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If there is a trend at Tesla, it's that there's always more to the various stories. Case in point: On Friday night, CEO Elon Musk posted a piece on Tesla's blog saying that plans have been scrapped about taking the company private. "Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this,” Musk wrote. But what led him to this decision? Over the weekend, Bloomberg, The New York Times and Wall Street Journal published pieces into Musk's reversal. The short of it comes down to Musk jumped the gun with his announcement earlier this month on Twitter without making sure everything was in place. This from the New York Times - emphasis mine. Let's begin with Saudi Arabia. As we reported earlier this month, Musk said in a blog post that he believed Saudi Arabia's Public Investment Fund could provide the funding necessary for the move to go private. This was based on discussions between the two, along with the fund purchasing a small stake into the company. The Saudi's didn't share the same enthusiasm. While the fund was open to make a significant investment into Tesla to hedge the country against oil and help attract tech expertise, sources tell Bloomberg the fund was only interested in a minority stake. The two hadn't reached an agreement on the possible terms according to a source, before Musk made his post announcing the fund. The Wall Street Journal learned from a government official that Musk's post angered some senior officials in the kingdom. Some officials wondered about Musk's "health as well as the role he would play in the company." This might explain some of reasoning behind the possibility of Saudi Arabia's PIF investing to Lucid Motors - something we brought to light last week. Meanwhile, there were concerns at Tesla about Saudi Arabia. Some complained to Musk about selling a large chunk of shares to a foreign oil producer wouldn't be a good look. As for the private investors, the Journal reports that Goldman Sachs and private-equity firm were brought in to help facilitate a deal. Last Wednesday, the two presented Musk a roster of investors including Volkswagen and Silver Lake itself (promising to contribute up to $30 billion according to sources). But these weren't the investors that Musk wanted as he was suspicious of rival car companies, along with losing a number of small investors. There would also be a catch as the two explained the money being provided would have strings attached such as having a lot of say in how the company is run. A day later, Musk met with the board saying that he would be withdrawing the idea of going private. Source: Bloomberg, New York Times, Wall Street Journal (Subscription Required) -
If there is a trend at Tesla, it's that there's always more to the various stories. Case in point: On Friday night, CEO Elon Musk posted a piece on Tesla's blog saying that plans have been scrapped about taking the company private. "Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this,” Musk wrote. But what led him to this decision? Over the weekend, Bloomberg, The New York Times and Wall Street Journal published pieces into Musk's reversal. The short of it comes down to Musk jumped the gun with his announcement earlier this month on Twitter without making sure everything was in place. This from the New York Times - emphasis mine. Let's begin with Saudi Arabia. As we reported earlier this month, Musk said in a blog post that he believed Saudi Arabia's Public Investment Fund could provide the funding necessary for the move to go private. This was based on discussions between the two, along with the fund purchasing a small stake into the company. The Saudi's didn't share the same enthusiasm. While the fund was open to make a significant investment into Tesla to hedge the country against oil and help attract tech expertise, sources tell Bloomberg the fund was only interested in a minority stake. The two hadn't reached an agreement on the possible terms according to a source, before Musk made his post announcing the fund. The Wall Street Journal learned from a government official that Musk's post angered some senior officials in the kingdom. Some officials wondered about Musk's "health as well as the role he would play in the company." This might explain some of reasoning behind the possibility of Saudi Arabia's PIF investing to Lucid Motors - something we brought to light last week. Meanwhile, there were concerns at Tesla about Saudi Arabia. Some complained to Musk about selling a large chunk of shares to a foreign oil producer wouldn't be a good look. As for the private investors, the Journal reports that Goldman Sachs and private-equity firm were brought in to help facilitate a deal. Last Wednesday, the two presented Musk a roster of investors including Volkswagen and Silver Lake itself (promising to contribute up to $30 billion according to sources). But these weren't the investors that Musk wanted as he was suspicious of rival car companies, along with losing a number of small investors. There would also be a catch as the two explained the money being provided would have strings attached such as having a lot of say in how the company is run. A day later, Musk met with the board saying that he would be withdrawing the idea of going private. Source: Bloomberg, New York Times, Wall Street Journal (Subscription Required) View full article
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Over two weeks ago, Tesla CEO Elon Musk took everyone by surprise by announcing his intention to take Tesla private. But those plans have been scrapped. Last night, Musk published a blog post saying that he had met with the board and “let them know that I believe the better path is for Tesla to remain public. The Board indicated that they agree.” "Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this,” wrote Musk. In a separate statement, Tesla's board of directors confirmed Musk's decision. "Yesterday, we held a Board meeting, during which Elon reported on the work he and his advisors have been doing in connection with this effort. Elon communicated to the Board that after having done this work and considered all factors, he believes the better path is to no longer pursue a transaction for taking Tesla private. After discussing this, we dissolved the Special Committee. The Board and the entire company remain focused on ensuring Tesla’s operational success, and we fully support Elon as he continues to lead the company moving forward," the statement says. This saga began with a tweet back on August 7th, This tweet sent everyone into a tizzy and caused NASDAQ to halt trading of Tesla stock for a few hours. There was one big question, how was Tesla going to fund this? Musk revealed a week later that it would be Saudi Arabia’s Public Investment Fund, though reports say the fund isn't so thrilled about this idea. As we reported earlier this week, the fund is in talks with another electric automaker, Lucid Motors. The announcement has prompted the U.S. Securities and Exchange Commission (SEC) to subpoena the company, along with a number of lawsuits from upset investors. Source: Tesla, Bloomberg -
Over two weeks ago, Tesla CEO Elon Musk took everyone by surprise by announcing his intention to take Tesla private. But those plans have been scrapped. Last night, Musk published a blog post saying that he had met with the board and “let them know that I believe the better path is for Tesla to remain public. The Board indicated that they agree.” "Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this,” wrote Musk. In a separate statement, Tesla's board of directors confirmed Musk's decision. "Yesterday, we held a Board meeting, during which Elon reported on the work he and his advisors have been doing in connection with this effort. Elon communicated to the Board that after having done this work and considered all factors, he believes the better path is to no longer pursue a transaction for taking Tesla private. After discussing this, we dissolved the Special Committee. The Board and the entire company remain focused on ensuring Tesla’s operational success, and we fully support Elon as he continues to lead the company moving forward," the statement says. This saga began with a tweet back on August 7th, This tweet sent everyone into a tizzy and caused NASDAQ to halt trading of Tesla stock for a few hours. There was one big question, how was Tesla going to fund this? Musk revealed a week later that it would be Saudi Arabia’s Public Investment Fund, though reports say the fund isn't so thrilled about this idea. As we reported earlier this week, the fund is in talks with another electric automaker, Lucid Motors. The announcement has prompted the U.S. Securities and Exchange Commission (SEC) to subpoena the company, along with a number of lawsuits from upset investors. Source: Tesla, Bloomberg View full article
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A number of companies that are working on autonomous driving systems are implementing features that require a driver to take control in hairy situations. But Waymo, the self-driving unit of Alphabet (Google's parent company) recently revealed they have stopped developing these features. The reason is simple, drivers lacked the awareness to take over driving. Waymo's CEO John Krafcik told reporters yesterday the decision to scrap this technology comes down to experiments done back in 2013 with Google employees that were filmed. The videos shown for the first time outside of Google showed people messing on their phones, putting on makeup, and even someone deciding to take a nap. “What we found was pretty scary. It’s hard to take over because they have lost contextual awareness,” said Krafcik. After the napping incident, plans for a driver to intervene were scrapped. Since then, Waymo has been working on technologies that didn't require human interaction. As such, Waymo's Chrysler Pacificas running in Phoenix, AZ only have two 'drive' buttons: one to start a drive and the other to tell the vehicle to pull over at its earliest convenience. Source: Reuters -
A number of companies that are working on autonomous driving systems are implementing features that require a driver to take control in hairy situations. But Waymo, the self-driving unit of Alphabet (Google's parent company) recently revealed they have stopped developing these features. The reason is simple, drivers lacked the awareness to take over driving. Waymo's CEO John Krafcik told reporters yesterday the decision to scrap this technology comes down to experiments done back in 2013 with Google employees that were filmed. The videos shown for the first time outside of Google showed people messing on their phones, putting on makeup, and even someone deciding to take a nap. “What we found was pretty scary. It’s hard to take over because they have lost contextual awareness,” said Krafcik. After the napping incident, plans for a driver to intervene were scrapped. Since then, Waymo has been working on technologies that didn't require human interaction. As such, Waymo's Chrysler Pacificas running in Phoenix, AZ only have two 'drive' buttons: one to start a drive and the other to tell the vehicle to pull over at its earliest convenience. Source: Reuters View full article
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The Honda Civic Type R is only available with a six-speed manual which limits the possible group of buyers. But according to CarAdvice, Honda was considering an automatic option of some sort for the Type R. Yuji Matsumochi, assistant large project leader for the 10th-generation Civic's powertrain told the Australian outlet that the Japanese automaker was looking at offering either a conventional automatic or a dual-clutch transmission to broaden the appeal for buyers. But the decision was made to only offer a manual due to weight concerns. “The Type R needs a lightweight powertrain because it is front-wheel-drive, and needs lightweight powertrain systems. So, the engine is a little bit heavy, so the transmission side needs to be more lightweight,” said Matsumochi. “If we applied an automatic transmission, or dual-clutch transmission, for a 400Nm engine, it would be very heavy weight, and very big. The front weight would be very heavy.” Source: CarAdvice -
The Honda Civic Type R is only available with a six-speed manual which limits the possible group of buyers. But according to CarAdvice, Honda was considering an automatic option of some sort for the Type R. Yuji Matsumochi, assistant large project leader for the 10th-generation Civic's powertrain told the Australian outlet that the Japanese automaker was looking at offering either a conventional automatic or a dual-clutch transmission to broaden the appeal for buyers. But the decision was made to only offer a manual due to weight concerns. “The Type R needs a lightweight powertrain because it is front-wheel-drive, and needs lightweight powertrain systems. So, the engine is a little bit heavy, so the transmission side needs to be more lightweight,” said Matsumochi. “If we applied an automatic transmission, or dual-clutch transmission, for a 400Nm engine, it would be very heavy weight, and very big. The front weight would be very heavy.” Source: CarAdvice View full article
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Alfa Romeo was planning to build out the Giulia lineup with a coupe, convertible, and wagon. But one of those variants has been canned. Alfa Romeo's manufacturing chief, Alfredo Altavilla tells Car Magazine that plans for the wagon have been canceled. "We decided not to do a Giulia Sportwagon. Do we really need it if the Stelvio SUV [below] drives that well? Maybe not. With our fine-tuning, the Stelvio can capture all the people who would otherwise have been interested in the SW." Alfa's reasons for canceling the wagon makes sense. More and more people are turning to the SUVs and crossovers. Why spend the money on developing a model that might not sell as well as an SUV? Source: Car Magazine View full article
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Alfa Romeo was planning to build out the Giulia lineup with a coupe, convertible, and wagon. But one of those variants has been canned. Alfa Romeo's manufacturing chief, Alfredo Altavilla tells Car Magazine that plans for the wagon have been canceled. "We decided not to do a Giulia Sportwagon. Do we really need it if the Stelvio SUV [below] drives that well? Maybe not. With our fine-tuning, the Stelvio can capture all the people who would otherwise have been interested in the SW." Alfa's reasons for canceling the wagon makes sense. More and more people are turning to the SUVs and crossovers. Why spend the money on developing a model that might not sell as well as an SUV? Source: Car Magazine -
As we reported last month, Buick decided not to send the Avista into production. While the reason given at the time was due to not "enough enthusiasm for the concept," we had a sneaking suspicion there was more to that decision. Sure enough, Automotive News chatted with Buick global brand chief Duncan Aldred who explained the Avista wasn't "a massive opportunity in China." There is also the matter of priorities of which projects should go ahead or not. "Emotionally, you'd love to build it. I would buy one with my own money and put it in the garage," said Aldred. "The trouble is, I'm never looking at only one project. I'm always looking at several. I've got to weigh the pros and cons of each. There are some strong contenders in that consideration." Aldred also confirmed the rumor that the idea of Buick designers planning a four-door version of the Avista. This was first reported by Motor Trend in February "We looked at that. We've even visualized it. It would look wonderful as a four-door as well," said Aldred. Source: Automotive News (Subscription Required) View full article
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As we reported last month, Buick decided not to send the Avista into production. While the reason given at the time was due to not "enough enthusiasm for the concept," we had a sneaking suspicion there was more to that decision. Sure enough, Automotive News chatted with Buick global brand chief Duncan Aldred who explained the Avista wasn't "a massive opportunity in China." There is also the matter of priorities of which projects should go ahead or not. "Emotionally, you'd love to build it. I would buy one with my own money and put it in the garage," said Aldred. "The trouble is, I'm never looking at only one project. I'm always looking at several. I've got to weigh the pros and cons of each. There are some strong contenders in that consideration." Aldred also confirmed the rumor that the idea of Buick designers planning a four-door version of the Avista. This was first reported by Motor Trend in February "We looked at that. We've even visualized it. It would look wonderful as a four-door as well," said Aldred. Source: Automotive News (Subscription Required) -
The Volkswagen diesel scandal has prompted the German transport minister to meet with the counterpart in the U.S. According to Reuters, Alexander Dobrindt will be holding talks today with Anthony Foxx, the U.S. Secretary of Transportation about the scandal. The report goes on to say that Dobrindt hopes to meet with officials from the EPA. That's not all that is taking place in the U.S. for Volkswagen. Another report from Reuters says the company has put plans of overhauling the management and overall strategy for the U.S. on hold till they deal with the litany of lawsuits and penalties. "What matters more than anything else right now is to sort out this disaster," a source said. "If we fail to do that, then questions that are completely different (than the future U.S. leadership) will come up," Now one of items that this decision affects is finding someone to take the place of North American head Winfried Vahland, who stepped down a few weeks after being announced to the position. Source: Reuters, 2 -
The Volkswagen diesel scandal has prompted the German transport minister to meet with the counterpart in the U.S. According to Reuters, Alexander Dobrindt will be holding talks today with Anthony Foxx, the U.S. Secretary of Transportation about the scandal. The report goes on to say that Dobrindt hopes to meet with officials from the EPA. That's not all that is taking place in the U.S. for Volkswagen. Another report from Reuters says the company has put plans of overhauling the management and overall strategy for the U.S. on hold till they deal with the litany of lawsuits and penalties. "What matters more than anything else right now is to sort out this disaster," a source said. "If we fail to do that, then questions that are completely different (than the future U.S. leadership) will come up," Now one of items that this decision affects is finding someone to take the place of North American head Winfried Vahland, who stepped down a few weeks after being announced to the position. Source: Reuters, 2 View full article
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