Tesla's stock tumbled Thursday evening after the SEC sued Elon Musk for misleading investors. Musk tweeted on August 7 that he had secured funding to take Tesla private at $420 a share. Typically, stocks match takeover prices that a company publicizes. Investors assume the deal will be completed and the company will eventually be worth the price at which the company says it will be sold. However, skeptical investors never believed Musk, and the stock never approached anything close to $420 a share. It rose as high as $387.46 on August 7 and tumbled since then. Their skepticism was for good reason: Musk had never secured the funding, the SEC alleges. He abandoned the plan to go private three weeks after he first tweeted about it. The stock fell as low as $270 after the bell Thursday, 12% below Tesla's closing price for the day. Including the after-hours plunge, Tesla's stock has plummeted more than 29% since Musk's infamous tweet. Tesla's (TSLA) falling stock price could come … [Read more...] about Tesla’s stock falls 12% after SEC sues Elon Musk
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Buoyed by promises to be cashflow-positive by the end of the year, Tesla’s share price has risen more than 10 per cent on the open this afternoon. The electric carmaker, spearheaded by its charismatic chief executive Elon Musk, reported quarterly revenue above analyst expectations in a results reveal last night at $4bn (£3.05bn). Despite its losses rising dramatically thanks to the ramping up of Model 3 production, Musk reaffirmed his claim that Tesla will not need to raise fresh capital this year to achieve his target. Read more: Tesla shares up as it says it should be profitable this year In a slightly more unusual turn of events, his well-mannered behaviour on its post-earnings call has convinced investors that Musk may be turning a new leaf. In Tesla’s call for the previous quarter, Musk insulted some analysts and labelled questions “boring” and “boneheaded”, subsequently knocking $2bn of the company’s market capitalisation. “I … [Read more...] about Tesla’s share price soars in double-digit increase on an apologetic Musk
source REUTERS/Rebecca Cook UBS analyst Colin Langan suggests Tesla‘s newly-revised pricing strategy is intended to set the company up to raise more money in the fourth quarter. Tesla is scheduled to report earnings on Wednesday, and investors will be closely watching results and subsequent commentary. Follow Tesla’s stock price in real-time here. Tesla‘s newly-revised pricing strategy isn’t just intended to boost its near-term probability – it’s setting the company up to raise more money in the fourth quarter, says UBS. Tesla recently adjusted the down payment requirement for Model 3 ordering. Instead of forking over a $1,000 down payment, customers are now required to submit a non-refundable $2,500 configuration deposit. UBS analyst Colin Langan estimates this will soften the cash burn reported by Tesla as part of Wednesday’s earnings report. More specifically, the firm now expects a cash burn of $900 million, … [Read more...] about UBS: Tesla’s new pricing strategy is setting it up to raise more money later this year
Electric car manufacturer Tesla's share price fell by more than 4 per cent as markets opened today, after it was revealed that it had requested refunds from some suppliers for previously made payments. A memo was sent by a global supply manager for Tesla, describing a request for some suppliers to refund money paid by the company since 2016, according to the Wall Street Journal. The manager described the refunds as "essential" to Tesla's ability to continue operating at its current speed and scale, portraying the money's return as an investment into the company's future. A representative for Tesla could not be reached for comment at the time of publication, but its CEO Elon Musk tweeted that any costs accounted for in the next quarter would not be retroactive. The tech giant has been chasing profitability in recent months, after Musk promised the company would reach that target by the third or fourth quarter this year. Tesla cut nine per cent of its workforce in June in a bid to reduce … [Read more...] about Tesla’s share price falls more than four per cent after asking suppliers for refunds
By Rex Crum | [email protected] | Bay Area News Group June 1, 2018 at 7:39 am We have an idea of how much a Tesla Model 3 costs to buy. The electric car has been touted as coming with a $35,000 price tag, but it is expected that a Model 3 costing that amount won’t be a reality until next year. The cars currently coming off the assembly line have been said to cost closer to $50,000, due to extras and technological bells and whistles that lift the Model 3’s price nearer to the luxury-car level. Well, according to some engineers in Germany… about $28,000. That’s what the Electrek blog, which reports on the electric, autonomous vehicle and clean car industry, says. Electrek cited the German magazine WirtschaftsWoche, which said it spoke with German engineers who had completed a teardown of the Model 3 and who determined that the car’s materials and logistics costs come to $18,000, with another $10,000 coming from the labor required to build … [Read more...] about Tesla’s Model 3 might cost how much to build?