It was a good day for US based electric car stocks today, particularly Tesla Motors (TSLA) which surged nearly 7% on news that Michigan Senator Debbie Stabenow wants to replace the $7500 tax credit for electric vehicles with an instant $7500 rebate.
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With the cost of electric cars out of the reach of most Americans, particularly in tough economic times, a bill like this would help … Read the rest
Venture Beat is reporting that comments made at Engadget reveal that Tesla has finished its first prototype Model S electric sedan which isn’t expected to go on sale until 2012. Apparently a Model S manufacturing employee Brian Z Jones made a comment on Engadget commenting on the first run of the prototype:
“I just got to see the 1st Alpha proto run…. And, boy, did that thing run! The production vehicle will be as … Read the rest
In an article over at Bloomberg a few days ago, Tesla Motors (TSLA) indicated it believes it can reach profitability much sooner with the Model S (still a year or two away from selling) than Nissan can with its LEAF electric car because of cheaper batteries. Tesla said its battery cells which are similar to those used in laptops allow the company to reach profitability after 20K Model S’s sold which is far less than … Read the rest
The 2nd generation electric RAV4 SUV from Toyota (TM) powered by Tesla (TSLA) was unveiled at the LA Auto Show yesterday. Fast Company has a few pics. It’s expected to hit the market along with the all electric Prius in 2012.
According to the WSJ, Elon Musk said today he expects Japan to be the 2nd largest market for its luxury electric cars, likely aided by its partnership with both Toyota and Panasonic. Toyota invested $50 million in Tesla and the two companies will jointly develop an all electric SUV while Panasonic recently invested $30 million. Tesla opened its first showroom in Tokyo last month and has six dealerships in Europe.
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Tesla Motors (TSLA) reported results after the bell today and is still posting significant losses but their are some positives to report. For one, the company did beat low expectations from analysts posting an EPS loss of .37/share vs the analyst estimate for a .43/share loss on revenues of $31.2 million vs the estimate of $28 million. Gross margins also picked up to 30%. Before we get too carried away with enthusiasm though lets keep … Read the rest
Earlier today I posted about Tesla Motors (TSLA) opening up the doors on their new production facility to produce the all electric Model S sedan beginning in 2012. Greentech reports that Elon Musk also discussed the future of its electric SUV which it’s developing with Toyota. Musk said he hopes to have a prototype by the end of next year and move to production in 2014.
Tesla (TSLA) has unveiled not only the only auto manufacturing plant in California, but the first plant dedicated solely to electric car production at the former NUMMI site which it purchased in May. Called the “Tesla Factory” (catchy eh?), will be used to produce the all electric sedan, the Model S and possibly other electric vehicles.
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“This is a momentous day in Tesla history, … Read the rest
Much has been made of the partnership between Tesla Motors (TSLA) and Toyota (TM) to develop the RAV4 all electric SUV, but little has been announced to make the partnership official. This morning it’s official with news that the companies have signed a $60 million Phase I contract services agreement which has Tesla developing a powertrain system, including a battery, power electronics module, motor, gearbox and associated software. The payment will be made over time … Read the rest
According to Bloomberg, Toyota (TM) and Tesla (TSLA) showcased their jointly developed RAV4 electric SUV to US dealers at an annual meeting in Las Vegas yesterday. The RAV4 is expected to go on sale in 2012.
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The companies declined to comment on the Las Vegas meeting, but Tesla said in a statement yesterday that it is readying a range of hybrids and all … Read the rest