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Tesla Sends Bitcoin To Record High With $1.5bn Investment

Tesla has invested $1.5bn in bitcoin and plans to begin accepting it for payment in one of the highest-profile endorsements of the cryptocurrency sector by a major US company. The disclosure from the electric carmaker sent bitcoin rallying to a record high of $44,100, extending its 50 per cent surge so far this year.

Analysts have put the meteoric rally down to growing enthusiasm from institutional investors seeking returns in the era of low interest rates. In a regulatory filing on Monday, Tesla said it purchased the bitcoins after changing its investment policy last month to “diversify and maximise” returns on its cash. Line chart of $ per coin showing Bitcoin soars after Tesla reveals $1.5bn investment For years Tesla was short of cash as it invested heavily in developing its electric vehicles.

Although its finances have improved, the bitcoin investment still represents about 8 per cent of the $19.4bn it held in cash and liquid assets at the end of December, according to the filing. The group said it expected to accept bitcoin as a form of payment for its products, although initially on a “limited basis”, adding that it might sell the digital assets for hard currency once payments are processed.

Elon Musk, Tesla’s founder, has been a vocal supporter of digital assets on social media, particularly about dogecoin, which he said was the “people’s crypto”. In December he wrote on Twitter that bitcoin was his “safeword” in an apparent joke. Robyn Denholm, an Australian telecoms executive who took over from Musk as chair of Tesla’s board in 2018, is head of the audit committee that signed off on the change to the company’s investment policy.

The change allows Tesla to invest “a portion” of its cash in “alternative reserve assets including digital assets [and] gold bullion”. Recommended John Gapper Electric vehicles need to arrive as fast as vaccines The carmaker is the latest consumer-facing company to venture into cryptocurrency markets, following PayPal. However, cryptocurrencies remain highly volatile and are risky to hold due to frequent hacking and fraud, as well as difficulties in transferring them to cash.

“We believe our bitcoin holdings are highly liquid. However, digital assets may be subject to volatile market prices, which may be unfavourable at the time when we want or need to liquidate them,” Tesla said on Monday. “[This] is a potential game-changing move for the use of bitcoin from a transactional perspective,” said Dan Ives, an analyst at Wedbush Securities.

Ives said the announcement from Tesla could prompt other companies to make similar decisions given the growing interest in digital currencies. “Investors and other industry watchers will be watching this closely to see if other corporations follow the lead of Tesla on this crypto path or on the other hand does it remain a contained few names that make this strategic jump around bitcoin.”

By: Eva Szalay

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Elon Musk Rants About `Fascist’ COVID-19 Closures As Another Tesla Call Veers Off Course

Elon Musk used Tesla TSLA ’s first-quarter earnings call as an opportunity to angrily vent about extended stay-at-home efforts that are curbing the spread of COVID-19 but which he labels “fascist,” amping up frustration he’d expressed earlier on Twitter. The billionaire CEO’s unexpected rant was reminiscent of his attack on “boring” analyst questions two years ago.

The outburst was surprising given that the electric-car maker beat expectations for the quarter that ended March 31 and remained profitable for the longest stretch in company history, three consecutive quarters. And given that he’s likely to soon qualify for the largest payday of his life, Musk’s mood might have been brighter. News that the San Francisco Bay Area is extending its shelter in place rules through the end of May, likely keeping his main plant idled longer, may have set him off.

“The extension of the shelter in place or–frankly I would call it forcibly imprisoning people in their homes against all their constitutional rights in my opinion–is breaking people’s freedoms in ways that are horrible and wrong and not why people came to America or built this country,” Musk said in response to a question from Morgan Stanley MS analyst Adam Jonas about Tesla’s cash position. “What the f–ck. Excuse me.”

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Six Bay Area counties—San Francisco, San Mateo, Santa Clara, Alameda, Contra Costa and Marin—along with the city of Berkeley, said Wednesday that they’re extending shelter-in-place orders through the end of May. In March, Musk initially balked at halting auto production at Tesla’s Fremont plant in Alameda county before sending most factory workers home from March 23. The company doesn’t know yet when work there will resume.

The outburst brought back memories of a May 2018 results call, when Tesla was struggling to boost production of Model 3 electric sedans at Fremont. On that occasion an audibly annoyed Musk dismissed “boring” questions from analysts and instead gave an impromptu interview to a Tesla fan. “Excuse me. Next. Boring bonehead questions are not cool,” he said curtly to Sanford C. Bernstein & Co. analyst Antonio Sacconaghi after he asked about Tesla’s capital needs. Musk later apologized to him for the outburst.

The extension “will cause great harm to many companies, not just to Tesla,” Musk said on the call. “If somebody wants to stay in the house, that’s great. They should be allowed to stay in their house and they should not be compelled to leave. But to say that they cannot leave their house and they will be arrested if they do? This is fascist. This is not democratic. This is not freedom. Give people back their goddam freedom.”

While the Bay Area rules are strict, residents aren’t being arrested when they leave their homes. Shortly after the call ended California Governor Gavin Newsom appeared to respond to Musk.

“Going to REPEAT, REPEAT, REPEAT: CA is flattening the curve because folks are staying home. Practicing physical distancing. We aren’t out of the woods yet,” Newsom tweeted. “We must continue to take this seriously and allow our re-opening to be guided by science and public health.”

                          

Tesla investors seemed unfazed by Musk’s rant. The shares rose 9% in after-market trading to $874.23.

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Alan Ohnsman

Alan Ohnsman

From Los Angeles, the U.S. capital of cars and congestion, I try to make sense of technology-driven changes reshaping transportation, cities and how we get around. I’ve tracked global automakers, advanced vehicle tech and environmental policy for more than two decades, including 15 years at Bloomberg, and squeezed in stints in the financial and corporate worlds. What’s your story?

Source: Elon Musk Rants About `Fascist’ COVID-19 Closures As Another Tesla Call Veers Off Course

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Elon Musk is keeping Tesla open according to Bloomberg. The Fremont, California factory will remain open, with Musk writing in an email that he will be at work but others can stay home if they are worried about Covid-19. Yahoo Finance’s Dan Roberts, Seana Smith, and Emily McCormick discuss the latest retail closures and Musk’s decision to keep factories open. #ElonMusk #Tesla #COVID-19 #coronavirus Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb About Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life. Connect with Yahoo Finance: Get the latest news: https://yhoo.it/2fGu5Bb Find Yahoo Finance on Facebook: http://bit.ly/2A9u5Zq Follow Yahoo Finance on Twitter: http://bit.ly/2LMgloP Follow Yahoo Finance on Instagram: http://bit.ly/2LOpNYz

Tesla Model Y Will Crush The Crossover Competition, Here’s Why

There’s a lot of EV crossover competition coming down the pike but don’t expect established gas-engine automakers to suddenly wrest the EV market from Tesla.

In short: The Tesla Model Y will dominate the EV crossover category because it’s the most recognized EV brand – certainly in the U.S.

With over 500,000 VIN registrations for the Model 3, it’s not a giant leap of faith to see the Model Y – with a starting price of $39,000 for the 230-mile range version – garnering market share and mind share quickly.

Crossover competition has arrived

Yes, the EV crossover competition has already arrived in the U.S., including the Audi e-Tron, Hyundai Kona EV, Jaguar I-PACE, and the Kia Niro EV – not to mention the 2020 Chevy Bolt (with an upwardly revised range of 259 miles), and the Nissan Leaf S Plus.

Today In: Innovation

But, remember, all the above EVs are from traditional automakers. They’re ICE vehicle makers first, EV makers second. And right now EVs are a distant second in sales. Don’t believe me? Go visit the U.S. dealer lots of any of those car manufacturers. It’s wall-to-wall gas-engine vehicles (with a few exceptions in markets like Los Angeles).

Still don’t believe me? Check out this sales chart from InsideEVs for the month of September. The much-vaunted Audi e-Tron sold a whopping 434 copies, the Hyundai Kona EV 190, The Jaguar I-Pace, 160, Kia Niro EV 90 etc.

Even if you allow for lack of availability because the above are just coming on the market, long-established nameplates like the Nissan Leaf (in its current iteration as the 226-mile-range Leaf S Plus) and the BMW i3 are not going gangbusters, with sales of just over 1,000 for the Leaf and half that for the i3 in September.

The only EV really in the running at all in September was the Chevy Bolt* with 2,125 copies sold, according to InsideEVs.

And the Model 3? Over 19,000 sold in September, about 8 times the closest competition. It’s not ludicrous to expect that the Model Y will post monthly numbers certainly higher than, for example, a Bolt EV. And probably much higher.

Model S and X will bow to the Model Y, launch to happen in summer

Meanwhile Tesla is ramping up production of the Model Y earlier than expected.

Regarding Model Y, we’re also ahead of schedule on Model Y preparations in Fremont, and we’ve moved the launch timeline from full 2020 to summer 2020. There may be some room for improvement there, but we’re confident about summer 2020.

–Elon Musk, October 24, 2019, third quarter earnings conference call (via Seeking Alpha).

And Tesla’s priorities are pretty clear as the company gets ready for Model Y production. In responding to a question from an analyst on the October 24 call Musk said:

The Model S and X are really niche — they’re really niche products. I mean, they’re very expensive, made in low volume. To be totally frank, we’re continuing to make them more for sentimental reasons than anything else. They’re really of minor importance to the future.

Musk also mentioned that Tesla will “build out more facilities for Model Y production at Shanghai.”

Production glitches are the X factor

Of course, a surge in Model Y deliveries in, let’s say, early 2021 is dependent on Model Y manufacturing being as ready as Musk claims. And the CEO has a tendency for excessive bullishness and exaggeration when it comes to expectations.

Barring an unforeseen event, however, Tesla is more ready now for large-scale mass production than it was back in July of 2017 when it faced a year of production hell and was in the throes of becoming a high-volume car manufacturer.

NOTES:

The Long Range and Performance variants of the Model Y —which you can order now from Tesla’s website – start at $48,000 and $61,000, respectively.

*In the spirit of full disclosure, I drive a 2018 Chevy Bolt.

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Brooke Crothers

I was a founding member of CNET news and hardware editor at CNET, a contributing technology reporter for the New York Times, and a reporter and editor at the Asian Wall Street Journal Weekly — the latter in Japan, where I lived for ten years. Currently a contributing reporter for Fox News.

Source: Tesla Model Y Will Crush The Crossover Competition, Here’s Why

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Autos & Vehicles

Elon Musk: Bitcoin is ‘Brilliant, Far Better’ than Paper Money; Tesla Isn’t Jumping in Just Yet

Tesla and SpaceX CEO Elon Musk believes cryptocurrency is a far better medium of transferring value than paper money, specifically lauding bitcoin for its ‘brilliant’ structure. Nearly everywhere Elon Mask goes, people want to talk about Tesla. On Tuesday, however, the media magnet went along with a change in focus by discussing his views about cryptocurrencies. His opinions come within months of a Bitcoin-related tweet that landed him in hot water with the social media platform. He ended up getting his account suspended by Twitter.

Source: Elon Musk: Bitcoin is ‘Brilliant, Far Better’ than Paper Money; Tesla Isn’t Jumping in Just Yet

Tesla Says Plant Worker Injuries Stayed Flat In 2018 Amid Production ‘Hell’

Tesla’s push to more than double production of its electric vehicles last year wasn’t pretty; in fact CEO Elon Musk said it would be “hell.” In 2018 the injury rate at its main assembly plant stayed flat as the company expanded safety procedures and contended with news stories that highlighted worker injuries and questioned the thoroughness of its injury reporting practices……….

Source: Tesla Says Plant Worker Injuries Stayed Flat In 2018 Amid Production ‘Hell’

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