2nd August 2013
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Tesla Plans on Early Repayment of DOE loans, Re-Files Annual Report – Rumor Central

In stark contrast to the woes faced by other upstart plugin auto brands Coda and Fisker, Tesla seems to be resolute and resilient in its business strategy. The company is so confident in its success, that it released a statement on the company blog that it intends to re-pay its Advanced Technology Vehicle Manufacturing loans five years ahead of schedule. This would put the final payment of the loan in 2017, as opposed to the ...
1st August 2013
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Tesla Turns A Profit As Sales Exceed Expectations – Rumor Central

Tesla Motors revealed today that it will post a profit in the first quarter of 2013, because sales of the Model S electric sedan exceeded expectations. Total sales of the Tesla Model S reached 4750 units, up from the 4500 units previously planned. The announcement is good news for Tesla after a disappointing year in 2012, when the company lost almost $400 million. Last year, Tesla sold just 2650 units of the Model S while it ...
25th July 2013
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Tesla Posts First-Ever Quarterly Profit, Raises Global Sales Target

Tesla CEO Elon Musk must be smiling, because the startup company has made a profit for the first time in its 10-year history. Tesla reported revenue of $562 million, resulting in an $11.2-million net income. The Model S, which we named the 2013 Motor Trend Car of the Year, plays a huge part in this, as the company sold 4900 vehicles in the first quarter, exceeding the original 4500-unit goal. Tesla said it produced 400 or ...
23rd July 2013
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Tesla Announces Early Repayment of Loans, Annual Report Correction

In what could prove to be a symbolic moment for the strength and potential of the electric vehicle industry, Tesla Motors, on its company blog, announced its intention to re-pay its Department of Energy Advanced Technology Vehicle Manufacturing loan five years ahead of schedule, with the last payment being on 2017, instead of 2022 the original deadline for payback of the loans. In the heated political climate surrounding government-subsidized green energy initiatives, the company was quick ...
28th June 2013
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Tesla Model X Delayed Until "Late 2014" – Rumor Central

The Tesla Model X electric crossover won’t start production until late 2014, a major delay as the car was slated to go into production this year. Tesla had initially promised the Model X would debut in late 2013 with “volume” production beginning in earnest by 2014, but now it appears the Tesla factory won’t even start building the crossover until the end of next year. The Tesla Model X is a three-row crossover with upward-opening “Falcon ...
27th June 2013
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Tesla to Issue New Stock and Pay Off Government Loan – Rumor Central

Tesla plans to offer 2,703,027 shares of common stock and $450 million in convertible senior notes due in 2018 to raise money toward its outstanding loan from the Department of Energy. Tesla CEO and co-founder Elon Musk will purchase $100 million worth of the shares himself, with $45 million purchased from the common stock offering and $55 million bought directly from Tesla in a private sale. The underwriters will have a 30-day option to purchase up ...
24th June 2013
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Tesla Reports 2012 Losses, Expects Positive Q1 2013

Starting a new car company is hard. Tesla has been finding that out, and it has reported larger losses in 2012 than it did in 2013. It’s not all bad, though – the company is now building 400 Model S cars per day and is on track to produce 20,000 of them this year. Indeed, the automaker says much of its red ink stems directly from ramping up production of the Model S, the company’s sole ...
24th June 2013
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Tesla Offers Additional 2.7 Million Shares, Plans to Repay DOE Loan Early

Tesla has announced it will offer 2,703,027 shares of common stock along with $450 million worth of convertible senior notes that mature by 2018. The money raised from this public offering will primarily be used to pay off Tesla’s Department of Energy loan with interest. Tesla CEO and co-founder Elon Musk will purchase $100 million worth of the shares himself, with $45 million purchased from the common stock offering and $55 million bought directly from Tesla ...
20th June 2013
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Report: Electric-Car Manufacturer Tesla Finally In The Black – Rumor Central

Tesla Motors, the electric-car manufacturer launched by billionaire entrepreneur Elon Musk, may finally be on the way to turning a profit. In a message posted to Twitter on Monday, company CEO Musk said that, “Tesla was narrowly cash flow positive last week. Continued improvement expected through year end.” If true, the message is good news for Tesla, which has heretofore struggled to turn a profit despite receiving millions of dollars in private funding, as well as ...
19th June 2013
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Report: Tesla Under Fire Over Factory-Owned Stores – Rumor Central

Haven’t we heard this one before? An auto manufacturer opens a dealership owned by them (and not a franchise) and gets called out by various dealer organizations and state governments for violating franchise laws. Tesla is now coming under fire for that very reason. Automotive News is reporting that the manufacturer-owned stores that Tesla has been opening up across the country are in a direct violation of various states’ franchise laws. Some states completely prohibit dealerships ...