Tesla Model 3 Launch to Receive Funding from New Stock Sell
Reuters reported that Tesla plans to raise up to $1.7 billion by new stock sell, to prepare its Model 3 launch. The company in a prospectus said that up to 8.2 million common stock shares will be sold at an expected price of $204.66 per share.
Tesla plans to advance its 500,000-unit production goal to 2018, which is 2 years earlier than the original plan. This adjustment was made in response to the encouraging 373,000 pre-orders of the Model 3. The new fund will mainly be spent on production expansion and supplies.
The 2018 goal is viewed by analysis and suppliers too aggressive. Tesla hired Peter Hochholdinger as VP of vehicle production last week. For Q1 this year, it posted a non-GAAP net loss of $0.57 per share and a GAAP net loss of $2.13 per share.
BMW Sued over i3 Allegedly Defected Range Extension Feature
MLG Automotive Law in a press release stated that it filed a lawsuit case against BMW North America on May 17th. The lawsuit is over alleged defects in BMW i3 with Range Extender. It is a national class action case.
As mentioned in the press release, allegedly in practice, when the range-extending engine operates, the car will speed down as the battery runs to low state of charge, if under significant load conditions like “going up a hill, or loaded with passengers”.
Similar issue was seen online more than one and a half years ago. BMW was reported to have an enhancement through software upgrade and other measures. There also is a recall for mount screw in the US.
Formula E Plans to Race in New York City Next Year
According to CNN, Formula E is trying to have NYC host one round of the championship next year. The CEO Alejandro Agag is “very optimistic” about its happening.
Formula E Championship uses open-wheel electric cars to race, kind of the electric car version of Formula 1. With a 28 kWh battery pack, the cars can output as high as 270 HP. The top speed can reach 140 mph.
The 2015-2016 season is the series’ second season. There are 9 teams and 19 racers to compete.