Tesla CEO presides over the handover of the first Model 3 cars in August 2017.
Tesla shares jumped more than 10 percent in after-hours trading today after the controversial electric-car company posted a surprisingly positive quarterly report, including a profit rather than a loss.
Adjusted net income for the third quarter amounted to $312 million, which translated into earnings of $2.90 a share.
That cash position could take some of the pressure off Tesla, which had been burning through its reserves by the billions during what CEO Elon Musk called “production hell” for the company’s Model 3 electric car.
A promised upgrade for Tesla's Autopilot semi-automated driving system should bring some big performance benefits to both new and old cars, and it shouldn't be too much longer before it's available.Elon Musk said on Twitter a major upgrade for Autopilot will be available within approximately six months.
In addition to offering the Autopilot upgrade in new cars built after its release, it will also be available as an upgrade for older cars sporting the latest versions of its Autopilot hardware (versions 2.0.
This is in addition to Tesla's version 9.0 software upgrade, which was recently pushed to Tesla vehicles via an over-the-air update.
Elon Musk's SpaceX company has successfully launched a satellite into space from California - wowing social media users in the process.
Taking off at about 19:21 local time (02:21 GMT), the first stage of the rocket returned safely to the air base about eight minutes later. Californians posted videos and photos of the skies after the successful take-off, including Los Angeles mayor Eric Garcetti.
Musk (pictured), along with Tesla, agreed to pay $20 million each in a settlement with the SEC over a lawsuit that alleged that Musk violated anti-fraud provisions of federal securities laws when he posted on Twitter Aug.
That settlement included a provision that Tesla put in place additional controls and procedures to “oversee Musk’s communications,” implying Musk’s use of Twitter.
"Just want to that the Shortseller Enrichment Commission is doing incredible work." — Elon Musk (@elonmusk) October 4, 2018
In a ruling made on Monday, Judge Lucy Koh of California Northern District Court in San Jose dismissed five out of seven claims in the lawsuit, Lesnik v.
Other vehicle makers (Mercedes-Benz, Deere, REHAU, LaX, Volkswagen, Dicastal, and BMW) were also named as defendants, but dismissed because they aren’t included in the two claims that will go to trial.
Tesla CEO Elon Musk has agreed to pay a $20 million fine to the Securities and Exchange Commission and to relinquish his role as chair of the company’s board of directors as part of a settlement with the federal agency.
The agreement, filed in court Saturday, comes just two days after the SEC sued Musk for making “false and misleading statements” on Twitter about the possibility of taking Tesla, a publicly traded company, private.
The SEC has also imposed a $20 million fine on Tesla itself, which will be expected to appoint two new independent directors to the board, for “failing to have required disclosure controls and procedures relating to Musk’s tweets,” the agency said.
The tweets caused Tesla’s stock price to increase by more than 6%, according to the complaint.“Musk’s false and misleading public statements and omissions caused significant confusion and disruption in the market for Tesla’s stock and resulting harm to investors,” the SEC said in Thursday’s complaint.
Elon Musk believes Tesla is "very close" to turning a profit after years of burning through cash, but warned that Sunday would prove pivotal to the car marker achieving an "epic victory" on its production goals.
On the heels of a turbulent last few weeks that culminated in Tesla reaching a settlement with securities regulators, the company is expected to report third quarter production numbers this week.
In two emails obtained by CNBC, Musk exhorted staffers to "ignore the distractions" and that the company was close to "proving naysayers wrong."
Enlarge / Elon Musk in 2004, the year he became chairman of the board at a tiny electric car startup called Tesla.
Tesla's battle with the Securities and Exchange Commission could be the company's biggest crisis in almost a decade.
On Thursday, after Musk rejected a proposed settlement, the agency sued Musk, seeking fines, an injunction against future misbehavior, and an order barring Musk from being an officer or director of Tesla.
The lawsuit puts into sharp relief a question that has been looming over Tesla in recent months: is Musk still the best choice to lead Tesla?