Despite third quarter decline, Tesla’s Model 3 stays on top in Norway


FILE PHOTO: A 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, U.S., June 1, 2018. REUTERS/Mike Blake/File Photo

OSLO (Reuters) – Tesla Inc’s electric Model 3 remained Norway’s top-selling car in the third quarter, although its sales declined from earlier in the year, registration data showed on Tuesday.

Tesla sold 3,300 Model 3s in Norway in July-September, beating Volkswagen’s (VOWG_p.DE) Golf by some 900 cars. But the Model 3 total was down from 6,123 in the first quarter and 4,438 in the second, according to the Norwegian Road Federation.

Seeking to end the sale of diesel and petrol engines by the middle of next decade, Norway exempts battery-powered cars from taxes imposed on fossil fuel vehicles.

Introduced to most European markets in early 2019, Tesla’s mid-sized Model 3 sedan quickly became a bestseller in the Nordic nation, helping the country retain its top global ranking in per-capita electric vehicle sales.

Tesla is counting on the Model 3, which is cheaper than its larger Model S and Model X, to transform it from a loss-prone niche player to a profitable heavyweight in the auto industry.

Last week, an internal email said the U.S. company had “a shot” at delivering 100,000 cars globally in the July-September quarter, industry journal Electrek reported.

Sales of the S and X models, meanwhile, have declined in Norway this year, as some buyers have opted for the cheaper Model 3, while others have chosen recently introduced all-electric SUVs from Audi and Jaguar Land Rover.

In September, 54.5% of all new cars sold in Norway were fully electric, up from 45.3% in the same month last year and beating the 31.2% of registrations for the whole of 2018.

The International Energy Agency (IEA), which includes more widely-sold plug-in hybrids when counting electric cars, measured Norway’s share at 46% of sales in 2018, while most major nations were still in the low-to-mid single digits.

Reporting by Terje Solsvik; Editing by Nerijus Adomaitis and Mark Potter



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A Model Life: Life Lessons with Brooke Shields


NEW YORK (Reuters) – Brooke Shields has been in the public eye – and earning money – nearly from birth. But unlike many other child stars, Shields has not flamed out, or gotten lost to drugs. Instead she’s a married mom of two, plugging away on business ventures like her “Timeless” clothing line for QVC.

FILE PHOTO: Brooke Shields arrives for the 2019 CFDA Awards at The Brooklyn Museum in New York, U.S., June 3, 2019. REUTERS/Andrew Kelly

Shields got her start in an ad for Ivory Soap at 11 months old, then starred in the Louis Malle film “Pretty Baby” at 12. She became a teen icon after “Blue Lagoon” and snared the cover of Vogue at 14. Her more recent roles on TV include “Suddenly Susan,” “Lipstick Jungle” and “Law & Order: SVU.”

For the latest in Reuters’ Life Lessons series, we spoke with Shields, 54, to talk about her past, present and future life in the spotlight.

Q: How did you handle success at such a young age?

A: Because I never had relative anonymity, it never came as a total shock. It was more of a gradual understanding of how that part of my life was going to work.

Q: How did you and your mom, who was your manager, approach wealth?

A: My mom didn’t really have a financial background, and to her owning land was the most important thing. She had very romantic visions, such as what it would be like to have a ranch in Montana. At one point we had like six properties – it was insane. When I started paying closer attention to money, we had to liquidate a lot of that. Luckily I still had the potential to earn.

Q: Did financial advisers help steer you in the right direction?

A: I was never cognizant of how diversified I was. So I found advisers who helped put me in a position where I never had to make risky career decisions. They help me grow my money consistently, without going for big windfalls, which I’m totally fine with. And my husband and I both continue to work at a heavy rate.

Q: You’ve been very public about your struggle with depression – what life lessons did that period teach you?

A: This was something that flattened me. All of a sudden hard work, and a good attitude, and a great education were just not enough. It is important to be able to say that you need help, or that you are not feeling strong. There is still shame around that, and I only got released from that shame myself by sharing my story with others.

Q: You are now a spokesperson for Life Happens, which raises awareness around life insurance, so what is your message there?

A: There is a real stigma surrounding the idea of life insurance, because people don’t like to talk about death. My mother, for instance, never talked about it. But I always knew that if I ever had children, I would want to protect them. Many people seem to think that life insurance is cost-prohibitive – but it’s not. Life is so unpredictable, and it’s good to give yourself peace of mind.

Q: What charities do you devote your resources to these days?

A: I work with one called Win (Women In Need) in NYC, which helps women in dire financial straits. It houses them, and provides a safe place for their children, so they can get out and work. Many people are homeless because housing is so expensive in New York City, and they have been financially displaced. A big portion of the city’s homeless are women with children, and a lot of people are surprised to find that out.

Q: What do you envision retirement looking like?

FILE PHOTO: Actress Brooke Shields arrives at the Metropolitan Museum of Art Costume Institute Gala (Met Gala) to celebrate the opening of “Heavenly Bodies: Fashion and the Catholic Imagination” in the Manhattan borough of New York, U.S., May 7, 2018. REUTERS/Eduardo Munoz

A: They are going to have to pull me off the stage. The idea of retirement is kind of like death to me; I can’t even wrap my mind around it. Work is a huge part of my identity, having done it for 53 years now. It’s like a blood source to me.

Q: Since you have two teenagers, what life lessons do you try to pass along to them?

A: Maintain your integrity, be present, and keep things simple. Everyone has a tendency to make things so complicated. Just work as hard as you can, don’t take handouts, and surround yourself with good people.

Editing by Beth Pinsker and Chris Reese; Follow us @ReutersMoney or here



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Atlanta Fed model raises U.S. second quarter GDP view to 1.6% By Reuters


Atlanta Fed model raises U.S. second quarter GDP view to 1.6%

NEW YORK (Reuters) – The U.S. economy expanded at a 1.6% annualized rate in the second quarter based on stronger-than-forecast retail sales and in-line industrial output data in June, the Atlanta Federal Reserve’s GDPNow forecast model showed on Tuesday.

That was stronger than the 1.4% pace estimated by the Atlanta Fed’s GDP program on July 10.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Tesla drops cheapest Model X, S variants, cuts prices to simplify lineup


BEIJING (Reuters) – Tesla Inc (TSLA.O) has dropped the standard-range variants of its Model X and Model S from its product lineup and adjusted prices across its range, in a sales push that comes days after the U.S. electric vehicle maker reported record deliveries.

FILE PHOTO: A logo of Tesla Motors on an electric car model is seen outside a showroom in New York, June 28, 2010. REUTERS/Shannon Stapleton/File Photo

To simplify its offerings, the automaker on Tuesday limited variants of its Model X sport-utility vehicle and Model S sedan to “Long Range” and the more expensive “Performance”. It also trimmed the price of its now entry-level Long Range variants.

The discontinuation of the standard-range variants, however, means a rise in starting prices – to $84,990 for the Model X and $79,990 for the Model S, excluding potential buying incentives.

Tesla also lowered the starting price of its mass-market Model 3 to $38,990.

“To make purchasing our vehicles even simpler, we are standardizing our global vehicle lineup and streamlining the number of trim packages offered for Model S, Model X and Model 3,” Tesla said in a statement.

“We are also adjusting our pricing in order to continue to improve affordability for customers.”

Earlier this month, Tesla said global deliveries of its three models in the second quarter of this year rose 51% from the previous quarter to a record 95,200 vehicles. The Model 3 accounted for about 80% of the total, underscoring the vehicle’s role as the linchpin of Tesla’s growth strategy.

The automaker said it expected production and deliveries to continue growing in Q3.

In China, the world’s largest market for electric vehicles, Tesla’s changes on Tuesday pushed the starting price of its Model X to 790,900 yuan ($115,068) and Model S to 776,900 yuan.

Tesla is building a factory in Shanghai where it initially plans to build Model 3 cars. It is taking orders for those China-made versions, which have a starting price of 328,000 yuan.

Reporting by Yilei Sun and Norihiko Shirouzu in Beijing; Editing by Christopher Cushing



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Tesla cuts price of mass-marked Model 3, lifts prices of premium EVs


FILE PHOTO: A 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, U.S., June 1, 2018. Picture taken June 1, 2018. REUTERS/Mike Blake/File Photo

BEIJING (Reuters) – U.S. electric vehicle maker Tesla Inc (TSLA.O) has lowered the price of its mass-marked Model 3 and raised the prices of its premium Model X and S cars.

The starting price of the Model 3 is now $30,315, from $32,225, Tesla’s website showed on Tuesday. The top-of-the-range Model X now begins at $75,315, rather than $71,325, while the Model S rises to $70,115 from $65,125.

The prices include potential incentives and petrol savings of $9,875, Tesla said on its website.

Earlier this month, Tesla said deliveries of all three of its models in the second quarter of this year rose 51% from the previous quarter to a record 95,200 vehicles. The Model 3 accounted for about 80% of the total, underscoring the vehicle’s role as the linchpin of Tesla’s growth strategy.

The automaker said it expected production and deliveries to continue growing in Q3.

On Tuesday, Tesla also changed its prices in China, the world’s largest market for electric vehicles.

Its website showed the Model 3 starting price is now 355,900 yuan ($51,780), down from 421,000 yuan. It lifted the Model X to 790,900 yuan and Model S to 776,900.

Tesla is building a factory in Shanghai. In May it said it will set a starting price of 328,000 yuan for Model 3 vehicles built at the new factory.

Reporting by Yilei Sun and Norihiko Shirouzu in Beijing; Editing by Christopher Cushing



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FCA to invest 700 million euros for new electric 500 model production


FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is seen at the U.S. headquarters in Auburn Hills, Michigan, U.S. May 25, 2018. REUTERS/Rebecca Cook

TURIN, Italy (Reuters) – Fiat Chrysler (FCHA.MI) will invest an overall amount of 700 million euros ($788 million) to build a production line for the new electric version of the 500 model (BEV), a top group executive said.

FCA on Thursday installed the first robot of the future electric 500 assembly line in its historic plan of Mirafiori, in Turin, which will produce 80,000 unit a year, starting from the second quarter of 2020, said Pietro Gorlier, FCA’s chief operating officer for Europe, Middle East and Africa.

The investment on the 500 BEV is part of a 5 billion euro investment plan to 2021 FCA has announced for Italy.

The production capacity could be expanded further, Gorlier said. ($1 = 0.8878 euros)

(Clarifies FCA’s plan is to 2021 not 2022 in paragraph 4)

Reporting by Giulio Piovaccari, editing by Valentina Za



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Tesla soars as Model 3 paces record quarter for deliveries – Business News



SAN FRANCISCO: Tesla Inc. shares surged in European trading as a record quarter of deliveries alleviated the worst fears about demand for the Elon Musk-led company’s electric vehicles.

The Model 3 maker handed over 95,200 cars to customers in the three months that ended in June, exceeding the previous best mark set in the last quarter of 2018. Tesla’s delivery count exceeded all but one analyst’s estimate in a Bloomberg News survey.

Tesla shares soared as much as 7.7% on Tradegate early Wednesday. The stock was down 33% for the year through the end of regular trading in New York on Tuesday, in part due to demand concerns that the company’s billionaire chief executive officer has repeatedly disputed.

While the results go a long way toward contradicting Tesla’s doubters, it remains to be seen whether this level of demand is sustainable — or profitable. The $3,750 U.S. federal tax credit buyers were eligible for was cut by half beginning July 1, and deliveries tailed off the last time the incentive shrank. Musk also has said the company will post a loss for the quarter, then report positive earnings in the second half.

Tesla also left out of its statement any mention of its full-year forecast for 360,000 to 400,000 deliveries, a projection it re-affirmed in its release a quarter ago. Tesla representatives didn’t respond when asked whether the company is sticking with its guidance. It will have to average more than 100,000 units per quarter in the second half to reach the low end of the range.

“The stock and future of Tesla all reside on the sustainable demand going forward and elusive profitability,” Dan Ives, an analyst at Wedbush Securities, wrote in a report.

‘All Out’
Musk, 48, urged employees to “go all out” in the final days of Tesla’s first full quarter in which Model 3s made their way to buyers in Europe and China. Overseas demand contributed to deliveries of the sedan jumping to 77,550 units, more than all the vehicles Tesla handed over in the first quarter.

“The big picture is that something is happening around electric vehicles,” said Gene Munster, a managing partner of venture capital firm Loup Ventures and longtime Tesla bull. “The Model 3 is on fire.”

Several analysts raised their delivery estimates as the quarter came to an end, citing brisk sales to key European markets including Norway and the Netherlands, as well as the effect of incentives that Canada began offering in May to stoke purchases of battery-powered cars. Tesla doesn’t break down deliveries by region in its release.

One reason Wall Street remains concerned about Tesla’s profitability is shrinking demand for the higher-margin Model S and Model X. Combined deliveries dropped to 17,650 in the quarter, down more than 20% from a year ago. Investors are concerned the cheaper Model 3 is cannibalizing the company’s more lucrative vehicles.

With the U.S. federal tax credit shrinking for the second half of the year and ending in 2020, Tesla also may have to lean more on overseas markets to buoy sales. That will test the California-based company’s ability to keep shipping and logistics costs contained.

Tesla is building a car and battery assembly plant near Shanghai, and Musk has said he hopes to pick a location for a similar factory in Europe by the end of the year.

“We made significant progress streamlining our global logistics and delivery operations at higher volumes, enabling cost efficiencies and improvements to our working capital position,” Tesla said in its statement.

Lacking Competition
Tesla also said orders exceeded deliveries during the quarter and it expects to boost production and hand over more cars in the next three months. The number of vehicles in transit at the end of June was more than 7,400.

Tesla’s Model 3 sales are far outpacing rivals. General Motors Co. sold just 3,965 of its all-electric Chevrolet Bolt in the second quarter, while Volkswagen AG’s Audi delivered just 1,835 battery-powered E-Tron SUVs.

“Tesla has built a phenomenal brand,” said Michelle Krebs, an analyst at car-shopping researcher Autotrader. 

“When you think of electric vehicles, you think of Tesla. The competition isn’t really out there yet. There is a segment of the population that just wants to buy a Tesla because they like the brand and they won’t look at anything else.” – Bloomberg





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Tesla Model 3 deliveries beat Wall Street targets By Reuters


© Reuters. A Model 3 Tesla vehicle navigates morning rush hour using the car’s auto pilot feature in Los Angeles

By Alexandria Sage and Munsif Vengattil

SAN FRANCISCO (Reuters) – Tesla Inc (O:) delivered a record number of electric vehicles in the second quarter, beating Wall Street expectations and sending shares up 8% after hours on Tuesday as the news allayed concerns about demand.

Tesla delivered 77,550 Model 3s in the quarter, compared with analysts’ average estimate of 73,144, according to IBES data from Refinitiv.

Deliveries of all models rose 51% from the first quarter to 95,200 vehicles, including 17,650 Model S and X. Analysts on average were expecting total deliveries of 89,084.

Chief Executive Officer Elon Musk has repeatedly said Tesla could deliver a record number of cars in the second quarter, beating the 90,700 it sent to customers in the final quarter of last year.

Tuesday’s numbers helped take the sting off a difficult first quarter, in which deliveries plunged and the company lost $702 million.

That fraught quarter – hurt by logistics issues at Tesla’s international ports and a drop-off in U.S. orders after a tax credit was halved – spurred questions over the viability of sustained demand for Tesla’s vehicles and pushed back a promise of profit for the rest of the year.

Brushing aside those concerns on Thursday, Tesla said that orders during the second quarter exceeded deliveries. That was despite the fact that the $7,500 U.S. federal tax credit was cut in half at the end of last year.

“We believe we are well positioned to continue growing total production and deliveries in Q3,” the company said in a statement.

The delivery numbers included 10,600 vehicles that had been in transit at the end of the first quarter.

A big challenge for Tesla has been how to deliver its vehicles efficiently and swiftly to customers around the world.

An improved system for logistics helped in the second quarter, Tesla said, without providing more detail.

In prior quarters, Tesla has diverted employees from all parts of the company to help with deliveries in an all-hands-on-deck effort to meet delivery goals.

Earlier this year, Tesla said it would turn a profit in the second half of 2019, later than earlier projections. The company has pledged to deliver 360,000 to 400,000 vehicles in 2019, a goal many analysts predict will be difficult to meet.

Overall, total production rose 13% to 87,048 vehicles compared with the first quarter. The company churned out 72,531 Model 3s in the second quarter, up from a total of 62,950 Model 3s in the preceding quarter.

Tesla said that going forward, it would no longer disclose how many vehicles were in transit at the end of each quarter due to production changes that made the number less relevant. At the end of the second quarter, over 7,400 vehicles were in transit.



Tesla investigates video of parked Model S exploding in Shanghai By Reuters


© Reuters. FILE PHOTO: Tesla logo is seen on a wheel rim during the media day for the Shanghai auto show in Shanghai

By Brenda Goh and Yilei Sun

SHANGHAI (Reuters) – U.S. electric vehicle (EV) maker Tesla (NASDAQ:) Inc said it has sent a team to investigate a video on Chinese social media which showed a parked Tesla Model S car exploding, the latest in a string of fire incidents involving Tesla’s cars.

The video, time stamped Sunday evening and widely shared on China’s Twitter-like Weibo, shows the parked EV emit smoke and burst into flames seconds later. A video purportedly of the aftermath showed a line of three cars completely destroyed.

Reuters was not immediately able to verify the origins of the videos, which Weibo users said were taken in Shanghai.

The cause of the explosion could not be immediately ascertained from the videos.

“We immediately sent a team onsite and we’re supporting local authorities to establish the facts. From what we know now, no one was harmed,” Tesla said in a statement on Monday.

It declined comment further when contacted by Reuters.

There have been at least 14 instances of Tesla cars catching fire since 2013, with the majority occurring after a crash.

The automaker has said its EVs are about 10 times less likely to experience a fire than petrol-powered cars, based on its fleet of over 500,000 vehicles which have driven more than 10 billion miles. It did not specify whether the statistic referred to normal use or involving accidents.

REPUTATION

The latest incident comes as Tesla tries to push sales in China, where its prices were impacted by tit-for-tat tariffs imposed during Sino-U.S. trade tensions last year.

The automaker currently imports all the cars it sells in China, but is building a factory in Shanghai that will initially make its Model 3 and help reduce the impact of a trade war.

In March, Tesla was also on the receiving end of a labeling mix-up at Shanghai customs that led to a temporary suspension of clearance for a batch of Model 3 cars.

Analysts said the latest fire incident would likely increase attention on the safety of EVs but was unlikely to have a significant impact on Tesla’s sales or reputation in China while the cause was being investigated.

“Tesla had fire incidents before, but they didn’t have a big impact on its reputation in China,” said analyst Alan Kang at LMC Automotive.

“Since its consumer base is not particularly conservative, and China is pushing the electric vehicle market, if this incident is just accidental, it will not have a big impact on Tesla,” he said.

“Tesla self-ignites” was one of the most popular hashtags on Weibo on Monday, racking up over 20 million clicks. Some users urged the automaker to quickly find the cause, whereas others speculated over the impact to the value of Tesla cars currently on the road. Still more found humour in the situation.

“One lesson I learnt from the Shanghai self-exploding Tesla: Don’t park your car next to a Tesla,” said one commentator.

In a separate, unrelated incident, Tesla’s rival in China, Nio, said in a social media post that an ES8 electric sport utility vehicle caught fire on Monday in a Nio service center in the central city of Xian while under repair.

“Nio has launched an investigation to determine the cause of the fire,” Nio said, adding no one was harmed due to the incident.



Tesla begins offering leases for Model 3 By Reuters


© Reuters. A car carrier trailer carries Tesla Model 3 electric sedans, is seen outside the Tesla factory in Fremont

(Reuters) – Tesla (NASDAQ:) Inc on Thursday started leasing out its Model 3 sedan in the United States, in a financing option that would increase the electric car maker’s customer base.

Tesla said its customers in the United States would be able to lease any Model 3 variant for a small down payment and monthly payments thereafter, but they will not have the option to buy the car at the end of the lease.

The company also said all its cars would now come with the autopilot feature, pushing up the base price. Autopilot was previously an optional feature but will now be included in all cars for less than the prior cost of the option.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.