SAN FRANCISCO: Tesla's stock and bond prices dropped on Wednesday after Chief Executive Elon Musk renewed an attack on a British caver whom he had previously insulted on social media and a day after Mercedes unveiled a challenge to the electric car maker.The stock dropped 2.8 percent to US$280.74, the lowest level since late May, following a 4.2 percent decline on Tuesday after Mercedes introduced its first fully electric car in Stockholm.The US$1.8 billion high-yield bond Tesla issued a year ago hit a record low price on Wednesday. It also became more expensive to insure Tesla's bonds against default.Tesla's stock has lost a quarter of its value since Aug. 7, when Musk tweeted that he had secured funding for a previously undisclosed plan to take Tesla private.Musk on Aug. 24 abandoned that plan, but he faces lawsuits and a U.S. Securities and Exchange Commission investigation into the factual accuracy of his tweet that funding for the deal was “secured.” The incident is … [Read more...] about Tesla bond hits record low, stock slips as investor worry deepens
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SAN FRANCISCO -- Tesla Inc nearly produced 5,000 Model 3 electric sedans in the last week of its second quarter, with the final car rolling off the assembly line on Sunday morning, several hours after the midnight goal set by Chief Executive Elon Musk, 2 workers at the factory told Reuters. The 5,000th car finished final quality checks at the Fremont, California factory around 5 a.m. PDT (1200 GMT), one person said. It was not clear if Tesla could maintain that level of production for a longer period. Musk said the company hit its target of 5,000 Model 3s in a week, according to an email sent to employees on Sunday afternoon and seen by Reuters. Tesla also expects to produce 6,000 Model 3 sedans a week "next month." "I think we just became a real car company," Musk wrote. The company hit the Model 3 mark while also achieving its production goal of 7,000 Model S and Model X vehicles in a week, Musk said in the email. Tesla confirmed the contents of the email. After repeatedly pushing … [Read more...] about News Tesla hits Model 3 manufacturing milestone, hours after deadline: sources
caption A rendering of the revived Central Station. source Ford Ford has developed a massive development plan for a new-mobility corridor stretching from Detroit through its revamped headquarters in Dearborn to the University of Michigan in Ann Arbor. CEO Jim Hackett is bringing his “design thinking” innovation and management approach to the task of remaking the 100-plus-year-old company. Ford has bought a huge, crumbling rail station near downtown Detroit and intends to combine it with a plan to revive the city’s Corktown neighborhood to be a center of the carmaker’s Smart Mobility efforts. Ever since Jim Hackett took over as CEO of Ford last year, the auto industry and Wall Street have been trying to figure out his plan to keep the 114-year-old carmaker relevant in the 21st century, as brash new arrivals such as Waymo and Tesla change the way we get around. … [Read more...] about Ford CEO Jim Hackett reveals details about how he’s reinventing the 114-year-old car company
It appears that transport officials, for one reason or another, had a change of heart in adopting a transport mode, which for a while they were pushing Congress to approve as they found it then as an immediate and cost effective solution to Metro Manila’s traffic problems. The complete turnaround by the Department of Transportation (DOTr) regarding its interest in setting up the proposed Bus Rapid Transit (BRT) system reportedly baffled lawmakers to whom this concept was aggressively presented and successfully justified not long ago. Instead, the DOTr is now reportedly pushing for a rail project, which many have opined to be a lot more expensive. Before the reported withdrawal of the DOTR, two BRT projects have been lined up in Metro Manila, with Line 1, which was suppose to run from the Quezon Memorial Circle to Manila City Hall via Quezon Avenue and España Boulevard and Line 2 that was to run the length of EDSA. The congressmen who were convinced by the DOTr to have the … [Read more...] about Is it or is it not good?
Business Wells Fargo & Co executives planned to convey a message of atonement to shareholders at the bank's annual meeting in Des Moines, Iowa on Tuesday as it works to convince investors and regulators a sweeping sales scandal is a thing of the past. 24 Apr 2018 01:05PM Bookmark IOWA CITY, Iowa: Wells Fargo & Co executives planned to convey a message of atonement to shareholders at the bank's annual meeting in Des Moines, Iowa on Tuesday as it works to convince investors and regulators a sweeping sales scandal is a thing of the past.The event comes days after Wells Fargo said it would pay regulators US$1 billion over mortgage and auto lending abuses, adding to issues prompting calls for more shakeups at the third-largest U.S. bank."Our top priority remains rebuilding the trust of our shareholders, customers, team members, communities, and regulators," Chief Executive Tim Sloan wrote in a letter introducing the bank's proxy statement.The letter was also signed by … [Read more...] about In Des Moines, Wells Fargo looks to soothe critics