BusinessGreen: Elon Musk's electric car firm is profiting from developing technologies for Toyota and Daimler
Danny Bradbury for BusinessGreen guardian.co.uk, Thursday 11 November 2010 12.29 GMT
Fresh from last week's $30m cash injection from Panasonic, electric car firm Tesla this week posted third quarter losses for the quarter ending September.
However, the losses were less than expected and garnered a positive response from the markets. Analysts polled by Zacks Investment Research had predicted a 43 cent per share loss, but actual earnings came in at a loss of 38 cents per share. In total, the high-profile electric car manufacturer posted third quarter losses of $34.9m, down slightly from the $38.5m loss recorded in the second quarter.
Meanwhile, its revenues were up 10% on the quarter, buoyed up by revenue from the firms' development service line as automative sales dipped slightly from compared to the second quarter. Telsa's automotive sales for the first three quarters this year were also down compared to the same period last year, dipping 27.3 per cent.
But losses were offset by $12.6m in revenues from the company's burgeoning development services business. The firm has been developing a battery and charger for Daimler and the company expects revenue from development deals to continue to offset losses until it can push through new product sales.
For example, the firm signed a deal with Toyota last month to develop a new powertrain for the Japanese firm.
The company, headed by chief executive Elon Musk, also said that it is on track to release its Model S Electric Sedan next year, providing a more mainstream and lower-priced alternative to its sports-class Roadster model. However, the vehicle, which will be built at a Californian factory, will still sell at a premium.
Tesla enjoyed a stellar IPO in June that saw its market capitalisation reach over $2.2bn, but its share price subsequently dipped prompting accusations that the company had been over-hyped.
However, the announcement of a strategic partnership with Panasonic last week pushed Tesla's shares above the IPO price for the first time since the summer, and this week's earnings call did little to quash recent market enthusiasm for the stock with the share price jumping 19.2% yesterday after the announcement on Tuesday.
Friday, 12 November 2010
The energy bill that lets consumers gamble on future savings
Green Deal bill allows consumers to shift the upfront costs of energy efficiency measures to suppliers
Tim Webb guardian.co.uk, Wednesday 10 November 2010 21.48 GMT
Interest rate-savvy homeowners who are used to weighing up the merits of fixed-rate mortgages against tracker deals will soon be making similar bets on energy prices to pay their fuel bills.
The government is to unveil a Green Deal bill by the end of the year, which will result in energy companies spending a total of £250bn over the next decade on the upfront costs of improving insulation on individual homes.
Measures will include fitting loft and cavity wall insulation, and energy efficient boilers, and may include solar panels and heat pumps.
The Green Deal, which allows consumers to shift the upfront costs of energy efficiency measures to suppliers, will be available from 2012.
Households that request the work will trigger a charge over 20 years that is fixed to the property, even after the first occupants move out.
The work will be paid for from the savings on the property's energy bill.
Under the government's "golden rule", a household with an £1,500 annual electricity and gas bill could have £10,000 of work done under the Green Deal. Spread over 20 years, the £500 annual charge would be offset by the fuel savings, so the bill remains less than £1,500.
But if energy prices slump, households that have signed up to the Green Deal could be worse off than those who have not, in a similar way that those on tracker mortgages are benefiting from rock bottom interest rates, unlike those on longterm fixed deals.
Ann Robinson, the director of consumer policy at uswitch.com, said: "You could say I will go for a punt on prices going up and go for a fixed deal.
People will be a lot more aware about energy prices and how to manage their energy usage."
She added that the Green Deal remained a good option, because energy prices would rise in the long term, and energy-efficient properties would also be worth more than those that were not.
Energy executives expect that as consumers get used to locking themselves into 20-year fixed payments under the Green Deal, they will become more comfortable with agreeing to sign up to longterm fixed packages for the electricity and gas they consume.
The roll-out of smart meters will also make it easier for companies to offer many more packages, rather than one standard variable payment, based on wholesale energy prices, as is the case now.
Ian Marchant, the chief executive of Scottish and Southern Energy, one of Britain's "Big Six" energy suppliers, said that for example customers could decide to hedge themselves against higher prices by fixing 80% of their energy bill, including the Green Deal element. The remainder would be left "floating" so that households could save money by reducing their consumption.
He added: "At the moment we do not offer people a choice. The package of service, product and pricing is pretty similar. But in the future people will make a lot of choices.
"Consumers do not properly engage on energy, because we do not allow them to. That is not good for society and should change."
It is possible at the moment to secure a fixed fuel tariff, but such offers vary in popularity. British Gas has about a tenth of its 15 million customers on a two-year fixed deal. The company is expected to offer pilot Green Deals next year.
Tim Webb guardian.co.uk, Wednesday 10 November 2010 21.48 GMT
Interest rate-savvy homeowners who are used to weighing up the merits of fixed-rate mortgages against tracker deals will soon be making similar bets on energy prices to pay their fuel bills.
The government is to unveil a Green Deal bill by the end of the year, which will result in energy companies spending a total of £250bn over the next decade on the upfront costs of improving insulation on individual homes.
Measures will include fitting loft and cavity wall insulation, and energy efficient boilers, and may include solar panels and heat pumps.
The Green Deal, which allows consumers to shift the upfront costs of energy efficiency measures to suppliers, will be available from 2012.
Households that request the work will trigger a charge over 20 years that is fixed to the property, even after the first occupants move out.
The work will be paid for from the savings on the property's energy bill.
Under the government's "golden rule", a household with an £1,500 annual electricity and gas bill could have £10,000 of work done under the Green Deal. Spread over 20 years, the £500 annual charge would be offset by the fuel savings, so the bill remains less than £1,500.
But if energy prices slump, households that have signed up to the Green Deal could be worse off than those who have not, in a similar way that those on tracker mortgages are benefiting from rock bottom interest rates, unlike those on longterm fixed deals.
Ann Robinson, the director of consumer policy at uswitch.com, said: "You could say I will go for a punt on prices going up and go for a fixed deal.
People will be a lot more aware about energy prices and how to manage their energy usage."
She added that the Green Deal remained a good option, because energy prices would rise in the long term, and energy-efficient properties would also be worth more than those that were not.
Energy executives expect that as consumers get used to locking themselves into 20-year fixed payments under the Green Deal, they will become more comfortable with agreeing to sign up to longterm fixed packages for the electricity and gas they consume.
The roll-out of smart meters will also make it easier for companies to offer many more packages, rather than one standard variable payment, based on wholesale energy prices, as is the case now.
Ian Marchant, the chief executive of Scottish and Southern Energy, one of Britain's "Big Six" energy suppliers, said that for example customers could decide to hedge themselves against higher prices by fixing 80% of their energy bill, including the Green Deal element. The remainder would be left "floating" so that households could save money by reducing their consumption.
He added: "At the moment we do not offer people a choice. The package of service, product and pricing is pretty similar. But in the future people will make a lot of choices.
"Consumers do not properly engage on energy, because we do not allow them to. That is not good for society and should change."
It is possible at the moment to secure a fixed fuel tariff, but such offers vary in popularity. British Gas has about a tenth of its 15 million customers on a two-year fixed deal. The company is expected to offer pilot Green Deals next year.
Subscribe to:
Posts (Atom)
Posts
