Category: Tesla

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Panasonic to make more lithium-ion batteries to meet robust US automotive demand

Panasonic will increase domestic production of lithium-ion battery used for automobiles to meet robust demand in the United States, company officials said on Thursday.

The electronics maker will resume operation of idled lines at the Suminoe Plant in Osaka Prefecture, which produces batteries for U.S. automaker Tesla Motors Inc., as early as next January, while another factory in Kaizuka City in the prefecture, which the company has suspended its operation since March, will reopen by the end of next fiscal year, Panasonic spokesperson Megumi Kitagawa said to Xinhua.

She also said that the company will add some manufacturing lines at the Kasai plant in Hyogo Prefecture, which produces batteries for domestic automakers, by the end of the current fiscal year through next March.

In June Panasonic announced that shipments of its automotive-grade lithium-ion battery cells for Tesla Motors’ premium, all-electric Model S sedan surpassed 100 million units.

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Electric cars enjoyed one of the best months of sales to-date

Sales of electric cars are really starting to gain traction. Just in the month of June of this year, almost 9,000 plug-in electric vehicles have been sold in the U.S. This adds to more than 110,000 plug-in electric vehicles that have been sold in that country in the last two and a half years, the Electrification Coalition reports.

Tesla has been one of the biggest winners of the growing tide of electric cars, and managed to capture 8.4 percent of the luxury market in the first six months of 2013. Sales of Tesla cars have beaten virtually all of their competitors, including the Mercedes-Benz S-class, the Audi A8, and the BMW 7 series. Those are impressive statistics indeed, and not something we could have predicted even just a couple years ago.

The Nissan Leaf has also had a great deal of success, capturing 3.3 percent of the subcompact market. The Electrification Coalition has also pointed out that electric cars have not only the awards from various automotive publications, but have also enjoyed some of the highest customer-satisfaction ratings of any passenger cars. In addition, the Leaf and the Chevrolet Volt continue to receive high marks from major consumer-ratings publications.

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Tesla forces GM CEO to consider electric threat

General Motors CEO Dan Akerson has reportedly assigned a team to study the threat posed to the automaker from Tesla, the electric sports sedan maker.

GM’s vice chairman, Steve Girsky disclosed the study in an interview with Bloomberg. “He thinks Tesla could be a big disrupter if we’re not careful,” Bloomberg quoted Girsky as saying.

But the greater threat to GM may be its own corporate culture, notes Forbes contributor Micheline Maynard.

After all, GM “once nurtured, and then killed, a $1 billion program to develop an electric car called the EV1,” Maynard writes. “The issue isn’t what Tesla threatens to do to GM. It’s why GM isn’t a place where such innovations can take place and more importantly, take root,” she added.

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Tesla to Join Nasdaq 100

Tesla Motors will join the Nasdaq-100 Index next week, filling the spot vacated by Oracle which is moving to the New York Stock Exchange.

The electric-car maker will be added to the gauge, which tracks the biggest companies on the Nasdaq, before the start of trading on July 15, Nasdaq OMX Group said in a statement yesterday. Oracle, which last month said it will join the NYSE, is the biggest company to jump between the competing exchanges.

Shares of Tesla, the carmaker headed by billionaire Elon Musk, have more than tripled this year as the popularity of its new Model S sedan helped the company turn its first quarterly profit. Gaining entry to benchmarks tracked by investors is attractive to public companies because it provides a guaranteed shareholder base.

“It’s a coming of age, recognition that a company has market cap and liquidity,” said Sandy Mehta, chief executive officer of Value Investment Principals Ltd. in Hong Kong. “Once the stock joins the index, you will have some buying.”

Tesla rose 2.4 percent to $124.58 at 9:36 a.m. New York time after climbing as much as 2.8 percent to $125, an intraday record. Yesterday before the announcement, the shares increased to a record close of $121.61.

General Motors rejoined the Standard & Poor’s 500 Index last month after a four-year absence prompted by its 2009 bankruptcy.

Exchange-traded funds and other products linked to the Nasdaq-100 managed about $49.4 billion at the end of last year, according to data compiled by Nasdaq.

Model S

Tesla, based in Palo Alto, California, has forecast Model S sales will reach 21,000 units this year, with deliveries to Europe and Asia beginning in the second half. The Model S, which starts at $69,900 in the U.S., is Tesla’s second vehicle after the $109,000 Roadster.

Oracle’s defection means Nasdaq will lose its fourth-biggest U.S. company, which has been listed on the nation’s second-largest exchange since its 1986 initial public offering.

For Nasdaq, Oracle’s loss is a contrast to recent additions. Texas Instruments joined from the NYSE in 2011. Last year, Facebook chose Nasdaq for its IPO and Kraft Foods defected from the NYSE.

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Tesla has received hundreds of Model S orders from Hong Kong

Tesla Motors said it’s received hundreds of orders for its new Model S sedan, enough to double the number of electric cars on the roads of Hong Kong.

“Our number is over all electric cars in Hong Kong combined,” Kenneth Lui, Hong Kong sales manager for the Palo Alto, California-based company, said in an interview yesterday. Prices of the vehicle, which goes on sale in the city this winter, will be disclosed in the next couple of months, he said.

Tesla, headed by billionaire Chief Executive Officer Elon Musk, has forecast Model S sales will reach 21,000 units this year, with deliveries to Europe and Asia beginning in the second half. The Model S, which starts at $69,900 in the U.S., is Tesla’s second vehicle after the $109,000 Roadster.

Hong Kong had 303 registered private electric cars at the end of April, according to the city’s Transport Department.