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28Jun By NitishNo Comments

CHINA

Tesla to recall Made in China Cars over Safety Issues

Beijing, 28th June 2021: Tesla is recalling about 285,000 electric vehicles in China because the cruise-control function can be activated accidentally and cause cars to accelerate suddenly, creating a safety hazard, Chinese authorities have said. In a message to customers on the Chinese social media platform Weibo on Saturday, Tesla said, There are potential safety hazards in extreme cases. China’s market regulator said the recall covers 211,256 Model 3 sedans and 38,599 Model Y compact crossover utility vehicles that were built in China and 35,665 Model 3s that were imported. The cars were produced between December 2019 and this month. The regulator said Tesla plans to upgrade cruise-control software on the vehicles remotely, which would save owners the chore of taking their car ...

5Mar By reutersNo Comments

INDIA

India woos Tesla with offer of cheaper production costs than China

India is ready to offer incentives to ensure Tesla Inc's cost of production would be less than in China if the carmaker commits to making its electric vehicles in the south Asian country, transport minister Nitin Gadkari told Reuters. Nitin Gadkari's pitch comes weeks after billionaire Elon Musk's Tesla registered a company in India in a step towards entering the country, possibly as soon as mid-2021. Sources familiar with the matter have said Tesla plans to start by importing and selling its Model 3 electric sedan in India. "Rather than assembling (the cars) in India they should make the entire product in the country by hiring local vendors. Then we can give higher concessions," Gadkari said in an interview, without giving details of what incentives would be on offer. "The govern...

Volvo will make only EVs by 2030; will be sold exclusively online

2Mar By AnkitaNo Comments

Automobile

Volvo will make only EVs by 2030; will be sold exclusively online

Swedish automaker Volvo says it is phasing out the production of all cars with internal combustion engines including hybrids and will make only electric vehicles by 2030. But if you want one, you'll have to buy it online. There is no long-term future for cars with an internal combustion engine, said Henrik Green, Volvo's chief technology officer. Volvo's announcement follows General Motors' pledge earlier this year to make only battery-powered vehicles by 2035. While its all-electric vehicles will be sold exclusively online, dealerships will remain a crucial part of the customer experience and will continue to be responsible for a variety of important services such as selling, preparing, delivering, and servicing cars. As part of the announcement, the Swedish automaker will unv...

Chinese EV startup Byton to suspend production from July 1 for reorganization

1Jul By reutersNo Comments

Automobile

Chinese EV startup Byton to suspend production from July 1 for reorganization

SHANGHAI, 1st July, 2020: China-based electric car startup Byton will suspend production from July 1 to conduct a reorganization of the firm after being hit by the coronavirus pandemic. The company, which is backed by state-owned automaker FAW Group and battery supplier Contemporary Amperex Technology Co Ltd, said it was also actively raising funds to address issues relating to unpaid staff salaries and that it hoped to start paying employees from July. "The new coronavirus epidemic has brought great challenges to Byton's financing and production operations," it said in a statement. "After careful consideration and joint consultations with our shareholders and management, we have decided to, from July 1, kickstart a plan to lower employee costs and promote the company's strategic ...

Tesla Crosses $100 billion Market Valuation Mark

23Jan By PriyankaNo Comments

News

Tesla Crosses $100 billion Market Valuation Mark

NEW YORK, 22ND Jan 2020: Tesla's market value hit $100 billion for the first time, triggering a payout plan that could be worth billions for Elon Musk, founder and chief of the electric carmaker. Shares in Tesla rose some 4.8 percent in opening trade to extend the gains in the value of the fast-growing maker of electric vehicles. Under a compensation plan approved by Telsa's board in 2018, Musk is to be paid in stock awards based on the value of the company, which could be worth as much as $50 billion if Tesla reaches $650 billion. Musk agreed to the plan, which would pay him nothing until Tesla's value reached $100 billion. The package, using shares which "vest" based on certain criteria, gives Musk stock worth around one percent of the company for each of 12 milestones over a...

12Aug By AnkitaNo Comments

News

Tesla Electric Car Explodes in Russia

A Tesla electric car caught fire on a Moscow motorway late on Saturday. Footage of the incident on state TV channel Rossia 24 showed the car by the side of the road engulfed in flames and thick black smoke. Two small explosions occurred within a few seconds of each other. It was not possible to tell which Tesla model the car was and only the metal frame remained after the fire. Tesla Inc stood by safety claims for its Model 3 earlier this week in the face of regulatory scrutiny, while documents showed the top U.S. automotive safety watchdog issued at least five subpoenas since last year seeking information about crashes involving the company's vehicles. The state-run RIA news agency website posted a video showing the car driving in the left-hand lane of Moscow's ring road, known a...

Indian Government New Policy for Electric Vehicle Push in India

1Aug By PriyankaNo Comments

Automobile

Indian Government New Policy for Electric Vehicle Push in India

India includes some of the world's most polluted cities, the government is focused on ensuring reduced greenhouse gas emissions from the automotive sector. Thus, the Indian government has planned to invest $1.4 billion toward incentivizing electric vehicle manufacturing in the country through its Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme. To further, promote the adoption of EVs in the Indian market, the government during the 36th GST council meeting recommended a reduction in GST from 12% to 5% for electric vehicles and the GST for EV charger/charging stations has been reduced from 18% to 5%. Additionally, the government is planning to introduce several tax benefits of up to INR 1.5 Lakhs ($2,189) on interest paid on loans, with a total exemption bene...

1000 km in a single recharge, Swiss Startup developing an Electric Car rechargeable battery

5Apr By PriyankaNo Comments

Automobile

1000 km in a single recharge, Swiss Startup developing an Electric Car rechargeable battery

Switzerland based Innolith AG, the world leader in rechargeable Battery Technology announces that it is developing the world’s first 1000 Wh/kg rechargeable battery. Under development in the company’s German laboratory, the new Innolith Energy Battery would be capable of powering an Electric Vehicle (EV) for over 1000km on a single charge. The Innolith Energy Battery would also radically reduce costs due to the avoidance of exotic and expensive materials combined with the very high energy density of the system. The Innolith battery uses a non-flammable inorganic electrolyte, unlike conventional EV batteries that use a flammable organic electrolyte. The switch to non-flammable batteries removes the primary cause of battery fires that have beset the manufacturers of EVs. “The...

Tesla Y Model Launched, Starting Price is $39000

15Mar By PriyankaNo Comments

Automobile

Tesla Y Model Launched, Starting Price is $39000

Elon musk led Tesla Motors unveiled its newest vehicle, the Model Y, an SUV that the automaker hopes will win over consumers looking for an all-electric alternative in the most popular segment of the auto market. Tesla launched 4 segments of model Y with a starting price of $39,000 USD, following with the other price band at $47,000 USD, $51,000 USD and $60,000 USD, respectively. CEO Elon Musk introduced the Model Y on Thursday night at a gathering of customers, employees and media. The Model Y may be Tesla's most important product yet as it attempts to expand into the mainstream and generate enough cash to repay massive debts that threaten to topple the Palo Alto, California, company. Tesla got a huge boost toward ensuring its survival with the 2017 debut of its Model ...

Volkswagen to cut 7,000 jobs for 5.9 billion euros annual savings

13Mar By PriyankaNo Comments

Automobile

Volkswagen to cut 7,000 jobs for 5.9 billion euros annual savings

Germany based automobile brand Volkswagen said it will cut down its workforce by up to 7,000 staff, raise productivity and eke out 5.9 billion euros worth of annual savings at its core Volkswagen brand by 2023 in a bid to raise Volkswagen’s operating margin to 6 percent. The Wolfsburg, Germany-based carmaker Volkswagen has ruled out compulsory layoffs until 2025, but early retirement will help to reduce its workforce between 5,000 and 7,000 positions, the carmaker said. “The measures from the earnings improvement programme will enable our brand to achieve a competitive return level of six percent in 2022,” Arno Antlitz, Volkswagen brand’s board member for controlling, said in a statement. The cuts will be realized through voluntary staff turnover and partial retirement, while temp...

Following, SEC’s settlement, Elon Musk out as Tesla Chairman

1Oct By Gauri SinghNo Comments

News

Following, SEC’s settlement, Elon Musk out as Tesla Chairman

In the charges against Tesla and Elon Musk, the entrepreneur has agreed to pay a total of $40 million and make a series of concessions to settle a government lawsuit. This settlement is enabling Musk to remain CEO of the electric car company but requires him to discontinue his role as chairman for at least three years. However, he will continue to be the company's CEO. Following this, Tesla is looking to hire an independent chairman to oversee the company. "I do not doubt the value of Musk to Tesla," John Coffee, a Columbia University law professor and corporate governance expert, said. "Without him, they are just a struggling startup that is burning cash at a hopeless rate and is facing a debt refunding crisis in the near future. Besides a new chairman, Tesla was also ordered to ...

Tesla to Build its own Car Carrier Trailers to Boost Deliveries

26Sep By Gauri SinghNo Comments

USA

Tesla to Build its own Car Carrier Trailers to Boost Deliveries

With an aim to accelerate deliveries, electric car maker Tesla has started manufacturing its own car carrier trailers as stated by CEO Elon Musk. The company is seeing a production of about 4,000 Model 3 vehicles per week. Also, it is witnessing an increase in delivery volume by a factor of 3-4 in some markets and therefore, logistics is becoming a bottleneck. "Shortages of railway cargo carriers, trucks, trailers and drivers are already common in the industry, but Tesla's sudden volume increase highlights the issue even more," a report stated. Tesla's delivery volume is increasing so much this week as the company is looking to end the quarter strong. The company is now facing a problem where they are running out of car carriers. As it is often the case with Tesla, they decided to com...