Elon Musk acknowledged Sunday that Tesla, at its current production rate, would “lose money and die” if it sold Model 3 mass-market sedans at the promised price of $35,000. Despite Tesla’s Model 3 website still stating that it “achieves 220 miles of range while starting at only $35,000 before incentives;” CEO Elon Musk took to Twitter to acknowledge that the company would go bankrupt if it tried to ship starting price units before reaching a minimum production rate above 5,000 units per week. Tesla began taking $1,000 reservations in March 2016 for its first mid-size all-electric-vehicle with a basic battery range of 215 miles. Within a week, the Tesla announced it had over 325,000 paid reservations. A year later, the number of paid Model 3 deposits indicated about 600,000 reservations. Musk tweeted just before Tesla’s July 28, 2017 “Handover Party” for the first 30 Model 3 vehicles that he was confident the company … [Read more...] about Musk: Tesla Selling $35K Model 3 Would ‘Lose Money and Die’
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News / World by Press Association 19/12/2018, 4:49 am FacebookTwitterWhatsAppEmail Send us a story Sign up to our Daily newsletter Elon Musk has unveiled his underground transportation tunnel on, allowing reporters and invited guests to take some of the first rides in the revolutionary albeit bumpy subterranean tube. Guests boarded Mr Musk’s Tesla Model S and rode along Los Angeles-area surface streets about a mile away to what is known as O’Leary Station. The station, smack dab in the middle of a residential neighbourhood — “basically in someone’s backyard,” Mr Musk says — consists of a wall-less lift that slowly took the car down a wide shaft, roughly 30ft below the surface. The sky slowly fell away and the surprisingly narrow tunnel emerged. “We’re clear,” said the driver, who sped up and zipped into the tunnel when a red track light turned green, making the tube look like something from space or a … [Read more...] about Elon Musk offers rides to VIPs as he unveils underground tunnels
ELON Musk has shared his latest idea with the world by demonstrating how he controls his Boring Company’s enormous tunnelling machinery using an X-box controller. But just what is The Boring Company? We take a look at the business founded by the Tesla chief in closer detail. What is the Boring Company? Elon Musk’s “The Boring Company” was founded in 2016 in California. The company focuses on infrastructure and tunnel construction, and primarily looks at how tunnels can help to ease traffic and congestion in Los Angeles, claiming the 2D transportation network at present is not viable anymore. In February 2017, the company began digging a 30-foot-wide, 50-foot-long and 15-foot-deep testing trench on the premises of SpaceX's offices in Hawthorne, California, as construction on the firm’s own site would not require any permits. Musk describes this venture as a “personal hobby” and invests around “two to three per cent” of his time. Musk … [Read more...] about The Boring Company – what does Elon Musk’s tunnelling company do, why do they sell flamethrowers and where to get a hat?
By Jonathan Stempel (Reuters) - Charlie Munger, the longtime business partner of Warren Buffett at Berkshire Hathaway Inc, on Thursday criticized active fund managers, bankers and even Elon Musk as he urged investors to court simplicity and temper expectations for future returns.Munger, 95, often provoked laughter as he fielded questions at the annual meeting of Daily Journal Corp, the Los Angeles newspaper publishing company he chairs, though he is better known for his four decades as a Berkshire vice chairman. Berkshire now owns more than 90 businesses in the insurance, energy, railroad and other sectors, along with dozens of stocks. Many critics have said its girth has made it tougher for the Omaha, Nebraska-based company and its stock to outperform. Munger said that is also true in the stock market, where the average professional stock picker does not outperform lower-cost funds that track indexes such as the Standard & Poor's 500. "For another considerable period, index … [Read more...] about Charlie Munger targets active managers, Elon Musk; praises China
Elon Musk's track record for technological feats as chief of SpaceX has turned skeptics into believers in everything from his quest to open space travel to Mars to his desire to build a tunnel for high-speed travel between New York and Washington. As Tesla's CEO, his ambitious vision for electric cars has also earned him a faithful following. But now Wall Street is taking a more practical tone, increasingly questioning whether Musk can turn Tesla profitable as it burns through piles of cash and racks up debt. The company may ultimately be forced to sell new shares of its stock or take on more debt just to make it through the year. Shares in the electric car company slumped 5.5 percent Thursday, a day after it reported its first-quarter results and Musk's remarks during an analyst conference call that left many investors scratching their heads. The stock recouped some of its losses Friday, closing up 3.4 percent at $294.09. Tesla shares are still up more than fourfold over the last five … [Read more...] about As Tesla Fights to Make Profit, Wall Street Has Concerns