Hyperloop One is already seeking more funding for its high-speed transportation system, a project that’s turning out to be more expensive than initially thought.
That’s according to new investment documents obtained by Forbes’ Alex Konrad and Alan Ohnsman, which reveal the company is planning to raise $250 million in early 2017.
Less than two weeks ago, the Los Angeles-based company secured $50 million in a funding round led by DP World, the third-largest port and terminal operator in the world.
While the project is still on track to launch by 2020, Forbes reports, it’s much more expensive than Elon Musk — who initially came up with the idea for the Hyperloop and open-sourced it — had predicted. While Musk proposed a total cost of $6 billion for the Hyperloop in California, Hyperloop One’s system would cost between $9 billion and $13 billion just in the Bay Area, according to Forbes.
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Tesla CEO Elon Musk suggested Wednesday that he can create a car-sharing network that’s so good, customers will abandon Uber and other ride-sharing companies in droves to adopt it.
During an earnings call Wednesday, Musk was asked to explain whether his proposed car sharing network, dubbed the Tesla Network, would generate revenue for Tesla or help Tesla owners offset the costs of their vehicles. In response, Musk made some cryptic comments about the scope of his so-called “Tesla Network.”
Musk said people have been characterizing his car-sharing proposal as “Tesla versus Uber or Lyft or something like that. It’s not Tesla versus Uber, it’s the people versus Uber.” There was no follow-up question, so Musk’s statement was left hanging like that.
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In an email sent to all employees, Tesla CEO Elon Musk has confirmed what some customers have been saying online for months; that the company was offering discounts on some new Tesla vehicles despite company policy that all customers pay 100% of the advertised retail price.
This discovery began when a customer posted on Reddit his dilemma: Tesla couldn’t deliver the P90 he purchased until the following week, but the salesperson wanted him to pay for the vehicle in full prior to delivery, or else he wouldn’t honor the discount they negotiated. The thread was shared with Musk on Twitter TWTR +0.17%, who responded immediately that the company never discounts.
It turned out that he was wrong.
Read more "Tesla Confirms-And Ends-Discounts, But Why Were They Offered In The First Place?"
For its part, Tesla was downgraded to neutral from a buy rating by Goldman Sachs Group Inc. last week. The company’s shares have dropped as it moves forward with its plan to buy rooftop solar installer SolarCity Corp., which some analysts have deemed a risky bet. Musk is chairman of SolarCity, and his cousin Lyndon Rive serves as its chief executive officer.
Customers who purchase an electric vehicle can claim a $7,500 federal income tax credit and several states offer additional incentives, according to Tesla’s website.
Tesla will let Musk’s tweet “stand as a comment,” spokeswoman Alexis Georgeson said in an e-mail. The Clinton campaign didn’t immediately respond to a request for comment.
Read more "Coal Miner’s CEO Calls Tesla a ‘Fraud’ and Elon Musk Tweets It"
TESLA MOTORS’ CARS kinda drive themselves, but its Autopilot technology has caused some headaches for the company. Consumer Reports called on Tesla to recall the feature, calling it “too much autonomy, too soon.” A Florida man died in a crash while using Autopilot.
And now, German transport minister Alexander Dobrindt asked Tesla to ditch the term “Autopilot,” arguing it can lead consumers to think the car is far more capable than it is.
Before going further, a note: Model S and Model X vehicles with Autopilot can stay in their lane and maintain a safe speed. The technology is meant for highways, where there are fewer obstacles to deal with, and requires drivers to keep their hands on the wheel and remain alert. Autopilot is designed to assist drivers, not replace them.
The electric automaker said nein to Dobrindt. In a statement, the company said it duly warns drivers of the system’s limits (whether drivers pay attention is another matter). And it defended using the word autopilot: “This is how the term has been used for decades in aerospace: to denote a support system that operates under the direct supervision of a human pilot.”
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Patrick Foulis joins host Simon Long to take a look at the financial gymnastics keeping Elon Musk’s business empire afloat. Also: the shadow economies that need a fuse of transparency and private equity’s socialist secret
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