The chief executive of Renault, chairman of Mitsubishi Motors, and also chairman of Nissan Carlos Ghosn is now facing financial misconduct. Because of the scandal that he is facing now, Nissan is planning to oust him out from his position, and aside from that, there will be a possibility that he will also meet some charges against him.
The Nissan company has informed the public that they have been doing some investigations for several months already and it shows that Carlos Ghosn has made some acts of misconduct in the company like under-reporting his pay package and even using of the company’s assets. Nissan is known to be the world’s sixth largest car maker, and their biggest car plant is in Sunderland in the UK.
As of today, Carlos Ghosn has been arrested, and according to the chief executive of Nissan, they are going to dismiss him from the Japanese firm because of his financial misconduct.
Along with him, one of the board members, Greg Kelly was also accused of financial misconduct. The whistleblower reported that Mr. Ghosn and Mr. Kelly had collaborated to under-report the income of Mr. Ghosn by about 5 billion yen ($44 million) over a five-year period ending in March 2015. In one of the reports, it is said that Nissan provided a home for Mr. Ghosn in Rio De Janeiro, Beirut, Paris, and Amsterdam. But they have found out that he assertedly paid only part of the rent and did not declare the benefit.
During the news conference, Nissan’s chief executive Hiroto Saikawa gave a statement and said that “I feel despair, indignation and resentment “As the details are disclosed I believe that people will feel the same way as I feel today.”
In Japan’s law, the maximum punishment for the crime of financial misconduct is up to 10 years in prison and a fine of up to 10 million yen ($89,000).
After saving two companies from bankruptcy, he is now on the verge of a scandal that is probably the biggest challenge for him after being successful for how many years. Carlos Ghosn has yet to confirm nor deny the allegations that are thrown at him.
Tesla Squash Critics With Record-Breaking Second Quarter Numbers
Tesla was previously criticized due to its weak first quarter, but its second-quarter figures easily prove them otherwise.
Tesla announced record-breaking numbers Tuesday on its production and deliveries in a press release, which was initially thought to be much lower than critics has expected. The newly announced second-quarter report also picks up after its disappointing first-quarter numbers.
Officially, Tesla’s production and delivery numbers totaled to a record-setting 87,048 electric cars produced and 95,200 delivered. There were 14,417 high-end Model X and Model S produced and 17,650 delivered. Meanwhile, the cheaper Model 3 impressively produced 72,531 and 77,500 delivered.
These number easily met the company’s second-quarter goals and beat last quarter’s 63,000 cars delivered with a 51.1% increase from its admittedly weak first three months of this year, which was also Tesla’s biggest drop in sales. It also surpassed its year-ago quarter, which only delivered 40,740 cars. Notably, the company was still struggling with production and deliveries.
Furthermore, the latest figures of 92,500 sets a new record beating the fourth-quarter of 2018 delivers of 90,700 cars Tesla sold in the last three months of that year.
The electric carmaker’s second-quarter figures also “blew away” analysts’ estimates of 91,000, according to data compiled by FactSet. Deliveries for the company’s biggest seller, Model 3, were only expected at 74,100 while combined shipments for the Model S sedans and Model X SUVs were only estimated at 16,600.
There were an additional 7,400 in transit at the end of the second-quarter even, but Tesla would rather include them in their third-quarter report. Tesla’s orders aren’t fully reflected in its delivery numbers until a buyer takes possession of the new car.
“Customer vehicles in transit at the end of the quarter were over 7,400. Due to the order-to-VIN matching process, we described in our Q1 2019 Shareholder Letter, which we extended to Model S and Model X in Q2 to improve process efficiency, this metric has become less relevant. As a result, we do not plan to disclose the customer vehicles in transit metric going forward.”
Due to particularly unique reasons, Tesla deliveries in the first-quarter dropped and has caused a cash crunch for the company’s share price. Tesla shares have lost more than a quarter of their value since the start of the year. In April, the company posted a first-quarter loss of $702 million.
Notably, Tesla faced a lot of issues during the first three months of 2019. The carmaker was plagued by challenges transporting cars from its factory in Fremont, California, across the world as well as questions about waning customer demand.
Also, the company’s decision to release the cheaper version of its electric cars, the Model 3, faced criticism and analysts told that it was a wrong decision from a strategic position since the company was making more from the pricing of its higher-end models.
Fortunately, the Model 3 turned out to be a prosperous gamble which accounted for Tesla’s impressive number today. In March, Elon Musk, the company founder, said that “given that [a lot happening in Q1], and we are taking a lot of one time charges, there are a lot of challenges getting cars to China and Europe, we do not expect to be profitable. We do think that profitability in Q2 is likely.”
Furthermore, the Securities and Exchange Commission was also on Musk’s heels in February as he tweeted about producing an estimated 500,000 cars by the end of the year when analyst estimates only predicted 400,000 — leading to an SEC filing with Musk breaching a previous settlement.
Today, Tesla is addressing its struggle with production and deliveries as they have “made significant progress streamlining [their] global logistics and delivery operations at higher volumes, enabling cost efficiencies and improvements to our working capital position.”
Looking forward to next quarter’s deliveries, “orders generated during the quarter exceeded our deliveries, thus we are entering Q3 with an increase in our order backlog. We believe we are well positioned to continue growing total production and deliveries in Q3.”
The company is “well positioned to continue growing total production and deliveries” in the coming quarter. Tesla also received more new orders last quarter than the total number of deliveries it recorded. That could indicate that there’s still strong demand for Tesla vehicles.
The company’s stock jumped by about 7% in after-market trading. Tesla also hinted at a strong third-quarter.
Europe Wants Electric Cars To Make Noise
The European Union set new rules on electric vehicles that require them to make a noise at certain speeds to improve pedestrian safety.
The European Union set new rules regarding electric cars sold in its territory to produce “noise” to ensure pedestrian safety. The new guideline follows Europe’s promise to become zero-carbon by 2050.
The European Union deems that electric and hybrid vehicles sold from here on out should be able to produce noise when traveling at speeds below 19 km/h (12 mph) to alert unsuspecting pedestrians and cyclists.
Furthermore, the new rule also applies to electric vehicles already sold and operating in any of the union’s countries by 2021. Manufacturers and users will then have to find a workaround or retrofits to comply.
The noise-making system called Acoustic Vehicle Alert System or AVAS, an ironic move by Europe whereas electric vehicles were initially marketed as a quieter version of the conventional four-wheeled cars on the streets.
Quite reasonably, the charity Guide Dogs complained that electric cars were hard to hear when they were approaching. In a written submission to the British Parliament in November 2017, the charity pointed to a research that says, “electric and hybrid vehicles are 40 percent more likely to be involved in an accident which causes injury to a pedestrian.”
Notably, the charity is part of the British Blind Association where they offer guide dogs services for the partially blind and fully blind.
Roads minister Michael Ellis told BBC that the government wanted “the benefits of green transport to be felt by everyone” and understood the concerns of the visually impaired. “This new requirement will give pedestrians added confidence when crossing the road,” he added.
However, the charity noted that the artificial sound should be present in all speeds, given that electric and hybrid vehicles can jump from 0 to 60 mph speeds in just a few seconds. But they did welcome the new rule set by the Union.
In a tweet by BBC News, they provided an auditory demonstration of how these sounds may perform on the streets. Though they may sound less futuristic and more of a metallic clank, manufacturers can still develop it in the future.
The new rule set by Europe also follows its commitment to producing zero emissions by 2050. Furthermore, the Union also noted that they would ban the sale of all carbon cars by 2040. Paris even wants to it earlier by setting a 2030 deadline.
As of the moment, more than one million plug-in electric passenger cars and vans have been registered in Europe by June 2018, making the region the world’s second largest market after China. Furthermore, the European passenger plug-in vehicle market scored some 37,000 registrations in April, growing 30% compared to the same period last year.
In April, fully electric vehicles (BEVs) jumped 70% year over year (YoY), to some 24,000 deliveries, and were responsible for 65% of all plug-in sales in the month while plug-in hybrids (PHEVs) share jumped to 2.8%, and that makes the 2019 plug-in vehicle (PEV) share 3.0%.
Top 15 selling plug-in electric car models in Europe in 2017:
|1||Mitsubishi Outlander P-HEV||100,097|
|5||Tesla Model S||54,116|
|6||Volkswagen Golf GTE||38,993|
|8||Volkswagen Passat GTE||31,632|
|9||Renault Kangoo Z.E.||29,150|
|10||Audi A3 e-tron||28,209|
|11||Volvo V60 Plug-in Hybrid||25,694|
|12||Mercedes-Benz C 350 e||22,049|
|13||Volvo XC90 T8||19,969|
|14||BMW 330e iPerformance||18,808|
|15||BMW 225xe Active Tourer||16,720|
Notably, US electric car maker, Tesla is catching on with rankings as Elon Musk confirmed that it would be expanding its sales across Eastern Europe but not until 2020.
In a monthly model report this June by Clean Technica, the Tesla Model 3 ranked second after French automaker, Renault. “After a delivery peak in March, the poster child for electromobility has dropped to more “normal” performances, with Tesla delivering 3,738 units of its sedan in April. Looking at individual markets, the midsize model was mainly delivered in Norway (720 units), Germany (514), the Netherlands (467), Switzerland (492), and Sweden (446).”
In a global perspective, Europe isn’t the only regulator that is taking more precautionary measures with the rise of electric cars. In the US, the National Highway Traffic Safety Administration will require that all hybrid and electric vehicles emit artificial noise by September 2020, but at faster speeds of 18.6 mph.
‘Tesla’ Developing Own ‘Electric Car Batteries’ In A “Secret Lab”
Tesla is developing its own lithium-ion batteries to help solve the problem of mass production delays.
Tesla is discreetly developing its own “advanced” lithium-ion batteries in a “secret lab” that they hope will be able to go into mass production in the future for Tesla vehicles.
Today, Tesla is setting the foundation on becoming more independent and “vertically integrated” as much as possible by developing its batteries for its electric vehicles to decrease dependence on its partner, Panasonic.
The said batteries are being developed in “a “skunkworks lab” at the company’s Kato Road facility, a few minutes from its car plant in Fremont, California. This is the same factory that Tesla makes the Model 3, Model S and Model X vehicles
“Employees in Tesla’s battery R&D teams are now focused on designing and prototyping advanced lithium-ion battery cells, as well as new equipment and processes that could allow Tesla to produce cells in high volumes,” employees and former employees said.
However, there were already reports indicating that Tesla has been working on developing its battery cells “for the better part of the last decade” under Jeffrey Brian Straubel’s supervision. “JB” Straubel is part of the founding team and the Chief Technical Officer of Tesla Inc. and oversees the technical and engineering design of the vehicles.
Furthermore, speculation says that Tesla started developing its lithium-ion battery cells after the electric car company bought Maxwell Technologies for its ultracapacitor technology, and its work on battery density back in February.
Currently, it is easy to assume that Tesla is already making its battery cells since it claims to have the biggest battery factory in the world. However, the automotive giant is still sourcing its battery cells from Panasonic, which has been the company’s partner since 2014.
In its Gigafactory 1 in Nevada, Panasonic occupies part of the factory who owns cell production lines. Tesla then buys those cells from the Japanese supplier to make battery modules and packs with them in other sections of the same factory.
The news comes in a time when Tesla continues to struggle with mass production, especially when it announced during the first quarter of this year its Tesla Model 3— which is a lesser-end and more affordable electric vehicle towards the general public.
“There is a lot of speculation regarding our vehicle deliveries this quarter,” Musk told employees in an email Tuesday. “The reality is that we are on track to set an all-time record, but it will be very close. However, if we go all out, we can definitely do it!”
Initially, Musk tweeted last February 19 claiming that Tesla will make around 500,000 cars by 2019. Tesla’s initial forecast indicated only a maximum of 400,000 this year. So far, the electric car company has delivered only 63,000 vehicles to customers in the first quarter.
“We already have enough vehicle orders to set a record, but the right cars are not yet all in the right locations,” Musk wrote.
“Logistics and final delivery are extremely important, as well as finding [the] demand for vehicle variants that are available locally, but can’t reach people who ordered that variant before the end of the quarter.”
Furthermore, during Tesla’s 2019 shareholders meeting, the CEO highlighted the fact that Tesla’s product rollout is currently limited by the scaling of battery production.
“As we scale battery production to very high levels, we have to look further down the supply chain and we might get into the mining business… I don’t know. A little bit at least. We do whatever we have to to ensure we can scale at the fastest rate possible.”
According to Musk, the company has been “battery constrained” with a lack of batteries limiting Tesla’s production and sales of electric vehicles and energy storage systems (Powerwalls and Powerpacks).
Straubel said: “It’s more obvious now [that] I think it ever was, we need a large-scale solution to cell production.”
Vice President of Technology Drew Baglino added, “We’re not sitting idly by. We’re taking all the moves required to be masters of our own destiny here, technologically and otherwise. I think through all the experience we’ve developed with partners and otherwise, we will have solutions for this.”
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