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Tesla shares drop sharply after Musk says CFO Ahuja is leaving the company — for the second time

Daniel Acker | Bloomberg | Getty Images
Deepak Ahuja, Tesla CFO (left) and Elon Musk, Tesla founder and CEO (right), at the Nasdaq opening bell ceremony for the Tesla initial public offering on Tuesday, June 29, 2010.

Tesla's long-time chief financial officer, Deepak Ahuja, is retiring from the company after almost 11 years, CEO Elon Musk said Wednesday.

It's the second time Ahuja has resigned from the company. He was one of Tesla's longest serving executives when he first left in 2015. Ahuja rejoined Tesla in 2017, replacing then-CFO Jason Wheeler, who abruptly resigned.

Shares of Tesla fell about 5 percent after the markets closed Wednesday night.

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Moving into the CFO role at the electric vehicle maker is Zach Kirkhorn, previously the company's vice president of finance. Ahuja said, “I feel really good about Zach taking over. He's proven his self over the years with many tough challenges he's worked on.”

Musk announced the change at the end of a conference call with analysts discussing the company's fourth-quarter earnings results.

Kirkhorn said, “I've been deep in the operations of every major program of the company from Roadster to…scaling our energy business and more things to come. I feel we're starting 2019 with a very strong financial foundation. We have enough cash to start new programs and develop new technologies.” Prior to his joining Tesla in 2010, Kirkhorn was formerly a business analyst at McKinsey & Co.

Musk said Ahuja will “continue to be at Tesla for a few more months, and will continue to serve as a senior adviser to Tesla for years to come.”

Ahuja first joined Tesla as CFO at the worst possible time: July 2008. He was with the company when it went public in 2010.

Tesla's finance team has seen high turnover in the past year with one chief accounting officer, Dave Morton, spending less than a month at the company.

Other long-time veterans have been resigning from Tesla in the past six months, for example, Charles Mwangi, a senior director of engineering who had been with Tesla since 2012, and one of Tesla's first-ever sales hires, Jeremy Snyder, who left his role as head of global business development there in August, according to his LinkedIn profile.

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Bosch: sales and result once again on record level in 2018

Stuttgart, Germany – The Bosch Group is continuing on its successful course: despite the difficult economic conditions and weak markets, sales and result in 2018 once again reached last year’s level, which was an all-time high. According to preliminary figures, the supplier of technology and services generated sales from operations of 77.9 billion euros last… Continue reading Bosch: sales and result once again on record level in 2018

UK and European mergers and acquisitions unlikely to cause a flood

A new report from ICDP has taken a close look at recent merger and acquisition transactions in the UK and Europe to find out how changes in ownership may develop in the future. Its findings show that “The UK has seen continual consolidation domestically through medium and small deals executed by the large groups. But… Continue reading UK and European mergers and acquisitions unlikely to cause a flood

Koenigsegg to accelerate growth in the hyper car market with EUR 150 million funding from NEVS (National Electric Vehicle Sweden)

Koenigsegg to accelerate growth in the hyper car market with EUR 150 million funding from NEVS

TROLLHÄTTAN, Sweden, 30-Jan-2019 — /EuropaWire/ — NEVS (National Electric Vehicle Sweden) has just announced it purchased 20 percent minority stake in Koenigsegg’s parent company for EUR 150 million.

The high-performance sports cars maker Koenigsegg will use the new capital to accelerate growth in the hyper car market, as well as to break ground into an untapped market segment together with NEVS. The two companies are planning to develop parallel vehicle models in slightly higher volumes with emphasis on electrification.

In addition to this partnership, the companies are establishing a joint venture to expand into new market segments where NEVS AB is contributing USD 150 million in the form of starting capital for a 65 percent stake while Koenigsegg will control 35 percent by contributing primarily with intellectual property, technology licenses, and product design.

The new partnership steps on already existing collaboration between NEVS and Koenigsegg, creating synergies between their geographical footprints, experiences and competencies.

Koenigsegg will access additional capabilities as well as benefit from the extensive automotive knowledge in Trollhättan, where the production facilities of NEVS are located while maintaining their centre of excellence in Ängelholm. NEVS has also production capacity in China and through its majority owner Evergrande has also access to wide distribution channels through ownership in one of China’s largest car retailers.

Additional synergies may be created in the automobile battery segment due to the deal NEVS’ majority owner Evergrande announced last week where it acquired 58.07 percent in automobile battery maker Shanghai CENAT New Energy Co Ltd. The deal is valued at $156 million.

At the moment the deal was announced NEVS has about 650 employees while Koenigsegg Automotive AB relies on 115 people.

Kai Johan Jiang, Chairman of the Board of Directors at NEVS AB:

“Koenigsegg is an enticing company developing advanced cars with unique technology and with a customer base that is one of a kind. To be able to expand our investment in the Swedish automotive industry through a company that we know and have an established relationship with, is an important step for us. We have both competencies and facilities to support Koenigsegg on their journey forward, something we look very much forward to”.

Christian von Koenigsegg, Founder and CEO of Koenigsegg:

“Koenigsegg is breaking new ground, capitalising on our unique technology, performance track record and market position to explore and develop new products. This partnership will create the best conditions for Koenigsegg to accelerate growth in the hyper car market, as well as enabling us to break ground into an untapped market segment together with NEVS. We very much look forward to working together with NEVS to develop products that ensure a sustainable future”.

Koenigsegg Automotive AB is based in Ängelholm, southern Sweden since 2003. The building had previously been home to the Swedish Air Force and once housed JAS 39 Gripen fighter jets.

NEVS has growing operations in China where the company’s first plant in Tianjin was finalized in 2018 and during 2019 serial production of NEVS 9-3 EV is planned to begin. In the meantime, new plant in Shanghai is under construction, scheduled for production of EV cars during 2020.

SOURCE: Koenigsegg / NEVS

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Tesla Partners With Local Community Colleges To Attract Talent At Gigafactory 1

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Autonomous Vehicles Published on January 29th, 2019 | by Kyle Field
Tesla Partners With Local Community Colleges To Attract Talent At Gigafactory 1TwitterLinkedInFacebookJanuary 29th, 2019 by Kyle Field
Tesla is looking to the local community for future employees through its Manufacturing Development Program, which is being offered through Nevada’s Jobs for America’s Graduates program. The program aims to connect high school graduates in Nevada with the skills required to land a job or move forward with postsecondary education. Naturally, it connects nicely to the high-tech manufacturing jobs at Tesla’s booming Gigafactory outside Sparks, Nevada.
Image credit: Tesla
Tesla’s Manufacturing Development Program gives high school grads the chance to plug in at the Gigafactory as a full-time production associate with opportunities to grow from there, if it turns out to be a good fit. Those who make it through the program will be given the opportunity to receive a more specialized education in automation and robotics at the nearby Truckee Meadows Community College in Reno, Nevada.
For Tesla, the program offers the company a pipeline of new talent that the company can run through. It is essentially a curated internship at the Gigafactory. If it turns out to be a good fit, Tesla can then afford to invest a bit in further education to really kickstart the careers of new Teslanauts.
The program does not just look at job placement, but also includes housing near the University of Nevada’s campus, with a daily shuttle that runs back and forth to the Gigafactory. The prospect of landing a starter job at Tesla’s monster Gigafactory with all of the accoutrements that are included with the program seems like a great way for a company to not only build a pipeline of new hires for itself, but to help high school grads find a career path that’s best suited for them.
Image credit: Tesla
Granted, that’s “only” within Tesla, but in a company of its size and especially at a facility already sporting more than 7,000 employees with plans to grow to more than 10,000, jobs can be found in almost any line of work, if you’re willing to put some effort into it. When I was hired at Procter & Gamble almost 20 years ago (okay, it was 20 years ago as of this year), I looked at it as the ultimate Choose Your Own Adventure opportunity, and because I really had no idea what I wanted to do with my life at the time, it was perfect.
The partner program with the state of Nevada may be a local program, but it also includes federally funded relocation assistance to allow folks from around the country to get in on the action at a growing facility in a very fast-paced company in a region that’s hot on supporting them through the early stages of the Gigafactory’s production ramp.
The new program ties into Tesla’s existing Gigafactory Training Gateway, which was developed to leverage the factory as a platform for education. Through the program, local schools have created a special 15-credit curriculum focused on advanced manufacturing to build the skills needed for potential employees to thrive at the Gigafactory.
Image credit: Tesla
The Gigafactory Training Gateway was created using funds from Workforce Innovation for the New Nevada (WINN), which was established by the Governor’s Office of Economic Development back in 2015 to help support new industries in the state with educational programs. According to the Northern Nevada Business View, there are more than 120 active Tesla team members in the program, and a large batch is set to move on from the 12–18 month program this spring.
The focus on education in partnership with local community colleges and government programs provides Tesla with a low-risk means of bringing in, vetting, and educating new talent at its Gigafactory.
The upshot of building a factory in the middle of the Nevada desert is that land is cheap (or free) and the local government was tripping all over itself to get Tesla out there, but the challenges of spooling up a force of 10,000 highly trained workers in a remote location are very real. These programs show that Tesla is looking at the problem very pragmatically, leveraging government and internal funds to build relevant skills in the area, and hopefully pulling in some new hires along the way.
Source: Northern Nevada Business View via Reddit

About the AuthorKyle Field I'm a tech geek passionately in search of actionable ways to reduce the negative impact my life has on the planet, save money and reduce stress. Live intentionally, make conscious decisions, love more, act responsibly, play. The more you know, the less you need. TSLA investor. Tesla referral code: http://ts.la/kyle623

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VW aims to open e-vehicle platform to competitors – Tagesspiegel

FILE PHOTO: Volkswagen logos are pictured during the media day of the Salao do Automovel International Auto Show in Sao Paulo, Brazil November 6, 2018. REUTERS/Paulo Whitaker/File Photo BERLIN (Reuters) – Volkswagen is in advanced talks with competitors over opening its modular MEB platform for the mass production of electric vehicles to rivals, German paper… Continue reading VW aims to open e-vehicle platform to competitors – Tagesspiegel

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Elli.eco’s first product called Volkswagen Naturstrom® is now available across Germany: 100 percent CO2-free electricity from wind, solar or hydroelectric power

Volkswagen Naturstrom® is produced from sustainable sources.

WOLFSBURG, 30-Jan-2019 — /EuropaWire/ — Elli, which stands for Electric life, is a newly established company (2018) part of Volkswagen Group that aims to be the first provider on the market to offer a seamless energy and charging experience for electric car drivers and fleet managers. Elli plans to manage all customer needs at the interface between energy and mobility. Elli Group GmbH is currently with 3 offices across Germany: Wolfsburg, Berlin and Munich.

Now the company offers eco-power tariff that is already available throughout Germany. It is its first product and is branded as “Volkswagen Naturstrom®” and will come from 100-percent renewable sources and is intended for private households and small businesses. The electricity offered through the new tariff for your home and electric vehicle is 100% green energy with TÜV-certified origin from wind, solar and hydropower facilities in Germany, Austria and Switzerland.

Elli.eco is convinced that e-mobility can only be really sustainable if vehicles are powered by electricity generated on a CO2-free basis.

Elli is gradually working on portfolio of smart charging solutions ranging from hardware via invoicing and additional digital services through to comprehensive consultancy packages. The range will include wallboxes, charging stations and IT-based energy management systems as well as customer cards for charging on the road.

A typical household of three persons, for example in central Berlin, with an annual consumption of 3,500 kilowatt-hours could save about €280 compared with the standard tariff of the local general supplier over the contract term of 24 months.

Elli tariff calculator’s special feature is that it can include the consumption of an electric car in addition to a household, if the customer so wishes.

The latest information on Elli’s tariff is available on the website naturstrom.elli.eco.

Elli’s minimum contract term is 24 months, with a full price guarantee for the first 12 months. For the second period of 12 months, Elli guarantees that there will be no price adjustments as a result of changes in invoicing, procurement, sales and other administrative expenses.

Thorsten Nicklass, CEO of Elli:

“With our Naturstrom offering, we want to make eco-power easy and inexpensive to buy and to establish ourselves as a reliable partner for innovative, sustainable energy solutions for households and electric vehicles.”

Karsten Miede, project manager for Volkswagen Naturstrom® and Head of E-Mobility Services with VW Kraftwerk GmbH:

“As the supplier of Volkswagen Naturstrom®, we are opening up an entirely new business area for the Group. In the new world of mobility, the topics of energy and the automobile will become increasingly closely linked – we intend to grasp this opportunity.”

Elli.eco is also supporting the construction of the Salzgitter wind farm with an output of 12 MW and annual generation of 35 GWh – equivalent to the annual consumption of approximately 10,000 households using 3,500 kWh on average. It is planned that some of the power generated there should be included in the power mix for Volkswagen Naturstrom®.

SOURCE: Elli.eco / Volkswagen Group

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