Tesla looks to strengthen with $2.3bn fundraising round May 2, 2019 Tesla will look to raise around $2.3bn (£1.76bn) by issuing new shares and debt, with chief executive Elon Musk pitching in $10m of his own cash to buy shares. The electric car maker said this afternoon it has filed with regulators to launch the fundraising, after it lost $700m in the first three months of [...]
Volkswagen squirrels away €1bn contingency fund to pay emissions scandal legal fees May 2, 2019 Volkswagen has set aside €1bn (£858m) for the ongoing legal battle surrounding its emissions cheating scandal, it revealed this morning. Read more: Volkswagen to build Tesla-style gigafactories for electric car batteries Europe’s biggest car maker said the contingency fund had hit its operating profit in its first quarter trading update, adding that it expects the [...]
Bish bash Bosch: German auto supplier signs deal to work with Powercell on HGV fuel cells April 29, 2019 Bosch said today it has reached a licensing agreement with Swedish firm Powercell to work together on mass producing hydrogen fuel cells for trucks and lorries. Read more: Toyota sells electric car tech to startup in return for China green credits The German company, which is a major supplier to global car and lorry makers, [...]
Could this be the Tesla of mopeds? We test ride the Super Soco CUX April 26, 2019 London’s mopeds have almost entirely avoided electrification so far, owing to the simple fact that they’re as cheap as the Deliveroo chips they carry, and you can run them from here to the moon on a figment of petrol. But as the sword of Damocles hanging over the city’s smog-belching engines looks increasingly precarious, and [...]
Slack files for IPO as it targets New York Stock Exchange debut April 26, 2019 Collaboration tool Slack has confidentially filed to float on the New York Stock Exchange. Read more: Uber reveals IPO will value firm as high as $90bn The messaging app will join the stock market under the ticker symbol SK this summer, in either May or June, according to its filing. Slack, which was last valued [...]
Tesla: Nice cars, shame about the bottom line? April 26, 2019 Tesla has just announced its first-quarter financial results, and I’m surprised to see the headline figures aren’t good: a loss of $702 million, and an expectation that the company will bear further losses in Q2 (before, it claims, returning to profit in the third quarter). Reading deeper into the detail, Tesla’s cash reserves plummeted by [...]
Tesla pledges a return to black as profitability fails to materialise April 25, 2019 A return to profit escaped Tesla chief Elon Musk for a second consecutive quarter last night. The electric car maker reported a widening $494m (£382.5m) loss after a record drop in deliveries. Tesla posted a deficit per share of $2.90 for the first three months of 2019, compared to the average analyst estimate of a [...]
On the map: Now Google Maps displays real-time electric car charging points April 24, 2019 Electric car drivers will today find it easier to find charging points for their vehicles as Google included real-time data on the sites across the UK and US. Drivers will be able to search for “ev [electric vehicle] charging stations” to see how many ports are currently available at each site, and other details such as [...]
Facebook and Tesla: what to expect from earnings April 24, 2019 Facebook: a juggernaut in motion Facebook will report fiscal first quarter earnings after the market closes on Wednesday. Consensus EPS forecasts indicate $1.63, on revenues of a little short of $15bn. This would represent a roughly 4 per cent decline in EPS from the $1.69 reported in the same quarter a year before. However, the advertising [...]
Elon Musk predicts Tesla will launch a robotaxi service in 2020 April 23, 2019 Elon Musk has promised Tesla will be able to produce so-called robotaxis with no human drivers in parts of the US as soon as next year. Read more: Tesla investigating incident of car catching fire in Shanghai In a webcast ahead of the firm’s quarterly results this week, the outspoken chief executive said its driverless [...]