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The premier of the Brandenburg state that surrounds Berlin said on Wednesday any support for U.S. electric vehicle pioneer Tesla - which has said it will build its first European factory near Berlin - would be in accordance with EU rules. "We're operating within the framework of the European Union's state aid rules," Dietmar Woidke told regional broadcaster rbb. "That applies to all European countries - that's our framework.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Elon Musk picked a glitzy event in Germany, a few hours’ drive from the birthplace of the internal combustion engine, to drop the news before some of the world’s biggest car bosses: Tesla Inc. plans to set up shop in their backyard.The billionaire chief executive officer announced Tuesday that Tesla will expand its global manufacturing network with a factory near Berlin. At a red-carpet awards ceremony attended by the heads of BMW AG, Volkswagen AG and Audi AG, he said the company will also establish an engineering-and-design center.“Some of the best cars in the world are obviously made in Germany,” Musk said while accepting a trophy for the Model 3, which beat out BMW and Audi sedans for midsize car of the year. He said the country is “not that far behind” in electric cars, while also acknowledging that the market for them is “unproven.”The news wasn’t completely out of left field -- Musk has said before that Tesla would announce the location for a factory in Europe before the end of this year, and that Germany was a frontrunner. But it nonetheless bolstered the CEO’s flair-for-the-dramatic reputation. Fresh off a surprise profit report that sent Tesla shares surging, he threw down the gauntlet in front of rival executives that no longer dismiss his company as a niche automaker.“Elon Musk has an ability to make a splash,” said John Boyd, principal of an eponymous manufacturing site-selection firm based in Princeton, New Jersey. “Not only does Germany bring top-level manufacturing skill sets and positive supply chain dynamics to the table, but there is a cachet value to Tesla establishing a brick-and-mortar presence in Germany -- a nation synonymous with precision car manufacturing.”Tesla shares traded up 0.7% before the market opened in New York. They closed Wednesday at $349.93, their highest since December, after Musk announced his plans.Making a StatementMusk has until now relied on a single auto assembly plant in Fremont, California, to build a $63 billion company. That facility is supported by the first of the company’s so-called gigafactories near Reno, Nevada, that makes batteries. Tesla is on the verge of starting sales of Model 3s produced at its latest production facility, near Shanghai.While adding a European factory raises the stakes for established automakers already facing a serious threat from the electric upstart, it’s likely going to take time for the plant to get up and running. Musk estimated earlier this year that Tesla’s European gigafactory probably won’t be operational until 2021.“The Berlin location serves two unique goals,” said Gene Munster, a managing partner at venture capital firm Loup Ventures. “It’s strategic to lure German automotive talent to Tesla, and it’s a statement that Elon wants to one-up auto companies from that region.”The gigafactory will be located near Gruenheide, just outside Berlin in eastern Germany, according to Tagesspiegel newspaper -- near the coming Berlin Brandenburg Airport.For Tesla’s design center, Berlin has offered locations including the site of the existing Tegel airport, which will be phased out after the new hub is opened, according to a letter from the city’s economy minister. Around 10,000 jobs will be created, Bild reported.Tesla’s modest presence in Berlin now includes a store and service center near the Schoenefeld airport, and showrooms near Potsdamer Platz and on the West Berlin shopping boulevard Kurfuerstendamm.While the future of Germany’s electric-car market looks crowded, the politics of shifting away from the internal combustion engine also are going to be messy. Daimler AG, the maker of Mercedes-Benz cars, is running into labor-union resistance over where future electric cars will be produced ahead of a critical meeting with investors Thursday in London. Audi, the biggest profit contributor to Volkswagen AG, faces similar fights over safeguarding employment at its main German factories that specialize in sedans and station wagons.Chancellor Angela Merkel’s government and local automakers have agreed to boost incentives for EVs, intensifying Germany’s effort to move away from the combustion engine to reduce exhaust emissions. Still, building vehicles in a country that has some of the highest labor and energy costs worldwide is bound to be a challenge. European customers also expect a network of dealers and repair shops to reliably handle maintenance and repair work, which Tesla has struggled with lately.“There was very intense competition in recent months among different European nations,” Economy Minister Peter Altmaier told reporters in Berlin, adding that subsidies haven’t been discussed. “It’s an important and positive development that Germany was chosen.”Demand BoostAdding production in Germany and China will probably help Musk boost Tesla’s sales in those regions, according to Kevin Tynan, a Bloomberg Intelligence auto analyst. “The sustainability of the demand will be more the question,” he said. “And if local competition becomes real competition, it will be more difficult.”Merkel’s government announced last week that cash incentives will jump by 50% to as much as 6,000 euros ($6,680) per electric vehicle, with the auto industry covering half the cost. The changes will take effect this month and run through 2025.For Musk, choosing greater Berlin for a factory was “surprising but not fallacious,” said Ferdinand Dudenhoeffer director of Center for Automotive Research at the University of Duisburg-Essen. Battery-cell manufacturing requires space, infrastructure and subsidies, and the city is a good fit for a premium brand like Tesla’s, he said.Shortly after dropping the news, Musk sent out a pair of tweets to make sure it wouldn’t be missed by his 29.3 million Twitter followers. He said the factory will make batteries, powertrains and vehicles, beginning with the Model Y crossover unveiled earlier this year.(Updates with shares in sixth paragraph, more on Tesla’s plans in 10th and 11th paragraphs, economy minister comment in 15th paragraph)\--With assistance from Gabrielle Coppola, Chris Reiter, Birgit Jennen, Iain Rogers and Stefan Nicola.To contact the reporters on this story: Christoph Rauwald in Frankfurt at email@example.com;Dana Hull in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com;Anthony Palazzo at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
There are certainly good reasons for picking Germany, and Berlin in particular, as a site for a battery plant and a research-and-development center for Tesla Inc. A reporter for the BBC, Faisal Islam, tweeted that one issue Brexit raises for Tesla in particular is whether parts produced in the U.K. would qualify as E.U. content.
U.S. electric vehicle pioneer Tesla will build its first European factory and design centre near Berlin to produce cars "Made in Germany" as it seeks to burnish its reputation for reliability and sporting prowess. Tesla Chief Executive Elon Musk made the announcement at a prestigious German car awards ceremony late on Tuesday and said its new plant would make batteries, powertrains and vehicles - starting with its Model Y sports utility vehicle. You know that is part of the reason why we are locating Gigafactory Europe in Germany," Musk said at the Golden Steering Wheel awards in Berlin.
U.S. electric vehicle pioneer Tesla will build its first European factory and design centre near Berlin to produce cars "Made in Germany" as it seeks to burnish its reputation for reliability and sporting prowess. Tesla Chief Executive Elon Musk made the announcement at a prestigious German car awards ceremony late on Tuesday and said its new plant would make batteries, powertrains and vehicles - starting with its Model Y sports utility vehicle.
Chinese electric vehicles maker Xiaopeng Motors has raised $400 million in a Series C funding round, the company said in a statement on Tuesday. What Happened Xiaopeng Motors, better known as Xpeng, ...
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Tesla Inc (NASDAQ: TSLA ) is planning its fourth gigafactory to be located in Berlin, Elon Musk confirmed at an event in Germany on Tuesday. What Happened “Everyone knows that German engineering is outstanding, ...
(Bloomberg) -- Chinese electric-car maker Xpeng Motors Technology Ltd. has raised $400 million from investors including technology company Xiaomi Corp., as it seeks a spot among China’s more serious contenders in the market.Private-equity firms and individual investors including founder He Xiaopeng also took part in the funding round, the company said Wednesday in a statement.The startup said in June it has produced 10,000 units of its G3 sport utility vehicle, putting it in competition with local rivals such as NIO Inc. and global competitors including Tesla Inc. in the world’s biggest EV market.Yet demand in China is sputtering, with EV sales falling for months since the government cut subsidies earlier this year. The slump has raised speculation among investors that only a small fraction of China’s aspiring electric-car makers will survive.Xpeng is working with Xiaomi in developing technologies connecting smartphones with vehicles. Xpeng’s backers also include ecommerce giant Alibaba Group Holding Ltd.The carmaker said it also secured “several billions” of yuan in unsecured credit lines from China Merchants Bank Co., China Citic Bank Corp. and HSBC Holdings Plc.To contact the reporters on this story: Ville Heiskanen in Singapore at email@example.com;Chunying Zhang in Shanghai at firstname.lastname@example.orgTo contact the editors responsible for this story: Young-Sam Cho at email@example.com, Ville Heiskanen, Will DaviesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Chinese EV maker Kandi Technologies reported Q3 revenue slid 17% but recorded an adjusted profit on a per-share basis.
Tesla Inc Chief Executive Officer Elon Musk said on Tuesday the electric-car maker will build its first European factory as well as an engineering and design center in Berlin. Berlin also has earmarked financial support for manufacturing electric car battery cells. Musk, in a tweet, said that Tesla will build batteries, powertrains and vehicles, starting with Model Y lower-priced sports utility vehicle at the Berlin factory.
Shares of Tesla Inc (NASDAQ: TSLA ) are up more than 40% since October, and investors shouldn't fight the trend, Ari Wald, Oppenheimer's head of technical analysis, said on CNBC's "Trading Nation." ...
Tesla stock has come a long way since dropping 46% to start the year. Following the release of its deliveries on June 3, Tesla closed at $178.97, its lowest level since 2017. Since then, it’s been all upside.
Tesla Inc. CEO Elon Musk tweeted Tuesday that a new Gigafactory near Berlin will build batteries, powertrains and vehicles. Musk announced plans for the plant during an awards ceremony in Germany, according to multiple published reports.
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It's hard to think of a more embattled stock than electric car company Tesla . Tesla bulls think that the company, led by billionaire and short-seller-antagonist Elon Musk, is set to save the world. Tesla surged more than 17% on the heels of its third-quarter earnings numbers at the end of October, a move that puts shares back above break-even in 2019 after a shaky start to the year.
“With the growth we’ve been experiencing in the Midtown, Atlantic Station and West Midtown neighborhoods, the interconnection for pedestrians and cyclists has never been more important."
Tesla chief Elon Musk announced on Tuesday that the electric-vehicle pioneer would bring its first European production site to the heart of Germany, by building its first plant in Berlin. Mr Musk made the announcement as he received the Golden Steering Wheel award from Bild, Germany’s most popular tabloid newspaper. “Berlin rocks,” he told the audience, adding that Tesla would also create “an engineering and design centre” in the capital.