TSLA Jul 2020 160.000 put

OPR - OPR Delayed price. Currency in USD
5.50
-0.60 (-9.84%)
At close: 12:59PM EDT
Stock chart is not supported by your current browser
Previous close6.10
Open4.60
Bid4.70
Ask6.15
Strike160.00
Expiry date2020-07-17
Day's range4.60 - 5.50
Contract rangeN/A
Volume2
Open interest184
  • Tesla cuts contractors from California, Nevada factories - CNBC
    Reuters

    Tesla cuts contractors from California, Nevada factories - CNBC

    The electric carmaker is axing contractors at both its vehicle assembly plant in Fremont, California, and at its Gigafactory outside of Reno, Nevada, according to the CNBC report https://cnb.cx/2UZf5EH. "It is with my deepest regret that I must inform you that the Tesla factory shutdown has been extended due to the COVID-19 pandemic, and as a result, Tesla has requested to end all contract assignments effective immediately," Balance Staffing, a workforce management company, said in a memo sighted by CNBC.

  • Tesla cuts contractors from California, Nevada factories: CNBC
    Reuters

    Tesla cuts contractors from California, Nevada factories: CNBC

    The electric carmaker is axing contractors at both its vehicle assembly plant in Fremont, California, and at its Gigafactory outside of Reno, Nevada, according to the CNBC report https://cnb.cx/2UZf5EH. "It is with my deepest regret that I must inform you that the Tesla factory shutdown has been extended due to the COVID-19 pandemic, and as a result, Tesla has requested to end all contract assignments effective immediately," Balance Staffing, a workforce management company, said in a memo sighted by CNBC.

  • Reuters - UK Focus

    US STOCKS-Wall Street falls as coronavirus cuts into U.S. payrolls

    Wall Street's main indexes fell on Friday as the coronavirus abruptly ended a record U.S. job growth streak of 113 months, leaving little doubt that the economy is in a recession. The survey considered data only until mid-March, before widespread U.S. lockdowns put more people out of work. While relatively flat volatility indexes suggested that investors getting used to market swings, Mike Turvey, TD Ameritrade's institutional senior trading strategist sees institutional investors taking a shorter term view with many still very cautious ahead of the weekend market close.

  • ETFs to Ride High on Tesla's Robust Q1 Delivery Numbers
    Zacks

    ETFs to Ride High on Tesla's Robust Q1 Delivery Numbers

    The solid deliveries data has put the spotlight on ETFs having substantial allocation to the luxury carmaker.

  • Tesla Vehicle Deliveries Beat Estimates, Spark Stock Rally
    Bloomberg

    Tesla Vehicle Deliveries Beat Estimates, Spark Stock Rally

    (Bloomberg) -- Tesla Inc. reported early-year deliveries fell less than expected from record levels reached late last year, sending shares climbing as much as 13%.Tesla handed over 88,400 vehicles worldwide in the first quarter, down 21% from the last three months of 2019. But the total, released Thursday, beat analysts’ average estimate for about 78,100. The carmaker’s stock traded up 10% to $500.03 as of 9:48 a.m. Friday in New York.“I’m shocked they did so well,” Gene Munster, managing partner of venture capital firm Loup Ventures, said by phone. “I don’t know how they did it. They had every excuse in the world to put out a bad number.”Musk, 48, tried to salvage as much business as possible last month by introducing “touchless” deliveries at a time when authorities around the globe are urging would-be car buyers to shelter in place. While Tesla managed to deliver more vehicles than the year-ago quarter, the improvement was small considering the company added a new product -- the Model Y -- and opened an assembly plant in China.Tesla didn’t give an update on whether it still expects to deliver at least 500,000 vehicles this year.Analysts anticipate Tesla will sustain a significant blow along with all other automakers from the spread of the viral illness known as Covid-19. With a global recession increasingly likely, consumers are expected to be less interested in making big-ticket purchases like new vehicles even once they’re able to leave their homes.Model YThe vehicles delivered in the quarter include the first Model Y crossovers that started reaching customers in mid March. Musk has predicted it will be a big seller, potentially eclipsing the combined volume of all other vehicles in Tesla’s lineup: the Model 3, S and X.Tesla didn’t say how many vehicles it built during the quarter at its plant near Shanghai, which started production late last year. While the company suspended output when measures to contain the coronavirus forced plant closures across China, government authorities bent over backward to help the company reopen quickly.“The production number was very good, especially with what was going on in China,” Ben Kallo, an analyst at Robert W. Baird, said of the 102,672 vehicles Tesla built in the quarter. He isn’t bothered by the company neglecting to update its 2020 forecast. “It shows they don’t have visibility in this environment. Saying nothing is better than saying something at this point.”‘Small Victory’Tesla’s lone U.S. assembly plant in Fremont, California, stopped production on March 23 after days of back-and-forth with city and county officials. San Francisco Bay area health authorities have since extended “stay-at-home” orders to at least May 3.Tesla delivered over 14,000 fewer cars than it produced in the quarter, meaning the automaker built inventory.Musk warned back in July -- long before the coronavirus outbreak -- that the first quarter of this year would be “tough.” Tesla’s vehicles are no longer eligible for federal tax credits in the U.S., and buyers also are getting less-generous support from the Netherlands, a market that contributed to record fourth-quarter deliveries.“I view it as a small victory during a dark time,” said Dan Ives, a Wedbush Securities analyst who rates Tesla a hold. “The devil is in the details and the big question is around 2Q cash burn given this unprecedented, treacherous environment.”(Updates with share trading early Friday from first paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Tesla Analysts Look Beyond Strong Deliveries to Advocate Caution
    Bloomberg

    Tesla Analysts Look Beyond Strong Deliveries to Advocate Caution

    (Bloomberg) -- Tesla Inc. shares soared in pre-market trading after the electric vehicle maker’s first-quarter delivery numbers impressed investors.Yet, even though the better-than-expected results suggested demand for Tesla cars remained strong, both bullish and bearish analysts warned that the company will not escape unscathed as the novel coronavirus pandemic brings demand for autos across the world to an abrupt halt.The company did not provide any update to its full-year delivery guidance, or on profitability or liquidity, something that the market had hoped to see amid the extreme uncertainties brought on by the Covid-19 crisis.“The company also did not break out any quantitative metrics around China or Model Y production and sales, which will likely disappoint both bulls, who see these as massive growth opportunities, and bears who are skeptical of demand in the other regions and demand for the Model 3,” Cowen analyst Jeffrey Osborne said.Tesla shares jumped 16% in pre-market trading to $528.Here’s a round-up of the analyst comments on the delivery figures.Bernstein, Toni Sacconaghi“Fist-quarter deliveries reaffirm strong market demand for Teslas.”“88,000 units was only 10,000 shy of our pre-Covid 19 forecast for the quarter, suggesting underlying demand was at least tracking in-line – and likely ahead – of our expectations, and grew 40% year over year, despite headwinds such as the expiration of U.S. and Dutch EV incentives.”“Tesla’s multiple is predicated on its growth profile, and strong first-quarter deliveries despite the shock of coronavirus – is clearly positive/reassuring.”Wedbush, Dan Ives“With the second half of March seeing a screeching halt in demand across the globe given the current pandemic, the big question for investors going forward is around the demand trajectory for 2Q/rest of the year and cash burn.”“It appears China production and demand are starting to rebound and should be a key growth driver over the coming quarters, although clear challenges remain in the months ahead as Tesla navigates this treacherous consumer landscape and spending environment abound.”“While cash burn will be heightened in the near term due to this anomalous global situation, we believe the longer-term trends remain very healthy and $20 of annual earnings power down the road is achievable.”Rates neutral, with a price target of $425.RBC, Joseph Spak“We don’t dismiss that Covid-19 and the ‘shutdown’ impacted Tesla deliveries, but we’ve heard some very low forecasts over the past week (in the 60,000 range) that have significantly, and in our view, unrealistically, lowered expectations.”“We hesitate to even really call this a ‘beat.”’Rates underperform.Cowen, Jeffrey Osborne“Deliveries came in better than our expectations, reflecting a stronger end of quarter push than our Covid-19 adjusted estimates, but production utilization was quite low in the quarter compared to stated capacity levels - even factoring in stated shutdowns.”“Free cash flow in first quarter likely not as bad as we feared, but second-quarter setup still looks rough, and we still expect a U-shaped recovery in 2H of 2020.”Rates underperform, price target $285.Needham, Rajvindra Gill“Despite the strong numbers, we remain cautious on Tesla’s deliveries for the remainder of 2020, as automotive demand has largely collapsed in North America and Europe due to the impact of Covid-19.”“It is unclear when the Fremont factory will be back online, significantly hampering Tesla’s production capacity.”“In the long-term, we continue to expect margin pressure from declining sales of higher-margin Model S & X vehicles, a lower mix within Model 3, and competitive pressures from other automakers as they launch their electric vehicles over the next few years.”Rates underperform.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Investing.com

    Stocks - Wall Street Selling Gains Steam

    By Geoffrey Smith

  • Tesla sees strong Model Y production, deliveries; shares rise
    Reuters

    Tesla sees strong Model Y production, deliveries; shares rise

    The company's solid deliveries despite the coronavirus outbreak in the United States sent its shares up about 15% in extended trading. The company's production and delivery was largely unaffected by the coronavirus outbreak in the first three months of the year, as Tesla only began to temporarily suspend production at its San Francisco Bay Area vehicle factory on March 24. Tesla on Thursday did not address the impact of the coronavirus pandemic.

  • 'Dear Elon': Ukraine takes up Tesla's ventilator offer via Twitter
    Reuters

    'Dear Elon': Ukraine takes up Tesla's ventilator offer via Twitter

    Ukraine has taken to Twitter to ask Elon Musk to send it ventilators after the billionaire chief executive of Tesla Inc offered to ship them across the world during the coronavirus pandemic. Musk said this week he was ready to send the life-saving machines wherever his company delivers, free of charge. "Dear Elon, Ukraine is the second largest country in Europe with population nearly 40 mln citizens," Kiev's embassy in Washington wrote on Twitter late on Wednesday.

  • Bloomberg

    Tesla’s Model Y Gets High Marks From a Critic Musk Respects

    (Bloomberg) -- Tesla Inc.’s new Model Y has what people have come to expect from Elon Musk’s cars: It’s lightning quick, handles nicely and has better electronic gadgetry than its competitors.Unlike past Tesla offerings, early versions are rolling off the assembly line looking more like you’d expect from a company with a handle on the finer points of car building, according to Sandy Munro. The manufacturing consultant who’s been tearing cars apart piece-by-piece for three decades offered his initial impressions before digging into the Model Y that his shop took delivery of this week.“I don’t have much negative to say,” Munro said in an interview. “It’s much better than the Model 3 when we got it. We found problems, but the average car buyer won’t even see these things.”Tesla shares rose 1.3% as of 8:30 a.m. Thursday in New York, before the start of regular trading.Munro and his eponymous firm have been well known for years among Detroit’s automotive engineers for their in-depth analysis of hundreds of cars from virtually every manufacturer. He gained wider notoriety by tearing down the Model 3 -- Musk’s first attempt at a mass-manufactured car -- two years ago.In April 2018, Munro offered a mixed review of an early-build Model 3, praising Tesla’s technology while also calling out some serious manufacturing flaws. After a few more months of close consideration, his firm found potential for Musk to make the sedan profitably.Musk, who’s not always one to roll with the punches from critics, praised Munro’s engineering prowess in January.Walking around his firm’s recently purchased Model Y, Munro used a small measuring stick to find inconsistent gaps between body panels and the hood of the vehicle. He found similar spaces between the tail lights and rear body parts.But he gives the five-passenger Model Y high marks for its cavernous cargo space. The crossover is only a touch longer than the BMW X3 but much roomier with the rear seats folded down.Tesla also is clearly benefiting from a powertrain edge. Munro said two years ago that the Model 3’s battery pack and electric motors were the best he’d seen. The Model Y boasts 316 miles of range between charges, beating Audi’s e-tron by 112 miles and Jaguar’s I-Pace by 82 miles.Tesla’s crossover starts at $52,990, undercutting the base versions of Jaguar’s model by almost $17,000 and Audi’s by nearly $22,000.“It will sell,” Munro said of the Model Y. “Tesla buyers will overlook everything and other buyers won’t see what we see.”(Updates with shares in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    China Weighs Cuts to Electric-Car Subsidies It Just Extended

    (Bloomberg) -- China, the biggest market for electric cars, is considering a reduction in rebates given to buyers and limits on the models that qualify even as it commits to extending the costly subsidy program for another two years.The country’s state council said Tuesday it would extend rebates on electric vehicles until 2022 to support the industry as the coronavirus pandemic hobbles demand. But various government bodies are in discussions over reducing the incentives by 10% later in 2020, according to people familiar with the matter. They’re also in talks to narrow the universe of cars that qualify for the discounts, the people said, asking not to be identified because the deliberations are private.A reduction in subsidies could temper benefits for the likes of Tesla Inc. and Volkswagen AG, which are counting on the world’s biggest auto market to buoy sales. Electric-car manufacturers are already facing a host of challenges, from the global pandemic to the plunge in oil prices, which makes internal-combustion vehicles cheaper to drive.The subsidy plans show the balancing act China’s government is facing as it works to bring the economy back from the debilitating blow the coronavirus delivered early this year. With manufacturing sliding the most on record in February, industries are clamoring for state support.In its bid to become a leader in new-energy vehicles, China has maintained a significant subsidy program for over a decade and was in the process of rolling some of the support back to allow the industry to become more independent when the virus hit.NIO shares fell 4.7% in New York Wednesday.China’s auto industry has been hit particularly hard in the wake of the coronavirus, with weekly car sales at one point plummeting 96%. Now it’s Europe and the U.S.’s turn. Manufacturers across both regions have shuttered factories after governments imposed restrictions to stem the spread of the virus.New-vehicle registrations in France and Spain plunged by more than two-thirds in March from a year earlier, figures released Wednesday show. Several brands in the U.S. reported more than 40% declines for the month.Industry SlumpChina began subsidizing EV purchases in 2009 to promote the industry but has been gradually reducing handouts in the past few years to encourage automakers to compete on their own. The government had planned to phase them out completely at end of this year.But cutbacks that took effect last summer triggered the first downturn in the country’s EV industry, and the pandemic has only worsened the slump.The government bodies involved in the talks -- the Ministry of Finance, Ministry of Industry and Information Technology and the National Development and Reform Commission -- didn’t immediately respond to requests for comment or referred queries elsewhere.China PlantChina is a centerpiece of Tesla Chief Executive Officer Elon Musk’s automotive ambitions. The company began delivering China-built Model 3s to local consumers in January. Constructing the plant near Shanghai was key to unlocking a greater share of the market by qualifying its cars for subsidies and more favorable tax treatment.While Tesla’s registrations have been slow out of the gate, much of the weakness can probably by chalked up to seasonality and the impact the virus has had on the whole industry.General Motors Co. also has high hopes -- and a lot of cash -- riding on China’s EV market. The automaker announced early last month that it’s investing $20 billion into electric and self-driving vehicles by 2025. Some of its battery-powered models already are hitting showrooms in China ahead of the U.S., where federal incentives for its plug-in cars are shrinking.President Donald Trump also just completed a three-year effort to ease fuel-efficiency rules, which will make it easier for companies like GM to meet environmental standards that the Obama administration envisioned giving EVs a boost.VW Electric PushChina is a critical market for German auto giants VW, Daimler AG and BMW AG in terms of profits and sales. VW, the world’s top-selling automaker, is gearing its global electric-car push this year by starting production of purely battery-powered cars at two new factories in China.Daimler, the maker of Mercedes-Benz luxury cars, has introduced the EQC electric SUV and plans to expand its lineup of purely battery-powered vehicles to at least 10 in coming years with China being one of the key markets.The company has also folded its Smart city-car brand into a joint venture with its largest shareholder Geely, which will be based in China and make zero-emission subcompact cars for global markets.(Updates with NIO shares in the sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Coronavirus pandemic ruins outlook for a world of electric and autonomous cars
    Yahoo Finance

    Coronavirus pandemic ruins outlook for a world of electric and autonomous cars

    So much for that world where every car was electric.

  • Coronavirus pandemic will be a problem for the auto industry for a while: former Ford CEO
    Yahoo Finance

    Coronavirus pandemic will be a problem for the auto industry for a while: former Ford CEO

    The auto industry is reeling amid the coronavirus. TPG Global senior advisors and former Ford CEO Mark Fields chats with Yahoo Finance.

  • 3 Must-Buy Stocks as Coronavirus Cases Spike (Revised)
    Zacks

    3 Must-Buy Stocks as Coronavirus Cases Spike (Revised)

    COVID-19 has increased the demand for ventilators and personal protective equipment, which can aid these three companies at large.

  • Tesla’s Lost End-of-Quarter Push Does Number on Deliveries
    Bloomberg

    Tesla’s Lost End-of-Quarter Push Does Number on Deliveries

    (Bloomberg) -- Tesla Inc. tends to pull out all the stops at the end of each quarter, with Chief Executive Officer Elon Musk often rallying the troops to deliver as many vehicles as possible to customers.This approach probably didn’t work well for Tesla in March, with shelter-in-place orders and distancing guidelines around the globe limiting how many vehicles the company could hand over. While Musk tried to salvage the quarter by introducing a “touchless” delivery option in select locations, the coronavirus pandemic is expected to have done a number on demand for all automakers.Analysts on average estimate Tesla delivered roughly 78,100 cars worldwide last quarter -- the first to include hand-overs of the new Model Y crossover. While that would be a jump from a disappointing result a year ago, it also would mark a more than 30% drop from the record deliveries Tesla reported for the last three months of 2019.“Tesla typically delivers a disproportionate share of its quarter’s units in the last two weeks of the quarter,” Adam Jonas, an analyst at Morgan Stanley, wrote in a report Monday. “Given the disruption to production and logistics bandwidth, we would be prepared for a weak number.”Jonas, whose projection for 88,000 deliveries is the highest among eight analysts surveyed by Bloomberg News, warned that risk to his estimate is “skewed to the downside.” He expects investors to turn their attention in the coming days to how demand shapes up in the second quarter, the amount of cash Tesla starts burning and the battery day event Musk has said will happen sometime in April.Tesla shares fell as much as 5.2% before the start of regular trading Wednesday.Seasonal SoftnessMusk warned back in July -- long before the coronavirus outbreak -- that the first quarter of this year would be “tough.” Chief Financial Officer Zachary Kirkhorn echoed this during Tesla’s last earnings call in late January, noting that the auto industry is “always impacted by seasonality.”While Tesla issued a forecast in January for 2020 deliveries to comfortably exceed 500,000, the company was “in the the early stages of understanding if and to what extent we may be temporarily impacted by the coronavirus,” Kirkhorn said.The impact the virus has had on the industry has been far more severe and widespread than many were expecting then. Business activity in much of the U.S. and Europe has virtually ground to a halt, and Tesla’s factory in Fremont, California, suspended production on March 23. Countless would-be car buyers are staying home, unemployment is rising and consumer confidence is plummeting.Tesla issued an “operational update” on March 19 to announce the plant shutdown and the touchless delivery offering, in which customers can unlock their new car using an app and complete any paperwork sitting inside. Other automakers are promoting similar services, though Tesla may have an advantage by having embraced an online sales model.While the company didn’t comment on its guidance for 2020 deliveries in that update, it did say the $2.3 billion raised in a February equity offering left it with a sum of cash that will be “sufficient to successfully navigate an extended period of uncertainty.”Model YTesla did still deliver some cars as the quarter came to a close, even to areas hit hard by the virus. Howard Feinstein, who lives in a rural community outside Seattle, took delivery of his $69,200 Model Y Performance on March 28. Two Tesla employees dropped off the vehicle directly to his house.“Tesla went out of their way to make sure that we didn’t have any contact,” Feinstein said in a phone interview. “We went over the plan by phone prior to their arrival, and the employees always stood more than 10 feet away from me.”Tesla is far from alone in idling production in the U.S., and the company now has a second plant, near Shanghai, that restarted assembly lines with the help of government authorities in China. The carmaker typically doesn’t give a breakdown in its deliveries reports of results by country or region.“Given that China was shut down in February and probably slow in March, plus the U.S. froze in March, I’m expecting horrible numbers from everyone,” David Whiston, a Morningstar Inc. analyst, said in an email. “China and the U.S. were 64% of Tesla’s revenue last year for the full year, so a collapse there will be painful.”Tesla shares, which closed up as much as 112% for the year in mid-February, briefly gave up all 2020 gains when equity markets reached a low point midway through the month. The stock was back up 25% as of Tuesday’s close.“We think impacts of current production downtime are beginning to be incorporated into estimates, but are monitoring longer-term virus ramifications, including the potential for a global recession,” Ben Kallo, a Robert W. Baird & Co. analyst, wrote in a report Tuesday. “We think a longer-term economic downturn could adversely impact demand for several quarters, which could be an overhang on shares.”(Updates average estimate in third paragraph to include additional analyst projections)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    How Tesla Fought to Keep Its Plant Open in a Locked-Down City

    (Bloomberg) -- Tesla Inc.’s lone U.S. assembly plant posed a risk to public health by staying open for days in spite of San Francisco Bay area shelter-in-place orders, according to documents obtained through a California public records request.Officials with the city of Fremont, California, told Tesla in a series of conversations over several days that its factory was not considered an essential business, and that it therefore needed to comply with an Alameda County order issued March 16. The electric-car maker announced March 19 that it would suspend production four days later.The documents provide a more detailed glimpse of what was a contentious days-long debate between local authorities and Tesla, which sought to stay open based on how the federal government defines critical infrastructure sectors. Fremont’s police chief, the deputy city manager, the county’s health officer and its assistant counsel were among the officials who got involved in the dispute before Tesla backed down.Representatives for Tesla didn’t respond to a request for comment on the documents.The Bay area was the first region in the U.S. to enact shelter-in-place orders, a massive effort impacting more than 7 million people. Since then, the coronavirus has wreaked havoc on communities across the country and put immense strain on the global economy. Alameda County had 294 confirmed cases of Covid-19 -- the disease caused by the coronavirus -- as of Tuesday, according to the health department. Seven have died.Virtual MeetingHours before Tesla announced plans to suspend production, Kimberly Petersen, Fremont’s police chief, and other city officials held a virtual meeting on March 19 to follow up on a determination reached the day before: the company had to cease all activities except for minimum basic operations.In a March 21 letter to Tesla, she recounted the city’s efforts to seek clarification as to whether the carmaker was an essential business by consulting with Scott Dickey, the assistant counsel for the county. Dickey relayed a determination from Erica Pan, Alameda County’s health officer.“Mr. Dickey informed city staff that Dr. Pan does not consider Tesla to be an essential business, but rather, considers Tesla’s manufacturing plant to be a public health risk,” Petersen wrote in the letter.Tesla’s plant employs roughly 10,000 people, but many workers commute from elsewhere, including California’s Central Valley. The company told employees last week that two staffers at unspecified offices were confirmed to have Covid-19.A Nevada television station reported Sunday that a Tesla worker at its battery factory near Reno had tested positive, citing an email that cell supplier Panasonic Corp. sent to employees. Tesla had more than 48,000 employees worldwide at the end of 2019.‘Staged Shutdown’When Tesla representatives including Rohan Patel, a senior director of policy and business development who used to work in the Obama administration, met Fremont officials on March 19, they said the company intended to comply with the order, though it needed to conduct a “staged shutdown” of the plant.The two sides agreed that all vehicle manufacturing would cease on March 23. Employees who remained on site would complete work at the end of assembly lines to protect the value of vehicles and batteries, while others would perform basic operations such as security, maintenance and cleaning, all while following social-distancing requirements.“You explicitly agreed to that understanding,” the police chief later wrote. “If you were to transition to manufacturing ventilators, or other equipment intended to aid in the fight against Covid-19, these activities would be permitted.”Tesla Chief Executive Officer Elon Musk tweeted March 18, the day before the meeting with Fremont officials, that the company would make ventilators “if there is a shortage.” The carmaker has since held discussions with Medtronic Plc, a leading ventilator maker based in Dublin, Ireland, but there’s no indication yet that Tesla will play a role in manufacturing the medical devices.The Right ThingDuring another virtual meeting on Sunday, March 22, Tesla briefly reversed its decision to close its plant. Alan Prescott, Tesla’s acting general counsel, argued the county’s health order had been superseded by a new statewide order issued by California Governor Gavin Newsom. The order included an exception for “critical infrastructure sectors,” a category Tesla claimed included its plant and thus meant the company could continue conducting full operations.After Petersen, the police chief, told Tesla during the meeting that the city was rejecting that argument, Prescott said the company would wind down operations because it was “the right thing to do.”A tweet Musk sent two days earlier suggested Tesla didn’t have a choice -- the factory couldn’t stay open because Tesla’s parts suppliers weren’t going to keep running their plants, he wrote.Petersen told Tesla she would like to schedule an inspection of the company’s facilities on March 24 to ensure compliance.“In closing, I would like to reiterate that the city of Fremont highly values Tesla as a partner and appreciates what you do for our economy and community,” Petersen wrote in one of her emails to the company. “We are extremely grateful for your willingness to collaborate in our fight against the spread of Covid-19 by placing public health ahead of all other priorities.”(Updates the number of Alameda County coronavirus cases in the fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • The Zacks Analyst Blog Highlights: Alphabet, Procter & Gamble, Philip Morris, Novo Nordisk and Tesla
    Zacks

    The Zacks Analyst Blog Highlights: Alphabet, Procter & Gamble, Philip Morris, Novo Nordisk and Tesla

    The Zacks Analyst Blog Highlights: Alphabet, Procter & Gamble, Philip Morris, Novo Nordisk and Tesla

  • The Zacks Analyst Blog Highlights: General Motors, Tesla, Cardinal Health, ResMed and Medtronic
    Zacks

    The Zacks Analyst Blog Highlights: General Motors, Tesla, Cardinal Health, ResMed and Medtronic

    The Zacks Analyst Blog Highlights: General Motors, Tesla, Cardinal Health, ResMed and Medtronic

  • Tesla plans to supply FDA-approved ventilators free of cost: Musk
    Reuters

    Tesla plans to supply FDA-approved ventilators free of cost: Musk

    Tesla did not immediately respond to a request for comment on how many ventilators it has to offer, or how the company will prioritize requests. Governments across the globe have appealed to automakers and aerospace companies help procure or make ventilators and other medical equipment amid a fast-spreading coronavirus outbreak, which has infected more than 777,000 people globally and killed over 37,500. In United States, states hard hit by the pandemic have pleaded with the Trump administration and manufacturers to speed up production of ventilators to cope with a surge in patients.

  • Tesla plans to supply FDA-approved ventilators free of cost - Musk
    Reuters

    Tesla plans to supply FDA-approved ventilators free of cost - Musk

    Tesla did not immediately respond to a request for comment on how many ventilators it has to offer, or how the company will prioritise requests. Governments across the globe have appealed to automakers and aerospace companies help procure or make ventilators and other medical equipment amid a fast-spreading coronavirus outbreak, which has infected more than 777,000 people globally and killed over 37,500. In United States, states hard hit by the pandemic have pleaded with the Trump administration and manufacturers to speed up production of ventilators to cope with a surge in patients.

  • Bloomberg

    PayPal Co-Founder Chides Virus Skeptics, Hopes Musk Makes Good

    (Bloomberg) -- A fellow co-founder of PayPal Holdings Inc. said Elon Musk and others probably regret comments they made dismissing the seriousness of the novel coronavirus, adding that he’s hopeful the billionaire will now help in the relief effort.“Everyone who has made fun of this thing as a tougher flu or a silly problem that is going to go away with the first ray of sunshine is probably slightly embarrassed by those comments,” Max Levchin, who at 23 co-founded a company that would eventually become PayPal, said Monday on Bloomberg Television. “That excludes no one.”Musk, who now runs Tesla Inc. and SpaceX, initially downplayed the virality of the coronavirus and fatality rates related to Covid-19. He called panic over the illness “dumb” and predicted that overreaction would do more harm than the disease itself before starting to help by donating masks to hospital workers and buying ventilators.Musk has told his Twitter followers that Tesla can be most helpful by purchasing ventilators and helping deliver them more efficiently. While he tweeted that he had an engineering discussion with ventilator maker Medtronic Plc on March 21, it’s unclear whether Tesla or Space Exploration Technologies Corp. will play a role in manufacturing the desperately needed medical devices.“You do have this spirit of Silicon Valley, that when given direction or given a good idea, we know how to mobilize and inspire and go through walls and build something,” Levchin, who’s now chief executive officer of fintech company Affirm Inc., said on Bloomberg TV. “And so in that sense, I think if Elon is committing to build ventilators, by god he’s going to build a lot of ventilators, and they’re probably going to be quite good.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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