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Search resuls for: "Zachary Kirkhorn"


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☆ PREVIEW Tesla margins in focus as EV price war kicks into high gear
  + stars: | 2023-04-17 | by ( Akash Sriram | Thomson Reuters | Akash Reports On Technology Companies In The United States | ) www.reuters.com   time to read: +3 min
April 17 (Reuters) - Tesla Inc's (TSLA.O) first-quarter margins are anticipated to have hit a more than three-year low as the electric-vehicle maker slashed prices to lure more buyers in the face of rising competition and a weak economy. Reuters GraphicsFinance chief Zachary Kirkhorn promised in January that Tesla would not go below margins of 20% and an average selling price of $47,000 across models. The company on Friday slashed prices in Europe, Israel and Singapore. "It's probable that Tesla's margins will be preserved based on the reduction in commodity costs," said George Gianarikas, analyst at Canaccord Genuity. Tesla is targeting deliveries of 1.8 million vehicles this year, though Musk said in January the automaker could hand out 2 million vehicles if circumstances are favorable.
☆ Factbox: Tesla sets stage for annual shareholder meeting
  + stars: | 2023-04-10 | by ( ) www.reuters.com   time to read: +2 min
April 10 (Reuters) - Tesla Inc (TSLA.O) has put up five proposals for vote at its annual shareholder meeting on May 16, including the nomination of co-founder JB Straubel to the electric-vehicle maker's board. Tesla shareholders usually vote largely in line with board recommendations. FREQUENCY OF NON-BINDING VOTE ON EXECUTIVE COMPENSATIONTesla said shareholders will vote on how frequently they would prefer a non-binding, advisory vote on compensation for executive officers. Investors will choose between one, two and three-year intervals for the non-binding vote on executive compensation, the board said, adding that it recommends a three-year interval. The EV maker has urged shareholders to vote against the proposal, saying it "would cause unnecessary competitive harm".
☆ Tesla, Musk sued by shareholders over self-driving safety claims
  + stars: | 2023-02-27 | by ( Jonathan Stempel | Industry Insight | Recommended Change Management Practices To Plan | ) www.reuters.com   time to read: +2 min
Companies Tesla Inc FollowFeb 27 (Reuters) - Tesla Inc (TSLA.O) and its Chief Executive Elon Musk were sued on Monday by shareholders who accused them of overstating the effectiveness and safety of their electric vehicles' Autopilot and Full Self-Driving technologies. They said Tesla's share price fell several times as the truth became known, including after the National Highway Traffic Safety Administration began investigating the technologies, and reports that the Securities and Exchange Commission was investigating Musk's Autopilot claims. The share price also fell 5.7% on Feb. 16 after NHTSA forced a recall of more than 362,000 Tesla vehicles equipped with Full Self-Driving beta software because they could be unsafe around intersections. Monday's lawsuit led by shareholder Thomas Lamontagne seeks unspecified damages for Tesla shareholders from Feb. 19, 2019 to Feb. 17, 2023. Tesla's share price closed Monday up $10.75, or 5.5%, at $207.63, but the stock has lost about half its value since peaking in Nov. 2021.
☆ Tesla, insurers take different paths to deal with expensive repairs
  + stars: | 2023-01-26 | by ( Paul Lienert | ) www.reuters.com   time to read: +4 min
Jan 26 (Reuters) - Tesla Inc's (TSLA.O) electric vehicles are expensive to repair - so much so that the automaker and insurers are addressing the issue in sharply different ways. Chief Executive Elon Musk says Tesla is making design and software changes to its vehicles to lower repair costs and insurance premiums. Insurance carriers, meanwhile, are writing off low-mileage Tesla Model Ys that have been in crashes, and sending them to salvage auctions after deeming many too expensive to repair. "It's remarkable how small changes in the design of the bumper (and) providing spare parts needed for collision repair have an enormous effect on the repair cost," he said. Insurance companies contacted by Reuters either declined to comment or did not respond immediately to requests.
☆ Musk outlines Tesla's recession playbook: claw back costs
  + stars: | 2023-01-26 | by ( Abhirup Roy Kevin Krolicki | Abhirup Roy | Kevin Krolicki | ) www.reuters.com   time to read: +5 min
That would mean running Tesla factories leaner with fewer materials in inventory, cutting shipping and logistics costs and negotiating lower prices for components, he said - putting Tesla's suppliers on notice. "My guess is if the recession is a serious one, and I think it probably will be but I hope it isn't, that would lead to meaningful decrease in almost all of our input costs," Musk said. Tesla's third-quarter profit per car sold was more than seven times higher than Toyota Motor Corp (7203.T), for example. The company's average cost per vehicle, including all categories of its spending, was almost $44,000 in the fourth quarter. I think there's just a vast number of people that want to buy a Tesla but can't afford it," Musk said.
☆ Elon Musk reiterates his belief that Tesla will 'be the most valuable company on earth' amid record quarter for the EV maker
  + stars: | 2023-01-26 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +3 min
Elon Musk reiterated his belief that Tesla will be "the most valuable company on earth." Tesla stock is down 59% from its 52-week high, but has rallied nearly 30% year-to-date. The better-than-feared earnings report helped push Tesla stock up as much as 12% on Thursday. The future is very exciting... long term, I am convinced that Tesla will be the most valuable company on earth," Musk said. For Tesla to become the most valuable company on earth today, it would have to surpass Apple's current market valuation of $2.2 trillion, which would equate to a Tesla stock price of about $698.
☆ EXCLUSIVE Tesla mulls exporting China-made EVs to United States-sources
  + stars: | 2022-11-11 | by ( ) www.reuters.com   time to read: +5 min
Tesla's Shanghai Gigafactory has the capacity to produce 1.1 million electric vehicles per year after an upgrade earlier this year, making it Tesla's most productive manufacturing hub. The California plant, Tesla's first, produces the Model S, the Model 3 sedans and the Model X and Model Y crossovers. At the same time, the price gap between Tesla cars sold in China and the United States has been widening, reflecting both higher U.S. prices and new discounts in China. Tesla sells the Model Y for the equivalent of $49,344 in China, compared to the U.S. price of $65,990. loadingTesla would not be the first U.S. automaker to ship made-in-China vehicles to the United States.
☆ Musk says Tesla expects to meet Inflation Reduction Act requirements for new tax credits on EVs
  + stars: | 2022-10-20 | by ( Lauren Feiner | ) www.cnbc.com   time to read: +1 min
Tesla CEO Elon Musk said during the company's Q3 earnings call on Tuesday evening that the company expects to fully meet the Inflation Reduction Act requirements that would allow consumers to receive tax credits on new EV purchases. It includes climate-related incentives, like an up to $7,500 tax credit for consumers who purchase an electric vehicle. "We believe Tesla is very well-positioned to capture a significant share of that for solar storage and also electric vehicles," Kirkhorn said. Shares of Tesla stock were down about 6% during premarket trading Thursday after falling short of analysts' revenue expectations for the quarter. WATCH: What it takes to run an electric vehicle repair shop
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