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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.

Tesla's Elon Musk made $1.1 billion yesterday, how about you?

Thanks to skyrocketing share prices, yesterday was a very big payday for Tesla founder Elon Musk. The already wealthy businessman added another $1.1 billion, ten percent of his net worth, to his overflowing wallet yesterday after Tesla's shares hit $248. This time last year, TSLA was trading at roughly $34 per share.
Tesla's latest jump in a year that has already seen share prices climb 65 percent is thanks to positive reports from Consumer Reports on the company's Model S electric sedan, and some kind words from Morgan Stanley about the brand's plans for a battery factory.
Despite all the good news for Tesla yesterday, not all of the $1.1 billion Musk earned came from his automotive pursuits. SolarCity, which Musk is also the largest shareholder in, saw its share prices jump 3.1 percent, as part of a 43-percent jump in 2014.

Tesla Model S drivers claim first cross-country trip on Supercharger power

It's not like most Tesla Model S owners are hard-pressed for cash, but it's still got to be nice to know they can get across the country in their all-electric luxury hatchbacks for free. Father-daughter team John and Jill (no last names given) just finished what's being called the first coast-to-coast Model S trip powered completely by the company's Supercharger network. Tesla just completed installing the Superchargers and CEO Elon Musk tweeted just yesterday that the network was energized. The company unveiled its first Supercharger in September 2012, and Musk says he will finally take his long-promised Model S family road trip this spring. But now someone's beat him to the headlines. The pioneering duo finished its New York-to-Los Angeles trip January 25, logging about 3,600 miles in the process. Additional miles were required since father John started his trip in Kentucky before picking up daughter Jill in New York. Tesla says it has 71 free North American Superchargers and that its network is reachable by about 80 percent of the continent's population. The important number that makes that possible is that the 85-kWh version of the Model S can go 265 miles on a single charge. WIRED says John and Jill hit up 28 Superchargers over the course of a week. Naturally, fellow Tesla owners who posted on a rather long forum thread describing the trip were enthused, effusively comparing the team to Lewis and Clark. The news could spur more sales to the California-based automaker, which finished last year with a flourish of sorts. Tesla sold about 6,900 units of the Model S in October, November and December, beating the company's own target and making the Model S the country's best-selling plug-in vehicle for the fourth quarter.