Tesla gets $10 million grant from California to help with Model X production

Tesla gets $10 million grant from California to help with Model X production

Tesla’s outspoken CEO, Elon Musk, said last week that he expects his company’s financials to be somewhat satisfactory in the very near future, but that’s not to say a $10 million grant wouldn’t be welcomed with open arms. Thanks to the California Energy Commission, Tesla will have some extra cash to work with during the production phase of its upcoming electric SUV, otherwise more formally known as the Model X. According to Forbes, Tesla will match California’s gesture with $50 million of its own — the total, naturally, will be used to ramp up production at its Fremont plant and to snag the necessary machinery and components to build that sleek Model X. There’s still a good amount of time before this EV hits the masses, so it looks like watching those select demos will have to suffice for now.

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Tesla gets $10 million grant from California to help with Model X production originally appeared on Engadget on Fri, 12 Oct 2012 20:33:00 EDT. Please see our terms for use of feeds.

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Tesla Model S squares off against BMW M5 in drag race, gives EVs extra street cred (video)

Tesla Model S squares off against BMW M5 in drag race, gives EVs extra street cred video

We already know from our own experience that the Tesla Model S is a driver’s car, with acceleration and handling you wouldn’t expect from a big and quiet luxury sedan. There’s still nothing like a drag race to help settle the matter. Automobile has pitted the upscale EV against one of its more conspicuous rivals, BMW’s M5, with performance results that might surprise those who would expect a 500HP, twin-turbo V8 to regularly come out on top. While we won’t spoil the full results of the showdown video after the break, let’s just say that even the M5’s relatively wide torque band can only do so much when the Model S’ electric motor is always at its peak. BMW’s car may be better overall for those who want to travel long distances outside of certain routes, or to enjoy a burly exhaust note — but there has to be a certain thrill for Tesla drivers who know they can hang with the speed kings while helping the environment.

Continue reading Tesla Model S squares off against BMW M5 in drag race, gives EVs extra street cred (video)

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Tesla Model S squares off against BMW M5 in drag race, gives EVs extra street cred (video) originally appeared on Engadget on Wed, 10 Oct 2012 10:07:00 EDT. Please see our terms for use of feeds.

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Elon Musk says Tesla will be ‘cash flow positive’ soon, announces early repayment of DOE loan

DNP Elon Musk

After Tesla Motors’ recent SEC filing painted a picture of production delays, revenue shortfalls and stock sales to raise cash, CEO Elon Musk has gone on the record to say everything’s a-okay. The omnipresent executive said that “if the calendar were simply shifted a few weeks to the right” Tesla would have actually exceeded its vehicle delivery targets for the quarter, and said that the share release was merely held to mitigate risk from suppliers. He also claimed that the Department of Energy’s request for early repayment was not a poor reflection of the EV maker’s financial state, but actually a hearty endorsement — the government branch expects Tesla to make loads of cash, and wants it to repay the loan early rather than hoarding it. As such, Musk announced the Model S builder had initiated its first early payment today and would pay off the principal loan prior to its March 2013 due date. We’ll have to see if that’s enough to keep the automaker’s name out of any future presidential debates.

[Image credit: Tesla Motors]

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Elon Musk says Tesla will be ‘cash flow positive’ soon, announces early repayment of DOE loan originally appeared on Engadget on Thu, 04 Oct 2012 15:39:00 EDT. Please see our terms for use of feeds.

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Better Place founder Shai Agassi steps down from CEO post

Better Place founder Shai Agassi steps down from CEO post

Shai Agassi has guided Better Place’s vision of swap-and-go battery stations for electric cars since it was founded five years ago, but now he’s stepped down as the firm’s CEO. Evan Thornley, who helmed the organization’s Australian efforts, has taken up the mantle of global chief executive officer, while Agassi will continue his role as a board member. As the Wall Street Journal notes, the changing of the guard comes at a time when the company has been spending cash faster than it’s generating revenue thanks to the construction of battery swap stations. Idan Ofer, Chairman of the Better Place Board of Directors sees this as “a natural point in the company’s evolution to realign for its second chapter and for the challenges and opportunities ahead.” Something tells us they wouldn’t mind if future chapters are filled with more swappable batteries than Superchargers.

Continue reading Better Place founder Shai Agassi steps down from CEO post

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Better Place founder Shai Agassi steps down from CEO post originally appeared on Engadget on Wed, 03 Oct 2012 23:33:00 EDT. Please see our terms for use of feeds.

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Exagon Motors Furtive-eGT electric supercar eyes-on

There are few things we love more than custom-crafted carbon fiber cars with meaty all-electric powertrains and torque for miles and miles and miles. So, when we wandered by the display for the Furtive-eGT from Exagon Motors and, we couldn’t help but stop and throw together a gallery — despite that company trotting out mildly modified versions of this concept for a few years now. The all-electric supercar weighs just over 3,600 pounds and has dual electric motors, one for each rear wheel, pumping out a combined 402 horsepower. That’s good for a 0 – 60 dash in 3.5 seconds and, with its carbon ceramic brakes, it can pull 1.2G while doing a hard stop. Exagon says it could manage up to 225 miles on a charge. When will it ever go into production, and how much will it cost if it does? The company still isn’t saying, but if you have to ask…

Steve Dent contributed to this report.

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Exagon Motors Furtive-eGT electric supercar eyes-on originally appeared on Engadget on Thu, 27 Sep 2012 20:58:00 EDT. Please see our terms for use of feeds.

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Production-ready Mercedes-Benz SLS AMG Electric Drive supercar unveiled

We’re pretty sure we’ve suffered some amount of vision loss from staring at the ridiculously bright paint scheme on Mercedes-Benz SLS AMG E-Cell over the past few years. MB has rolled it out at virtually every auto show it can and we’ve always topped for a gander, but now we finally have the full production version — and it’s in a slightly more tame but visually perhaps even more stunning color, a sort of chrome blue that even in the flesh looks CG rendered. It’s the SLS AMG Electric Drive, it’s launching next June and we have the full details after the break.

Continue reading Production-ready Mercedes-Benz SLS AMG Electric Drive supercar unveiled

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Production-ready Mercedes-Benz SLS AMG Electric Drive supercar unveiled originally appeared on Engadget on Thu, 27 Sep 2012 08:05:00 EDT. Please see our terms for use of feeds.

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BMW i3 sheds its skin, shows off carbon skeleton

Want to know how the BMW i3 electric car can be so light (2,800 pounds) despite hauling around a massively heavy battery pack? A lot of it has to do with its carbon chassis. BMW uses something called CFRP (carbon fiber reinforced plastic) to create a material that is light, strong and, crucially, cheap enough to actually be used in production. The car is still on track for its 2013 release, where it will be sold out of posh i Stores like the one recently opened in London.

Steve Dent contributed to this post.

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BMW i3 sheds its skin, shows off carbon skeleton originally appeared on Engadget on Thu, 27 Sep 2012 07:46:00 EDT. Please see our terms for use of feeds.

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Tesla behind on Model S production goals, aims for extra cash with stock sale

Tesla behind on Model S production goals, aims for extra cash with stock sale

Sure, topping off a Model S in 30 minutes with a Supercharger is awfully handy, but production delays of the sedan will keep some future owners away from quick charge times — and most importantly — their cars for a little while longer. In a freshly published filing with the US Securities Exchange and Commission, Tesla revealed that it hasn’t reached its goal of producing 400 Model S vehicles a week, which places them four to five weeks behind their 2012 delivery expectations. To date, just 255 of the autos have rolled off the assembly line, 132 of which have made their way to new homes. According to the Palo Alto-based outfit, ramping up production has been slower than expected for a number of reasons, including supplier delays and taking a deliberately measured pace for quality assurance purposes.

Before the year draws to a close, Musk and Co. anticipate meeting their goal of churning out 400 cars each week, and a total of 20,000 by the end of 2013. Currently, the automaker has racked up around 13,000 reservations and thinks it’ll be working to fulfill even more throughout 2013. As a result of the manufacturing lag, the firm has slashed its revenue forecast by as much as $200 million, estimating it’ll rake in anywhere from $400 million to $440 million this year. In an effort to add cash to its coffers, the company is putting up roughly 5 million shares of stock for sale. Who’s buying, you say? Tesla mentioned its CEO Elon Musk is interested in putting down a cool million bucks.

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Tesla behind on Model S production goals, aims for extra cash with stock sale originally appeared on Engadget on Tue, 25 Sep 2012 21:56:00 EDT. Please see our terms for use of feeds.

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Watch Tesla’s ‘Supercharger Network’ unveiling tonight at 11PM ET

Watch Tesla's 'Supercharger Network' unveiling tonight at 11PM ET

What is Tesla Motors‘ Elon Musk hiding up his sleeve? “Alien spaceships landed at highway rest stops,” we’re told, but all will be unveiled tonight at Tesla’s Supercharger Network debut stream. All we know about Tesla’s Supercharger Network thus far is it’ll offer charging and battery swaps for the company’s electric cars — presumably “at highway rest stops” — but tonight promises far more information. Will the stations be solar-powered, as some speculate? Will they introduce us to actual aliens in actual spaceships? Tune in to the company’s stream to find out!

Update: It’s alive! We’ve embedded the video steam for your convenience. You’ll find all the action right after the break.

Continue reading Watch Tesla’s ‘Supercharger Network’ unveiling tonight at 11PM ET

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Watch Tesla’s ‘Supercharger Network’ unveiling tonight at 11PM ET originally appeared on Engadget on Mon, 24 Sep 2012 21:45:00 EDT. Please see our terms for use of feeds.

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Toyota plans dialed-back launch of eQ and iQ EV city cars in December

Toyota plans limited launch of eQ and iQ EV in December

Toyota’s just-arrived RAV4 EV will soon get a much smaller cousin — albeit a very elusive one. An electric version of the iQ city car will arrive in Japan (as the eQ) and the US (as the iQ EV) this December, but the automaker is significantly scaling back its 2010 promises of several thousand cars sold per year to just 100 fleet-oriented vehicles. The charging times, costs and range of EVs do not meet society’s needs,” vice chairman Takeshi Uchiyamada says to explain the smaller ambitions. It’s easy to understand the cautious approach after seeing the car’s final details. While they’re not out of line with the specs of other EVs, the eQ’s 3-hour fast charge, 62-mile range and ¥3.6 million ($46,130) price wouldn’t have regular customers flocking to dealerships. Most of Toyota’s energy is instead being funneled into its tried-and-true hybrids, with 21 due on the market by 2015, as well as plans to deliver the company’s first hydrogen fuel cell car by the same year. Eco-conscious drivers may be disappointed that Toyota isn’t moving as aggressively into a pure electric realm as some of its rivals, but we’d rather see smartly planned baby steps than an overly risky plunge.

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Toyota plans dialed-back launch of eQ and iQ EV city cars in December originally appeared on Engadget on Mon, 24 Sep 2012 13:17:00 EDT. Please see our terms for use of feeds.

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