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Topic: Tesla

The new 'Standard Range' EVs are $10,000 cheaper than the previously cheapest variants. News 

Tesla Introduces Lower-Cost Versions of Model S and Model X with Reduced Range

Sanjay Patil

Tesla has discreetly introduced lower-priced versions of its Model S and Model X vehicles, known as “Standard Range” variants. These new options are expected to be delivered in the US between September and October of this year. The Model S Standard Range is priced at $78,490, while the standard Model X is listed at $88,490. It’s important to note that these prices do not include any potential savings from EV tax credits that may apply based on the buyer’s location. Both prices are also $10,000 less than the base Model…

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Tesla’s shipments from its China plant plunged 31% in July to the lowest level this year. (REUTERS) News 

Tesla Sparks Renewed Competition in Electric Vehicle Prices in China

Nitin Misra

Auto stocks took a hit as Tesla Inc. reduced prices once more in China, raising concerns about the resurgence of a global price war that seemed to be calming down. The automaker cut the Long Range and Performance versions of the Model Y SUV by 14,000 yuan ($1,900) to 299,900 yuan and 349,900 yuan, respectively, according to a post on its Weibo account. Tesla also extended an 8,000 yuan insurance subsidy for the base version of the Model 3 sedan, which will keep the benefit valid until the end of…

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US officials suspect that driver assistance technology was involved. News 

Investigation Launched into Tesla Safety After Fatal Crash

Adriana Marais,

According to a report by Reuters, regulators from the National Highway Traffic Safety Administration (NHTSA) are launching an investigation into a deadly collision involving a Tesla Model Y. The incident took place on July 19 in Virginia, where a Tesla collided with a tractor-trailer truck, resulting in the tragic death of the car’s driver. The regulators suspect that the 57-year-old Tesla driver was depending on the company’s advanced driver assistance systems during the accident. The Fauquier County Sheriff’s Office released more details about the crash, saying the tractor trailer was…

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Chief Accounting Officer Vaibhav Taneja took on the CFO role in addition to his current duties, Tesla said. News 

Tesla Appoints Vaibhav Taneja as New Chief Financial Officer

Adriana Marais, , , ,

After a 13-year tenure at Tesla Inc., Zachary Kirkhorn, the Chief Financial Officer, has unexpectedly resigned. This unexpected change has sparked concerns about the future leadership of Elon Musk’s company. Kirkhorn, one of only four named directors and the company’s prominent voice among shareholders, resigned on Aug. 4, the company said in a regulatory filing Monday. He will continue to serve in an unspecified capacity until the end of the year “to support a seamless transition.” CFO Vaibhav Taneja took on the role of CFO in addition to his current…

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The electric car manufacturer has entered into a five-year lease agreement with Tablespace Technologies. (REUTERS) Space 

Tesla, Led by Elon Musk, Secures Office Space in Pune’s Viman Nagar for Five Years

Adriana Marais, ,

Elon Musk’s company, Tesla India Motor & Energy Pvt Ltd, has recently secured an office space in Panchshil Business Park, located in Viman Nagar, Pune. This development comes shortly after two senior executives from Tesla reportedly met with Invest India officials to discuss their intentions of entering the Indian market and establishing a manufacturing facility for electric vehicles. The electric car maker has entered into a five-year lease agreement with Tablespace Technologies Pvt Ltd to lease a 5,850 square meter office on the first floor of Wing B at Panchshil…

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In meetings with officials in New Delhi, Tesla executives informed the Indian government that it would like to have some of its vendors from China set up base locally to boost its supply chain, three Indian officials with direct knowledge of talks said. (REUTERS) News 

India Urges Tesla to Follow Apple’s Lead in Connecting Chinese and Indian Suppliers

Adriana Marais

Three government sources with direct knowledge of the matter have revealed that as Tesla considers establishing a manufacturing facility in India, authorities have requested the company to follow Apple’s example by collaborating with local companies in case they engage with Chinese suppliers. Tesla has been in talks with India for weeks to set up a factory to potentially build the $24,000 car for local sale and export, but strained relations between India and China threaten to complicate Tesla’s plans to bring in Chinese suppliers. Tesla founder Elon Musk aims to…

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A dozen reports from drivers prompted the National Highway Traffic Safety Administration to open a probe. News 

US Regulators Probe Tesla for Steering Issues in Model 3 and Model Y Vehicles

Sanjay Patil,

The National Highway Traffic Safety Administration is currently conducting an investigation into Tesla after receiving twelve reports regarding steering problems in the 2023 model year Model 3 and Model Y vehicles. In response to drivers’ complaints of either being unable to steer their vehicles or experiencing a loss of power steering, the agency has initiated a preliminary evaluation (PE). “Five reports indicate an inability to control the vehicle. An additional seven reports indicate a loss of power steering, which resulted in increased efforts to control the vehicle,” NHTSA said. “The…

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The company has been accused of exaggerating its EVs' capabilities. News 

Tesla Reportedly Establishes Group to Address Driving Range Issues

Adarsh V.K, ,

Tesla is facing new allegations of attempting to downplay customer complaints about the performance of its electric vehicles. According to sources from Reuters, the company allegedly operated a covert “Diversion Team” in Las Vegas, whose objective was to cancel service appointments related to range issues. When customers expressed dissatisfaction with the vehicle’s range not meeting advertised claims, team advisors would reportedly inform them that the Environmental Protection Agency’s range figures were merely predictions and that battery degradation would inevitably reduce the range. Initially, the team conducted remote diagnostics and contacted…

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Affiliated companies include BMW, GM, Honda, Hyundai and Mercedes. News 

Partnership Established by Automakers to Develop EV Charging Network Across North America

Febin Mathew,

A new charging network is being established in North America by a coalition of seven prominent automakers. Their ultimate goal is to install 30,000 high-powered charge points in urban and highway areas. The companies involved in this joint effort are BMW, General Motors, Honda, Hyundai, Kia, Mercedes, and Stellantis. In a statement, the coalition expressed their intention to expedite the adoption of electric vehicles and enhance the appeal of zero-emission driving. The goal of this project is 30,000 new charging points, and the companies say they will “attack public and…

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The Tesla chief is appealing a loss over his 'funding secured' tweet. News 

Elon Musk to Appeal SEC Dispute to Supreme Court

Adriana Marais, , ,

Elon Musk is escalating his dispute with the Securities and Exchange Commission (SEC) by appealing to the highest court in the land. Attorney Alex Spiro has verified that Musk intends to seek the Supreme Court’s intervention in determining whether the SEC exceeded its authority in imposing restrictions on Musk’s Twitter statements regarding Tesla’s financials (now X). Musk is contesting a recent appeals court ruling on May 15th, which dismissed his claims that the SEC misused the consent decree to subject him to unwarranted investigations related to his Twitter activity. The…

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Tesla has expressed an interest in building a factory in India (Bloomberg) News 

Tesla to Discuss Manufacturing Strategy for Affordable Vehicle with Indian Government Official – Source

Adarsh V.K,

According to a reliable source, Tesla officials are scheduled to have a meeting with India’s commerce minister later this month. The purpose of the meeting is to discuss the company’s proposal of establishing a factory in India for manufacturing a brand-new car priced at $24,000. Tesla has expressed interest in building a factory in India to make low-cost electric vehicles (EVs) for the local market and for export, the person said, adding that the company had indicated it would come for a new vehicle. The talks are a sharp turnaround…

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While 84-month auto loans have been gaining in popularity, the trend slowed early this year, according to credit-reporting company Experian. (REUTERS) News 

Tesla Introduces Longer Financing Options Amid Increasing Interest Rates

Febin Mathew,

In response to increasing interest rates, Tesla Inc. has introduced 84-month auto loans for customers, following Elon Musk’s statement that the company needed to take action. The company is now including seven-year loans as options on its US order pages, after previously offering loans for up to 72 months. Extending loan terms can lower monthly payments for car buyers, but consumers tend to pay more in interest and run a greater risk of owing more than their vehicle is worth. Tesla’s CEO has often criticized the Federal Reserve. Musk tweeted…

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Owners will have to forfeit the FSD capability in their current EV. News 

Tesla Offers Limited-Time Opportunity to Upgrade to Full Self-Driving

Febin Mathew

Tesla is now informing its customers that they have the option to transfer the Full Self-Driving (FSD) feature they bought to a different vehicle, as long as they receive the new vehicle within the next three months. This announcement was made by Elon Musk during the company’s Q2 2023 investor call, where he introduced a “one-time amnesty” that permits owners to transfer their FSD. A Twitter user named Keith Dahlenburg has shared a screenshot of the offer, including its regulations and requirements, through Not A Tesla App, The Verge. Perhaps…

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Elon Musk’s fortune slumped $13.6 billion on Thursday (AP) News 

Elon Musk’s Net Worth Decreases by $13.6 Billion Following Tesla Stock Drop

Adriana Marais,

Shares of Tesla Inc. plummeted, causing Elon Musk’s wealth to decline by $13.6 billion on Thursday. This drop occurred following the company’s announcement that it might need to continue reducing the prices of its electric vehicles. The drop in net worth to $241 billion further narrows the wealth gap between Musk and Bernard Arnault, the world’s two richest people, according to the Bloomberg Billionaires Index. Musk’s fortune still exceeds that of Arnault, chairman of luxury goods maker LVMH, by about $40 billion. Shares of Austin-based Tesla fell 7% to $271.02…

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Elon Musk's auto company remains America's number one electric vehicle manufacturer. News 

Tesla Delivers Record-Breaking Number of EVs in Second Quarter

Adriana Marais,

Tesla continues to dominate the US electric vehicle market, achieving a remarkable new milestone by producing a record-breaking 479,700 vehicles internally. Furthermore, the company successfully delivered 466,140 of these vehicles in the second quarter, marking an impressive year-on-year increase of approximately 87 percent. The company made headlines in the second quarter after opening up its previously patented charging port design to the rest of the industry. Mercedes, Volvo, Rivian and GM vehicles will use the design in their North American models starting in the 2024 model year. Texas went so…

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In a lawsuit, shareholders claimed they were massively overpaying themselves. News 

Tesla Board of Directors Agree to Repay $735 Million Following Allegations of Excessive Compensation

Febin Mathew,

According to Reuters, Elon Musk, Larry Ellison, and other present and past members of Tesla’s board of directors have agreed to repay $735 million to resolve allegations of excessive payment. This settlement concludes a legal dispute that began in 2020 when a retirement fund for police and firefighters filed a lawsuit questioning the stock options awarded to Tesla’s board since 2017. Additionally, the directors have committed to forgo compensation for the years 2021, 2022, and 2023, and modify the method of calculating their remuneration. Tesla’s current board includes Elon Musk,…

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But they also need to have a Powerwall. News 

Tesla’s ‘Charge on Solar’ Allows Powerwall Owners to Transfer Excess Energy to Electric Vehicles

Nitin Misra

Tesla has introduced a new feature called “Charge on Solar” that enables Tesla owners to charge their electric vehicles using surplus solar energy. Initially tested in May, the capability is now more widely accessible to Tesla customers in the US and Canada. However, the feature is currently limited to owners of newer Teslas (2021 and later) who also possess a Powerwall, Tesla’s battery system that stores solar energy generated by solar panels. To enable Charge on Solar, users must launch their Tesla app, select the feature, and set it up.…

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Right on cue, Tesla Inc. skeptics are pushing back after this year's sizzling $500 billion rally. (AFP) News 

Investors Urge Elon Musk to Prioritize Tesla Amid Growing Electric Vehicle Competition

Adriana Marais,

Tesla faces its biggest challenge in the next two years as rival automakers take advantage of the surging demand for electric vehicles. This comes at a time when Elon Musk seems preoccupied with his prominent ventures, including social media, space travel, and artificial intelligence. That’s what respondents to the latest Markets Live Pulse survey say. Of the 630 global MLIV Pulse contributors, 54% reported an increased risk of industry competition, while 26% saw its mercurial chief’s behavior and decisions as the top concern for Tesla shareholders. “Musk is just such…

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Musk unveiled the truck in late 2019, and Tesla had said production would start in late 2021. (AP) News 

Tesla’s First Electric Pickup Truck Produced, Announces Company

Sanjay Patil,

Tesla has announced that its initial production of the Cybertruck electric pickup has finally commenced, albeit almost two years later than originally planned. The company tweeted a picture on Saturday showing dozens of workers in helmets and yellow vests around the truck. “The first Cybertruck built in Giga Texas!” Tesla tweeted, including an emoji wearing a cowboy hat. Owner Elon Musk retweeted the message. Musk unveiled the truck in late 2019, and Tesla had said production would begin in late 2021, though the company has since warned that production would…

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Volume production is expected to start sometime next year. News 

Tesla’s Cybertruck Manufactured in Texas Factory

Febin Mathew,

After numerous delays, it appears that the Cybertruck is finally en route to customers. Tesla recently shared a photo on Saturday morning, showcasing a Cybertruck that was recently manufactured at the company’s Giga Texas assembly line in Austin. The automaker proudly declared it as the “First Cybertruck built at Giga Texas!” As Electrek points out, the vehicle in question is likely Tesla’s production-purpose model designed to identify the most efficient way to make the new vehicle at scale. The fact that the company shared a photo of the finished Cybertruck…

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