2016 Tesla Model S P90d on 2040-cars

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Is Land Rover developing an all-electric Tesla Model X rival?

Tesla will soon put its all-electric Model X crossover on sale, and if it's anywhere near as successful as the brand's four-door sedan the Model S, then it'll be a hell of an attention getter for mainstream automakers. Land Rover isn't waiting for proof of the Model X's success, though. According to reports, Land Rover could be preparing an all-electric Range Rover. Likely more crossover than full-size SUV, the new vehicle would probably be far more aerodynamic than current models. But the new EV would still take advantage of LR's high-tech aluminum structure, and could potentially be a close relative of the production Jaguar C-X17, according to Autocar. It seems unlikely that this new Land Rover EV will have the off-road chops of the brand's other models, but that doesn't mean that will be useless on the rough stuff. AC, citing Land Rover design boss Gerry McGovern, claims that a height-adjustable air suspension will allow a low, aerodynamic ride height for high-speed travel while it can easily be transitioned to a higher level for off-road duty. As for range, AC believes (and we agree) that a successful effort would need to get as close as possible to the Model S' 265-mile EV range. Autocar is anticipating a price of around 90,000 pounds, equivalent to $144,000, which roughly matches the cost of a UK-market Model S. If the Range Rover EV comes stateside, we'd wager that prices will start under six figures, much like the US-market Tesla.

Tesla stock drops 8.4 percent in premarket trading

Tesla's stock slid in premarket trading Thursday as the electric car maker's fourth-quarter performance was stung by delayed shipments and a stronger dollar. TSLA shares dropped $17.80, or 8.4 percent, to $195 in premarket trading about two hours before the market open. Yesterday, Tesla reported an adjusted loss of 13 cents per share and adjusted revenue of $1.1 billion. This fell short of the forecasts of analysts polled by FactSet, who were looking for a profit of 30 cents per share on revenue of $1.23 billion. Tesla said that during the period there was a delay in shipments of its new all-wheel-drive Model S sedan. The Palo Alto, California, company said it held back shipments of its new all-wheel-drive version of the Model S sedan – which was launched in November – to make sure it would meet customers' expectations. While it was able to make up production later in the quarter, it was unable to ship about 1,400 vehicles in December. Brad Erickson of Pacific Crest Securities said in a client note that "the delivery shortfall does raise execution concerns." But the analyst said that Tesla is growing more than 60 percent this year and may grow 80 percent to 90 percent next year, so he doesn't believe the current valuation represents the company's longer-term opportunity. Erickson kept an "Outperform" rating. The AP contributed to this report.

Five years ago, the DOE loaned Tesla Motors $465 million

*This post has been updated to reflect the nature of the new funding. Five years ago this week, the US Department of Energy finished the paperwork on its Advanced Technology Vehicles Manufacturing (ATVM) loan to Tesla Motors. Despite a lot of controversy about that program, Tesla managed to pay back the $465 million loan early and with interest. The DOE made four other loans under the ATVM program – to Ford, Nissan, Fisker and a small startup, VPG, that wanted to make natural gas powered vehicles for people in wheelchairs. Ford and Nissan are paying the money back, Fisker and VPG are not. Speaking at the Washington Auto Show this week, Energy Secretary Ernest Moniz said that while the two loans "did not fully perform," the portfolio overall is doing well. Even the vehicle that VPG was going to make is still moving forward because another company stepped in. That's why Moniz was proud to discuss details of a separate funding program that will hand out over $55 million for what the DOE calls, "cutting-edge vehicle technologies that strengthen the clean energy economy." Moniz said the new money – as well as a separate $35-million funding program that will be available in February – will be used for improved batteries and other electrification technologies, lightweight materials and better engines for both light- and heavy-duty vehicles. One thing Moniz singled out was a way to make recharging an EV even easier. "This is directly supporting our EV Everywhere Grand Challenge," he said. The Secretary joked that the manager of the new funds has just had a baby, so anyone who wants some of the money should apply soon, while he's still groggy. "Our goal is to help establish these industries and help them grow," Moniz said, adding that the DOE may emphasize private partnerships in handing out the new loans. The two consequences of that would be to increase the amount of money available and also that, "we think there is an advantage in bringing more lenders and more banks to have experience in terms of getting into debt financing across this whole spectrum of technologies." Moniz said that the US government is handing out all of this money on generous terms.