Tesla model s ludicrous mode

Musk appeared to be smoking a marijuana-and-tobacco concoction during a podcast interview, the latest in a string of actions raising concerns over his management AFP/Robyn Beck Tesla shares sank 6.3 to close at $263.24 after the latest events that heightened concerns over Musk's erratic management style at the electric carmaker. "Elon's actions are making it harder and harder to support Tesla as a company," said analyst Gene Munster of Loup Ventures. "His actions directly affect Tesla's share price because Elon is Tesla." Munster said that while there may be more "upside" to Tesla, Musk's actions are hurting. "The use of recreational drugs, legal or not, goes against the unspoken rules of being a public CEO," the analyst said in a blog post. Shares came under pressure at the opening following the Musk online interview and news that chief accounting officer Dave Morton was leaving only a month on the job, citing the company's frenetic pace. Separately, human resources chief Gabrielle … [Read more...] about Tesla tumbles on new executive departures, Musk interview

Tesla chief executive Elon Musk disclosed on Monday (Aug 13) he was in talks with Saudi Arabia's sovereign wealth fund and other investors to take the electric automaker private. Tesla Motors CEO Elon Musk says he is in talks with the Saudi government's sovereign wealth fund as part of his efforts to take Tesla private. (Photo: AFP/David McNew) The revelation comes days after Musk's claim in an Aug 7 Twitter post that financing for a deal to take Tesla private had been "secured." Musk said in a blog post on Monday he had "no question" that the Saudis would finance such a transaction following a Jul 31 meeting. "I continue to have discussions with the Saudi fund, and I also am having discussions with a number of other investors, which is something that I always planned to do since I would like for Tesla to continue to have a broad investor base," Musk wrote. "It is appropriate to complete those discussions before presenting a detailed proposal to an independent board … [Read more...] about Elon Musk says in talks with Saudis on taking Tesla private

Controversial Tesla chief executive Elon Musk said on Tuesday (Aug 7) he was considering taking the electric carmaker private, sending shares sharply higher in anticipation of a big premium. Tesla boss Musk weighs go-private deal for electric carmaker, (Crédits: AFP) Going private would take the company out of the quarterly reporting cycle, making it "free from as much distraction and short-term thinking as possible," Musk said in a blog post. Musk, who has depicted the quest to build up no-emissions electric cars as an environmental mission, said he viewed going public as "the best path forward," but that a final decision had not been made and ultimately rested on shareholder support. Shares finished up 11 per cent at US$379.57 after being suspended for about 90 minutes following a series of Musk statements on Twitter in which he initially floated the idea of going private. Musk's first tweet said funding was "secured" for a transaction that could value the company at … [Read more...] about Tesla boss Musk weighs go private deal for electric carmaker

The Shanghai deal marks the biggest overseas foray yet for Tesla, which is looking to expand into global markets AFP/WANG ZHAO Musk said the plant, which has been in the works for a year, would eventually have an annual production capacity of 500,000 cars, and he hoped it would be "completed very soon." The announcement of the new Tesla venture comes as US companies face pressure from US President Donald Trump to keep manufacturing jobs at home, and as Beijing and Washington spar over terms of a trade in a fight that only last weekend significantly hiked the price of imported Teslas sold in China. Analysts noted that the announcement included no details about how much the plant would cost or how it would be financed. China already is the world's biggest electric car market and is expected to grow further due in part to favorable government policies for the environmentally-friendly vehicles. "Shanghai will be the location for the first Gigafactory outside the United States," Musk … [Read more...] about Tesla unveils Shanghai factory plans amid US China trade row

Electric car manufacturer Tesla Motors announced on Tuesday (Jun 12) it was cutting nine per cent of its workforce to enhance profitability but said the move would not affect an ambitious production ramp-up of its Model 3 sedan. Tesla to cut 9pc of staff, says layoffs won't affect Model 3 production, (AFP Photo/Johannes Eisele) The job cuts are part of a company-wide restructuring to address excess staff in some areas due to the company's speedy growth, Tesla chief Elon Musk said in an email to employees. The cuts concern salaried staff but not production workers and will not affect Model 3 output targets, said Musk, who characterized the downsizing as an acknowledgement of the need to focus more on costs. "Given that Tesla has never made an annual profit in the almost 15 years since we have existed, profit is obviously not what motivates us," Musk said in the message. "What drives us is our mission to accelerate the world's transition to sustainable, clean energy, but we … [Read more...] about Tesla to cut 9pc of staff, says layoffs won’t affect Model 3 production

Tesla on Thursday issued a voluntary recall of 123,000 Model S cars to replace a power steering bolt that could corrode due to salt used on winter roads. Tesla recalls 123,000 cars for power steering fix, photo: AFP No accidents or injuries have been caused by a flaw that prompted the decision to replace the part in all Model S vehicles built before April of 2016, according to the Silicon Valley-based company. "If the bolts fail, the driver is still able to steer the car, but increased force is required due to loss or reduction of power assist," Tesla said in an email to Model S owners whose cars are impacted by the recall. "This primarily makes the car harder to drive at low speeds and for parallel parking, but does not materially affect control at high speed, where only small steering wheel force is needed." No other Tesla models were involved in the recall. The corrosion has only been noticed in places where winter roads are frequently salted to melt snow or ice, but all … [Read more...] about Tesla recalls 123,000 cars for power steering fix