Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/1/2013 (1 year ago)

Catholic Online (www.catholic.org)

News comes amid reports that company will discontinue entry-level electric car

In an announcement that may give credence to the economic viability of the electric car, Tesla Motors is set to report its first profit ever. However - the news comes amidst the expected announcement that it intends to scrap it $50,000 entry-level Model S.

Tesla has decided to remain with the larger 60 kilowatt hour battery pack option, with a range is closer to 230 miles. That model sells for $62,400 after a $7,500 federal tax credit.

Tesla has decided to remain with the larger 60 kilowatt hour battery pack option, with a range is closer to 230 miles. That model sells for $62,400 after a $7,500 federal tax credit.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/1/2013 (1 year ago)

Published in Business & Economics

Keywords: Tesla Motors, electric cars, Model S, car of the Year, Motor Trends


LOS ANGELES, CA (Catholic Online) - The announcement about the just-ended first quarter pushed Tesla Motors shares nearly 16 percent higher.

"There have been many car startups over the past several decades, but profitability is what makes a company real," co-founder and CEO Elon Musk said in a statement. "Tesla is here to stay and keep fighting for the electric car revolution."

The company expected to sell 4,500 units of the Model S in the quarter. Sales surpassed the 4,750-unit mark recently. The company amended its first-quarter guidance in response.

Tesla Motors may have even bigger news in store later this week -- in a late night tweet, Musk alluded to an announcement this week that will be "arguably more important."

The profitable quarter would follow a disheartening final three months of 2012, when Tesla reported a $75 million loss. Tesla posted $306 million in sales.

The Model S is a full-size, four-door luxury sports sedan. It was unveiled in 2009, but did not become publicly available until last year. So far, the company has sold about 10,000 electric cars to customers in 31 countries.

The recent announcement also came with news that Tesla has decided to scrap production of its entry-level model, which sold for a base price of $59,900. It was equipped the smallest battery, a 40-kilowatt hour version that would deliver a range of 160 miles.

Tesla has decided to remain with the larger 60 kilowatt hour battery pack option, with a range is closer to 230 miles. That model sells for $62,400 after a $7,500 federal tax credit.

The company explained that only four percent of customers chose the version with the smaller battery, which is not enough to justify production.

Chief executive officer Musk also thanked customers for continued, "passionate support." Those that bought into the Model S in recent months did so even after the car received a scathing review from the New York Times, one that Tesla accused of being full of lies.

The car has won "Car of the Year" honors from both Motor Trend and Automobile Magazine.


---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for August 2014
Refugees:
That refugees, forced by violence to abandon their homes, may find a generous welcome and the protection of their rights.
Oceania: That Christians in Oceania may joyfully announce the faith to all the people of that region.



Comments


More Business & Economics

Here comes a boom! $7 trillion in untapped funds to flood global market Watch

Image of A report suggests that corporations and equity firms hold nearly $7 trillion in cash reserves that could bolster the world's economy.

By Catholic Online (NEWS CONSORTIUM)

A new boost to the global economic recovery may happen soon, as corporate giants and private equity firms prepare to tap into cash reserves of $7 trillion, stored since the current financial crisis began back in 2008. LOS ANGELES, CA (Catholic Online) - Investors ... continue reading


OBAMA PARTIES AS ROME BURNS: U.S. wages down by 23 percent - while president takes a vacation Watch

Image of The timing of Obama's swank vacation has even the president's supporters worried.

By Catholic Online (NEWS CONSORTIUM)

Lots of negative news to go around - Ebola seems to be spreading worldwide, Islamic State is increasing its stranglehold on Iraq, a much beloved comedian and screen actor is found dead at home, an apparent suicide - U.S. President Barack Obama is in Martha's ... continue reading


Religious orders NEED to understand economics Watch

Image of A letter from two high-ranking Catholic officials requests that religious orders gain a better understanding of finance and economics.

By Catholic Online (NEWS CONSORTIUM)

In a letter addressed to members of religious communities, Vatican officials requested that these groups should not be ignorant of economic realities connected to community life and a mission of serving the world in the name of the Church. LOS ANGELES, CA ... continue reading


THANKS, BARACK! Federal debt up $7 TRILLION under your watch. Watch

Image of By the close of business on July 31, 2014, it had risen to $17,687,136,723,410.59, up $7,060,259,674,497.51 since Obama first inauguration day.

By Catholic Online (NEWS CONSORTIUM)

Thanks, Barack! The total federal debt of the U.S. government has increased more than $7 trillion during the slightly more than five and a half years Barack Obama has been president. That's more than the debt increased under all U.S. presidents from George ... continue reading


Live Catholic - Shop Catholic - Guess who now accepts checks?

Image of Catholic Shopping .com now accepts checks via Dwolla!

By Catholic Online (NEWS CONSORTIUM)

Guess who now accepts checks? Catholic Shopping .com does! This new option now makes it easier for you to control how you pay for the things you like. LOS ANGELES, CA (Catholic Online) - Catholic Shopping .com is now accepting checks via the online processor, Dwolla. ... continue reading


Unemployment in the U.S. - never went away! Many still without work Watch

Image of The number of Americans not in the labor force dropped only slightly in July, down 119,000 from the 92,120,000 Americans not in the labor force in June.

By Catholic Online (NEWS CONSORTIUM)

It may have fallen off the radar of many news outlets - but joblessness is still a BIG problem here in the United States. Since President Obama took office in January 2009, 11.4 million Americans 16 years and older have left the workforce, according to data ... continue reading


INDEBTEDNESS: One in three U.S. adults have 'debt in collections' Watch

Image of One in three American adults are so far behind in personal debt that many of their accounts have been referred to collections.

By Catholic Online (NEWS CONSORTIUM)

Some call it the American way, and it's become a most uncomfortable fact of life for many Americans. Personal debt is at an all-time high, and at least one in three Americans, 77 million people, have had their debt referred to collection agencies as a result. ... continue reading


LUMP OF COAL - LITERALLY! Coal companies pushed to brink of insolvency by Obama policies Watch

Image of The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of insolvency, with many companies going out of business.

By Catholic Online (NEWS CONSORTIUM)

Dealing with cheap natural gas and tighter regulation, the U.S. coal industry has fallen on hard times. The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of ... continue reading


The poor getting power in U.S. - typical household is now worth a third less Watch

Image of The old saw goes that when only a few people are winning and more than half the population is losing, surely something is amiss.

By Catholic Online (NEWS CONSORTIUM)

The rich get richer - and the poor have children. But seriously, folks, the poor is getting even poorer in the United States. Recovery from the last big recession in 2007, hasn't really taken off as of yet. Recent studies show that the average American ... continue reading


HAIL BRITANIA! Britain declared fastest growing economy in developed world Watch

Image of Britain is now

By CNA/EWTN News

There will always be an England, as the old song goes. While the United Kingdom has experienced highs and lows, it's always recovered - and prospered. This was born out by the recent news that Britain will be the best performing major economy in the developed ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ezekiel 36:23-28
23 I am going to display the holiness of my great ... Read More

Psalm, Psalms 51:12-13, 14-15, 18-19
12 Give me back the joy of your salvation, sustain in ... Read More

Gospel, Matthew 22:1-14
1 Jesus began to speak to them in parables once ... Read More

Saint of the Day

Saint of the Day for August 21st, 2014 Image

St. Pius X
August 21: On June 2, 1835, Giuseppe Melchiorre Sarto saw the light of ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter