Home » Money

Tesla to build Golf rival within five years

07 June, 2018, 01:39 | Author: Samuel Sharp
  • Tesla got a head start in the premium electric vehicle segment

Elon Musk said Tesla has experienced "the most excruciating hellish several months that we've ever had". Musk himself owns more than 20% of outstanding shares and institutional investors own another 61%, concentrated mostly in the hands of five large money managers - T Rowe Price, Fidelity, Baillie Gifford, Vanguard and Blackrock. When asked about a question about whether Tesla has any plans of making electric motorcycles, Musk categorically said that it's not going to happen. That's eased the carmaker's cash burn, but some Model 3 reservation holders sought assurances their wait wouldn't be for naught. A spokesperson declined to disclose the percentage of Model 3 deposits that have been refunded.

Apart from assuring investors that the Model 3 line is steadily approaching its production goal, Musk also discussed what could very well be the dark horse of Tesla's ecosystem - its energy business. "I do have an issue with time", Musk said, according to Detroit News.

During the past few months Musk has endured production hell with continuous Model 3 manufacturing woes as he also wrestled with the media over negative coverage. A damaging split at this stage between board and management would risk everything and it's clear that Tesla has a hit on its hands with the Model 3 (about half a million orders with effectively free loans amounting to nearly half a billion dollars from the deposits paid), but an engineering problem associated with building enough of them fast enough. Tesla has not hit the intended goal of 5,000 cars per week.

As Tesla's 'Autopilot' feature remains in the news for all the wrong reasons, the company is looking to release a free trial of its self-driving software in the coming months, in a bid to improve public trust in its capabilities. He had been targeting 5,000 a week by around the end of June, a rate he said will allow Tesla to become profitable in the third quarter and cash-flow positive in each of the third and fourth periods.


His talk began with praise for company employees, then he added, "We build our cars with love".

As it works on ramping Model 3 output, the automaker is moving furiously to expand production at its massive battery manufacturing plant in Nevada.

He added said the electric auto maker will soon produce more batteries at its Nevada Gigafactory than all other electric vehicle companies combined, including those in China.

Recommended:

  • Apple’s Memoji brings an animated you to your iPhone

    Apple’s Memoji brings an animated you to your iPhone

    The update comes as Apple tries to extend AR experiences to a broader population, rather than just hard-core, tech-savvy users. Apple also announced "Do Not Disturb During Bedtime", a tool that chokes off most traffic to the phone during sleeping hours.
    Israel and Russian Federation  agree on Syria, Iran there is no place

    Israel and Russian Federation agree on Syria, Iran there is no place

    Media reports also said that Russian Defense Minister Sergei Shoigu met in Moscow with his Israeli counterpart Avigdor Lieberman. "The US administration wants to continue exerting pressures on the regime", Asharq Al-Awsat quoted Western diplomats as saying.
    WatchOS 5 debuts with health and fitness tweaks

    WatchOS 5 debuts with health and fitness tweaks

    The new features announced on Monday are created to reignite interest in the category from users and developers. While iOS 12 does not drop support for any of the older iPhones, the same is not the case with watchOS 5 .
  • Relief for N Korea only when it gives up nukes, says Mattis

    Relief for N Korea only when it gives up nukes, says Mattis

    A Syrian nuclear reactor destroyed in an Israeli airstrike in 2007 was believed to be built partly on North Korean designs. North Korea has denounced the computer-simulated war games, saying they are a rehearsal for an invasion.
    Arsenal sign Swiss defender Lichtsteiner from Juventus

    Arsenal sign Swiss defender Lichtsteiner from Juventus

    Writing on his personal Twitter account, a delighted Lichtsteiner said: "Happy and honoured to be a Gunner . Gonzalo Higuain struck on 64 minutes before Paulo Dybala huit the victor three minutes after that.
    Raising The Alarm: Ex-Econ Officials Say Trump Jobs Tweet Needs Investigation

    Raising The Alarm: Ex-Econ Officials Say Trump Jobs Tweet Needs Investigation

    They're required to wait at least an hour, a rule Trump has broken already. Traders picked up what Trump was laying down. Some Republicans also spoke out.
  • Microsoft acquires Github for $7.5bn

    Microsoft acquires Github for $7.5bn

    Microsoft has since become more involved in the software development field even working with rivals Android and iOS. Wanstrath will be replaced as CEO by Nat Friedman, the former CEO of Xamarin, which Microsoft acquired in 2016 .
    Justin Trudeau Just Slammed

    Justin Trudeau Just Slammed "Insulting and Unacceptable" Trump Trade Behavior

    Canada also responded to the United States decision with the introduction of a tariff "countermeasures" on imports. As reported by CNN , the said trade tariffs came into effect from Friday midnight.
    Clashes at funeral of man mowed by CRPF vehicle in J&K

    Clashes at funeral of man mowed by CRPF vehicle in J&K

    He along with his sisters was living with his aunt in Dalgate area of Srinagar for the past four years as both his parents had died .
  • Qatar Airways boss in 'heartfelt apology' for sexist remark

    Qatar Airways boss in 'heartfelt apology' for sexist remark

    India has permitted foreign investors, barring foreign airlines, from owning up to 100% stake in local carriers. Akbar al-Baker has since apologized for his controversial June 4 remarks.
    Hundreds of homes destroyed by volcano lava in Hawaii

    Hundreds of homes destroyed by volcano lava in Hawaii

    Snyder said it was hard to count homes in that area from the air because of steam produced from lava entering the ocean. Lava has now covered about 7.7 square miles of the roughly 4,000 square mile island, according to the USGS .

    Turkey slams U.S. veto of United Nations resolution on Palestinians

    Only the United States voted in favour of the second draft resolution, while there were three negative votes and 11 abstentions. The US draft would have condemned Hamas for the recent escalation after firing a barrage of rockets into Israel on Tuesday.


Popular

Hormone therapy will replace chemotherapy for most breast cancer treatment
This resulted in a "highly personalised" anti-cancer therapy that yielded "complete tumour regression", the researchers wrote. To find the answer, researchers randomly assigned more than 6,700 women with intermediate scores - 11 to 25 - to two groups.

Argentina cancels Israel World Cup friendly after Gaza violence
Israel captured east Jerusalem, in the 1967 Mideast war and annexed the area in a move that is not internationally recognised. Reportedly, the game between was cancelled when Messi refused to go there and said he is a human before a footballer.

Suspect in four slayings near United States city of Phoenix kills himself
Jones, who was seen driving around Fountain Hills, was later seen dumping a.22-caliber gun stolen from the Fountain Hills home. One of the shooting victims was Steven Pitt, a forensic psychiatrist who was involved in several high-profile cases.

Sofia Richie Moved out of Scott Disick's House Amid Cheating Scandal
Have reality-TV star Scott Disick and model Sofia Richie broken up? " Sofia and Scott split up", a source told Us. But then, to everyone's relief, Richie reportedly dumped Disick .

Melania Trump to attend White House reception for Gold Star families
But over the past half century, it has become the expectation that people know the basic narrative of the first lady's activities. In a statement from her office after the event, Trump did not mention her time away from the White House's public schedule.

England rally around Sterling amid tattoo controversy
ESPN's Alison Bender gets the thoughts of England fans outside Wembley on how deep a run the Three Lions can make in the World Cup.

ARM's New Cortex-A76 CPU Core Promises 35% Increase in Performance
In addition to this, it offers around 4x compute performance gains for handling AI and machine learning workloads. The new Cortex-A76 promises an even larger 35% increase in performance compared to last year's Cortex-A75.

England plays friendly against Nigeria before jetting off to the World Cup
Controversial tattoos aside, the only thing the press can really talk about is the amount of talent in the young England football squad.

Singapore Details Restart of World's Longest Flight
Singapore Airlines confirmed on Wednesday that it's going to relaunch its nonstop service between NY and Singapore in October. Singapore will deploy its new fleet of next-generation, carbon-composite Airbus A350-900ULR airliners for the flight.

New Arsenal boss to sack Arsene Wenger's men in dramatic staff shake-up
And with The Times reporting that Aaron Ramsey has been offered a new five-year contract, it's clear that Emery has already studied Arsenal's squad closely.