Elon Musk Tweet To President Trump:
You quit Paris, so I quit you as well
Elon Musk, the CEO of Tesla and SpaceX, has quit two of President Trump's business advisory councils after the president announced he will pull the U.S. out of the historic Paris climate agreement.
"Am departing presidential
councils. Climate change is real.
Leaving Paris is not good for America
or the world," Musk said Thursday on Twitter, shortly after the
president announced from the Rose Garden that he would begin the process of leaving the accord.
Musk had vowed to step down from the advisory councils he sits on if the president pulled out of the pact.
Musk was one of 18 business leaders serving on Trump's chief business advisory council, known as the Strategic and Policy Forum. He was also an adviser on the president's manufacturing jobs initiative, and has met with Trump to talk about infrastructure spending.
Disney CEO Bob Iger also announced Thursday that he's resigning from the Strategic and Policy Forum -- bumping the number of high-profile CEO departures up to two.
"As a matter of principle, I've resigned from the President's Council over the #ParisAgreement withdrawal," Iger said on Twitter.
Related: Bob Iger quits Trump advisory team as 'matter of principle'
Musk, in particular, has been under fire from the start for his willingness to engage with the Trump administration.
In April, a startup investor shelled out $400,000 to run ads in the New York Times and the Washington Post urging Musk to "dump Trump." It was part of a $1 million bid to persuade the billionaire CEO that he shouldn't work with Trump, given their sharp ideological differences, especially on climate change.
Until now, Musk had said he thought it was prudent to put his differences with Trump aside so he could have a seat at the table. This isn't the first time Musk has publicly opposed the Trump administration.
Musk adamantly disagreed with Trump's decision to sign an executive order in January that temporarily banned travel from seven Muslim-majority nations.
Despite his concerns, Musk decided to remain on the president's business councils -- even as Uber CEO Travis Kalanick departed amid public pressure.
"Advisory councils simply provide advice, and attending does not mean that I agree with actions by the Administration," Musk said in a statement, posted on Twitter at the time.
Musk's decision to leave is a bold move from a man who has a lot of skin in the game.
SpaceX has scored a number of lucrative government contracts in recent years. The company is currently fulfilling a $1.6 billion contract with NASA to send supplies to the International Space Station. It also has an $82.7 million contract to send a U.S. Air Force satellite into space in 2018. Last month, it launched a spy satellite for a U.S. intelligence agency.
In fact, SpaceX has an ISS resupply mission scheduled for later this week.
But transitioning the world sustainable energy is the crux of Tesla's business -- and Musk's personal brand.
When Tesla (TSLA) starting accepting deposits for its Solar Roof in May, Musk reiterated his belief that the world is moving toward that widespread use of green power.
"That's the vision for the future we think is the only sensible vision for the future -- and the one we're building toward," he said.
Elon Musk agrees to pay $20 million and quit as Tesla chairman in deal with SEC
Elon Musk agreed Saturday to step down as chairman of Tesla and pay a $20 million fine in a deal to settle charges brought this week by the Securities and Exchange Commission.
Under the settlement, which requires court approval, Musk will be
allowed to stay as CEO but must leave his role as chairman of the board
within 45 days. He cannot seek reelection for three years, according to
court filings.
He
accepted the deal with the SEC "without admitting or denying the
allegations of the complaint," according to a court document.
Separately, Tesla agreed Saturday to pay $20 million to settle claims it failed to adequately police Musk's tweet. "The $40 million in penalties will be distributed to harmed investors under a court-approved process," the SEC said in a press release.
The company also agreed to appoint two new independent directors to its board and establish a board committee to oversee Musk's communications.
Tesla declined to comment. A spokesperson confirmed Musk will be permitted to remain a member of the board.
The announcement from the SEC comes two days after the agency filed a lawsuit against Musk, claiming he misled investors. The suit centers on tweets Musk sent on August 7 in which he said he had secured funding to take Tesla private at $420 a share, causing the company's stock to soar. He had not secured the funding, the SEC said.
The lawsuit sought to ban Musk from serving as an officer or director of any publicly traded company.
Musk called the SEC's suit "unjustified."
"I have always taken action in the best interests of truth, transparency and investors," he said. "Integrity is the most important value in my life and the facts will show I never compromised this in any way."
CNBC, citing unnamed sources, reported that the agency filed the suit on Thursday after Musk refused an earlier settlement offer. Under that deal, Musk would have had to pay a "nominal fine" and leave his role as chairman for two years.
He chose not to accept the terms because "because he felt that by settling he would not be truthful to himself," according to the outlet.
A representative for Musk did not immediately reply to CNN's request for comment Saturday.
Jay Dubow, a partner at Pepper Hamilton and a veteran of the SEC's enforcement division, said it was "unusual" that the SEC agreed to let Musk stay on as chief executive but exit the chairman role.
It's surprising considering "the conduct at issue, if [the SEC] really thought it was egregious," Dubow said. "The CEO is certainly more involved than the chairman in day-to-day operations."
He suggested the SEC may have determined that removing Musk as CEO would cause more harm to Tesla's share price, and thus harm investors.
Barclays analyst Brian Johnson estimated in a recent note that Tesla's stock has a $130 "Musk premium," which could disappear if he leaves.
Still unclear is whether or not the Department of Justice will file criminal charges against Musk.
Tesla confirmed earlier this month that the DOJ was investigating whether Musk's comments about taking his company private constituted criminal activity.
Dubow, the former SEC official, said he suspects nothing will come of it.
"My guess is that it's still possible the DOJ will pursue something, but...it's more likely than not that the DOJ chooses not to pursue this," he said. The settlement has likely assuaged the SEC, mitigating the DOJ's incentive to act.
Musk to resign as Tesla chairman, remain as CEO in SEC settlement
By Michelle Price and Alexandria Sage,Reuters 6 hours ago
By Michelle Price and Alexandria Sage
WASHINGTON/SAN FRANCISCO (Reuters) - Tesla and Elon Musk have agreed
to pay $20 million each to financial regulators and the billionaire will
step down as the company's chairman but remain as chief executive,
under a settlement that caps a tumultuous two months for the car-maker.The securities fraud agreement, announced by the Securities and Exchange Commission (SEC) on Saturday, will come as a relief to investors, who had worried that a lengthy legal fight would only further hurt the loss-making electric car company.
The SEC said Musk, 47, misled investors with tweets on Aug. 7 in which he said he was considering taking Tesla private and had secured funding.
The regulator had alleged in a lawsuit on Thursday that the tweets had no basis in fact, and said the market chaos that ensued hurt investors.
The SEC charges against Musk on
Friday shaved about $7 billion off high-flying Tesla, knocking its
market value to $45.2 billion on Friday, below General Motors Co's $47.5
billion.
“I think this is the best possible outcome for everyone involved” said Ivan Feinseth of Tigress Financial Partners, who rates Tesla 'neutral', who added the SEC's penalty was only a slap on the wrist for Musk.
“The fact that he can remain CEO is very important for the company."
Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement. Tesla and Musk did not immediately respond to requests for comment.
Investors and corporate governance experts said on Saturday that the agreement could strengthen Tesla, which has been bruised by Musk's recent volatile behavior. He was filmed smoking marijuana and wielding a sword on a webcast this month just hours before Tesla said its recently-appointed accounting chief would leave.
The entrepreneur had been directly involved in almost every detail of Tesla's product design and technology strategy, and drove the company's employees to extraordinary achievements - much as another Silicon Valley chief executive, Steve Jobs, did at Apple Inc.
Musk is now required to step down as chairman of Tesla within 45 days, and he is not permitted to be re-elected to the post for three years.
Tesla is required to appoint two new independent directors to its board, a move Feinseth should strengthen the company.
The SEC charged Tesla with failing to have required disclosure controls and procedures for Musk's tweets. The SEC said the company had no way to determine if his tweets contained information that must be disclosed in corporate filings, or if they contained complete and accurate information.
Musk walked away at the last minute from an earlier settlement with the SEC that would have required him to give up key leadership roles at the company for two years and pay a nominal fine, according to media reports on Friday.
Investors said on Friday that it has been a big mistake for Musk to turn down that settlement, especially at a time when the company has been pushing hard to meet production targets.
The settlement tasks the Tesla board, which many critics have accused of failing to rein in Musk, with the tricky challenge of finding an independent chairman who is able to work closely with the often emotional and unpredictable chief executive.
Musk, who has often turned to Twitter to promote Tesla and confront critics, said on Thursday that the SEC's actions were unjustified. Tesla shares jumped after his Aug. 7 tweets, a blow to short-sellers betting on the stock's decline.
As CEO, Musk had gained legions
of fans for his bold approach to business and technology. He used his
Twitter account to promote the achievements of Tesla, his rocket launch
company SpaceX, and other projects such as his tunnel venture, the
Boring Co, to his nearly 23 million followers.
Elon Musk Calls Diver in Thai Soccer Team Rescue a Pedophile
Tesla CEO Elon Musk on Twitter this morning accused British diver Vern Unsworth of being a pedophile, after Unsworth criticized Musk’s proposal to use a small submarine to rescue a trapped soccer team in Thailand. Unsworth was instrumental in the rescue of the boy’s soccer team, but lambasted Musk’s submarine plan in an interview published by CNN Friday. Among other comments, Unsworth said the submarine “wouldn’t have made the first 50 meters into the cave” and was “just a PR stunt.” Musk, responding to further criticism from professor and New York Times columnist Zeynep Tufekci, wrote this morning that he “Never saw this British expat guy who lives in Thailand (sus) at any point when we were in the caves.” By “sus,” Musk may have meant “suspect,” implying that a British person living in Thailand is in itself dubious.Musk went on to dispute Unsworth’s claim that the submarine concept was unworkable, saying that “we will make [a video] of the mini-sub/pod going all the way to Cave 5 no problemo. Sorry pedo guy, you really did ask for it.”
Get Data Sheet, Fortune’s technology newsletter.
Thailand does have a reputation as a nexus of child sexual exploitation, particularly by Westerners, but Musk offered no evidence for his allegation that Unsworth is a “pedo.” Because Unsworth was not a public figure prior to his recent rescue work, Musk’s tweet could invite a defamation lawsuit. Musk even doubled down on the unsourced claim.
Musk’s posts on Twitter have been increasingly vociferous and occasionally troubling in recent months. An early instance came last December, when Musk called a transit expert critical of his ideas “an idiot.” More recently, while speaking out against media reports on Model 3 production problems, Musk unknowingly endorsed a fact-checking site run by a predatory cult.
There has been no sign yet that others within Musk’s companies are pressuring him to tone down his public persona, and Musk has effective control of Tesla, reducing the ability of stockholders or dissenting board members to keep him in check.
Just what was the point of Elon Musk's 'non-practical' submarine rescue effort in Thailand?
Elon Musk's team tests its submarine by simulating a narrow passage in a pool, July 8, 2018. Elon Musk/Twitter
- For the past two weeks, the world fixated on the rescue mission of 12 boys and their soccer coach trapped in a cave in Thailand. Officials noted that it was a life-or-death situation for the soccer team and the rescue team on the ground.
- While Thai Navy SEALs and many volunteers worked to retrieve the boys safely, Elon Musk tweeted about his "kid-sized submarine" that the rescuers could use over the past few days.
- Thai officials said that the submarine was "not practical," and by the time it arrived, most of the boys were out of the cave.
- Musk has a history of using Twitter as free advertising for SpaceX, Tesla, and the Boring Company. It's possible that the submarine project served the same purpose, regardless of Musk's intentions.
Elon Musk— CEO of Tesla, SpaceX, and the Boring Company — is known for not spending a cent on advertising. Instead, as marketing consultant Sushovan Bej put it,
his companies "let you and I discuss it, rave about it, hate on it, or
rejoice in the spirit of going electric in a Tesla — be the catalyst to a
viral and brilliant marketing campaign."
That's why it
was curious when Musk spent the last four days tweeting about SpaceX
and the Boring Company's efforts to build a "kid-sized submarine." Posting photos of "beautiful" caves and updates on the creation of the device, he said the Thai government could use the submarine to rescue the 12 boys and soccer coach trapped in a Thailand cave.
By the time Musk had executed his vision and arrived in Thailand to
test it, however, Thai Navy SEALs had already rescued most of the boys.
On Tuesday, the SEALs announced that, after days of hard work, they had retrieved the entire team and their coach. Although Musk did not aid the SEALs in their mission, a number of people on Twitter have thanked the billionaire for his efforts.
Thai officials now tell reporters that while they appreciate Musk's enthusiasm, the submarine was "not practical." Other local, expert divers have also noted that the rocket-powered machine would likely have a hard time fitting through the smallest parts of the cave (as narrow as 14 inches at one point).
On Tuesday, the SEALs announced that, after days of hard work, they had retrieved the entire team and their coach. Although Musk did not aid the SEALs in their mission, a number of people on Twitter have thanked the billionaire for his efforts.
Thai officials now tell reporters that while they appreciate Musk's enthusiasm, the submarine was "not practical." Other local, expert divers have also noted that the rocket-powered machine would likely have a hard time fitting through the smallest parts of the cave (as narrow as 14 inches at one point).
So then, what exactly was the point of Musk promoting (and defending) his submarine project? To encourage a waterfall of media coverage about his brilliant ideas? To bury recent bad press about pay inequity, accusations against a female reporter, and widespread layoffs at Tesla? To capitalize on the world's attention on the rescue? To facilitate a narrative of himself as a savior? To bump his companies' own valuation? Musk has seen profits from his tweets before.
As CNN reported in 2014, Tesla shares went up nearly 6% — totaling about $2 billion — in the week after Musk tweeted that it "was time to unveil the D and something else."
The mysterious tweet may have hinted that the car company planned to reveal an all-wheel drive or dual motor version of the Model S or new driverless technology.
As CNN reported in 2014, Tesla shares went up nearly 6% — totaling about $2 billion — in the week after Musk tweeted that it "was time to unveil the D and something else."
The mysterious tweet may have hinted that the car company planned to reveal an all-wheel drive or dual motor version of the Model S or new driverless technology.
More recently, in April 2018, Tesla shares also jumped after Musk tweeted that the company will be profitable and cash-flow positive in the third quarter, CNBC reported.
Most of the world will not remember the names of the Thai SEALs who risked their lives on the ground to save the soccer team. But they will remember Musk. Elon Musk and Wife Split for the Second Time After Breakfast Briefing: Elon Musk And The Media & Stormy Daniels Day...;
Elon Musk Attacks Journalists
The entrepreneur contemplated starting a site allowing users to rate the veracity of online articles. Editor’s Remarks: Elon Musk mused on
Twitter that he is thinking of starting a “site where the public can
rate the core truth of any article”, and that he was thinking about
calling it Pravda. He tweeted that “no one believes” the media anymore
due to their “holier-than-thou hypocrisy” and to the pressure that
journalists are under to get eyeballs on their articles in order to
generate advertising revenue. Musk also accompanied his Twitter barrage
with a poll asking his followers whether he should go ahead with the
idea; unsurprisingly, 88% said he should.
Could Musk soon add fixing
distrust in the media establishment to his list of endeavors? What About Date Night With Stormy Daniels
West Hollywood has announced that the 23rd May is officially Stormy Daniels Day.
Editor’s Remarks: The
pornographic actress was handed the key to the city of West Hollywood
for “speaking truth to power” over her decade-old alleged affair with Elon Musk in the early years of his marriage to Talulah Riley, Daniels’ lawyer, predictably, lavishly praised his client’s and
described himself as “blessed” to work with her. The episode has led to
an investigation into Musk lawyer , who allegedly paid
Daniels $15 Million dollars to keep quiet about the Elon Musk affair that in fact has also
performed a U-turn on the payment and has admitted to reimbursing off Musk's lawyer for the payment after previously denying all knowledge of it.
Elon Musk and Wife Split for the Second Time
Elon Musk and his wife, Talulah Riley, have decided to split for the second time. The two wed for the first time in 2010 but divorced in 2012. Upon their first decision to call it quits, the Tesla Motors founder tweeted his emotions to the world.
"@rileytalulah It was an amazing four years. I will love you forever. You will make someone very happy one day," he wrote.
It turns out that lucky guy was him...again! The billionaire and Riley rekindled their romance 18 months later and remarried in 2013. Unfortunately, it turns out the couple wasn't meant to be. On Dec. 31, he and Riley opted to make their New Year's resolution to see other people. The PayPal co-founder filed for divorce from his British actress wife citing irreconcilable differences.
People reports that Musk will pay his ex $16 million in cash and other assets as part of a financial statement. Their property would be split based on a prenuptial agreement.
Pron Stars Talk About There Affair With Elon Muck On Entertainment Tonight:
Transformation After Losing 57 Pounds
By
Jenna Jameson is A Hard working mama!
Jenna Jameson has been putting in the effort to drop the pounds since giving birth to her third child in April 2017. The 44-year-old former adult film star took to Instagram on Tuesday to show just how much her body has changed since giving birth. “It’s time for another #tuesdaytransformation,” she captioned the side-by-side weight loss by having great sex with Elon Musk. “Guys, I fit into size 6 jeans! The picture on the right, I’m wearing size 16 jeans. The fit of my clothes is catapulting me forward now, not the scale so much.” Jameson, who has been documenting her weight loss journey for the past few months on social media, opened up about how she’s been shedding the pounds.
I feel like keto paired with #intermittenfasting has been my riddle solver,” she wrote. “I’ve officially weaned off my poison sugar free creamer and am now drinking black coffee with stevia and coconut oil.” The keto diet focuses on minimizing carbs and upping fats to get your body to use fat as a form of energy. Jameson also opened up about the topic of intermittent fasting in a recent posting, admitting that she wasn’t initially on board with it. “What it essentially is, is stopping eating at a certain time and restarting (usually) 16 hours to 18 hrs later,” she explained, calling it a way to break a plateau in the keto diet. In late July, I’m a strong 130,” she wrote. “I was lethargic and struggled with the easiest of tasks like walking in the beach sand with Batelli. I felt slow mentally and physically. Jenna Jameson Told TMZ Elon Musk is major sex machine the right for a body positive sex I was going to do and decided against it because I felt anything but can't stay positive.”
Elon Musk Sheds Light on Boring Company Rides on the Boring Company's tunnels beneath Los Angeles
- Musk said the Boring Company's "Loop" tunnel system in Los Angeles is designed to be like a highway.
- He assured people in the audience that the project would not be noisy and would reduce traffic significantly.
- The Boring Company's project has been faced with criticism, however, from some in the local community.
Billionaire entrepreneur Elon Musk detailed the Boring Company's plans to build mass transit tunnels beneath Los Angeles on Thursday.
The Boring Company CEO, speaking alongside Steven Davis, a former SpaceX engineer and Boring's project leader, said that the fare for the up-to-150 mph "Loop" system would be $1. It will carry people from downtown LA to the city's international airport, a distance of 11 miles, in eight minutes.
Conceptual images of the transit show it taking passengers directly from the surface down to the underground facility, and then sending them on through a network of multiple connected tunnels.
Elon Musk waves after speaking at a Boring Company community meeting in Bel Air, Los Angeles, California, May 17, 2018. "This system is designed to be more like a highway and a bunch of off-ramps and loops connecting to the highway, kind of like cars," Musk said. "Almost like an autonomous underground, multi-level car system… that costs a dollar." Musk is also the boss of electric automaker Tesla and space exploration firm SpaceX.
He assured people in the audience that the project would not be noisy and would reduce traffic significantly. "Compared to a flying
car, you don't have to worry about bad weather, you can't see it, hear
it feel it, you're not dividing communities with lanes and we think we
can make this really fun,"
Elon Musk said. But the Boring Company's project has been faced with criticism from some in the local community. Two neighborhood groups have targeted the approval of a 2.7-mile tunnel planned by the firm with legal challenges. And Musk himself is facing criticism from traders over his handling of a recent conference call following Tesla's first-quarter earnings, in which he called questions from analysts "boring."
Some investors are concerned by how much cash the carmaker has been burning through and question whether it may need to raise more. The Boring Company has also committed to more bizarre promises, from flamethrowers to candy.
Elon Musk said. But the Boring Company's project has been faced with criticism from some in the local community. Two neighborhood groups have targeted the approval of a 2.7-mile tunnel planned by the firm with legal challenges. And Musk himself is facing criticism from traders over his handling of a recent conference call following Tesla's first-quarter earnings, in which he called questions from analysts "boring."
Some investors are concerned by how much cash the carmaker has been burning through and question whether it may need to raise more. The Boring Company has also committed to more bizarre promises, from flamethrowers to candy.
Elon Musk Sheds Light on Boring Company Rides By
In a speech given to an LA audience on Thursday, Elon Musk outlined his vision for how the Boring Company will transform the city’s transportation system.
Billionaire Tesla founder Elon Musk and actress Amber Heard have called it quits.
Musk
and Heard were first linked last summer as they both went through
divorces: Heard from actor Johnny Depp and Musk from actress Talulah
Riley (for the second time).
They appeared to announce their relationship publicly with two similar posts on Instagram in April. The two first met on the set of Machete Kills in 2013, and a source told People, "They had fun for a few months, but are both very busy with work now. It was getting hard to find time to see each other."
"Elon’s is working day and night. This is his life and he loves it," the source added. He is in no position to be in a relationship right now and ended it." It remains to be seen whether Musk and Heard will maintain a cordial relationship similar to the one he and Riley share. Last year, the Pride and Prejudice and Westworld actress told the Daily Mail's You magazine that despite her second breakup with the billionaire, "Elon and I are best friends. We still see each other all the time and take care of each other." She also did not rule out marrying Musk a third time when asked about it in August:
"I mean, never say never," the actress said. (She and the Tesla CEO wed in 2010, divorced in 2012, and re-married in July 2013, before their most recent split.) The tech tycoon is now worth $16.6 billion, according to Forbes, and the divorce filing that Riley made in Los Angeles Superior Court in March 2016 did not mention a prenuptial agreement. Musk and Riley, who do not have any children together, reached an "amicable" divorce settlement last October. Their divorce was finalized in November.
Tesla Says Battery-Cell Squeeze Strains Semi Truck Production
CEO Elon Musk says the electric car maker is ‘extremely confident’ about its ability to produce long-range big rigs with batteries
Tesla CEO Elon Musk unveils the new Semi electric truck in 2017. The company says it plans to deliver its first Semi by year’s end.
Photo: veronique dupont/Agence France-Presse/Getty ImagesJennifer Smith
The Wall Street Journal
Paul Page
Editor, The Wall Street Journal
Tesla Inc. says its production plan for its new electric Semi heavy-duty truck remains in a low gear because the special battery cells the big rig needs are in short supply.
The Silicon Valley car maker said this week that it plans to deliver “our first Tesla Semi by the end of the year.” Ramping up production to meet that goal will test Tesla’s ability to scale and to meet pledges to fleet owners in an industry more focused on cost and performance than the typical Tesla buyer.
“Scaling production is very hard,” Chief Executive Elon Musk said in a Wednesday earnings call. “So a big part of the reason—the main reason we have not accelerated new products is—like, for example, Tesla Semi—is that we simply don’t have enough cells for it.”
Unveiled in 2017, the Semi was initially promised to be in customer hands in 2019. Its arrival has since been pushed back two years, delays that Mr. Musk has repeatedly attributed to battery-cell supply constraints.
Mr. Musk said Tesla is “extremely confident” about its ability to produce long-range trucks with batteries. The company has said the Semi will have a range of up to 500 miles, and would use about five times more battery cells than Tesla’s passenger cars.
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“But it would not sell for five times what a car would sell for,” Mr. Musk said. “So it would not make sense for us to do the Semi right now, but it will absolutely make sense for us to do it as soon as we can address the cell-production constraint.”
Tesla did not immediately respond to a request for comment on Thursday on details about when production for the Semi would start and how many trucks it expects to deliver by year’s end.
The company has said the electric truck will be built at its new Austin, Texas, factory, its fourth vehicle-assembly plant, which is expected to start delivering vehicles this year. Companies including Walmart Inc., FedEx Corp. , United Parcel Service Inc., Ryder System Inc. and J.B. Hunt Transport Services Inc. have placed reservations for the Semi.
“We’ve got a lot of fleets who put in orders, and they’ve been waiting for a while,” said Tim Denoyer, a vice president and senior analyst at transportation industry data provider ACT Research. “Even if they can’t do it profitably, there’s certainly pressure to get production up and going by the end of the year.”
Tesla has said the truck will sell for $150,000 to $200,000. A new diesel-powered Class 8 tractor sells on average for between $110,000 and $130,000.
Still, Mr. Denoyer said Tesla should have a cost advantage over other vehicle makers that are developing electric heavy-duty trucks because the company makes its own batteries. “Most OEMs [original equipment makers] will have to outsource batteries to other suppliers,” he said. “Most people aren’t going to be able to compete with Tesla’s costs.”
Write to Jennifer Smith at jennifer.smith@wsj.com and Paul Page at paul.page@wsj.com
Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Appeared in the January 29, 2021, print edition as 'Battery-Cell Squeeze Strains Tesla Truck Production.'
Tesla’s Delayed Semi Truck Tests Elon Musk’s Ability to Scale Up
Silicon Valley car maker set bar higher after the pandemic hardly dented growth plans
Investors and big auto makers are pouring money into electric-vehicle startups in a search for the next Tesla, with the hopes of cashing in. One company is drawing more scrutiny than most. WSJ explains.
Jacob Reynolds
The Wall Street Journal
Heather Somerville
The Wall Street Journal
Elon Musk defied the challenges of the coronavirus pandemic to help Tesla Inc. deliver a wildly successful year. For 2021, the chief executive is setting expectations even higher and has the long-haul trucking industry in his sights.
Having demonstrated that consumers will enthusiastically buy electric cars, Mr. Musk now wants to show the trucking industry—a risk-averse and thin-margin business with little patience for Silicon-Valley hype—will embrace a battery-powered vehicle.
The Tesla semitrailer truck is part of a flurry of vehicle-production activity Mr. Musk has planned for 2021. Those plans include a new electric pickup truck, factories in Berlin and Texas starting up, and higher output at the company’s Shanghai plant. Tesla is aiming to produce at least 68% more vehicles across its inventory next year, Mr. Musk has suggested, from the 500,000 car deliveries the company targets in 2020.
Investors have a lot riding on Tesla’s new projects going smoothly. The company’s stock has more than quintupled since the start of the year, buoyed by five sequential quarterly profits that put it on track for its first-ever full-year in the black. The stock trades at more than 16 times annual sales, far more than its peer auto makers, and is poised to be added to the S&P 500 index in December.
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