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No more Tesla buyback guarantee as company cuts price of Model X

San Francisco / DETROIT (Reuters) - Tesla Motors Inc. has a program that guaranteed the resale value of its vehicles, and lowers the starting price...

 

No more Tesla buyback guarantee as company cuts price of Model X

San Francisco / DETROIT (Reuters) – Tesla Motors Inc. has a program that guaranteed the resale value of its vehicles, and lowers the starting price of its Model X crossover ended, the high-profile electric car maker yesterday <. / P>

discontinuation of the program, from July 1, Tesla late to release money it had put aside to buy back Model S car after three years at a value of at least 50 percent of the base purchase price.

The changes come Tesla warned earlier this month that will afleweringsvoertuig goal fog for a second consecutive quarter.

The faces other challenges, including a regulatory investigation into its AutoPilot technology following a May 7 fatal accidents and more control of its financial after a proposed merger with Solar City Corp.

In the next 12 months, Tesla has revealed it can pay a maximum of $ 192.4 million to cover resale value guarantees on 4209 vehicles. This equates to a maximum liability of $ 45.711 per car, although Tesla disbursements can offset the sale of repurchased vehicles.

Tesla valued the total liability created by the resale warranty $ 1580000000 March 31, submission according to its latest quarterly results with the Securities and Exchange Commission, has more than 20 percent since the end of 2015.

the program began in 2013, aims to help Tesla managing the secondary market and ensure buyers purchase vehicles using novel technology which will not significantly decrease resale values.

A Tesla spokesman said the program was put stop to “as low as possible to keep interest and offers an exciting lease and loan programs to customers.”

into effect, Tesla is now doing what most established car manufacturers:. allow market forces to set trade-in values ​​

less cash in reserve

Only a very small number of Model S sedan sold by used vehicle auctions, and so far the vehicles “seems to are going for “a pretty strong contribution in the second hand market,” said Patrick Min, an analyst at Automotive Rental Guide.

The termination of the guarantee can allow Tesla to keep less money in reserve, minus added. By contrast, resold values ​​for the mass market electric vehicles like the Nissan Leaf is depressed, said Min. A three-year-old Leaf sales average about 20 percent of the price when new, he said.

If more Model S vehicles on the market, but sold securities may eventually fall, analysts said.

Tesla has an ambitious and expensive plan to accelerate the introduction of its Model 3 sedan, and promote overall production rate of 500,000 vehicles a year by 2017. The company is set put too ready to shed production of batteries on a giant plant in Nevada.

Tesla shares closed down nearly 1 percent at $ 222.53.

Investors keep an eye on Tesla Chief Executive Elon Musk balance after it proposed to acquire solar company Solar City, where he is chairman and a major shareholder.

Musk tweeted yesterday that he plans to soon part two of his publishing “top secret Tesla Master Plan,” after speculation that he might reveal more details about the possible merger, which was reached with the market skeptical.

On Wednesday, Barclays analyst Brian Johnson Tesla has a D grade for financial stewardship, and please note that Musk original 2006 master plan “dug a $ 4.2 billion hole” for the company.

Also on Wednesday, Tesla has said a new version of the Model X crossover, the 60D, will be priced from $ 74,000, $ 9,000 less than the Model X 75D. Equipped with a 60kWh battery, the 60D less torque and a shorter distance range as the 75D.

The Model X price cut follows a similar price cut for the Model S, whose base price is reduced to $ 66,000 last month.

(Editing by Frances Kerry and Jeffrey Hodgson)

Apple’s Zadesky, head of electric car project, to leave company: WSJ

 

Apple's Zadesky, head of electric car project, to leave company: WSJ

Zadesky, previously with the iPod and iPhone teams leave for personal reasons not related to his performance, said the WSJ. (http://on.wsj.com/1REazpb)

It is not clear when the 16-year veteran Apple would leave, said the Journal. As of Friday afternoon his profile on LinkedIn still listed him as working at Apple.

Apple declined to comment.

Apple has never acknowledged that it is seeking to build an electric car, but the company has dozens of auto experts, many of the car manufacturers like Ford or Mercedes Benz recruited.

Apple Chief Executive Tim Cook has to BMW’s headquarters in 2014, and senior Apple executive toured the carmaker Leipzig factory to learn how they produced the i3 electric motor, sources familiar with the matter told Reuters.

The dialogue ended without conclusion because Apple, the world’s largest manufacturer of electronic gadgets, seems to want to explore development of a passenger on his own, one of the sources said.

BMW, the world’s largest seller of premium cars, is to be careful about the portion of its manufacturing know-how, because it seems a mere supplier to a software and Internet giant .

But one of the sources said the exploratory talks between senior managers can resurrect

(Reporting by Rama Venkat Raman in Bangalore. Editing by Mary Milliken and Stephen R. TROUSDALE)

Yahoo board in final talks on future of company

 

Yahoo board in final talks on future of company

SAN FRANCISCO (Reuters) -. Board Yahoo Inc. board of directors on Friday in the third and final day of meetings to decide the future of one of the most prominent but troubled companies Silicon Valley

One option on the table for the nine board members or Yahoo’s core business, which Mail includes selling its sports sites, and advertising technology.

The company is also in the process of deciding whether to proceed with the spin-off of its $ 30000000000 stake in Chinese e-commerce company Alibaba Group Holdings Ltd.

SunTrust analyst Robert Peck said the board may hold on any decision due to the complexity of some of the options.

“While many investors may just fit a mid single-digit EBITDA different to the core value, we believe the value is more complicated,” he wrote, referring to earnings before interest, taxes, depreciation and amortization.

According to technology news site Re / Code, Yahoo’s board finished its meetings without a decision on Alibaba spinoff. The website said the decision, which may include strike, slowdown or proceed with the spin-off was expected by the end of the weekend, with reference to sources.

Calls to sell the core business increased last month when activist investor Starboard Value LP request relocation to potential tax penalties associated with a spin-off of Alibaba avoid.

In January, CEO Marissa Mayer announced that it plans to switch off the Alibaba game into an independent business. Yahoo said the transaction will be tax-free, but the US Internal Revenue Service has refused to confirm this.

Tax related to the spin-off can leave Yahoo shareholders on the corner amounted to $ 12 billion.

Analysts who follow the company said that private equity, media and Internet companies are potential buyers for Yahoo’s core business.

The game dates back to Alibaba 2005, when Yahoo paid $ 1 billion for a 40 percent share of the company in a transaction attributed to the US company co-founder, Jerry Yang.

In 2012, the two companies signed a deal to more than half of the game is back to Alibaba sell for $ 6.3 billion in cash and $ 800 million in preferred shares Alibaba Group.

The transaction Yahoo shareholders $ 3000000000 and the company more than $ 1 billion to support its core business. But it also has striking display the fact that the majority has the business value of Alibaba and a 35.5 percent stake in Yahoo Japan Corp.

Yahoo’s shares closed down 1.7 percent at $ 34.91 Friday.

(Editing by Stephen R. TROUSDALE and Richard Chang)

Facebook hacked, social media company says

 

Facebook hacked, social media company says

Facebook announced Friday that he was the target of a series of attacks by a group of unknown hackers, but he had found no evidence that the user information is compromised.

“Last month, Facebook has discovered that the security of our systems are the target of a sophisticated attack,” the company said in a blog post. “The attack occurred when a handful of people have visited a website developer mobile has been compromised.”

The Social Network, which says that more than a billion active users worldwide, said: “Facebook is not the only one in this attack, it is clear that the others were attacked and infiltrated recently.”.

The announcement follows the recent cyber attacks on Facebook

other major attractions. Twitter, the microblogging network office, said this month that was hacked, and that approximately 250,000 potential user accounts were compromised, attackers access to information, including user names and e-mail.

newspaper websites such as the New York Times, the Washington Post and the Wall Street Journal have also infiltrated, according to news agencies. These attacks were attributed by news agencies to Chinese hackers target coverage of China.