Category: Elon Musk

May 2, 2019 Off

Tesla is raising up to $1.5 billion through convertible note and share sale

By Jill T Frey

Tesla is raising up to $1.55 billion through the sale of notes and shares, according to a filing made by the EV maker today.

The document outlines that Tesla will sell up to $1.35 billion in convertible senior notes. The number could increase further: Tesla is giving underwriters the chance to buy a further $202.5 million for over-allotments. In share numbers, that’s an initial 2,723,198 shares that could expand to 3,131,677.

The notes are due in 2024 and, already, Tesla founder and CEO Elon Musk is committed to buying $10 million in the offering, that’s 41,896 shares.

Tesla’s stock price rose by five percent in pre-market at the time of writing, according to data from Yahoo Finance.

As is often the case in such offerings, the plans for the funds raised are fairly vague at this point.

“We intend to use the net proceeds from this convertible notes … Read the rest

May 1, 2019 Off

Tesla sued in wrongful death lawsuit that alleges Autopilot caused crash

By Jill T Frey

The family of Walter Huang, an Apple engineer who died after his Tesla Model X with Autopilot engaged crashed into a highway median, is suing Tesla. The State of California Department of Transportation is also named in the lawsuit.

The wrongful death lawsuit, filed in California Superior Court, County of Santa Clara, alleges that errors by Tesla’s Autopilot driver assistance system caused the crash that killed Huang on March 23, 2018. Huang, who was 38, died when his 2017 Tesla Model X hit a highway barrier on Highway 101 in Mountain View, Calif.

The lawsuit alleges that Tesla’s Autopilot driver assistance system misread lane lines, failed to detect the concrete media, failed to brake and instead accelerated into the median.

A Tesla spokesperson declined to comment on the lawsuit.

“Mrs. Huang lost her husband, and two children lost their father because Tesla is beta testing its Autopilot software on live … Read the rest

May 1, 2019 Off

A mini-series on the Thai cave rescue is heading to Netflix

By Jill T Frey

The rescue of a boys soccer team from caves in Thailand captivated the world last year, and now a mini-series chronically the incredible scenes is headed to Netflix .

The streaming giant announced this week that it has secured the rights from 13 Thumluang Company, which represents the boys and their coach, “to tell the true story of how they were rescued after being trapped for two weeks inside of the flooded Tham Luang caves.”

Netflix has partnered with Crazy Rich Asians team SK Global Entertainment and Jon M. Chu, the production house and director behind the smash film, to bring the as-yet-unnamed series to its platform. Thai director Nattawut “Baz” Poonpiriya, whose credits include Bad Genius, will also help lead the project.

There’s no word on how much Netflix has paid for the project, but Thai newspaper The Nation reported that the team plans to donate 20% of their … Read the rest

April 27, 2019 Off

Elon Musk, SEC agree to guidelines on Twitter use

By Jill T Frey

Tesla,  Elon Musk and the U.S. Securities and Exchange Commission reached an agreement Friday that will give the CEO freedom to use Twitter —within certain limitations — without fear of being held in contempt for violating an earlier court order.

Musk can tweet as he wishes except when it’s about certain events or financial milestones. In those cases, Musk must seek pre-approval from a securities lawyer, according to the agreement filed with Manhattan federal court.

U.S. District Judge Alison Nathan, the presiding judge on this matter, must still approve the deal. Nathan had given the SEC and Musk two weeks to work out their differences and come to a resolution.

Musk must seek pre-approval if his tweets include:

  • any information about the company’s financial condition or guidance, potential or proposed mergers, acquisitions or joint ventures,
  • production numbers or sales or delivery number (actual, forecasted, or projected),
  • new or proposed business
Read the rest
April 25, 2019 Off

Tesla to open up Model 3 orders in UK

By Jill T Frey

Tesla is poised to open up orders for the Model 3 in the U.K. by early May, as well as other markets that have right-hand drive vehicles, according to a tweet from CEO Elon Musk.

The Model 3 order page will go live May 1 or 2 in the U.K., followed by Japan, Australia, New Zealand and Hong Kong. Tesla’s U.K. web page says “deliveries in right-hand drive markets will begin in the second half of 2019.”

The first Model 3 vehicles were handed over to U.S. customers beginning in July 2017 at a splashy event at its factory in Fremont, Calif. Those first vehicles went to Tesla employees and deliveries limped along for months due to production bottlenecks. Deliveries began in earnest in 2018.

The expansion into more right-hand drive markets … Read the rest

April 24, 2019 Off

Despite declines for the quarter, Tesla is bullish on its overall energy business

By Jill T Frey

Even as its solar business declined in step with its overall earnings, Tesla is bullish on the prospects for the energy side of its business over the course of the year.

The energy business is an unheralded part of Tesla — overshadowed by its headline-grabbing (and much larger) auto exploits — that chief executive Elon Musk thinks will generate an increasing share of revenue for the company over time.

Revenues from its solar power and energy storage business fell by 13 percent from the fourth quarter 2018 and 21 percent from a year ago period, down to $324.7 million from $371.5 million in the fourth quarter of 2018 and $410 million in the year ago quarter.

Solar energy deployments fell from 73 megawatts to 47 megawatts from the fourth to the first quarter, the company said. Those figures were offset by … Read the rest

April 22, 2019 Off

Tesla’s full self-driving computer is now in all new cars and a next-gen chip is already ‘halfway done’

By Jill T Frey

The Tesla computer, a new custom chip designed to enable full self-driving capabilities, is now in all new Model 3, X and S vehicles, CEO Elon Musk said during the company’s Autonomy Day.

Tesla switched over from Nvidia’s Drive platform to its own custom chip for the Model S and X about a month ago and for the Model 3 about 10 days ago, Musk said.

“All cars being produced all have the hardware necessary — computer and otherwise — for full self-driving,” Musk said. “All you need to do is improve the software.”

Work is also already underway on a next-generation chip, Musk added. The design of this current chip was completed “maybe one and half, two years ago.” Tesla is now about halfway through the design of the next-generation chip.

Musk wanted to focus the talk on the current chip, but he later added that the next-generation one … Read the rest