A man walks near a logo of Tesla outside its China headquarters at China Central Mall in Beijing, China July 11, 2018. REUTERS/Jason Lee (Reuters) - Baillie Gifford & Co, one of the top shareholders of Tesla Inc, has said it would be willing to inject more cash into the electric carmaker, the Times reported bit.ly/2PwSpuu on Monday. “If he (Tesla CEO Elon Musk) needs more capital we would be willing to back him,” the Times quoted Nick Thomas, a partner at Edinburgh-based Baillie Gifford, as saying. Baillie Gifford is Tesla’s third-largest shareholder with a 7.72 percent stake. Elon Musk tops the list with about 20 percent ownership of the electric carmaker followed by T.Rowe Price Associates Inc, which owns about 10 percent, according to Refinitiv data. The backing from Baillie Gifford comes days after Tesla reported a net profit of $311.5 million in the third quarter. Tesla and Baillie Gifford did not immediately respond to requests seeking comments. … [Read more...] about Baillie Gifford willing to invest more in Tesla: the Times
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SAN FRANCISCO (Reuters) - Tesla Inc (TSLA.O) reported a net profit, positive cash flow and fatter-than-expected margins for the latest quarter on Wednesday, delivering on Chief Executive Elon Musk’s promise to turn the electric carmaker profitable as higher production volumes of its new Model 3 began to pay off. FILE PHOTO: A Tesla sales and service center is shown in Costa Mesa, California, U.S., June 28, 2018. REUTERS/Mike Blake/File Photo Tesla reiterated that it expected to repeat its positive net profit in the current quarter, helping the company’s shares up nearly 14 percent after hours. The volatile Musk - who has often set unrealistic goals and deadlines that Tesla has failed to reach - surprised investors by delivering on his pledge to make Tesla profitable for only the third quarter in its 15-year existence, providing a triumphant end to a difficult quarter for the executive, whose leadership was openly questioned only weeks ago. Tesla said it … [Read more...] about Tesla shares jump as Musk delivers quarterly profit, cash
(Reuters) - Tesla Inc (TSLA.O) made good on Chief Executive Officer Elon Musk’s promise that it would turn a profit in the third quarter as it ramps up production of its Model 3 sedan, sending its shares up 7 percent in after-market trade. FILE PHOTO: A Tesla sales and service center is shown in Costa Mesa, California, U.S., June 28, 2018. REUTERS/Mike Blake/File Photo The Silicon Valley electric carmaker said on Wednesday that it made a net profit of $311.5 million in the quarter and had free cash flow of $881 million. A man walks near a logo of Tesla outside its China headquarters at China Central Mall in Beijing, China July 11, 2018. REUTERS/Jason Lee Musk had said in May that Tesla would be profitable in both the third and fourth quarters and as a result would not need to raise new capital from financial backers. A surge of production in the quarter helped. Tesla said it produced 5,300 Model 3s in the last week of the third quarter. Tesla said … [Read more...] about Tesla posts profit with Model 3 surge, shares jump
SAN FRANCISCO (Reuters) - When Tesla Inc (TSLA.O) posts third-quarter results on Wednesday, Chief Executive Elon Musk may show off a long-promised quarterly profit, as production of his Model 3 electric sedan takes off. But the real question is whether any such gains will be sustainable. A 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, U.S., June 1, 2018. Picture taken June 1, 2018. REUTERS/Mike Blake Since May, Musk has pledged to post quarterly profits in the second half of this year as it gained traction with production, and deliveries, of its new Model 3 sedan. The results end a turbulent quarter in which U.S. security regulators accused Musk of securities fraud for misleading tweets and forced him to forgo the chairman role in a settlement. Short sellers who bet against the company celebrated - until noted short-seller Citron Research on Tuesday reversed course, saying it believed the Model 3 was a … [Read more...] about Tesla may post profit with Model 3 surge, but is it repeatable?
Oct 24, 6:23 AM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Ranjitha Shastry 10/24/18 AT 5:18 AM The government in China has drafted new regulations pertaining to the management of blockchain. The draft, published Friday, covers several aspects of blockchain including the process to be followed by blockchain service providers for registration, competent authorities regulating blockchain, and the responsibilities of blockchain service providers.The draft is prepared with the purported intent of safeguarding national security and public interest, and promoting the healthy and orderly development of blockchain technology. The draft regulation requires users to provide their real names and national identity card numbers when registering for a blockchain service, taking away one of the intrinsic properties of blockchain — anonymity.Blockchain service providers would also be required to retain … [Read more...] about Blockchain Service Providers In China May Face Stricter Regulations, Diluting Customers’ Privacy