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☆ Elon Musk started a price war that Tesla can't win
▼ + stars: | 2023-11-12 | by ( Linette Lopez | ) www.businessinsider.com time to read: +15 min

Elon Musk has started an electric-vehicle price war that Tesla can't finish. In April, Ford CEO Jim Farley said Tesla's cuts could start an unsustainable price war. If it slides back into the red because of its price cuts, expect investors to run in another direction. In China, Tesla's price cuts even sparked protests among owners who paid more for their vehicles. Waging price war during a downturn is a challenge unlike any Tesla has faced before.

Persons: Elon Musk, Tesla, Mark Schirmer, crumb, John Zhang, Musk, —, he's, hasn't, — it's, Frederic J . Brown, Ford, John Lawler, Schirmer, I've, it's, Jim Farley, Elon, Oliver Zipse, Zhang, they're, they'd, Zach Kirkhorn, Linette Lopez Organizations: Cox Automotive, —, Revenue, Wharton School, Ford, BMW, Getty, GM, Mercedes, EV, Hyundai Locations: AFP, China

☆ Tesla engineering executive Colin Campbell joins Redwood Materials as technology chief
▼ + stars: | 2023-08-22 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Redwood Materials, the battery-recycling startup founded by Tesla board member JB Straubel, recently nabbed Tesla's vice president of powertrain engineering, Colin Campbell, to serve as chief technology officer. Based in Carson City, Nevada, Redwood was founded by Straubel in 2017 while he was still serving as Tesla's CTO. Straubel resigned from Tesla in 2019 to focus on Redwood. Another executive at Redwood, operating chief Kevin Kassekert, previously served as vice president of people and places at Tesla. More than 120 people currently work at Straubel's company after previously working for Tesla, according to LinkedIn data.

Persons: JB Straubel, Colin Campbell, Straubel, Campbell, Tesla, Zach Kirkhorn, Vaibhav Taneja, Redwood, Kevin Kassekert Organizations: Materials, Tesla, LinkedIn, Elon, CNBC, Redwood Locations: Carson City , Nevada, Redwood

☆ CNBC Daily Open: Playing the T-bill game
▼ + stars: | 2023-08-08 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street analysts say though, Berkshire Hathaway shares are still cheap even at these record levels. The "service-generated data" includes customer information on product usage, telemetry and diagnostic data as well as similar content or data collected by the company. Hot, hotter, hottest oceansIt's officially no longer just climate warming — it's climate boiling.

Persons: Berkshire Hathaway, Elon, Tesla, Zach Kirkhorn, Vaibhav, Goldman Sachs Organizations: CNBC, Dow Jones, Nasdaq, Dow, Oracle, Omaha Berkshire Hathaway, Wall Street, Berkshire Locations: Manhattan, New York, U.S, Omaha

☆ CNBC Daily Open: Treasury bets
▼ + stars: | 2023-08-08 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. U.S. stocks reboundAsia-Pacific markets were tepid on Tuesday, and didn't track a rebound on U.S. indexes overnight. Wall Street analysts say though, Berkshire Hathaway shares are still cheap even at these record levels. Tesla's chief accounting officer, Vaibhav Taneja, is its new CFO and will hold both roles concurrently.

Persons: Berkshire Hathaway, Elon, Tesla, Zach Kirkhorn, Vaibhav, Goldman Sachs Organizations: CNBC, Dow Jones, Nasdaq, CSI, Oracle, Omaha Berkshire Hathaway, Wall Street, Berkshire Locations: Manhattan, New York, U.S, Asia, Pacific, China, Omaha

☆ The Executive Who Keeps Tesla Rolling Isn’t Elon Musk
▼ + stars: | 2023-08-07 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

Tesla had been bleeding money for more than a decade when Zach Kirkhorn became finance chief. At the end of a quarterly analysts’ call four years ago, Tesla Chief Executive Elon Musk said his new CFO would be “Zach,” without giving his last name. Some on the call had never heard of him.

Persons: Tesla, Zach Kirkhorn, Elon Musk, Zach

☆ Tesla CFO Zach Kirkhorn Steps Down Ahead of Cybertruck Launch
▼ + stars: | 2023-08-07 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/tesla-finance-chief-zach-kirkhorn-steps-down-44e00ad

Persons: Dow Jones

☆ Tesla's CFO and 'Master of Coin' Zachary Kirkhorn is leaving the company
▼ + stars: | 2023-08-07 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

New York CNN —Tesla’s “Master of Coin” and Chief Financial Officer Zachary Kirkhorn has stepped down after four years and six months in the role. Kirkhorn joined Tesla 13 years ago as a senior finance analyst, according to his LinkedIn profile, rising to CFO in 2019. Vaibhav Taneja, most recently Tesla’s chief accounting officer, will take over the job of CFO. It is unclear if Taneja will be taking over the “Master of Coin” position, as well, or if the title will be retired. Tesla's Chief Financial Officer, Zach Kirkhorn, who also held the title Master of Coin, speaks during Tesla's 2023 Investor Day on March 1.

Persons: Zachary Kirkhorn, Kirkhorn, Tesla, Coin, Elon Musk’s, Vaibhav, Zach Kirkhorn, YouTube Taneja, Elon Musk Organizations: New, New York CNN, Tesla, YouTube, Elon, SEC Locations: New York, bitcoin, Solar

Tesla 's chief financial officer, Zach Kirkhorn, stepped down from his position effective Friday, the automaker announced Monday morning in a regulatory filing. Tesla's chief accounting officer Vaibhav Taneja was appointed as the new CFO and will hold both roles concurrently. Kirkhorn will stay on with Tesla through the end of the year to assist in the transition, according to a Securities and Exchange Commission filing. Kirkhorn had served as CFO since March 2019 and had worked for Tesla since 2010. Kirkhorn's departure marks the second CFO replacement at Tesla in just over four years.

Persons: Tesla, Zach Kirkhorn, Vaibhav Taneja, Kirkhorn, Deepak Ahuja, Vaibhav, Taneja Organizations: Tesla, Securities and Exchange Commission, LinkedIn, SolarCity

☆ Stocks making the biggest moves midday: Tesla, Berkshire Hathaway, PayPal, Cinemark and more
▼ + stars: | 2023-08-07 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

The company earned €168 million in revenue, while analysts polled by Refinitiv expected €672 million. The company reported adjusted net income and revenue that beat expectations for the second quarter. Viatris reported revenue of $3.92 billion, while analysts polled by StreetAccount called for $3.86 billion. PayPal – PayPal stock climbed 2% after launching its first stablecoin, PayPal USD, backed by the U.S. dollar on Monday. Analysts polled by FactSet are forecasting an adjusted 5 cents per share on $534.2 million in sales.

Persons: Tesla, Zach Kirkhorn, Vaibhav Taneja, Taneja, BioNTech, Refinitiv, Tyson, Berkshire Hathaway, Warren, StreetAccount, Andrew Mok, Sovos, Campbell, Sovos Brands, Campbell Soup, Morgan Stanley, Benjamin Swinburne, Oppenheimer, Yun Li, Alex Harring, Samantha Subin Organizations: Refinitiv, Berkshire, Warren, UBS, Sovos, PayPal, U.S, FactSet Locations: Gruenheide, Germany, BioNTech –, stablecoins, U.S

☆ Analysis: Tesla taps Biden tax credits to offset EV price cuts
▼ + stars: | 2023-07-21 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +4 min

Including the $7,500 Biden tax credit, the price is down 35%. "Tesla's manufacturing tax credits should help to at least partially offset some of the price cuts Tesla had to implement to spur demand," Morningstar analyst Seth Goldstein said in an interview. Reuters GraphicsDespite benefiting from the tax credits, Musk has criticized U.S. President Joe Biden and many of his policies and called for subsidies to be eliminated. Many analysts exclude the regulatory credits Tesla collects from other automakers, but include the Biden manufacturing credits, when calculating its underlying profit margin. Tesla's quarterly automotive gross margin, excluding the regulatory credits, fell to 18.1% in the second quarter from 26% a year earlier.

Persons: Elon Musk, Musk, Tesla, Morningstar, Seth Goldstein, Joe Biden, Zach Kirkhorn, Biden, Hyunjoo Jin, Kevin Krolicki, Richard Chang Organizations: Cox Automotive, Panasonic, Benchmark, General Motors, LG Energy, Reuters, U.S, Thomson Locations: SEOUL, United States, China, U.S, Nevada, Texas

☆ Elon Musk says he doesn't plan to give his kids control of his companies
▼ + stars: | 2023-05-23 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Elon Musk said he's found potential successors for his companies if "something happens to me unexpectedly." The billionaire said he doesn't plan to hand over his companies or voting shares to his kids. Musk dispelled rumors earlier this month that he would bring in a new Tesla CEO. Elon Musk says he doesn't plan to hand over his companies to his kids any time soon. The Tesla CEO did not respond to a request for comment from Insider ahead of publication.

Persons: Elon Musk, he's, Musk, X, X's, Grimes, Steve Jobs, Bernard Arnault, Rupert Murdoch —, I've, Musk's, Zach Kirkhorn, Tesla, James Murdoch —, —, Tom Zhu, he'd, Dan Ives Organizations: Morning, Reuters, Twitter, Street Journal, Musk Locations: China, North America, Europe

☆ Russia Claims Control of Bakhmut: The Bloodiest Battle of the Ukraine War
▼ + stars: | 2023-05-22 | by ( ) www.wsj.com time to read: 1 min

The Executive Keeping Tesla Rolling Isn’t Elon MuskTesla’s CFO Zach Kirkhorn has a reputation for working quietly behind the scenes to execute Elon Musk’s vision for the electric car maker. But as Musk’s attention gets pulled in several different directions, investors are focusing more on Kirkhorn and how he’s helping run the company. WSJ Tesla reporter Rebecca Elliott joins host Zoe Thomas to discuss. PHOTO: TESLA

☆ Watch: Biden Addresses the Debt Ceiling at G-7 Summit
▼ + stars: | 2023-05-21 | by ( ) www.wsj.com time to read: 1 min

☆ Biden Won’t Accept Work Requirements of ‘Any Consequence’ in Debt Talks
▼ + stars: | 2023-05-17 | by ( ) www.wsj.com time to read: 1 min

May 16 (Reuters) - Tesla Inc (TSLA.O) Chief Executive Elon Musk on Tuesday warned that the electric-vehicle maker was not immune to the global economy, which he said will be difficult for the next 12 months. At the meeting, shareholders voted to appoint the company's co-founder and former chief technology officer, JB Straubel, to the board. They also rejected a proposal to publish a report that sought to establish succession plans for Chief Executive Elon Musk. Tesla shareholders on Tuesday swiftly voted with the board's recommendations on nearly all proposals. In November, Tesla director James Murdoch testified in court that Musk had identified someone as a potential successor.

May 16 (Reuters) - Tesla Inc (TSLA.O) shareholders on Tuesday voted to appoint the company's co-founder and former chief technology officer, JB Straubel, to the board, and rejected a proposal to publish a report that sought to establish succession plans for Chief Executive Elon Musk. Proxy advisory firm Glass Lewis had recommended that shareholders vote against Straubel's appointment, citing worries about his independence. Tesla shareholders on Tuesday swiftly voted with the board's recommendations on nearly all proposals. Shareholders also voted to re-elect Musk and Chair Robyn Denholm as board members. Tesla board members have discussed CFO Zach Kirkhorn as a possible successor as CEO, the Wall Street Journal reported last week, citing a person familiar with the matter.

The billionaire entrepreneur, also the top boss of Twitter, last week announced that NBCUniversal's former advertising head Linda Yaccarino will succeed him as Twitter CEO and that he will focus on products and technology at the social media firm. Here are some topics that may be discussed at the shareholder meeting. Proxy advisory firm Glass Lewis recommended Tesla shareholders vote against Straubel's appointment, citing worries about his independence. DEMANDInvestors hope Musk will talk about demand against the backdrop of a slowing economy and growing competition. He had flagged strong demand for the Cybertruck, but it takes time to get the manufacturing line going for the "very radical product".

☆ Angry Tesla Shanghai workers vent to Elon Musk over bonus cuts
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +5 min

[1/3] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. The situation marks a rare outburst of discontent at Tesla's Shanghai plant, whose workers Musk praised last year for burning "the 3 a.m. oil" to keep operations running during the city's two-month COVID lockdown. Some took to Twitter, owned by Musk and blocked in China, to tweet to the billionaire, his mother Maye Musk, and Tesla. "Please pay attention to the performance (bonus) of frontline workers at Tesla's Shanghai factory being arbitrarily deducted," said a person with the handle @AFeiywu on Twitter in a tweet directed at Elon Musk and Tesla's Asia unit. She recently completed a two-week tour in the country during which she visited the Shanghai factory and promoted her memoir.

☆ Tesla Shanghai factory workers appeal to Elon Musk on bonus cuts
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +4 min

[1/3] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. "Please pay attention to the performance (bonus) of frontline workers at Tesla's Shanghai factory being arbitrarily deducted," said a person with the handle @AFeiywu on Twitter in a tweet directed at Elon Musk and Tesla's Asia unit. The workers said Tesla supervisors mentioned a "safety incident" when they were asked about reasons for the bonus cut. Several online posts claimed workers at the Shanghai plant were being unfairly punished for an incident this year at the factory where one worker died in February. According to a report published by the local Pudong government on April 12, there was a mechanical accident in the welding workshop at Tesla's Shanghai plant on Feb. 4 that killed one worker.

☆ Tesla’s Growth Ambition Comes With a $175 Billion Price Tag
▼ + stars: | 2023-03-02 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

AUSTIN, Texas—Elon Musk’s Tesla Inc. spent around $28 billion to cement itself as the world’s most valuable car company. It is now preparing to invest roughly five times that as it strives to meet the next objective: Becoming the world’s largest car maker by volume. Chief Financial Officer Zach Kirkhorn said publicly for the first time on Wednesday that Tesla could need to spend nearly $150 billion more to achieve its long-term goals, which includes selling 20 million vehicles a year. Today’s largest auto maker sells roughly half that annually, while Tesla delivered around 1.3 million vehicles to customers globally last year.

☆ Tesla shares slide 6% after Elon Musk fails to meet hopes for a budget EV model at underwhelming investor day
▼ + stars: | 2023-03-02 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Tesla shares slid 6% in premarket Thursday after the EV maker fell short on details at its investor day. CEO Elon Musk was tight-lipped on details about new models after hopes built for a $25,000 car. Tesla said it plans to cut production costs in half to reach its goal of selling 20 million EVs a year by 2030. Before the investor day, Reuters reported Tesla is planning a revamp of its Model Y, code-named Project Juniper, which would begin production in 2024. During the presentation, Tesla laid out broad plans aimed at making it the world's largest car company.

☆ Factbox: Tesla investor day gives a rare look at executive bench
▼ + stars: | 2023-03-02 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +4 min

LARS MORAVY, VICE PRESIDENT, VEHICLE ENGINEERINGThe former Honda (7267.T) engineer joined Tesla in 2010. PETE BANNON, VICE PRESIDENT, HARDWARE ENGINEERINGThe former Apple engineer leads a team that creates the Full Self-Driving hardware. He has served as senior vice president for powertrain and energy engineering since October 2019. FRANZ VON HOLZHAUSEN, SENIOR DESIGN EXECUTIVEThe former director of design for Mazda North America joined Tesla in 2008. LAURIE SHELBY, VICE PRESIDENT, EHS&S (Environmental, Health, Safety, and Security)Shelby joined Tesla in 2017.

☆ Elon Musk's new Master Plan for Tesla should've introduced cheap EVs. Instead, we got a whole lot of nothing.
▼ + stars: | 2023-03-02 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

The world is waiting for cheap EVs, but Tesla isn't ready to deliver — yet. Elon Musk's EV company held an Investor Day in Texas that had everything but cheap EVs. He needs one now — and fast — as competitors are putting the pedal to the metal in their own quests for low-cost EVs. On the investor front, low-cost EVs help make Tesla a truly global phenomenon. But the lack of any firm details on a cheap EV made for a puzzling omission from what was meant to be a showcase of Tesla's offerings.

☆ As Tesla ignites an EV price war, suppliers brace for Musk seeking givebacks
▼ + stars: | 2023-02-01 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +5 min

"It is never good for suppliers when (automakers) cut vehicle prices because that pressure rolls downhill," said Dan Sharkey, an attorney who represents suppliers to Tesla and other automakers. Tesla's cost-reduction efforts come after it aggressively cut vehicle prices last month, prompting U.S. rival Ford Motor Co (F.N) to follow suit. More price cuts could be painful in a sector where some suppliers are already struggling, industry officials said. Tesla could negotiate cost reductions with suppliers through "shared" efficiencies or by simply twisting the suppliers' arms and taking some of their profit away, a former Tesla executive told Reuters. "They will get a lot of pushback from suppliers to cut costs," said industry consultant Laurie Harbour, who works with suppliers.

☆ Tesla earnings rebound but will miss 50% growth target
▼ + stars: | 2022-10-19 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN Business —Tesla posted a solid quarter of earnings and record revenue, but now says it will fall short of its target for a 50% growth in the number of cars it sells this year. As recently as July it said it was still aiming for a target of a 50% growth from the 936,000 cars it delivered in 2021. The company had previously reported it delivered 344,000 cars in the third quarter, a record for the company, and up 42% from a year ago. But it would have needed to deliver another 495,000 cars in the fourth quarter in order to hit the 50% growth target. Shares briefly shaved their after-market losses when Musk mentioned the buyback, only to see the stock lose even more ground after the company moved off its 50% sales growth target.

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