Tesla issues stock for trucks and trailers to bolster deliveries

first_img Tesla Car Industry Electric Cars 50 Photos Tesla Model 3 barrels through the snow in Track Mode More about 2018 Tesla Model 3 Performance Tesla Model 3 Review: Performance trim Review • Tesla Model 3 Review: Performance trim More From Roadshow Tags 2019 Nissan Leaf Plus review: A better EV, but maybe not the best Preview • 2018 Tesla Model 3 Performance: The future, quicker 0 While Tesla’s sales model is currently a bit… schizophrenic, the automaker has held firm that it needs to continually improve its delivery process, and according to a new SEC filing, it’s following through on that promise.Tesla filed documents with the SEC today to register 49,967 shares of Tesla common stock. The shares carry a value of approximately $14 million ($13,843,346.35 if you dig precision). The money is being used to bolster the delivery side of its sales operations.”Tesla agreed to issue shares of Tesla’s common stock in connection with its acquisition of certain car-hauling trucks and trailers from Central Valley Auto Transport, Inc., an automotive transport provider,” the automaker wrote in its SEC filing. The filing states the company made this move in order to “increase its vehicle transport capacity, reduce vehicle transportation time, and improve the timeliness of scheduled deliveries.” Tesla did not immediately return a request for further comment.Enlarge ImageTesla has been very cagey when it comes to discussing specifics of its delivery logistics. Smith Collection/Gado/Getty Images A quick trip to Central Valley Auto Transport’s website shows that the company specializes in the usual type of vehicle delivery trucks you see patrolling streets across America. It has a three-figure fleet of carriers that can accommodate between one and nine vehicles.This filing provides a bit more information than previous comments regarding boosting its delivery capacity. Last November, CEO Elon Musk tweeted that Tesla “just acquired trucking capacity” to ensure it could deliver as many Model 3 EVs as possible ahead of a federal tax incentive reduction. At that time, the automaker declined to discuss specifics. It also played into Tesla’s strategy to reduce reliance on train-based car transport, which, according to Musk’s tweets, can take longer to deliver vehicles to far-off corners of the US than trucks can.Tesla said in its fourth-quarter earnings call that it hopes to deliver between 360,000 and 400,000 Tesla vehicles in 2019, a 45-to-65-percent increase from 2018. Scooping up trucks like those from Central Valley Auto Transport should help it reach that goal.(Hat tip to Electrek!) Post a comment 2020 BMW M340i review: A dash of M makes everything better Share your voice Elon Musk Teslalast_img read more

TCS Planning Staff Restructuring Aimed at 25000 Senior Employees

first_imgIndia’s largest IT services company Tata Consultancy Services is reportedly planning staff restructuring exercise potentially covering 25,000 senior employees. Every vertical has been asked to evaluate the senior staff, including senior consultants, principal consultants, vice-presidents and above to identify the more productive ones, company sources said.The workforce optimisation programme, which is said to be in its planning stage, will most probably be over by February 2015.At least 25, 000 employees, both from onsite and offsite locations, are likely to come face the evaluation.”These are employees with around 20 years of experience and some 25,000 employees could fall in this category. They would be reviewed during the process which will get over by February 2015, before the next appraisal cycle starts from March,” Business Standard quoted the sources as saying.A TCS spokesperson said: “As a performance-driven company, workforce optimisation is a continuous process, which happens throughout the year, taking into account employee performance, business needs, and people aspirations. This leads to some amount of involuntary attrition in the company. This is nothing out of the ordinary or a special situation for us to comment about.” The optimisation programme is however not going to affect the freshers and junior-level employees, according to an executive.The spokesperson said that the programme is nothing unusual or new, the evaluation of employees goes on throughout the year. The company said it will instead be hiring 55, 000 professionals in the fiscal year 2016.Some analysts said this drive is a new trend being incorporated into the system by several other companies such as Infosys and Wipro. “Around one to two per cent of involuntary attrition happens in almost all the companies and TCS is not an exception. The overall numbers at TCS may be more pronounced due to its size,” an analyst told BS on condition of anonymity.At the end of the second quarter ended 30 September, TCS had total 3,13,757 employees, including gross addition of 20,000.last_img read more