‘Tesla’ Tagged Posts

Tesla may launch in India this summer: Musk

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Tesla may launch in India this summer: Musk

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

 

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)

SolarCity recuses two more board members from voting on Tesla offer

 

SolarCity recuses two more board members from voting on Tesla offer

(Reuters) – Two additional directors Solar City Corp. with links to buy Elon Musk is recusing of making decisions regarding the supply Tesla Motors Inc’s in the solar business, in an effort to corporate governance concerns surrounding a to mitigate the possible transaction.

The new recusals means sit the majority of the solar city’s council from deciding whether obtained by Tesla.

Peter Rive, who is the nephew of Tesla’s CEO, and solar city chairman Musk, along with JB Straubel, chief technology officer and co-founder of Tesla, both recusing himself from the decision-solar city spokesman Jonathan Bass said in a statement by e-mail to Reuters late on Friday.

Musk, the largest shareholder in both companies, withdrew themselves before outside vote on the potential deal, along with Antonio Gracias which both companies are plates, and SolarCity Chief Executive Lyndon Rive, which Musk’s cousin and brother Peter Rive’s

There are three remaining solar city councilors. John Fisher and Nancy Pfund, both venture capitalists and Donald Kendall Jr., CEO of Kenmont, an investment management company.

“We are very aware of the need for a process that is independent, objective decisions that ensure the best interests of all shareholders,” says solar city’s Bass in the statement.

Tesla did not immediately respond to a request for comment.

solar city will will be a special independent committee of the board, independent counsel, said Bass.

“Only board members who meet will be the independence requirements involved in decision making in solar city,” he added.

Musk has described a tie-up between Tesla and Solar City as a “no brainer.” The company can sell customers an electric car, a house battery and a solar system all at once, he said.

But investors, including some that briefly put bets the block that shares will fall, reflects the conflict of interests and the risk of the union of two money losing companies to raise both money regularly to enlargement support.

Since Tesla his offer to buy solar city announced in a transaction worth $ 2800000000 Tuesday, analysts and investors are worried that the electric car company’s growth plan carries a financial burden and additional debt can not afford.

Solar City shares fell more than 50 percent of the year in a highly competitive market blows criticism that Tesla transaction was intended to save solar city.

(Sign by Liana B. Baker, editing by Peter Henderson and Tom Brown)