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BUSINESS
March 17, 2010 | By W.J. Hennigan
Hawthorne-based Space Exploration Technologies Corp. has signed a deal to launch a commercial satellite for Loral Space & Communications Inc.'s space system unit. "It's a significant breakthrough," said Elon Musk, the company's founder and chief executive. "Loral is placing a bet on SpaceX and its technology. It's really one of the biggest endorsements you can get." Musk, who also co-founded PayPal and Tesla Motors Inc., said it was one of the largest commercial contracts won by SpaceX.
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BUSINESS
May 4, 2011 | By Tiffany Hsu, Los Angeles Times
Tesla Motors Inc., bolstered by sales of battery packs for electric vehicles, said quarterly revenue more than doubled. But losses grew sharply as costs of developing an electric vehicle escalated. The Palo Alto firm reported revenue of $49 million in the first quarter, more than double the $20.8 million a year earlier, as it delivered a record number of battery packs and chargers for Daimler's electric Smart Fortwo and Toyota's electric RAV4 that is due out next year and for which Tesla is helping to develop a powertrain.
BUSINESS
October 3, 2009 | A Times Staff Writer
Toyota Motor Corp. has joined the growing ranks of automakers planning to bring advanced battery-powered vehicles to showrooms in the near future. The Japanese automaker said it planned to have a plug-in version of its popular Prius hybrid for sale in the U.S. in three years. "The target is 2012 to be coming to market with them," Irving Miller, a group vice president for Toyota's U.S. sales unit, said at a Los Angeles conference on climate change, Bloomberg News reported. Before that, "we're going to study the challenges of consumer demand," he said.
BUSINESS
September 18, 2008 | From Bloomberg News
Tesla Motors Inc., aiming to be the first high-volume maker of electric cars, plans to build a $250-million plant to produce sedans in San Jose and move its headquarters to the same facility. The factory initially will employ about 1,000 people and be able to produce 15,000 cars a year when it opens in late 2010, Chief Executive Ze'ev Drori said Wednesday. Construction costs will be more than $100 million.
BUSINESS
June 16, 2010 | Jerry Hirsch
Electric-car maker Tesla Motors Inc. plans to raise about $167 million by selling stock to the public later this year. The Palo Alto maker of the $109,000 Roadster electric sports car said in a Securities and Exchange Commission filing Tuesday that it planned to sell as many as 12.8 million shares for between $14 and $16 each in an initial public offering. The offering is "highly anticipated" and puts the value of the company at about $1.5 billion, according to IPO research firm Renaissance Capital.
BUSINESS
November 26, 2009 | By W.J. Hennigan
The Downey City Council on Wednesday approved a preliminary deal that could help bring auto manufacturing back to Southern California for the first time in nearly two decades. The council agreed to a memorandum of understanding with Industrial Realty Group, the manager of an 80-acre parcel where Tesla Motors Inc. is considering building an electric-car plant. The facility is currently used for film and television production. According to the memorandum, the city will provide $8.7 million in economic development incentives to help Industrial Realty Group, or IRG, negotiate a lease agreement with the San Carlos, Calif.
AUTOS
November 19, 2013 | By W.J. Hennigan
Los Angeles billionaire Elon Musk said Tesla Motors Inc. was being overly scrutinized by the media after three fires broke out in recent months on its expensive electric cars. Musk, chief executive of Tesla, addressed the topic during a wide-ranging interview before a Los Angeles World Affairs Council banquet Monday at the Hyatt Regency Hotel in Century City. "Our car is basically the safest car you can possibly drive if you care about fires," he said. “And that's not the impression you would have if you read newspapers.
AUTOS
March 8, 2013 | By Ronald D. White
Tesla Motors Inc. said in its annual report Thursday that it has received federal approval to complete the repayment of its $465 million in U.S. Energy Department loans five years ahead of schedule. The Palo Alto-based car company run by billionaire co-founder and Chief Executive Elon Musk had received the loan to develop and build electric cars. Tesla spokeswoman Shanna Hendriks said that the company had been scheduled to complete repayment by mid-December of 2022 but had instead arranged to complete the task by the end of 2017.
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