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freenewstoday · 3 years

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New Post has been published on https://freenews.today/2021/04/02/tesla-reports-180338-vehicles-produced-184800-delivered-in-first-quarter-of-2021/

Tesla reports 180,338 vehicles produced, 184,800 delivered in first quarter of 2021

Tesla Model 3

Source: Tesla

Tesla just reported first-quarter vehicle production and delivery numbers for 2021. In total, it delivered 184,800 vehicles and produced 180,338 cars.

Analysts were expecting Tesla to deliver around 168,000 vehicles during this period, according to estimates compiled by FactSet as of April 1. Estimates ranged from 145,000 to 188,000 deliveries.

All of the electric vehicles it produced were Model 3 sedans and Model Y crossover SUVs, though it also delivered 2,020 Model S sedans and Model X SUVs.

Tesla’s operations during the quarter ending March 31, 2021, were impacted by a fire at its Fremont, California factory, temporary closures that CEO Elon Musk attributed to parts shortages, a broader chip shortage in the industry, port capacity issues and the ongoing pandemic.

During the same period a year ago, with the novel coronavirus spreading the world, Tesla reported it produced 102,672 vehicles and delivered 88,400 vehicles. Production of its crossover SUV, the Tesla Model Y, had started in earnest as of January last year, with deliveries taking off in March 2020.

At that time, Model 3 and Model Y deliveries — the closest approximation to sales numbers reported by Tesla — amounted to about 86% of total deliveries. Adding the Model Y to its menu, and production at its Shanghai plant, the first plant built outside of California, helped Tesla grow sales by about 36% in 2020 versus 2019.

During the company’s most recent earnings call, CFO Zachary Kirkhorn said that in 2021: “Specifically for Q1, our volumes will have the benefit of early Model Y ramp in Shanghai. However, S and X production will be low due to the transition to the newly re-architected products.”

At an annual shareholder meeting in 2020, CEO Elon Musk told shareholders he expected deliveries to hit an implied range between 477,750 and 514,500 cars for the year. Tesla hit the mid-range of that window, delivering 499,550 cars for the year, its best sales volume to date.

Musk and Kirkhorn declined to give specific guidance for 2021 deliveries during that call but said they would offer more clarity during the second quarter. Kirkhorn said on the call: “We continue to expect a long-term volume CAGR of 50%, of which we may materially exceed this in 2021.” This goal was reiterated by Tesla’s then-President of Automotive Jerome Guillen on the same call. (Guillen has moved into the role of President of Heavy Trucking since then.)

Fans and critics alike will be watching to see whether new battery electric vehicles hitting the market will begin to erode Tesla’s lead in the category, or take away more from sales of internal combustion engine and hybrid vehicles. Startups and big automakers alike are introducing more EV models than ever before.

On March 29, Jeffries reduced its price target for Tesla from $775 to $700, with analyst Philippe Houchois writing in a note:

“Legacy-free 30-50% net growth and 2-digit margin potential still support high multiples but Tesla is no longer unique as an EV play with preferred access to capital. Some of the edge started to erode, but only slowly and Tesla still leads on multiple fronts, from software to design-to-manufacture, speed of execution and direct selling.”

— CNBC’s Jordan Novet contributed reporting.

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#Autos #breaking news #Breaking News: Technology #business news #Technology #Tesla Inc #Venture capital

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automobilesz · 3 years

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Fraud cases make Prime Automotive's future unclear

Fraud cases make Prime Automotive’s future unclear

Federal prosecutors charged Gentile, 54; Jeffry Schneider, 52, owner and CEO of Ascendant Capital, which helped market GPB funds to investors; and Jeffrey Lash, 51, a former GPB managing partner who also owned dealerships, with conspiracy to commit securities fraud, conspiracy to commit wire fraud, and securities fraud. Gentile and Lash, who prosecutors said also oversaw GPB’s investments in…

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iamted7 · 4 years

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1966 Imperial Crown hardtop customized by Dean Jeffries. Do you know what series it comes from? Also what's your favorite movie car? 📸 @iamted7 🏛 @petersenmuseum 📽 #blackbeauty #chrysler #moviecars #tvseries #automotivephotography #studiophotography #ted7 #petersenmuseum (at Petersen Automotive Museum) https://www.instagram.com/p/B7hG2ngAeov/?igshid=1n27awzbbx9fx

#blackbeauty #chrysler #moviecars #tvseries #automotivephotography #studiophotography #ted7 #petersenmuseum

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science70 · 5 years

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Jeffries Automotive Landmaster 12-wheeled amphibious armored personnel carrier from Damnation Alley (USA, 1977 dir: Jack Smight).

#science fiction #film #technology #transportation #Damnation Alley #Jeffries Automotive #Landmaster #Dean Jeffries #USA #1977

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itsworn · 6 years

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Rat Fink Invades Amelia Island

“Concourse-level” is a phrase usually associated with anything that has achieved its finest form, but it’s especially true in the automotive world. Events celebrating this perfection are held in every corner of the planet, and among the most respected of these is the annual Amelia Island Concours d’Elegance, organized for the past 23 years on a small resort island just south of Jacksonville, Florida.

More than 300 cars and motorcycles come to compete in 35 classes, but even more vehicles are allowed entry as special guests to the event, which always brings out the local car enthusiasts, be it a Morgan roadster club or the area’s hot rod crowd.

But the event’s organizers are as serious as they come when it comes to the reputation and prestige of the show and its subsequent judging for top honors and trophies. Best in Show d’Elegance went to a ’29 Duesenberg J/SJ convertible (whose former owner once owned the Hope diamond) and the Best in Show de Sport Trophy was bestowed on a ’63 Ferrari 250/275P with an extensive European race-winning history.

Two-time Indy 500 winner Emerson Fittapaldi treated the crowd to an exciting entrance when he drove one of his shrieking Indy cars onto the fairway and up to a displayed collection of his former Indy race cars. Other displays at the event included the (recently rediscovered) original Bullitt Mustang driven by Steve McQueen, a unique Porsche 356 built and owned by the late customizer Dean Jeffries, a group of IMSA GTP cars (each of which were fired up during the judging process), a selection of restored and original-patina electric cars that were 100 years old and, to showcase the wide scope of vehicles organizers feel are worthy of highlighting, a collection of cars originally built by one of the most colorful individuals in hot rodding’s history: Ed Roth.

Ed “Big Daddy” Roth’s career was certainly multi-faceted, and most folks will remember Roth by the early ’60s vehicles he and his crew built, but the empire Roth Studios created also included airbrushed monster T-shirts, decals, and a handful of motorcycle-powered trikes.

From the late ’50s, when the Olds-powered “Little Jewel” Model A sedan first hit the custom car scene, to the Stealth 2000, an open roadster built at the end of the last millennium, Roth created at least 19 custom creations. Many of his far-out cars became small-scale model kits (sold by Revell) and countless numbers of teenagers across America bought them up.

In 1966 Jim “Jake” Jacobs was just 20 years old when he started working for Ed Roth but, by then, the most famous of Roth’s creations (the Tweedy Pie, Outlaw, Beatnik Bandit, and the Orbitron) had already been built, but Roth’s fertile mind showed no signs of slowing down.

Jacobs was hired by Roth because he knew chassis specialist Dan Woods, who had met up with Roth when he was looking for chassis help for the Druid Princess. Roth Studio’s (they had “Monsters That Mean Business” printed on their business cards) employees at that time were Roth, artist Robert Williams, and Ed Fuller (who operated the T-shirt manufacturing side of the business). Artist Ed Newton also worked for Roth at that time, creating many of the crazy monster T-shirt designs based on a list of ideas that Roth would come up with.

Jacobs describes the typical body-building method at Roth’s as “After a chassis was built, Roth would pile a bunch of paper and boxes up on top of it to create a rough shape. Then he’d pour Plaster of Paris over everything and, after it hardened he’d shape his design into it.

Fiberglass would be layered on top of the plaster and, after that dried, Dirty Doug (or just “Dirt” for short) Kinney would go in and carve out and remove all that Plaster of Paris. Then he’d grab a Roth T-shirt, pull it up over his head so his eyes would peek out of the neck hole, and grind that fiberglass to get the shape Roth wanted.”

Not long after the Druid Princess was finished Jacobs remembers Roth declaring “Hot rodding is dead. Motorcycles are the next big thing” and that ushered in the next phase of Big Daddy’s vehicles, the three wheelers, which started with the Mail Box (powered by a Crosley four-cylinder) in 1967 to, six trikes later, the Rubber Ducky in 1999.

Another alumnus of the ’60s-era Roth Studios is fine artist Robert Williams, who was 22 years old when he started working for Roth in ’65. Williams had met Roth at an Albuquerque car show in 1960 and wasn’t entirely impressed (he thought Roth had too much “carney” in him), but that changed when Robert went to an LA-based employment office and he was told about a job offering as an art director that no one would take for a business called Roth Studios.

Roth hired Williams to create all of the advertising materials for his company, which was in the midst of changing from being car-based custom creations (the first one Williams saw built was the Wishbone) to the late ’60s-inspired motorcycle-based vehicles.

Williams saw Roth looked at things differently, saying “He took the American hot rod into the abstract. He created art. It wasn’t about if they could run or not, it was about creating subjective, not objective, art.” Williams points to the fact “They’re as hip now as they were when they first came around.”

It’s a fact evidenced by the popularity of the Roth display in the north-eastern corner of Florida at the 2018 Amelia Island Concours d’Elegance. The well-respected show is in its 23rd year and celebrates unique, exotic, historic, and ultra-rare historic and vintage vehicles from varied automobile manufacturers from around the world, and a special show class was formed to highlight those early ’60s-era vehicles created by Ed Roth. And even though they were parked alongside some of the most expensive and rare vehicles on the planet, they were not out of place.

The gathering was conceived by automotive historian and writer Ken Gross (who had previously helped bring both hot rods and customs to the West Coast’s famed Pebble Beach Concours d’Elegance in years past), who commented on the collection of Roth cars that “Ed had his own vision” adding “He was the Picasso to everyone’s Rembrandt.” Even the Concours described Roth’s cars as “reality-bending customs of an era that thrived on American individualism run delightfully amok.”

Folks who “experienced” the group of eight Roth vehicles gathered (the Tweedy Pie, Outlaw, Beatnik Bandit, Mysterion, Orbitron, Surfite, Beatnik Bandit II, and the Roth Studio’s F100 shop truck) would probably agree with the description, and they’d stop and stare (with a smile on their face) and explain to those who were not sure what they were looking at about Roth’s impact on the car show world, the art world, and even the 1960s as a whole. The cars were extremely well-received, and they got the imagination going of both young and old alike.

Robert Williams worked for Roth for five years (Robert’s wife, Suzanne, worked there, too) and can’t say enough about how honest, generous and kind Roth was, commenting that Roth’s ground-breaking vision was partially due to the era he was in “He had free reign to do anything. It’s not like today with the conformity that is expected.” No boundaries and free-form expression were at the cornerstone of Roth’s creations, it just so happens they were in an automotive form—the perfect example of what “rolling art” could be.

Roth saw the endless possibilities of what a vehicle could be, and wasn’t shy about pulling parts and pieces from anywhere he could to create something new. The list of powerplants in his rides was wide-based as well, included twin Triumph 650cc motors laid over on their side (for Rotar), a Crosley in-line four-cylinder (in the Mail Box), various VW flat-fours (the Wishbone), a Buick V-6 (in the Asphalt Angel trike), and big American V-8s, found in both the 1976 Yellow Fang streamline dragster (which ran 204mph @ 7.86) and the American Cruiser trike (yes, a V-8 powered trike!).

A Rat Fink Reunion celebrating Roth’s life has been held in Manti, Utah, since Ed’s death in 2001, and the 16th annual event was held in 2018 (Roth would have been 82 this year). But there is one thing that is for certain: Ed “Big Daddy” Roth’s influence will most certainly be felt for many more years to come. SRM

The post Rat Fink Invades Amelia Island appeared first on Hot Rod Network.

from Hot Rod Network https://www.hotrod.com/articles/rat-fink-invades-amelia-island/ via IFTTT

#IFTTT #Hot Rod Network

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investmart007 · 6 years

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MILAN | Ailing auto CEO Marchionne had multiple roles, no script

New Post has been published on https://is.gd/7UFgUO

MILAN | Ailing auto CEO Marchionne had multiple roles, no script

MILAN — Sergio Marchionne‘s achievements as one of the automotive world’s most charismatic chief executives include the bold trans-Atlantic merger of Italian carmaker Fiat and U.S. No. 3 Chrysler after he restored both to health.

But Marchionne told analysts during a big presentation last month that his true legacy at Fiat Chrysler Automotive would be the culture of a corporation where “mediocrity is never, ever worth the trip.”

The Italian-Canadian always insisted a replacement would come from the ranks of his hand-picked and tested team, managers who met his exacting standards. Asked if he planned to leave a script behind when he stepped down next year as planned, Marchionne said that wouldn’t be necessary.

“There is no script or instructions. Instructions are institutional and temporary,” he said. “FCA is a culture of leaders.” Marchionne, 66, was hastily replaced as CEO of Fiat Chrysler on Saturday after the company announced that his health had taken a turn for the worse following shoulder surgery last month in Zurich, Switzerland. Details of the complications and his condition were not disclosed, but the company said they prevented him from returning to work.

The head of Jeep and Ram, Mike Manley, was picked to replace Marchionne. The Briton was a key executive on Marchionne’s team, growing the quintessentially American Jeep brand into a global marquee and giving it a belated foothold in China.

Fiat Chairman John Elkann, in a letter to Fiat’s 236,000 employees Sunday, called Marchionne a “true, rare kind of leader” and lauded him as “the best CEO that anyone could ask for and to me personally, a true mentor, partner, close friend.”

Elkann, the 42-year-old heir of the Agnelli family that founded Fiat in 1899, remembered Marchionne coming to the Italian carmaker in 2004 at “one of the darkest moments” for the long-struggling company.

“It was his intellect, perseverance and leadership that saved Fiat,” Elkann wrote in the letter. “He taught us to have the courage to challenge the status quo, to break with convention and go beyond the tried and tested.”

The Fiat-Chrysler merger remains the crown jewel in the 14-year Marchionne era, an accomplishment built on a series of daring plays. In 2005, the trained lawyer who studied philosophy demonstrated his deal-making skill by getting GM to pay $2 billion to sever ties with Fiat as part of a failed cross-border tie-up. The money was pivotal to relaunching the failing carmaker.

Then in 2009, he secured a deal with a then-new U.S. President Barack Obama to take over bankrupt Chrysler without Fiat having to put a penny down in exchange for Fiat’s small car technology. Other essential corporate moves included the spin-off of the heavy industrial vehicle and truck maker CNH and of the Ferrari supercar maker. Both deals unlocked considerable shareholder value for Agnelli family heirs.

Analysts at Albert Bridge Capital calculated that the companies controlled by the Agnelli family’s holding company grew in value from 6 billion euros at the start of Marchionne’s tenure to over 60 billion euros today.

But his ambition to complete another big deal — a merger with American carmaker GM — was not realized. The failure ultimately made it easier for Marchionne to contemplate giving up day-to-day control of FCA after delivering 2018 earns.

Marchionne also has been replaced as CEO of Ferrari and chairman of CNH Industrial. He had planned to update the financial community on his 5-year plan for the super sports car maker in September, which was expected to include details of how he envisioned transforming it to a luxury goods company beyond cars. That will fall to the new CEO, Louis Camilleri, a former manager at Philip Morris.

Fiat analyst Philippe Houchois of Jeffries Financial Group said Marchionne’s departure would “test his cultural legacy sooner than expected.” He predicted significant share price volatility for both FCA and Ferrari when markets resume trading Monday. Houchois noted that other carmakers were reconsidering capital spending, in some ways echoing Marchionne’s insistence that the industry needed to tackle the high cost of investment in new technologies

“In our view, Mr. Marchionne’s industry thinking cannot be overstated,” Houchois said. As part of his efforts to revamp Ferrari, Marchionne focused heavily on Formula One, arguing that more prestige for the racing side would increase the carmaker’s value. Ferrari manager Maurizio Arrivabene affirmed at the German Grand Prix in Hockenheim that the pair always worked together on strategy.

Mercedes CEO Dieter Zetsche, whose Mercedes team beat Ferrari on Sunday, said he was pained by the news of Marchionne’s failing health.

“With Marchionne, I always had an excellent relationship of esteem and friendship that went beyond industrial realities,” Zetsche told Italian racing magazine RMC Motori. “I always saw him as a great person.”

By Associated Press

#Ailing auto CEO Marchionne #Atlantic #FCA #Fiat #Fiat Chrysler #iat Chrysler #Italy Fiat Chrysler #John Elkann #MILAN news #Sergio Marchionne #TodayNews

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