As Tesla prepares to increase production of their Model S sports car as well as introduce other electric vehicles, a fire that destroyed a Model S on Tuesday outside Seattle, has Tesla Motors chairman, CEO and co-founder Elon Musk defending the safety of electric cars. Continue reading
Category Archives: Tesla Motors
Tesla Model S EV Recalled For Seats
Tesla has announced their first recall affecting certain 2013 Model S sports cars because of a possible installation defect that could cause the passenger seat to not stay in the upright position during hard braking or an accident. Continue reading
Auto Lender Practices Questioned
Last month, U.S. automobile lenders received subpoenas from the Consumer Financial Protection Bureau (CFPB) over the sale of extended warranties, add-ons and other financial products. Regulators are probing whether the terms and prices of these products are adequately disclosed to consumers and are questioning if some lenders may be using them as a way of boosting profits. Continue reading
Tesla Pays Off Millions In Government Loans
Electric car maker Tesla has paid off $465 million back to the Energy Department for loans they received in 2010. The company was able to pay back the loan nine years early due to money raised in the markets, and revenue from selling green energy credits to other automakers. Continue reading
Tesla Supercharger Stations Unveiled In California
Tesla Motor’s highly anticipated charging network has finally been unveiled to the public with the revelation of it first six supercharger stations. According to Tesla, the stations will safely deliver up to 4.5 times more electricity to the battery giving approximately half a charge in half an hour. It will do this by using special cables that connect directly to the battery, bypassing any on board charging equipment. The most unique thing about these charging stations is that many will be equipped with solar cells mounted on the weather canopy that will generate more energy over the course of a year than is consumed by Tesla vehicles using the supercharger stations, resulting in a positive transfer of power back to the electricity grid. Current active stations in California can be found in Barstow, Hawthorne, Lebec, Coalinga, Gilroy and Folsom. By 2015, Tesla hopes to expand their supercharger network to over 100 stations.
Tesla Releases 5.3 Million Additional Shares
Tesla Motors Inc. has announced that they will be releasing another 5.3 million shares in a secondary public stock offering of $28.76 per share. These shares will be in addition to a private sale of 1.4 million to Elon Musk, CEO and co-founder of Tesla, plus an additional 637,475 shares to Blackstar Investco LLC, an affiliate of Daimler AG. The company hopes to raise about $211 million which will go towards developing their new SUV like vehicle, the Model X.
In June of 2010 when Tesla first went public, the sale was a big success. The stocks were estimated to sell at about $15 a share but ended going up to as high as $19. Just two days after the release, the stock shot up to almost double the first offering. Despite the huge success, the Tesla IPO soon lost it’s momentum.
Tesla is not expected to make a profit for another two years. They currently sell just one vehicle, the Roadster, a sporty electric car popular with the rich and famous. The first public stock offering has allowed them to develop a more affordable model, the Model S, which will be released to the public next year. The company is currently developing battery packs and chargers for Daimler and Toyota, and have been working with Toyota to develop an electric version to the RAV 4. Tesla shares currently remain steady around $27.00.
LA Auto Show Speeds Into The Electric Car Era
The sales of electric cars may not be doing as well as first hoped, but the displays at this years Los Angeles Auto Show hopes to change that. GM’s Chevrolet Volt, the 2011 Green Car of the Year, is one of several displays that hope to spark interest in the sales of green cars. The Volts rival, the Nissan leaf, along with Tesla’s Toyota RAV4 EV, the Fisker Karma, the Mitsubishi I-MiEV, and every other car maker’s electric or hybrid car will be there vying for the green consumers interest.
This year’s show will feature a record of debuts with fifty new vehicles unveiled on press day. This year’s show features more elaborate and interactive exhibits and more manufacturers, making it one of the most dynamic LA Auto Shows in years. The annual event, held at the Los Angeles Convention Center and will be open to the public November 19-28.
Tesla Recalls Roadster
Tesla has announced that it will be recalling all Roadster 2.0 vehicles built between July 2009-June 2010 as well as all Roadster 2.5 models built between July 2010-September 2010. This comes after a complaint from a customer who reported a fire behind the right front corner of the vehicle. The problem is being blamed on a low voltage auxiliary cable chafing against a panel causing a short. This issue is limited to the 12V low voltage auxiliary cable and does not involve the main battery pack or main power system.
In the recall, Tesla technicians will check the routing of the cable and install a protective sleeve to prevent further chaffing. Tesla has started notifying customers via email and has initiated a mailing campaign. The repair will be done at the customers’ homes or offices and will take approximately one hour.
