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Category: Elon Musk – Page 271

Tesla buys SolarCity.

(Reuters) — SolarCity Corp agreed to be acquired by sister company Tesla Motors Inc in a deal worth $200 million less than the initial offer, sending shares of both companies down in early trading on Monday.

Electric vehicle maker Tesla expects to achieve “significant” cost savings and “dramatic improvements” in manufacturing efficiency as a result of the acquisition of solar panel installer SolarCity, Tesla Chief Executive Officer Elon Musk said on Monday.

Musk said the combined companies will have a “stronger balance sheet,” but likely will require a “small equity capital raise” next year. Both companies have been burning through cash and have projected achieving positive cash flow later this year.

Continue reading “Tesla acquires sister firm SolarCity for .6 billion” | >

Elon Musk’s SpaceX is planning on going to Mars. NASA estimates that the cost will only be around $300 million.

Ever since Musk founded SpaceX is 2002, with the intention of eventually colonizing Mars, every move he has made has been the subject of attention. And for the past two years, a great deal of this attention has been focused specifically on the development of the Falcon Heavy rocket and the Dragon 2 capsule – the components with which Musk hopes to mount a lander mission to Mars in 2018.

Among other things, there is much speculation about how much this is going to cost. Given that one of SpaceX’s guiding principles is making space exploration cost-effective, just how much money is Musk hoping to spend on this important step towards a crewed mission? As it turns out, NASA produced some estimates at a recent meeting, which indicated that SpaceX is spending over $300 million on its proposed Mars mission.

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Elon Musk has been a busy man lately as he works to transition the world to renewable energy and sustainable transportation with the goal of decarbonizing the global economy to meet the challenge of climate change. To meet that goal, Tesla will need to address “high passenger-density urban transport” – and Musk just confirmed plans to create a fully autonomous electric Minibus using the Model X chassis.

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Elon Musk is today set to merge Tesla Motors and SolarCity, Reuters is reporting, kicking off part two of his master plan to transform our cities and suburbs into environmentally friendly automated wonderlands.

In July Musk wrote of his plan to merge the two companies in a blog post entitled Master Plan, Part Deux, saying it was essential to “create a smoothly integrated and beautiful solar-roof-with-battery product that just works, empowering the individual as their own utility, and then scale that throughout the world.

“We can’t do this well if Tesla and SolarCity are different companies, which is why we need to combine and break down the barriers inherent to being separate companies. Now that Tesla is ready to scale Powerwall and SolarCity is ready to provide highly differentiated solar, the time has come to bring them together.”

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Sad for Russia.

President Vladimir Putin and other Russian officials dream of a technological leap that could immediately close the gap between Russia and more advanced economies, as Sputnik did for the Soviet Union. The hyperloop, a kind of train in a tube that can reach speeds of up to 700 mph, fits that dream, and a well-connected Russian businessman has invested in it — only to see the project become embroiled in a lawsuit involving a Silicon Valley startup’s founders and claims of financial mismanagement.

Elon Musk, Tesla’s chief executive, proposed the hyperloop four years ago. This “fifth mode of transport” would involve a system of practically airless tubes through which magnetically levitated pods could carry passengers and cargo. Musk has not set up a company to bring the project to reality, but others have. For example, Hyperloop Transportation Technologies, wants to build a system in Slovakia. Another, Hyperloop One, offered a public demonstration of some elements of its technology in May.

Hyperloop One has seemed the most advanced project, and Russian investors showed an interest from the start. The state-owned Russian Direct Investment Fund took a small stake in the company, but Ziyavudin Magomedov, head of Summa Capital, was the most enthusiastic Russian investor, putting up money for both of the company’s funding rounds.

Continue reading “Russia’s hyperloop dream is undone” | >