. ♪ cory: to say that the tesla ceo elon musk s that a high bar is an understatement. to build 430,000 model 3's by the end of next year. they have yet to build one. our next guest is quite bullish with the stock at 50% since the beginning of december. adam jonas joins us now. really glad you are on. you have followed it closely. talk to me about the model 3. it seems like it is the biggest thing for this company. when do you expect it to ship and what price? adam: our forecast are much more conservative than the company this year and next. we expect the company to go into a soft launch mode into the fourth quarter this year. our forecast is for 2000. not 20,000, not tens of thousands, but 2000 units to be delivered at the end of the year. that is a very small above zero number. the point of this year is to have the initial deliveries done to get the data and initial feedback from the community. next year, 80,000 units. yes, they have talked about 400,000 or that kind of pace. we are nowhere near that. a few more years to 2020, i believe the numbers are less than a thir

david: they are in the tesla model s. whom didn't intel by? who is the rival for mobileye?nology , the mobileye purchase is pretty sound because it gives them not the nuts and bolts of the car from a technology perspective, it is not the run-of-the-mill sensors, this is advanced driver assistance systems. from that perspective, even though the revenues are pretty small, it is the right kind of revenue that you want to have. companies like nxp, in finian, and xt micro are the legacy participants. david: thank you so much. quick programming note. coming up on wednesday, don't miss bloomberg's special coverage of the fed's rate decision coming up at 1:00 p.m. eastern time. this is bloomberg. ♪ alix: this is "bloomberg daybreak." i'm alix steel. we are about an hour away from the open. yields going nowhere, dollar going nowhere, crude off slightly, all waiting for the federal reserve meeting on wednesday. what will they say about the future path of rate hikes. the news of the morning comes to us from across the pond. particularly in scotland. nicola sturgeon saying she will sta

the leader inn autonomous vehicle development. 90's the companies like tesla and general motors, fordnd now uber are putting up competitive programs as well. this might be google's way of holding onto their technology. caroline: also, otto being bought by uber came as a complete surprise. they did not know until the deal was announced. perhaps they felt they overspent. reporter: there is some tension there. roboticspilfered the department at carnegie mellon. there is some tension there. they brought in a new boss to oversee them, without them knowing about it. he has been quietly consulting for months. has said that he was planned to be acquired all along. tooline: i urge everyone spend a couple copy or two over this article. amazing inside knowledge on what is been going on with uber and waymo. in the meantime, uber drivers across the globe are fighting for benefits like overtime and paid time off. do the drivers actually work for the ride hailing app? that is being debated in courts. the reporter has more. reporter: are uber drivers contractors or full-time employees? that is the ba

the designation for tesla is notable because the standing is based on just two of its models, the model san and model x suv. tesla ranked eighth in the world, buick tenth, the top spots went to aidi, porsche, bmw, lexus and subaru. >>> tesla may be the eighth best car company in the world but to one michigan fifth grader ts the bee's knees. she wrote a letter suggesting elon should have a competition. as you may have realized, tesla is not a fan of advertising. maria's father tweeted the letter to musk and musk responded, saying it was a great idea and the company will do it. she told musk that she wants to be a politician when she grows up and plans to change the state's law to allow teslas to be sold there. >>> mystery solved. >> remember this couple? we showed you this engagement photo last week after a san francisco photographer posted it on facebook. angie wilson took the picture. but they were strangers to terror. she took it two years ago at the palace of fine arts. wilson says she was out for a walk when she heard music playing and then she saw a man proposing. so she took the pho

s aging network. the station is located by tesla auto factory. this is in the heart of the warm springs innovation district. the city of fremont tells us that 4,000 new homes are already slated to be built nearby and projects 20,000 new jobs will be created by new companies moving in. >> i think this new station is a catalyst in helping to bring all this together because when we have the opportunities as you know, fremont is very centrally located between 680 and 880 which provides a great corridor for transportation. but as many people in the bay area have experienced, there is a lot of growth in traffic and so having these other options for us, it's very important. >> this is very important because we have to go to the fremont station, it's far from here. now we walk distance here. >> it opens up the doors for us to get into san francisco and berkeley. we want to go up there and play. it's a pain in the neck to drive. >> reporter: the warm springs station has more than 2000 parking spots including 42 charting stations for electrical cars. when

tesla is discontinuing one of its cheapest cars. model s 60 killo watt.t introduced it to get electric vehicle adoption going but most of the customers wanted a pricey model. the 75 kilowatt. this could give price separation with the upcoming model three which is expecteded to be priced around 35 to $40,000. stock market off to a quiet start this week. market moving a little bit lower in the early going. go to the big board and see how we're doing. the dow dropping four points, nasdaq by three. thank you. >>> time now 6:46. check on the roads with rocky. busy this morning. >> reporter: three traffic alerts before 6 a.m., as you can imagine, it's crazy over here. it is now 6:46. let's take a look at the crash in pano. this was a two car crash, it has been cleared now but the backup remains to cummings skyway. moving at 15 miles an hour. let's move to the bay bridge toll plaza. time to the maze is 25 minutes. same story here on highway 4, there was a six car crash that's been cleared but the backup remains all the way beyond railroad avenue. moving at 11 mi

tesla needs to raise a billion dollars. why? stay tuned. the dow hit 21,000 again today. s&p applies. are watching "fbn:am" this thursday morning. your first look at morning markets and breaking n ♪ earth hour a grass roots movement born in sydney in 2007 has seen 10,400 landmarks, over 7,000 cities in 172 countries and territories switch off for climate action. together, individuals and communities have built a people powered global movement to create real change, lighting up homes and lives with solar power in india and the philippines, providing families with fuel efficient stoves in nepal and madagascar and helping communities get back on their feet after typhoon haiyan with climate smart boats. we have successfully banned plastic in the world heritage site of the galapagos islands and planted the world's first earth hour forest in uganda, a country losing thousands of hectares to deforestation every month. together, we have made a lasting difference, but, we must continue to protect our planet, our home. this earth hour join us to shine a light on climate action. together, let's

s buick is the highest mainstream u.s. brand. and tesla came in 8th. "consumer reports" said the german brands grew in large part because of reliability. how many times have we said good morning, scott mcgrew, asking him about uber. >> more trouble for the most troubled company in san francisco. >> here we go again. from allegations of sexual harassment, to blocking the entrance, what could go wrong? the ceo arguing and using foul language in an uber. the video from a dashcam was given to bloomberg. you can watch the rest of this at bloomberg.com. if clear this is a reflection of me and the criticism we have received is a stark reminder i must fund memorily change as a leader and grow up. this is the first time i've been willing to admit i need leadership help, and i intend to get it. it may include replacing himself as ceo. the move is probably overdue. it is is not uncommon for start-uppers to aside and allow more experienced, mature leaders to come in and take the company public. and snapchat public shares start trading tomorrow. interesting to see

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. >> tesla will discontinue the cheapest version of the model s sedan as it ramps up for the less expensive 3. >> customers were told april 16th would be the last day to order the base model s with the 60 kilowatt an hour battery. most customers are ordering cars with larger batteries. >>> sick of sit lg ting in traf? in dubai, this photo posted of the driverless drones. the goal is to have taxis in the air in july. they're small enough to sit in a parking space. a chinese company is building them now. this is the latest of the kpee s companies working to put vehicles in the air. >>> the clark wood center held the princess project's event. several chapters are throughout california. they collect donated prom dresses and give them to students in need. just provide a student id. >> our goal is to make them feel special, beautiful, loved. they shop with a fairy godmother, a personal shopper. we help them say yes to their prom dress. >> bay area organizers expect to give away 1600 dresses this year. sign up to get your own dress. >> so great. prom dresses can be so expensive. you wear them one

s buick is the highest mainstream brand in 10th place. tesla came in eighth. >>> you are talking about cars. talking about self-driving cars. how many times in the last week -- actually, not self-driving cars. car driving services. how many times have we said good morning and asked about uber. >> every time you say good morning to me, what's going on with uber? it is in that category. you hear their name and you go what now? his ceo caught on top using foul language as he argued about how much drivers get paid. go to bloomberg to see the rest of this. the ceo issued a public policy sawing, it's clear this video is a reflection of me and the criticism we've received as a stark reminder that i must fundamentally change as a leader and grow up. this is the first time i've been willing to admit that i need leadership help, and i intend to get it. getting the leadership help may include replacing himself as ceo. a move that is probably overdue. it is not uncommon for start-up founders to step aside and allow more experienced leaders to come in to ta

week selling customers april 16th would be the last week to order the base model s with a 60 kilowatt an hour battery. tesla said most customers are ordering cars with larger batteries. >>> bonjour. beauty and the beast has a record breaking weekend. the live action movie made $170 million at north american box offices and $350 million worldwide. that makes it the biggest ever opening weekend for a pg-rated movie. i think it was the biggest opening for march ever, too. beauty and the beast marks disney's best opening for a live action remake, beating the jungle book, cinderella, alice in wonderland. disney is the parent company of abc 7. i'm really looking forward to seeing this. ♪ there goes the baker with his tray like always ♪ >> mike, stop it. >> i won't join you. that's for sure. >> i know that's true. >> mike is out. >> i cannot sing. i didn't hear a drum line in there so we'll move on. the clouds look cool. rouldn hand through those and feel the bumps? a little turbulence in the air. cloudy and cooler, wet pattern begins. thunder is possible tomorrow and bend. did you see that bird? let's talk about

one, tesla has struggled to have healthy gross margins on the model-s and model-x today, and they sell for about $100,000 on average. the model 3 is expected to have a base price of about 35 and an all-- all-in price of 42 or 43. so the required cost down to have marpg margins that are come is really significant and we're not sure tesla can do it that quickly. that's the first concern. the second one is, there's a tremendous ramp that needs to happen. tesla will probably spend 3.5 to $4 billion in capex. that's going to start depreciating, which hits gross margins as well. and so the combination of those two factors is what puts us below expectations. >> when does a capital raise come? and what do you think the impact will be on the stock? >> we're expecting that a capital raise would likely occur between the second and fourth quarter of this year. i don't think it will be significant. they might need to raise $2 billion to $3 billion. but tesla did that last year. they did it with equity. they have credit lines that they could tap into. and they did it without a major impact on the st

tesla factory. >> reporter: fremont is no longer the end of the line. b.a.r.t.'s warm springs station will open in two weeks. >> i checked the alerts. i'm very excited. it will really cut my driving commute a lot. >> reporter: it's shiny, new, and so lar powered. >> it is the first for b.a.r.t. in terms of being entirely solar powered. we have 42 electric vehicles charging stations. those are solar powered as well. >> it's great for the people who live in san jose. >> reporter: approved in 2007, the project has seen its share of hang-ups from funding to power and software issues. >> there have been three major delays. and so we're very excited to get past those and ready to begin service. >> reporter: some 7,000 people a day are expected to use the station. for riders who board in fremont, you may lose the perk of being the first stop, a shot at a seat. >> at times i get to this station. >> reporter: later this year, the line will expand again to san jose. >> that could be useful because then we can go south using b.a.r.t. >> reporter: new b.a.r.t. stops, same old

tesla model 3. we've been talking about it. >> we want one. >> the ceo elon musk tweeted out, this features the car. and he says it is not an upgrade of the model s. it doesn't go as fast. it is a more affordable option at $35,000. it has less power and technology but it is still very chic. >> it is still cool. for $35,000, that's pretty cool. >> and it still goes about 2,000 miles, the range. >> a lot of people signed up and it should be ready next year. >> tens of thousands have signed up. >> anxiously looking at that. >> all right. rob mayeda here. >> we're still seeing showers. i thought we on show you the month at large. 15 days of this month have been dry. just nine rainy days after january, february. most of the days were in green. so moving forward. let's look at the end of the month. the last seven days. should be dry. the next five out of seven days. some of the rain is showing up on sunday. you will notice tomorrow, the drier of the two days. less than a quarter inch sunday into monday. then low 60s sunday to mid to upper 70s by wednesday, waiting for that spring weather. it looks great. >> and soon we'll ask you for opening day foreca

tesla did it the right way. they made a car so beautiful from the top down. they went really expensive, really luxury, and now all the young people, like, oh, i've been in the model sthis is an amazing experience. they are taking the experience back to the apple at their store, but bringing it to the tesla store, the car, auto pilot, and transforming the automobile industry. it's incredible. >> okay. i have to go, but two stocks, which do you want to talk about? therapeutics or five below? not very hot sector right now. >> you're right. therapeutics were picked because pharmaceuticals with the rollbacks coming with donald trump's agenda, that it would free up the government and free up drug trade. the medicines that are going to cancer victims such as my daughter, they get the treatment sooner than later so rather than a five-year plan, they can be more on a one month, six month plan. i see pharmaceutical sector actually taking off. this is just one of companies that i have securities in. >> all right. well, we certainly wish you well. i know you're supposed to invest in what you know, and we wish you didn't know about that. >> right. >> good to see you both. >> yo

are, it would cost $8 billion for tesla to build out its superrer charging network -- super charging network. this marks the eighth anniversary for the market run. the sdown to a lev of just 6.66. it's going four times that. the fed had a big role in that. lowering interest rate. and the latest run for the stock market has occurred since the election opinion the president's promises of big tax cuts, deregulation, and infrastructure spending for that rally to continue. stock markets starting a bit lower today. let's go to the big board and see how we are doing so far in the early going. dow dropping just over 60 points. s & p is down by 11 points. michelle and anne, back to you. >> thank you. >>> time is 6:43. we have some wet roadways out there keeping both roberta and roqui busy. >> i thought you were saying road rays. that too is probably in the bay area. 6:43. let's take a look at wet roadways. starting in contra costa county. very slow. and on the antioch to pittsburg commute. you are driving at 7 miles per hour there. and down to 242 on 680 to walnut creek. let's head over to the altamont pass traffic. we have a new crash to tell you about. westb

tesla. the electric car company says it's fremont factory will no longer produce the least expensive version of its model sedan. april 16th will be the last day customers can oofrder the car. the most economical starts at $68,000 and has a shorter battery life. most decide to upgrade. no need to keep manufacturing the cheaper version of the car. >>> former first lady -- first daughter, rather, chelsea clinton, has a new role in the tech world. joining the board of directors for the travel website expedia. the seattle-based company released the news this week in a public filing. chelsea sits on the board of one other corporation, which owns dictionary.com and other websites. that's in addition to the many nonpraf nonprofits he also works with. >>> thanks for joining us, everyone and making us a part of your morning. we'll have a lot more news for you tonight at 5:00, 6:00 and 11:00. you can also join us at nbcbayarea.com. have a great morning. e this symbol you know you're watching television that's educational and informational. the more you know on nbc. josh: today on the voyager... i fall in love with th

tesla one was in a crash and uber self driver swind a bus. the uber program is in trouble. it has 43 autonomous cards and traveling 20,000 and human -- control once every eight tenth s of mile. technology is years away of hitting the road and advocates point out 40,000 dpi each gleer traffic fatalities and 90% are caused by human app error. fox news. >> well i'm sure you heard about this story it's outfit outrage if you want to call it that. united airlines is defending its decision to prevent two teen aim girls from boarding a light because they were wearing leggings. >> it happened they were driving from denver to minneapolis and air line did not allow them on board traveling under employee travel pass which includes a specific dress code. and it bars passengers from wearing spandex or like pants like leggings and teenagers agreed to change clothes to board the plane. the incidents sparked a big social media backlash they called the rule sexist. witnesses noted the girl's father was able to board wearing shorts. >> i mean media bang lash. celebrities, all kinds of people. here's the deal. there are rules when you use that particular kind of pass that say sure rules are ol

tesla factory. abc7 news reporter katie utehs has the story. >> reporter: fremont is no longer the end of the line. b.a.r.t.'s warm springs station will open in two weeks to the surprise of commuters. >> i checked the little alerts and stuff, so i'm very excited. it will really cut my commute -- my driving commute a lot. >> reporter: it's shiny, new, and solar powered. >> it is a first for b.a.r.t. in terms of the entire station being solar powered. also, a first is the fact that we have 42 electric vehicles charging stations. those are solar powered as we well. >> i think it's great, man, for the people that live in san jose. they should have done it when they first built this thing. >> reporter: approved in 2007, the project has seen its share of hang-ups from funding to power and software issues. >> there have been three major delays, and so we're very excited to get past those and ready to begin service. >> reporter: some 7,000 people a day are expected to use the station. for riders who board in fremont, you may lose the perk of being the first stop. a shot at a seat. >> i wouldn't have a seat available

s&p down five to 2,362. russell lower by about two-thirds of a percent. nasdaq up four points on the bell. tesla in paradise. joining us from hawaii, phil lebeau with tesla's chief technical officer. hi, fill. >> hi, kelly. i'm here with the cto of tesla, jb straubel. you basically blessed the solar generation facility here and the storage facility tesla has built. how important is this facility in terms of proving to people this energy storage can work on a broad, mass scale? >> it's incredibly important. this is one of the world's first large scale integrated storage facility. we're able to show for the first time that we can directly absorb solar power throughout the day into these batteries and discharge it back at night and stabilize it even though we might have clouds coming over or even though it might not line up directly with when people want to use the energy. that can solve the problem. >> people will look at this and say, sure, it works in a small population base like kauai with 70,000 residents. can it be replicated in the u.s.? >> certainly. this isn't just something for islands. t

teslas by now? it is strange, you go back 10 years, oil was on its , and the50 a barrel talk was able efficiency. wasthen the year of the suv in the late 90'sl was cheaper. and this was a year of increasing mandates on dual economy -- fuel economy. this.ent trump published for those in europe and india, which is following europe's lead on a lot of these, and in china, there has been tax breaks for small engine cars last year and mandates to buy electric cars. haidi: yeah, so what has happened to cause this revival? david: it is cultural terms. the was a bit of a slap on twitter earlier this year when a lot of conservative journalists were accusing liberal journalists of living in a bubble because they did not know anybody that drove pickup trucks. we see a lot of things with cars in this way. it is interesting and unified as well. what has happened is there have been fuel economy mandates, and carmakers have had to jump through those hoops. they created the new market. suvs used to be expensive and expensive to run. these phil -- fuel mandates have brought down the cost. if you look back, the u.s. department of energy, there has been contro

s&p since 2008. the dow looking toward the worst performance since january 2016. a mover on the open, the car space. teslacompany announced a 5% passive state, saying tesla is a pioneer in new technology. closer tong higher, up 1% in the premarket after president trump tweeted the company will be opening and investing in three plants in michigan are the shares are down about 8% on the month, so it looks like this action will not reverse that. to the macro, the story yesterday was about how the reflation trade is reversing. this is g #btv 6739. this is out of the election through january 3, risk-on. bloomberg dollar index all higher as the 10-year sold off. the dollar index started to trade lower, followed i oil in february. stocks hit a high run march 1. bonds traded higher with the 10-year yields moving down, suggesting there is a reversal in the reflation trade which may be in play. jonathan: joining us now is dubravko lakos, the jpmorgan head of u.s. equity strategy, and a portfolio manager is here with us. this story yesterday was that the administration's agenda will not become unhinged because they

tesla. shareholder,p five a vote of confidence in elon his vision to bring the model 32 market. abigail doolittle brings us the latest. abigail: solid gains for the major averages. 500,ly for the dow, s&p and the nasdaq. the average is opened ever so slightly lower. the volatility over the last week, last week was the worst week for u.s. stocks, but now we are seeing a rebound. it appears the dow is on pace to snap and a day losing streak, the longest since 2011. take a look at the imap, a quick way to see what is happening within an index. we see mainly green. this explains why we have the s&p 500 higher. the banks are leading today. this point is to the 10-year yield, which had been lower, now ever so slightly higher. investors seem to be finding relief in that. that is pressuring one of the dividend yielding sectors, telecommunications, to some degree. another sector that is higher, energy. nicely, on pace for its best day since march 2015. this has much to do with momentum around the possibility that opec will extend the cut to the second half. currently that is not on the table. there has been a lot of jawboning about opec ministers that this could happen. there are reports that

the s&p 500 trying to dodge an eighth loss in nine sessions. check out the big movers, carnival cruise, it tesla rallying 3%, chinese internet buying 5% of tesla, and spice maker mccormick down about 2% after a mixed quarter for the company. tyler, i speak for everybody when i say remain calm, all is well. >> all is well, brian. thank you very much. welcome, everybody. i'm tyler mathisen. here is what else is happening at this hour. brian highlighting that consumer confidence number rising. what else is rising? home prices. the latest case schiller index sees prices up about 6% from a year ago. twitter ceo jack dorsey brushing off calls to step down as ceo in an interview with cnbc europe dorsey saying he will do whatever it takes to make sure twitter and square, his other charge, will do well. and weighing whether to take an investment back. however, according to people familiar with the matter, the investment could dilute backers such as apple. melissa? >> thank you, tyler. let's get to the big news. general motors rallying more than 3%. hedge fund titan einhorn putting pressure. speaking abou

tesla. says there's 29% downside and his firm is the banker. you got to love it. this man, i mean you have to appreciate the fact that he does say listen, orders for the model s andodel x are what matters and they'll be good but can you imagine musk, we always joke, i mean snap, like bye, buy, buy, but muss something sticking by his 187 target but the firm is urging to you buy. >> firm is urging to you sell. >> no, i'm saying the salespeople are coming to you and say listen, you got to buy some of this tesla deal. it's red high. >> goldman sachs is the underwriter for the deal that recently occurred but their analyst on the other side of the firm and this actually proves -- >> this is not only a chinese wall but more mines. >> has a sell on the stock, good for them. he's dead wrong, however. >> he should be saluted -- completely wrong. that should play a role, too. >> that's unfortunate. it would be better if he'd been right but he's been wrong. >> i should have mentioned that. >> you don't think he gets werereur from the bankers at goldman sachs, saying come on, man. >> in that book i think it's not his time. it's a suboptimal situation for him. >> tesla is up o

we do think tesla will be the leader, but other come petition will come in and electric is becoming more widespread. rather than focus on each individual player, it is like cisco in the 1990's. if you are going to make electric vehicles, you need a lot of lithium and exposure to the lithium market. ticker, a leading producer of lithium and south america, i think that is a stock you have been focused on. and if you're nervous about tesla needing to raise more money, focus on a company that will apply to these producers. alix: and the lithium is really hard to get. it comes from brine. it takes like a year and a half to get it out of the brine, a very complex process. david: look at you, the expert. some breaking news? alix: i want to make a correction, canada goose has not yet opened on the canadian exchange. the ipo has not yet opened it but we will be watching that is the we head to the open and canada. jonathan: thank you very much. futures are up .3% on the dow. in europe, the ftse at all-time highs. treasuries had a big bid yesterday. yields higher by three basis points this morning, two .52% on the u.s. 10-year. the dollar is stable. this is bloomberg. ♪ jonathan: from

s&p, nasdaq all lower. one of the sectors really trading sharply lower, the cars. stocks are down after ever core isi has cut estimates for the next two years on gm and ford. teslalth care, some of the big drug stocks trading lower, including pfizer and merck. this uncertainty around what is next for health care, will drugs prices be used as a weapon between the democrats and republicans? it will be interesting to see how that plays out. the big story this morning is whether or not we're seeing an unwind of the reflation trade. looked at this job before. big macro risk events, the vix spike higher last year on the big global selloff. on the brexit, u.s. election. it appears we are starting to see the event spike higher on this trump policy fall. it may suggest we see the s&p 500 dropback down as occurred in the past. jonathan: thank you. stocks do rollover. is art hogan and joining us is cheryl skolnik. you, as weegin with rollover, there are going to be some people say it is the beginning of something other say, look, we have been waiting for pullback and here's your entrance point. what do you say to them? theeople have to realize markets go down. it is been 1

s it last, more affordable car, $37,000 car. it will go into production in 2018. that is when it will be unveiled. they're lookinto pump out and producing one million cars per year. can tesla do it? it was up 11 bucks, almost 5% today on the idea they can do it. david: the idea. that stock has been on a tear. nicole, thank you. melissa: president trump speaking by phone with house speaker paul ryan and house freedom caucus chair mark meadows about health care at this very minute. coming on the heels of a cbo analyst that said, analysis, pardon me, the number of americans with health insurance would drop by 24 million over the next decade. our own blake burman standing by at the white house with more details on this. blake. reporter: melissa, a phone call on this day from president trump to paul ryan, kevin mccarthy, the top two republicans on the hill dealing with the american health care act, the way forward to proceed for those three and republicans on the hill. at issue is still trying to convince many conservative republicans, members of the house freedom caucus to somehow bridge the gap and get them on their side. at the white house press briefing earlier this afterno