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Bond manager has odd advice for Tesla: stop making cars

Tesla Motors said in the release of its first-quarter earnings Wednesday that it will boost its quarterly production on its Model S luxury sedan to as many as 9,000 from the approximately 7,500 it made during the first three months of the year. Bond manager Jeffrey Gundlach doesn't believe that's a good thing. Gundlach, founder of DoubleLine Capital LP, told Bloomberg News that, while Tesla is a better investment than fast-growth companies like Twitter, the automaker would improve its financial results by halting production of its vehicles and dedicating itself to making battery packs for other automakers. A spokesman for Tesla, whose shares are up almost 40 percent this year, declined to comment to Bloomberg. We'll just sit here and imagine Tesla-powered Nissan Leafs and Chevy Volts. Back in the real world, aside from its own vehicles, Tesla makes battery packs for the Toyota RAV4 EV and for some versions of the Smart Fortwo ED and the B-Class EV. Tesla and Toyota first announced their collaborative effort in 2010, which included Toyota's equity investment in Tesla as Tesla prepared to take over the old NUMMI plant in the San Francisco Bay Area. Tesla said Wednesday that it took a $49.8-million first-quarter loss. Compare that to a year-earlier net income of $11.2 million. That's despite boosting revenue 10 percent from a year earlier to $620.5 million. That's largely because Tesla's selling, general and administrative costs more than doubled from a year earlier to $117.6 million.

Jaguar I-Pace sets Laguna Seca record, virtually matches Tesla Model S P100D

Jaguar has announced that the I-Pace crossover has set the Laguna Seca lap record for production electric vehicles. With racing driver Randy Pobst behind the wheel, the I-Pace HSE completed a lap in 1 minute and 48.18 seconds. Jaguar was adamant to stress that the record-setting vehicle was bone stock with "no modifications whatsoever." As Jalopnik reports, a bit of a dispute arose about the lap time, as a Tesla Model S P100D is said to have completed a lap in 1 minute, 47.62 seconds. However, the Tesla in question had received brake upgrades, unlike the factory specification Jaguar. The I-Pace's two electric motors are good for a combined 400 horsepower and 513 pound-feet, propelling the SUV to 62 mph in just 4.8 seconds. Jaguar has also released video footage from the Laguna Seca run, above. Look for the slide at the 30-second mark! Pobst must have been enjoying himself, as you can hear him guffawing after the famous Corkscrew section. While this record was all about the prowess of a production EV, there will be a racing series featuring the I-Pace, as the I-Pace eTrophy begins in the fifth season of ABB FIA Formula E. View 3 Photos Related Video:

Tesla announces 'infinite mile warranty' for Model S EV drive unit

Tesla Motors has a way with words. From Superchargers to 'auto pilot,' Tesla likes to set itself apart by calling things other things. What, fast charging and autonomous drive not good enough for ya? The same thing just happened with the announcement of a new 'infinite mile warranty' for the drive unit. That's infinite, not unlimited, but whatever it's called, the new policy lifts the warranty mileage cap on the 85-kWh version of the Model S that had previously been set at four years and 50,000 miles. The new rules say that the drive unit will have the same 'limits' as the battery pack, which means as many miles as you can put on the car in eight years. Tesla will also honor the warranty no matter how many people have owned the car and is applying the warranty retroactively, so feel safe buying that used 2012 Model S until 2019 if you still want some warranty coverage. "If we truly believe that electric motors are fundamentally more reliable than gasoline engines ... then our warranty policy should reflect that." – Elon Musk Tesla has gotten some criticism recently for quality issues in Model S EVs that have been on the road for a while now. Consumer Reports, for example, described problems with their Model S after owning it for 17 months. In the warranty change announcement blog post, Tesla CEO Elon Musk admitted that Tesla made a mistake imposing a limit in the first place. "In hindsight, this should have been our policy from the beginning of the Model S program," he said. "If we truly believe that electric motors are fundamentally more reliable than gasoline engines, with far fewer moving parts and no oily residue or combustion byproducts to gum up the works, then our warranty policy should reflect that." Now it does. Tesla is warning its investors that the short-term impact might be negative, but "by doing the right thing for Tesla vehicle owners at this early stage of our company, I am confident that it will work out well in the long term," Musk said. You can read the short announcement below. Infinite Mile Warranty The Tesla Model S drive unit warranty has been increased to match that of the battery pack. That means the 85 kWh Model S, our most popular model by far, now has an 8 year, infinite mile warranty on both the battery pack and drive unit. There is also no limit on the number of owners during the warranty period. Moreover, the warranty extension will apply retroactively to all Model S vehicles ever produced.