2020 Tesla Other on 2040-cars

Auto blog

Feds decide against investigating Tesla Model S fire

Despite earlier reports, the National Highway Traffic Safety Administration has announced it will not be filing a formal investigation into the fire that engulfed a Tesla Model S earlier this month, as the agency says there was no evidence to suggest the fire was due to a manufacturer defect or that the car was in violation of government-mandated safety standards, according to Automotive News.
The NHTSA's decision whether to investigate was delayed, as the fire happened on the first day of the US government shutdown. AN reports that as of October 22, the administration was still "gathering data," according to a statement by Administrator David Strickland.
The October 1 fire that torched the critically acclaimed EV was started after an impact with a "large metallic object," according to multiple sources including the driver/owner. As we reported on October 3, despite the car-destroying blaze, Tesla maintained that the battery pack acted exactly as designed, by containing the blaze to just one of the battery pack's 16 modules, rather than sending the whole lithium-ion unit up in flames.

Wall Street loves Tesla's Elon Musk, values the brand higher than Fiat

Tesla's value on the stock market far exceeds the number of vehicles it contributes to the automotive market. According to a report from Automotive News, Tesla is currently valued at $8.8 billion. Almost unbelievably, though we've never claimed to have a firm grasp on the inner workings of the stock market, that's a full billion dollars more valuable than Fiat and three times more valuable than PSA Peugeot Citroën, says the report.
How unfathomable is that statistic? Consider the fact that Tesla, a ten-year-old company, just managed to turn its very first profit last quarter and has produced fewer than 10,000 vehicles in its lifetime. How does that compare to an automotive giant like Fiat? Well... it doesn't - The brand sold 44,772 Fiat 500s in the United States alone in 2012, and it owns or controls the Chrysler portfolio of brands along with Ferrari and Maserati... not to mention the hundreds of thousands of cars Fiat Group sells yearly in the rest of the world.
Granted, the number of vehicles sold by a brand is just a small portion of its value, but you may still wonder, Why is such a seemingly small player in the global automotive marketplace such a big deal on Wall Street? According to AN, it has a lot to do with its controversial and headline-grabbing CEO, Elon Musk, and the way he disseminates company information to his investors. How so? We suggest you take a good look at the article here for the whole story.

Chinese businessman's lawsuit vs Tesla heats up [w/video]

Tesla Motors continues to be locked in a bitter trademark dispute with a Chinese man who claims to own the rights to the company's name there. Zhan Baosheng is now suing the automaker in China for trademark infringement, and he's asking for 23.9 million yuan ($3.9 million) in damages, plus for the business shut down all of its Chinese operations.
According to Automotive News, Zhan registered for the trademark in 2006 and was granted it in 2009, which was after the automaker was founded in the US in 2003 but before it began Chinese operations. The two sides have been fighting over the name for years. The business reportedly offered him two million yuan ($322,500 at current exchange rates) to buy the trademark in 2009, but Zhan allegedly came back with an astronomical counter-offer for the equivalent of $32 million.The company also nearly changed its localized brand name in China to Tuosule because Zhan owned the rights to its preferred Te Si La title, but the courts eventually sided with Tesla.
On his Twitter page, Zhan's profile says that he's "the owner of TESLA trademark in China." He also recently tweeted a photo of himself holding the trademark document.