Tag: Tesla

Categories
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

Categories
-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

Categories
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

Categories
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.

ALSO READ-Tesla faces inflationary pressures

Categories
Business Tech Lite

Tesla faces inflationary pressures

Reports said that the rising raw materials costs have hampered Musk and other automakers’ plans to introduce more affordable electric vehicles (EVs)…reports Asian Lite News

Tech billionaire Elon Musk has said that his electric car manufacturing firm Tesla and rocket company SpaceX are facing significant inflationary pressures in raw materials as well as logistics.

“Tesla and SpaceX are seeing significant recent inflation pressure in raw materials and logistics,” Musk said in a tweet on Sunday.

He, however, said his companies “are not alone”, as the Ukraine-Russia conflict sent commodity prices to their highest levels since 2008.

Rising nickel prices, owing to the Russian invasion of Ukraine, have thrown a spanner in Musk and other automakers’ dream of introducing affordable electric cars soon.

Reports said that the rising raw materials costs have hampered Musk and other automakers’ plans to introduce more affordable electric vehicles (EVs).

Nickel has long been widely used in batteries, most commonly in nickel cadmium and in the longer-lasting nickel metal hydride rechargeable batteries, which came to the fore in the 1980s.

In its bid to catch up with Tesla, Ford Motor Company just announced to increase its EV investment to $50 billion till 2026, up from the previous $30 billion investment announcement by 2025.

US-based automaker Jeep, owned by Stellantis, has revealed the first images of its upcoming electric SUV and confirmed that it will launch in 2023.

As electric cars become the flavour of the season, Sony and Honda recently announced a strategic alliance to form a new company that aims to create the next era of mobility and mobility services.

ALSO READ-Sanctions on Russia may throw up economic opportunities for Indian space sector

Categories
Business India News

Tesla receives environmental nod to produce EVs at Gigafactory Berlin

The environmental approval for the giant factory faced a lot of opposition with concerns ranging from deforestation to water supply and more….reports Asian Lite News

Electric vehicle giant Tesla has officially received environmental approval to start production at Gigafactory Berlin, but also as expected, there are a few caveats that will prevent Tesla from officially starting production.

After months of delays, German reports stated earlier this week that Tesla is expected to finally receive final environmental approval to start production at Gigafactory Berlin later this week, auto-tech website Electrek reported.

The environmental approval for the giant factory faced a lot of opposition with concerns ranging from deforestation to water supply and more.

There were several setbacks for Tesla that prevented the company from securing the approval, which has been believed to be the last regulatory step needed to start production.

Tesla CEO Elon Musk. (File photo: IANS)

Few details have been released along with a 536-page conditional building permit, but the word “conditional” is important here — there are about 400 conditions that Tesla needs to fulfil to start production.

The automaker said that it plans to cover all of them within the next two weeks; however, some points appear to be on a different timeline, like another notice of public objection, which is going to be published for two weeks and then comments will be accepted for a month.

However, Tesla and German officials don’t seem to think this should delay the start of production.

The documents revealed that Tesla is approved to produce 500,000 electric vehicles per year at Gigafactory Berlin, along with several other production processes approved, including battery cell production.

They also revealed that Tesla has already hired about 3,000 workers at the plant, the report said.

ALSO READ: AYYA T1: Russian’s alternative to iPhone

Categories
Business Tech Lite

Tesla offers free EV charging around Ukraine

Now for the first time, Tesla is doing it for not a natural disaster, but a human-made disaster…reports Asian Lite News

Electric vehicle company Tesla has started to offer free Supercharging in several countries around Ukraine for people fleeing the country following the Russian invasion.

In an email to local owners, Tesla has announced that it is making several Supercharger stations near the Ukrainian borders with those countries free to use for both Tesla and non-Tesla electric vehicles, reports auto-tech website Electrek.

“Beginning Monday, we are temporarily enabling free Supercharging for both Tesla and Non-Tesla vehicles at sites in areas impacted by the recent situation in Ukraine. Starting with Trzebownisko (Poland), Košice (Slovakia), Miskolc (Hungary), Debrecen (Hungary),” the email reads.

“We hope that this helps give you the peace of mind to get to a safe location. As always tap any site on your car’s touchscreen to see current pricing. Safe travels,” it added.

When regions of the world are hit by natural disasters, Tesla has been known to offer free Supercharging in those regions to give one less thing for people to think about when moving away from danger. For example, Tesla offered free Supercharging to owners on several occasions during hurricanes in the south of the US.

Russian President Vladimir Putin. (Photo@KremlinRussia_ETwitter)

Now for the first time, Tesla is doing it for not a natural disaster, but a human-made disaster.

Russian President Vladimir Putin initiated a “military operation” last week that is now amounting to a large-scale invasion of neighbouring Ukraine.

Ukrainian forces have been fighting back its much bigger neighbour, but the Russian military has advanced into several parts of the country.

ALSO READ-Global smartphone market revenue crosses $448 billion

Categories
Business Tech Lite USA

Ford snubs Tesla Model 3 as top EV

As per report, the Tesla Model 3 is still a great vehicle and is recommended, but the Mustang Mach-E is more practical and easier to live with…reports Asian Lite News

The Ford Mustang Mach-E secured the “Top Pick” spot on Consumer Reports’ EV list, replacing the Tesla Model 3.

According to Consumer Reports, a non-profit consumer research and advocacy organisation, which selects the year’s top models from hundreds of current models, Tesla has dominated the electric vehicle category, with the Model 3 holding the EV Top Pick title for the past two years.

But now the Ford Mustang Mach-E has earned honour-based on road-test score, predicted reliability, owner satisfaction, and safety.

“Not only is it a really fun vehicle to drive, it is sporty, but it is also extremely mature.

“When I say that it rides nice, it is very quiet. I mean it really feels well built,” Jake Fisher, CR’s Senior Director of Automotive Testing said in a statement.

As per report, the Tesla Model 3 is still a great vehicle and is recommended, but the Mustang Mach-E is more practical and easier to live with.

“Both cars have large infotainment center screens, but the Mach-E’s is far easier to operate and doesn’t require multiple steps to activate routine features, such as using the defroster or adjusting the mirrors, as with the Tesla,” Fisher added.

Nearly 6.5 million electric vehicles (EVs) — including fully electric and plug-in hybrid passenger cars — were sold worldwide in 2021, up 109 per cent from 2020, with Tesla leading the global EV market with 14 per cent share, a new report showed on Monday.

The total global car market grew just 4 per cent in 2021 as it continued to struggle with Covid-19 restrictions and chip shortages, while EV sales represented 9 per cent of all passenger car sales last year, according to market research firm Canalys.

The Tesla Model 3 was the best-selling electric car in Europe in 2021, but Volkswagen Group was the leading manufacturer of EVs, with several models from Audi, Skoda and VW selling well.

ALSO READ-Biden finally mentions ‘Tesla’

Categories
Business Tech Lite

Tesla reportedly plans to launch its own in-car App Store

Rumours were initially started when Tesla released an update that allowed for a customisable icon bar at the foot of the touchscreen…reports Asian Lite News

Elon Musk-owned electric vehicle company Tesla is developing an App Store that would feature on the cars’ touchscreen control panel, media reports say.

Even as Musk backs Epic Games and calls Apple’s App Store, “a de facto global tax”, it’s said that Tesla is working on its own rival, reports AppleInsider.

Rumours were initially started when Tesla released an update that allowed for a customisable icon bar at the foot of the touchscreen.

According to TheDriven, though, an investor the publication describes as being “in the know,” has been hinting about Tesla App Store.

Investor Sawyer Merritt tweeted a video of Steve Jobs unveiling the App Store, and said it is coming soon, the report said.

Merritt has not specifically said that there is a Tesla App Store. And Tesla has not announced one, but Musk has recently tweeted that, “Tesla is as much a software company as it is a hardware (one).”

TheDriven quotes other sources saying a Tesla App Store will launch before deliveries of the company’s Cyber Truck. None have strong evidence, however, so it may be nothing more than guesswork.

ALSO READ-Third-wave hit on fashion retailers revenues

Categories
-Top News Business USA

India turns down Tesla’s call for tax breaks

Tesla CEO Elon Musk. (File photo: IANS)

Prime Minister Narendra Modi’s administration has encouraged Tesla to produce locally, while Musk wants India to lower taxes — as high as 100 per cent on imported EVs — to enable the company to first sell vehicles built elsewhere at competitive prices, reports Asian Lite News

The Indian government has turned down a demand of tech billionaire Elon Musk’s electric vehicle (EV) company Tesla for tax breaks to import electric cars, saying rules already allow bringing in partially-built vehicles and assembling them locally at a lower levy, Bloomberg reported on Friday.

“We looked at whether the duties need to be re-jigged, but some domestic production is happening and some investments have come in with the current tariff structure,” Vivek Johri, Chairman of the Central Board of Indirect Taxes and Customs (CBIC), was quoted as saying in an interview with Bloomberg.

“So, it is clear that this is not a hindrance,” Johri added.

Prime Minister Narendra Modi’s administration has encouraged Tesla to produce locally, while Musk wants India to lower taxes — as high as 100 per cent on imported EVs — to enable the company to first sell vehicles built elsewhere at competitive prices.

However, it levies import duties of between 15 and 30 per cent on parts shipped for assembly in the nation.

Indian Prime Minister Narendra Modi during tour to Tesla Motors with the CEO Elon Musk in San Jose.

Recently, a report said that Musk, who has been trying to launch Tesla in India for the past couple of years, is still haunted by the “key challenges” at the government’s end that have grounded his electric cars from running on domestic roads.

Despite the government luring him with various schemes and promises and repeated “come and manufacture/assemble your cars here” calls from the top ministers, Musk is “still working through a lot of challenges with the government,” the report had said.

According to industry experts, the main challenge for Tesla to enter the Indian market is import duty.

With a $39,990 global price tag, Tesla Model 3 may remain as an affordable model in the US but with import duties, it would become unaffordable in the Indian market with an expected price tag of around Rs 60 lakh, as per the report.

ALSO READ: Tesla postpones plan for $25,000 electric car