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Cramer: Elon Musk made a mockery of latest Tesla earnings call

CNBC's Jim Cramer was not impressed with the earnings conference call Tesla hosted last week to explain its 2014 fourth-quarter and annual results, calling CEO Elon Musk's reasons for the company's performance "horrendous," "ridiculous," "a fiasco," and reminiscent of "the rambling John DeLorean." Musk said Tesla met its production target of 35,000 Model S units for the year, but missed out on getting something like 1,400 of those vehicles into customers' hands because of the weather, problems with "actual" ships, and customers being on vacation. Revenue rose to $956.7 million for the year, but the company posted a loss of more than $107 million for the quarter. Tesla saw its third Chinese executive in a year resigned from the company this month, when its VP of communications and chief marketing officer departed. Musk argued that problems in China are "overblown." Part of the trouble in China, Musk argued, has been that the Tesla sales team has been telling customers it's difficult to charge the cars. And the company also dropped two bombshells: Telsa has planned to spend $1.5 billion on capital expenditures planned this year, without borrowing, a statement that a Morgan Stanley analyst called hitting the "insane button." And Musk said Tesla will have a higher market cap than Apple in ten years. Right now, Apple's market cap exceeds $700 billion, Tesla's is about $27 billion; Musk's plan would need 50-percent annual revenue growth for a decade, depending on who you believe. Cramer, who rarely minces words on anything, thinks that's all just plain insane, writing that Musk's explanations "hang himself" and remind him of John DeLorean. Cramer said he loves the car, but he's frustrated with what he calls a "cult stock," which "can't be valued by traditional metrics." It's a sentiment that Musk is in no hurry to change, but he doesn't need to as long as he backs up his braggadocio. For more, check out the call transcript, Q4 Shareholder Letter, and SEC filing. News Source: CNBCImage Credit: AP Photo/Cathleen Allison Earnings/Financials Green Tesla quarterly earnings

Tesla Gigafactory coming to Reno, Nevada with $1.2 billion in tax incentives

You want details on the Gigafactory? You got 'em. At least the preliminary ones. At an event with Nevada Governor Brian Sandoval this afternoon, Tesla Motors announced that its first Gigafactory will be built outside Reno. As was leaked yesterday and confirmed by unnamed state officials today, the plant will be where Tesla will make a big statement not only about EVs but also the power of Nevada to further that particular fight. The incentive package is worth $1.2 billion over 20 years. Tesla CEO Elon Musk, speaking in Carson City, said that Nevada did not offer the biggest incentive package, but that, "This is not just about the incentives. [Nevada is a] really get things done state. That was a really important part of the decision," according to the Reno Gazette-Journal. That said, the incentive package is still more than twice what Musk originally said would be needed. The state worked out a deal with the automaker that will be wordh $1.2 billion over 20 years and should basically let Tesla operate tax-free for ten years, the RGJ reports. That will not surprise some people. The RGJ breaks down the numbers this way: $725 million for a 20-year 100 percent sales tax abatement $332 million for a 10-year 100 percent property tax abatement $120 million in transferable tax credits $75 million in transferable tax credits worth $12,500 per job times 6,000 jobs). $27 million for a 10-year, 100 percent modified business tax abatement $8 million in discounted electricity rates for eight years The Gigafactory is Tesla's answer to the question of how it will be able to make a $35,000 EV that will be able to over 200 miles on a charge. Tesla CEO Elon Musk has said that a 30-percent decrease in cost for the batteries is "probably conservative at this point." The Reno Gigafactory could be in operation by late 2016. Tesla is partnering with Panasonic on the plant. The governor thanked Senator Harry Reid, who he said played an important role. Whether the Reno announcement is the first of many remains to be seen. For now, the other states that wanted the plant, like California and Arizona, remain hopeful. Tesla's official statement and a short local news report on yesterday's rumors are available below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Fisker to unveil its all-electric EMotion at CES in January

Back from the brink, electric carmaker Fisker says it will debut its EMotion sedan at the 2018 Consumer Electronics Show in Las Vegas in January. The EMotion is notable for several reasons, including its promised 400-plus miles of range, the ability to charge to 125 miles of range in just 9 minutes and its lidar autonomous technology. The car will also feature four butterfly doors and will be built with carbon fiber rims and a mixture of carbon fiber and aluminum in the body to save on weight. It's also the second go at building an EV for Fisker, which filed for Chapter 11 bankruptcy protection in 2013 after the Fisker Karma luxury plug-in hybrid fell flat. Fisker was sold in 2014 to Chinese auto supplier Wanxiang Group for about $149 million. And the EMotion can be yours for a cool $129,000. In fact, the company started taking pre-orders in June with a $2,000 deposit, even though the car won't come out until 2019. The EMotion is seen as a rival to Tesla, but CEO Henrik Fisker tells The Street he sees room for competition in the EV segment. "I don't think anyone is out to kill anybody," Fisker said. "Tesla doesn't really have a competitor. It doesn't look like one is going to emerge. I think it's time to move to a next level of this technology and I believe that we have come up with some real breakthroughs." Fisker also told The Street the company is simultaneously developing an affordable version of the EMotion, aimed to be priced around $34,000, that's due out in 2020. That's just a hair under the $35,000 base price of the Tesla Model 3. The veteran car designer first revealed the EMotion via Twitter in June. He told Autoblog recently that he's looking to buy an existing factory to build the car but hadn't yet chosen one, saying "We don't have to make a decision until the end of the year." The EMotion will be powered by two electric motors giving it all-wheel drive, lithium-ion battery packs sourced from LG Chem with a cooling system designed by Fisker that increases energy density. Related Video: Featured Gallery Fisker EMotion View 14 Photos News Source: The Street Celebrities Green Plants/Manufacturing CES Fisker Tesla Green Automakers Technology Emerging Technologies Autonomous Vehicles Electric Sedan Henrik Fisker