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Chinese EV maker BYD far ahead than Tesla

BYD’s top three models — BYD Song, BYD Qin and BYD Han — contributed to over 56 per cent of the company’s sales during the quarter….reports Asian Lite News

China’s BYD Auto remained the global market leader, shipping more than 537,000 EV units — an increase of 197 per cent (on-year) — in the third quarter this year, leaving Elon Musk-run Tesla far behind globally.

On the other hand, Tesla’s global sales grew only 43 per cent YoY in Q3 2022 to over 343,000 units, according to Counterpoint Research.

“The smoothing production ramp in Tesla’s Berlin factory helped deliver a record number of Model Ys in Germany this quarter. However, deliveries fell short of expectations due to logistics bottlenecks,” the report mentioned.

BYD’s top three models — BYD Song, BYD Qin and BYD Han — contributed to over 56 per cent of the company’s sales during the quarter.

BYD’s overseas operations have been picking up fast as it sold almost 17,000 EV units across various regions including Europe, Latin America, Southeast Asia, Middle East and Africa, and Oceania in Q3.

“Among nations, China is dominating the global EV market single-handedly. Three of the top five best-selling EV brands are from China. All three brands operate predominantly in China, highlighting the China EV market’s positive evolution,” said senior analyst Soumen Mandal.

In India, BYD is targeting a sales of 15,000 units next year by launching a new model, increasing its distribution network and expanding production capacity if needed, according to a senior official.

Currently, the company rolls out e6 model a multi-purpose vehicle (MPV) and in a couple of days BYD India will be launching a new model Atto3 a sport utility vehicle (SUV).The company’s plant near Chennai has a capacity to roll out 10,000 units per year. BYD India is a wholly owned subsidiary of Warren Buffet’s Berkshire Hathaway funded Chinese company BYD Auto.

Meanwhile, global passenger electric vehicle (EV) sales grew 71 per cent YoY in Q3.

The top 10 EV models accounted for more than 35 per cent of global EV sales and Tesla’s Model Y remained the best-selling EV model.

“Currently, EVs account for more than 15 per cent of global passenger vehicle sales. EVs are becoming the preferred choice for first-time car buyers across developed regions,” said Research Vice President Peter Richardson.

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Business Tech Lite USA

Tesla may integrate Dolby Atmos in its cars

Although it has been around for ten years, it was first integrated into movie theatres, then high-end home theatres, and now recently making it into cars…reports Asian Lite News

Elon Musk-run Tesla is reportedly working to integrate Dolby Atmos in its electric cars, to deliver better surround sound.

Dolby Laboratories created the surround sound technology called Dolby Atmos. According to the company, it is described as “expanding on existing surround sound systems by adding height channels, allowing sounds to be interpreted as three-dimensional objects,” reports Electrek.

Although it has been around for ten years, it was first integrated into movie theatres, then high-end home theatres, and now recently making it into cars.

In December last year, Tesla had released an annual holiday software update that turns its electric cars into megaphones by using external speakers that had been installed in vehicles.

The feature adds some voice effects to whatever you say, and that would be played to your surroundings through the external speakers.

The external speakers in Tesla cars repeat everything the driver says with a slight delay and with an echo and bass-heavy distortion.

ALSO READ-Tesla Model 3 to join Dubai Taxi fleet on trial basis

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Business

BYD Auto becomes top-selling EV brand

Tesla’s global sales grew 27 per cent YoY to over 254,000 units, falling short of expectations…reports Asian Lite News

Global passenger electric vehicle (EV) sales grew 61 per cent (on-year) to reach 2.18 million units in the second quarter this year, a new report said on Monday, as for the first time, China’s BYD Auto became the top-selling EV brand, dethroning Elon Musk-run Tesla.

During Q2, BYD Auto shipped more than 354,000 EV units, an increase of 266 per cent YoY.

Tesla’s global sales grew 27 per cent YoY to over 254,000 units, falling short of expectations.

Although business in the US increased, Tesla’s China business was affected by Covid-19 shutdowns.

In total EV sales, battery electric vehicles (BEVs) accounted for almost 72 per cent and plug-in hybrid electric vehicles (PHEVs) for the rest, according to Counterpoint Research.

China remained the market leader in EV sales, followed by Europe and the US.

China’s EV sales increased by almost 92 per cent YoY to reach 1.24 million units from just 0.64 million units in Q2 2021.

“As the global semiconductor shortage has eased a bit, automakers are able to cater to the increasing demand for EVs. Moreover, EV sales would have been higher if China had not experienced fresh Covid-19 outbreaks during March,” said senior analyst Soumen Mandal.

The second half of 2022 is expected to deliver better results, but economic downturns, energy crisis, supply chain bottlenecks and rising geopolitical tensions may hinder the growth of China’s automotive market, especially EVs, he mentioned.

BMW’s EV sales during Q2 increased by 18 per cent YoY. The BMW X3 and i-series models are spearheading the company’s push in the BEV segment, while the 5-Series, 3-Series and X5 models are doing the same in the PHEV segment.

“Incentives play a crucial role in increasing EV adoption. For example, China’s strong incentive program for both automakers and consumers has helped the country become the global EV leader,” said Research Vice President Neil Shah.

“Apart from big markets, smaller markets like India, Japan, Thailand, South Korea and Malaysia have started providing various benefits for EV buyers and automakers either directly as a rebate in prices or tax exemption,” he added.

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Business

Tesla surpasses 3 mn car production mark

Musk said that the long-awaited Cybertruck (announced in 2019) will also be unveiled soon, though he did not give further details…reports Asian Lite News

Elon Musk has announced that his electric car company Tesla surpassed the milestone of producing 3 million vehicles.

Tesla cars have so far achieved over 40 million miles and the company expects to reach 100 million miles at the end of this year.

“Congrats Giga Shanghai on making the millionth car! Total Teslas made now over 3 mn,” Musk tweeted late on Sunday.

Earlier this month, Musk hinted that Tesla would probably build “at least 10 or 12 gigafactories” in years to come.

Musk said that the long-awaited Cybertruck (announced in 2019) will also be unveiled soon, though he did not give further details.

Tesla reported $16.93 billion in revenue in Q2 and automotive made $14.6 billion of the total sales.

In an earnings call, Musk said that Tesla’s new factory outside of Berlin crossed 1,000 cars per week in June.

Tesla was the third biggest automaker in mainland China in the first half of this year. It delivered almost 200,000 vehicles to customers during this period.

Over 413,000 EVs were sold in the US in H1 2022, including over 64,000 electric pick-up trucks.

“Despite the improved range of vehicle types and EVs from more brands, Tesla still accounted for almost 60 per cent of sales in the US in H1 2022,” according to Chris Jones, VP and chief analyst at Canalys.

Tesla is the leader in the BEV segment, with a strong performance from its Model Y and Model 3 accounting for 565,000 of vehicles sold during H1 2022, giving it a market share of 14 per cent.

ALSO READ: Tesla Model 3 to join Dubai Taxi fleet on trial basis

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-Top News Business

Your lawyers are causing trouble, Musk warns Parag Agrawal

Recently, Musk’s lawyers have said that Twitter officials are unfairly pushing for a “warp speed” trial….reports Asian Lite News

Tech billionaire Elon Musk has reportedly texted microblogging platform Twitter’s CEO Parag Agarwal Ned Segal before pulling out of the $44 billion acquisition deal.

Musk texted the Twitter executives that the company’s lawyers were trying to “cause trouble” after they requested information about the status of Musk’s financing for a deal to buy Twitter, according to a lawsuit filed in Delaware, reports Business Insider.

“Your lawyers are using these conversations to cause trouble. That needs to stop, “Musk was quoted as saying in a text to CEO Parag Agrawal and CFO Ned Segal on June 28.”

Recently, Musk’s lawyers have said that Twitter officials are unfairly pushing for a “warp speed” trial.

Twitter’s legal team said in the Delaware Court of Chancery that they would need just a four-day trial to prove that Musk was wrong on his decision to cancel the deal.

Twitter requested the court that the trial be expedited with a start date as soon as September. However, Musk’s legal team replied that it will need time till early 2023 to start the trial.

Musk has also recently demonstrated his “disparaging” behaviour towards Twitter by posting a ‘pile of poop’ emoji as the micro-blogging platform sued him over terminating the takeover deal.

As Twitter sued Musk, the company also submitted an earlier poop emoji reply by the Tesla CEO to Twitter CEO Parag Agrawal as evidence of his “disparaging” behaviour toward the platform.

When a follower posted a link about Twitter submitting a poop emoji tweet as evidence of his disparaging behaviour, Musk replied with the same emoji, along with “BS (bullshit)” as text.

In May, Musk attacked Agrawal after the Twitter CEO went into finer details on how the micro-blogging platform is fighting spam and fake accounts, asking the US Securities and Exchange Commission (SEC) to probe whether Twitter’s claim on the number of its user base is true.

The Tesla CEO even posted an emoji depicting a “pile of poop” to Agrawal on his Twitter thread that went viral on social media.

ALSO READ: Musk hits out at Trump

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Business Dubai Tech Lite

Tesla Model 3 to join Dubai Taxi fleet on trial basis

These vehicles recorded positive indicators in operational efficiency, especially in terms of zero carbon emissions and a high customer satisfaction rating…reports Asian Lite News

Dubai’s Roads and Transport Authority (RTA) announced that Tesla Model 3 had been added to Dubai Taxi Corporation’s taxi fleet on a trial basis, following the huge success of operating 172 Tesla vehicles in the limousine service since 2017.

The trial operation aims to verify the efficiency of the vehicle when deployed on the taxi fleet in the emirate.

Mattar Al Tayer, Director-General, Chairman of the Board of Executive Directors, RTA, said, “The usage of Tesla electric vehicles in Dubai taxi fleet is an exceptional experience, which contributes in realising His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai’s Green Economy for Sustainable Development Initiative. It also supports Dubai Government’s energy and low carbon strategy aimed to make Dubai a model to be emulated in the efficient use of energy and reduced carbon emission.”

“In 2017, RTA started the operation of 172 Tesla vehicles as part of the limousine fleet of the Dubai Taxi comprised of 80 Tesla Model S, 50 Tesla Model X, and 42 Tesla Model 3. These vehicles recorded positive indicators in operational efficiency, especially in terms of zero carbon emissions and a high customer satisfaction rating.

“The success of that experiment prompts us to widen the scope of using electric vehicles as part of the Dubai Taxi fleet over the upcoming years. It supports the initiative of converting 90% of the limo fleet in Dubai into eco-friendly vehicles (hybrid/electric) by 2026. The initiative is the first of its kind worldwide in adopting a semi-total transformation of limousines into environmentally-friendly vehicles,” Al Tayer added.

ALSO READ-Tesla puts India entry on hold

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Business

Musk’s Tesla fires head of LGBTQ+

As per the report, many employees involved in diversity and inclusivity programmes were part of the layoffs….reports Asian Lite News

Amid CEO Elon Musk’s “woke mind virus” concerns, electric vehicle company Tesla has laid off both the president of its LGBTQ+ community and a lead involved in diversity and inclusivity programmes at the company.

While they were let go as part of a broader wave of layoffs, it comes amid several comments CEO Musk made, concerning what he describes as the “woke mind virus,” reports the auto-tech website Electrek.

As per the report, many employees involved in diversity and inclusivity programmes were part of the layoffs.

According to sources familiar with the matter, Bobby Berretta-Paris, a five-year Tesla veteran, was let go last week.

He was hired as a recruiter and promoted three times during his tenure. He was also the volunteer president of LGBTQ+ at Tesla.

Sources also told the website about a software engineer that was also let go by Tesla last week.

Berretta-Paris and the software engineer involved in the diversity and inclusion programme didn’t respond to a request for comment.

The layoffs of those diversity leaders at Tesla come amid Musk making several comments about what he calls “the woke mind virus,” which he believes is “destroying civilization”

ALSO READ: Tesla FSD Beta V.11 release soon: Musk

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-Top News Business World News

Elon Musk highest-paid CEO; Meet the others

After Musk, the 10 most highly compensated Fortune 500 CEOs of 2021 are all tech and biotech CEOs, including the heads of Apple (Tim Cook)…reports Asian Lite News

Tesla and spaceX CEO Elon Musk has topped the list of the most highly compensated CEOs on the Fortune 500 in 2021.

After Musk, the 10 most highly compensated Fortune 500 CEOs of 2021 are all tech and biotech CEOs, including the heads of Apple (Tim Cook), Netflix (Reed Hastings), and Microsoft (Satya Nadella).

In 2021, Musk “realised” compensation worth almost $23.5 billion, from exercising some Tesla stock options awarded in a 2018 multiyear “moonshot” grant.

That was — by far — the biggest CEO payday in 2021, according to Fortune.

Tesla ranked 65 on this year’s Fortune 500. The company had a blockbuster in 2021, bringing in $53.8 billion in revenue, up 71 per cent from 2020.

Meanwhile, the Apple CEO earned $770.5 million in 2021 alone, mostly as a part of a 10-year grant of shares worth $1.7 billion. The tech giant ranks 3 on the Fortune 500.

The company faced challenges because of the global chip shortage, but successfully began manufacturing the equipment in-house, the report said.

Hang, the co-founder of NVIDIA, and Reed Hastings of Netflix bagged third and fourth spots, respectively.

ALSO READ: Musk sees net worth shrink by $12 bn

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Business Tech Lite

Tesla loses $125 billion amid Musk’s Twitter deal

The world’s richest man has a net worth of $257 billion but two-thirds of his wealth is in Tesla stock…reports Asian Lite News

With Elon Musk acquiring Twitter for $44 billion, the stock of his electric car company Tesla tanked, and at least $125 billion were wiped out from its market value over some obvious risks.

According to media reports, Musk could face conflict with China over free speech, which is a key market for Tesla as it produces vehicles at the Shanghai Gigafactory.

There is another risk that “Musk could become distracted by his latest acquisition,” reports NPR.

Tesla shares sank 12.2 per cent after the Twitter acquisition news broke.

The world’s richest man has a net worth of $257 billion but two-thirds of his wealth is in Tesla stock.

“If Musk does offload some of those holdings, it could drive Tesla’s share price down further,” the report said late on Tuesday.

The company warned investors about the same in its latest annual report filed with the US Securities and Exchange Commission.

“If Elon Musk were forced to sell shares of our common stock that he has pledged to secure certain personal loan obligations, such shares could cause our stock price to decline,” the company said.

Another worry for Musk is Twitter itself. Advertisers are having nightmares as free speech can kill their prospects on the platform as their brand’s name may appear alongside hate speech and abusive or dangerous content without moderation.

If Twitter under Musk “tweaks or revamps its moderation policies, reinstate banned users, or allows hate speech and other dangerous and abusive content to return, then advertisers may leave”, according to TechCrunch

ALSO READ-Tesla, ‘the most trusted’ brand in fully-autonomous vehicles

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Business Tech Lite USA

Tesla, ‘the most trusted’ brand in fully-autonomous vehicles

Tesla topped the list, earning 32 per cent of the votes, beating out Toyota with 19 per cent and BMW with 18 per cent…reports Asian Lite News

Elon Musk-owned electric vehicle company Tesla was recently named the “most-trusted” brand in the pursuit of fully-autonomous vehicles, according to a new study.

The study surveyed consumer perception regarding fully-autonomous vehicle technology, reports Teslarati.

Fifty-six total automotive brands were options for consumers to pick in the study, a release from AutoPacific, who performed the study, said.

Tesla topped the list, earning 32 per cent of the votes, beating out Toyota with 19 per cent and BMW with 18 per cent.

“With 32 per cent of consumers, Tesla claims the crown for being the most trusted brand for developing safe and reliable fully-autonomous vehicles,” the study said.

“This likely can be credited to much more ‘buzz’ surrounding the automaker’s pricey and controversial Full-Self Driving driver assistance tech in which current Tesla owners are able to sign up as volunteers and help demo the Level 2 semi-autonomous hands-free capability for Tesla’s own R&D efforts,” it added.

Tesla CEO Elon Musk

Tesla’s Full Self-Driving suite is available to anyone who purchases a vehicle from the automaker and wishes to shell out the additional $12,000.

It is not a fully autonomous system and requires driver attention at all times.

Tesla does have a Beta programme for the Full Self-Driving suite, which qualifies drivers based on a Safety Score that is calculated based on driver behaviours.

The Beta fleet has over 60,000 users,and Musk stated it will be released in Canada sometime soon.

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