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Tesla posted a $722M loss for the first quarter of 2019, higher than analysts expectations. This was a swing from a 4th quarter 2018 profit of $139.5M. Cash on hand is $1.5B lower than end of 2018, now $2.2B, partially due to a one time payment of $920M in convertible bonds that came due. Tesla says that is built 63,000 model 3s in the first quarter gearing up for overseas sales, though only 12,100 of those vehicle were delivered. Tesla is maintaining its projections of 360,000 to 400,000 vehicles total for the year. Tesla recently announced updates to its Model S and Model X vehicles that allow them to travel further on a single charge and also charge up to 50% faster than before. These updates require the purchase of a new vehicle and cannot be simple downloads over the air. They are also offering current owners who purchase a new Model S or Model X Performance model a free upgrade to Ludicrous Mode. Part of the reason for this upgrade is that the Model S, Model X, and Model 3 now share drive components and that simplification could yield big savings for the company. Tesla is also preparing for the launch of the Tesla Model Y small crossover based on the Model 3 sedan, but deliveries of that vehicle do not start until Fall 2020 -
Tesla posted a $722M loss for the first quarter of 2019, higher than analysts expectations. This was a swing from a 4th quarter 2018 profit of $139.5M. Cash on hand is $1.5B lower than end of 2018, now $2.2B, partially due to a one time payment of $920M in convertible bonds that came due. Tesla says that is built 63,000 model 3s in the first quarter gearing up for overseas sales, though only 12,100 of those vehicle were delivered. Tesla is maintaining its projections of 360,000 to 400,000 vehicles total for the year. Tesla recently announced updates to its Model S and Model X vehicles that allow them to travel further on a single charge and also charge up to 50% faster than before. These updates require the purchase of a new vehicle and cannot be simple downloads over the air. They are also offering current owners who purchase a new Model S or Model X Performance model a free upgrade to Ludicrous Mode. Part of the reason for this upgrade is that the Model S, Model X, and Model 3 now share drive components and that simplification could yield big savings for the company. Tesla is also preparing for the launch of the Tesla Model Y small crossover based on the Model 3 sedan, but deliveries of that vehicle do not start until Fall 2020 View full article
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Tesla announced their second quarter results yesterday and the news wasn't great. The electric automaker posted a net loss of $293 million for the quarter. It also looks like Tesla might fall short of delivering 80,000 vehicles goal for this year. The quarter saw Tesla move 14,402 vehicles (9,764 Model S and 4,638 Model Xs). Add in the first quarter deliveries of 11,507 vehicles, and Tesla is very short of meeting this goal. "We are clearly disappointed with our delivery numbers," said Tesla CFO Jason Wheeler. It should be noted that 'almost half' of Q2's deliveries took place within the last four weeks of the quarter. "We were in production hell for the first six months of the year. Man, it was hell. And we managed to climb out of hell partway through June and now the production line is humming and our suppliers mostly have their $h! together," said Tesla CEO Elon Musk during a conference call with analysts. There was some good news for Tesla in the second quarter. The company posted $1.6 billion in revenue for the quarter. Source: Tesla, Reuters View full article
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Tesla announced their second quarter results yesterday and the news wasn't great. The electric automaker posted a net loss of $293 million for the quarter. It also looks like Tesla might fall short of delivering 80,000 vehicles goal for this year. The quarter saw Tesla move 14,402 vehicles (9,764 Model S and 4,638 Model Xs). Add in the first quarter deliveries of 11,507 vehicles, and Tesla is very short of meeting this goal. "We are clearly disappointed with our delivery numbers," said Tesla CFO Jason Wheeler. It should be noted that 'almost half' of Q2's deliveries took place within the last four weeks of the quarter. "We were in production hell for the first six months of the year. Man, it was hell. And we managed to climb out of hell partway through June and now the production line is humming and our suppliers mostly have their $h! together," said Tesla CEO Elon Musk during a conference call with analysts. There was some good news for Tesla in the second quarter. The company posted $1.6 billion in revenue for the quarter. Source: Tesla, Reuters -
Imagine getting into a new vehicle with a payment that could range $39 to $99 per month. Seem like a fantasy? Well that is what a number of Volkswagen dealers across the U.S. are doing. An example is a Volkswagen dealer offering an $89 36 month lease on Jetta, after you hand over $2,500 as a down-payment. It's part of an effort by Volkswagen to bring customers in now at a loss to have hopefully return in three years when the automaker will have a brand new lineup. 2018 will see Volkswagen in the beginning stages of their plans to introducing new products every five years - a seven-seat crossover is the first - and refreshing their product lineup every three years. But even with this move, the question remains if this will help Volkswagen or not? Sales in the U.S. have dropped in the past two years, despite the overall market seeing growth. Source: Bloomberg View full article -
Volkswagen Dealers Offer Cheap Leases To Bring Attention
William Maley posted an article in Volkswagen
Imagine getting into a new vehicle with a payment that could range $39 to $99 per month. Seem like a fantasy? Well that is what a number of Volkswagen dealers across the U.S. are doing. An example is a Volkswagen dealer offering an $89 36 month lease on Jetta, after you hand over $2,500 as a down-payment. It's part of an effort by Volkswagen to bring customers in now at a loss to have hopefully return in three years when the automaker will have a brand new lineup. 2018 will see Volkswagen in the beginning stages of their plans to introducing new products every five years - a seven-seat crossover is the first - and refreshing their product lineup every three years. But even with this move, the question remains if this will help Volkswagen or not? Sales in the U.S. have dropped in the past two years, despite the overall market seeing growth. Source: Bloomberg -
When was the last time you ever heard the CEO of a major automaker say don't buy our car? Never? Well Fiat Chrysler Automobiles' CEO Sergio Marchionne may be the first one. Reuters reports that Marchionne told an audience at the Brookings Institution in Washington D.C. last week that anyone considering the Fiat 500e should not buy it. "I hope you don't buy it because every time I sell one it costs me $14,000. I'm honest enough to tell you that," said Marchionne. "I will sell the (minimum) of what I need to sell and not one more." So why did FCA build the 500e in the first place then? It comes down to the California Air Resources Board mandate which requires the six automakers selling the most cars in the state to sell vehicles with no tailpipe emissions at all from 2012 through 2017. Vehicles such as the 500e are known as compliance vehicles. Source: Reuters 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. -
When was the last time you ever heard the CEO of a major automaker say don't buy our car? Never? Well Fiat Chrysler Automobiles' CEO Sergio Marchionne may be the first one. Reuters reports that Marchionne told an audience at the Brookings Institution in Washington D.C. last week that anyone considering the Fiat 500e should not buy it. "I hope you don't buy it because every time I sell one it costs me $14,000. I'm honest enough to tell you that," said Marchionne. "I will sell the (minimum) of what I need to sell and not one more." So why did FCA build the 500e in the first place then? It comes down to the California Air Resources Board mandate which requires the six automakers selling the most cars in the state to sell vehicles with no tailpipe emissions at all from 2012 through 2017. Vehicles such as the 500e are known as compliance vehicles. Source: Reuters 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
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William Maley Staff Writer - CheersandGears.com October 30, 2013 The U.S. Treasury's sell off of General Motors stock isn't faring so well. According to a new report from The Detroit News, the U.S. Treasury has reported a $9.7 billion loss on the $49.5 billion bailout of GM back in 2009. This figure comes from the quarterly report from the Special Inspector General of the Troubled Asset Relief Program to Congress. The U.S. Treasury original stake in GM back in 2009 was around 60.8 percent. Since that time, the Treasury has been selling off shares in a effort to make back some of the funds used in the bailout. The Detroit News says for the U.S. Treasury to break even, the share price would have to be around $147.95. That isn't going to happen since GM's current price stands at $36.06 at the end of yesterday's trading. Source: The Detroit News 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
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U.S. Treasury Reports A $9.7 Billion Loss On GM's Bailout
William Maley posted an article in Automotive Industry
William Maley Staff Writer - CheersandGears.com October 30, 2013 The U.S. Treasury's sell off of General Motors stock isn't faring so well. According to a new report from The Detroit News, the U.S. Treasury has reported a $9.7 billion loss on the $49.5 billion bailout of GM back in 2009. This figure comes from the quarterly report from the Special Inspector General of the Troubled Asset Relief Program to Congress. The U.S. Treasury original stake in GM back in 2009 was around 60.8 percent. Since that time, the Treasury has been selling off shares in a effort to make back some of the funds used in the bailout. The Detroit News says for the U.S. Treasury to break even, the share price would have to be around $147.95. That isn't going to happen since GM's current price stands at $36.06 at the end of yesterday's trading. Source: The Detroit News 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. -
By William Maley Staff Writer - CheersandGears.com April 22, 2013 Fiat and Chrysler CEO Sergio Marchionne disclosed during a speech at SAE World Congress in Detroit last week that for every Fiat 500e sold, the company expects to lose around $10,000. “For every 500 electric that we produce even after all the subsidies we will lose about $10,000 bucks a car. Doing that on a large scale would be masochism to the extreme,” Marchionne said. Marchionne disclosed the figure to make a point. He believes that electric vehicles won’t be enough for automakers to meet the new ambitious fuel economy regulations set for 2025 by the U.S. Government. The regulations say automakers have to reach a fleet average of 35.5 MPG by 2016 and then reach an average of 54.5 MPG by 2025. Automakers can earn government credits, which help get an automaker closer to the average, by building hybrids, plug-in hybrids and electric vehicles. Marchionne sees this as a problem since the Government is saying hybrids, plug-in hybrids and electric vehicles are the only solution to this problem. “A number of governments around the world including the U.S. have provided incentives for consumers to purchase plug-in electric vehicles and have provided direct incentives to manufacturers.My fear is that regulators are rushing precipitously into embracing electric vehicles as the only technological solution,” Marchionne said. Instead, Marchionne is urging for “technological neutral” regulation should be encouraged. Source: Detroit Free Press 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
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By William Maley Staff Writer - CheersandGears.com April 22, 2013 Fiat and Chrysler CEO Sergio Marchionne disclosed during a speech at SAE World Congress in Detroit last week that for every Fiat 500e sold, the company expects to lose around $10,000. “For every 500 electric that we produce even after all the subsidies we will lose about $10,000 bucks a car. Doing that on a large scale would be masochism to the extreme,” Marchionne said. Marchionne disclosed the figure to make a point. He believes that electric vehicles won’t be enough for automakers to meet the new ambitious fuel economy regulations set for 2025 by the U.S. Government. The regulations say automakers have to reach a fleet average of 35.5 MPG by 2016 and then reach an average of 54.5 MPG by 2025. Automakers can earn government credits, which help get an automaker closer to the average, by building hybrids, plug-in hybrids and electric vehicles. Marchionne sees this as a problem since the Government is saying hybrids, plug-in hybrids and electric vehicles are the only solution to this problem. “A number of governments around the world including the U.S. have provided incentives for consumers to purchase plug-in electric vehicles and have provided direct incentives to manufacturers.My fear is that regulators are rushing precipitously into embracing electric vehicles as the only technological solution,” Marchionne said. Instead, Marchionne is urging for “technological neutral” regulation should be encouraged. Source: Detroit Free Press 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 September 26, 2012 On the surface, everything seems bright and sunny at Tesla. The company has begun production of the new Model S sedan, introduced a new charging network for Model S drivers that uses solar energy, and is in the process of planning new models. But, Tesla is showing some signs of setbacks of becoming an automaker. In a recent Securities and Exchange Commission filing, Tesla has downgraded their full-year revenue forecast from $550 - $600 million to $400 - $440 million. "We have methodically increased our Model S production at a rate slower than we had earlier anticipated," Tesla said in the filing. Tesla says it's about four to five weeks behind its delivery goals due to supplier delays. The automaker says that it is working with suppliers to speed up deliveries. Tesla also revealed in their filling that have a net cumulative loss of $864.9 million through June 30 of this year. This isn't surprising considering learning to build vehicles and then build them adds up. This report caused shares in the company to tumble about 8.5% yesterday morning. Source: Reuters, Tesla Motors 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 September 26, 2012 On the surface, everything seems bright and sunny at Tesla. The company has begun production of the new Model S sedan, introduced a new charging network for Model S drivers that uses solar energy, and is in the process of planning new models. But, Tesla is showing some signs of setbacks of becoming an automaker. In a recent Securities and Exchange Commission filing, Tesla has downgraded their full-year revenue forecast from $550 - $600 million to $400 - $440 million. "We have methodically increased our Model S production at a rate slower than we had earlier anticipated," Tesla said in the filing. Tesla says it's about four to five weeks behind its delivery goals due to supplier delays. The automaker says that it is working with suppliers to speed up deliveries. Tesla also revealed in their filling that have a net cumulative loss of $864.9 million through June 30 of this year. This isn't surprising considering learning to build vehicles and then build them adds up. This report caused shares in the company to tumble about 8.5% yesterday morning. Source: Reuters, Tesla Motors 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
