13 Feb 2020 | Tesla's $2 Billion Surprise Share Sale
Tesla's $2 Billion Share Sale | EDF Has Acquired Pod Point | 2020 Starts With A Bang For Italy’s EV Market | Ford Mustang Mach-E European Debut | Petrol And Diesel Car Sales Ban Could Start In 12 Years | Tesla Seeks Approval To Build Long-Range Model 3 In China | Daimler Struggles To Meet European Co2 Targets With Ev Production In Question
Show #696
Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily for Thursday 13th February 2020. It’s Martyn Lee here and I go through every EV story to save you time.
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Welcome to new Executive Producer JOHN C SOLAR
Welcome to new Producer STEVEN C DAVIES
Welcome to new Producer JAIE LAWRIE
TESLA'S $2 BILLION SHARE SALE
"Tesla Inc on Thursday announced plans to raise $2 billion in a stock offering, tapping into an astronomical jump in its share price over the past few months and reversing the electric-car maker’s often-stated policy of avoiding sales of new stock." reports Reuters.com: "Tesla said it would offer 2.65 million shares, of which Chief Executive Officer Elon Musk will buy up to $10 million in shares, while board member and Oracle co-founder Larry Ellison will purchase up to $1 million worth of Tesla shares. Musk has repeatedly assured investors that Tesla will not need to raise more money for costly initiatives including production of a new vehicle model, the ramp-up of its China production and the construction of its first European factory. Since the last capital raise, Tesla has built a $2 billion factory in Shanghai and unveiled the futuristic Cybertruck pickup."
This is Elon 14 days ago: "So in light of that, it doesn’t make sense to raise money because we expect to generate cash despite this growth level. Diluting the company to pay down debt doesn’t sound like a wise move"
Wedbush analyst Daniel Ives said: "“In our opinion the size of this offering is larger than many had anticipated, but we believe it’s a smart move by Musk and the Board to take advantage of being back in a position of strength"
Yahooo Finance said: "Tesla doesn’t report sales by region or breakdown of revenue by country until regulatory filings that follow its earnings reports. On Thursday, the company said revenue rose 70% in China, 65% in the Netherlands and 48% in Norway last year. But in the U.S. -- by far its largest market -- revenue fell 15% to $12.65 billion. Tesla had 48,016 full-time employees at the end of 2019, down slightly from 48,817 from a year earlier."
https://finance.yahoo.com/news/tesla-plots-2-billion-offering-130311465.html
EDF HAS ACQUIRED POD POINT
EDF have acquired a majority stake in Pod Point, as part of a newly-formed joint venture with Legal & General Capital.
Pod Point said today: "The acquisition will help us achieve our vision of a world where travel doesn't damage the earth. By joining up with EDF we can accelerate our roll-out of charging infrastructure, making it even easier for UK drivers to go electric. Pod Point’s charging solutions will become part of EDF’s market-leading EV offers in the UK. Legal & General will take a c.23% stake in EDF’s newly-formed joint venture. Pod Point will be EDF Group’s biggest EV investment and the acquisition forms part of its plan to become the leading energy company for electric mobility in the UK, France, Italy and Belgium."
Wesbite The Energyst said: "While parts of the power industry, including National Grid, believe UK infrastructure can handle an EV boom without a significant increase in generation capacity, EDF’s UK CEO Simone Rossi, offered a different view. “The additional electricity demand from EVs will require urgent investment in low carbon generation from renewables and nuclear,” he stated."
https://theenergyst.com/edf-seals-pod-point-buy-says-ev-demand-will-need-new-nuclear/
2020 STARTS WITH A BANG FOR ITALY’S EV MARKET
"January sales are out for the Italian car market, and electric cars are up by nearly 600%(!) over the same month last year. 1943 fully electric vehicles (BEVs) were sold in the country, an epic surge over last year’s 283 units during the same period" says CleanTechnica: "Incentives in Italy didn’t kick in until March 2019, which all but paused the market during winter months.Further, with EU emissions regulations only now coming into force, many automakers waited for the new year before pushing existing and new electric models to customers. All this certainly explains such an exuberant start of the year, in an otherwise slowing car market. The biggest losers, predictably, were diesel models, which saw a sales drop of over 23% from the same month last year."
FORD MUSTANG MACH-E EUROPEAN DEBUT
"Ford has launched its new Mustang Mach-E electric crossover in London as the spearhead of a drive to electrify its UK fleet and, it claims, save European motorists up to £28m a year in fuel costs." writes Autocar: "Under the banner “Go Electric”, the Mach-E is appearing on London’s roads near Marble Arch ahead of first UK customer deliveries late this year. Prices are not yet official, but it's estimated to cost from around £42,000, rising to £60,000. Deliveries are scheduled for the autumn. The model will initially be launched with two battery pack sizes and three power outputs. The twin-motor all-wheel-drive version is offered with a 75kWh battery and 254bhp, or 99kWh and 332bhp. Both versions provide 429lb ft and a sub-seven-second 0-62mph time, with estimated ranges of 260 and 335 miles."
"It’s a reflection of how far ahead Europe is of the U.S. in terms of adopting electric and electrified vehicles, due in part to strict rules limiting CO2 emissions. The automaker also announced it will have 18 electrified vehicles on the market in Europe by the end of 2021, up from 14 by the end of this year." reports Autoblog: "Ford did not address a report from CNET that said Norway will get priority in Europe for the Mustang Mach-E, saying only that it would be “available simultaneously in both the U.S. and key European markets late this year."
https://www.autoblog.com/2020/02/13/ford-mustang-mach-e-european-launch/
PETROL AND DIESEL CAR SALES BAN COULD START IN 12 YEARS
"The UK's planned ban on sales of new petrol, diesel or hybrid cars could start as early as 2032, Transport Secretary Grant Shapps has said." reports BBC news: "Last week, the government sparked industry concern after bringing the date forward from 2040 to 2035 in a bid to hit zero-carbon emission targets. But Mr Shapps told BBC Radio 5 live it would happen by 2035, "or even 2032," adding there would be consultation. The SMMT car trade body had previously said the 2035 figure was "concerning"."
TESLA SEEKS APPROVAL TO BUILD LONG-RANGE MODEL 3 IN CHINA
"Tesla is seeking approval from Chinese regulators to offer a new China-made Model 3 variant, according to a government document." says Automotive News Europe: "Like the current China-made Model 3, which has a standard driving range of more than 400 kilometers (240 miles), it would be a rear-wheel drive vehicle, the source said, who was not authorized to talk about the matter and declined to be identified."
InsideEVs said: "The MIIT document reveals a curb weight of 1,745 kg (slightly above the 1,726 in the discontinued U.S. counterpart), a 202 kW electric motor and a top speed of 225 km/h (140 mph)."
https://europe.autonews.com/automakers/tesla-seeks-approval-build-long-range-model-3-china
https://insideevs.com/news/398427/long-range-rwd-tesla-model-3-china/
DAIMLER STRUGGLES TO MEET EUROPEAN CO2 TARGETS WITH EV PRODUCTION IN QUESTION
"Daimler CEO ola källenius this week said that meeting 2020 and 2021 stricter emission targets in Europe “will be a challenge.” That could mean big fines for Daimler." reports Electrek: "Källenius admitted that Daimler would have a difficult time meeting new emissions limits while speaking at the company’s annual results news conference in Stuttgart, Germany. That news follows a December report that Mercedes-Benz would delay deliveries of its EQC electric SUV in the United States. The company said it was a strategic decision to “support the growing customer demand for the EQC in Europe.” The move was also made to shift EV production to Europe, to help meet emission rules."
NEW QUESTION OF THE WEEK
The MYEV.com Question Of The Week…
I’m thinking of driving to Italy, 1028 miles and 17 hours. Channel Tunnel to France, skirt the bottom of Switzerland, northern Italy past Milan and onto Pisa. What’s the longest EV road trip you’ve done or WOULD you do?
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