DETROIT (AP) — The head of electric car maker Tesla Motors says the company should turn a profit in five years after it brings a lower-cost car to market.
CEO Elon Musk, speaking Tuesday at an automotive conference, said Tesla needs to show a profit, and will when it's selling 500,000 cars per year. He predicted that sales milestone will be reached in 2020, when its lower-cost car — the Model 3 — is in full production.
Suntech America Inc., the U.S. unit of Chinese solar panel maker Suntech Power, followed its parent in seeking bankruptcy protection Monday, listing more than $100 million in assets and in debts in Chapter 11 filings in court in Delaware, Bloomberg reports.
DETROIT (AP) — With the introduction of an affordable electric car that can go 200 miles on a single charge, General Motors sets up a showdown with Tesla to sell an electric vehicle to the masses. It may also upstage a car of its own.
GM on Monday unveiled the Chevrolet Bolt, a $30,000 concept car that will probably go on sale in about two years. The range will make it attractive to many buyers who would not consider a fully electric car for fear of running out of juice. The rollout of the orange compact hatchback eclipsed GM's unveiling of a revamped Chevy Volt at the Detroit auto show.
Elon Musk – due to speak at the auto show in Detroit this week for the first time in two years -- does not anticipate changing his plans for Tesla Motors despite increased competition from other players in the industry, The Wall Street Journal reports.
Investment in clean energy increased 16 percent to $310 billion in 2014, rising for the first time in three years, in part because of Chinese commitment, more plans for offshore wind and more money put into electric vehicles, Bloomberg reports, citing statistics from Bloomberg New Energy Finance.
North Dakota and the Midwest shipped out an average of 732,000 barrels of crude per day in January, according to monthly statistics on crude-by-rail movements released for the first time Tuesday by the Energy Information Administration, The Hill reports.
Republicans may be urging states to turn their backs on Environmental Protection Agency rules limiting power plant carbon emissions, but Democratic Gov. Jay Nixon is gearing Missouri up to cooperate, going so far as to send officials to an EPA “policy academy” on ways to meet the new standards, the Springfield News-Leader reports.
New driller Independence Resources Management LLC -- which intends to focus on unconventional shale plays in places like the Anadarko Basin – is getting $500 million in backing from private equity firm Warburg Pincus, the Houston Business Journal reports.
Even with solar installations of their own, most customers would be better off financially staying connected to the grid, according to a study in the journal Energy Policy, The Washington Post reports.
An amended lawsuit filed by Petrobras investors in New York last week claims that auditor PricewaterhouseCoopers ignored "obvious red flags" that should have tipped it to a fraud and money laundering scheme, Bloomberg reports.