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Tag: Tesla

Tesla to be 'reorganised' as share price falls

Tesla to be 'reorganised' as share price falls

Technology
Tesla's chief executive Elon Musk has told staff the firm is undergoing a "thorough reorganisation" after two of its cars were involved in crashes last week. The tech billionaire's email to employees also comes amid production problems and senior staff departures, with shares falling 2.1% to $ 297 on Monday.Mr Musk said the restructuring plans involve "flattening the management structure to improve communication", as well as trimming activities "not vital to the success of our mission".Tesla confirmed the contents of the email after they were reported by the Wall Street Journal.Mr Musk is trying to fix production headaches that have slowed the roll-out of its Model 3, a mid-market car seen as key to the company's success.The chief executive said in his email that Tesla will...
Police don’t know if crashed Tesla was in Autopilot

Police don’t know if crashed Tesla was in Autopilot

Technology
A Tesla car which can be driven semi-autonomously - although drivers must keep their hands on the wheel - has crashed into a fire department truck stopped at a red light. The Model S rear-ended the mechanics truck in Utah in the western US at 60mph, apparently without braking before impactPolice said they do not know if Tesla's Autopilot feature was engaged.The driver broke their right ankle and the crash on Friday night is under investigation, police in South Jordan, a suburb of Salt Lake City said. Image: Police are finding out if the car was on autopilot. Pic: South Jordan Police Department The crash will be unwelcome news for Tesla owner Elon Musk as federal safety agencies are in the middle of investigating the pe...
Musk set for $50bn pay package at Tesla

Musk set for $50bn pay package at Tesla

Technology
Elon Musk's new pay package could see him earn more than $ 50bn (£35bn) if he meets certain milestones over the coming decade.Shareholders approved the pay rate for Tesla's billionaire chief executive by a large margin, according to a company filing with the Securities and Exchange Commission.The package is worth $ 2.6bn (£1.8bn) at current stock values, and for each of 12 milestones Tesla achieves, Mr Musk will get stock worth 1% of the company.The 46-year-old currently owns more than 20% of it.Image:Elon Musk also runs private space firm SpaceXAmong the goals are raising the company's market capitalisation tenfold to $ 650bn (£460bn), as well as increasing income and revenue.Reaching these milestones would make Tesla the fourth most valuable US company - and Mr Musk would be one of the r
Tesla boss in line for mega-pay deal

Tesla boss in line for mega-pay deal

Business
Electric carmaker Tesla, facing pressure on a number of fronts, is asking shareholders for a show of support for chief executive Elon Musk.The firm has called a special meeting this month for investors to vote on a 10-year compensation plan for Mr Musk.Under the plan, Mr Musk could receive stock awards worth an estimated $ 2.6bn - among the largest in US history. The grants would only be distributed if the firm, which has made consistent losses, hits certain milestones.Major holders of Tesla stock, including investment firms Baillie Gifford and T Rowe Price, have said they intend to support the pay plan, providing a vote of confidence. But shareholder advisory groups have cautioned against the proposal, saying it is too generous.The vote comes as Tesla confronts several years of mounting q...
Elon Musk: SpaceX and Tesla alive 'by skin of their teeth'

Elon Musk: SpaceX and Tesla alive 'by skin of their teeth'

Technology
Elon Musk says his companies SpaceX and Tesla are both still alive only "by the skin of their teeth".The entrepreneur told an audience at the South by South West (SXSW) conference that both companies almost went bankrupt in 2008."I gave both SpaceX and Tesla a probability of less than 10% likely to succeed," he said during a Q&A session."At the beginning in 2002, I wouldn't even let my own friends invest as I didn't want to lose their money."Mr Musk said he made $ 180m (£130m) when PayPal was acquired by eBay in 2002, and he initially put $ 90m into SpaceX and Tesla, but the costs kept mounting.He said 2008 was an incredibly difficult year - SpaceX's Falcon 1 rocket failed for the third time, and Tesla almost went bankrupt two days before Christmas.By this point, he only had about $ 40