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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.

Rivian R1T, Mini Cooper Electric owners happiest with their EVs

The J.D. Power 2023 U.S. Electric Vehicle Experience (EVX) Ownership Study is out, and there's change at the top. With the swelling adoption of electric vehicles in the U.S. over in the past two years especially, the third year of the EVX study changes focus to first-time EV buyers. Those two factors encouraged change at the top of both premium and mass-market segments. Among premium EVs, the Rivian R1T pickup scored overall victory in its first year of eligibility with a satisfaction score of 794 out of 1,000. The Tesla Model 3 takes second place with 759 points. Tesla had won the top two premium spots in the study in 2021 and in 2022. The average score in the premium segment was 756. The Tesla Model Y (754), Audi E-Tron (735), and Polestar 2 (724) filled out the list of the five eligible models this year. Among the ten eligible mass-market vehicles, the Mini Cooper Electric nabbed the overall win by scoring 782. The Kia EV6 came second with 762 points, keeping Kia in the top two; the Kia Niro EV won the mass-market segment the previous two years. The Ford Mustang Mach-E (742), Hyundai Ioniq 5 (738), and Volkswagen ID.4 (735) completed the top five, the Niro EV (733) in sixth. All were above the segment average of 730. The four models fell below the segment average were the Ford F-150 Lightning (723), Chevrolet Bolt EUV (716), Chevrolet Bolt (711), and Nissan Leaf (698). How are the scores derived? J.D. Power worked with EV app maker and research firm PlugShare to get owner responses in ten areas: accuracy of stated battery range; availability of public charging stations; battery range; cost of ownership; driving enjoyment; ease of charging at home; interior and exterior styling; safety and technology features; service experience; and vehicle quality and reliability. Brent Gruber, executive director of the EV practice at J.D. Power, said, "Recent vehicle launches from both new brands and traditional automakers have had a profound effect on what factors are most important in the ownership experience. Today’s EV owners are looking for quality, reliability, driving enjoyment, safety and technology features." The Mini, in fact, scored highest of any premium and mass-market EV in the studyÂ’s highest-weighted index factor, quality and reliability.

Recharge Wrap-up: Tesla's usable battery capacity uncovered, Opel Ampera-e costlier than BMW i3 in Norway

Tesla hacker Jason Hughes has uncovered the actual usable capacity of Tesla's batteries. While total capacity is used in the branding of the various versions of the Model S and Model X, the usable capacity is usually less than the "75" or "90" on the badge suggests. The outlier is the Model S 60 and 60D, and Model X 60D, which use the same battery pack as the 75 versions. They have 62.4 usable kWh, and a paid upgrade unlocks another 10.2 kWh in usable capacity for a total of 72.6 kWh – not 75 – plus a top speed of 140 mph. Hughes gathered the data from Tesla's Battery Management System software, and made a list of usable capacity for each model. Read more at Electrek. Opel has priced the Ampera-e higher than the BMW i3 and Nissan Leaf in Norway. In its first European market, the overseas sibling to the Chevrolet Bolt will start at 299,900 kroner (about $34,585). The i3 starts at 267,500 kroner ($30,850), while the Leaf costs 204,990 kroner ($23,640). Opel is launching the Ampera-e first in countries with more EV infrastructure. The automaker says the car's pricing in Norway is unique because of the country's EV incentives and market conditions, and that one shouldn't extrapolate Norway's price to other markets. Read more at Automotive News Europe. Renault has placed Gilles Normand in charge of its EV unit. After holding important roles at both Renault and Nissan, Normand will lead the French automaker's electric car business as it prepares for a period of accelerated growth. Renault enjoys a 25 percent market share of EVs in Europe, selling more than 100,000 since 2012. "I am very motivated by this new strategic challenge at a time when the Global EV market is entering into a significant growth phase," says Normand, who steps into the role on January 1, 2017. "I look forward to working with the team to continue to drive our leadership in existing and new markets, and bring exciting EV vehicles to our customers." Read more from Automotive News Europe, or from Renault.