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
Tesla Motors (TSLA) announced a voluntary safety recall of 439 Roadsters (2, 2.5) due to a potential fire hazard involving a low voltage auxiliary cable. The company decided to issue the recall after the cable in a single vehicle rubbed against the edge of a carbon fiber panel, shorting out and smoking. The fix is a simple placement of a protective sleeve over the cable.
Shares aren’t moving on the news and are actually trading … Read the rest
Jay Leno takes the Tesla Roadster 2.5 for a spin. I have to say the Tesla is a mighty impressive machine. I’m just including the video of Jay driving the vehicle, but check out the first video too if you’re a car geek. I’m not but was fascinated by it.
A few big firms are out with coverage on Tesla (TSLA) this morning. Hat tip to Street Insider for the analyst comment from Deutsche.
J.P. Morgan (JPM) initiated coverage on Tesla Motors (TSLA) with an Overweight rating and price target of $25.
Goldman Sachs (GS) initiated coverage with a Neutral rating and $21 price target.
Deutsche Bank initiated coverage with a Hold rating and $17 price target.
“We believe that Tesla’s deep technical talent, head-start … Read the rest
Tesla Motors (TSLA) reported earnings for the first time since going public today and it didn’t get off to good start. While the company posted revenues that were about inline with what they reported in the same quarter a year ago and about 40% higher than last quarter, the losses continue to pile up. The EPS non GAAP loss of -.28/share is the worst in the past two years and may be the worst in … Read the rest
The New York Times published a lengthy profile of Tesla Motors (TSLA) co-founder (should say disputed co-founder) Elon Musk on Sunday, highlighting the fact Mr. Musk is an excellent salesman and perhaps a bit too confident. Call it borderline arrogance. I suppose you don’t become a mega millionaire at a young age without at least a hint of those elements.
The article peels away the glitter and the glam and cuts to the core, which … Read the rest
These rumors began to surface more than a month ago and they are swirling again. No official announcement has been made, but according to an unidentified source Tesla Motors (TSLA) and Toyota (TM) have signed an agreement to begin developing an electric version of both the RAV4 and Lexus RX SUV’s to go on sale sometime in 2012. It’s believed the two companies have been working on this for some time and that Tesla has … Read the rest
Tesla Motors (TSLA) announced yesterday it has hired the man responsible for developing Apple’s (AAPL) retail strategy which has been an important part of the success of the iPod, iPhone, iPad.. The company wants to create a unique shopping experience and believes it has found the right man for the job in George Blankenship, who most recently worked for Microsoft and brings 30 years of retail experience to Tesla. Blankenship will hit the ground running, … Read the rest