Groupe PSA Q1 revenue slightly down 1.1% at €18 billion; Automotive division[1] revenue at €14.2 billion (-1.8%): Strong product mix and positive price effect; In Europe, steady market share increase: +0.3 pt[2] and sales up 1.6%; Negative impact of exchange rates especially in Argentina and Turkey; Consolidated worldwide sales down 15.7% in particular due to… Continue reading Q1 2019 Group revenue at €18 billion
Tag: Financial Results
PSA quarterly revenue declines as sales collapse in Iran and China
French carmaker PSA Group said first-quarter revenue fell 1.1 percent, as sales continued to decline in China and were also impacted by the Peugeot maker’s withdrawal from Iran. Go to Source
Tesla reports $702m quarterly loss
Tesla reported a loss of $702m for the first three months of the year and predicted another loss for the three months after. The electric car and battery maker said it would return to profit in the third quarter. It ended March with $2.2bn in cash, a reduction of $1.5bn in three months, largely down… Continue reading Tesla reports $702m quarterly loss
Tesla’s Musk ‘sees merit’ in capital raise, vows profit in third quarter after large loss
(Reuters) – Tesla Inc Chief Executive Elon Musk suggested on Wednesday a capital raise could be imminent, as the electric vehicle maker lost $700 million in the first quarter and predicted a return to profit in the third. FILE PHOTO: A 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in… Continue reading Tesla’s Musk ‘sees merit’ in capital raise, vows profit in third quarter after large loss
Elon Musk on taking Tesla private: ‘That ship has sailed’
Elon Musk would prefer if Tesla, which is known for its volatile share price and is among the most heavily shorted stock, were a private company, but acknowledged during an earnings call Wednesday that it wasn’t likely. Musk can dream, can’t he? “Unfortunately that ship had sailed,” Musk said flatly, in response to a question… Continue reading Elon Musk on taking Tesla private: ‘That ship has sailed’
Tesla plans to launch an insurance product ‘in about a month’
Tesla is developing an insurance product, which could be launched in about a month, CEO Elon Musk said during a call with analysts Wednesday following its first-quarter earnings report. “It will be much more compelling than anything else out there,” he said. Musk didn’t provide further details on what the insurance product might look like,… Continue reading Tesla plans to launch an insurance product ‘in about a month’
Despite a down quarter, Tesla is planning new products — including car insurance
Tesla CEO Elon Musk introduces the Tesla Semi truck and an updated version of the Tesla Roadster at a 2017 unveiling. (Tesla via YouTube) Tesla today reported wider-than-expected financial losses in the first quarter — due to what the company said were delivery challenges, a seasonal dip in demand and the unanticipated effects of pricing… Continue reading Despite a down quarter, Tesla is planning new products — including car insurance
UPDATE 6-Tesla’s Musk ‘sees merit’ in capital raise, vows profit in Q3 after large loss
(Reuters) – Tesla Inc Chief Executive Elon Musk suggested on Wednesday a capital raise could be imminent, as the electric vehicle maker lost $700 million in the first quarter and predicted a return to profit in the third. FILE PHOTO: A Tesla logo is seen at a groundbreaking ceremony of Tesla Shanghai Gigafactory in Shanghai,… Continue reading UPDATE 6-Tesla’s Musk ‘sees merit’ in capital raise, vows profit in Q3 after large loss
Tesla solar installations slide 36 percent in first quarter
April 24 (Reuters) – Tesla Inc on Wednesday reported a 36 percent slide in solar installations and said it had implemented a new selling strategy months after ending a partnership to sell the rooftop systems in busy Home Depot stores. In its first-quarter investor letter, Tesla said solar deployments were 47 megawatts during the period,… Continue reading Tesla solar installations slide 36 percent in first quarter
Elon Musk says Tesla will launch an insurance product in about a month
Jim Watson | AFP | Getty Images
Elon Musk
Tesla CEO Elon Musk said the electric car maker may soon roll out an insurance product.
When asked during a Wednesday earnings call if Tesla is considering launching an insurance program, Musk says the company is working on one.
“The answer is yes we are creating a Tesla insurance product and we hope to launch that in about a month. It will be much more compelling than anything else out there,” he said.
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In response to a subsequent question about the safety of Autopilot, Musk said Tesla gives more details about safety to insurance companies.
“We do give some more detailed information to insurance companies to help with rates. And obviously as we launch our own insurance product next month, we will certainly incorporate that information into the insurance rates,” Musk said.
Tesla has access to “direct knowledge of the risk profile of customers based on the car,” Musk said. This gives the company a significant “price sort of arbitrage or information arbitrage opportunity,” he explained.
Musk said, if potential Tesla customers “want to buy Tesla insurance, they have to agree to not drive the car in a crazy way — or if they can, but then the insurance rate is higher.”
CNBC has reached out to Tesla for further information about the program, but did not immediately receive a response as the call was ongoing.
The comments come after Tesla reported a wider-than-expected loss in the first quarter. The company had previously warned that income for the quarter would “be negatively impacted” by “lower than expected delivery volumes and several pricing adjustments.
The stock was volatile after hours and was last seen about flat with its closing price as more than 1.8 million shares changed hands.
WATCH: Tesla loses $2.90/share, revenue light, as well
Tesla loses $2.90/share, revenue light, as well
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