Elon Musk teases ‘Master Plan 3’ to be unveiled at Tesla Investor Day

Elon Musk is set to unveil his third master plan to the world on March 1.

The CEO of Tesla/SpaceX/Boring Company/Twitter announced on Twitter that “Master Plan 3” will be announced at Tesla’s Investor Day on March 1. According to the post, the event will be held at Giga Texas, Tesla’s manufacturing facility in the state. Musk says the plan will be “the path to a fully sustainable energy future for Earth,” adding that “the future is bright!”

Musk has been teasing “Master Plan 3” since March of last year. In response to someone expressing excitement about the plan, Musk responded by saying “Tesla’s key issues are going to grow to the extreme size required to lead humanity away from fossil fuels and AI.” But I will also add sections on SpaceX, Tesla and The Boring Company.

If you’re wondering what the previous master plans were, here’s a quick breakdown. As Musk summed it up, Master Plan 1, announced in 2006, consisted of:

  • Building a low-volume car that was bound to be expensive
  • Use this money to develop a mid-size car at a lower price
  • To use THE Money to build an affordable high-volume car
  • provide solar energy. No kidding, this has been on our site for literally 10 years.

Masterplan 2, which Musk dubbed Part Deux and launched in 2016, consisted of:

  • Build stunning solar rooftops with seamlessly integrated battery storage
  • Expand the electric vehicle product line to address all key segments
  • Through massive fleet learning, develop self-driving skill 10 times safer than manual driving
  • Let your car earn you money when you’re not using it

Tesla is likely to stream Investor Day on March 1, but the company has yet to add a placeholder video to YouTube. Keep your eyes peeled because it would be weird if it didn’t come.

Musk’s announcement comes weeks after the CEO revealed the Cybertruck won’t go into mass production until 2024.

Source: bgr.com

#Elon #Musk #teases #Master #Plan #unveiled #Tesla #Investor #Day

Tesla raises Model Y prices after expanding electric vehicle tax credit

Tesla (TSLA) takes the opportunity to impose price increases thanks to Uncle Sam.

On Friday, the IRS issued new guidance that changes the definition it uses to classify vehicles as SUVs, using the wording used by the EPA for electric vehicle tax credits. This then allowed many vehicles, such as certain versions of the Tesla Model Y, Volkswagen ID.4, and Cadillac LYRIQ, to use the higher MSRP price cap of $80,000 to exclude vehicle tax credits. electrical.

Like clockwork, Tesla has hiked the price of the long-range Model Y, currently the cheapest Model Y available, from $1,500 to $54,990. The Model Y Performance model also increased by $1,000 to $57,990.

Of course, these new prices are still significantly lower than what the vehicles cost before the massive price cuts Tesla initiated in early January, which the company used to stimulate demand (and also to address loopholes in eligibility for the electric vehicle tax credit to fix the 5 -model Y passenger vehicle versions).

Tesla Model Y price as of February 6, 2023

Also somewhat surprisingly, Tesla has dropped the price of the Model 3 sedan, with the RWD version of the Model 3 dropping from $500 to $43,490.

With higher price caps coming into play with new IRS rules, and CEO Elon Musk saying demand was outstripping supply on Tesla’s conference call last month, Tesla seems to have a lot more leeway. to set prices in this way since the $7,500 fee. credit is still at stake.

“[As] Tesla lifted the Model Y [prices] around $1,500 with the $55,000 cap no longer applicable and ultimately based on robust demand (2x production levels), we could see modest price increases in the coming months, giving Tesla more flexibility with the tax credit now in place,” Wedbush analyst Dan Ives said in a note today.

While some expect an EV price war given Tesla’s steep price cuts earlier, that scenario has not materialized. Ford was the only manufacturer to significantly lower the prices of its Mustang Mach-E SUV, a direct competitor to the Model Y. GM and Volkswagen refused to lower the prices of their electric vehicles.

The bottom line for consumers considering electric vehicles, and a Tesla Model Y in particular, would be to place an order now before prices are hiked again.

Tesla shares are higher, up more than 3% in early trading today and 60% year-to-date as demand appears to be improving here and around the world.

Pras Subramanian is a reporter for Yahoo Finance. you can follow him Twitter and further instagram.

Click here for the latest stock tickers from the Yahoo Finance platform

For the latest stock market news and in-depth analysis, including events moving stocks, click here

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app to Apple Or android

Follow Yahoo Finance on Twitter, Facebook, instagram, flip board, LinkedInAnd Youtube


#Tesla #raises #Model #prices #expanding #electric #vehicle #tax #credit

Listen: Jury acquits Elon Musk of wrongdoing over Tesla tweets

Hear the jury clear Elon Musk of wrongdoing over Tesla tweets | audio burst

“Macro research. A jury has clearly criticized claims by Tesla investors that Elon Musk misled them when he tweeted four and a half years ago that he was considering taking the company private and securing financing for the company. offer to help negotiate a deal. Verdict in. San Francisco federal court has dismissed claims that the electric car maker’s CEO violated securities laws and should pay billions in damages The discovery provides a major vindication for Musk Stocks were down today, it’s been a good week, but the S&P is down 43 points today -1% The Dow fell 127 four tenths , NASDAQ 193, down 1%. Global news, powered by more than 2,700 reporters and analysts in more than 120 countries. I’m Charlie Palette and this is Bloomberg. Bloomberg.”

Bloomberg Radio in New York


macro research. A jury has clearly criticized claims by Tesla investors that Elon Musk misled them when he tweeted four and a half years ago that he was considering taking the company private and securing bid financing to help to negotiate an agreement. The San Francisco federal court ruling dismisses allegations that the electric car maker’s CEO violated securities laws and should pay billions in damages. The result is a major endorsement for Musk. Stocks were down today, it’s been a good week but the S&P is down 43 points down 1% today. The Dow fell 127 four tenths, the NASDAQ 193, down 1%. World news from over 2,700 journalists and analysts in over 120 countries. I’m Charlie Palette and this is Bloomberg. Bloomberg


Source: search.audioburst.com

#Listen #Jury #acquits #Elon #Musk #wrongdoing #Tesla #tweets

Lawsuit against Elon Musk over his Tesla ‘funding secured’ tweet goes to jury

A jury in San Francisco is now deciding whether Elon Musk, Tesla (TSLA) and certain members of the company’s board of directors are responsible for the business losses of a group of shareholders allegedly caused by the “funded” Twitter messages of Musk in 2018 on the acquisition of the electric vehicle company. of Private.

Shareholders allege that Musk and some of Tesla’s current and former board members violated certain Securities and Exchange Act laws that prohibit making or promoting fraudulent or misleading statements in connection with the sale or purchase of titles. They are seeking alleged damages in the billions.

Prior to jury deliberations on Friday, shareholders’ attorney Nicholas Porritt and an attorney representing Musk, Tesla and Tesla board members Alex Spiro presented closing arguments to the jury.

“These tweets hurt investors…a lot of harm,” Porritt told the nine-judge panel. “What moved the market…is [Musk’s] Representations of August 7 that were not true.

Tweet of August 7, 2018 by Elon Musk

Spiro contradicted the shareholders’ claims, telling the jury that “funding doesn’t move the market,” but “eventual privatization” does.

Spiro said Musk’s tweet made it clear that a privatization deal was only a consideration and that shareholders knew that all along. Nonetheless, Spiro said Musk had received a verbal commitment from Saudi Arabia’s Public Investment Fund (PIF) a week before the July 31, 2018 tweet, and alternatively had the option of funding a private transaction with his own assets.

“Everyone knew funding was not an issue,” Spiro said, citing what Deep Ahuja, then Musk and Tesla’s chief financial officer, said the Saudi fund representative said in a meeting of the July 31, which they both attended, he is ready to meet the takeover – private financing. Musk also knows, Spiro said, that his shares in his private company, Space X, are more than enough to fund a private transaction.

The tweet was posted on Elon Musk’s Twitter account on August 7, 2018.

Spiro then highlighted an email sent by Musk on Aug. 2 to Tesla’s board of directors informing him of the funding to take the company private for $420 per share.

“It was a real proposition that he made to his board,” Spiro said. He added that Goldman Sachs’ chief investment banker, who also testified, said Musk had signed an advance loan agreement with his firm – which also acts as a banker for the PIF – to explore the opportunity to privatize Tesla.

Possible damage in the billions

The dispute involves billions of dollars in losses from stock trades, which the plaintiffs say would not have happened without Musk’s tweets. They say Musk and the board should compensate them for lost trades after postings from August 7, 2018 to August 17, 2018.

Tesla’s market capitalization fluctuated around $12.6 billion during the 10-day period. An economist testifying on behalf of shareholders said, excluding option contracts for the period, he calculated the damage to the long-short class of Tesla shares to be between $4 billion and $11 billion. .

Closing price of Tesla stock (adjusted for subsequent stock split) from August 6, 2018 to August 17, 2018.

Porritt said the real situation at the time of Musk’s tweets was that the PIF had expressed interest in a potential transaction, but funding had not been secured. He told jurors to be skeptical that the roughly $60 billion privatization deal was not recorded in meeting notes and financial documents.

“Securities laws prohibit behavior like that of Elon Musk,” Porritt told the jury, calling Musk’s explanations for his tweets an “apology” and a distraction from accountability to the public market.

“Without trust, the market no longer works,” Porritt said.

The shareholders’ attorney also said that Tesla and Tesla’s board members named in the lawsuit should be held accountable, especially given what he said were numerous prior warnings about inaccurate tweets by Musk.

“Tesla made a conscious choice to make Elon its public image,” he said. “When Elon tweets about Tesla, people listen.”

Tesla CEO Elon Musk and his security guards leave the company’s local office in Washington, U.S. January 27, 2023. REUTERS/Jonathan Ernst TPX IMAGES OF THE DAY

Tesla shareholders, Tesla board members, economists and stock analysts also testified during the three-week trial.

Musk himself spent two and a half days testifying, saying his tweets were ‘truthful’ and intended to ensure all investors had access to the same information about the confidential talks before a news leak published them. .

The jury is charged with assessing whether Musk knew at the time of the tweets that the information they contained was false and whether it was material — something a reasonable investor would rely on to make investment decisions. The jury must also determine whether the tweeted information caused shareholders to buy or sell Tesla shares to their detriment.

Before the trial, Upper Circuit Judge Edward Chen, who presided over the case, made the shareholders’ case more provable by ruling that Musk’s funding statement was false.

Tesla board members named in the lawsuit include former members Brad Buss, Antonio Gracias and Linda Johnson, and current members Robyn Denholm, Ira Ehrenpreis, James Murdoch and Musk’s brother Kimbal Musk.

In a separate case brought by the Securities and Exchange Commission in response to the funding tweet, Musk and Tesla settled the case and each paid a $20 million fine. Musk also agreed in the deal to step down as Tesla CEO and have potentially “material” tweets reviewed by Tesla’s general counsel before publication. Musk is currently trying to resolve this part of the settlement.

Alexis Keenan is a legal reporter for Yahoo Finance. Follow Alexis on Twitter @alexiskweed.

Follow Yahoo Finance on Twitter, Facebook, instagram, flip board, LinkedInAnd Youtube

Find live stock quotes and the latest business and financial news


#Lawsuit #Elon #Musk #Tesla #funding #secured #tweet #jury