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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 vulnerable to hackers?

Next time you walk by a parked Tesla and its sunroof is opening and closing with nobody sitting inside or around it, you could be witnessing a hacker moment. For all of its strengths as a car, the Model S reportedly has a weak spot: the security of its API (application programming interface) authentication, according to an article in the O'Reilly Community by George Reese, executive director of cloud management at Dell. Tesla develops and uses its own API authentication protocols, which have made access to certain Model S functions too easy for hackers, Reese says - himself a Model S owner.
At question is the Tesla REST API, which is accessed via a web-based portal, usually by Model S owners with their iPhone or Android-based smartphone, to perform a variety of menial tasks and check the status of the car. The Tesla-registered e-mail and password of the car owner is used to access the API through a web portal, which creates a "token" that lasts for three months. During that period, owners access the Tesla REST API via the token without the use of their log-in information. Unfortunately, the tokens and their respective cars are stored on website databases that are all too easy to hack, Reese explains, and if a hacker gains access, "it has free access to all of that site's cars for up to three months with no ability for the owners to do anything about it." On top of that, there is no way to revoke access of a compromised application.
Reese says that "there's nothing in the API that (can? should?) result in an accident if someone malicious were to gain access." The API can check the car's battery charge, operate climate control, operate the sunroof, identify car location, honk the horn, open the charge port, and perform other similar operations. But, he cautions, "Perhaps the scariest bit is that the API could be used to track your every move."

California grants Tesla $34.7 million tax break to boost production

Tesla Motors' plans to expand just got a big boost, as the state of California has announced it will give the Palo Alto-based company a $34.7 million tax break to increase its production capacity. The EV manufacturer is being given a pass on sales and use taxes on up to $415 million worth of equipment, according to a report on the San Francisco Chronicle's website.
Tesla is currently on track to produce 21,500 cars, although the planned expansion should more than double that capacity to 56,500 units, adding 112 jobs at Tesla's Fremont factory. "I'm pleased we could take this action to encourage Tesla to expand its electric vehicle production in California, which will create green jobs and improve our air quality," State Treasurer Bill Lockyer said. The state estimates that between the additional jobs and (hoped for) increase in sales, it will recoup the costs of the tax break in more taxes.