243.20 -0.29 (-0.12%)
After hours: 7:59PM EDT
|Bid||243.10 x 3200|
|Ask||243.49 x 1800|
|Day's range||242.38 - 248.17|
|52-week range||176.99 - 379.49|
|Beta (3Y monthly)||0.33|
|PE ratio (TTM)||N/A|
|Earnings date||22 Oct 2019 - 28 Oct 2019|
|Forward dividend & yield||N/A (N/A)|
|1y target est||252.92|
Tesla wants to steal Porsche's bragging rights by testing its Model S on the northern loop of Germany's Nuerburgring circuit, using a marketing tool that German carmakers have long used to tout the superiority of their products. Germany’s Auto Motor und Sport this week published photographs of a Tesla with "100D+" markings on the track where according to the magazine, it clocked an unofficial time of 7 minutes and 23 seconds, beating the recently launched electric Porsche Taycan's lap time of 7 minutes 42 seconds.
The We Company has pulled the plug on WeWork’s IPO. Are prospective investors worried that Adam Neumann will end up being another Elon Musk?
Tesla (TSLA) stock has tanked over 26% year-to-date as of September 17. Let's look at some catalysts that could help it make a turnaround.
Automaker stocks have seen mixed performances in September. While Ford, General Motors, Tesla, and Fiat Chrysler have risen, Ferrari has declined.
(Bloomberg) -- WeWork has an ambition to copy Netflix in one regard: sell junk bonds -- lots of them -- to fund its expansive growth plans.Netflix Inc., and a small group of other unprofitable companies such as Uber Technologies Inc., have managed to become darlings of the high-yield market even though they’re burning through cash.But for now, bond investors are signaling to WeWork that coming back to the high-yield credit market would be costly. And that could present a major challenge to the office-sharing company’s expansion hopes now that its initial public offering is on hold until at least October.The market’s verdict was delivered Tuesday morning when WeWork’s bonds sunk the most on record. Yields shot up to 8.5%. That’s around a percentage point more than a comparable offering from even lower-rated Tesla Inc.The IPO delay has left investors guessing where WeWork might turn for much-needed cash, short of another injection from backer Softbank Group Corp. WeWork was seeking to raise more than $3 billion in the IPO, and has another $6 billion in credit financing lined up if the offering was successful.But in the face of widespread concern over its financial model, the company’s valuation has plummeted, to $15 billion or less. That will make any new debt taken on by WeWork all that more riskier, said Arnold Kakuda, a senior credit analyst at Bloomberg Intelligence.“If they continue to grow, they’re going to need more and more financing,” Kakuda said. “There’s risk if this market capitalization is so low and yet they have so much debt.”WeWork’s $669 million of junk-rated bonds due in 2025 dropped as much as 7.3 cents on the dollar to 95.5 cents Tuesday in New York, according to the Trace bond-price reporting system. They’ve since pared back some of those losses to trade around 97 cents on the dollar.Riskier CreditAt current levels, the market prices WeWork’s debt between the B and CCC ratings tiers. Both Fitch Ratings and S&P Global Ratings give the debt B range grades. Compared to Netflix, which is rated a tier higher, with the third-highest junk grade from ratings companies, it’s a riskier credit.The potential problem for WeWork is that companies with riskier credit ratings -- or those that trade in line with them -- can have trouble maintaining regular access to the credit markets. In times of turbulence, investors typically cut those companies off first. Less than 10% of new junk bonds this year have been sold by CCC rated companies. (Uber has found success selling bonds that carry a CCC+ grade from S&P.)Read more from Bloomberg Intelligence: WeWork: Potential Early Redemption For BondsVicki Bryan, chief executive officer of Bond Angle, a high-yield credit research company, said in a report Tuesday that she could still see WeWork issuing more junk bonds, given how hungry investors are for yield in a world with $13.8 trillion of debt with negative interest rates. But she’s skeptical that the debt would be a good buy.“Just because the company needs fresh cash, pronto, doesn’t mean it’s a good idea for investors to oblige,” Bryan wrote. “Upside potential is limited at best versus downside risk.”She recommended selling the bonds at their Monday level of about 102.8 cents on the dollar, saying the bonds could plunge 10 to 15 cents if the company falters further.If the IPO fails, WeWork’s best back-up plan to keep growing might be more cash from Softbank Group, Kakuda said. The Japanese telecom giant made its last investment in WeWork, renamed We Co., at a valuation of $47 billion and the company and its affiliates hold about 29% of WeWork stock.WeWork has said it could become profitable faster if it slows its expansion plans. But it’s clear the company badly needs cash. S&P Global Ratings has estimated that the company will add 725,000 new desks next year at a cost of about $4.5 billion -- and will likely need to raise cash to fund its 2020 goals.To contact the reporter on this story: Claire Boston in New York at email@example.comTo contact the editors responsible for this story: Nikolaj Gammeltoft at firstname.lastname@example.org, Larry Reibstein, Dan WilchinsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Apple-backed DiDi Chuxing has received a license to operate a fleet of self-driving cars on a pilot basis in part of the Jiading district in Shanghai.
Tesla (TSLA) has received outsized attention compared to other businesses of its size. In this article, we’ll explore what makes Tesla such a polarizing company.
Tesla (TSLA) is one step closer to producing China-made Tesla Model 3s through its China Gigafactory, also known as its Gigafactory 3.
Tesla (TSLA) seems to have realized how important service centers and customer experience are to its sales, especially in the wake of service issues.
(Bloomberg) -- Marco Krapels left Tesla Inc. and started a battery company in a place that’s a hemisphere away from California’s rarefied clean-energy scene: Brazil.Krapels, Tesla’s former vice president for international expansion of solar and storage, now runs Sao Paulo-based MicroPower-Comerc. The company, backed by Siemens AG, is pushing to use big mobile batteries to wean Latin America’s largest economy off oil-fired generators during blackouts.It won’t be easy. Brazil offers almost no government subsidies for renewable energy and imposes stiff import taxes. The nation’s market for big batteries, meanwhile, is hardly existent. Nonetheless, Krapels sees opportunity in a place with an occasionally unstable power grid and a robust market for wind and solar.“This is not for the faint of heart, but I think there’s an advantage on being the first to move into a market,” Krapels said by phone.Much of Brazil’s power sector is already carbon-free, with about two-thirds of electricity coming from hydropower. Developers have also aggressively developed wind farms in recent years, including in the breeze-rich region of Serra Branca. But businesses regularly turn to diesel generators during blackouts that are endemic in some areas.Krapels began exploring the potential for batteries in Brazil when he worked for SolarCity, which Tesla acquired in 2016. He wanted a large market with an unreliable power system and no significant government subsidies, which force companies to depend on political cycles. Brazil checked all those boxes.MicroPower, founded last year, offers to deliver on-site lithium-ion storage systems to big-box stores, hotels and other large commercial and industrial customers to use instead of diesel when lights go dark. The systems, which MicroPower owns and maintains, also allow customers to save money by storing up electricity at night when it’s cheap, then using it during the day when prices spike. The company has installed pilot systems at a Coca-Cola bottling plant and a McDonald’s restaurant.Comerc Energia, a Sao Paulo-based energy trading and management company, took an undisclosed stake in the company about 18 months ago. In July, Siemens’s investment arm took a 20% stake.One of MicroPower’s primary challenges is navigating Brazil’s complex tax and regulatory structure. The company doesn’t manufacture its systems, and Brazil’s import taxes tack on about 65% to its battery costs. To get around that issue, MicroPower is exploring buying battery components abroad and assembling them in Brazil, said Peter Conklin, a former SunEdison Inc. executive who co-founded MicroPower and is its chief operating officer.BloombergNEF expects cumulative global battery storage capacity to soar from 29.4 gigawatt-hours this year to 710.6 gigawatt-hours in 2029. The amount of storage in Brazil, however, is negligible, according to BNEF. While investors have begun to take interest in the market, storage companies have not gained much traction.“Intuitively it sounds quite attractive to combine resiliency with economic advantage within the commercial and industrial segment,” BNEF analyst Logan Goldie-Scot said. “But in practice that’s been quite hard to get off the ground.”To contact the reporter on this story: Laura Millan Lombrana in Santiago at email@example.comTo contact the editors responsible for this story: Luzi Ann Javier at firstname.lastname@example.org, Joe Ryan, Pratish NarayananFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
While near-term headwinds in the form of high expenses and drab sales outlook remain, Honda's (HMC) initiatives look promising enough to bolster long-term prospects.
In the electric pickup truck market, legacy automakers Ford and GM are set to take on established electric vehicle maker Tesla and startups such as Rivian.
Jim Chanos, the founder and president of Kynikos Associates, is a long-time short-seller of Tesla stock. Tesla stock has fallen 17.5% in the last year.
(Bloomberg) -- First there was derision. Then mockery turned into admiration. Now a battle is unfolding between two of the most revered names in the automobile world, Porsche and Tesla Inc. on one of the world’s most challenging race tracks.The two automakers are vying for electric vehicle bragging rights on Germany’s Nürburgring, a circuit with 73 tight turns (Silverstone in the U.K. has 18), changing elevations and a brutal length of more than 20 kilometers (12.4 miles) winding through a leafy forest, earning it the nickname “Green Hell.”It’s here that Porsche’s new Taycan Turbo S set the record as the fastest four-door electric car last month, clocking in at 7 minutes and 42 seconds. The feat wasn’t lost on a rival sitting thousands of miles away in California: Tesla’s CEO Elon Musk. Always one to relish a good fight, Musk picked up the gauntlet and has dispatched a Model S to the German hinterland to reclaim the bragging rights as king of the electric sedan.“We welcome competition, it helps you to get better step by step. But of course you always have to compare apples with apples,” Porsche AG Chief Executive Officer Oliver Blume told Bloomberg Friday on the sidelines of a panel discussion near the Frankfurt auto show.The epic battle between incumbent and upstart has been infused with social-media feeds that have energized die-hard fans on either side of the Atlantic. Adding to the frenzy is former Formula One racing champion Nico Rosberg, who chimed in on Twitter offering to pilot the Tesla. Musk happily accepted in a tweeted reply, but it’s unclear who actually will be behind the wheel.Porsche’s Blume said Tesla had selected another driver “who knows the Nürburgring well,” but he declined to provide a name.Musk has a lot riding on the challenge. After Porsche unveiled the Taycan Turbo and Turbo S as its first electric cars last week, he teased the brand for its nomenclature -- a turbocharger is only found in a combustion engine. Following the initial ribbing, he found more charitable words in a later tweet, acknowledging the Taycan “does seem like a good car” and its Nürburgring track time “is great.”Blume said Friday the respect is mutual, but was careful to note the Taycan’s record was achieved with a normal series production car that came straight from the assembly line and can be purchased by customers. Tesla, by contrast, has already been working for about two weeks near the track to modify a Model S for racing purposes to achieve the fastest-possible time, the Porsche CEO said.While a series version Model S wouldn’t be able to beat the Taycan’s lap time, a modified race version with tweaked suspension and brakes “could go in that direction,” Blume said. “We have a lot of respect for Tesla. They have achieved a lot and Elon Musk built this company from scratch.”The stakes are also high for Volkswagen AG‘s luxury sports car unit, which has watched Tesla turn itself into a veritable alternative for customers seeking a high-performance car but with an electric powertrain, an open flank that the Stuttgart-based manufacturer now hopes to protect with the Taycan.Musk posted on Sept. 6 that a Model S would make an appearance at the track “next week.” Indeed, a modified Model S has been spotted testing on the Nürburgring Nordschleife, according to Car and Driver, which appeared to show the car on the track as part of a general driving session open to others. The model sported flared fenders and an enlarged opening at the front, probably for extra cooling.When exactly the car might attempt to break the Taycan’s record remains shrouded in mystery. Tesla didn’t respond to a request for comment on its plans. A spokesman for the Nürburgring said Tesla has not officially booked exclusive time with the track.The Tesla-Porsche competition may be a marketing spectacle, but one that nevertheless helps to draw attention to electric vehicles, said Gene Munster, a managing partner at venture capital firm Loup Ventures and longtime Tesla bull. Munster predicted Tesla would race a souped-up version of the Model S at Nürburgring, and that it will beat Porsche’s Taycan record.“Elon wouldn’t take it to the track if they didn’t think they would win,” Munster said in a phone interview. “He’s fiercely competitive, and he loves sticking it to traditional automakers. It’s his hobby. He feels confident.”Tesla tweeted on Sept. 11 that a Model S with a new “Plaid” powertrain beat the record for the fastest four-door sedan at Laguna Seca, a race track near Monterey, California, though the time wasn’t achieved during a competitive event and hasn’t been endorsed by the raceway.Pushing the round below 10 minutes is the ambition of all Nürburgring daredevils. The track is open to both professional and amateur drivers, and the fastest time with a street-legal sports car was 6 minutes and 44 seconds, performed in a Porsche GT2 RS MR on Oct. 25 last year, according to the circuit’s website. That’s an average speed of 185 kilometers an hour for the 20.8 kilometer stretch.(Updates with comments from Porsche CEO in second paragraph)\--With assistance from Hayley Warren and Oliver Sachgau.To contact the reporters on this story: Elisabeth Behrmann in Frankfurt at email@example.com;Dana Hull in San Francisco at firstname.lastname@example.org;Christoph Rauwald in Frankfurt at email@example.comTo contact the editors responsible for this story: Anthony Palazzo at firstname.lastname@example.org, Benedikt Kammel, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Tesla (TSLA) has maintained an edge over its competition, highlighted by its robust range. Depending on the model, Tesla EVs offer ranges of 240–370 miles.
(Bloomberg Opinion) -- T. Boone Pickens, the legendary American oil entrepreneur who died this week at 91, was known for his aggressive corporate plays in the 1980s and the oil and gas investing strategies that earned (and sometimes lost) him billions since the 1990s. He also had a vision for America’s energy future. His 2008 Pickens Plan thoughtfully delineated which resources needed to flow, and where, to make the U.S. energy-independent.Last week, as it happened, I was at Pickens’s Mesa Vista Ranch to talk to investors and industry executives about how fast the energy system is changing, thanks to new technology — some of it envisioned by Pickens, and some not. Reflecting now on Pickens and his plan, I’m struck, first, by his boldness in imagining a changed energy future and, second, by how quickly things shifted in ways even such a visionary could not foresee.At almost the exact moment the Pickens Plan debuted, oil prices hit their all-time peak of $147 a barrel. They’re now hovering about $90 a barrel lower.As Pickens mentioned in his whiteboard presentation, the U.S. was then importing most of the oil it consumed. U.S. production amounted to a little over 5 million barrels a day. Since then, thanks to the hydraulic fracturing revolution, oil production has more than doubled.And natural gas production has risen almost 60%.In 2008, as Pickens noted, half of America’s electricity supply came from coal, a share that has since fallen to 27%. In the Pickens Plan, wind and nuclear power were expected to displace gas-fired power, so that gas could be shifted into transportation. Solar energy and electric vehicles were not even mentioned. Now, both natural gas and wind have become alternatives to coal, while the biggest disruption for oil has been new technology in the oil business itself.Pickens got the wind industry wrong, by his own rather salty admission. But, that’s not a criticism of his plan. (As he pointed out, he wasn’t really wrong, just early.) It’s a testament to the man’s forward thinking that he could see natural gas as an alternative to oil, and wind as a major source of power. A new research paper from the World Economic Forum has an elegant framework for thinking about such energy transitions: They differ according to whether you consider the big picture of global supply and demand, or the change that happens at the margins of both. The authors describe these two narratives as “gradual” and “rapid.”The gradual narrative, the authors say,… is that the energy world of tomorrow will look roughly the same as that of today. Gradual scenarios extrapolate current patterns of policy, industry, consumption and investment, thus supporting planned carbon-intensive investment decisions and implying that the global energy system has an inertia incompatible with the Paris Agreement.The rapid narrative, on the other hand,… is that new energy technologies are rapidly supplying all the growth in energy demand, leading to peak fossil fuel demand in the course of the 2020s. Rapid scenarios suggest that current technologies and new policies will reshape markets, business models and patterns of consumption, challenging planned carbon-intensive investment and leading to a low-carbon global economy while creating considerable economic and social benefits.The difference is explained by the fact that total global energy supply is immense and grows only about 1 to 2% per year. In 2017, total primary energy supply was 13,475 million metric tons of oil equivalent; the change in supply was 246 million metric tons of oil equivalent. A focus on the former makes it hard to see not only that change is happening but also that change is possible.Last year’s growth in supply was unusually high, but more than a third of it came from renewable energy. If total supply had grown only as much as it did in 2015, then renewables would have been all new supply. In other words, the implications of rapid change are significant. No one sets out to get things wrong, of course, least of all Pickens, who spent $100 million of his own money on his plan. Some questions have yet to be answered — and big changes are underway — even in large and established systems like energy. Rapid changes are happening even faster than their proponents expected.Pickens was also an avid Twitter user to the very end. Seven years ago, the recording artist Drake tweeted that “The first million is the hardest.” Pickens, who had made and lost far larger amounts many times over, had this response:Weekend readingJoe Nocera bids fond farewell to T. Boone Pickens.We are in the era of four gas mega-players, says Nikos Tsafos — Russia, the U.S. and Qatar as exporters, and China as importer.The shipping industry’s dream of carbon neutrality is drifting away.Investment manager David Swensen made Yale fabulously rich.In markets gone mad, investors find rare comfort in data science.Karl Smith has some good news about income inequality.WeWork’s planned IPO marks the end of the unicorn era.Felix Salmon outlines MIT’s expanding Jeffrey Epstein scandal.Insurers are dropping home coverage in Berkeley, California, due to fire risk.A new poll finds that Democrats and Republicans both say humans are causing climate change, though they differ in their certainty about human causes.Last month, Porsche set a four-door electric car record at the Nürburgring. Tesla now plans to beat that record, with former Formula One champion Nico Rosberg driving.To contact the author of this story: Nathaniel Bullard at email@example.comTo contact the editor responsible for this story: Mary Duenwald at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nathaniel Bullard is a BloombergNEF energy analyst, covering technology and business model innovation and system-wide resource transitions.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Tesla stock is having a terrible run this year. Based on yesterday’s closing prices, the stock is down 26.1%, while the S&P; 500 has risen 20.0%.