Tesla Recalls Model S Vehicles: Ahead of the Ticker (TheStreet)
Electric car manufacturer Tesla Motors Inc (NASDAQ:TSLA) announced a recall of 1,228 2013 Model S vehicles made between May 10 and June 8. The recall pertains to a defect in the mounting bracket of the rear seat. In a statement on the company’s Web site, Tesla CEO Elon Musk said the defect reduces the company’s confidence “that the left hand seat back will be properly retained in the event of a crash.” According to Musk, no injuries or complaints have been reported. The problem was not brought to the company’s attention by a regulator. Tesla Motors Inc (NASDAQ:TSLA) said a plant worker noticed the defect and reported it to managers.
Stop ‘n swap: Tesla confirms swappable battery packs for Model S (DigitalTrends)
Tesla Motors Inc (NASDAQ:TSLA) is moving ahead with it plans to introduce swappable battery packs for its electric cars with typical theatricality. Tesla CEO Elon Musk announced via Twitter Tuesday that the company will demonstrate a battery pack swap live tonight. “Live pack swap demo on Thurs [sic] night at 8 p.m. California time at our design studio in Hawthorne. Seeing is believing,” Musk tweeted. Tesla Motors Inc (NASDAQ:TSLA) has hinted at swappable battery packs a few times over the past few months. The company mentioned that it planned to implement the technology, without giving a specific timeline, in a May 10 filing with the Securities & Exchange Commission.
Tesla Motors Inc Is a Stock With Long-Term ‘Juice’ (Nasdaq)
Back on December 18, when Tesla Motors Inc (NASDAQ:TSLA) was trading at $34, JPMorgan Chase & Co. (NYSE:JPM) said, “We initiate coverage on shares of Tesla Motors Inc (NASDAQ:TSLA) with a Neutral rating, relative to our combined autos and auto parts coverage, and establish a December 2013 price target of $37, suggesting +8% upside potential. “Our Neutral rating balances notable investment positives – including a highly differentiated business model, appealing product portfolio, and leading-edge technology – with above-average execution risk and valuation that seems to be pricing in a lot.” In the three months after that, TSLA traded between $35 and $40, and JPMorgan Chase & Co. (NYSE:JPM) looked pretty smart. But then, in an amazing eight-week performance, TSLA shot up into triple-digits.
Tesla Repays Department of Energy Loan (ECOGeek)
While Project Better Place has met its end, the EV company Tesla Motors Inc (NASDAQ:TSLA) is gaining momentum. The company, which is gearing up to have its Model X join the Model S on the market in 2014, recently made a triumphant announcement: it has repaid its Department of Energy loan in full. Tesla finally made a profit during the first quarter of 2013, $11.2 million from $561.8 million in revenue. But it was the nearly $1 billion raised in a stock and note sale, not profits, that the company used to pay this federal debt nine years early. The outstanding balance of Tesla Motors Inc (NASDAQ:TSLA)’s 2009 Advanced Technology Vehicle Manufacturing (ATVM) loan was $451.8 million, profiting US taxpayers just a bit with roughly $12 million in interest.
Tesla Pops on GM Rumor (TheStreet)
Tesla Motors Inc (NASDAQ:TSLA) shares rose 1.44% to $103.68 after market rumors suggested that General Motors Company (NYSE:GM) would start to license some of Tesla’s technology for its vehicles. The unsubstantiated rumors did not mention what technology General Motors Company (NYSE:GM) would license in the deal. It is worth noting that Tesla Motors Inc (NASDAQ:TSLA) has deals with both Daimler AG (FRA:DAI) and Toyota Motor Corporation (ADR) (NYSE:TM) to build power trains for both companies. Tesla Motors Inc (NASDAQ:TSLA) spokeswoman Shanna Hendricks said the company does “not comment on rumours or speculation.” Shares of General Motors Company (NYSE:GM) were higher in Tuesday trading, up 0.8% to $34.00.