Demand for Tesla vehicles remained strong during pandemic, Musk says

FILE PHOTO: Tesla Inc CEO Elon Musk speaks on stage during a delivery event for Tesla’s China-made Model 3 cars at its factory in Shanghai, China, January 7, 2020. REUTERS/Aly Song/File Photo

(Reuters) – Tesla Inc (TSLA.O) Chief Executive Elon Musk said in a podcast released on Friday that demand for the company’s electric vehicles remained strong throughout the coronavirus pandemic, with consumers preferring to shop online.

Musk, talking to Automotive News’ Daily Drive podcast, said having a traditional dealer network – something he considered in the past – appears increasingly unnecessary.

“We saw strong orders through the whole pandemic, we still had a good order volume,” Musk said. “I guess people are less inclined to want to go to a dealership, do the test drive and hang out in the lobby and that kind of thing.”

Asked about a 2020 meteoric stock rally that has pushed Tesla

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Tesla battery supplier LG Chem shares jump 10% on upbeat outlook

SEOUL (Reuters) – LG Chem, an electric vehicle battery supplier for Tesla, Volkswagen (VOWG_p.DE) and others, said on Friday it expects profitability in its battery business to rise in the second half, helping shares surge nearly 10%.

“Sales are expected to grow and profitability is expected to remain robust thanks to greater EV shipments for European automakers and increased sales for cylindrical EV batteries,” LG Chem said.

The company did not mention Tesla, but it supplies small cylindrical-type batteries for the carmaker’s China models.

LG Chem’s energy solutions division, which makes batteries for smartphones and cars, swung to an operating profit in the second quarter, partly due to improved productivity at its Poland factory which caters to European customers like Volkswagen and Audi.

LG Chem said its factory utilization rates have normalized starting May after the coronavirus outbreak had led to temporary factory suspensions at automakers in the

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Exclusive: Panasonic aims to boost energy density in Tesla batteries by 20% – executive

TOKYO (Reuters) – Panasonic Corp (6752.T) plans to boost the energy density of “2170” battery cells it supplies to Tesla Inc (TSLA.O) by 20% in five years and commercialize a cobalt-free version “in two to three years”, the head of its U.S. EV battery business said.

FILE PHOTO: A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai

This is the first time Panasonic, a leading cell provider for the world’s top electric vehicle (EV) maker Tesla, has outlined these targets, putting down a marker in a highly competitive sector to stay ahead of the game.

Panasonic introduced the “2170” lithium-ion cells, with the nickel-cobalt-aluminium (NCA) cathode chemistry, for Tesla’s Model 3 in 2017. Researchers say it already has the highest energy density at above 700 watt-hour

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Tesla says it took government payroll benefits to offset coronavirus shutdowns

(Reuters) – Tesla Inc (TSLA.O) received payroll related benefits from the government in the first half of the year to help reduce the impact of the coronavirus pandemic on its business, the electric carmaker said in a filing on Tuesday.

FILE PHOTO: The Tesla logo is seen on a car in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson/File Photo

The company, whose Chief Executive Officer Elon Musk has spoken against further government aid as Congress debates another round of stimulus, said that along with cost cuts, the benefits had offset almost all of its costs due to the idling of factories in this year’s lockdowns. (bit.ly/2P4QdsC)

Tesla’s only U.S. vehicle factory — in California, where most of its cars are produced — was shut down for some six weeks in the second quarter ended June after an initial standoff with local authorities.

Reuters could

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