. We hope this sets an example,” said Birgit Dietze, IG Metall’s regional head.

    Even Germany’s auto industry association, VDA, welcomed the arrival of a U.S. competitor.

    “Elon Musk’s announcement shows how important Germany is as a location for producing electric vehicles in Europe,” VDA said. “We don’t shy away from competition, quite the opposite.”

    German carmakers and suppliers are preparing to build more than 150 electrified vehicles by 2023, VDA said.

    While Germany’s renowned car industry is mainly based in the south of the country, the capital has become a hub for start-ups and has attracted many creative and technology firms since the fall of the Berlin Wall three decades ago.

    “Tesla is coming to Brandenburg with a big investment,” said state premier Woidke, without giving details “We lobbied for this for a long time in intensive talks and with good arguments.”

    Berlin’s minister in charge of economic affairs, Ramona Pop, told public broadcaster RBB there had been talks about creating 6,000 to 7,000 jobs in production alone, with hundreds or even thousands more in areas such as design, software and research.

    Musk’s appearance at the awards ceremony is another example of Tesla’s efforts to give its cars the German stamp of quality.

    It already has an engineering firm in Pruem that specializes in automated manufacturing systems for battery factories and has tested its cars on the Nordschleife, the notorious

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  • Tesla Shares Soar As Surprise Profit Answers Sceptics

    Tesla Shares Soar As Surprise Profit Answers Sceptics

    Tesla Inc on Wednesday surprised investors with a quarterly profit that sent its shares soaring, as Chief Executive Elon Musk promised a 2020 rollout of a cheaper SUV and more self-driving technology to stay ahead of larger rivals rushing into the premium electric vehicle market he created. Shares rose nearly 21% to $307.12 after hours on the unexpected news, crossing $300 for the first time since March 1 after record deliveries and cost cuts ensured a profitable third quarter.

    Tesla on Wednesday posted a cash balance increase to $5.3 billion and reported a profit of $1.86 per share, shattering analyst expectations for a loss of 42 cents per share. The third-quarter results are an important milestone for Tesla and redemption for Musk who had to step down as chairman after a series of scandals and investor doubts about Tesla’s ability to withstand competition from larger, better capitalized global rivals.

    Tesla’s gross margins, an important profit indicator for investors, surpassed expectations and Tesla said it was “highly confident” in exceeding the low end of its yearly global vehicle delivery goal.

    But Tesla has yet to prove that it can be consistently profitable while managing the start of production for Model 3 sedans at its new factory in Shanghai and for Model Y sport utilities next year.

    “Given the breakneck speed of expansion, Tesla will face significant demands on its cash pile,” said Nicholas Hyett, an analyst at Hargreaves Lansdown.

    The company on Wednesday said production in Shanghai and for Model Y are ahead of schedule, with the latter expected to launch by the summer of 2020.

    Tesla also has to contain costs as it develops a gigafactory in Europe, a Semi truck, an electric pickup truck, a new generation of the Tesla Roadster and automated driving features.

    The carmaker said it had cut costs 16% on a yearly basis, citing improvements in operating efficiency and a reduction in manufacturing and material costs. Musk said on a conference call that operating costs were the lowest since Model 3 production started.

    Margin expectations are higher for Model Y than Model 3, while productions costs are roughly the same as Model 3, said Zach Kirkhorn, Tesla chief financial officer.

    Model 3 vehicles made in the Shanghai factory will have roughly the same margins as those made in Fremont, California, he said.

    Tesla also expects to generally be cash flow positive as it has grown to the point of being self-funding. That will allow the company to invest in divisions focusing on sustainable energy, including launching the third version of its solar roof tile this week.

    “For about a year and a half we stripped Tesla energy of resources,” Musk said. “Now that Model 3 production is in a good place and headed to a great place we have restored resources to Tesla storage and solar. That’s going to be really crazy growth.”

    Musk also said Tesla is open to supplying batteries and other components to other automakers.

    With Wednesday’s after-hours surge, Tesla’s stock has reduced its loss year-to-date to 8% and added about $9 billion to its market capitalization.

    A year ago, Tesla gave a quarterly report that similarly smashed investors’ expectations, igniting a rally that sent its shares 31% higher over the next two months, only to see the stock decline through much of 2019 over worries about corporate governance, profitability and demand for the Model 3. Investors in the past have shown impatience with the company’s serial failures to meet financial and production targets. Earlier this month, Tesla shares slumped after the company reported delivering 97,000 vehicles for the third quarter, only 2% ahead of the previous quarter.

    But Tesla on Wednesday exceeded promises by billionaire Musk, who in July said Tesla would break even in the third quarter and turn a profit by the end of 2019.

    The company has said it plans to deliver 360,000 to 400,000 vehicles for all of 2019, and on Wednesday said it was “highly confident in exceeding 360,000 deliveries this year.”

    Analysts have questioned how rapidly Tesla’s vehicle sales will grow as government subsidies for electric vehicle purchases dwindle in the United States, China and other markets.

    Kirkhorn on Wednesday said Tesla saw growing order rates in all markets, with current quarter orders exceeding those of the past three months.

    Tesla has said it aims to produce at least 1,000 Model 3 cars a week at the new Chinese factory by the end of this year, but it is unclear when it will meet year-end production targets due to uncertainties around orders, labour and suppliers.

    Revenue fell nearly 8% to $6.30 billion in the quarter ended Sept. 30. Analysts had expected revenue of $6.33 billion, according to IBES data from Refinitiv.

    Tesla on Wednesday said it would gradually release nearly $500 million of accumulated revenue tied to its “full self-driving capabilities”, which customers can buy for $6,000 even though fully automated driving is not available.

    Kirkhorn on Wednesday said deferred revenue would also be released as Tesla expands its “Smart Summon” feature, which allows customers to operate a Tesla from 200 feet (60 meters) away using a smartphone app.

    Federal safety regulators are looking into the feature after videos began appearing online showing driverless Teslas hitting obstacles or nearly hitting other vehicles.

    Musk on Wednesday said software updates over the coming weeks would improve Summon.

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  • Tesla Gets Approval To Start Manufacturing In China

    Tesla Gets Approval To Start Manufacturing In China

    Tesla Inc was added to a government list of approved automotive manufacturers, China’s industry ministry said on Thursday, as it granted the electric-vehicle maker a certificate it needs to start production in the country. The list was published by the Ministry of Industry and Information Technology. This means “the green light is fully given to Tesla for production in China,” said Yale Zhang, head of the Shanghai-based consultancy Automotive Foresight. Tesla can start production any time, he said. Tesla did not immediately respond to an e-mailed request for comment. The $2 billion factories it is building in the eastern Chinese city of Shanghai is its first car manufacturing site overseas.

    Reuters reported earlier this month that Tesla plans to start production at its China factory this month. It is unclear when it will meet year-end production targets because of uncertainties around orders, labor and suppliers.

    Tesla intends to produce at least 1,000 Model 3s a week from the Shanghai factory by the end of this year, as it tries to boost sales in the world’s biggest auto market and avoid higher import tariffs imposed on U.S. cars.

    The factory, China’s first fully foreign-owned car plant, also reflects Beijing’s broader shift to open up its car market.

    Shanghai authorities have offered Tesla assistance to speed up construction, and China excluded Tesla models from a 10 percent car purchase tax on August 30, 2019.

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  • Tesla To Start Powerwall Home Battery Installations In Japan

    Tesla To Start Powerwall Home Battery Installations In Japan

    Tesla Inc will start installing its Powerwall home power storage batteries in Japan next spring, the U.S. electric car and battery maker said on Tuesday, marking the product’s debut in Asia. The 13.5 kilowatt-hours (kWh) Powerwall can store power generated by solar panels and costs 990,000 yen ($9,135), including the Backup Gateway system which manages the grid connection, but excluding installation costs and retail tax. It will be sold directly online by Tesla or via certain third-party installers.

    The company has been taking orders online from Japanese customers since 2016, but had not announced when installations would start, a company spokeswoman said.

    “Tesla believes that the Japanese home battery market has big growth potential,” Shinji Asakura, country manager of energy products in Japan, told reporters in Tokyo.

    He cited feed-in-tariffs, which had guaranteed minimum power prices to spur solar development, are starting to expire later this year.

    The need for backup power supply during outages due to natural disasters also offers growth potential, he said.

    Tesla has installed Powerwall systems at about 50,000 sites in seven countries since its launch in 2015, a company official said.

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  • Tesla Automated Parking Problems Seen Liability Of App ‘Driver’ For Now

    Tesla Automated Parking Problems Seen Liability Of App ‘Driver’ For Now

    Tesla Inc owners summoning their driverless cars in parking lots are likely liable for crashes, lawyers said after a series of internet videos showed problems with cars running new software.

    If the accidents pile up, though, Tesla itself is sure to be brought into a legal fight, insurance industry experts said.

    The incidents highlight a shifting landscape for long-held assumptions about auto insurance and accident blame as more car manufacturers offer features that can automate parallel parking, avoid collisions, and take over steering during traffic, among other things.

    A Tesla software update last week added a so-called Smart Summon feature for some customers. When the car is within 200 feet and in their line of sight, they can use a phone app to summon the vehicle in a parking lot. Users start the car by holding down a button and stop the car by releasing it, Tesla said in instructions, warning users to be careful.

    U.S. regulators are looking into parking lot crashes involving Tesla cars driving themselves to their owners, the National Highway Traffic Safety Administration (NHTSA) said on Wednesday.

    “This was an interesting one to explain to my insurance,” wrote one user in YouTube and Twitter video posts of a Tesla scraping against a garage door frame while exiting in summon mode. “Silly feature cost me time and money.”

    Tesla did not respond to a request for comment but Chief Executive Elon Musk on Wednesday tweeted that there were more than 550,000 Smart Summon uses in the first few days.

    Insurance claims for such incidents will go through the car owner’s traditional auto coverage, said Jennifer Dukarski, a lawyer in Ann Arbor, Michigan, who represents automotive suppliers in disputes about safety and autonomous car technology.

    “But as the number of incidents build, you’ll find someone who will entertain a class action [lawsuit] dealing with a product defect,” Dukarski said.

    Automated features also raise the question of whether the owner or the auto manufacturer is at fault when accidents occur.

    “The rationale for the owner being responsible is that the laws have not caught up to autonomous vehicles,” said Keith McKenna, an insurance lawyer in New York who represents corporate policyholders.

    If fully-automated cars someday becomes the norm, liability will shift to manufacturers and their insurance, McKenna said.

    The technology is not sophisticated enough to be deemed “driverless” under California’s motor vehicle rules, the California Department of Motor Vehicles said, essentially leaving the app user outside of the car responsible for accidents.

    Still, limitations to the app and other features make Tesla more responsible when accidents occur, said Mike Morgan, a Florida personal injury lawyer. His firm sued Tesla last year on behalf of a client who blames Tesla for his car crashing into a disabled vehicle.

    “You are still responsible for your car and must monitor it and its surroundings at all times and be within your line of sight because it may not detect all obstacles,” Tesla said in instructions for the new feature.

    But it may be too late to avoid a crash when a user attempts to stop the car, Morgan said.

    “These vehicles provide a false sense of human control,” Morgan said.

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  • Tesla Announces Record Deliveries Of 97,000 Cars In Q3

    Tesla Announces Record Deliveries Of 97,000 Cars In Q3

    Electric car manufacturer Tesla has delivered approximately 97,000 cars around the world in the third quarter of 2019, falling short of the 100,000 milestone the company had hoped for.

    “We achieved record net orders in Q3 and are entering Q4 with an increase in our order backlog. As was also the case in Q2, nearly all of our Model 3 orders were received from customers who did not previously hold a reservation, solidifying the transition to generating strong organic demand,” the company said in a statement on Wednesday.

    During the last quarter the company managed to deliver 95,200 vehicles to customers across the globe, which broke a record the company set in the fourth quarter of last year.

    Earlier, in an e-mail sent to employees Musk said that the company has a chance to deliver at least 100,000 vehicles this quarter. “We have a shot at achieving our first 100,000 vehicle delivery quarter, which is an incredibly exciting milestone for our company!” Musk said.

    In addition, Tesla is buying DeepScale, a California-based small artificial intelligence (AI) start-up, to improve its Autopilot driver assistance system. The acquisition could help Tesla fill the talent gap in the autopilot group.

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