Musk predicted another loss in the second quarter but said Tesla would be profitable again by the third quarter. DETROIT: Faced with a slumping stock price and questions about demand for its vehicles, Tesla has lowered the U.S. base prices of its two most expensive models. The company on Monday cut $3,000 from the price… Continue reading Tesla reduces prices on Models S and X amid stock slump
Tag: Financial Results
When the hands tingle and become numb
Serving for hours the drill or the grinder is no picnic. For years, no major symptoms show up until sometime numbness, tingling or pain sets in. Nobody should take these symptoms lightly. For those who expose their hands and arms to permanent vibrations can seriously fall ill. This is also confirmed by the trade association… Continue reading When the hands tingle and become numb
Apple bid to buy Tesla in 2013 for $240 a share, analyst says
GP: Elon Musk, chief executive officer of Tesla Inc., speaks during an event at the site of the company's manufacturing facility in Shanghai, China, on Monday, Jan. 7, 2019.Qilai Shen | Bloomberg | Getty ImagesWith Tesla's stock sinking to around $200 this week, Craig Irwin, an analyst at Roth Capital Partners, told CNBC on Tuesday that the electric car company could have sold to Apple six years ago for a significantly higher price per share.
“Around 2013, there was a serious bid from Apple at around $240 a share,” Irwin said in an interview on “Squawk Box. ” “This is something we did multiple checks on. I have complete confidence that this is accurate. Apple bid for Tesla. I don't know if it got to a formal paperwork stage, but I know from multiple different sources that this was very credible.”
Apple and Tesla did not respond to requests for comment.
Tesla is down more than 38% in 2019, to a share price of $197.76 at the start of trading Tuesday. The stock has plunged 46% from its high in August, when CEO Elon Musk said he had “funding secured” to take the company private at $420 a share.
Knowing there was a “very credible” bid on the table in 2013 keeps Irwin from being more bearish on the stock today.
“If Apple had interest then, they would probably have interest now at the right price,” he said.
VIDEO6:3806:38Watch a Tesla analyst weigh in on Morgan Stanley's revised bear caseSquawk BoxIrwin said that Apple's car project continues to develop in secret, and that the company is building large “dry rooms” in California to do something related to automotive batteries. According to Irwin, those rooms are designed to handle the environmental containment required for the production of lithium-ion batteries.
“My checks are Apple is building several dry rooms, including a couple that are much larger than what you would need for watch or consumer product battery development,” Irwin wrote in a follow-up email.
Irwin is not the first to suggest that Apple and Tesla have held discussions. The San Francisco Chronicle reported in 2014 that Musk met with Apple's head of mergers and acquisitions and most likely CEO Tim Cook as well.
If the two companies were to combine, it would be by far Apple's largest acquisition ever and one of the biggest in the history of the technology industry. Tesla's current market cap is about $36 billion. The most Apple has ever paid is $3 billion for Beats Electronics in 2014.
For a deal to take place Apple would face the question of what to do with the outspoken Musk and his tendency to gain attention for many of the wrong reasons, whether it's tweeting out material nonpublic information or smoking weed on a podcast.
“Regarding the acquisition: my understanding is Apple wanted Elon Musk to step away, and that was a deal killer,” Irwin said in the email.
Correction: In August, Tesla CEO Elon Musk said he had “funding secured” to take the company private at $420 a share. An earlier version mischaracterized his statement.
WATCH: Elon Musk seen smoking weed on podcast
VIDEO0:5700:57Elon Musk seen smoking weed on podcastSquawk BoxSubscribe to CNBC on YouTube.
Europcar Generates $617M in Q1 Revenue
On the operational side, the Group improved its performance with significant progress on two of its key operating metrics: fleet utilization and fleet cost per unit. Photo courtesy of Europcar. In Q1 2019, Europcar Mobility Group generated revenue of 553 million euros ($617 million) with a slight decline of 0.6% compared to last year, which resulted… Continue reading Europcar Generates $617M in Q1 Revenue
Audi creates near-natural habitat for animals and plants on 17 hectares of the plant site
Along with climate change, the loss of biodiversity is one of the greatest challenges of our time. The United Nations has therefore declared the current decade to be the UN Decade of Biodiversity. Audi is also committed to protecting biodiversity and has transformed 17 hectares of land on the Audi production site in Münchsmünster into… Continue reading Audi creates near-natural habitat for animals and plants on 17 hectares of the plant site
Self-driving trucks begin mail delivery test for U.S. Postal Service
(Reuters) – The U.S. Postal Service on Tuesday started a two-week test transporting mail across three Southwestern states using self-driving trucks, a step forward in the effort to commercialize autonomous vehicle technology for hauling freight. The TuSimple self-driving truck is pictured in this undated handout photo obtained by Reuters May 20, 2019. TuSimple/Handout via REUTERS… Continue reading Self-driving trucks begin mail delivery test for U.S. Postal Service
Solutions for More Efficient Electromobility
At the EVS32 Continental presents technology which extends the range of electric vehicles A new Thermal Management research vehicle is exhibited for the first time to demonstrate how managing heat intelligently can help to extend the range Artificial Intelligence (AI) is employed to design more efficient fuel cell systems Lyon, Regensburg. May 21, 2019. As… Continue reading Solutions for More Efficient Electromobility
Daimler plans to cut administration costs by 20%: Report
Kaellenius said earlier this month that Daimler will cut development costs of new Mercedes-Benz cars. FRANKFURT: Incoming Daimler boss Ola Kaellenius is working on a cost cut programme to reach profit margin targets which are threatened by global trade woes and ramp up issues at factories, Handelsblatt reported, citing company sources. Kaellenius, who will take… Continue reading Daimler plans to cut administration costs by 20%: Report
Electric cars still to win over drivers
Only one in four people would consider buying a fully electric car in the next five years. That is the finding of one of the most comprehensive studies into UK consumers and pure electric vehicles. There has been a renewed focus on the climate and environment recently. The reluctance of British drivers to embrace cleaner… Continue reading Electric cars still to win over drivers
Edited Transcript of LEVE3.SA earnings conference call or presentation 13-May-19 12:30pm GMT – Yahoo Finance
Full Year 2018 Mahle Metal Leve SA Earnings Call May 20, 2019 (Thomson StreetEvents) — Edited Transcript of Mahle Metal Leve SA earnings conference call or presentation Monday, May 13, 2019 at 12:30:00pm GMT TEXT version of Transcript ================================================================================ Corporate Participants ================================================================================ * Jan-Frederek Thiele * Philipp Kuckuck ================================================================================ Presentation ——————————————————————————– Operator [1] ——————————————————————————– Good… Continue reading Edited Transcript of LEVE3.SA earnings conference call or presentation 13-May-19 12:30pm GMT – Yahoo Finance