Mysterious Hyundai Kona EV fire currently under investigation

Hyundai Canada has stated that it is actively investigating the case of a Kona Electric that recently exploded while it was parked at its owner’s home in Montreal. The mysterious, fiery incident resulted in a garage door getting ripped off its track and flying across the street. 

In an emailed statement to Automotive News Canada, Hyundai Canada spokesman Jean-François Taylor stated that the company has been in contact with the ill-fated vehicle’s owner. Taylor also noted that it is actively working with investigators to get to the bottom of the incident. 

“We have indeed been in contact with the customer. We are working with authorities and fire investigators in Montreal to understand the root cause of the incident, as this is not yet known. As is always the case, the safety of our customers is our first priority, and we will push to fully understand the issue as quickly as possible,” he said. 

https://twitter.com/MWagnerRC/status/1154914693917679623?s=20

Amidst conflicting reports about whether the Kona Electric was plugged in and charging when Piero Cosentino, the vehicle’s owner, noticed smoke coming out of his garage, Gabrielle Fontaine-Giroux of the Montreal Fire Department noted that it is still far too early to come to conclusions about the event. 

“It is still too early to draw conclusions as to what may have caused the incident. The [department] is ensuring proper follow-up with electric vehicle experts,” Fontaine-Giroux said. 

Transport Canada, for its part, has stated that it will release more information about the investigation around Tuesday or Wednesday morning, at the latest. 

While electric car fires attract a notable amount of attention, they actually happen far less than gasoline or diesel fires. In Tesla’s second-quarter vehicle safety report, for example, the Silicon Valley-based company stated that there was around one Tesla vehicle fire for every 170 million miles traveled. 

In comparison, the National Fire Protection Association (NFPA) and the US Department of Transportation recorded one vehicle fire for every 19 million miles traveled. That makes them over eight times less likely to be involved in fires. Part of this is due to the vehicles’ simpler, more straightforward design, which foregoes an internal combustion engine and gas tank in favor of electric motors and batteries.

Mysterious Hyundai Kona EV fire currently under investigation

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Elon Musk hopes to ramp Tesla Solar Roof production to ~1K/week by end of 2019

The long-awaited production ramp of the Tesla Solar Roof might finally be at hand. In a recent update, Elon Musk noted on Twitter that Tesla is currently spooling up the special shingles’ production line as quickly as it can, which would hopefully allow the company to manufacture the Solar Roof at a rate of around ~1,000 per week by the end of 2019. 

Musk’s comments came as a response to Tesla owner-enthusiast and Ride the Lightning podcast host Ryan McCaffrey, who inquired about the Solar Roof’s rollout. Musk had previously mentioned that the Solar Roof’s release is taking longer than expected due to the long development cycle for the shingles. As such, customer installations of the Solar Roof have begun, but only in small quantities. 

An impending production ramp of the Solar Roof, even at a rate of around 1,000 per week, bodes well for the potentially revolutionary product. Tesla’s Solar Roofs, after all, stands as a critical component of Elon Musk’s Master Plan, Part Deux, which involves the creation of “stunning solar roofs with seamlessly integrated battery storage,” thereby helping customers attain power independence. 

During the Model Y unveiling event, Elon Musk mentioned that Tesla would be focusing on its energy products in 2019, even going so far as to state that 2019 will be the “Year of the Solar Roof and Powerwall.” Two quarters into the year, and this ramp is yet to come to fruition. 

Falling prey to a delayed rollout, the Solar Roof tiles have become a notable point commonly used by Tesla’s critics when speaking about the company’s alleged “broken” promises. A report was even published on Reuters last May stating that only around 21 Solar Roof installations have been completed as of the end of February 2019. Among the report’s sources was a former Tesla employee, who claimed that only a few other installations had been completed in the northeastern United States. 

Tesla, for its part, released a statement responding to the Reuters report. Addressing the news agency, a Tesla representative explained that “the number of solar roofs you cite in the story is low and unrepresentative as we are actively installing the Solar Roof in eight states currently.” With Elon Musk’s recent Twitter update seemingly suggesting that a Solar Roof ramp will soon be at hand, the number of installations across the United States will likely grow in the near future.

Elon Musk hopes to ramp Tesla Solar Roof production to ~1K/week by end of 2019

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TSLA critic and ‘Shark Tank’ judge Kevin O’Leary reverses course, buys Tesla stock

Legendary Canadian businessman and longtime Shark Tank Judge Kevin O’Leary, who previously remarked that he dislikes Tesla stock (NASDAQ:TSLA), has changed his tune on the electric car maker’s shares. In an appearance on CNBC, O’Leary stated that he personally bought some Tesla shares recently, in light of the company’s capability to attract the best talent in the field. 

During his segment, the veteran Shark Tank judge related his observations after attending electric vehicle races. During these events, O’Leary stated that the engineers behind these incredibly fast, high-performance EVs would flock to Tesla staff in attendance for potential jobs in the company. Regardless of where these teams originated from, the engineers reportedly showed a notable interest in Tesla, and an equally noteworthy lack of interest in other automakers. 

“Colleges and universities around the world with an engineering department generally puts forward an electric Formula 1 car and engineering teams in their graduating years race these cars all over the world. I’ve been hanging out at the pits with these engineers, and I’ve learned something extraordinary. When you go to one of these races… when the race is over, the winning team — they come from anywhere on Earth — who do they want to talk to? 

“They want to talk to the Tesla hiring team there; the HR people hanging around at the pits. Every one of these engineers, the smoking hot kids that sit with their cars, the men and women that sleep with them for 24 hours a day; it’s an unusual culture I’ve never seen before. They all want to work at Tesla. Why? Because the teams are six to eight people. If they go to a legacy car company, they get drowned out in the back somewhere. These smart, young, men and women make a big difference as interns. I can’t believe the access to talent they have. That’s why I bought the stock,” O’Leary said. 

While a CNBC host promptly commented that the Shark Tank judge’s reason for finally supporting TSLA stock was “random,” it should be noted that O’Leary’s about-face with the electric car maker’s shares is most likely a calculated decision. O’Leary, after all, does not give his support to a stock lightly. Just last year, for example, the investor admitted that he loves his Tesla Model X (which he purchased at the behest of his wife) and he considers Elon Musk a genius, but he hates TSLA stock. With this in mind, his change of tone with regards to the company’s shares bodes well for Tesla. 

Tesla shares are somewhat on familiar, volatile territory following the release of its second-quarter report and earnings call. While the company ended Q2 2019 with a record $5 billion in cash, Tesla also showed a net loss of $408 million, translating to a loss of $2.31 per share, notably lower than Wall Street’s estimates. Commenting on the steep drop, longtime TSLA bull Ban Kallo of Baird argued that the market appears to be overreacting to Tesla’s Q2 results. 

“Just back to the cash flow they generated during the quarter, there’s a couple of hundred million dollars, so this idea that they don’t make money is completely wrong, and the headline needs to change. There’s $5 billion in the balance sheet. They’re not going out of business. You have other OEMs that have really hard problems and restructuring problems. And it’s not Tesla; it’s XYZ German manufacturers,” he said. 

As of writing, Tesla stock is trading at +0.43% at $229.01 per share.

Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.

TSLA critic and ‘Shark Tank’ judge Kevin O’Leary reverses course, buys Tesla stock

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