During the ongoing class-action lawsuit against Elon Musk over accusations that he committed securities fraud, he said: “It is relatively easy for me to get investment support because my track record is extremely good,” according to the Associated Press. Musk’s confidence to raise money for investment plans is the reason why he landed in court…
Elon Musk Makes Huge Tesla Profit Over Past Week
Telsa and Twitter owner Elon Musk added about $21 billion to his profits over the seven days since last week, according to a Bloomberg-monitored index. According to the Bloomberg Billionaires Index, Musk’s fortune increased by $21 billion between Jan. 19 and 26. It now stands at around $156 billion. Recent filings show Musk holds about 423,622,000 shares in…
Musk Outlines Tesla’s Recession Playbook: Claw Back Costs
Elon Musk has a playbook for Tesla headed into what he believes will be a “serious” recession: cut costs on everything from parts to logistics, while keeping the pressure on competitors with discounted sticker prices. In a conference call to discuss Tesla’s fourth-quarter results, Musk and other executives outlined plans to reshape the electric vehicle…
Testing Group Says Tesla Autopilot Slips in Driver Assistance Ratings
WASHINGTON—Tesla’s advanced driver assistance system Autopilot fell in a ranking of 12 major systems, Consumer Reports said Wednesday. Of 12 systems tested by Consumer Reports, a nonprofit organization that evaluates products and services, Ford Motor’s BlueCruise was first, followed by General Motors’ Cadillac Super Cruise and Mercedes-Benz Driver Assistance. Tesla, which was second in Consumer…
Tesla Posts Record Profit Despite Slashing Prices Amid Waning Demand
Tesla posted record profits and revenues for 2022, despite slashing prices on a number of its electric vehicles in a bid to bolster sales as the auto industry faces waning demand. The electric vehicle maker posted (pdf) $24.32 billion in revenue for the fourth quarter ended Dec. 31, up 37 percent year-over-year from $17.7 billion in the same…
Former Tesla CFO and Major Shareholder Testify in Elon Musk Fraud Trial
On the sixth day of the ongoing class-action lawsuit against Tesla founder Elon Musk, former CFO Deepak Ahuja took the stand. Ahuja was questioned as a witness to any dealings between the electric car company and the Saudi government’s Public Investment Fund (PIF). While being questioned by defense prosecutors, Ahuja stated that the contents of…
Tesla Announces $3.6 Billion Investment in Nevada for Factories, Promises 3,000 New Jobs
Tesla plans to invest more than $3 billion in Nevada to expand its Gigafactory as well as establish two additional factories, with the investment projected to create thousands of jobs in the state, the company announced on Tuesday. “We will be investing over $3.6 billion more to continue growing Gigafactory Nevada, adding 3,000 new team…
Musk Testifies Over ‘Funding Secured’ Tweet in Tesla Investors’ Class Action Lawsuit
A lawsuit about a tweet that Elon Musk made years ago continues, concluding its fifth day on Tuesday. Musk testified for roughly three more hours in a federal trial over a class-action lawsuit alleging he misled Tesla shareholders with a tweet from Aug. 7, 2018. He defended himself against claims that he illegally manipulated Tesla’s…
Future Unclear for Tesla’s China Plant
News Analysis Tesla’s mega plant in Shanghai faces strong headwinds moving into 2023 due to trends favoring the localization of global supply chains amid fierce competition with Chinese automakers. The year didn’t start on a good note for the automaker when earlier this month, disgruntled Tesla owners protested at its various showrooms around China, upset…
LIVE NOW: Tesla Trial Continues, Executives Arrive at Court
The Tesla trial continues at 10:00 a.m. ET on Jan. 23 as executives and attorneys of the company arrive at the court. In the case, Tesla’s shareholders filed claims against the company, Elon Musk, and Tesla directors over allegations that Musk fraudulently inflated Tesla stock in 2018 by tweeting that he was considering taking the…
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