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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: Road-tripping in a Tesla Model S, Big Oil's tax advantage

Zap is poising itself to take advantage of China's extension of its electric vehicle incentive program. The government will be offering rebates on EVs, forgiving sales taxes and licensing fees, installing EV charging infrastructure and other measures to encourage adoption of zero-emission vehicles beyond 2015, through the year 2020. In response, electric vehicle company Zap and its partner Jonway Autos are decreasing production of gasoline-powered vehicles to make more EVs. It plans to increase production of its two EV production lines from 50 to 100 vehicles per day each, as well as positioning certain models for larger-scale production. Zap hopes customers will make use of rebates of up to $20,000 from the central government, plus local EV incentives. In October, Zap and Jonway will unveil new SUV and minivans that they intend to offer as less-than-gasoline- and zero-ownership-cost and vehicles under the umbrella of China's incentives. Read more in the press release below. Tesla Model S owner David Zygmont shares tips for taking cross-country road trips in an electric vehicle in a two-part podcast. David talks about his two-week road trip in his Tesla, and how he managed to make the most of charging his vehicle. One of his tools is the site EV Trip Planner. He also shares advice on overnight charging while staying at hotels. If you're thinking of going on an adventure in your EV, you should check this out to gain some valuable insights into the experience. Listen to part one of the podcast at EV Parade, and part two at Teslarati. Oil companies paid federal income taxes of just 11.7 percent over the last five years, according to a new report from Taxpayers for Common Sense. Oil companies reported a pre-tax income of $133.3 billion, and paid just $15.6 billion in federal income taxes. Some of the smaller oil companies paid much less than average, or about 3.7 percent. Oil companies enjoy many tax provisions that aren't available to other taxpayers, and the companies are able to defer taxes year after year, without paying any interest on it. Read more in the press release from Americans United for Change below.

Tesla, Panasonic officially partner up for Gigafactory

The first of perhaps 'hundreds' of gigafactories is now one step closer to reality: Tesla and Panasonic have announced their official agreement to work together on the gigafactory. The two companies have worked together for many years on electric vehicles, but this new deal takes the partnership to a whole new level. The basic gist, since the agreement itself has not been released, is that Tesla will take care of the exterior (the "land, buildings and utilities") while Panasonic will pay for the machines inside in order to, "manufacture and supply cylindrical lithium-ion cells" that Tesla will then use to, you know, build battery packs. Panasonic's machines will take up half the space while a network of as-yet unnamed suppliers will be involved in the other half, according to the press release announcing the deal. Read it below. There's been lots of speculation as to where the Gigafactory will be built, but the exact location probably won't be revealed until later this year, so don't expect any battery packs from the Gigafactory to be coming any time soon. That's why Panasonic is still going to be building Tesla cells in Japan for the time being. As previously announced, the Gigafactory is expected to make batteries for around 500,000 EVs a year as well as more for stationary storage needs. That means 35 GWh worth of cells and 50 GWh worth of packs each year by 2020. We expect more information to trickle out today along with Tesla's quarterly earnings. Panasonic and Tesla Sign Agreement for the Gigafactory Thursday, July 31, 2014 OSAKA, Japan / PALO ALTO, USA, July 31, 2014 – Panasonic Corporation and Tesla Motors, Inc. have signed an agreement that lays out their cooperation on the construction of a large-scale battery manufacturing plant in the United States, known as the Gigafactory. According to the agreement, Tesla will prepare, provide and manage the land, buildings and utilities. Panasonic will manufacture and supply cylindrical lithium-ion cells and invest in the associated equipment, machinery, and other manufacturing tools based on their mutual approval. A network of supplier partners is planned to produce the required precursor materials. Tesla will take the cells and other components to assemble battery modules and packs. To meet the projected demand for cells, Tesla will continue to purchase battery cells produced in Panasonic's factories in Japan.