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Archive for the ‘Tesla’ Category

Tesla Cutting 7% of Workforce, Warns “Road Ahead is Very Difficult”

Move comes days after cuts at CEO Musk’s SpaceX announced.

by Paul A. Eisenstein on Jan.18, 2019

Tesla chief Elon Musk, in atter to employees announced plans to cut 7% of the company's workforce.

Warning that Tesla faces some serious challenges, despite delivering a solid third-quarter profit, Tesla CEO Elon Musk announced plans to cut 7% of the battery-carmaker’s staff in a letter sent to employees on Friday.

All told, that would work out to about 3,150 of the people who work at Tesla’s headquarters in Silicon Valley, plants in Fremont, California, and Reno, Nevada, and other facilities. The move comes just days after Musk outlined plans to cut 10% of the workforce at his SpaceX rocket company.

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“I want to make sure that you know all the facts and figures and understand that the road ahead is very difficult,” Musk said in the memo sent to the Tesla workforce, adding that, “While we have made great progress, our products are still too expensive for most people.” (more…)

No-Shows, But Tesla and Musk Still Have Strong Presence at NAIAS

But can California carmaker survive the new onslaught of competition.

by Paul A. Eisenstein on Jan.17, 2019

Tesla CEO Elon Musk showed off a prototype Model S in 2010, the last time he attended the NAIAS.

Battery-electric vehicles may still account for less than 1% of the U.S. new vehicle market, but they have had a notable presence at this year’s North American International Auto Show – something that many credit to a manufacturer that was notably absent from Detroit’s Cobo Hall convention center: Tesla.

Cadillac made a major splash during the first media preview of this year’s show, when it not only revealed the new XT6 utility vehicle but announced that it will be the first General Motors brand to use the automaker’s new all-electric platform for another SUV debuting in 2021.

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Electrifying!

Throughout the show, automaker’s either revealed new battery cars and concepts or outlined their plans for an electrified future. Volkswagen, for one, announced plans to invest $800 million to add production of two new all-electric models at its plant in Chattanooga, Tennessee.

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Musk Puts Halt to Tesla Referral Program to Cut Costs

CEO says its too costly to keep the program.

by Michael Strong on Jan.17, 2019

Musk is cutting the referral program as the EV maker looks to cut costs and improve profits.

Tesla CEO Elon Musk means business when he talks about cutting costs to improve profitability. The company’s founder tweeted the company will eliminate the customer referral incentive plan on Feb. 1.

Musk wrote the referral program is ending because “it’s adding too much cost to the cars, especially Model 3.”

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The program was introduced in 2015 by the EV maker, aimed at luring buyers and creating disciples. The owners were given personal referral codes providing them with six months of free supercharging and prizes for existing owners such as launching personal photos into deep space or invites to a Tesla event.  (more…)

GM Expects Bigger Profits, More Transformation in 2019

Company wants to make workforce changes during strong labor market.

by Joseph Szczesny on Jan.11, 2019

GM CEO Mary Barra is leading the transformation of the company's manufacturing footprint.

General Motors Co. expects earnings to grow in 2019 as it restructures, picks up the pace of moving towards what Chairman Mary Barra described as an “all-electric” future, and maintains its market share in China.

“We will continue to strengthen our core business and invest in the technologies that will transform the future of mobility. Managing both well is critical to position General Motors for success for generations to come,” Barra said, adding that it was better to tackle this restructuring during a strong labor market.

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“We are committed to driving significant shareholder value over the long term as we drive the transformation,” she added. (more…)

Nissan Boosts Range, Performance With New Leaf Plus

World’s best-selling battery-electric vehicle breaks 200-mile barrier.

by Paul A. Eisenstein on Jan.09, 2019

The 2020 Nissan Leaf Plus.

It’s been the world’s best-selling battery-vehicle since its introduction nearly a decade ago, but the Nissan Leaf had been losing ground as competitors like Tesla have rolled out an array of new competitors.

Now, the Japanese automaker is aiming to regain momentum with the introduction of a critical update to the battery-electric vehicle, the new Nissan Leaf Plus set to increase both range and performance by about 50 percent. That will position the five-door model, to be sold as the Leaf e+ in most other markets, as the latest BEV to top the 200-mile mark.

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“This is a big psychological barrier,” said Denis LeVot, the CEO of Nissan North America, during the debut of the Leaf Plus at the Consumer Electronics Show in Las Vegas. Along with the improvement to Leaf’s traditionally anemic performance, he added, that should prove to potential buyers that “these are more than real cars.”

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Tesla Breaks Ground on New Shanghai Gigafactory

Musk expects plant to be completed by midyear.

by Michael Strong on Jan.07, 2019

Tesla's Elon Musk said he expects the new Shanghai plant to be complete during the second quarter.

Tesla chief Elon Musk extended his vision of a world dominated by electric vehicles by traveling to Shanghai, China, to break ground for the company’s newest plant, Gigafactory 3.

Always the optimist, Musk said he expects construction on the massive 210-acre facility to be complete by the middle of this year with finished products rolling off the assembly line and out the doors by the end of this year.

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“With the resources here, I think we can build the Shanghai Gigafactory in a record time,” Musk said during the rain-soaked ceremony. (more…)

Polestar’s First All-Electric Model Breaks Cover

by Paul A. Eisenstein on Jan.03, 2019

Polestar hints that its first all-electric model will adopt a "fastback" shape.

Volvo’s electric performance division is finally charging forward, the plug-in hybrid Polestar 1 getting ready for production, while the sub-brand’s first all-electric model is set to be “fully revealed in the coming weeks,” it confirmed today.

According to a statement, “The car will go into production shortly after the long-range hybrid Polestar 1, which will enter production later this year.” The automaker also emphasized that Polestar 2 will take direct aim at Tesla’s Model 3.

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The teaser shows an overhead view of the Polestar 2’s rounded back end, so not much to go on beyond the fact that it features very aggressively raked rear glass flowing into a rather short trunk lid. That would suggest either a hatchback or an edgy crossover design, Polestar calling it a “fastback.”

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Oil-Rich Norway is the Land of the Battery-Electric Vehicle

BEVs generated a third of country’s new car sales, a record, in 2018.

by Paul A. Eisenstein on Jan.02, 2019

Picture courtesy Norwegian Electric Vehicle Assoc.

Norwegians have roundly embraced EVs.

It has massive offshore oil reserves that have helped fuel its economy, but as far as millions of Norwegian motorists are concerned, they’d rather spend their money on an electric vehicles.

Battery-cars accounted for a record 31.2% of all new vehicles sold in the Scandinavian nation last year, according to the Norwegian Road Federation, up from 20.8% in 2017. And the shift away from gas and diesel is only expected to accelerate as Norway has set a goal of eliminating sales of vehicles using internal combustion engines by the middle of the decade.

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Last year’s surge “was a small step closer to the 2025 goal,” Oeyvind Solberg Thorsen, head of the NRF, told a news conference in Oslo on Wednesday.

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Tesla Misses Sales Target, Cuts Prices – And Investors Are Not Amused

Company cuts prices $2K to offset drop of $7,500 tax credit to $3,750.

by Paul A. Eisenstein on Jan.02, 2019

Tesla shareholders aren't entirely thrilled with the company's 2018 results and the stock price reflects it.

Tesla’s New Year is off to a shaky start, investors driving down its stock price while fretting about the company’s unexpectedly weak fourth-quarter sales and the potential hit the carmaker will take in 2019 as it watches its federal tax incentives phase out.

It wasn’t all bad news. Tesla’s total 2018 sales nearly matched what the company had delivered in all previous years combined, and after suffering through what CEO Elon Musk had once described as “production hell,” the Tesla assembly plant in Fremont, California, appears to be humming along. But deliveries during the final three months of 2018 fell about 1.5% below analysts’ expectations. And now, Tesla has to worry about what will happen as the $7,500 tax credits offered by the federal government begins to phase out.

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“We are taking steps to partially absorb the reduction of the federal EV tax credit (which, as of Jan. 1, dropped from $7,500 to $3,750),” Tesla said in a statement, adding that, “Starting today, we are reducing the price of Model S, Model X and Model 3 vehicles in the U.S. by $2,000.” (more…)

Tesla Pushing Midnight Sales to Clear Backlog of 3K Model 3s

Musk offers big incentives to Tesla employees to buy a new car.

by Michael Strong on Dec.31, 2018

Tesla's Elon Musk is looking to sell Model 3s all the way til midnight to make sure buyers get the full $7,500 tax credit.

Two nights ago, Tesla boss Elon Musk sent out a tweet telling his millions of followers that there was 48 hours left to buy a new EV and still qualify for the full $7,500 tax credit from the U.S. government.

Nothing wrong for being a shill for your company and its products on social media, but it’s becoming more clear as to why he was so motivated to try to drum of up sales for a company that supposedly has a lengthy waiting list for new Model 3 sedans.

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Tesla has more than 3,000 Model 3s left in inventory in the United States as of Sunday, according to website Electrek, which cited people familiar with the matter. (more…)