Tesla – Page 2661 – I wish I had more to offer

Elon Musk’s SpaceX is now worth more than Tesla

Elon Musk speaks near a Falcon 9 rocket during his announcement that Japanese billionaire Yusaku Maezawa will be the first private passenger who will fly around the Moon aboard the SpaceX BFR launch vehicle.DAVID MCNEW | AFP | Getty ImagesElon Musk's space company, SpaceX, is now worth more than his electric car company, Tesla — at least on paper.
SpaceX is valued at $33.3 billion, investors familiar with the company's latest round told CNBC on Friday.Tesla's market cap was $32.8 billion at the end of trading Friday.
Musk is the largest shareholder and CEO of both companies, with a 54% stake in SpaceX and more than 20% ownership of Tesla.
SpaceX successfully launched 60 Starlink satellites into orbit recently, and has raised more than $1.02 billion since the beginning of 2019. Tesla shares have declined by more than 44% during the same period.
The electric vehicle maker has struggled to rein in its spending, while staking its future on success in China. Its effort to set up a factory in Shanghai began this year as trade relations between the U.S. and China rapidly deteriorated.
Until Tesla can manufacture its Model 3 electric sedans there, it faces steep import taxes in China. It also faces higher tariffs on parts and raw materials it buys from Chinese suppliers to make its batteries and cars in the United States.
Elon Musk, co-founder and chief executive officer of Tesla Motors Inc.Yuriko Nakao | Bloomberg | Getty ImagesMorgan Stanley analyst Adam Jonas said (on a May 22 call) that investors shouldn't rule out the possibility that Musk could use his SpaceX stake to “collateralize” Tesla. “There's a precedent for Elon Musk to think across his portfolio of companies,” he said, referencing the 2016 acquisition of SolarCity by Tesla.
The deal cost Tesla around $5 billion — it issued $2 billion in stock, and took on about $3 billion in SolarCity debt. It was also seen as a bailout for Musk, and his family — his cousin Lyndon Rive was the CEO of the residential solar installer, while Elon Musk and other friends and family members had personally invested in SolarCity as well.
VIDEO2:2602:26SpaceX launches internet satellites into spaceSquawk Alley

Auto sector scrambles after Trump threatens Mexican tariffs

WASHINGTON (Reuters) – Global auto and parts manufacturers scrambled on Friday to make contingency plans and look at ways of speeding some deliveries after U.S. President Donald Trump threatened new tariffs on all Mexican imports starting early next month. A carrier trailer transports Toyota cars for delivery while queuing at the border customs control to… Continue reading Auto sector scrambles after Trump threatens Mexican tariffs

Due to weak demand: Bund extends purchase premium for electric cars

Motorists can get a government premium for longer than previously planned when buying electric cars. In order to boost further weak demand, the federal government will extend the premium until the end of 2020. However, the subsidy may expire before the premium pot of a total of 1.2 billion before the end of 2020 is… Continue reading Due to weak demand: Bund extends purchase premium for electric cars

Tesla’s new China-made Model 3 opens for pre-order with a 13% price cut

Tesla’s big bet on China-based production is key to a new effort to lure Chinese consumers with cheaper prices. Today the U.S. firm revealed that its incoming Model 3, which will be produced in China, will sell from 328,000 RMB — that’s around $47,500, and some 13% cheaper than its previous entry-level option. The company… Continue reading Tesla’s new China-made Model 3 opens for pre-order with a 13% price cut

Elon Musk says he earned nothing from Tesla in 2018

Tech mogul Elon Musk denied reports that claimed he had earned $2.3 billion in stock options in 2018 San Francisco: While his electric vehicle (EV) company Tesla struggles to make profit, tech mogul Elon Musk denied reports that claimed he had earned $2.3 billion in stock options in 2018. Instead, Musk said he had pocketed… Continue reading Elon Musk says he earned nothing from Tesla in 2018

Tesla Model 3 available for cheaper in China as pre-orders open

Tesla has opened pre-orders in China for its Model 3 cars, which are being sold at a 13% discount for Chinese consumers. The domestically-produced cars are cheaper than the models being imported from the US, and Tesla stated it expects to begin deliveries within the next 10 months. Elon Musk attended the ground-breaking ceremony opening… Continue reading Tesla Model 3 available for cheaper in China as pre-orders open

EV maker Nio plans Beijing plant, will likely seek a partner – CEO

BEIJING/SHANGHAI (Reuters) – Chinese electric vehicle (EV) maker Nio Inc is keen to build a production base in Beijing and will likely seek a manufacturing partner, Chief Executive Officer and founder William Li said this week. His comments come after Nio said on Tuesday that it would form a joint venture with Beijing E-Town International… Continue reading EV maker Nio plans Beijing plant, will likely seek a partner – CEO

China-Built Tesla Model 3 Coming In 6-10 Months At A Lower Price

If Chinese buyers are willing to wait just a bit longer they could save thousands. Tesla has now begun taking orders for the Chinese built Model 3. As expected, the locally built vehicles will cost thousands less for buyers willing to wait. Tesla has set the base price at 328,000 yuan ($47,523). While this pricing… Continue reading China-Built Tesla Model 3 Coming In 6-10 Months At A Lower Price

Chinese automaker GAC teams up with Nio for EV, postpones US launch

2019 Nio ES6
Nio last week announced a joint venture with state automaker GAC to sell electric cars in China.

It's especially of interest in the U.S. because both companies have their sights set on selling electric vehicles here.

The equal-split venture, to be called GAC Nio New Energy Vehicle company, will build and sell EVs under a new Hycan brand in China. The first, teased by a concept SUV at an investor event in Hangzhou, may offer a range of 600 km (373 miles), the companies said, although they didn't specify the driving cycle or reveal any more details about the vehicle.

CHECK OUT: Nio unveils ET Preview electric sedan in Shanghai

In its quarterly earnings call last week, Nio also announced that the Chinese government would provide what amounts to a bailout, investing $1.45 billion into a joint venture called Nio China, funded through the government's E-Town Capital company.

Nio has become known as the Tesla of China, selling two electric SUVs there, as well as home energy products and operating charging stations and a battery-swap station for its cars. It has announced plans to bring a car to the U.S. in 2020, and began trading on the New York Stock Exchange last year. It's also working on a self-driving system similar to Tesla.

READ MORE: GAC Motor shows electric three-row minivan concept, delays US brand launch to 2020

Last month, Nio showed a concept version of its first electric sedan, the ET Preview, at the Shanghai auto show.

GAC has been working to move into the U.S. market for years, and announced that it plans to be the first Chinese automaker to sell cars in the U.S. At this year's Detroit auto show in January, the company brought an electric minivan and announced plans to develop an all-electric crossover for the U.S. in 2020 (already delayed a year from earlier plans.)

In a statement Wednesday, GAC said it would postpone those plans again, citing “the escalation of China-U.S. trade frictions” and distribution “uncertainties.”

We've reached out to Nio to see how if at all this new venture might impact its U.S. plans.

Sources Say Tesla Model Y Will Be Built In Fremont, California

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Published on May 29th, 2019 |

by Steve Hanley

Sources Say Tesla Model Y Will Be Built In Fremont, California

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May 29th, 2019 by Steve Hanley

Note: Everything that follows is based on comments made by Tesla employees to CNBC News. Nothing has been officially confirmed by Tesla despite multiple requests.

CNBC is reporting that Tesla has decided to manufacture the upcoming Model Y electric SUV at the existing factory in Fremont, California. There has been speculation for months that the Model Y could be the first Tesla vehicle built at Gigafactory 1 in Nevada. Elon Musk has previously said that the Model Y could be built in Nevada or in Fremont, that the decision hadn’t been made. Though, the Gigafactory seemed to be preferred at one point.

If true, what the news means is that until the Shanghai factory gets up and running, all Tesla automobiles will be built in California. At the rapid pace of progress in Shanghai, though, Model Y production may start there when it starts in the USA.

Employees tell CNBC the company has just begun ordering the tooling needed to construct the Model Y assembly line. In order to make room within the already congested factory, the Model S and Model X will be built on one assembly line. Today, they are built on separate lines.

The Model X, as good as it is (and it is very, very good), stands as a memorial to Musk’s and Tesla’s manufacturing inexperience. The X was supposed to be built on the S chassis, but the way things turned out, 70% of the parts needed to manufacture the X were different from the sedan. In particular, the iconic falcon-wing doors required a separate assembly line, at least at first.

Tesla has learned its lesson. Even though Musk wanted significant differences between the 3 and the Y, his manufacturing specialists talked him out of that plan. As a result, the Y and the 3 will share many common parts and components, speeding production and lowering costs.

Several Teslascenti had reported their Tesla factory tours had been cancelled because of changes taking place at the Fremont facility, but Elon Musk chimed in on Twitter (apparently changing company plans) and said tours were still available but some parts of the factory would no longer be included because of ongoing factory upgrades.

(Note: You can always enjoy our special custom tour of the Tesla Fremont factory on YouTube.)

Tesla Model S Refresh Coming
People working at the Fremont factory also tell CNBC a refreshed Model S is scheduled to start production in September. They say the “new” Model S will have an all-new interior that borrows from the minimalist look and feel of the Model 3. (In other words, if you prefer the more traditional look of the current S & X interior, now is a good time to buy. If you like the minimalism of the Model 3, you may want to wait.)

Tesla will also use the same drive motors as the Model 3 and the seats the company uses in the top-of-the-line versions of the Model 3.

With more efficient motors and unspecified changes to the battery pack, the updated Model S will have an EPA range of 400 miles or more, they say.

Those sources also say that production of the Model S and Model X is only happening during regular working hours Monday through Friday — no weekend or second shift work is being done. Whether that is because demand for the two cars is softening or because Tesla is getting better at building them is unclear.

Tesla cut the price of the Model S by $3,000 and the Model X by $2,000 last week. It is also expanding the amount of free Supercharging available to buyers of both models. In that now infamous tweet by Elon Musk earlier this year, he said his company would produce about 400,000 vehicles this year and be on pace to build 600,000 a year by the end of 2019. What the mix of cars will be has not been revealed.

About the Author

Steve Hanley Steve writes about the interface between technology and sustainability from his home in Rhode Island and anywhere else the Singularity may lead him. His motto is, “Life is not measured by how many breaths we take but by the number of moments that take our breath away!” You can follow him on Google + and on Twitter.

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