Tesla filed Thursday to sell nearly $500 million in shares of its company to raise capital and cover investments the electric carmaker plans to make in the future.
By the book, the stock sale is a short-term pain for long-term gain. Exposing Tesla further to the market carries certain risk, especially considering Tesla’s price growth and relative upside-down balance sheet, but if historical stock prices are any indication, it’ll be a cash cow. Elon Musk asking to buy $20 million in his own stock has pumped up the prices too beyond any distillation worries.
But don’t be mistaken: the second stock sale isn’t really about the cars.
Cadillac likely won’t push to sell more cars in Europe before 2020, the company’s CEO Johan de Nysschen told analysts on Tuesday.
“We’ll go to that market when we have the right powertrains and the right cars,” he said Tuesday, according to the Detroit News.
Previously, Cadillac had planned some right-hand drive models and diesel powertrains to help it gain a foothold in European markets. According to the report, Cadillac has sold only 838 cars in Europe so far this year. Cadillac wants to sell 500,000 cars globally by 2020, de Nysschen said.
Honda may bring its small, two-seater S660 to the United States, Edmunds is reporting.
The car, which is much smaller than Mazda’s MX-5 Miata and categorized in Japan in the “kei” class, is powered there by a small, 660cc turbocharged three-cylinder.
In case you’re not picking up what I’m putting down: the S660 would be fantastically tiny on American roads.
Bentley’s upcoming SUV, dubbed Bentayga, may be shown here in all its 1:18-scale glory in leaked photos released by CarNewsChina.com.
If the photos — reportedly from a Chinese toy company — resemble the final figure for the luxury automaker’s SUV, which is partially based on architecture from Audi’s Q7, that is exactly what a Bentley SUV should look like. It’s like the automaker rolled Silly Putty on a Flying Spur and pulled it from the top and the back.
The SUV is slated to go on sale in 2017 and will be unveiled at the Frankfurt Auto Show in September.
According to Cadillac CEO Johan de Nysschen, it probably could.
According to Automotive News, de Nysschen told analysts that Cadillac would have a “a far higher degree of autonomy and self sufficiency” within two years, and the company could report its own profits and losses, separate from GM.
Already, Cadillac contributes “a very sizeable contribution to the overall profit at General Motors” de Nysschen said, so let’s cut the dead weight already and keep the ugly sorority sisters in the basement?
Hyundai will show off its “Vision G” concept coupe at the Pebble Beach Concours d’Elegance next week, and holy crap just make it already.
The Korean automaker showed the car off Tuesday to media in Los Angeles and detailed the concept’s theoretical specs. Its 5-liter V-8, which it shares with the Genesis Sedan and Equus, would provide motivation for the presumably rear-wheel drive car.
Mine eyes see Wraith in back, tall Aston up front. Wonderful. [You need vision correction, Aaron. -Mark]
In a statement released Tuesday, GM said it had enough of a local supply chain within China to offset its exposure to international currency fluctuations.
“We believe that our exposure is limited and manageable, and do not expect that the devaluation will have a material impact on the company’s financial performance,” the company wrote.
That screeching noise you’re hearing around the 20-second mark in the video below? That’s the 2016 Toyota Tacoma’s front brakes screaming through sand as the Tacoma digs itself out of a self-inflicted pit using its clever crawl control.
We asked Tacoma Chief Engineer Mike Sweers last week why the new Tacoma didn’t have discs in the back (unlike the new Tundra) and he pointed specifically to that piercing wail — and that most owners don’t need them anyhow.
“Towing is No. 22 on the reasons why Tacoma buyers are looking for a new truck. Discs are great when it comes to ventilating heat from heavy towing, but we’re not hearing that need from Tacoma owners,” Sweers said.
Credit-reporting agency Equifax says that as of June 2015 more than $1 trillion has been loaned or leased in the United States. The total dollar amount is 10.5 percent higher than last year.
The average loan amount is $20,800, which is a 3.65 percent increase over last year, and the average sub-prime loan is $18,200. Sub-prime loans comprised 23.5 percent of newly originated auto loans.
More than 9 million new loans were made up to April 2015, which is a 5.8-percent increase over last year. Overall, more than 73.7 million cars are financed through loans in the U.S. (Read More…)
Last week, Bloomberg Business profiled the one woman who may have more influence in the automaking universe for the next decade than any other person on the planet.
California Air Resources Board Chairwoman Mary Nichols’ story about running the nation’s most stringent air quality standards board is compelling, fascinating and terrifying — if you’re an automaker.
The state’s ambitious goal of reducing greenhouse gases 80 percent by 2050 is met by an equally ambitious — and onerous — goal for automakers: don’t sell new cars with internal combustion engines in California by 2030.
Hackers say they may be able to control any vehicle with a telematics-enabled sensor — including a popular sensor that insurance companies use for consumers — plugged into the car’s diagnostic port, according to Wired report (via The Verge).
In recent weeks, several hacks have surfaced — Chrysler, General Motors and Telsa — related to specific automakers. According to the report, the On-Board Diagnostic system hack could apply to any make or model fitted with an insurance or tracking dongle. The University of California San Diego researchers say they’ll present their findings at the Usenix conference Tuesday.
And, um, there’s no easy way to put this, but … it doesn’t appear that it would be all that hard to find cars with the dongles at the moment.
Nissan and Enterprise CarShare announced Tuesday a plan to equip 90 colleges and universities in the United States exclusively with Nissan cars for students to move, haul, travel (and barf in the backseat) for $5 an hour until Dec. 31.
Presumably, the college experience includes familiarity with the Versa Note’s hand-crank windows and will ultimately feed into Nissan’s College Grad sales program.
(I’d like to say the whole thing will be wildly ineffectual, but while typing away on my Mac this morning the first basis for reference I could think of was my elementary school’s beige Apple crapboxes in the 1980s. On that basis: It’ll work, Nissan.)
Police in Helsinki are asking residents to skip the fare and call the cops if they spot an Uber driver within city limits.
Cops sent out a tweet Friday asking people to call emergency services (112 if you live in Finland, apparently) so authorities could have a chat with the enterprising driver. It’s illegal to operate a cab without a license, according to the Helsinki Sanomat (via Slashdot via Jack Baruth), and police are using citizen reports and even sting operations to crack down on the drivers.
It’s unclear if police are arresting or fining the Uber drivers.
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