Tesla to buy battery firm Maxwell Technologies for $218m February 4, 2019 Electric vehicle manufacturer Tesla has agreed to buy energy storage firm Maxwell Technologies for $218m, as part of an all-stock deal to help Tesla build better batteries. Maxwell has developed tech that can help increase the driving range of electric cars while reducing the battery cost. Existing customers of the firm include General Motors and [...]
Tesla tops revenue forecasts but profits take a hit January 30, 2019 Electric vehicle manufacturer Tesla has posted a smaller profit tonight than in its previous quarter, as fresh legislation and ramped up production costs took a bite out of its success. The firm made a net profit of $139.5m (£106.4m) in the three months ending 31 December, compared with a $311.5m profit in the previous quarter when it still [...]
Apple sales come to the fore as big tech firms brace for crunch results January 29, 2019 Silicon Valley will be preparing for market instability this week as several members of the so-called Faang grouping gear up to report quarterly results for the recent festive period. Three members of the big tech club – which includes Facebook, Apple, Amazon, Netflix and Google – will publish figures amid rising speculation that their time [...]
CEO Elon Musk reveals plan to slash Tesla headcount as electric car firm targets “tiny profit” January 18, 2019 Tesla is set to cut its workforce by around seven per cent, sending shares down in pre-market trading. Chief executive Elon Musk told staff that the company has "no choice" but to reduce its full-time employee headcount after growing unsustainably large. Read more: US billionaire reveals significant stake in Tesla Musk also blamed squeezing margins at [...]
Elon Musk says the next Tesla Roadster will be a flying car January 10, 2019 Billionaire entrepreneur Elon Musk is about to combine the efforts from his two biggest companies to tackle one of technology's greatest challenges: building a flying car. The Tesla chief executive said on Twitter late last night that the firm's next Roadster vehicle will be able to hold itself in mid-air, as well as travel both vertically and [...]
Oracle founder Larry Ellison reveals billion-dollar stake in Tesla January 8, 2019 The founder of software giant Oracle has disclosed a stake in the US' most shorted public company Tesla, worth approximately $1bn (£784.1m). The news, published in a filing with the US Securities and Exchange Commission (SEC), comes after Larry Ellison joined Tesla's board in December. Ellison is a long-time friend of Musk, and is currently [...]
Tesla shares fall as it cuts car prices and misses production estimates January 2, 2019 Shares in Tesla have fallen more than 10 per cent as markets opened this afternoon, after the electric vehicle manufacturer said it would be cutting the prices of its cars by $2,000 (£1,586). The carmaker was forced to partially absorb the cost of changes to a US green tax credit for electric vehicles, which almost halved yesterday to [...]
Elon Musk used Monty Python to test the sound in Tesla’s Model 3 December 14, 2018 Tesla billionaire Elon Musk has said he stopped meetings to watch clips from British favourite Monty Python, in order to explain how he wanted the sound to work in the Model 3. During the second half of 2017 as Tesla worked at full capacity to ramp up production of the Model 3 sedan, Wired first [...]
Musk to retire chairman role at Tesla in three years after interview backlash December 12, 2018 Tesla billionaire Elon Musk has said he intends to retire the role of chairman at the electric car manufacturer in three years time, having only stepped down from the role several weeks earlier. Tweeting in the aftermath of his conversation with CBS' 60 Minutes, Musk said: "Chairman is an honorific, not executive role, which means [...]
Musk says employees should work 80 to 100 hours a week if they want to ‘change the world’ November 27, 2018 Entrepreneur and Tesla billionaire Elon Musk has said people need to work around 80 hours a week, up to above 100 hours at peak times, if they want to succeed in business. Responding to the news that Tesla is one of Silicon Valley's most in-demand employers, Musk invited his Twitter followers to join one of his [...]