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Posts Tagged ‘Tesla’s Elon Musk’

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.

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“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…)

Musk Laments “Excruciating” Toll He’s Faced at Tesla

But no plans to give up post as CEO.

by Paul A. Eisenstein on Aug.17, 2018

Tesla CEO Elon Musk revealed that he feels like this has been the toughest year of his life.

Forget the amusement park. Anyone who wants to ride a roller-coaster might be better off purchasing Tesla stock. But no one has faced more ups-and-downs during the last year than the automaker’s co-founder and CEO Elon Musk.

Even as Tesla appears to be resolving its production problems and seems poised to deliver a long-promised profit, the automaker and its CEO are facing a probe by the SEC, lawsuits filed by several short-sellers, additional investigations by the NLRB, NHTSA and the NTSB, and allegations of safety and quality problems by several self-styled whistleblowers.

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No wonder, “This past year has been the most difficult and painful year of my career,” Musk said in an interview newly published by the New York Times. “It was excruciating.” (more…)

Tesla Model 3s for Everyone! Invitation to Order No Longer Needed

EV maker opens ordering process to everyone.

by Michael Strong on Jul.10, 2018

Tesla opened up the ordering process for the Model 3 to everyone, not just those with invitations.

Looking to generate more sales — and perhaps more importantly, the cash from reservation deposits — Tesla opened the sale of its entry-level sedan, the Model 3, to anyone who wants to go online and order one.

Prior to now, buyers needed an invitation to purchase the Model 3. Now anyone can go online and place an order; however, the big catch is the $2,500 deposit required at the time the order is placed. The buyer will get a delivery date after the deposit is accepted. The website currently states delivery can be take three to five months.

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The deposit is non-refundable, which is different than what earlier, invite-only orderers were allowed. Reports suggest that nearly a quarter of the 400,000 potential buyers who plunked down deposits have cancelled their orders. (more…)

Tesla to Hold Musk to a Higher Standard for Compensation

No cash or bonuses unless carmaker hits milestones.

by Paul A. Eisenstein on Jan.23, 2018

Elon Musk won't receive any compensation from Tesla until the EV maker begins hitting select stock and operational milestones.

With Tesla still struggling with serious production problems and a balance sheet that has been sinking deeper into the red, the battery-carmaker said Tuesday that its billionaire founder and CEO Elon Musk won’t be in line for any form of compensation until it reaches stock and operational milestones.

While investors continue to back the company, its shares rebounding sharply since a deeper-than-expected third-quarter loss was announced last autumn, there has been growing concern about the delays in ramping up production of the new Model 3. That has raised concerns the company might have to raise more capital to compensation for its rapid cash burn.

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“Tesla and all of its shareholders” will have to perform “extraordinarily well before Musk is to receive any form of compensation going forward, the company said. But the announcement also took aim at another concern that some investors and analysts have raised in recent months: whether the South African-born Musk would remain onboard. (more…)

Musk Promises to “Blow Your Mind” With Electric Truck

Long-delayed debut scheduled for Thursday evening.

by Paul A. Eisenstein on Nov.15, 2017

Tesla CEO Elon Musk is telling folks to be ready to have their "mind blown" with the long-awaited introduction of Tesla's semi truck on Thursday.

Prepare to have your mind blown “clear out of your skull,” or so promises Elon Musk, the Tesla CEO confirming the repeatedly delayed debut of his company’s new battery-powered semi-truck will finally take place on Thursday evening.

Big trucks suck down diesel fuel at a tremendous rate and they generate a disproportionate share of transportation-based pollution. In Los Angeles, for example, the semis waiting at the city’s two huge ports are considered one of its primary smog sources. So, there’s growing demand for clean trucks. Musk, for his part, has been broadly hinting that Tesla’s answer is a semi that will share some of the same powertrain technology as its battery-powered Models S, X and 3.

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“This will blow your mind clear out of your skull and into an alternate dimension,” said the never-subtle, South African-born entrepreneur in his latest truck tweet. (more…)

Can Tesla Bounce Back From Disastrous Model 3 Launch?

Musk goes on the defensive.

by Paul A. Eisenstein on Nov.02, 2017

Tesla CEO Elon Musk said the company is still working on the bottlenecks that have hampered Model 3 production, crimping Tesla earnings.

When Tesla officially rolled the first of its new Model 3 sedans down the assembly line in mid-July it was billed as a historic moment. It was not only the California EV-maker’s first mainstream model, but also marked the first time Tesla had met its original production schedule, the previous launch of the Model X coming two years late.

Less than four months later, however, it’s clear that things haven’t been running as smoothly as Tesla and its CEO Elon Musk would like. The Model 3 line at the company’s Fremont, California, plant is barely moving, with workers frequently having to sub for stalled automation systems. That contributed to a record $619 million loss for the third quarter, the numbers far worse than even Wall Street’s increasingly pessimistic analysts had forecast.

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But is this just a “flash in the pan,” as Tesla executives insisted during a Wednesday evening conference call, a temporary setback that will soon be overcome, or is it the sort of critical failure that could have a much longer impact on Tesla’s health? (more…)

More Tesla Trouble: Electric Semi-Truck Reveal Again Delayed to Focus on Model 3 Production Snags

Investors largely ignore concerns.

by Paul A. Eisenstein on Oct.09, 2017

Tesla CEO Elon Musk said the company is diverting resources from its semi truck launch to Model 3 production, which is behind schedule.

Tesla’s troubles continue to mount, even as investors appear to be holding onto a long view of the company, largely ignoring delays that include the slow ramp-up of production of the critical Model 3 sedan.

The California-based battery carmaker is again delaying the much-anticipated unveiling of its first-ever electric semi-truck. The event originally was scheduled for September then pushed back to Oct. 26. It now will take place Nov. 16, said CEO Elon Musk.

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The latest delay comes because Tesla is “diverting resources,” Musk said in a tweet, to resolve problems that have resulted in extremely slow production of the Model 3. The company is still largely having to hand-assemble the electric sedan, according to several reports, pushing it far behind on the ramp-up of a vehicle that is expected to finally bring Tesla into the black after years of substantial losses. (more…)

Tesla Cuts Prices for Second Time in Two Months

Company lops money off top models this time.

by Michael Strong on Aug.31, 2017

Tesla CEO Elon Musk cut prices on vehicles for the second time in the last two months.

Is Tesla feeling pinched by ever-growing competition? For the second time in the last two months, Elon Musk has gone all “Crazy Eddie,” cutting prices this time on the EV maker’s highest-priced models.

While “Crazy Eddie” is an exaggeration, the company cut the prices on the Model S and Model X 100D by $3,500. The performance versions of each, the P100D, saw a $5,000 price drop. So is this a proactive move to head off competitors?

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Nah. Tesla says production costs for the 100-kilowatt battery packs have falling, and the company is simply passing along the savings to potential customers. The new price tag is similar to the prices seen before a price increase on the same models back in April of this year, but the current models offer more features than before. (more…)

Musk Betting Big on Australian Battery Project

Tesla founder says 100MW storage battery done in 100 days or its free.

by Michael Strong on Jul.07, 2017

Tesla CEO Elon Musk guaranteed the company's 100MW storage battery in South Australia will be ready in 100 days or it's free.

Elon Musk continues to add to his reputation as a gambling man. Tesla’s just won the contract to produce a 100MW hour lithium ion, grid-style storage system for South Australia.

Tesla’s founder and CEO told officials that the company would build it in 100 days or it would be free: a $50 million guarantee.

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“There will be a lot of people that will look at this -’Did they get it done within 100 days? Did it work?’” Musk told reporters in South Australia’s capital city of Adelaide. “We are going to make sure it does.” (more…)

Tesla Closing in on Deal to Build Cars in China

EV maker inking deal with city of Shanghai.

by Michael Strong on Jun.21, 2017

Tesla is apparently closing in on a deal to build new cars in Shanghai.

Not long after suggesting a new plant in India was coming, it appears Tesla’s Elon Musk is making headway on plants around Asia, especially China.

The EV maker is reportedly close to an agreement with the city of Shanghai to build a new plant in the city’s Lingang development zone. The deal could be done in just a few days, Bloomberg reported.

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China’s central government has been pushing hard for an increase in electric vehicle sales in the last two years, providing incentives and easing regulations to help manufacturers get moving on the needed escalation of EVs. (more…)