Tesla faces delivery bottleneck at close of second quarter: Electrek

FILE PHOTO: A Tesla Model 3 is seen in a showroom in Los Angeles, California U.S. January 12, 2018. REUTERS/Lucy Nicholson

(Reuters) – Shares of Tesla Inc fell 1.7% on Tuesday after news website Electrek reported that the electric-car maker has so far delivered 49,000 vehicles in North America during the second quarter, threatening its goal of a new record.

Chief Executive Officer Elon Musk had said last month that the company was on course to deliver a record number of cars in the quarter, beating the 90,700 it sent to customers in the final quarter of last year.

Electrek did not give any delivery number for international markets for the quarter.

The report said that when international market numbers are added, especially in places like Norway and China, Tesla will get pretty close to a new record.

It has over 12,000 additional orders as well and Tesla could end the quarter by delivering 61,000 vehicles in North America, the report said, citing sources inside the company. The report also says, citing a source familiar with the matter, that Tesla has delivered 22,000 vehicles in North America in June so far.

In the first quarter, Tesla reported a 31% fall in deliveries, sparking concerns about the company’s ability to make profits and meet its delivery targets while it grapples with issues related to cash flow and manufacturing.

Demand for Tesla’s Model 3 sedan and other cars have also moved to the top of investors’ list of worries after the company reported slack first-quarter demand against a backdrop of U.S.-China trade tensions.

Reporting by Sayanti Chakraborty and Arundhati Sarkar in Bengaluru; Editing by Arun Koyyur and Phil Berlowitz

Go to Source

UPDATE 2-Tesla faces delivery bottleneck at close of Q2 -Electrek

FILE PHOTO: A Tesla Model 3 is seen in a showroom in Los Angeles, California U.S. January 12, 2018. REUTERS/Lucy Nicholson

(Reuters) – Shares of Tesla Inc fell 1.7% on Tuesday after news website Electrek reported that the electric-car maker has so far delivered 49,000 vehicles in North America during the second quarter, threatening its goal of a new record.

Chief Executive Officer Elon Musk had said last month that the company was on course to deliver a record number of cars in the quarter, beating the 90,700 it sent to customers in the final quarter of last year.

Electrek did not give any delivery number for international markets for the quarter.

The report said that when international market numbers are added, especially in places like Norway and China, Tesla will get pretty close to a new record.

It has over 12,000 additional orders as well and Tesla could end the quarter by delivering 61,000 vehicles in North America, the report said, citing sources inside the company. The report also says, citing a source familiar with the matter, that Tesla has delivered 22,000 vehicles in North America in June so far.

In the first quarter, Tesla reported a 31% fall in deliveries, sparking concerns about the company’s ability to make profits and meet its delivery targets while it grapples with issues related to cash flow and manufacturing.

Demand for Tesla’s Model 3 sedan and other cars have also moved to the top of investors’ list of worries after the company reported slack first-quarter demand against a backdrop of U.S.-China trade tensions.

Reporting by Sayanti Chakraborty and Arundhati Sarkar in Bengaluru; Editing by Arun Koyyur and Phil Berlowitz

Go to Source

Texas court rejects challenge to $2 bln Kinder Morgan gas pipeline

HOUSTON (Reuters) – Kinder Morgan Inc can begin work on a $2 billion natural gas pipeline without having the Texas energy regulator approve its proposed route, a state judge ruled on Tuesday.

Judge Lora Livingston dismissed a lawsuit brought by a group of landowners that challenged the state’s pipeline approval process. The lawsuit sought to halt construction on the pipeline, which would carry natural gas from west Texas to the U.S. Gulf Coast.

Reporting by Liz Hampton, Editing by Rosalba O’Brien

Go to Source

University of Utah student Mackenzie Lueck met up with a person at a park the night she disappeared after taking a Lyft, police said

SALT LAKE CITY (AP) — A University of Utah student missing for over a week was last seen meeting an unknown person at a park at 3 in the morning, authorities said Monday.

The 23-year-old woman is a student at the University of Utah.
Salt Lake City Police via AP

The Lyft driver who took Mackenzie Lueck from the airport and dropped her off at a park in a Salt Lake City suburb on June 17 told detectives the woman didn’t seem in any distress when she met the person, said Salt Lake City assistant police chief Tim Doubt.

The chief declined to say if she met a man or a woman and said detectives are trying to find the person. Police have searched the area around the park several times and reviewed surveillance video footage, Doubt said. It is located in North Salt Lake about 20 minutes from Lueck’s apartment.

Doubt said there is no evidence the 23-year-old woman is in danger but said they are concerned since she’s not been heard from. She has not been on social media, has missed classes, and wasn’t on a planned flight to Los Angeles on Sunday.

He acknowledged that sometimes people who are reported missing don’t want to talk to family and friends and issued a plea if that’s the case for her to reach out to police.

“We just want to make sure you are safe and we will respect your wishes,” Doubt said.

Lyft driver cleared

Salt Lake City Assistant Police Chief Tim Doubt speaks at a press conference concerning Lueck’s disappearance on Monday.
Rick Bowmer/AP

Lueck is a part-time student at the University of Utah in her senior year majoring in kinesiology and pre-nursing, spokesman Chris Nelson said. She has been a student there since 2014, he said.

Lueck returned early June 17 to the Salt Lake City airport after going home to California for a funeral, Doubt said. She texted her parents at about 2 a.m. that she had arrived.

Read more: A University of Utah nursing student disappeared after taking a Lyft more than a week ago

She was dropped at just about 3 a.m. at the park in North Salt Lake that sits in a popular downtown area nestled between apartment complexes and restaurants.

Police have no reason to doubt the Lyft driver’s story and have cleared him as a suspect, Doubt said. The Lyft driver, whose identity has not been revealed, gave other rides after dropping off the woman, he said.

Lyft spokeswoman Lauren Alexander said the route the driver took contained no irregularities and ended at the address requested by Lueck.

Friends and family suspicious

Hatch Park, in North Salt Lake, where Lueck was last seen alive, is seen above on Monday.
Rick Bowmer/AP

Ashley Fine, one of Lueck’s friends, told The Salt Lake Tribune that Lueck’s phone has been off since last Monday. She didn’t show up for her job at a Salt Lake City laboratory or her classes, she said. Fine described Lueck as a dedicated student and said missing classes was not something she did.

Lueck’s cat and car remain at her house. Her luggage hasn’t been located either, Fine said.

Lueck’s parents reported her missing Thursday. Friends spent the weekend passing out flyers and asking people to spread the word about Lueck’s disappearance.

Go to Source

Here’s the pitch deck Careem used to secure its first round of venture capital. 6 years later, Uber acquired it in a $3 billion deal (UBER)

Uber has struggled to attain the same dominance in the tricky region of the Middle East that it’s built in places like the United States.

Those oversights — like taking two years to recognize that most consumers in the area didn’t have credit cards — helped Careem, an upstart ride-hailing company founded by former McKinsey partners, scale up with much success.

In its first seven years, Careem would rack up a market value near $2 billion as it continued to expand to 14 countries throughout the region, including Saudi Arabia, Pakistan, United Arab Emirates, Egypt, and more. Those efforts were fueled in no small part by efforts to map previously undocumented cities and building out complex payments systems that can account for cash fares.

Speaking to Business Insider in February fewer than two months before Uber announced plans to acquire the company in a $3.1 billion deal, CEO Mudassir Sheikha said the region’s emerging economic status and infrastructure would make it difficult for an international giant like Uber to compete on their own without local expertise.

“For a global player to come in a start providing a service to the top 2% to 3% of the population is not difficult, they’re used to the convenience,” he said. “But as soon as you start going down the masses, you require a lot of tailoring.”

Read more: Careem’s CEO ribbed Uber for making a rookie error in the Middle East. Now Uber’s paying $3.1 billion to buy it.

But before Careem could become an Uber subsidiary, with the US-based ride-hailing giant coughing up $1.4 billion in cash and $1.7 billion in convertible notes for the company, the small team had to start somewhere.

In March 2013, the group set out to raise its first round of venture capital. Armed with these 21 slides, Sheikha and his co-founder Magnus Olsson successfully raised the company’s first $1.7 million round of venture capital (more than the $600,000 targeted in the presentation).

That same year, Careem would follow on the first raise’s success and raise another followed shortly by another $12.3 million in September from backers including STC Ventures, Iris Capital, and Oqal Angel Investment Network

Based on the company’s value in the sale to Uber, those early investors have seen roughly a 100x return on their original investment.

Here’s the pitch-deck from those first presentations that began Careem’s journey more than six years ago:

*This post has been updated to more accurately reflect the rise in value attributable Careem’s earliest investors. Shares have gained roughly 100x in value, while the company’s overall valuation has risen even more.

Go to Source

Self-driving cars may be decades away, but safety features common on Tesla and Toyota vehicles are already saving lives, a new Consumer Reports survey says

Self-driving cars will significantly reduce accidents by eliminating human error, according to experts and companies developing autonomous-driving technology. But full autonomy, which would allow a car to drive anywhere without human supervision, is likely years, if not decades, away.

Despite the challenges of refining autonomous-driving systems, auto companies are already using some of the technology that will underpin them to prevent accidents today, according to a new Consumer Reports survey.

Read more: The most reliable sedans, SUVs, and pickup trucks for 2019

The survey focused on Advanced Driver Assistance Systems (ADAS), which include features that can alert drivers to vehicles or pedestrians around them, keep vehicles from drifting out of their lane, and apply the brakes to prevent or reduce the impact of a collision. According to survey responses on around 72,000 vehicles, 57% of respondents said at least one ADAS feature had prevented a collision for their vehicle.

Respondents said blind-spot warning, which uses visual or audible signals to alert drivers about vehicles that are outside of their immediate field of vision, was the most effective ADAS feature, as 60% said it had helped prevent a crash.

Fifty-two percent of respondents said rear cross-traffic warning and rear automatic emergency braking, which alert drivers to vehicles and pedestrians behind them and apply the brakes to avoid collisions, had helped prevent a crash, and 47% said the same about forward-collision warning and front automatic emergency braking, which serve the same functions for objects and vehicles in front of a car.

The findings from the Consumer Reports survey align with a study released this month by the Insurance Institute for Highway Safety (IIHS) and Highway Loss Data Institute (HLDI), which found that cars with ADAS features were around 25%-50% less likely to be involved in some kinds of accidents than those without them.

Consumer Reports highlighted Tesla and Toyota for making many ADAS features standard on their 2019 models. Twenty automakers have promised to make automatic emergency braking standard on their vehicles by 2022, though some, like General Motors and Fiat Chrysler, don’t include it as a standard feature on any of their 2019 model-year vehicles, according to Consumer Reports.

Read Consumer Reports’ full story here »

Go to Source

Tesla received a tariff exemption for the Japanese aluminum it uses for batteries

The US Commerce Department has agreed to Tesla‘s request to waive 10% tariffs on imported aluminum from Japan used in the manufacture of battery cells at Tesla’s Nevada Gigafactory, government documents show.

Read more: Tesla is addressing one of its customers’ biggest complaints by starting to do collision repairs through its service centers and mobile service fleet

The Palo Alto, California-based company made the request in April and said the aluminum is produced by Nippon Light Metal Co and was seeking a tariff exclusion for 10 million kilograms annually.

The Commerce Department said in a document dated June 5 and posted in recent days that the aluminum “is not produced in the United States in a sufficient and reasonably available amount or of a satisfactory quality.” The waiver is good for one year. Tesla did not immediately comment.

(Reporting by David Shepardson; Editing by Chizu Nomiyama)

Go to Source

Tesla is addressing one of its customers’ biggest complaints by starting to do collision repairs through its service centers and mobile service fleet (TSLA)

Tesla has started performing collision repairs at its service centers and through its mobile service fleet, Electrek‘s Fred Lambert first reported.

The electric-car maker announced the move in an email sent to customers on Friday. Business Insider obtained a copy of the email.

“We are excited to announce that Tesla Service is now performing collision repair at our Service Centers and through Mobile Service. Having your vehicle repaired by Tesla ensures quality work, quick service and transparent pricing,” the email reads.

Tesla will repair “paint scuffs and scratches” and “minor dents,” according to the email, and replace bumpers, fenders, doors, side mirrors and other “bolt-on” parts.

Read more: The big question about Tesla demand makes no sense. The company has created demand where there was none before.

Since the release of Tesla’s Model 3 sedan in 2017, some customers have complained about long waits for repairs at company-run service centers and third-party body shops. During the company’s fourth-quarter earnings call in January, CEO Elon Musk said improving its service operation in North America was his “number one” priority for the first quarter.

Musk said at the time that the company’s plans included performing body repairs at its service centers, as well as allowing customers to make service appointments through an app, picking up and dropping off customer vehicles before and after service appointments, and stocking replacement parts at service centers.

Tesla customers can now schedule service appointments through an app, according to the company’s website. The company did not immediately respond to a request for comment on whether it had begun picking up and dropping off vehicles or stocking parts at service centers.

In May, Tesla announced that its vehicles can determine which parts need to be replaced and order new ones.

Have you worked for Tesla? Do you have a story to share? Contact this reporter at mmatousek@businessinsider.com.

Go to Source

How Tesla CEO Elon Musk makes and spends his $19.2 billion

Following is a transcript of the video.

Elon Musk: What we’re looking at over there, that’s a quarter section of the Falcon 9.

Narrator: From SpaceX to Tesla, Elon Musk is the face of some high-profile companies, and his current net worth is around $20 billion. Where did all this money come from, and where does it all go? Here’s how Elon Musk makes and spends his billions.

Musk grew up in South Africa and taught himself how to code. At just 12 years old, Musk sold the source code for his first video game for $500. Then, at age 24, Elon and his brother, Kimbal, founded Zip2 with $28,000 of their father’s money. Zip2 provided a searchable business directory, almost like an online version of the Yellow Pages with maps. Four years later, the brothers sold Zip2 for $307 million. Musk used his $22 million share to cofound the online-banking service X.com. Via merger, X.com ended up becoming PayPal, with Musk as a majority shareholder. When eBay purchased PayPal in 2002 for $1.5 billion, Musk made $180 million from the sale.

Musk and other PayPal executives like Peter Thiel and Reid Hoffman have become known as the “PayPal Mafia.” They took their gains from the PayPal sale and put them into various startups and funds. Their investments and creations include YouTube, LinkedIn, Uber, and countless others that have become major players in Silicon Valley today.

Following the PayPal sale, Musk founded space-exploration company SpaceX. SpaceX’s self-described mission is “to enable humans to become a spacefaring civilization and a multi-planet species by building a self-sustaining city on Mars.” The privately owned company is valued at $33.3 billion, according to CNBC. Musk himself is the largest individual shareholder of SpaceX, with a 54% stake.

While SpaceX shoots for the stars, Musk is most well-known for a company that’s at least a little bit more down-to-earth. Automaker and energy company Tesla was founded in 2003. It went public in 2010 and beat expectations with a $2.2 billion market cap. Just two years later, Musk made it onto Forbes’ richest list for the first time, with an estimated net worth of $2 billion.

Although Tesla helped build Musk’s fortune, the future of the company remains unclear. In 2018, Musk had to pay a $20 million fine and had to step down as chairman for three years after triggering an SEC investigation when he tweeted about taking Tesla private. Still, the company’s current valuation is $32.8 billion. He technically has a salary of $56,000, for legal reasons, but doesn’t cash the paychecks. Instead, all of his compensation comes through awards based on the company’s success.

And if outer space and our highways weren’t enough, another Musk venture is looking underground. Musk has also founded The Boring Company, an infrastructure and tunnel-construction company that hopes to build underground tunnels with an all-electric transportation system built in. Musk was inspired to start the company after experiencing the notoriously bad traffic of LA. According to Musk, The Boring Company’s first commercial tunnel could be finished in Las Vegas by the end of 2019. This and other high-profile contracts, like the one with Chicago’s O’Hare Airport, has estimates for the company’s value as high as $16 billion. With all of these ambitious projects, Musk has amassed an incredible fortune.

Here’s how he’s known to spend his billions. Musk currently owns a $70 million real-estate portfolio. His properties include several Bel Air estates. His first purchase, a $17 million mansion, includes a two-story library, a home theater, a gym, and a thousand-bottle wine cellar.

And of course, the Tesla cofounder has an affinity for cars. His car collection includes a $920,000 Lotus Esprit submarine car used in a “James Bond” movie, a Ford Model T, and a Jaguar E-Type Series 1 Roadster. As you can imagine, Musk is a bit of a workaholic, so he’s not spending money on vacations. In a 2015 interview, Musk claimed to only have taken off two separate weeks since founding SpaceX in 2002. Instead, a lot of Musk’s money goes right back into his companies.

The New York Times reported that 90% of the $112 million that The Boring Company raised came from Elon Musk. And in 2018, Musk bought more than $35 million worth of shares in Tesla.

He has also signed the Giving Pledge, started by Warren Buffett and Bill and Melinda Gates, vowing to donate the majority of his wealth during his lifetime. Musk has made a number of donations to important causes he cares about, including $10 million to the Future of Life Institute for regulating artificial intelligence.

Elon Musk has become somewhat of a controversial figure, but his journey to becoming a rocket-scientist billionaire remains impressive. And if humanity does end up living on Mars, it could be thanks to Musk.

Go to Source

Robert Bosch Venture Capital leads growth funding round in MegaRobo

About RBVC GmbH

Robert Bosch Venture Capital GmbH (RBVC) is the corporate venture capital company of the Bosch Group, a leading global supplier of technology and services. RBVC invests worldwide in innovative start-up companies at all stages of their development. Its investment activities focus on technology companies working in areas of business of current and future relevance for Bosch, above all, automation and electrification, energy efficiency, enabling technologies, and healthcare systems. RBVC also invests in services and business models as well as new materials that are relevant to the above-mentioned areas of business.

Additional information is available at www.rbvc.com

About MegaRobo
MegaRobo is a robotics startup in China. MegaRobo integrates the most cutting-edge robotics and AI technology to provide innovative automation solutions for the life science, retail and light industrial sectors.
Additional information is available at: www.megarobo.tech

The Bosch Group is a leading global supplier of technology and services. It employs roughly 410,000 associates worldwide (as of December 31, 2018). The company generated sales of 78.5 billion euros in 2018. Its operations are divided into four business sectors: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. As a leading IoT company, Bosch offers innovative solutions for smart homes, smart cities, connected mobility, and connected manufacturing. It uses its expertise in sensor technology, software, and services, as well as its own IoT cloud, to offer its customers connected, cross-domain solutions from a single source. The Bosch Group’s strategic objective is to deliver innovations for a connected life. Bosch improves quality of life worldwide with products and services that are innovative and spark enthusiasm. In short, Bosch creates technology that is “Invented for life.” The Bosch Group comprises Robert Bosch GmbH and its roughly 460 subsidiary and regional companies in over 60 countries. Including sales and service partners, Bosch’s global manufacturing, engineering, and sales network covers nearly every country in the world. The basis for the company’s future growth is its innovative strength. At nearly 130 locations across the globe, Bosch employs some 68,700 associates in research and development.

Additional information is available online at www.bosch.com, www.iot.bosch.com, www.bosch-press.com, www.twitter.com/BoschPresse.

Go to Source