What’s Up, Elon: “Boring” Questions From Analysts Made Tesla Stock 6% Down While Nikola Motor’s Got New Big Order (UPD)

417

Tesla faces a new lawsuit due to the alleging design patent infringements by the company which makes hydrogen-powered semi trucks. While Tesla stock price goes down. 

Stay with Nexter.org to know more.

Updated May 4:

Boring or too hard to answer?

But by the end of Tesla’s first-quarter conference call, Musk was berating analysts for asking “boring” questions, and any shred of predictability was out the window. Musk cut off analysts’ queries about the company’s capital requirements and whether it was retaining Model 3 reservation holders, calling the questions “so dry” and “not cool.”

Investors cringed, sending the stock down as much as 7.4 percent to $279 in early trading Thursday.

“The boring questions can also be categorized as the tough ones,” said Dave Sullivan, an analyst at AutoPacific Inc. “I hope the Tesla fans know how to swim, because without the answers to the tough questions, it looks like Musk is leading them straight into the water.”

tesla-stock-pics

Source: BI

Nikola Motor big order

After the lawsuit Nikola Motors started against Tesla, the company receives a major order from the Anheuser-Busch, the beverage company that owns the popular beer.

Anheuser-Busch announced Thursday it’s ordering 800 hydrogen-electric, zero-emission semi-trucks from the Nikola Motor Company. Nikola says its competing hydrogen-electric truck dubbed the One has a 500- to 1,000-mile range. It’s price is unclear, but it has a monthly leasing program reportedly starting at around $5,000 a month.

Patent infringement lawsuit

The company Nikola Motor, that produces hydrogen-powered semi trucks, filed a lawsuit on Tuesday against electric automaker Tesla alleging design patent infringements.

According to the startup Nikola Motor, Tesla’s Semi-Truck, its first electric heavy duty truck, is “substantially” similar to their design. The lawsuit was filled in Arizona and is seeking $2 billion in damages in return.

Salt Lake City, Utah-based Nikola claims it was issued six design patents by the U.S. Patent and Trademark Office between February and April 2018 for its wrap windshield, mid-entry door, fuselage, fender, side cladding and the overall design of the Nikola One.

“Nikola estimates its harm from Tesla’s infringement to be in excess of $2 billion,” it said in the filing.

Despite some obvious similarities in design, Nikola Motor also claims that a recruiter for Tesla, Aaron Hoyos, tried to poach Nikola’s chief engineer just a few months after the startup unveiled its hydrogen semi truck, and that this is evidence that Tesla was aware of Nikola’s unique design features.

A Tesla spokesman rejected the claims. “It’s patently obvious there is no merit to this lawsuit,” a Tesla spokesman told Reuters in an email.

tesla-truck-photo

Tesla’s first-quarter earnings report

Tesla released its first-quarter earnings report on Wednesday, posting adjusted losses of $3.35 per share with revenues on $3.4 billion.

Analysts expected Tesla to report a loss of $3.48 a share with revenues of $3.22 billion, up from $2.7 billion a year ago. Tesla also ended Q1 with $2.7 billion in cash, down from $3.4 billion in cash at the beginning of the year.

This quarter, Tesla’s net losses were a record $784.6 million ($4.19 per share).

The company also hinted at when the $35,000 base model of its Model 3 sedan will become available.

In the report, Tesla said it expects to start making around 5,000 Model 3 vehicles per week “in about two months,” so around July. After the company reaches that threshold, it said it will make new options available to Model 3 customers.

“After achieving a production rate of 5,000 per week, we will begin offering new options such as all-wheel-drive and the base model with a standard-sized battery pack,” the company said.

tesla-market-stock-price-photo

Source: BI

Elon Musk took a victory lap on Twitter after losing more than three-quarters of a billion dollars in three months.


MORE HOT NEWS

Summary
What's Up, Elon: Tesla Sued In $2 Billion Over Allegedly Violating Patents + Earning Report Says Musk Lost "Only" $784.6 M
Article Name
What's Up, Elon: Tesla Sued In $2 Billion Over Allegedly Violating Patents + Earning Report Says Musk Lost "Only" $784.6 M
Description
Tesla faces a new lawsuit due to the alleging design patent infringements by the company which makes hydrogen-powered semi trucks. While Tesla stock price goes down.
Nexter.org
Nexter.org
Nexter.org
/wp-content/uploads/2018/04/logo_nexterbg.jpg

Comments are closed.

More News from Nexter