After Tesla lost in New Jersey, Nissan’s social Media Team Tweeted the “dickish” image above from the Leaf account according to ABGreen. They quickly realized the folly of their ways and deleted it and perhaps someone was straighend out (the door?) over the matter.
I mean we’re all in this together and rising waters raise all ships and all that, right?
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[youtube=https://www.youtube.com/watch?v=04xwk2SO7mk]
The “Tesla of China” name is a huge stretch but the company is doing pretty well today on better than expected earnings today. China-based Kandi posted a 92.2% year-over-year increase in revenue to $50.6 million. They build Smart-car sized electric cars in polluted China where people are getting more and more money and want clean cars.
[youtube=https://www.youtube.com/watch?v=fiEJPbxL2hI]
Full-year revenue grew 46.5% year over year to $94.5 million.
“For full year 2013, we achieved our expectations for revenue growth, including that almost 50% of total revenue came from EV sales. We expect this growth momentum will carry well into 2014,” said chairman and CEO Xiaoming Hu in a statement.
In its 10-K filing with the SEC, the company also noted that it has been a part of an SEC investigation since November. If lengthy, Kandi said it will have a significant impact on its financial position.
“A protracted investigation could impose substantial costs and distractions, regardless of its outcome. There can be no assurance that any final resolution of this investigation will not have a material and adverse effect on the company’s financial condition and results of operations,” the company said in the filing.
As a former (and current) Prius owner, this Wired piece hits home a bit.
“The pure conquest data show that the Model S is conquesting owners of Toyota vehicles more frequently than owners of any other brand,” said Polk Automotive analyst Tom Libby. “The Prius is at the top of that list, with the Toyota Highlander SUV and Sienna minivan ranking fifth and sixth overall.”
All told, Toyota accounts for 15.51 percent of Model S conquest sales. Mercedes-Benz and BMW follow with a little more than 10 percent apiece. Libby posits that Prius owners want a hybrid or electric vehicle, but want something more luxurious and stylish. The Honda Fit EV, Ford Focus Electric, Fiat 500E, and the Nissan Leaf just don’t cut it. Part of that is the audience: As Libby notes, “Model S buyers are very well-off financially,” and their garages have housed everything from Aston Martins and Bentleys to Ferraris and McLarens.
The Prius is a great gateway drug to pure electric. When the engine turns off and you are driving silently on electric only, it is kind of a fun rush and you game the Prius to try to get as much electric miles as you can. But that also trains the driver to strive for full electric, something that Toyota doesn’t offer and in fact they don’t have plans to offer (besides the Tesla-drivetrain Rav 4E).
Toyota plays off the threat as a high end fringe of customers that they are losing (I imagine Volts and Leafs also take their share). But hopefully they know a perfect storm is brewing. When Model Es come out at a very-Prius like 30K price, look a lot cooler combined with a mature and full Supercharging infrastructure to eliminate range anxiety, there might be a deadly combination.
Musk took to the blog to address the recent actions of the New Jersey legislature in banning Tesla’s sales operations as requested by the powerful Car Dealers Association lobby. If you don’t understand why the Car Dealer Lobby wants Tesla out, read this bit:
The evidence is clear: when has an American startup auto company ever succeeded by selling through auto dealers? The last successful American car company was Chrysler, which was founded almost a century ago, and even they went bankrupt a few years ago, along with General Motors. Since the founding of Chrysler, there have been dozens of failures, Tucker and DeLorean being simply the most well-known. In recent years, electric car startups, such as Fisker, Coda, and many others, attempted to use auto dealers and all failed.
An even bigger conflict of interest with auto dealers is that they make most of their profit from service, but electric cars require much less service than gasoline cars. There are no oil, spark plug or fuel filter changes, no tune-ups and no smog checks needed for an electric car. Also, all Tesla Model S vehicles are capable of over-the-air updates to upgrade the software, just like your phone or computer, so no visit to the service center is required for that either.
Going a step further, I have made it a principle within Tesla that we should never attempt to make servicing a profit center. It does not seem right to me that companies try to make a profit off customers when their product breaks. Overcharging people for unneeded servicing (often not even fixing the original problem) is rampant within the industry and happened to me personally on several occasions when I drove gasoline cars. I resolved that we would endeavor never to do such a thing at Tesla, as described in the Tesla service blog post I wrote last year.
It is absolutely deplorable that legislation like this even has a chance to win. Just yesterday, NJ.com took a poll and 80% of respondants said they would favor letting Tesla sell cars in New Jersey. Will of the people? Democracy?
Regarding Model S sales in New Jersey, Tesla will move to the ‘Gallery’ Model it uses fairly successfully in Texas and other corrupt states where the storefronts still exist, but you cannot discuss purchasing the car with a salesperson.
Until at least April 1, everything is business as usual for Tesla in New Jersey. It should also be noted that this regulation deals only with sales, so our service centers will not be affected. Our stores will transition to being galleries, where you can see the car and ask questions of our staff, but we will not be able to discuss price or complete a sale in the store. However, that can still be done at our Manhattan store just over the river in Chelsea or our King of Prussia store near Philadelphia.
Most importantly, even after April 1, you will still be able to order vehicles from New Jersey for delivery in New Jersey on our TeslaMotors.com website.
This bit from NPR hits the nail on the head. Tesla is trying to change this.
[youtube=https://www.youtube.com/watch?v=D1axlMngNW4&start=240]
Governor Christie’s administration last night decided to side with the Car Dealers Association in blocking manufacturers from selling their cars directly to consumers in the State of New Jersey. There is exactly one company doing this: Tesla.
It is important to note, as Tesla CEO Elon Musk does above, that over 90% of the public is in favor of letting companies sell direct to consumers. Tesla is an American company, employing american workers producing revolutionary, clean electric cars yet New Jersey is disallowing it to sell its cars in the state solely based on political contributions of the Car Dealer lobbies.
As Musk notes above, it is a perversion of Democracy, pure and simple.
North Carolina and Texas already have blocked Tesla. New Jersey will next week. On the docket Ohio and New York are coming for another round.
Tesla Blog post on subversive attempt by Auto Dealer Lobby and its puppets in the Christie administration to shut down Tesla operations in the state.
Unfortunately, Monday we received news that Governor Christie’s administration has gone back on its word to delay a proposed anti-Tesla regulation so that the matter could be handled through a fair process in the Legislature. The Administration has decided to go outside the legislative process by expediting a rule proposal that would completely change the law in New Jersey. This new rule, if adopted, would curtail Tesla’s sales operations and jeopardize our existing retail licenses in the state. Having previously issued two dealer licenses to Tesla, this regulation would be a complete reversal to the long standing position of NJMVC on Tesla’s stores. Indeed, the Administration and the NJMVC are thwarting the Legislature and going beyond their authority to implement the state’s laws at the behest of a special interest group looking to protect its monopoly at the expense of New Jersey consumers. This is an affront to the very concept of a free market.
That’s weird because Governor Christie and his administration has been so forthright up until now, especially on automotive related issues. If you want to send him a message, here’s your form.
[youtube=http://www.youtube.com/watch?v=9-u6xp_KBMM&feature=youtu.be]
Take a look at the lighter side of cold weather driving. We invited some of the most experienced winter driving journalists in the world to test Model S on an ice track in Sweden. The result is a delicate dance between vehicle and driver.
Tesla vs. TSLA – the only time Tesla owners feel buyer’s remorse. Nice chart – return daily to wallow in misery.
1st of many is my guess
GENEVA, Switzerland – In order to serve a growing customer base in Europe, Tesla will open more than 30 new service centers and stores across the continent, the company announced today at the Geneva Motor Show. Tesla will also continue rapidly expanding its Supercharger network, allowing Model S drivers to travel long distances across Europe for free.
The retail, service, and Supercharger expansions come as Tesla dials up its commitment to Europe, which continues to be a priority market for the company.
In a recent trip to northern Europe to engage with customers, Tesla co-founder and CEO Elon Musk highlighted the rapid increase in the rollout of the company’s Supercharger network for Europe. “By the end of this year, we expect you will be able to travel almost anywhere in Europe using only Superchargers,” Musk said.
In 2013, Tesla delivered 22,477 vehicles to customers worldwide. By the end of 2014, Tesla expects combined sales in Europe and Asia to be almost twice as high as sales in North America. Part of that projected growth will come from the UK, where right hand drive versions of the Model S will soon be introduced. Highly competitive leasing and financing options, similar to a program the company recently launched in Germany with rental company Sixt, are also expected to drive growth on the continent.
The European launch of Model S has been successful not only in terms of sales, but also for the accolades awarded to the car. In 2013, Model S was named Car of the Year in Sweden and Norway, Most Stylish Car in Switzerland, and it won the Car of the Year Prize of Honor in Denmark.
Forward-Looking Statements
Certain statements in this press release, including statements regarding future store, service center and Supercharger locations and capabilities as well as statements regarding sales expectations in Europe and Asia, are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on management’s current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those projected. Various important factors could cause actual results to differ materially from those in the forward-looking statements, including potential difficulties in finding suitable store, service center and Supercharger sites, negotiating leases or obtaining required permits for such locations and customer acceptance of our brand and vehicles in Europe and Asia, as well as the risks and uncertainties identified under the sections captioned “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results Of Operations” in Tesla’s Form 10-K filed on February 26, 2014. Tesla disclaims any obligation to update information contained in these forward-looking statements.
From the Teslamotorsclub.com and Reddit is the above gallery of a Tesla Model S with some weird stuff on it. The consensus seems to be that this is a testing vehicle for the Model X crossover with the roof mount simulating a high center of gravity and additional weight and the tire sensors showing the handling. The Model x is built on the same platform as the Model S so that seems feasible. The picture set was taken near UC Santa Cruz.
[youtube=http://www.youtube.com/watch?v=N4fGsGVjoVU]
Tesla upgraded its Supercharger Map this week to reflect some new “Coming soon” Superchargers. Most notable is the SE Canada route from Windsor to Quebec City which will soon be traversable via Tesla Model S.
Here’s Tesla’s latest internal dashboard for the stations to go live next (Yay Albany!)
Also Tesla looks to have a second cross country option in the West as a bunch of new stations open up in Utah.
The East Coast is also expecting some more stations especially in Georgia on the way to Atlanta. Check the Supercharg.info for more details.
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[youtube=https://www.youtube.com/watch?v=hgDZwhcGkD0]
From the creators of the Glass Tesla App, just what you’ve always wanted: A better way to control the charging, temperature and other interfaces in your Tesla remotely. Smartcar.io automatically learns your habits to have your Tesla at your desired temperature when you hop in every morning. It also allows learns your local utility rates to charge your Tesla when the rates are lowest, perhaps saving as much as 75% on utility charges. It might just pay for itself!
Pre-order now to get $50% off the yearly $100 subscription.
Update: Apparently those front wheels are naturally kicking up snow without any power because I’ve been told by Tesla that the video is only a teaser for another video, not AWD.
It isn’t hard to imagine what they are getting at – you’ll notice the front wheels accelerating through a turn in the (until now) rear-wheel drive Model S.
[tweet https://twitter.com/TeslaMotors/status/440216186362413056]
[youtube=http://www.youtube.com/watch?v=h5N9xIfTU5g]
There is a lot of interesting info from a talk that Elon Musk gave at the CPUC last week. Of particular note, Musk gave some spec estimates for the mass market “Model E” vehicle expected to be released in 2017 with batteries coming from the Gigafactory. In the video above he says the car will have a 200 mile range and be 20% smaller than the Model S. Therefore the battery will need to have about 80% of the energy of the current Model S (Musk’s words). To be clear, since Tesla uses the constant sized 18650 cells (and looks to continue to do so) physical size and Watt-hours are fairly constant.
So given that a 60kWh Model S has a range of around 200 miles (EPA 208), that means that the Model E would need to have a battery around 80% the size of the Model S or 48kWh.
That’s still about double what leading ‘mass market’ electric cars have today. The Chevy Spark EV, with a range of 82 miles has a 21.3 kWh battery. The Nissan LEAF which has a 75 mile EPA range rating has a 24 kWh battery. The Chevy Volt has a 16kWh battery while the BMW i3 is 18.8.
Tesla cancelled its $49,000 40kWh battery Model S before it got an EPA estimate but most guesses were that it would get around 150 miles. Add another 8kWh to the battery and take off 20% of the overall car size and 200 mile range seems doable.
Musk also mentions that besides the 20% drop in price, he expects economies of scale and other innovations to drop the price another 30% on the battery alone helping to get the Model E to around 50% the cost of the Model S at $35,000.
[tweet https://twitter.com/fatihguvenen/status/440248060958896128]
Below is a snippit of Musk talking about the upcoming battery swap:
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That was the topic of discussion when I went on Bloomberg today. A few reasons I think it is Nevada’s to lose:
As for the cost of Li-ion batteries, Lithium is just a small bit. Cobalt and other materials are much more costly components.
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Tesla just announced details of the Battery Gigafactory to be located in the Southwest US. The location hasn’t yet been selected but will provide 6500 US jobs and, in 2020, enough batteries for 500,000 electric vehicles.
Tesla also announced a $1.6B convertible notes offering to fund the Gigafactory and other ramping.
As we at Tesla reach for our goal of producing a mass market electric car in approximately three years, we have an opportunity to leverage our projected demand for lithium ion batteries to reduce their cost faster than previously thought possible. In cooperation with strategic battery manufacturing partners, we’re planning to build a large scale factory that will allow us to achieve economies of scale and minimize costs through innovative manufacturing, reduction of logistics waste, optimization of co-located processes and reduced overhead.
The Gigafactory is designed to reduce cell costs much faster than the status quo and, by 2020, produce more lithium ion batteries annually than were produced worldwide in 2013. By the end of the first year of volume production of our mass market vehicle, we expect the Gigafactory will have driven down the per kWh cost of our battery pack by more than 30 percent. Here are some details about what the Gigafactory will look like.
TESLA ANNOUNCES $1.6 BILLION CONVERTIBLE NOTES OFFERING http://t.co/rHkp9L1rWe
— Electrek.co (@ElectrekCo) February 26, 2014
Press release follows:
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[youtube=http://www.youtube.com/watch?v=D1axlMngNW4]
Tesla would no longer be able to sell its luxury electric vehicles directly to consumers under a new bill in the New York State Legislature.
Groups representing the state’s automobile dealers met with Governor Andrew Cuomo in November to push a bill that would prevent automobile manufacturers from selling their vehicles directly to consumers, public schedules show. Deborah Dorman, president of the Eastern New York Coalition of Auto Dealers, was at that meeting and said Tuesday Cuomo aides told the group the governor would sign the bill if it passes.
She said the bill was designed to protect consumers because it required companies to create a storefront in the state and was not directed at Tesla because it sold electric vehicles. Some environmentalists have claimed the bill unfairly targets electric car manufacturers.
A fantastic litmus test to see if your state government represents the people or corporate interests. 90+% of voters want to be able to buy cars outside of the dealership monopoly. If your state even votes on something so lopsided, they should be voted out. Heck, just introducing such a bill should automatically dissolve the government and force new elections.
You’ll recall that I picked Panasonic and Solar City to be among partners in Tesla’s upcoming Gigafactory announcement back in mid-January. I went on Bloomberg earlier this month to re-iterate those claims. Today, Panasonic got a little bit more official.
Reuters picks up a Nikkei report:
Panasonic Corp is inviting a number of Japanese materials suppliers to join it in investing in a U.S. car battery plant that it plans to build with Tesla Motors Inc, with investment expected to reach more than 100 billion yen ($979 million), the Nikkei reported.
The plant, expected to go on-stream in 2017, will bolster Panasonic’s supply of lithium-ion batteries to the U.S. electric-car maker.
Last week, Tesla shed some light on its plans for building a lithium-ion battery plant, or “giga factory,” that will cut battery costs and allow the company to launch a more affordable electric car in 2017. However, it said at the time that further details would be announced this week.
The U.S. plant, which will handle everything from processing raw materials to assembly, will produce small, lightweight batteries for Tesla and may also supply Toyota Motor Corp and other automakers, the Nikkei said.
Battery costs have been a major stumbling block to widespread electric car adoption in the United States, according to analysts. Tesla’s giga factory will lower costs by shifting material, cell, module and pack production to one spot.
In Tesla’s earnings conference call last week, Chief Executive Elon Musk said the electric car maker expects to build the factory with more than one partner, but a “default assumption” was that Panasonic, as a current battery cell partner, “would continue to partner with us in the giga factory.”
“The factory is really there to support the volume of the third generation car,” Musk said on the call. “We want to have the vehicle engineering and tooling come to fruition the same time as the giga factory. It is already part of one strategy, one combined effort.”
The pieces are starting to come together. The biggest question now is how Tesla funds the other $4B in costs. Will it issue more stock? Will it bring in some very rich partners like Apple? On that note we go to last week’s earnings call for more color on that:
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Consumer Reports likes the Model S. It named the Model S Tops in Customer Satisfaction, gave it a near perfect score and a top 5 Brand Perception. Today it named the Best Overall in its top 10 cars list saying:
BEST OVERALL: Tesla Model S ($89,650) This electric luxury vehicle offers blistering acceleration, razor-sharp handling, a compliant ride, and a versatile cabin with room for a small third-row seat. This technological tour de force, while pricey, is brimming with innovation and offers a 225-mile driving range and 5-hour charges with Tesla’s special connector.
In a nod to a decade ago, CR named the top “Green Car” the Toyota Prius saying:
Toyota Prius ($26,750) There’s no shortage of hybrids on the showroom floor; however none can match the combination of affordability, practicality, and fuel efficiency that the Prius delivers—which is why it leads in this category for the 11th year in a row. Its 44 mpg overall is still the best Consumer Reports has measured in any five-passenger, non-plug-in vehicle. And its roomy interior and hatchback versatility make it practical.
The following is Consumer Reports’ full breakdown:
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It is a good day to be a $TSLA owner as the stock shot up to near 250 putting the company at a valuation over $30B. The lift comes via Morgan Stanley analyst Adam Jonas who more than doubled his price target speculating that Tesla’s Gigafactory batteries could wind up powering the US Grid or being a fallback.
Tesla Motors – Morgan Stanley analyst Adam Jonas reiterated an Overweight rating on and raised the price target from $153.00 to $320.00 saying the company’s bid to disrupt the auto industry may also affect electric utilities.
The analyst wrote that, “Tesla is an extremely ambitious company for whom flooding the market with fun-to-drive EVs and giving competitors a headache might not be the endgame. Tesla’s limited addressable market, a long-time bear thesis on the stock, appears well up for grabs here.”
What’s interesting to me here is that the other two named Gigafactory partner companies, Solar City and Panasonic, (among others, possibly including Apple) are both down as of this writing.
