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Elon Musk To Compete To Fund High-Speed Loop In Chicago

30Nov By reutersNo Comments

News

Elon Musk To Compete To Fund High-Speed Loop In Chicago

Tech entrepreneur Elon Musk said on Tuesday The Boring Company will compete to fund, build and operate a high-speed Loop connecting O‘Hare Airport to downtown Chicago. Musk, the chief executive of electric car maker Tesla Inc and rocket company SpaceX, recently started the Boring Company to build transport tunnels for the system, which he says would be far faster than current high-speed trains and use electromagnetic propulsion. Earlier on Wednesday, Chicago's Mayor Rahm Emanuel asked respondents to present proposals to develop, design, equip, finance, operate and maintain an O'Hare Express operating system through a public-private agreement with Chicago. “Although cost estimates for the project are not yet known, the RFQ (Request for Qualifications) stipulates that the O‘Hare Expres...

Elon Musk-led SpaceX Raises Another $100M

28Nov By reutersNo Comments

News

Elon Musk-led SpaceX Raises Another $100M

Elon Musk-led SpaceX has raised $100 million by selling shares, in an extension to a financing round earlier this year that raised up to $350 million, a regulatory filing showed on Monday. SpaceX’s funding round in July had valued the rocket maker at about $21 billion, according to news reports. In May, Space Exploration Technologies Corp launched its first satellite for the U.S. military with its Falcon 9 rocket, breaking a 10-year monopoly held by a partnership of Lockheed Martin and Boeing. The Hawthorne, California-based company also has also outlined plans for a trip to Mars in 2022, to be followed by a manned mission to the red planet by 2024. Besides SpaceX, Musk also leads electric car maker Tesla Inc.

Tesla’s Unfettered Ambition Will Drain Finances: Analysts

18Nov By reutersNo Comments

ANALYSIS

Tesla’s Unfettered Ambition Will Drain Finances: Analysts

Tesla Inc may have to ask creditors and shareholders for more capital to fund development of an electric semi truck, a new roadster and accelerated production of a high-volume electric sedan, analysts said on Friday. Musk unveiled one flashy strategy for generating cash during the launch event Thursday for the Semi truck, surprising the audience with a prototype of a new generation of the Tesla Roadster. Musk promised the Roadster will be the fastest production car available. The first 1,000 cars will cost $250,000 each, paid in full upfront, with later models starting at $200,000. Those deposits would put $250 million into Tesla’s cash drawer today for a car that is likely to go into production in 2020. Musk did not offer details about how Tesla would generate additional funds to...

Tesla Unveils Electric Big-Rig Truck In Midst Of Model 3 Factory ‘Hell’

17Nov By reutersNo Comments

News

Tesla Unveils Electric Big-Rig Truck In Midst Of Model 3 Factory ‘Hell’

[dropcap]T[/dropcap]esla Inc on Thursday unveiled a prototype electric big-rig truck, throwing itself into a new market even as it struggles to roll out an affordable sedan on which the company’s future depends. Chief Executive Elon Musk unveiled the big rig, dubbed the Tesla Semi, by riding the truck into an airport hangar near Los Angeles in front of an invited crowd of what Tesla said were potential truck buyers and Tesla car owners. Musk has described electric trucks as Tesla’s next effort to move the economy away from fossil fuels through projects including electric cars, solar roofs and power storage. Some analysts fear the truck will be an expensive distraction for Tesla, which is burning cash, has never posted an annual profit, and is in self-described “manufacturing hell”...