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In a deal announced late Saturday between Tesla and the Securities and Exchange Commission, Elon Musk will be stepping down as Chairman of Tesla Motors and barred from holding that position for 3 years. Additionally, Musk and Tesla will pay $20 million in fines each. As part of the settlement, Tesla will add two additional board members and more closely monitor Mr. Musk's public communications. Neither Tesla nor Mr. Musk admit wrongdoing as part of this agreement. The settlement comes as a surprise as apparently Musk had rejected a similar deal earlier this week. The settlement stems from a lawsuit filed by the SEC against Musk and Tesla over an August 7th tweet by Mr. Musk that "funding is secured" to take Tesla private. Federal investigators found that the deal referred to in the tweet was still in the early stages and thus was considered deceptive to investors. Update: Musk will stay on as CEO. Resigning only as Chairman of the Board. -
In a deal announced late Saturday between Tesla and the Securities and Exchange Commission, Elon Musk will be stepping down as Chairman of Tesla Motors and barred from holding that position for 3 years. Additionally, Musk and Tesla will pay $20 million in fines each. As part of the settlement, Tesla will add two additional board members and more closely monitor Mr. Musk's public communications. Neither Tesla nor Mr. Musk admit wrongdoing as part of this agreement. The settlement comes as a surprise as apparently Musk had rejected a similar deal earlier this week. The settlement stems from a lawsuit filed by the SEC against Musk and Tesla over an August 7th tweet by Mr. Musk that "funding is secured" to take Tesla private. Federal investigators found that the deal referred to in the tweet was still in the early stages and thus was considered deceptive to investors. Update: Musk will stay on as CEO. Resigning only as Chairman of the Board. View full article
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William Maley Staff Writer - CheersandGears.com November 12, 2012 When the news broke of Suzuki leaving the U.S., there was chorus of people who said this; “How long does Mitsubishi have in the U.S.?” This a good question considering the evidence. Mitsubishi sales through October have dropped 29% to 50,103 vehicles. Mitsubishi’s market share has also dropped from 0.7% to 0.4% in the same period last year. Also, Mitsubishi’s dealers lead all automakers in the U.S. with backlogged inventory. "We have no intention whatsoever of withdrawing from the U.S. market. The U.S. market is a very important market," said Mitsubishi President Osamu Masuko. Masuko says the decline in sales is due to departure of four Mitsubishi models; the Eclipse coupe and convertible, Endeavor, and Galant. While sales are expected to totaled 55,000 vehicles in this fiscal year, Masuko says he expect sales to rebound to 80,000 vehicles in the next fiscal year thanks to new vehicles including the Outlander. Mitsubishi is also planning to expand production at its factory in Normal, Illinois from 50,000 to 70,000 vehicles to fill demand for markets including Russia, Latin America and the Middle East. Finally, Mitsubishi has appointed Gayu Uesugi as the chairman of Mitsubishi Motors North America. Uesugi duties will include crafting a profitable product plan, strategy for growth, and manufacturing blueprint for the U.S. Whether all of the moves work or not, we'll have to wait and see. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
William Maley Staff Writer - CheersandGears.com November 12, 2012 When the news broke of Suzuki leaving the U.S., there was chorus of people who said this; “How long does Mitsubishi have in the U.S.?” This a good question considering the evidence. Mitsubishi sales through October have dropped 29% to 50,103 vehicles. Mitsubishi’s market share has also dropped from 0.7% to 0.4% in the same period last year. Also, Mitsubishi’s dealers lead all automakers in the U.S. with backlogged inventory. "We have no intention whatsoever of withdrawing from the U.S. market. The U.S. market is a very important market," said Mitsubishi President Osamu Masuko. Masuko says the decline in sales is due to departure of four Mitsubishi models; the Eclipse coupe and convertible, Endeavor, and Galant. While sales are expected to totaled 55,000 vehicles in this fiscal year, Masuko says he expect sales to rebound to 80,000 vehicles in the next fiscal year thanks to new vehicles including the Outlander. Mitsubishi is also planning to expand production at its factory in Normal, Illinois from 50,000 to 70,000 vehicles to fill demand for markets including Russia, Latin America and the Middle East. Finally, Mitsubishi has appointed Gayu Uesugi as the chairman of Mitsubishi Motors North America. Uesugi duties will include crafting a profitable product plan, strategy for growth, and manufacturing blueprint for the U.S. Whether all of the moves work or not, we'll have to wait and see. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
