|Day's range||49.27 - 80.39|
The latest Tesla earnings release has driven it into one of the strongest and fastest rallies in the stock's history, and it doesn't seem to be slowing. TLSA could be well on its way to surpassing its all-time high.
(Bloomberg) -- Tesla Inc. unveiled its first vehicles built in China, a milestone for Elon Musk’s company as it prepares to start sales of domestically made electric sedans in the world’s largest auto market.Assembled in Tesla’s new Shanghai Gigafactory, which broke ground in January, the first Model 3 sedans came in blue and were emblazoned with the brand name in Chinese characters. Select local media were invited late last week to test drive the vehicles, which start at about $50,000.China’s first plant wholly owned by a foreign carmaker — and Tesla’s first outside the U.S. — is a crucial test of Musk’s bid to prove his carmaker can sustain profitability as he bets on Chinese demand for electric vehicles.The plant is producing cars in small quantities as part of preparations. Tesla is working with local authorities to obtain manufacturing certification and hopes to get it by year-end, Chairman Robyn Denholm said last week in Shanghai.To contact the reporters on this story: Ville Heiskanen in Singapore at firstname.lastname@example.org;Chunying Zhang in Shanghai at email@example.comTo contact the editors responsible for this story: Young-Sam Cho at firstname.lastname@example.org, Ville Heiskanen, Will DaviesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Siemens Chief Executive Joe Kaeser on Friday lamented Germans who fail to recognize true visionaries and instead admire pot smokers who talk about space travel, only days after his deputy praised Tesla CEO Elon Musk. "Amusing opinions in our country: When a German chief executive proactively orients his company toward the future, he is regarded as 'lofty' and 'philosophical'. Kaeser's statement sparked a lively debate on social media, with the Siemens CEO later seeking to clarify his comments.
(Bloomberg) -- Short seller David Einhorn has taken Elon Musk up on his offer to tour Tesla Inc.’s facilities, suggesting they start with the company’s troubled solar plant in upstate New York.Einhorn’s hedge fund Greenlight Capital has lost money in recent months on its bet against Tesla shares, which have surged 50% since June 30. After reporting a surprise quarterly profit last month, Musk has taken a public victory lap by goading one of his most vocal skeptics on Twitter and inviting him to meet.“I think facility visits would be fun (can we start in Buffalo?),” Einhorn tweeted Friday in response to Musk. “I might learn the difference between your alien dreadnought factory and cars made by hand in a tent.”Tesla makes solar panels in Buffalo, New York. The company leases the facility from a state-affiliated nonprofit that wrote down the value of the factory last year by $883.8 million, according to an auditor’s filing submitted in September.Musk, 48, taunted Einhorn roughly 12 hours earlier after reading Greenlight Capital’s third-quarter investor letter that was again critical of the carmaker. “It is understandable that you wish to save face with your investors, given the losses you suffered from Tesla’s successful third quarter,” Musk wrote. “You have our sympathies.”Musk invited Einhorn, 50, to discuss the company in person, saying his investors “would appreciate you getting smart on Tesla.”In August, Einhorn called on Musk to resign after Business Insider reported on “Project Titan,” a Tesla effort to inspect all roofs that had solar panels and potentially faulty connectors. Einhorn said on a conference call Thursday that Greenlight remains short on Tesla, even though the position hurt its performance during the period. He added that he’s been surprised by the stock’s resilience, given “relentless negative news and what appears to be an end of the company’s growth trajectory,” according to a transcript.In his tweet, Musk addressed Einhorn as “Unicorn” and signed off as “Treelon,” a reference to his tree-planting donation. Musk accompanied the missive a reference to gifting Einhorn “short shorts.”It wasn’t the first time the men have sparred. Last year, Einhorn acknowledged receiving an earlier transmission of shorts.“I want to thank @elonmusk for the shorts,” Einhorn posted. “He is a man of his word! They did come with some manufacturing defects.”To contact the reporters on this story: Anthony Palazzo in London at email@example.com;Dana Hull in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com, ;Anthony Palazzo at firstname.lastname@example.org, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Tesla Inc. could soon become more German, if Morgan Stanley’s prediction is right.The country would be the “logical choice” for the so-called gigafactory in Europe that Elon Musk’s electric-car manufacturer plans to announce by the end of the year, Morgan Stanley analysts led by Adam Jonas wrote in a note Thursday.Germany “is the heart of the global luxury-auto market, with an economy dependent on internal-combustion tech and a government focused on climate change,” with authorities pursuing car electrification more aggressively than in other countries, Jonas said.Chancellor Angela Merkel’s government and local automakers agreed this week to increase cash incentives for electric-car purchases, intensifying Germany’s effort to move away from the combustion engine to reduce exhaust emissions. Musk said in June that Germany is “a leading choice” for Tesla’s planned car-battery factory in Europe, with favored locations along the border with France, Belgium, the Netherlands and Luxembourg. Tesla’s spokesman in the region didn’t immediately respond Thursday to phone and emailed requests for comment on Jonas’s report.READ Aug. 25: Tesla Mulls Potential Factory Locations in Germany’s RhinelandWhile Poland, Hungary or the Czech Republic are seen as possible sites, “Giga Deutschland” would be the preferred outcome, enabling Tesla to take advantage of being part of the biggest economy in Europe, Jonas said. The regional foothold will help Palo Alto, California-based Tesla benefit from what Morgan Stanley projects to be one of the largest, fastest-growing electric-vehicle markets, with 6.5 million units sold a year by 2030, outpaced only by China.\--With assistance from Christoph Rauwald and Catherine Larkin.To contact the reporter on this story: Chiara Remondini in Milan at email@example.comTo contact the editors responsible for this story: Beth Mellor at firstname.lastname@example.org, Tom Lavell, Jon MenonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.Elon Musk said he’s never seen a factory built so quickly, and now he’s about find out if it’s up to the task.Tesla Inc.’s new Shanghai Gigafactory, which only broke ground in January, is weeks from starting mass production of electric sedans. China’s first plant wholly owned by a foreign carmaker — and Tesla’s first outside the U.S. — is a crucial test of Musk’s bid to keep his carmaker profitable as he bets big on the world’s largest market for electric vehicles.Musk has predicted Tesla will make at least 1,000 cars a week in Shanghai by the end of the year — a volume the company’s original factory in California spent months trying to hit — and has said a weekly rate of 3,000 is a target at some point.With Tesla’s volatile stock price and strained finances, investors will be watching closely how the ramp-up unfolds. The multibillion-dollar investment will be a deciding factor to determine whether Tesla will be able to take on local competitors and fend off challenges by the likes of Daimler AG and BMW AG.The Shanghai roll-out will also provide clues about Tesla’s ability to truly go global. The company is planning to follow up with a production facility in a yet-to-be announced location in Europe, where it is enjoying burgeoning sales growth in several markets.Originally just a muddy plot about a 90-minute drive away from Shanghai’s city center, Tesla’s factory now stands tall amid deserted crop fields and meadows with wild plants. Dozens of electric motorcycles and mostly gasoline-powered cars are typically parked outside, used by workers to drive in from the closest residential area about 7 kilometers (4 miles) away. During lunch time, employees pour out for a meal of fried noodles prepared by street vendors.The plant is already producing cars in small quantities as part of preparations. The final pieces of machinery were being installed in October, and State Grid Corp. of China opened the first transmission line to bring power to the facility that month. Tesla is working with local authorities to obtain manufacturing certification and hopes to get it by year-end, Chairman Robyn Denholm said this week in Shanghai.The starting price of the locally made Model 3 sedan, which will only be sold in China, is about $50,000, making the luxury American brand more competitive with lower-cost domestic manufacturers, such as BAIC Motor Corp. and BYD Co., which offer functional sedans for just over half that sum.While the price tag is only slightly smaller than what the most basic imported Teslas have been going for, the China-made versions will pack more features. It’s part of an attempt by Tesla to safeguard its brand image and pricing power in a market with hundreds of aspiring electric-car contenders.To contact the reporters on this story: Ville Heiskanen in Singapore at email@example.com;Chunying Zhang in Shanghai at firstname.lastname@example.orgTo contact the editors responsible for this story: Young-Sam Cho at email@example.com, Will DaviesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Reuters) - Tesla Inc plans to unveil its electric pickup truck, "cybertruck," on Nov. 21 in Los Angeles near the SpaceX rocket factory, Chief Executive Officer Elon Musk tweeted on Wednesday. Musk had said in January that Tesla might be ready to unveil the truck by summer.
Tesla CEO Elon Musk prioritized service quality earlier this year. A survey of 5,000 Tesla Model 3 owners found that its service centers have improved.
Tesla Inc plans to double the number of repair and maintenance shops, add about 100 charging stations and revamp showrooms in China as the electric vehicle maker gears up to open its Shanghai plant. Tesla had already treated China, the world's biggest electric vehicle market, differently than elsewhere. The company and Musk openly disdain marketing, but in China Tesla has offered racing events and showroom parties.
(Bloomberg) -- Tesla Inc. has reached a preliminary agreement to start using CATL as a battery supplier for cars made in China from as early as next year, and the companies are in talks to expand the relationship globally, according to people familiar with the matter.Following months of negotiations, the companies clinched a non-binding deal after Tesla Chief Executive Officer Elon Musk traveled to Shanghai in late August and met with CATL Chairman Zeng Yuqun for about 40 minutes, according to the people, who asked not to be named discussing private deliberations. Though a final agreement is expected to be signed by mid 2020, there is no guarantee that will happen, the people said.The batteries would go into Model 3 cars produced at Tesla’s factory near Shanghai, which is slated to begin operating this year. But the companies still need to iron out details such as how many batteries Tesla will purchase, and separate discussions are underway on a potential global supply contract, the people said. Tesla will use batteries from Panasonic Corp. and LG Chem Ltd. in China in the meantime, one of the people said.Securing enough domestic batteries -- the costliest part of an electric vehicle -- is crucial to Musk’s efforts to expand in the world’s biggest car market. Chinese supply would allow Palo Alto, California-based Tesla to rely less on imports, reducing any impact from tariffs that have fluctuated amid the U.S.-China trade war. It’s also likely to please Beijing, which has prioritized the building of a world-leading electric-vehicle ecosystem.CATL rose as much as 7.4% to 78.88 yuan in Shenzhen trading on Wednesday and the stock headed for its highest close since mid-September. Tesla was little changed Tuesday.Representatives for Tesla didn’t respond to requests for comment. LG Chem and CATL declined to comment, while Panasonic wasn’t immediately available to comment.For CATL, whose full name is Contemporary Amperex Technology Co. Ltd., a final agreement would bolster its profile as one of the world’s emerging battery-making powerhouses. The company, based in the southern province of Fujian, already supplies domestic EV startups including NIO Inc., as well as global carmakers Volkswagen AG and Daimler AG.Tesla has been building the Shanghai plant, its first outside the U.S., for the past nine months, with mass production targeted to start at year-end. The company is also building facilities to eventually make batteries, but in the meantime, it’s agreed to purchase them from LG Chem. The South Korean battery maker won’t have exclusive rights to be Tesla’s battery supplier, people familiar with the arrangement said in August.Should Tesla agree to a global agreement, CATL would become its second such battery partner after Osaka, Japan-based Panasonic.What Bloomberg Intelligence Says“It’s a competitive blow to Panasonic as Tesla was relying on the Japanese battery producer only. But it’s a boon for CATL and LG Chem.”\--Kevin Kim, automobiles analystTesla is likely to try having several strong suppliers, giving it negotiating power as they’ll compete and drive down battery prices, said Kevin Kim, an analyst at Bloomberg Intelligence in Hong Kong. Having several partners also helps Tesla diversify risks such as faulty batteries resulting in fires.NIO Jumps 37% After Pact With Intel on Driverless Car TechnologyBatteries make up the bulk of an electric vehicle’s cost, meaning long-term supply deals with top carmakers can easily reach billions of dollars. The price of a China-built Tesla Model 3 will start at about $50,000, cheaper than foes including NIO’s best-selling ES6.(Updates with comment from analyst in 10th paragraph)\--With assistance from Kyunghee Park, Kae Inoue, Dana Hull and Gabrielle Coppola.To contact Bloomberg News staff for this story: Haze Fan in Beijing at firstname.lastname@example.org;Chunying Zhang in Shanghai at email@example.comTo contact the editors responsible for this story: Young-Sam Cho at firstname.lastname@example.org, ;Craig Trudell at email@example.com, Ville Heiskanen, Will DaviesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Tesla's Elon Musk didn't invent electric cars, nor did Amazon's Jeff Bezos invent e-commerce. However, they found opportunities that others dismissed.
Walmart Inc has settled its lawsuit accusing Tesla Inc of negligence in installing solar panels atop hundreds of the retailer's stores and causing at least seven fires. Walmart had sued Tesla for breach of contract on Aug. 20 in a New York state court in Manhattan, seeking to have its solar panels removed from more than 240 stores. Walmart had no immediate additional comment.
Nov.05 -- Bloomberg asked 5,000 Model 3 owners about Tesla’s software for automated driving on highways and parking lots. More than 90% said the feature makes them safer. Bloomberg's Tom Randall has more on "Bloomberg Markets: The Close."