Tesla

No, Rupert Murdoch’s son will not be running the world’s largest EV maker.

Tesla energy storage deployments grew 18% and storage deployments grew 11%, as the EV + battery + solar company achieves its a long-awaited quarterly profit on the success of its Model 3.

Swedish battery supplier Northvolt has announced plans for a manufacturing plant in Gdansk, Poland. The company says that the plant will have an initial capacity of 10,000 battery modules per year and will begin production in 2019.

Tesla is planning accelerated development and construction of this new battery and EV plant, which will mark the company’s first soirée into international production.

Under the terms of a settlement with the Securities and Exchange Commission (SEC), Musk will be ineligible to serve as chair for three years. The deal also involves a US$40 million penalty and structural changes at Tesla.

The U.S. Securities and Exchange Commission has alleged that Musk’s tweets were false and misleading, and is pushing to have him barred from serving on the board of Tesla or any other public company.

German suppliers may still play a central role in providing residential storage systems, however the increasing number of Asian manufacturers on the European market is undeniable. Particularly in the U.K. and Italy, they have captured the lion’s share of sales.

The company’s shares have returned to a level slightly above where they were prior to the August 7 announcement.

The report found over 3,200 employees working at the factory at the end of 2017, and US$3.7 billion in invested in the plant.

With PIF having distanced themselves from rumors they will help Elon Musk take Tesla back into private ownership – although that claim is disputed – the Saudi wealth fund may be about to write a big cheque to California-based Lucid Motors.