TSLA Sep 2021 160.000 put

OPR - OPR Delayed price. Currency in USD
24.00
0.00 (0.00%)
As of 1:06PM EST. Market open.
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Previous close24.00
Open24.00
Bid15.50
Ask25.00
Strike160.00
Expiry date2021-09-17
Day's range16.95 - 16.95
Contract rangeN/A
Volume1
Open interest7
  • 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.

  • 3 Must-Buy Stocks as Coronavirus Cases Spike
    Zacks

    3 Must-Buy Stocks as Coronavirus Cases Spike

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

  • Oilprice.com

    Why Are Tesla Cars So Popular?

    From their sleek futuristic design to the company’s out-of-this-world CEO, Teslas are more popular than ever, but what fueled their rise to glory?

  • Combating the coronavirus: Fashion designers, automakers and other companies make masks and medical supplies
    Yahoo Finance

    Combating the coronavirus: Fashion designers, automakers and other companies make masks and medical supplies

    Tesla, Louis Vuitton and other companies are re-directing their resources for COVID-19 relief measures.

  • Tesla to reduce on-site staff at Nevada gigafactory by 75%
    TechCrunch

    Tesla to reduce on-site staff at Nevada gigafactory by 75%

    Tesla is reducing the number of on-site workers at its Nevada gigafactory by 75% in response to the growing spread of COVID-19, according to an update from Storey County, where the massive plant is located. The information, which was first reported by Bloomberg, was part of a larger update on the Tahoe Reno Industrial Center and its response to COVID-19, a disease caused by the coronavirus. The privately owned 107,000-acre industrial park, known as TRIC, is home to the Tesla gigafactory, Google and Switch, as well as a Walmart distribution center and PetSmart.

  • Coronavirus: Car industry pivot to ventilators isn't the miracle solution to global shortfall
    Yahoo Finance UK

    Coronavirus: Car industry pivot to ventilators isn't the miracle solution to global shortfall

    With a wealth of 3-D printing capabilities and production power, governments have been reaching out to the car industry for support.

  • Tesla’s Nevada Gigafactory to Cut On-Site Staff by 75%
    Bloomberg

    Tesla’s Nevada Gigafactory to Cut On-Site Staff by 75%

    (Bloomberg) -- Tesla Inc.’s Nevada gigafactory is reducing on-site staff by 75% in the coming days to help slow the spread of the coronavirus, according to the county where the plant is located.Storey County said local companies regularly tell it about the measures they are taking to adhere to guidelines aimed at combating the outbreak. The gigafactory produces battery packs and electric motors with partner Panasonic Corp.Panasonic said its half of the factory has been idle since a few days after Nevada ordered the closing of non-essential businesses on or about March 17. Tesla representatives in China didn’t immediately respond to calls seeking comment.Two Tesla employees have tested positive for the coronavirus, according to an internal email this week, which didn’t specify which office they worked in. Last week, Chief Executive Officer Elon Musk capitulated to pressure from police and county health officials to suspend production at Tesla’s lone U.S. car-assembly plant in California.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 to slash on-site staff at Nevada factory by 75% due to virus - county manager
    Reuters

    Tesla to slash on-site staff at Nevada factory by 75% due to virus - county manager

    BEIJING/TOKYO (Reuters) - U.S. electric carmaker Tesla Inc plans to slash on-site staff at its Nevada battery plant by around 75% due to the coronavirus pandemic, the local county manager said on Thursday. The move comes after its Japanese battery partner Panasonic Corp said it would scale down operations at the Nevada factory this week before closing it for 14 days. The factory produces electric motors and battery packs for Tesla's popular Model 3 sedans.

  • Tesla to slash on-site staff at Nevada factory by 75% due to virus: county manager
    Reuters

    Tesla to slash on-site staff at Nevada factory by 75% due to virus: county manager

    BEIJING/TOKYO (Reuters) - U.S. electric carmaker Tesla Inc plans to slash on-site staff at its Nevada battery plant by around 75% due to the coronavirus pandemic, the local county manager said on Thursday. The move comes after its Japanese battery partner Panasonic Corp said it would scale down operations at the Nevada factory this week before closing it for 14 days. The factory produces electric motors and battery packs for Tesla's popular Model 3 sedans.

  • Tesla email reveals two employees have tested positive for COVID-19
    TechCrunch

    Tesla email reveals two employees have tested positive for COVID-19

    Two Tesla employees, who had been working at home for nearly two weeks, have tested positive for COVID-19, according to an internal email sent Thursday morning by the company's head of environmental, health, and safety department and viewed by TechCrunch . The employees were not symptomatic in the office, and both are quarantined at home and recovering well, according to the email from Tesla's EHS department head Laurie Shelby. Tesla could not be reached for comment.

  • Tesla Says Two Employees Tested Positive for Coronavirus
    Bloomberg

    Tesla Says Two Employees Tested Positive for Coronavirus

    (Bloomberg) -- Two Tesla Inc. employees have tested positive for the coronavirus, according to an internal email.The two staffers had been working from home for almost two weeks and were not symptomatic when they were in the office, according to the memo. Both are quarantined at home and recovering well, the company told employees.The email was sent out by Tesla’s environment, health and safety department and signed by Laurie. The head of the division is Laurie Shelby, a vice president. Tesla didn’t immediately respond to requests for comment on the memo, which doesn’t specify which office the employees worked in.Chief Executive Officer Elon Musk last week capitulated to pressure from police and county health officials to suspend production at Tesla’s lone U.S. assembly plant in California. The state has confirmed more than 3,100 coronavirus cases, trailing only New York and New Jersey.Tesla kept the factory open for several days despite shelter-in-place orders first made by San Francisco-area counties and then the governor. While the company said internally that its factory was an essential business, local officials publicly said otherwise.Musk, 48, has dramatically shifted his tone on a viral illness that became a global pandemic. After weeks of downplaying virality and death rates, calling panic over the virus “dumb” and repeatedly tweeting his view that overreaction would do more harm than the disease itself, he’s now pledged to make ventilators and posted about donating masks to hospital workers.(Updates with background 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.

  • Two Tesla employees test positive for coronavirus: company email
    Reuters

    Two Tesla employees test positive for coronavirus: company email

    Tesla's email, seen by Reuters, did not disclose in which unit or at what location the employees work but said the employees were quarantined and recovering well. Tesla said the employees' direct coworkers, who had also been working from home for nearly two weeks, had been immediately notified to quarantine at home and watch for symptoms. "I feel this is important to share with everyone at Tesla not to cause stress or panic but so you hear this information directly from Tesla," Laurie Shelby, head of Tesla's environmental and safety department, said in the email.

  • Detroit's near future based on SUVs, not EVs, production plans show
    Reuters

    Detroit's near future based on SUVs, not EVs, production plans show

    General Motors Co and Ford Motor Co have widely touted their commitment to emission-free electric cars, but their production plans show a growing reliance on ever-larger gas-powered vehicles. The two biggest U.S. automakers will make more than 5 million SUVs and pickup trucks in 2026, but only about 320,000 electric vehicles, according to detailed production plans for North America seen by Reuters.

  • Tesla CEO Elon Musk: New York gigafactory will reopen for ventilator production
    TechCrunch

    Tesla CEO Elon Musk: New York gigafactory will reopen for ventilator production

    Tesla CEO Elon Musk said Wednesday that the company's factory in Buffalo, New York will open "as soon as humanly possible" to produce ventilators that are in short supply due to the spread of the COVID-19 pandemic. COVID-19 attacks the lungs and can cause acute respiratory distress syndrome and pneumonia. There are about 160,000 ventilators in the United States and another 12,700 in the National Strategic Supply, the NYT reported.

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