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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.

Dealers in Georgia latest to oppose Tesla showrooms

Tesla has been fighting challenges from dealer groups in several states for years due to the company's decision to sell directly to customers at stores rather than through franchise dealers. The business has won some of these battles like its recent compromise in Pennsylvania, which allows the company to open five stores there. Now, Tesla has another legal struggle ahead of it because the Georgia Automobile Dealers Association is hoping to shut down the brand's boutiques.
The Georgia dealers recently filed a petition to revoke Tesla's dealer license in the state and prevent it from reapplying for another one, according to Automotive News. The company currently operates just one store in Marietta, GA, but it reportedly has two more locations planned around Atlanta in the future. The association claims that Tesla's license limits it to direct sales of a maximum of 150 vehicles a year. It's now selling more than that, but attempting to increase the restriction.
If Tesla wants to keep selling cars in the state, which boasts high incentives and strong popularity around Atlanta for EVs, it needs to switch to franchises, according to the dealers. "No one should be allowed to act as if they are above the law, especially when there is a simple path to compliance that everyone else has agreed to follow," said Bill Morie, president of the association, to Automotive News.

Recharge Wrap-up: Renault e.dams wins Formula E Marrakesh ePrix, S. Korean Tesla store opens this month

Renault e.dams has won the 2016 Formula E Marrakesh ePrix. The win at the season's second round gives the team a strong lead with 74 points. ABT Schaeffler Audi Sport and Mahindra Racing are tied in second place with 36 points. Renault e.dams driver Sebastien Buemi took first place in the race, with teammate Nico Prost finishing fourth. "We know we have an efficient car and we had to take advantage of that after we started further back on the grid than we wanted," says Buemi. "I was able to extract everything I needed from the car and it shows the team is working really well, so it's been a very positive start to the season." Read more at Green Car Congress, or from Renault. Navigant Research has ranked the EV charging companies. Of the 12 companies providing public charging networks and services, Navigant has named The New Motion, ChargePoint, and EV-Box as "leaders" in the field based on market share, breadth of products, and market adaptability. Following that group of three are a group of "contenders," including Chargemaster, Fortum, Innology SE, Greenlots, Clever A/S, EVgo, POD Point, and SemaConnect. Trailing those is Car Charging Group in the "challengers" category. Read more at Green Car Congress. BMW has entered the second phase of its ChargeForward program to study advanced EV charging. In partnership with Pacific Gas and Electric Company, BMW is inviting i3 and i8 owners in the San Francisco Bay Area to apply to participate in the second phase of the smart charging project, which aims to test technology that optimizes charging for the benefit of the electric grid. "By managing charging when a BMW i or iPerformance vehicle is plugged in – wherever the vehicle is plugged in – BMW can ensure that vehicles are efficiently charged to meet driver's communicated mobility needs while helping the grid reach greater levels of efficiency and sustainability," says BMW's Manager of Connected eMobility, Cliff Fietzek. Read more from BMW. Tesla will open its first Korean retail location this month. On November 29, Tesla plans to open a store in Starfield Hanam, South Korea's largest mall, in Gyeonggi Province. Tesla has also finished ground construction of a Supercharger station in the mall's parking area. Tesla is working to open another store in Seoul's Gangnam District, as well as charging stations around the country. Read more from The Country Caller.