Hasta La Gadget!

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]

Filed under: Transportation

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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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.

Filed under: Transportation

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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Tesla has admitted it has fallen short of production goals for the Model S, blaming new equipment and supplier delays for pumping out fewer than expected electric sedans. The company – which announced ambitious solar-powered charging station plans this week – says it has so far produced 255 of the Model S, of which 132 have been delivered to buyers, and leaving Tesla 4-5 weeks behind schedule. At fault, Tesla says in a shareholder filing [pdf link], is the complexity of the new equipment involved on the Model S production line.

“The Model S is an all new vehicle which we are producing with new employees using new equipment. As our main focus is on quality, we have methodically increased our Model S production at a rate slower than we had earlier anticipated” Tesla says. “To produce a vehicle that meets our quality standards requires us to carefully analyze each step of our production ramp, improve the efficiency of our manufacturing processes and continue to train our employees.”

Responsibility isn’t solely Tesla’s, however. The company is also holding its suppliers to high standards, and that has caused some hiccups with components, it claims. “Certain suppliers have experienced delays in meeting our demand” Tesla says, “and we continue to focus on supplier capabilities and constraints.”

Model S shipments to customers had previously been estimated to reach 5,000 cars by the end of 2012, with Tesla setting a production goal of 20,000 for 2013. While the company still believes that 2013 target is workable, it now suggests it will deliver at most 3,225 cars before the year is through.

Overall, though, Tesla has cut its financial outlook, from the previous $560m-600m to $400m-$440m. R&D spending is expected to diminish by 20-percent in Q3 versus Q2, and Tesla saw a significant number of cancelations from those on its reservations list. That’s predicted to become less of an issue as the delay between placing an order and receiving a car decreases in line with production climbing, however.

[via GigaOm]

Tesla slashes forecast over Model S production hiccups is written by Chris Davies & originally posted on SlashGear.
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Electric car manufacturer Tesla has constructed solar-powered rapid electric car chargers at half a dozen spots throughout the great state of California as an initial rollout, and they have drawn up plans to install even more solar-powered rapid electric car chargers from 2013 onwards. The technology relies on a solar system from SolarCity, and even better news for Tesla’s Model S owners – using those will be free. Calling it the “Supercharger” rapid car charging network, Tesla claims that these stations will offer free charging “indefinitely” for Model S owners, and they are “clean” stations considering how the Superchargers will be powered exclusively by our great ball of fire, the sun.

The Supercharger could be deemed to be the answer to a trio of major problems that prevent electric vehicles from being mainstream, including the ability to drive electric vehicles across long distances in a convenient manner, solve the problem of generating electricity at a distant fossil fuel power plant, as well as tackling the wallet-numbing cost of electricity eventually. Tesla has a global outlook, and wants to install many more Supercharger stations throughout Europe and Asia in addition to the US.

By Ubergizmo. Related articles: Tesla Supercharger network has solar panels , Tesla launches Model S electric sedan, to build 5,000 units by end of the year,

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

Filed under: Transportation, Alt

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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