Saleen Automotive is best known for building hot numbers including countless tuned Ford Mustang muscle cars, and more recently, for offering a custom version of the Tesla Model S. Unfortunately, the company needs a huge infusion of cash even faster than its cars if it wants to stay on the road beyond the end of the year. In a new Securities and Exchange Commission filing, Saleen admits that its financial situation is dire, and it has just $7,261 in cash sitting in the bank as of September 30.
The aftershocks of General Motors' ignition switch recall keep coming. First, the automaker announced that it saw an 86-percent decrease in net income for the first quarter of 2014 partially due to recall-related expenses. Now, a recent Securities and Exchange Committee filing from GM shows that it's facing a plethora of lawsuits and investigations, including one from the SEC itself.
Tesla CEO Elon Musk doesn't get paid much directly from Tesla Motors, just a $1 annual salary, but he's still raking in the dough from his work with the electric car company. Last quarter, he earned $4.3 million in stock-based pay because work on the Model X was reported as "considered probable of being met" in the company's latest SEC filing.
Finally, we know the number. Tesla Motors announced today that it sold 5,150 Model S electric vehicles in North America last quarter. Divide by three and you see that the California company sold around 1,700 cars a month, which puts it right up there with the current plug-in vehicle champions, the Nissan Leaf and the Chevy Volt. That's despite the fact that the cheapest Model S, which starts at $69,900 but often sells for a lot more with better options, costs at least twice as much as the sales
An investigation by the US Department of Justice into charges that Daimler bribed officials in 22 countries with "tens of millions of dollars" to win contracts worth hundreds of millions of dollars from 1998 to 2008 has almost come to a close. Daimler paid $195 million in fines to the DoJ and the Securities and Exchange Commission in 2010 over the issue and, along with three subsidiaries in Germany, Russia and China, agreed to a deferred prosecution agreement that placed it under two years of pr
In recent days, Tesla Motors stock (TSLA) has been climbing and climbing, hitting a high of $58.18 earlier today before closing at a respectable $53.99. The rise comes amid a string of headline-making events – higher-than-expected sales, franchise dealer fights and a new warranty program, to name just three – but under all of the good news lies a potential problem. The Wall Street Journal revealed today that Tesla was served subpoenas from US federal prosecutors over details on the c
It ain't easy creating a brand-new automaker from scratch. The fact that Elon Musk and Tesla have actually been able to bring not one, but two cars to market is in itself quite impressive. That said, the road has not been without its bumps, and Tesla is feeling some of the setbacks that come with being a fledgling automaker.
Mother is a well-respected ad agency with offices in London, New York and Buenos Aires. Another noteable detail about Mother is that Pernilla Ammann is a partner and COO of Mother New York. That's important, because Mrs. Ammann's husband is General Motors CFO Dan Ammann. Neither point stands out on its own, but General Motors spent $600,000 with Mother to create webisodes in support of the 100th birthday of Chevrolet, and that's gotten the attention of the Securities and Exchange Commision.
2009 was a rough year for most companies in the automotive industry. Delphi, a major automotive parts supplier, saw things a little differently. After entering bankruptcy in 2005, Delphi was able to climb out of its Chapter 11 hole in 2009. Now, two years later, Delphi is heading to Wall Street, and it looks like the parts supplier is about to make it rain.
With a glut of new and updated models to peddle, Chrysler has reportedly upped its marketing budget to $2.9 billion for 2011, up from $1.72 billion in 2010. The automaker outlined the costs in documents given to the Securities and Exchange Commission.
A federal jury has cleared Former Delphi CEO J.T. Battenberg of the most serious allegations levied against him by the Securities and Exchange Commission. The SEC had charged both Battenberg and former Delphi accountant Paul Free with a variety of offenses, the most severe of which were fraud charges associated with misrepresenting a $237 million payment to General Motors. On Thursday, the jury cleared Battenberg of four of the most severe charges, but found him guilty of failing to maintain acc
According to the Detroit Free Press, the Securities and Exchange Commission has accused former Delphi CEO J.T. Battenberg III of intentionally working to hide his company's financial situation from investors. On Tuesday, an SEC lawyer told the jury in Battenberg's trial that the ex-Delphi boss made the company's financial numbers look better than they were in order to secure larger bonuses. The SEC sued both Battenberg and Paul Free, the former Chief Accounting Officer for Delphi, and several ot
Former White House Auto Industry Task Force member Steven Rattner is being sued by New York State Attorney General and Governor-elect Andrew Cuomo for allegedly paying kickbacks to win investments in the state's pension fund.
The Securities and Exchange Commission is moving forward with charges against four former Delphi executives, including the company's ex-CEO, J.T. Battenberg III. Paul Free, the company's former controller and chief accounting officer, Milan Belans, who served as the director of capital planning and Catherine Rozanski, Delphi's former accounting director are all facing a civil suit along with Battenberg in relation to four suspect transactions the company made in 2000 and 2001. The SEC alleges th
It was only last week when Reuters reported that Ed Whitacre, Jr. told the media that General Motors IPO shares would "likely to be priced between $20 and $25 in the initial public offering by the automaker in November." GM didn't respond immediately, but now, like a judge giving instructions to the jury to disregard a courtroom outburst, The General is essentially saying "ignore everything you just heard."
According to Reuters, the Securities and Exchange Commission is set to settle with the former head of the Obama Administration's auto task force, Steven Rattner. Earlier this year, the SEC charged Rattner with participating in a pay-to-play pension program, but the commission is expected to announce today that the former car czar has agreed to pay a fine of more than $5 million and accept a multi-year ban from the securities industry.