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Current Electric Cars
#25
Remember the ooh-aah about electric cars and Elon Musk's determination to drag the world away from Big Oil?

Maybe we can cast our minds back to the time when the mainstream media were falling over each other to explain
how London and the surrounding wastelands of the UK would become of an island of silent, clean-air drivers with
smiling Arabs all happy to see us not using their only product.

With the recent revelations from Japan in regards of Nissan falsifying data about exhaust emissions and the many
other car companies also failing to live-up to the hype about enviroment-friendly vehicles, the idea of an electric car
seemed strange to those -here on Rogue Nation, who pondered on the logistics of it all.

Maybe it was all a media campaign to promote a company on the Stock Exchange or maybe it was all true and the
Jetsons lifestyle was just around the corner. But unless you've got the cash and are willing to wait for your electric car,
such a dream is just that.

Quote:Tesla sheds $US5.4 billion after Elon Musk admits job stress getting to him.

'Shares of Electric car maker Tesla have tumbled about 9 per cent after CEO Elon Musk conceded in a newspaper
interview that job stress may be getting the best of him.

[Image: attachment.php?aid=4339]


Tesla shares closed at $US305.50 ($417.56) on Friday (local time), their lowest level since August 1, as analysts
and business professors questioned whether the company's board should grant Mr Musk leave or even replace
him with a more seasoned CEO.
The decline lopped $US5.4 billion off Tesla's market value.

In an interview with the New York Times Mr Musk admitted the past year had been the most "difficult and painful" of
his career. The newspaper reported that during an hour-long telephone interview Mr Musk alternated between laughter
and tears, acknowledging he was working up to 120 hours a week and sometimes took Ambien to get to sleep.

"It's kind of bizarre," said Charles Elson, director of the corporate governance centre at the University of Delaware.
"It's a drama we shouldn't be watching." Still, Mr Musk said in the interview he had no plans to give up his dual role
as Tesla's chairman and CEO.

Board supports Musk
Since the interview Tesla's board had shown no sign of taking any action. In a statement, the directors -excluding Mr
Musk himself -praised the CEO's dedication to the company.

"Over the past 15 years, Elon's leadership of the Tesla team has caused Tesla to grow from a small start-up to having
hundreds of thousands of cars on the road that customers love, employing tens of thousands of people around the world,
and creating significant shareholder value in the process," the statement said, without addressing Mr Musk's recent
behaviour.

The interview puts board members in a difficult position because Mr Musk, who entered Tesla as a major investor
and built the company into a force that has changed the perception of electric cars, is the company's public identity.
But Erik Gordon, a University of Michigan business and law professor, said Tesla's board had a fiduciary duty to
shareholders to take action.

"If the board does not get him out of this slot, at a minimum on a leave-of-absence basis, I think the board is going to
be seen by a lot of people who love the company as being derelict in their duties," Professor Gordon said.

The board has stood behind Mr Musk despite some bizarre behaviour. In July he labelled a diver who aided in the
cave rescue of Thai soccer players as a paedophile. He later apologised. But a tweet Mr Musk fired off last week
reportedly made him and the directors the targets of securities regulators, and may force the board to act.

Mr Musk tweeted he had "funding secured" to take Tesla private and avoid the quarterly earnings pressures from
Wall Street. The out-of-the-blue announcement raised a huge ruckus and pushed Tesla's shares up 11 per cent in
a day, boosting the company's value by $US6 billion.

There were multiple reports the US Securities and Exchange Commission was investigating the disclosure, including
asking board members what they knew about Mr Musk's plans. Experts said regulators were likely investigating if
Mr Musk was truthful in the tweet about having the financing set for the deal.

In New York Times interview, Mr Musk stood by the tweet. But he told the newspaper he wrote the tweet inside a
Tesla Model S while he was driving to the airport, and that no-one else reviewed it.
Asked if he regretted it, he said: "Why would I?"

In a separate report, The Wall Street Journal said securities regulators had been investigating if Tesla misled investors
about Model 3 production problems. The company could face sanctions if regulators find it did not accurately portray
production delays to investors.

Questions over Musk's future as CEO
The New York Times cited people familiar with the situation as saying the board had been trying to find a No. 2 executive
to help relieve some of the pressure on Mr Musk. Mr Gordon said the board had to act now or be open to shareholder
lawsuits. He suggested replacing Mr Musk as CEO and keeping him on as a visionary chief technical officer.

The interview and other actions, Mr Gordon said, were signs Mr Musk could no longer handle the CEO job.

Mr Musk spent nights at Tesla's Fremont, California, factory working out production problems on its new Model 3 car that
is supposed to take Tesla from niche luxury carmaker to a mass producer that competes with Detroit.
But Mr Gordon said a CEO would not live at the factory. Instead, he or she would form a team to work overnight and solve
problems.

The company said the board formed a special committee to evaluate proposals to take the company private. It later
disclosed that Mr Musk had talked with the Saudi Arabia Government investment fund about the deal.

Some of Mr Musk's stress comes from critical short-sellers who are betting against the company's success.
But much of it comes from Mr Musk's own pronouncements, such as lofty goals for production of cars or turning a sustained
profit starting this quarter, that might be beyond reach.

Tesla has never made money for a full year and has had only two profitable quarters since it went public in 2010...'
ABC.net:


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Messages In This Thread
Current Electric Cars - by 727Sky - 04-22-2018, 08:11 AM
RE: Current Electric Cars - by guohua - 04-22-2018, 03:00 PM
RE: Current Electric Cars - by Wallfire - 04-22-2018, 03:18 PM
RE: Current Electric Cars - by gordi - 04-23-2018, 08:36 PM
RE: Current Electric Cars - by Wallfire - 04-24-2018, 02:07 PM
RE: Current Electric Cars - by Wallfire - 04-26-2018, 05:13 PM
RE: Current Electric Cars - by gordi - 04-26-2018, 07:51 PM
RE: Current Electric Cars - by BIAD - 05-03-2018, 09:30 PM
RE: Current Electric Cars - by gordi - 05-03-2018, 10:33 PM
RE: Current Electric Cars - by BIAD - 06-17-2018, 09:20 PM
RE: Current Electric Cars - by BIAD - 05-26-2018, 09:47 AM
RE: Current Electric Cars - by Wallfire - 05-26-2018, 01:00 PM
RE: Current Electric Cars - by BIAD - 08-14-2018, 10:32 AM
RE: Current Electric Cars - by guohua - 08-14-2018, 08:14 PM
RE: Current Electric Cars - by BIAD - 08-14-2018, 09:14 PM
RE: Current Electric Cars - by Wallfire - 08-15-2018, 11:11 AM
RE: Current Electric Cars - by gordi - 08-15-2018, 10:02 AM
RE: Current Electric Cars - by guohua - 08-15-2018, 08:30 PM
RE: Current Electric Cars - by Wallfire - 08-16-2018, 03:01 PM
RE: Current Electric Cars - by guohua - 08-16-2018, 06:50 PM
RE: Current Electric Cars - by BIAD - 08-15-2018, 09:17 PM
RE: Current Electric Cars - by guohua - 08-15-2018, 10:59 PM
RE: Current Electric Cars - by BIAD - 08-16-2018, 08:31 AM
RE: Current Electric Cars - by guohua - 08-16-2018, 07:14 PM
RE: Current Electric Cars - by BIAD - 08-18-2018, 09:10 AM
RE: Current Electric Cars - by BIAD - 11-10-2018, 10:18 AM
RE: Current Electric Cars - by BIAD - 07-19-2019, 04:00 PM
RE: Current Electric Cars - by guohua - 07-19-2019, 05:56 PM
RE: Current Electric Cars - by Ninurta - 07-20-2019, 06:32 AM
RE: Current Electric Cars - by BIAD - 07-19-2019, 09:57 PM
RE: Current Electric Cars - by BIAD - 07-20-2019, 09:38 AM
RE: Current Electric Cars - by BIAD - 12-25-2019, 02:19 PM

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