Afternoon Coffee: Tesla Blames Subcontractor for Production Delays, Bank of England Raises Rates

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Tesla is still trying to work out production bottlenecks at its Gigafactory and will likely miss its ambitious production targets for 2018, IndustryWeek reports. One major reason for the delay is that a subcontractor “dropped the ball,” and Tesla had to rewrite software and redo mechanical and electrical elements in one area of the plant itself to rectify the issue.

BOE Rates

The Bank of England raised interest rates for the first time in more than 10 years on Thursday, Reuters reports. The benchmark interest rate now stands at 0.5%, up from 0.25%, although the central bank said it expected only “very gradual” further increases over the next three years.

Coupa Executive Hire

Coupa has hired senior software executive Mark Riggs as its first chief customer officer, according to a press release. Riggs will use his new role to help Coupa scale the customer success function, foster long-term customer relationships and maximize customers' lifetime value with Coupa.

"Ensuring customer success has been our number one core value since the beginning," said Rob Bernshteyn, CEO at Coupa. "Mark has a proven track record and the practical know-how for building enterprise programs that ensure long-term customer success at every stage of their journey — from contract through renewal."

Manufacturing Numbers

And finally, a manufacturing update: The ISM manufacturing index fell to 57.8 in October, a step back from the 13-year high in September but not an indication of a weakening trend in manufacturing strength, according to the Wall Street Journal.

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