Money Musk says 'thorough reorganisation' underway at Tesla

10:45  15 may  2018
10:45  15 may  2018 Source:   reuters.com

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Musk reportedly said in the email that Tesla has just completed three straight weeks of producing at least 2,000 Model 3s per week. Last week, the company built 2,250 Model 3s, he said , along with 2,000 Model S and Model X electric cars.

Tesla took a victory lap on its latest earnings report, released Wednesday (Feb. 7). Looking back at 2017, the car company reeled off its biggest milestones: record deliveries of its Model S and X, the arrival of its first Model 3, an updated Tesla Roadster

Watch: Tesla's Musk Announces 'Thorough Reorganization' Amid Executive Defections (Bloomberg)

Tesla Inc chief Elon Musk told employees on Monday the company was undergoing a "thorough reorganisation" as it contends with production problems, senior staff departures and recent crashes involving its electric cars.

In his email to staff, Musk said Tesla was "flattening the management structure to improve communication," combining functions and trimming activities "not vital to the success of our mission" in the reorganization.

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Number of third-party contractors ‘has really gotten out of control’ as car company has faced questions about its production schedule.

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The company confirmed the contents of the email, which was first reported on by the Wall Street Journal.

Tesla is at a critical juncture as it tries to fix an inauspicious launch of the Model 3 sedan, a mid-market car crucial to its success and future profitability that has been plagued by early production problems.

Tesla shares fell 3 percent to close at $291.97 on Monday.

Elon Musk sitting in front of a body of water: FILE PHOTO: Elon Musk at a press conference following the first launch of a SpaceX Falcon Heavy rocket in Cape Canaveral © REUTERS/Joe Skipper/File Photo FILE PHOTO: Elon Musk at a press conference following the first launch of a SpaceX Falcon Heavy rocket in Cape Canaveral Amid the manufacturing problems, senior Tesla executives have departed or cut back work. Waymo, Alphabet Inc's self-driving unit, said on Sunday that Matthew Schwall had joined from Tesla, where he was its main technical contact with U.S. safety investigators.

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Elon Musk previously guided demand for Model 3, Tesla ’s new mass market electric vehicle, to reach roughly 500,000 vehicles per year. Following the launch of the new electric car last month, Musk is now more confident of the demand for the vehicle and he sees it potentially reaching an annual rate of

“We thought it was important that Tesla become, in part, a German company,” Musk said when he took over the manufacturing automation designer, for a reported 0 million. Musk reportedly wanted the factory management to be focused purely on Tesla .

Last week, Tesla said Doug Field, senior vice president of engineering, was taking time off to recharge.

The company is developing multiple new vehicles, including a semi truck, and has registered a new car firm in Shanghai in a likely step toward production in China.

On a May 2 earnings call, Musk said Tesla would conduct "a reorganization restructuring" this month, without providing more details.

He added that he would reduce the number of third-party contracting companies engaged by Tesla, equating them with "barnacles" needing to be scrubbed off.

a motorcycle is parked in the dirt: A Tesla Model S is seen after it hit the back of a mechanic truck in South Jordan, © REUTERS A Tesla Model S is seen after it hit the back of a mechanic truck in South Jordan, Tesla will still rapidly hire people to fill critical positions "to support the Model 3 production ramp and future product development," Musk said in Monday's email.

Tesla faces a slew of other issues, from increased skepticism over its finances to safety probes by regulators.

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Tesla driver says car was in autopilot when it crashed at 60mph. Elon Musk has criticized the coverage of the crash, saying it is unfair to focus on Telsa when thousands die in traditional auto accidents every year.

Tesla had previously disclosed that its battery pack cost was “below 190$ per kWh” and they aim for Gigafactory production to reduce the cost by 35%. Musk also said that he would be disappointed if they don’t bring the cost below 0 per kWh by the end of the decade.

Investors gave a rare rebuke to Musk after he cut off financial analysts on the earnings call, sending shares down 5 percent despite promises that Model 3 production was on track.

The company changed the terms of its borrowing agreement with banks to allow it to pledge its Fremont, California, auto plant as collateral.

A U.S. traffic safety regulator on May 2 contradicted Tesla's claim that the agency had found that its Autopilot technology significantly reduced crashes.

A Tesla Model S is seen after it hit the back of a mechanic truck in South Jordan © REUTERS A Tesla Model S is seen after it hit the back of a mechanic truck in South Jordan Autopilot, a form of advanced cruise control, handles some driving tasks and warns those behind the wheel they are always responsible for the vehicle's safe operation, Tesla has said.

In a Twitter post on Monday, Musk denied a Wall Street Journal report that Tesla had rejected a system that would have tracked driver eye movement when using Autopilot for cost reasons.

"This is false," Musk wrote. "Eyetracking rejected for being ineffective, not for cost. WSJ fails to mention that Tesla is safest car on road, which would make article ridiculous. Approx 4X better than avg," Musk said. He said Tesla's record of a fatality every 320 million miles compared with last year's national average of 86 million miles, per safety regulators.

Tesla says top vehicle engineer Doug Field is 'taking time off' amid Model 3 production woes

  Tesla says top vehicle engineer Doug Field is 'taking time off' amid Model 3 production woes Tesla's senior vice president of engineering, Doug Field, is leaving the company for an unspecified time.Late Friday, The Wall Street Journal and Bloomberg reported that Field wasstepping back from his duties at Tesla, amid ongoing production problems with its Model 3 sedan. A Tesla spokesperson told CNBC that "Doug is just taking some time off to recharge and spend time with his family. He has not left Tesla.

Elon Musk Says This Is Tesla ’s ‘Biggest Problem’. Tesla stock dropped more than 5% after hours as Musk explained what had gone wrong in the making of the new Model 3, the company’s first affordably priced electric car.

Tesla recently put the brakes on free supercharging for life for new Model S orders, limiting Teslas ordered after January 1 or delivered after April 1 of 2017. Most owners will still get plenty of free electricity, though, with a 400kWh yearly credit

Tesla's record of miles driven could not be confirmed by Reuters.

In another Twitter message on Monday, Musk said the "probability of fatality is much lower in a Tesla," saying Tesla would begin reporting safety numbers beginning in the second quarter.

On Monday, firefighters in Switzerland said a fatal accident involving a Tesla may have set off a fire in the car's battery. It was the latest accident involving a Tesla.

FILE PHOTO: A man looks around Tesla Motors' Model S P85 at its showroom in Beijing © REUTERS/Kim Kyung-Hoon/File Photo FILE PHOTO: A man looks around Tesla Motors' Model S P85 at its showroom in Beijing A Tesla Model S sedan was travelling at 60 miles (97 km) per hour when it smashed into a fire truck stopped at a red light about 20 miles south of Salt Lake City, Utah, on Friday night, according to police. 

Police said on Monday that the driver, who suffered a broken ankle, said she had been using Autopilot before the crash.

The National Transportation Safety Board said it was not investigating the Utah crash.

Tesla said it had not yet received car data and did not yet know the facts, including whether Autopilot was engaged.

The NTSB said last week it was investigating a Tesla accident in Fort Lauderdale, Florida, on May 8 that killed two teenagers and injured another - the agency's fourth active probe into crashes of the company's electric vehicles.

Tesla Is Said to Lose Energy Leaders as Musk Reorganizes .
Tesla Inc.’s energy unit has lost two major executives as CEO Elon Musk promises to reorganize the electric-car maker’s management team, according to people familiar with the matter. Arch Padmanabhan, the product director for Tesla’s stationary storage unit, and Bob Rudd, a former SolarCity vice president who led North American commercial and utility sales, have both left the company, said the people, who asked not to be identified because they aren’t authorized to speak publicly. Tesla didn’t immediately comment on the departures. Padmanabhan said he’s working on a new venture and declined to elaborate.

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