A Look Under the Hood of Tesla Motors
In his typical style, Elon Musk, Tesla Motors; chief executive, laid out grand ambitions in a government filing Friday: He wants to make all-electric sport utility vehicles, vans and coupes once he is done with Tesla & sports car and sedan. But it might be too soon to plan for new cars. The filing, made with the Securities and Exchange Commission as the first step to selling stock to the public in an initial public offering, revealed that Tesla is behind on achieving its goal of producing the Model S sedan, on which the company’s survival hinges. In March, when Mr. Musk unveiled the Model S prototype, he said it would be produced in 2011 and that Tesla was very close to signing a deal to build it at a Southern California plant. Yet the S.E.C. filing said that Tesla has not yet selected a site for the facility, nor has the design of the Model S been completed. The Model S will not be on the road until 2012 or later, the filing said. [Read the full article]
Ford Motor Co. said Tuesday its sales rose 25 percent in January, helped by an improving economy and a massive recall at rival Toyota.
BY THE NUMBERS: Sales rose to 116,534 vehicles from 93,506 in the same month last year. Ford said car sales were up 43 percent while sales of trucks and SUVs rose 15 percent.
HOT MODELS: Sales of the fuel-efficient Ford Fusion rose 49 percent. Taurus sales more than doubled. Read the full article]
The Ford resurgence continued in January as the automaker reported a 24.6% sales increase. Sales were higher for every Ford brand. Sales rose 25.9% at Ford, 15.9% at Lincoln, 5.8% at Mercury and 41.9% at Volvo. The comparisons come off severely depressed sales levels in January 2009. Also, retail sales fell back 5% from December levels. At the Ford division, auto sales rose 43%, crossovers rose 20%, sport utilities rose 8% and trucks and vans rose 14%. Ford said that every consumer metric regarding the brand – including favorable opinion, consideration, shopping and intention to buy – ended the year at record levels. During 2009, favorable opinion improved 27 percent and intention to buy Ford increased 30%. Shortly after the sales figures were released, Ford stock was trading at $11.44, up 32 cents. Loading Comments… [Read the full article]
Customers of Toyota Motor Corp. (NYSE: TM – News) were relieved when Jim Lentz, President of the company’s U.S. division, announced that the company will start repairing the recalled as well as on-road vehicles this week. Each vehicle would take about half an hour to be repaired. Millions of Toyota drivers lived in anxiety after the revelation on January 21, 2010, of a sticking accelerator gas pedal on specific Toyota models.
On January 27, Toyota had decided to suspend the sale of 8 of its models involved in a recall of 2.3 million vehicles in the country (4.2 million worldwide) due to the gas pedal problem. The models affected in the sales suspension were RAV4 crossover (2009–2010), Corolla (2009–2010), Matrix (2009–2010), Avalon (2005–2010), Camry (2007–2010), Highlander (2010), Tundra (2007–2010) and Sequoia (2008–2010).
This followed the largest-ever recall of 3.8 million vehicles in the U.S. in September last year by Toyota. [Read the full article