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Archive for the ‘Tesla’ Category

Former Tesla Employee Allegedly Embezzled $9.3M from EV Maker

Parulekar allegedly used suppliers to abscond with cash.

by Michael Strong on Nov.12, 2018

A former Tesla employee allegedly embezzled $9.3 million from the company.

A former Tesla Inc. executive was indicted by a federal grand jury indicted for allegedly embezzling $9.3 million by impersonating an employee at a supplier.

According the indictment, Salil Parulekar got Tesla to send money owed to one supplier to another supplier. Once the money was moved, by impersonating an employee at that company he shifted the money into his account.

News You Can Trust!

Parulekar, who worked for Tesla for four years until 2017, was responsible for overseeing Tesla’s relationship with certain suppliers for various parts and services related to the company’s electric vehicles, according to the Justice Department. (more…)

CEO Says VW Ready to Build 50 Million EVs

German automaker expects to spend nearly $60 bil on batteries alone.

by Paul A. Eisenstein on Nov.12, 2018

VW's CEO Herbert Diess said the company made arrangements to buy 50 million electric vehicle batteries.

Even though it won’t launch its first long-range battery-electric vehicle, or BEV, until next year, Volkswagen’s CEO is forecasting massive growth in the sector, the German automaker already having “booked” plans to build 50 million BEVs.

Precisely how long it will take to hit that target Volkswagen Chief Executive Herbert Diess didn’t say during an interview with German trade publication Automobilwoche. But the VW Group is expected to sell 10.7 million vehicles this year, a figure that includes a broad range of powertrain technologies, primarily diesel and gasoline.

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The launch of a Golf-sized all-electric model next year will put Volkswagen in direct competition with Tesla, and the Germans are preparing to roll out an array of other BEVs, including a reborn Microbus set to be called the I.D. Buzz. Sibling brand Audi, meanwhile, just introduced its first BEV, the e-tron SUV. All told, the various VW Group brands, ranging from entry-level Seat and Skoda to high-line Bentley and Lamborghini, plan to have at least 40 all-electric models in showrooms by 2025. (more…)

VW Reportedly Set to Undercut Tesla Model 3 Price with Entry Long-Range EV

Entry model could come in around $23,000, according to report.

by Paul A. Eisenstein on Nov.09, 2018

VW plans to have two dozen fully electric vehicles, like this I.D. Crozz concept, in production.

Volkswagen is set to launch a base-model, long-range electric vehicle for less than $23,000, according to a report by Reuters, a price that would undercut the long-awaited entry-level Tesla Model 3 by more than a third.

Initially reluctant to enter the electrified vehicle market, the Volkswagen Group has now laid out an aggressive strategy that will include more than 40 all-electric models, as well as dozens of hybrids and plug-ins, for sale through its dozen different passenger vehicle brands. Meanwhile, the Wolfsburg-based carmaker is in discussions with Ford Motor Co. that could see them cooperate on EV development.

Plug In!

The VW brand itself will cover a wide range of model segments with pure battery-electric vehicles through a new sub-brand dubbed I.D. These will include a reborn version of its legendary Microbus set to be marketed as the I.D. Buzz, as well as mid-sized and smaller offerings. The base model, TheDetroitBureau.com confirmed, is being referred to internally as the “MEB entry.” (more…)

Denholm Replaces Musk as Tesla Chairman

Appointment could be temporary, as Musk can regain post after three years.

by Paul A. Eisenstein on Nov.08, 2018

Australian Robyn Denholm will succeed Elon Musk as Tesla's chairman, though he remains CEO.

Australian Robyn Denholm is Tesla’s new chairman, replacing Elon Musk as head of the board of directors following a settlement with the Securities and Exchange Commission that forced the South African-born exec to relinquish his role.

Musk, who will remain chief executive officer of the battery-carmaker, can attempt to regain the chairman’s post, as well, after a three-year hiatus mandated by the SEC settlement. The agreement was reached after the government accused the 47-year-old of lying to investors when, last August, he declared that he had arranged funding to take Tesla private.

Breaking News!

The move will position Denholm as one of the highest-ranking female executives in the auto industry, with General Motors’ Mary Barra the only other woman serving as chairman of a major car manufacturer. Denholm had already been serving as an independent director on the Tesla board since 2014. There is one other woman on the board. (more…)

Tesla’s Musk Says Pickup Truck Design is “Futuristic-like Cyberpunk”

He added if it doesn't sell, a more conventional-looking truck may come.

by Michael Strong on Nov.05, 2018

Tesla's Elon Musk said the product he's most excited about is the company's pickup truck.

Now that the Model 3 is launched, Tesla fans want to know what’s on the horizon and a truck has been an oft-mentioned possibility after the Model Y. With those thoughts come possibilities: full-sizes, midsize … compact? Nope.

Cyberpunk.

Product News!

“It’s gonna be like a really futuristic-like cyberpunk, ‘Blade Runner’ pickup truck,” Musk said during the Recode Decode podcast. “It’s gonna be awesome, it’s gonna be amazing. This will be heart-stopping. It stops my heart.” (more…)

Tesla Expects to Spend as Much as $6B in Next Two Years

Money to be used for product development, China plant.

by Michael Strong on Nov.02, 2018

Tesla's move to build a new plan in China will include up to $3 billion to for a new plant and other expenditures.

Already plagued by rumors of needing to raise additional money, Tesla officials expect to spend between $5 billion and $6 billion in the next two years to expand production.

The company, which revealed the plan in its quarter filing with the Securities and Exchange Commission, is making big moves with the money.

The Last Word!

Tesla will spend between $2.5 billion and $3 billion in capital expenditures readying the business for increased Model 3 production, development on its next vehicle, the Model Y, the second-generation Roadster and other projects, according to the filing. (more…)

Tesla Hit with Three Subpoenas by SEC

EV maker reveals new info in quarterly filing.

by Michael Strong on Nov.02, 2018

Tesla CEO Elon Musk's was subpoenaed by the SEC related to the plans to take Tesla private.

Just days after telling the world they had not been served with any subpoenas regarding its predictions or discussions about production of the Model 3, Tesla Inc. officials said they’ve been served with three of them.

That was Oct. 26, but in its quarterly filing with the SEC dated Nov. 2, things had changed.

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In the filing, the company said it was served with three subpoenas by the Securities and Exchange Commission. The company notes that no government supervisory or law enforcement agencies have found them guilty of anything. (more…)

Tesla Cars Will Add Auto-Park Feature, Musk Tweets

Vehicles will be able to go hunting for a spot without a driver.

by Paul A. Eisenstein on Nov.01, 2018

All Tesla Model 3 sedans and newer Models S and X will be able to download the software.

Tired of circling around a parking lot looking for an open spot, perhaps missing a meeting while you wait? Or perhaps you want to don’t want to have to traipse back in snow or rain?

Tesla plans to solve those problems with a series of update that CEO Elon Musk said will start rolling out within six weeks for owners of recently built versions of its products. Upgrading the existing version of Tesla’s “Summon” auto-park feature, it will let a driver get out of their vehicle and then send it off to find a valid parking spot all on its own.

Park Yourself Here!

Noting it will simply require an over-the-air software upgrade,” Musk tweeted on Halloween eve that the new feature “will work on all cars made in past 2 years.”

(more…)

Faraday Future “Effectively Insolvent,” Says Co-Founder

Battery-carmaker confirms second round of job cuts.

by Paul A. Eisenstein on Oct.31, 2018

Nick Sampson, (r), one of the Faraday Future founders, is shown with investor Jia Yueting, (l) at the debut of the FF91 concept in January 2016.

The California-based battery-car company Faraday Future is “effectively insolvent,” according to co-founder Nick Sampson who resigned on Tuesday.

His departure comes as the once-promising company prepares for a second round of mass layoffs, a Faraday spokesman advised TheDetroitBureau.com late Tuesday evening. Faraday had already laid off a sizable number of its approximately 1,300 employees last week as it struggled to find enough cash to continue operating.

Breaking News!

“There is a furlough pending,” said spokesman Jacob Brown, adding that Faraday needs to take “drastic measures, but the executive team wants to keep the company running.”

(more…)

Green Car of the Year Finalists Revealed

“Green” comes in many forms.

by Paul A. Eisenstein on Oct.30, 2018

The 2019 Insight is Honda's third attempt to market a mainstream, entry-level hybrid: an a possible winner of Green Car of the Year.

Not all that long ago, motorists looking for an environmentally friendly vehicle were likely in for a long search, with only a handful of models on the market. These days, it’s becoming a lot easier, as more and more new alternatives come to market, seemingly almost every week.

And that’s convinced the organizers of the annual Green Car of the Year Awards to expand their program this year. “Green comes in many forms,” they explain, noting that this year will bring new awards for the Luxury Green Car of the Year and the Green SUV of the Year.

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The three awards will be handed out at the Los Angeles International Auto Show just a month from now, and could see the jury highlight the wide range of “green” technologies now available to American motorists. (more…)