Their cash on hand just went from $2.2 billion to $3.0 billion in one quarter. Looks like they won't be needing a capital raise anytime soon.
$2.90/share profit last quarter . . . roughly what analysts expected them to earn in all of 2019. Shorts will need to build an entirely new case. Or cover.
While speaking at the Joe Rogan Experience last September, Elon Musk remarked that he believes “a Tesla is the most fun thing” anyone can buy. Musk pointed out that Tesla’s electric cars are not just simple vehicles — they are things designed to “maximize enjoyment.” This is something that owners of the Model 3 Performance are feeling now, especially since Tesla has started rolling out the “release version” of the vehicle’s Track Mode, a feature that optimizes the electric car’s performance and handling so that it could be driven hard on the track. A Tesla program manager recently related her experience with her Model 3 Performance — and Track Mode in particular — on social media. Earlier this month, Kristy Morgan, whose LinkedIn page notes that she is “is an engineer and supply chain professional with expertise in materials and services procurement, strategic sourcing, and supplier auditing” took her Model 3 to the Thunderhill Raceway in Willows, CA, where she attended an event that taught how to drive on a closed circuit. Kristy participated at the BMW Car Club of America Golden Gate Chapter’s High-Performance Driver Education (HPDE) program, which teaches drivers the elements of racetrack driving in the 3-mile east course at the CA Raceway.
https://www.facebook.com/k.schmitty/posts/10106808267983217“It made me feel like a hero, kept me safe, and let me have WAY too much fun!”
If recent announcements by Tesla are any indication, the Solar Roof tiles will see a production ramp next year. Unveiled in October 2016, the Solar Roofs, which are PV modules that have the appearance of traditional roofing materials, were received warmly, with Tesla noting that the product was sold out “well into 2018” within the first few weeks of reservations being opened. One of these reservation holders was Amanda Tobler. After initially living in a rental house from 2002 to 2004, Amanda and her family moved to a CA townhousein 2004, where they stayed for 12 years. The Toblers attempted to get solar panels installed on their townhouse then, though they were unsuccessful due to the area’s homeowners association prohibiting rooftop solar systems. Things changed in 2016, when Amanda and her family moved to a two-story suburban home in the Bay Area. This time around, the Toblers was free to add a solar system for their house. The home that the family acquired, which was built in 1965, had an aging stamped metal roof that was nearly ready for replacement. In an emailed statement to Teslarati, Amanda noted that when they heard about the Solar Roof tiles, her family immediately thought that the product would be a perfect fit for their new home. Within days of Tesla opening reservations for the shingles in May 2017, the Toblers put down their $1,000 deposit.
https://www.teslarati.com/tesla-solar-roof-long-term-review-homeowner-insights-elon-musk-solar-tiles/Tesla’s energy business, led by industrial-grade batteries like the Powerpack and novel residential products like the Solar Roof, is expected to see notable growth in the coming years. Billionaire investor Ron Baron, for one, estimates that Tesla Energy would likely be worth $500 billion on its own by 2030, equal to his estimates for the company’s more well-known electric car business. Considering that Tesla’s electric cars and energy products form an ecosystem of renewable solutions, the adoption of products like the Solar Roof would likely be as quick as the products’ production ramp.
It appears that Tesla owners have found another use for "autopilot" aside from just slamming into inanimate objects at high rates of speed: drunk, but eco-friendly, people drivers are also reportedly using it as a designated driver. The California Highway Patrol (CHP) pulling over a Model S driver who "appeared to be asleep at the wheel." The vehicle was traveling on Highway 101 in Palo Alto (Stanford) and reportedly led police on a 7 mile excursion before they were able to get the driver's attention.
"One of the officers basically ended up going in front of the vehicle and basically tried to slow it down," a CHP spokesman stated, and it took about seven minutes for an officer pursuing the vehicle to get it to pull over.
The driver was subsequently arrested for driving under the influence.
While the article notes that authorities can't yet confirm if the "Autopilot" system was turned on, it seems to be the obvious leading suspect in such a case.
Then the question becomes: how could the "Autopilot" have been engaged if the driver's hands weren’t on the wheel? Tesla recently released a software update that is supposed to warn drivers in as little as 30 seconds that the "Autopilot" will disengage if their hands aren’t placed on the wheel. If the driver was asleep, as suggested, the vehicle should have started slowing down.
Not the first time either.
https://arstechnica.com/tech-policy/2018/11/cops-pull-over-tesla-cruising-on-a-freeway-with-apparently-asleep-driver/https://arstechnica.com/cars/2018/01/tesla-owner-attempts-autopilot-defense-during-dui-stop/White House economic adviser Larry Kudlow said Monday that plans were in the works to scrap subsidies for electric cars and other renewable energy items.
Mr. Kudlow, director of the president’s National Economic Council, said the subsidies could end as soon as 2020. It is part of the administration’s response to General Motors closing plants and cutting jobs in the U.S.
President Trump last week threatened to end electric car subsidies after GM announced five plant closings — four in the U.S. and one in Canada — as it cuts domestic production of sedans.
The punishment would have limited impact on GM, however, because the automaker is on pace to sell too many electric cars to qualify for subsidies.
Mr. Kudlow said the rollback of subsidies would also include “renewables.”
https://www.reuters.com/article/us-usa-trump-autos-idUSKBN1O22D4
... plans were in the works to scrap subsidies for electric cars and other renewable energy items.
Mr. Kudlow, director of the president’s National Economic Council, said the subsidies could end as soon as 2020 ...
Wow, perhaps maybe only two more years of boondoggle? I'm glad govt is so sure & swift to act....
Just like in video games.
https://jalopnik.com/formula-e-will-now-have-an-attack-mode-button-that-give-1830827940
In contrast with a true Ponzi scheme, Tesla actually builds things. The company does remind me of some other financial disasters, such as Global Crossing,
https://money.cnn.com/2002/01/28/companies/globalcrossing
that ruin investors but do leave a useful residue behind.
“For far too long, we gave money to Tesla, we gave money to a ton of people and we got no return on our investment that the public made in creating technologies, and it’s about time we get our due because it’s the public that funded and financed a lot of innovative technologies,” Ocasio Cortez.
Agree with her 100%, government shouldn't fund this nonsense. Though her alternative is probably to have government-run companies receive funds.
Battle of the Publicity Whores wrote:
“For far too long, we gave money to Tesla, we gave money to a ton of people and we got no return on our investment that the public made in creating technologies, and it’s about time we get our due because it’s the public that funded and financed a lot of innovative technologies,” Ocasio Cortez.
The problem is that the voters just aren't smart enough to realize her genius.
Italy plans to offer subsidies of up to 6,000 euros ($6,800) to buyers of new low emission vehicles and will increase taxes on new petrol and diesel cars, two government officials said on Wednesday.
Tesla has announced that it is welcoming Dane Butswinkas, the Chairman of Williams & Connolly and a veteran trial lawyer, as the company’s new General Counsel. Dane will be replacing Todd Maron, who has led Tesla’s legal department for the past five years. The outgoing Maron will remain in Tesla until January to ensure a smooth handover of his responsibilities to the new General Counsel.
In a blog post about the new appointment, Tesla noted that the company and Maron have worked on a plan for the handover since July 2018. Maron has had a long history with Elon Musk, having served as the CEO’s divorce attorney even before he was hired as Tesla’s General Counsel. In a statement, Maron noted that his tenure with the electric car maker had been a noteworthy experience.
“Being part of Tesla for the last five years has been the highlight of my career. Tesla has been like family to me, and I am extremely grateful to Elon, the board, the executive team, and everyone at Tesla for allowing me to play a part in this incredible company,” the outgoing General Counsel said.
A significant portion of pre-orders for Porsche's "Tesla Killer" Taycan are coming from current Tesla owners. One of the biggest headwinds Tesla will be experiencing over the coming year is the commercialization and full-scale adoption of electric vehicles by major auto manufacturers. So much of the company's appeal has been the fact that it was the first on the market and to represent electric vehicles on a commercial scale. But a litany of problems elsewhere, including in quality control and servicing, have many Tesla owners waiting for the competition to arrive.
One of the biggest Tesla competitors in the coming year will be the Porsche Taycan, which alongside of the Jaguar I-Pace and the Audi E-Tron rounds out a group of legitimate contenders to dethrone Tesla. At this year‘s Los Angeles auto show, the North American president and CEO of Porsche said that the company has had a "pretty amazing" response to pre-orders for the vehicle. He also went on to say if that if all the people who had pre-ordered the car wind up buying it, it has already sold out for the first year.
But even more astonishing is that more than half of the people that are signing up to pre-order the Porsche aren't already Porsche owners. In fact, the number one brand owned by those who are pre-ordering the Porsche is Tesla.
Porsche North America President and CEO Klaus Zellmer: "More than half of the people that are signing up for the Taycan have not owned or do not own a Porsche. Typically, if we look at our source of business, people coming from other brands, it's Audi, BMW, or Mercedes. The no. 1 brand now is Tesla. That's pretty interesting, to see that people that were curious about the Tesla for very good reasons obviously don't stop being curious."