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Tesla curbs forecast due to Model S issues, losses total $864.9M

It ain't easy creating a brand-new automaker from scratch. The fact that Elon Musk and Tesla have actually been able to bring not one, but two cars to market is in itself quite impressive. That said, the road has not been without its bumps, and Tesla is feeling some of the setbacks that come with being a fledgling automaker.
To that end, Tesla has revealed that it expects $400 million to $440 million in full-year revenue, or roughly $160 million less than its prior 2012 revenue forecasts. In a Securities and Exchange Commission filing on Monday, the electric carmaker said "We have methodically increased our Model S production at a slower rate than we had earlier anticipated," leading to the company figuring they'll fall short of the $560 million to $600 million they originally forecasted. Tesla also revealed a net cumulative loss of $864.9 million through June 30 of this year - Tesla has yet to break even as an automaking entity, but it remains something of a startup, so the fact that it has lost money to this point shouldn't be a major surprise - building cars is expensive, and learning how to do so is even more expensive. Following the disclosure, Tesla shares fell about 8.5 percent this morning in trading.
Tesla cites delays in suppliers for its Model S production shortcomings. The California automaker says it is working with suppliers to speed up deliveries and internally, it is adding shifts and automation to its manufacturing processes. With little more than half of the 5,000-vehicle target expected to be built by year's end, Tesla says it is four to five weeks behind its delivery goals.

Recharge Wrap-up: Ohio State wins EcoCar 3 Year One, Renault video praises environmental benefits of EVs

A new video from Renault touts the benefits of electric vehicles. The video covers how EVs can help improve the air we breathe and mitigate climate change. It looks into the future at how the air of various metropolitan areas would improve with the adoption of electric cars. It focuses on how EVs help reduce not just CO2 emissions that put the climate in jeopardy, but gases and particulate matter that directly affect the human health. A study in Rome shows that if 10 to 20 percent of the vehicles were electric, particulate pollutants that cause respiratory and heart diseases would decrease by 30 percent, with nitrogen dioxide decreasing 45 percent. "The solution already exists," the video says, "and it is quite accessible for most of us." See the video above, and read more in the press release below. Ohio State University has won Year One of EcoCar 3. Winning the Year One trophy in the competition to create eco-friendly technology and incorporate it into a Chevrolet Camaro, the team defends its title from EcoCar 2 and wins $10,000 in prize money. "This year really lays the foundation vehicle development, which is critical step in the process for future success," says Ohio State University Engineering Manager M.J. Yatsko. "We have already begun vehicle dynamic analysis for next year and are excited to share some of our innovative features we plan to integrate into our vehicle." Teams receive their Camaros this fall, and will use the next years to install, test, and refine their technologies. Read more from the US Department of Energy. Advanced Microgrid Solutions will use up to 500 megawatt-hours of Tesla batteries for grid-based energy storage. It will install the Tesla Powerpack systems for storage in commercial and industrial facilities to help balance the grid load. It offers greater reliability for the grid, and cost saving for customers. "Tesla's focus on performance and design makes them the stand out technology choice for our projects," Says Advanced Microgrid Solutions CEO Susan Kennedy. "AMS' projects require intelligent, powerful and scalable energy storage solutions. Tesla's technology gives us the edge we are looking for." Read more in the press release from AMS. The National Electric Drag Racing Association has announced the Inaugural 2015 NEDRA Points Championship Series. It borrows rules from NHRA and IHRA, and seeks to put vehicle consistency and driver skill at the forefront.

Ford also working on 200-mile EV to compete with Bolt, Model 3

The Chevrolet Bolt is on a lot of people's radars. You may have even noticed friends and colleagues who harbor very little interest in the automotive world, or anything labeled as "green," who have taken notice of a 200-mile electric vehicle coming out of Detroit. Mass appeal is the idea, after all. You can include Ford in the list of interested parties, in this case with the intention of taking direct aim at the Bolt – and, by proxy, the Tesla Model 3 – with an affordable, long-range EV of its own. Ford will unveil its own long-range EV, positioned to compete with Chevrolet, later this year, according to Automobile. Details are very scarce about Ford's plans, but we do know that the Bolt (or whatever the Chevy all-electric hatchback will end up being called) is expected to offer over 200 miles of driving between charges, with a sticker price around $30,000. The other major player, of course, is Tesla's smaller, more affordable sibling to the Model S. The Model 3, also slated to go on sale in 2017, should cost less than $40,000. While Tesla has established itself in the EV world, another long-range EV out of Detroit would win some customers from the California-based startup. For now, though, we'll just have to wait, as Ford remains tight-lipped about its plans for the car. Automobile predicts a possible unveiling at the Los Angeles Auto Show in November, what with California's EV mandate being a driver of strategy for various automakers. Most can agree, though, that a larger field of options – while not ideal for backers of the Bolt or Model 3 – will only benefit the car-buying public. Related Video: Featured Gallery Chevrolet Bolt EV Concept: Detroit 2015 Related Gallery Chevrolet Bolt EV Concept News Source: AutomobileImage Credit: Copyright 2015 Sebastian Blanco / AOL Green Rumormill Chevrolet Ford Tesla Electric Future Vehicles Chevy Bolt ford ev