Detroit Bureau on Twitter

Posts Tagged ‘tesla news’

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…)

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.

Dig Deeper!

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…)

Tesla: No Subpoena from Justice Department — Yet

FBI interview former employees about Model 3 production.

by Michael Strong on Oct.26, 2018

The FBI is interviewing former Tesla employees about Model 3 production. Tesla officials say no company officials have been subpoenaed.

Tesla Inc. and CEO Elon Musk may have resolved their issues with the Securities and Exchange Commission, but an ongoing criminal investigation by the Department of Justice appears to be motoring along in high gear.

The company told the Wall Street Journal that it hasn’t been subpoenaed by the DoJ regarding potentially fraudulent claims made by Musk and the company about the Model 3.

Breaking News!

Officials at the Palo Alto, California-based EV maker say they cooperated with what they described as a “voluntary request” for documents from the Justice Department in September, a Tesla spokesperson told Reuters.  (more…)

Tesla’s Musk Says Company Focusing on What’s Next

Company looking to expand Model 3 production.

by Michael Strong on Oct.25, 2018

Tesla CEO Elon Musk is now focusing on the next task: another profitable quarter.

With a profitable quarter now in the books, Tesla CEO Elon Musk is looking to meet the next set of challenges, starting first with making a profit next quarter.

“It will be our aspiration for all quarters going forward,” he told analysts during the company’s earnings call yesterday. He also outlined additional goals for the company moving forward and dismissed negative notions about the company’s first profitable quarter in years.

Dig Deeper!

Musk said the company’s profit didn’t come at the expense of other things, such as cutting back on product development. In fact, he said he’d just approved the prototype for the Model Y and other improvements on the company’s second-generation Roadster. He confirmed the Model Y would be in production in 2020. (more…)

Tesla Bucks Analysts Predictions, Turns Q3 Profit

EV maker reports net income of $312 million.

by Michael Strong on Oct.24, 2018

Tesla's Model 3 production has been the focus of the company much of the year, and its paid off with profits.

He may not be much on meeting production deadlines, but Tesla CEO Elon Musk predicted the company would be profitable in Q3 and, well, it is.

The company reported GAAP net income of $312 million on $6 billion for its automotive business. Perhaps more importantly, it produced a better than 20% margin on the new Model 3, Musk noted.

Global News!

“It was a truly historic quarter for us,” he said during the company’s earnings conference call. “Our total cash increased by $731 million and we had free cash flow (operating cash flow less capex) of $881 million despite less than 10% of that amount coming from key working capital items.” (more…)

Tesla Slumps in Consumer Reports Reliability Ratings

But owners don’t seem to care.

by Paul A. Eisenstein on Oct.24, 2018

The Tesla Model X saw a small gain in its ranking in Consumer Reports' Annual Reliability Survey.

The Tesla Model X posted what might be considered a very modest improvement in Consumer Reports’ latest annual Automotive Reliability survey: the influential magazine rating it the second-worst vehicle on the road after being ranked the absolute worst in 2017.

Tesla fared poorly, on the whole, in the closely followed study which looks at how readers rank the reliability of their vehicles. The California carmaker came in 27th among the 29 auto brands CR rated, ahead of only Cadillac and Volvo.

News You Can Trust!

Perhaps the biggest disappointment for the carmaker came with the decision by Consumer Reports to withdraw its coveted “Recommended Buy” rating for the Model S sedan due to an increase in reliability issues. On the plus side, the magazine gave the new Model 3 an “average” score – though Jake Fisher, CR’s director of automotive testing, cautioned that Tesla will have to prove it can retain the compact battery-sedan’s quality as it adds more versions. (more…)