Tag: Tesla

  • Tesla cancels affordable electric car, shifts focus to Robotaxis

    Tesla cancels affordable electric car, shifts focus to Robotaxis

    Tesla has made a significant shift in its strategy, announcing the cancellation of its long-awaited affordable electric car, a move that has left investors and consumers stunned.

    The decision, revealed by three reliable sources familiar with the matter and corroborated by company messages obtained by Reuters, marks a departure from Tesla’s earlier mission of bringing affordable electric vehicles to the masses.

    The automaker, instead, will pivot its resources towards the development of self-driving robotaxis, utilizing the same small-vehicle platform, according to insiders. This strategic redirection signifies a significant deviation from Tesla CEO Elon Musk’s previous commitments and vision outlined in the company’s initial “master plan” in 2006.

    Musk, who has often emphasized the goal of making electric cars accessible to a broader audience, had initially promised investors and consumers an affordable vehicle following the success of luxury models. However, despite repeated assurances from Musk, including as recent as January, wherein he outlined plans for production at Tesla’s Texas factory by the second half of 2025, those aspirations have been dashed.

    Tesla’s cheapest model currently available, the Model 3 sedan, comes with a price tag of approximately $39,000 in the United States. The now-scrapped entry-level vehicle, often referred to as the Model 2, was anticipated to be priced around $25,000.

    In response to inquiries, Tesla remained silent, offering no official comment on the matter. However, Musk took to social media platform X to dispute the Reuters report, without specifying any inaccuracies, leading to a momentary fluctuation in Tesla’s stock prices.

    Following Musk’s online intervention, where he hinted at an upcoming Tesla Robotaxi unveiling, the company’s shares experienced a rebound in after-hours trading. This abrupt change in direction comes amidst mounting competition in the global electric vehicle market, particularly from Chinese manufacturers offering vehicles at significantly lower price points.

    The decision to prioritize the development of self-driving robotaxis, though potentially lucrative, poses considerable engineering challenges and regulatory hurdles, as highlighted by industry experts.

    Leaks reveal that the decision to scrap the Model 2 was communicated to employees in a meeting held in late February, further underscoring Tesla’s strategic pivot in the face of evolving market dynamics.

  • Saudi Arabia enters talks with Tesla for potential manufacturing facility in kingdom

    Saudi Arabia enters talks with Tesla for potential manufacturing facility in kingdom

    Saudi Arabia is engaged in preliminary discussions with the American electric vehicle manufacturer, Tesla, regarding the establishment of a manufacturing facility within the kingdom, as reported by The Wall Street Journal. 

    This development coincides with Turkish President Recep Tayyip Erdogan’s request to Tesla CEO Elon Musk to consider the construction of a vehicle production plant in Turkey. Furthermore, Elon Musk is scheduled to meet with Israeli Prime Minister Benjamin Netanyahu in California today.

    To incentivize Tesla, Saudi Arabia has been offering the company access to essential metals and minerals required for electric vehicle production, procured from various nations, including the Democratic Republic of the Congo. 

    This effort aligns with Saudi Arabia’s broader strategy to diversify its economy away from its dependence on oil. Notably, the kingdom’s sovereign wealth fund holds a majority stake in Lucid Group, an electric vehicle startup aiming to challenge Tesla’s market dominance.

    One proposal being explored by Saudi Arabia involves extending financial support to Trafigura, a prominent commodities trading company, for a struggling cobalt and copper project in the Congo. 

    This project could potentially serve as a source of crucial supplies for a prospective Tesla factory. Both Tesla and Trafigura have not yet provided responses to Reuters’ inquiries, while Saudi Arabia’s sovereign fund, the Public Investment Fund, has declined to comment.

    Elon Musk previously mentioned in May that Tesla was likely to select a location for a new factory by the end of the year. Presently, Tesla operates six factories worldwide and is in the process of constructing a seventh in Mexico as part of its ambitious global expansion strategy. 

    The company’s goal is to achieve annual vehicle sales of 20 million units by 2030, a significant increase from the approximately 1.3 million vehicles sold in 2022.

  • Tesla introduces cheaper Model S, Model X variants with reduced ranges

    Tesla has unveiled more affordable versions of its Model S sedan and Model X SUV in the United States. These new “standard range” models are priced at $78,490 (PKR 22.4 million) and $88,490 (PKR 25.3 million), respectively, marking a roughly 10 per cent reduction from the previous lowest-priced options. The company aims to boost sales by focusing on cost reduction.

    The new models will be available for delivery between September and October 2023. They come with a standard “pearly white” exterior and an all-black interior, while other colour choices will come at an additional cost.

    The updated Model S offers a driving range of up to 320 miles (515 km), which is lower than the existing basic and performance versions, which provide up to 405 miles and 396 miles of range, respectively. Similarly, the new Model X SUV boasts a range of up to 269 miles, falling short of the basic and performance versions that offer up to 348 miles and 333 miles of range, respectively.

    Tesla’s focus on price cuts and cost efficiency is evident in its consistent efforts to reduce prices in various markets. By doing so, the company aims to remain competitive and navigate economic uncertainties. In China, the company has recently lowered prices for its Model Y long-range and performance variants.

    This strategic move coincides with Tesla’s upcoming releases, including the long-anticipated Cybertruck and the completion of a manufacturing plant in Mexico. The latter is dedicated to producing a mass-market electric vehicle, which will serve as the foundation for a robotaxi.

    Although the Model S and Model X are some of Tesla’s earliest offerings, introduced in 2012, they have maintained premium pricing compared to the more budget-friendly Model 3 sedan and Model Y crossover. In the second quarter of this year, Tesla delivered 19,225 Model X and S vehicles, an increase from 16,162 vehicles delivered during the same period last year.

  • 57-year-old Tesla driver collides with truck while relying on driver assistance technology

    57-year-old Tesla driver collides with truck while relying on driver assistance technology

    Trigger Warning: Content includes details of a fatal car collision.

    The National Highway Traffic Safety Administration (NHTSA) has launched a crucial inquiry into a fatal incident involving a Tesla Model Y. The collision occurred on July 19, when a Tesla collided with a tractor-trailer truck in Virginia, resulting in the death of the Tesla’s 57-year-old driver. It is suspected that the driver had been relying on Tesla’s advanced driver assistance programmes at the time.

    The Fauquier County Sheriff’s Office provided additional details, revealing that the collision transpired as the tractor-trailer attempted to turn onto a highway from a truck stop, leading the Tesla to slide underneath the trailer. The Tesla driver was pronounced dead at the scene, and the truck driver was issued a summons for reckless driving.

    While authorities initially attributed the incident to the truck driver, the NHTSA is investigating Tesla’s assistance programme due to its supposed capability to account for errors caused by other road users. This investigation is part of a broader series of inquiries, with over thirty investigations into accidents involving Tesla vehicles and their advanced assistance systems, which are suspected to have contributed to 23 deaths since 2016.

    In 2021, the National Transportation Safety Board (NTSB) called on the NHTSA to establish stricter regulations for autonomous driving, citing concerns about limited oversight and reporting requirements for Tesla’s technology.

    Tesla’s Autopilot technology, designed to handle steering, acceleration, and braking within a lane, along with lane changes on highways, requires human supervision. However, the company has not responded to inquiries about the recent incident or the ongoing investigation by Reuters. The NHTSA’s examination raises critical questions about the evolving landscape of autonomous driving and the delicate balance between technological innovation and safety.

  • Tesla overcomes setbacks, produces first Cybertruck after two years

    Tesla overcomes setbacks, produces first Cybertruck after two years

    Tesla announced via a tweet that its inaugural Cybertruck has been successfully manufactured at the company’s Austin, Texas plant, marking the end of a two-year delay.

    Back in 2019, Tesla founder Elon Musk introduced the pickup truck during a revealing event where the vehicle’s designer unintentionally demonstrated a flaw in the supposedly indestructible “armour glass” windows.

    Since then, the production timeline has faced multiple setbacks, with Musk attributing the delays to component sourcing shortages, leading to a rescheduled Cybertruck launch in 2023.

    During a shareholder meeting in May, Musk expressed Tesla’s ambition to produce up to 250,000 Cybertrucks annually, depending on market demand.

    With the introduction of the Cybertruck, Tesla is poised to enter one of the most lucrative sectors of the U.S. market, directly competing against electric pickups from industry giants such as Ford Motor and Rivian Automotive.

    Although these competitors have already released limited numbers of their own electric truck models, Tesla’s entry into the market is highly anticipated. According to a Reuters report from last year, Tesla aims to initiate mass production of the Cybertruck by the end of 2023.

  • Modi fan Elon Musk says Tesla will be in India soon

    Modi fan Elon Musk says Tesla will be in India soon

    Indian Prime Minister Narendra Modi met with The Chief Executive Officer (CEO) of Tesla and the world’s richest man Elon Musk, in New York on Wednesday.

    “Great meeting you today @elonmusk! We had multifaceted conversations on issues ranging from energy to spirituality,” Modi wrote in his tweet along with a picture of Musk.

    Musk retweeted Modi’s quote and wrote, “Great conversation with Narendra Modi.”

    “I am confident that Tesla will be in India and will do so as soon as humanly possible,” Musk told reporters after meeting Modi.

    “We do not want to jump the gun on an announcement but I think it is quite likely that it will be a significant investment in our relationship with India,” he said. “I would like to thank the prime minister for his support and hopefully we will be able to announce something in the not so distant future.”

    Read more: Former Twitter CEO says Modi Govt threatened to shut down platform in India

    In a different statement, Musk as reported by Indian Express, said that he was a fan of Modi, and that “India has more promise than any large country in the world. He (PM Modi) really cares about India because he is pursuing us to make significant investments in India.”

    India is great for solar energy investment, the American magnate said, describing his talks with the prime minister as “excellent.”

    The Indian PM’s meeting with Twitter’s CEO comes a few days after Co-founder of Twitter, Jack Dorsey, in an interview with YouTube channel Breaking Points talked about censorship requests he received from the Indian government led by Prime Minister Narendra Modi.

    A reporter asked for Musk’s reaction on Jack Dorsey’s statement to which he replied, “Twitter does not have any choice but to obey local governments”

    “We will do our best to provide the freest speech that is possible under the rule,” he added.

    The Indian Prime Minister is on a four-day visit to the US.

  • Elon Musk will step down as Twitter CEO once he finds a ‘foolish enough’ replacement

    Elon Musk will step down as Twitter CEO once he finds a ‘foolish enough’ replacement

    The billionaire Elon Musk announced on Tuesday that he will step down as Twitter’s CEO once he finds a replacement, although he will continue to oversee some crucial departments of the social media network.

    “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams,” Musk wrote on Twitter.

    Some investors have questioned if Musk is too preoccupied to properly operate his electric vehicle automaker Tesla, in which he is actively involved in production and engineering. Musk’s $44 billion buyout of Twitter in October has been defined by upheaval and controversy.

    After Twitter users chose for him to stand down in a poll that the billionaire started on Sunday night, Musk has now publicly acknowledged leaving his position as the social media platform’s CEO for the first time.

    17.5 million individuals participated in the poll, and 57.5 per cent of them chose “yes.” Musk declared on Sunday that he will follow the outcomes. He has not specified a date for his resignation, and no replacement has been named.

    The survey findings brought to a close a hectic week that saw modifications to Twitter’s privacy policy and the suspension and reactivation of journalist accounts, all of which garnered criticism from news outlets, advocacy groups, and government officials across Europe.

    Musk stated in a Twitter Spaces session that Twitter’s cash flow will achieve break-even in 2023, according to a tweet from Bloomberg on Wednesday.

    Bloomberg claimed that Musk explained the forecast as a result of recent cost-cutting initiatives he has implemented on the social media site.

    Wall Street has been calling on Musk to leave for weeks, and more recently even Tesla supporters have questioned his focus on social media and whether it would be a distraction from operating the EV manufacturer.

    Musk has acknowledged that he has too much on his plate and that he will search for a new CEO of Twitter. But he claimed on Sunday that there was no one in place to take his place and that “no one wants the job who can actually keep Twitter alive.”

  • More than 10 million users think Elon Musk should step down as Twitter’s CEO

    More than 10 million users think Elon Musk should step down as Twitter’s CEO

    Less than two months after taking over as CEO of the social media network, Elon Musk faced outrage from Twitter users who voted in a poll for him to resign.

    According to the poll the billionaire started on Sunday night, almost 57.5 per cent of votes were in favour of Musk stepping down as the CEO of Twitter, while 42.5 per cent were opposed. There were over 17.5 million voters.

    Musk said on Sunday that he would follow the poll’s findings, although he did not specify when he would resign if the results called for it.

    In premarket trade, shares of Tesla Inc., the electric vehicle manufacturer that Musk leads, were up roughly 3 per cent at $154.70.

    The poll is the most recent development in Musk’s chaotic time in office as Twitter CEO since October, which has included firing thousands of employees and members of top management at a rapid clip, haggling over how much to charge for Twitter Blue, a subscription service, and restoring banned accounts like that of former US President Donald Trump.

  • Elon Musk restores Donald Trump’s Twitter account

    Elon Musk restores Donald Trump’s Twitter account

    Donald Trump’s Twitter account appeared to come back online after a narrow majority of votes were cast in Elon Musk’s Twitter poll in support of re-allowing the former US president, who was barred from the social media platform following the Capitol riot on January 6, 2021.

    In the survey, little more than 15 million ballots were cast, with 51.8 per cent in favour of restoration.

    “The people have spoken. Trump will be reinstated,” Musk tweeted. During the poll, Musk acknowledged the vote numbers were being affected by automated “bots”, which are not people, and suggested there was a need to “clean up” Twitter polls from being influenced by “bot and trolls armies”.

    Earlier in the day, Trump didn’t seem all that eager to go back on Twitter. The former president was asked about it by a panel at the annual leadership meeting of the Republican Jewish Coalition, and he responded via video, “I don’t see any reason for it.”

    He declared that he would continue to use his brand-new platform Truth Social, an application created by his startup Trump Media & Technology Group (TMTG).

    Following the assault on the US Capitol on January 6, Twitter made the remarkable decision to ban Trump, claiming that his postings were “very likely to incite and inspire individuals to mimic the criminal acts that took place at the US Capitol.”

    Trump announced his effort to win the presidency back in 2024 on Tuesday and hailed Musk, saying he had always admired him. Trump said that Twitter’s issues were “extraordinary” and that it was plagued by bots and false accounts.

    Musk’s self-described reputation as a “free speech absolutist” increased the potential that he might lift the restriction on users whose Twitter accounts had been permanently suspended from the network even as Musk was still finishing up his acquisition of Twitter. Experts on hate speech and disinformation have been preparing for the return of Trump, who accumulated more than 88 million followers during his first tenure on the network.

    Musk first stated in May that he intended to lift the ban on Trump, and many of Twitter’s advertisers were anxiously awaiting the timing of any comeback by the president.

    Musk hoped to convince consumers and advertisers that such a choice would be carefully considered by a content moderation committee made up of individuals with “widely different perspectives” and that no account reinstatements would take place before the panel convened.

    He said that unless there was a “clear process for doing so,” Twitter would not allow any banned users to reapply.

    And this week, Musk unexpectedly allowed comic Kathy Griffin to return after she had been suspended for violating his new policy against impersonation by changing her profile name to “Elon Musk” without making it clear that it was a parody account. Regarding the moderation council or the reinstatement procedure, nothing has changed.

  • Twitter halts $8 subscription program after fake accounts abuse service to impersonate major brands

    Twitter halts $8 subscription program after fake accounts abuse service to impersonate major brands

    After users started misusing it to impersonate major companies and known personalities, Twitter appears to have suspended its $7.99/month Blue membership service, which allowed customers to pay for a verification check mark.

    This week, Twitter introduced a feature that lets users purchase a checkmark that had previously been used to denote a verified or official account in its iPhone app. Friday saw the removal of the Twitter Blue sign-up option from the iPhone app.

    The swift suspension of the service shows that, at least right now, CEO Elon Musk’s grand strategy to attract new user-based revenue isn’t succeeding as anticipated.

    According to NBC, due to the expensive subscription service, many pranksters started setting up fake Twitter accounts. It made the site even more conducive to false information, and numerous easily obtained checkmarks were used to discredit corporations, governments, and celebrities.

    According to a current Twitter sales employee, the company decided to reduce Twitter Blue verification due to the influx of impersonators.

    The employee, who wanted to remain anonymous because they were not allowed to speak on behalf of Twitter, said that a fake Eli Lilly account that tweeted that “we are excited to announce insulin is free now” caused a major issue.

    Before it was deleted, the tweet remained visible for several hours. Later, the genuine Eli Lilly account tweeted, “We regret to individuals who have received a false message from a bogus Lilly account.

    Following the fraudulent message’s publication, the stock price of Eli Lilly and other pharmaceutical firms, notably AbbVie, which was also the target of a Twitter impersonation, both fell precipitously. Major stock indices were then rising during a market surge.

    Another imposter mocked Elon Musk’s electric car company Tesla by mimicking the blue subscription checkmark for paid subscribers. In a barrage of insulting tweets, a user whose name looked to be “@TeslaReal” claimed, “honestly the 53 per cent reduction in stock price doesn’t phase[sic] us. We are the ones who are most knowledgeable about Crashing.

    For marketers, the impact of so many changes to the Twitter platform is a significant challenge; several have already suspended their expenditure there.

    Some users who had already paid for the programme also reported that their freshly acquired blue checkmarks had vanished from their accounts.

    No one from Twitter was immediately available for comment. Musk was unavailable for comment right away.

    The removal of Twitter Blue verified comes as Musk and Alex Spiro, who is currently serving as Twitter’s top lawyer, are attempting to reassure staff, clients, and regulators that they will abide by all legal requirements and the terms of an earlier FTC consent decree.

    “I cannot emphasize enough that Twitter will do whatever it takes to adhere to both the letter and spirit of the FTC consent decree,” Elon Musk wrote in a company-wide email that CNBC was able to get on Thursday night.

    In a subsequent email, Spiro stated that his team had communicated with FTC officials on Thursday and that Twitter would soon be subject to the agency’s “initial forthcoming compliance check.” He made it clear that any violations would be the responsibility of Twitter, not “those who work at Twitter.”