Feeds

Tesla shares dip as Elon Musk admits electrocar firm ran out of juice

'Leccy carmaker suffering from battery shortage

Intelligent flash storage arrays

Shares in Tesla Motors dropped over 14 per cent yesterday after CEO and founder Elon Musk revealed that the firm doesn't have enough batteries for its Model S.

Billionaire inventor Musk told analysts in a conference call that US buyers had been left hanging after their cars were diverted to Europe because there weren't enough lithium-ion batteries to meet demand, the Washington Post reported.

Musk said the situation wouldn't be getting any better until next year, when a deal to secure more batteries from supplier Panasonic would kick in.

The news, coupled with Tesla reporting a net loss of $38.5m for the third quarter on revenue of $430m, scared investors into sending shares down 14.5 per cent, their largest one-day drop since January 2012.

Stocks in the electric carmaker were riding pretty high earlier this year, as the firm got its first profits and its new Model S EV won rave reviews. However, sporadic battery fires have brought the cars' safety into question and Tesla has frequently failed to match analysts' expectations for the number of vehicles it can deliver. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.