Elon Musk should consider working with distributors, delegating more, ex-Toyota exec says

Musk treated well now and maybe better if Tesla doesn't go private: Former auto exec
4 Hours Ago | 03:54

Tesla CEO Elon Musk needs to delegate more and work with an outside distributor if he's going to make the electric car maker “sustainable,” Jim Press, former COO and president of Toyota Motor Sales U.S.A., told CNBC on Monday.

“You need to have a marketing organization, have to have sales, you have to have an active distribution channel, and you really do need day-to-day management operation. You can't sit by the plant and spend the night there to run everything. You can't funnel everything through one person,” Press said on CNBC's “Closing Bell.”

Tesla has battled widespread criticism since Musk's Aug. 7 tweet that he was planning to take Tesla public and had “funding secured,” which may have violated Securities and Exchange Commission rules. In a blog post, Musk attempted to clarify that his claim about secured funding was based on repeated and ongoing conversations with Saudi Arabia's sovereign wealth fund, which was cast into doubt when it surfaced on Sunday that the fund is in talks to invest in a Tesla rival.

Going private is one way to avoid close scrutiny by the public market, which Tesla has faced in recent months as it fought to meet Model 3 production goals. Some analysts speculate Musk has wanted to take Tesla private for a while, and the press and shareholder hype surrounding Model 3 production goals hastened his ambitions.

Despite Musk's concerns, Press, who was also the deputy CEO of Chrysler, said the market has been pretty fair to Tesla so far, especially when compared with legacy motor companies, such as Ford. But now, he said, “There's some reality coming into it,” meaning Tesla will have to get profitable or face ongoing market adjustment.

“The reality is, the market treats him very well. If you look at the market cap of Tesla, $50 billion, compared to Ford, that makes a profit — the stock is about $9 — it shows the disconnect, and there is an adjustment that's occurring,” Press said.

Tesla shares closed out the day up 0.96 percent at $308.44.

To get profitable, Press added, Musk needs to learn to delegate, both within the company and without.

“I always have a saying, and that is, you don't have stress, you should give it. And [Musk] doesn't have anyone to give it to,” Press said.

Press said Musk should hire someone to “run day-to-day” operations while he works at “30,000 feet” and should look outside of the company for independent distribution channels, such as third-party dealerships.

“He is the only one that's trying to run the distribution channel and capitalize that at the same time. There's a whole opportunity there for an independent distribution channel to take half the work load off and create the sales,” Press said.

And as for going private, Press said it may be best for the carmaker to stay put, rather than risk the unknown pressures from the private market.

“I understand the frustration, but going private may not be the best. You know, the devil that you know — versus the devil you don't — may actually treat him better,” Press said.

Tesla did not immediately respond to CNBC's request for comment.

After fatal accident, Uber’s vision of self-driving cars begins to blur

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An Uber self-driving car drives down 5th Street on March 28, 2017 in San Francisco, California.

SAN FRANCISCO — After Dara Khosrowshahi took over as Uber's chief executive last August, he considered shutting the company's money-losing autonomous vehicle division. A visit to Pittsburgh this spring changed that.

In town for a leadership summit, Mr. Khosrowshahi and other Uber executives were briefed on the state of the company's self-driving vehicle research, which is based in Pittsburgh. The group was impressed by the progress its autonomous division had made in testing driverless cars in Pittsburgh and in Arizona, according to three people familiar with the ride-hailing company, who were not authorized to speak publicly. They left the meeting energized, convinced that Uber needed to forge ahead with self-driving cars, the people said.

But days after the summit, one of Uber's autonomous cars struck and killed a woman who was pushing a bicycle across a street in Tempe, Ariz. Video from the March 18 collision showed a distracted safety driver failing to react in time as the vehicle barreled into the pedestrian, Elaine Herzberg.

The accident threw Uber's autonomous vehicle efforts into flux, immediately forcing the suspension of its self-driving car tests in cities including Tempe, Pittsburgh and Toronto. Months later, Uber's executives are divided over what to do with the autonomous business, according to the people familiar with the company. While one camp is pushing Mr. Khosrowshahi to seek partnerships or even a potential sale of the unit, known as the Advanced Technologies Group, a rival contingent is arguing that developing self-driving technology is crucial to Uber's future, the people said.

Mr. Khosrowshahi remains undecided, the people said, though he has expressed a desire to partner with other companies on autonomous technologies. In recent months, Uber has started talking with a few auto manufacturers about potential partnerships, including supplying Uber's autonomous driving technology for use in Toyota's minivans, according to one person familiar with the talks. Toyota declined to comment.

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The internal debates are unfolding at a time when many companies can ill afford to pause on autonomous technology given stiff competition from carmakers and other tech companies. In recent months, top engineers have left Uber's self-driving project for lucrative opportunities elsewhere. Uber's self-driving cars recently returned to the road in Pittsburgh but with human drivers at the wheel, meaning employees are driving around like any other motorist — except their vehicles are carrying hundreds of thousands of dollars in technology.

The issue of whether to retain or sell A.T.G. is complicated by Uber's stated intention to go public by the end of 2019. The company, valued at $62 billion, has racked up billions of dollars in losses since it was founded in 2009 and needs to persuade investors that it can eventually create a sustainably profitable business. The self-driving efforts, which have been losing $100 million to $200 million a quarter, do little to help that case. And Mr. Khosrowshahi has been shedding money-losing businesses since he joined Uber.

At a meeting in Pittsburgh on Aug. 8, according to a person briefed on the event, Mr. Khosrowshahi did not address what he would do with the self-driving efforts but told employees there that it ''is a big-time hardware manufacturing, software problem at scale. Lots of tech companies out there are going after this problem, but I think there are very few companies who are taking this on end-to-end at scale the way we are.''

In a statement, Uber said: ''Right now the entire team is focused on safely and responsibly returning to the road in autonomous mode. That's our No. 1 objective, and we have every confidence in the work they are doing to get us there.''

Uber first made its interest in self-driving cars public when it hired about 40 researchers and scientists from the National Robotics Engineering Center at Carnegie Mellon University in 2015. At the time, the company's chief executive was one of the founders of Uber, Travis Kalanick, who had decided to bet big on self-driving vehicles. He wanted to prepare Uber for a future when fleets of driverless cars could move passengers efficiently and safely around the clock.

In 2016, Uber acquired Otto, a self-driving truck start-up whose founders had decamped from Google. The deal later spurred a trade-secrets-theft lawsuit from Google's onetime self-driving car unit, Waymo. The case briefly went to trial this year, generating headlines and embarrassing revelations, before Uber settled with Waymo in February.

In its rush to get on the road with driverless cars, Uber also ran afoul of regulators. The company started testing its autonomous vehicles in San Francisco in 2016, without a permit from California's Division of Motor Vehicles. The state agency ordered Uber to apply for a permit, but the company refused, saying permits were not necessary since safety drivers were monitoring the cars. The D.M.V. ultimately revoked the registrations for the 16 self-driving cars that Uber was testing in the city.

By early this year, Uber's self-driving division was preparing to ramp up development, pushing its testing cars in Arizona to tally more miles. The goal, according to internal documents reviewed by The New York Times, was for Uber to win regulatory approval to start testing a self-driving car service in Arizona before the end of this year.

But the crash in March — the first known fatality involving a pedestrian and an autonomous car — altered everything. Since then, Uber has steadily narrowed the scope of its autonomous vehicle operations.

In May, Uber announced that it was shutting its driverless testing hub in Arizona and laying off 300 employees. A day later, preliminary findings from federal regulators investigating the crash confirmed what many self-driving car experts suspected: Uber's self-driving car should have detected a pedestrian with enough time to stop, but it failed to do so. Uber has begun a safety review and plans to publish its assessment in the coming months.

Mr. Khosrowshahi has started to subtly de-emphasize the company's role in developing driverless technology.

At a conference last year, he said it was a ''huge advantage'' for Uber to have its own autonomous technology while operating a global ride-sharing network. But this May, Mr. Khosrowshahi said that while Uber needed to have access to autonomous technology, it aimed to be ''neutral.'' He said Uber would be open to licensing its own technology or building around alternatives from other companies — a stark contrast to the company's previous approach of owning and operating the entire self-driving ''stack'' of technology and hardware.

And in July, Uber announced that it was closing its autonomous trucking business. The company instead said it would focus exclusively on building self-driving cars.

''For now, we need the focus of one team, with one clear objective,'' Eric Meyhofer, who leads Uber's driverless car efforts, wrote in an email to employees.

In the preceding months, some senior engineers and executives with expertise in self-driving vehicles had already left. One of those was Don Burnette, one of Otto's founders, who became the chief executive of a new self-driving company called Kodiak, which focuses on long-haul trucking.

''I really wanted to focus on the trucking problem, and there was not as much focus on that at Uber,'' Mr. Burnette said.

He added that Uber would most likely continue to pursue its vision of driverless cars because it and other companies ''have been working on it for so long, promising this for so long, and they have a tremendous amount of money behind them.''

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UPDATE 1-Nissan to boost China production capacity by 40 pct, source says

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A low-cost Tesla car? Elon Musk talks about tech (without turmoil) on YouTube

[embedded content] On the heels of Elon Musk’s angst-filled, market-moving interview with The New York Times, YouTube techie Marques Brownlee offered up lighter, brighter fare from a one-on-one chat with the Tesla CEO at his electric-car factory in Fremont, Calif. Musk discussed the wonky side of vehicle production and the prospects for building cars in… Continue reading A low-cost Tesla car? Elon Musk talks about tech (without turmoil) on YouTube

Elon Musk says Tesla could produce $25,000 car in ‘maybe’ 3 years, but cites industry challenges

Yuriko Nakao | Bloomberg | Getty Images
Elon Musk, co-founder and chief executive officer of Tesla

Elon Musk suggested it could take Tesla “maybe” three years to come up with a low-cost version of a car, even as he admitted it was “really tough” to do given the auto sector's economics and competition.

Amid recent turmoil surrounding Musk's stated goal to take Tesla private, the CEO sat for an interview with YouTuber Marques Brownlee to discuss the future of electric cars. Musk explained that Tesla's comparatively smaller scale made it hard to compete against major producers like General Motors or Ford, given their massive scale in an “insanely competitive industry.”

Musk told Brownlee that Tesla was “really focused on making cars more affordable, which is really tough. In order to make cars more affordable, you need high volume and economies of scale,” he said. When asked if Tesla could eventually make a cheaper vehicle with higher quality, Musk responded in the affirmative.

“I think in order for us to get up to…a 25,000 car, that's something we can do,” he said. “But if we work really hard I think maybe we can do that in about 3 years,” Musk added, saying it depended on both time and scale. He compared car making to the early years of the cellphone, which were bulky and lacked functionality.

“With each successive design iteration, you can add more things, you can figure out better ways to produce it, so it gets better and cheaper,” Musk said. With “natural progression of any new technology, it takes multiple versions and large volume to make it more affordable.”

Currently one of the top trade-ins for a Tesla Model 3 is a Toyota Prius, according to statements Musk made during an August earnings call. The Prius, which starts at $23,475, is roughly half the cost of the $49,000 Model 3 starting price.

Musk boasted that Tesla shells out virtually nothing on advertising and endorsements, and relies heavily on word of mouth.

“Where I put all the money into and all the attention into is trying to make the product as compelling as possible,” Musk says. The key to selling a product is having something people love and will talk about, he added.

“If you love it, you're going to talk and that generates word of mouth,” he told Brownlee. That's Tesla's business model: rely mainly on word-of-mouth. The company isn't spending on advertising, according to Musk. And no discounts. Musk said even he pays full retail price on his Tesla cars.

Musk's sit-down was published on YouTube in the wake of an unusually personal New York Times interview, in which Musk displayed rare moments of emotion as he described the pressures of meeting a recent Model 3 production milestone. The bombshell report sent Tesla's stock reeling in Friday's trading, and laid bare concerns among Tesla board members about Musk.

The NYT article landed at a turbulent time for the electric carmaker. Musk upped the ante in his battle against investors betting against Tesla's stock, tweeting recently that he had “funding secured” to take Tesla private at $420 per share. That sent shares soaring, and ultimately prompted the SEC to open a probe, according to reports.

Correction: This version corrects the spelling of Tesla's name.

More than $242M awarded for Lexus seat defects

More than $242M awarded for Lexus seat defectsDallas – A Texas jury has awarded more than $242 million to a Dallas-area family who sued Toyota over what they said were defective front seats in their Lexus sedan.
Benjamin and Kristi Reavis alleged defects caused their front seat backs in a September 2016 rear-end collision to collapse on their two young children seated in child safety seats in the back. Their attorney said the 5-year-old daughter and 3-year-old son suffered severe head trauma and other injuries.
The Reavises’ attorney, Frank Branson, said Toyota consciously chose to protect front-seat occupants from crash injuries such as whiplash at the expense of rear-seat passengers.
The Dallas County jury determined Friday that the seats were unreasonably dangerous and Toyota failed to warn of those dangers.
In a statement, Toyota said it sympathized with the Reavises and respects the jury’s decision but believes the injuries resulted from factors specific to the collision, not defects. No decision has been made on an appeal.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Nuro and Kroger are deploying self-driving cars for grocery delivery in Arizona today

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Exclusive: In Chinese port city, Japan’s Toyota lays foundation to ramp up sales

BEIJING (Reuters) – Toyota Motor Corp is likely to make 120,000 more cars a year in the Chinese port city of Tianjin as part of a medium-term strategy that’s gathering pace as China-Japan ties improve, said four company insiders with knowledge of the matter. FILE PHOTO: An employee walks past as he checks on newly-produced… Continue reading Exclusive: In Chinese port city, Japan’s Toyota lays foundation to ramp up sales