Mexican Media Brands
Tesla Shares Slide After Loss Report
Shares in Tesla Motors Inc. fell 11% to $178.59 yesterday after the California-based electric car maker reported on Wednesday that it lost $50 million in the first quarter.
#hybrid
Share
Shares in Tesla Motors Inc. fell 11% to $178.59 yesterday after the California-based electric car maker reported on Wednesday that it lost $50 million in the first quarter.
CEO Elon Musk attributes the red ink to higher costs associated with product development, customer service operations and preparations to erect at least one EV battery "gigafactory" in the western U.S.
Separately, Panasonic Corp. has signed a letter of intent to participate in building the first Tesla battery factory. Musk says construction will begin in June, but he intends to soon break ground on at least one more such facility as a hedge against possible delays in opening the first such facility by 2017.
Musk also says California is back on his list of potential locations for a battery factory after initially being rejected for consideration because of the state's tedious regulatory approval process. Tesla also is evaluating sites in Arizona, Nevada, New Mexico and Texas.
Musk has repeatedly predicted the factories will be able to cut the per-kilowatt cost of EV batteries 30%.
RELATED CONTENT
-
Chevy Develops eCOPO Camaro: The Fast and the Electric
The notion that electric vehicles were the sort of thing that well-meaning professors who wear tweed jackets with elbow patches drove in order to help save the environment was pretty much annihilated when Tesla added the Ludicrous+ mode to the Model S which propelled the vehicle from 0 to 60 mph in less than 3 seconds.
-
On Ford Maverick, Toyota Tundra Hybrid, and GM's Factory Footprint
GM is transforming its approach to the auto market—and its factories. Ford builds a small truck for the urban market. Toyota builds a full-size pickup and uses a hybrid instead of a diesel. And Faurecia thinks that hydrogen is where the industry is going.
-
The U.S. Military Finds New Roads: Fuel Cell Powered Pickups
While it seems that fuel efficiency as related to the U.S. federal government is all about light duty vehicles, that’s far from being the case.