Tesla Model 3 w/Auto Pilot only 519 Miles!, page #24

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NY Gov. Cuomo in favor of revived anti-Tesla store legislation

When we last left the New York auto dealers and their fight against Tesla Motors, there scene was an uneasy ceasefire. The New York State Assembly and its backers from the Greater New York Automobile Dealers Association said last summer that they would allow the three currently operating Tesla stores to continue operating but would pick up the issue again when the legislature reconvened in early 2014. Well, guess what? That time has come a new bill is being promoted that tries once again to stop the California automaker from selling its electric vehicles in its non-traditional way. The dealers say the bill doesn't target EV companies unfairly. Capital New York says representatives of the state's dealers have met with Governor Andrew Cuomo about the new bill and he apparently said he would sign it if it reaches his desk. The dealers say the bill doesn't target EV companies unfairly and just asks them to play by the same rules as everyone else, which means selling cars through traditional dealerships. Tesla says that traditional dealerships don't work for EVs and currently sells its Model S out of small stores in places like shopping malls. Actor Mark Ruffalo (best known as the Hulk in the recent Avengers movie) tweeted his support, saying that EVs are good for New York and that what the bill is trying to do is akin to stopping Apple from selling its products directly to customers. He also asked his many, many Twitter followers to call and oppose the bills. Tesla is fighting against similar laws and proposals in many other states, including Texas and Ohio. We have asked Tesla for a comment on the new New York legislation and will update this post if we hear back.

Tesla Announces Details Of Proposed Gigafactory Battery Plant

It's another day and electric automaker Tesla Motors is in the news once again. Tesla announced Wednesday that they will be offering $1.6 billion in convertible senior notes to the public. According to the press release, Tesla will use these funds to assist in "the development and production of its 'Gen III' mass market vehicle, the development of the Tesla Gigafactory and other general corporate purposes." The "Gigafactory" is a proposed lithium-ion battery plant that will sit on an estimated 500-1000 acres of land, employ around 6,500 employees and have an estimated vehicle output of 500,000 units per year in 2020, according to the automaker. That amount of vehicles will require an estimated 50 gigawatt hours of energy per year in battery pack production. That's more energy in lithium-ion batteries than was produced globally in 2013. Construction of the Gigafactory is anticipated to take place during 2014 and all of 2015, followed by equipment installation in 2016. First production launch is scheduled for 2017. In keeping with the environmentally friendly theme, the Gigafactory will be "heavily powered" by both solar and wind energy, and according to our colleagues at Autoblog Green, "will also use older Tesla packs for storage." Tesla still hasn't announced in which state the factory will be built, but it has been narrowed down to four: Arizona, New Mexico, Nevada, and Texas. More details can be read in this PDF document released by Tesla and in the press release below. TESLA ANNOUNCES $1.6 BILLION CONVERTIBLE NOTES OFFERING WEDNESDAY, FEBRUARY 26, 2014 PALO ALTO, Calif., February 26, 2014 – Tesla announced today an offering of $1.6 billion aggregate principal amount of convertible senior notes in an underwritten registered public offering. Of the total offering, Tesla will offer $800 million aggregate principal amount of convertible senior notes due 2019 and $800 million aggregate principal amount of convertible senior notes due 2021. In addition, Tesla intends to grant the underwriters a 30-day option to purchase up to an additional $120 million in aggregate principal amount of convertible senior notes due 2019 and an additional $120 million in aggregate principal amount of convertible senior notes due 2021, for a total potential offering size of up to $1.84 billion. Tesla intends to use the net proceeds from the offering to accelerate the growth of its business in the U.S.

Tesla Model S track tested at Buttonwillow raceway

Many television viewers will know about the concept of a seven-second delay that allows producers to bleep any loose profanity during live shows before they make it to air. And we're imagining the driver of a Tesla Model S shooting down California's Buttonwillow Raceway may have cursed a bit once the electric vehicle's power limiter kicked in to keep the battery's heat down, because that added about seven seconds to the typical lap time around the 3.1-mile course, Teslarati says. Power-limiter not withstanding, the luxury EV appeared to do pretty well around that circuit, which is located near Bakersfield and about 130 miles north of Los Angeles. One happy dude at Teslarati turned in laps as low as 2:19 and change, beat out a Porsche 911 in acceleration and managed to keep the car on the track. The Tesla topped out at 113 miles per hour, but all that speed consumed electricity at about three times the typical rate. That means that, for the first 10 laps (which were the fastest), the 33 miles of actual distance used up 90 miles worth of range. And with the track's 240-volt outlets working to various degrees and Tesla's nearest Superchargers 50 miles away, there were some potential problems making sure the car could do all the driver wanted. But they're problems we'd love to have. Check out the 11-minute video of the escapade below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Tesla's Elon Musk made $1.1 billion yesterday, how about you?

Thanks to skyrocketing share prices, yesterday was a very big payday for Tesla founder Elon Musk. The already wealthy businessman added another $1.1 billion, ten percent of his net worth, to his overflowing wallet yesterday after Tesla's shares hit $248. This time last year, TSLA was trading at roughly $34 per share.
Tesla's latest jump in a year that has already seen share prices climb 65 percent is thanks to positive reports from Consumer Reports on the company's Model S electric sedan, and some kind words from Morgan Stanley about the brand's plans for a battery factory.
Despite all the good news for Tesla yesterday, not all of the $1.1 billion Musk earned came from his automotive pursuits. SolarCity, which Musk is also the largest shareholder in, saw its share prices jump 3.1 percent, as part of a 43-percent jump in 2014.

Tesla Gigafactory will be capable of supplying packs for 500,000 EVs a year

We made our gigafactory predictions the other day and, it turns out, we were pretty much on target. Today, Tesla Motors released the first official details on its upcoming massive battery plant and we see sun and wind power feeding energy into a plant that will employ around 6,500 people and make enough packs for around a half-million Tesla EVs a year. You read that right. Tesla is getting ready to produce 500,000 EVs a year, and that's already in 2020. Tesla hopes to start selling a lower-cost EV, the Model E, in about three years. The finalists for where the Gigafactory will be built include the Southwestern states of Nevada, Arizona, New Mexico and Texas (our money is on Nevada). We were a little low on the estimated battery output. Instead of being able to make 30 Gigawatt-hours of batteries per year, Tesla is saying that it will have enough capacity to produce 35 GWh of cells and 50 GWh of packs a year. We think that's for both EVs and stationary applications and have reached out to Tesla for confirmation on this point. You can see the details for yourself here and in our gallery below. Through 2020, Tesla will directly invest around $2 billion in the plant and its partners will pony up another $2-3 billion for a total cost of $4-5 billion. That's a lot of cash, but Tesla says that it will make buying an EV much, much cheaper. The company is saying that, once the plant is up and running for the first year, the per-kWh cost of a Tesla battery pack will be lowered by "more than 30 percent." Maybe that Model E isn't such a pipe dream after all. Also today, Tesla announced a new convertible notes offering worth $1.6 billion. Details are available in the press release below. Tesla Announces $1.6 Billion Convertible Notes Offering Wednesday, February 26, 2014 PALO ALTO, Calif., February 26, 2014 – Tesla announced today an offering of $1.6 billion aggregate principal amount of convertible senior notes in an underwritten registered public offering. Of the total offering, Tesla will offer $800 million aggregate principal amount of convertible senior notes due 2019 and $800 million aggregate principal amount of convertible senior notes due 2021.

Why Tesla's $35,000 Model E is a pipe dream

A car that costs 80 percent as much to produce as another can't be half the price. That's the simplistic version why Stanphyl Capital Management says Tesla Motors will not be able to sell its "mass market" sedan for the low, low (by luxury electric-vehicle standards) Elon Musk-backed price of $35,000. In fact, the California-based automaker will take about a $13,000 bath for each unit it sells of the new vehicle, now referred to as the Model E. Stanphyl Capital Management breaks down the fourth-quarter costs and revenue associated Tesla's Model S, of which it sold about 6,900 units during the last three months of the year. In a nutshell, Tesla generated a whopping $106,000 per vehicle sold, with about two-thirds of the company's gross profit coming from battery and optional upgrades. And while Tesla may be able to get the Model E battery costs down to about $8,100 compared to the $15,600 cost of the Model S battery (the smaller car will use a smaller battery that will provide about a 200-mile single-charge range), all of the other stuff brings the Model E's unit cost up to about $48,000. That compares to the $59,600 average cost of a Model S. Fremont, we have a problem. Reports came out in December saying that the Model E may be unveiled at one of next year's auto shows and sales could start as early as 2016. The argument against the possibility of a $35,000 Model E may sound reasonable on paper, but more than a few people have lost money betting against Elon Musk. You can read more at ValueWalk.

Tesla rockets to $259 a share on Morgan Stanley, Consumer Reports announcements [w/video]

Remember way back when we mentioned that Tesla's Gigafactory for batteries might prove to be a good investment opportunity, with its potential to bring cell prices down to a level that could make the forthcoming Tesla Model E affordable, not to mention attractive for massive amounts of renewable energy storage? Well, today the automaker's share price popped – we'd say exploded, but it's not as alliterative – up over 15 percent to hit an all-time $259.20 high. It seems market analysts at Morgan Stanley were way ahead of us, and they have now released a report outlining their decidedly optimistic expectations. Authored by analyst Adam Jonas, the document looks forward to a Utopian future (around 2026, for those anxious for such a thing) where it is predicted that Tesla will enjoy a commanding share of both the battery and autonomous automobile market, and its revenues will be sixty times that of today. Sixty times. That's a pretty sunny outlook. Not incidentally, the financial services company also has doubled its target price for TSLA, from $153 to a nice, round $320. Consumer Reports named the Tesla Model S its best overall top pick for 2014. That rosy outlook report is not necessarily the only thing filling the sails of the California automaker today. Consumer Reports has also also added to the momentum, naming the Tesla Model S its best overall top pick for 2014. And now we hear that Panasonic and some partners are interested in investing almost a billion dollars into Tesla's new gigafactory. Of course, we here at AutoblogGreen are simply scribes, not investment professionals, so this is not an encouragement to buy, sell or hold. We can recommend, though, that you scroll below and check out CR's brief video containing all 10 of its 2014 top picks. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

BYD CEO calls Tesla a rich man's toy, not worried about competition

We've heard the comment, "the Tesla Model S is a rich man's toy" before. Usually it comes from a Cranky McCrankster-type of character in the Comments beneath posts about the all-electric automobile. Not everyone sees the utility of an expensive car that can seat up to seven, run with Corvettes and only gets 265 miles on a charge. We get that, sort of, and everyone's entitled to their opinion. It's a bit odd, though, hearing the remark fall from the lips of Wang Chuanfu, however. BYD Auto's CEO made the comment – well, he said it in Chinese and it's been translated this way by the International Business Times – in an interview with Shanghai Securiites News, along with mentioning that he expects the California automaker to only capture a very small percentage of the Chinese market. That last bit is a fair point, though a tiny chunk of that burgeoning market could still mean a lot of sales. Tesla has intimated its hopes for at least 10,000 takers in its first year of operation in China and says its Beijing location is its biggest and most bustling. As for Chuanfu's comment, Tesla gave AutoblogGreen a simple, "no comment." BYD, of course, sells its e6 electric sedan in its home country and its sales might not even reach the 10,000 level, despite being more affordable and boasting a respectable 186-mile range. Mr. Chuanfu expects bigger things for it Qin plug-in hybrid, which rings up at $31,000 and offers 41 miles of battery-powered range before the gasoline engine kicks in. China wants 500,000 plug-in vehicles plying its streets by 2015's end and BYD wants to be a big part of that picture. While we can understand the competitive downplaying of Tesla's Chinese-market entrance, we expect that BYD is as well aware as anyone that Tesla has a more affordable future car on the horizon and that Chinese car buyers tend to favor foreign brands. It's a big market, though, so perhaps the two entities might help further each other's goals by cooperating on charging standards and infrastructure development instead of sniping. One can dream, right?

Sun and wind could power Tesla Gigafactory for EV batteries in Nevada

Next week is Tesla Gigafactory week. The California automaker has a major announcement planned, and it's all about its intention to build a battery factory so large, the company is pulling out the giga prefix. At some point in the next seven days, we expect to hear where Tesla will build the plant, who it will partner with, how it will pay for it and lots of other details. The production volume is expected to be at least 30 gigawatt-hours-worth per year. The Gigafactory will take in the raw materials for lithium batteries and put out finished packs, not only for the electric vehicles made by Tesla and its automotive customers, but also for massive amounts of renewable energy storage – that's a niche the company plans to begin to occupy sometime early next year with residential-sized products. The production volume is expected to be at least 30 gigawatt-hours-worth per year. That's more storage than all the lithium battery factories in the world combined produce now. Color us impressed. Now, you might be thinking, "Is it really necessary to go that big at this point in time?" In a word: yes. Tesla CEO Elon Musk has said its upcoming, more-affordable vehicle – widely expected to be called the Model E – will wear a $35,000 price tag and boast a battery big enough to take it 200 miles on a charge. To achieve this, the cost of the cells needs to come down dramatically, and so it's no coincidence that the time frame for the new facility will parallel that of this car. According to Musk, the benefits from the economies of scale will see a cost drop between 30 and 40 percent. Of course, historically high prices are one of the main reasons why battery storage has not been widely used in the renewable energy sector, so this development could help drive more demand for cleaner, affordable energy, which, in turn, will drive demand for more storage. That's the kind of vicious cycle we like to see. Musk said the Gigafactory will be "heavily powered" by wind and solar energy. Speaking of renewables, that is where the Gigafactory will get much of its needed energy. During the call with financial analysts that accompanied the release of its 2013 fourth quarter earnings report, Musk mentioned that the new plant will be "heavily powered" by wind and solar energy, and will also use older Tesla packs for storage. These will help deflect the traditional arguments against wind and solar, that the sun doesn't shine at night and the wind doesn't always blow.

Toyota Prius remains best-selling vehicle in California, wireless charging tests underway

About one in every nine new cars in the US are sold in the California. If we're just looking at the four Toyota Prius hybrid variants, then the number becomes closer to one in three. Tesla Model S battery-electric vehicle sales? Try one in 2.7. For the second straight year, the Prius was the best-selling car in the Golden State. Toyota sold 69,728 Priuses there, almost a third of the more than 234,000 sold in the US in 2013. Prius sales in California alone were up almost 13 percent. And Toyota's ready to build upon that momentum with a new version of the Prius Plug-in Hybrid, saying that it's testing a wireless recharging system in Japan's Aichi Prefecture and will start similar tirals stateside later this year. We'll make the wild prediction that some of those tests, which involves magnetic resonance, will be in California. Meanwhile, Tesla's numbers were, in their own way, were more impressive. The California-based automaker sold 8,347 of its Model S units in the Golden State out of about 22,300 nationwide in 2012, Bloomberg News reports. In all, advanced-powertrain vehicles accounted for 9.3 percent of California new-vehicle sales, compared to 3.8 percent for the country, Bloomberg says, citing Hybrid Cars and Baum & Associates. Check out Toyota's press release on its California sales below. Prius Medals In The Golden State Toyota Prius is best-selling vehicle line in California Wireless charging testing for Prius Plug-in TORRANCE, Calif., Feb. 18, 2014 /PRNewswire/ -- The Prius took home the gold in 2013 as the most popular vehicle-line in California for the second year in a row. The Prius Family (Prius Liftback, Prius v, Prius c and Prius Plug-in) took the podium in both 2012 and 2013 as the best-selling California vehicle name plate. 69,728 drivers hit the road in 2013, according to the California Auto Outlook Report, while 61,893 Californians joined the family in 2012. In the Golden State, the Prius Family outsells all other hybrid competitors combined. California drivers lead the country in adoption of vehicles powered, either wholly or partially, by electricity. 9.3% of vehicles sold in the state run on some form of electricity, according to the report. But despite the growing number of hybrid competitors, Toyota's hybrid leadership remains unmatched. In fact, one out of every two hybrids in California carries the Prius name plate.