See Tesla’s Enhanced Summon Pick up a Driver in a Parking Lot

Way back in January 2016, Tesla released an Autopilot update containing what CEO Elon Musk called the “first baby step in Tesla Summon capability.

Get Over Here

Way back in January 2016, Tesla released an Autopilot update containing what CEO Elon Musk called the “first baby step in Tesla Summon capability.”

After its release, Tesla owners could instruct their vehicles to autonomously pull in or out of a parking space or garage with the push of a button. They just couldn’t expect the car to make any turns.

In late 2018, Musk began teasing a major update to Summon, which Tesla began rolling out in March — and a newly released video of Enhanced Summon in action shows just how far autonomous tech has come in three years.

Lot Wizard

In the video, a Tesla owner uses Enhanced Summon to instruct his Model 3 to pick him up in a parking lot. The car responds by backing slowing out of its spot and then navigating past several other cars to reach the owner and his enthusiastic passengers.

So, while Teslas might not be able to autonomously drive from coast to coast just yet, based on this video, they can at least successfully navigate a parking lot on their own — an impressive step along the path to full autonomy.

READ MORE: Watch crazy video of Tesla Model 3 autonomously picking up owner in parking lot [Electrek]

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Morgan Stanley: Tesla is going to need big China sales next year in order to make it

Tesla is raising $2.7 billion in fresh capital but that is only “a 12-month bridge,” Morgan Stanley said on Monday, as the firm thinks Elon Musk’s electric …

Tesla is raising $2.7 billion in fresh capital but that is only “a 12-month bridge,” as Elon Musk’s electric vehicle company needs to begin manufacturing and selling its lower-priced cars in China, Morgan Stanley said on Monday.

“Increased dependency on China and robotaxi undermines the resilience of the Tesla investment story,” Morgan Stanley analyst Adam Jonas said in a note to investors. Jonas, who is widely followed for his early calls on Tesla and electric vehicles, has become increasingly cautious in his opinion of the company.

Demand is “still the #1 challenge facing the company,” Jonas said. Tesla reported a larger loss than expected in the first quarter as total vehicle sales fell 41% from the previous quarter. The $2.7 billion raise is a “stop-gap” then for Tesla, Jonas said, and some of Morgan Stanley’s estimates for Tesla’s cash on hand run “uncomfortably low” from quarter to quarter in the coming year. While the amount raised was about what Morgan Stanley expected, the capital infusion came a quarter earlier than the firm thought it would.

Morgan Stanley’s estimates “are prepared for Model S and X demand to remain extremely weak throughout the year,” Jonas said, as “the models are still rather old and face cannibalization risk from the ever-growing second-hand population of Teslas.”

To that end, Tesla’s own ambitious sales targets will require success in both manufacturing and delivering cars in China, according to Morgan Stanley. Jonas said the firm’s team in China “is extremely constructive on the outlook for Tesla to gain share with a domestically sourced Model 3 and Model Y.”

“We believe the 2019 airpocket on Model 3 demand may largely continue until an affordable locally-produced Model 3 is available in that market,” Jonas said. “At this stage, we do not anticipate significant Model 3 deliveries in China until 1Q 2020 at the earliest.”

But that relies fully on whether Tesla can get its manufacturing up and running in Shanghai.

“We continue to have concerns on the long-term viability of a US player in the Chinese EV market,” Jonas said. “While we give Tesla credit for tapping into the world’s largest EV market for a number of years, we would not pay a particularly high multiple for earnings derived from this region as we strongly suspect a host of national champions to emerge.”

Even if Tesla does succeed in China, Morgan Stanley highlighted trade tensions with the U.S. as a risk if “Tesla’s dependency on China increases,” Jonas added.

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Tesla’s Self-Driving Tech Could Earn $500 Billion, Says Elon Musk

On the Investor call, Tesla CEO Elon Musk and CFO Zach Kirkhorn were present to answer several of the investor’s questions. However, at the end of …

In a broad investor call with Goldman Sachs and Citibank, Tesla’s self-driving tech was held up as the golden bridge to the company’s journey to $500 billion market cap. The company’s CEO touted the use of self-driving tech, which will appreciate the value of its existing Tesla cars.

On the Investor call, Tesla CEO Elon Musk and CFO Zach Kirkhorn were present to answer several of the investor’s questions. However, at the end of the meeting, many of them remained unanswered.


Tesla’s Self-Driving Tech To Lead The Automotive Industry

Tesla's Self-Driving TechTesla's Self-Driving Tech
Images: Shutterstock

Tesla recently revealed its Q1 earnings with a loss of around $700 million dollars. However, Tesla is confident of a successful Q2. Tesla is still determined to sell 90,000 to 100,000 cars by the end of Q2 and a total of 400,000 vehicles by the end of this year.

Tesla’s self-driving tech recently received a massive boost due to a brand new Tesla Chip, which the company unveiled a few weeks ago. The chip replaced the old unit from Nvidia and is 22% faster as well.

At its recent Tesla Investor Autonomy day, the company unveiled its plan to make its cars completely autonomous by 2020. Elon Musk has also announced Tesla Robotaxi, a brave new initiative which will make use of customer cars as self-driving taxis. The new feature is poised to make Tesla more profitable as the company will take 30% of the taxi fare generated while giving car owners rest 70%.

During the investor call, Elon affirmed the future appreciation of Tesla cars by mentioning their ability to receive over-the-air updates. Tesla cars will appreciate anywhere between $150,000 to $300,000, confirms Elon. The update will instantly transform Tesla cars into a self-driving vehicle, without the addition of any new hardware.

Elon is currently betting all his chips on Tesla’s self-driving tech. He hopes that the upcoming Robotaxi and the cost appreciation of Tesla cars will propel the company to half a trillion dollars. The current Tesla market cap is around $42 billion.

Tesla Killers Are Still in the Qualifying Round

Companies like Google, Apple, and Ford are still busy prepping their vehicles for real-world testing, however, Tesla cars with fully functioning self-driving assists are running on roads today.

Furthermore, Tesla Model S and X recently received a new battery update which pushed their battery range. Model S is currently the longest-running electric car with a range of 370 miles on a full charge.

The upcoming Tesla Roadster, which can do 0-100km/h in under 2 seconds, has a range of more than 1,000km on a full charge. It will also be completely autonomous with advanced self-driving capabilities.

Google’s Waymo and Apple’s self-driving cars are still being tested on indoor campuses and no official release is on the horizon.

However, questions regarding delayed production, vehicle reliabilities, and the Shanghai Tesla factory in China were avoided by company officials during the investor call.

Also Read: Tesla Model 3 Taxi Service Wants You To Be The Driver First

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Elon Musk owes US$507 million to banks helping Tesla raise capital

FILE PHOTO: Tesla CEO Elon Musk leaves Manhattan federal court after a hearing on his fraud settlement with the Securities and Exchange …

SAN FRANCISCO: Tesla Inc Chief Executive Elon Musk personally owes US$507 million to Wall Street banks involved in Tesla’s stock and debt sale, backed by his stake in the electric car maker, a company filing showed on Thursday (May 2).

The lending was disclosed in Tesla’s prospectus on Thursday to raise up to US$2.3 billion with new shares and convertible debt, and it was US$117 million less than the personal loans to Musk disclosed in Tesla’s previous prospectus in 2017.

Still, Tesla said that if the price of its stock falls and the banks force Musk to sell some of his shares, that could create additional pressure on the stock.

Tesla jumped over 4 per cent after Tesla disclosed capital raising plans, which soothed investors’ recent concerns about the Palo Alto, California company and pulled its stock up from two-year lows.

Musk, who owns 20 per cent of Tesla, has taken personal loans from Wall Street banks for years. A Tesla 2017 prospectus showed US$624 million in loans to Musk.

The filing on Thursday showed Musk owed money to three banks working on the capital increase.

Goldman Sachs Group Inc has US$213 million in loans outstanding to Musk, while he owes Morgan Stanley US$209 million, and another US$85 million to Bank of America Corp. Goldman was not mentioned as a personal lender to Musk in the 2017 filing.

Those loans are backed by Musk’s shares in Tesla, currently worth a total of around US$8 billion. If Tesla’s stock declines, then Musk could be forced to sell some of those shares under terms of the loan, according to the Tesla filing.

Mark Williams, a professor of finance at Boston University, said that investment banks can run into conflicts of interest with their deals with companies, their founders and CEOs, testing their rules to keep different businesses separate.

“This is particularly true in the case of Tesla where you have an aggressive and vocal CEO who is prone to pushing the legal limits and gain terms that might run counter to Goldman’s conflict of interest policies,” Williams said.

Goldman and Citigroup Inc, the top-line book runners in Thursday’s capital raise, both have “sell” ratings on Tesla’s stock, which is unusual but not exceptional on Wall Street.

At the end of 2018, Musk and his trust had 13.4 million Tesla shares pledged as collateral for personal debts, according to another filing. That is down from 13.8 million shares at the end of 2017.

Tesla, Morgan Stanley and Goldman Sachs declined to talk about the loans. Tesla has a policy that caps executives’ borrowings at a quarter of the value of the shares pledged as collateral.

With Tesla repeatedly pushing back forecasts for turning a profit, its stock has dropped 27 per cent year to date.

Musk plans to buy another US$10 million worth of shares as part of the sale announced on Thursday.

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Tesla to raise money after painful first quarter with CEO Elon Musk is buying in

PALO ALTO, Calif. (AP) — A week after revealing a huge first quarter loss and the need to raise cash, Tesla is doing just that with CEO Elon Musk …

Elizabeth Keatinge tells us about Tesla’s Autonomy Investor Day where robotaxis were discussed. Buzz60


PALO ALTO, Calif. (AP) — A week after revealing a huge first quarter loss and the need to raise cash, Tesla is doing just that with CEO Elon Musk buying $10 million in new shares being offered as part of a stock and debt offering that could raise more than $2 billion.

Tesla said Thursday that it’s selling $650 million of common stock and $1.35 billion in convertible senior notes due in 2024 in two separate offerings. The company is giving the underwriters a 30-day option to purchase up to an additional 15% of each offering.

That would add up to about $2.3 billion before discounts and expenses and if the underwriters fully exercise their options.

Last week, Tesla reported its cash balance at the end of the first quarter shrunk by $1.5 billion since December, to $2.2 billion. Musk said during a conference call that Tesla might need to raise capital again.

The offering will give it enough liquidity to pay $566 million in notes that mature in November, plus provide cash to expand distribution of Tesla’s Model 3 in Europe and cover any spending needed from softening demand for all three of Tesla’s models in the U.S., Moody’s Senior Vice President Bruce Clark said Thursday in a statement.

Still, Moody’s kept a negative outlook and B3 rating on Tesla debt. That is six notches below investment grade.

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In a March 30 note, the ratings agency wrote that the Model 3, Tesla’s lowest-price model, currently sells for an average of $55,000. To increase sales, the price has to drop toward $42,000, and to make enough money to pay the bills, Tesla has targeted a 25% gross profit margin on the Model 3, Moody’s said. Currently gross profits on a $42,000 Model 3 are “materially” below 25%, according to Moody’s.

“In order to achieve this margin target the company will have to undertake significant reductions in fixed and variable costs associated with the vehicle,” Moody’s wrote. “We expect that it will be a major challenge for Tesla to aggressively increase production/deliveries, shift the product mix toward the $42,000 price level, and simultaneously lower costs enough to achieve the 25% gross margin target.”

The Palo Alto, California-based Tesla lost $702.1 million in the first quarter, among its worst quarters in two years. Sales tumbled 31% in the period. Musk predicted another loss in the second quarter but said Tesla would be profitable again by the third quarter.

The surprisingly large loss followed the company’s first back to back quarters of profitability.

Tesla has lost more than $6 billion since setting out to revolutionize the auto industry. Musk expects that future profits will be driven by rising sales and the arrival of autonomous vehicles dedicated to a new ride-hailing service.

Shares of Tesla Inc. closed Thursday up 4.3% at $244.10.

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