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Saudi’s Public Investment Fund to Invest in Lucid Motors

22Aug By Gauri SinghNo Comments

MIDDLE EAST

Saudi’s Public Investment Fund to Invest in Lucid Motors

Saudi Arabia-based public investment fund is reportedly looking to invest in Lucid Motors, a Newark, CA-based electric car maker which is also a rival of Elon Musk’s Tesla. The amount of the fund is expected to be more than $1 billion and the fund ownership of the company will be transferred as stated by the reports. Under this particular deal, the fund will provide an initial investment of $500 million and then make two subsequent investments if Lucid hits certain production targets. Lucid Motors was established in 2007 by Sam Weng (former Oracle executive) and Bernard Tse (former Tesla vice president). The companies that have backed Lucid include Venrock and Tsing Capital. Unlike Tesla, the company has yet to release any cars on the open markets. However, the previous year Lucid...

China’s Electric Car Maker Nio Files an IPO to Raise $1.8 Billion

14Aug By Gauri SinghNo Comments

Market

China’s Electric Car Maker Nio Files an IPO to Raise $1.8 Billion

A Chinese electric car maker Nio has announced its filing to go public on the New York Stock Exchange. The company through this initial public offering (IPO) is looking to raise $1.8 billion. With this, Nio has become the first Chinese automaker to seek a listing in the U.S. This news comes at a time when Elon Musk is looking forward to taking Tesla private. The company seems to represent new competition to automaker Tesla. "We are generally targeting to launch a new model every year in the near future as we ramp up our business," the company stated. The initial public offering is being led by Morgan Stanley, Goldman Sachs Group Inc., JP Morgan Chase & Co., Bank of America Corp., Deutsche Bank AG, Citigroup Inc., Credit Suisse Group AG and UBS Group AG. The company applied to l...

8Aug By Gauri SinghNo Comments

News

Elon Musk’s Tesla is Going Private

Elon Musk, the chief executive of electric car manufacturer Tesla is taking the carmaker private at $420 per share. This move comes when the company is witnessing immense growth and financial constraints. When the deal is implemented, it would take Tesla out of the glare of Wall Street but might limit its access to capital. “There’s a lot of noise that surrounds a public company and people are constantly commenting on the share price and value,” Musk said. “Being public definitely increases the management overhead for any given enterprise.” Taking Tesla Privatehttps://t.co/kw4eHOJfBh — Tesla (@Tesla) August 7, 2018 Musk stated his plans of going private on Twitter and this shocked the investors and sent Tesla’s stock price soaring as much as 8.5 percent befor...

Tesla Won’t Sell Stock & Plans to Fund China Factory with Local Debt

2Aug By Gauri SinghNo Comments

USA

Tesla Won’t Sell Stock & Plans to Fund China Factory with Local Debt

Elon Musk, the well-known entrepreneur who is the CEO of Tesla has announced that his electric car company won’t be raising cash by selling stock. Along with this he also stated that the investment in the new factory to be set up in China is expectedly to be done through a local debt from the bank. Provided that Tesla is burning cash to boost up development of its Model 3 sedan, various investors raised up a query that how will the company continue to fund its operations. To this, the company responded that it is on the path of reaching profitability by improving margin and cutting costs. However, Tesla reported on Wednesday that its quarterly loss rose to $742.7 million which was earlier $401.4 million in the same period last year. In the third quarter, the founder has planned to ma...

Tesla’s Model 3 Production Leader Exits the Company

3Jul By AnkitaNo Comments

News

Tesla’s Model 3 Production Leader Exits the Company

The automotive and energy storage company, Tesla has confirmed that the head of Model 3 production, who went on leave after chief executive Elon Musk took over his duties, will not be coming back. The departure of engineering senior vice president Doug Field came as California-based Tesla appeared to have finally hit a self-imposed goal of cranking out 5,000 Model 3 electric cars in a week. Tesla co-founder Elon Musk fired off a Twitter post over the weekend saying "7,000 cars, 7 days." In a note to investors yesterday, Analyst Trip Chowdhry of Global Equities said that in the preceding week, Tesla produced 5,000 of its Model 3 cars, along with a combined total of 2,000 Model S and Model X vehicles. Musk has been managing the Tesla production line, which has been rejiggered to pump o...

Norway’s $1 Trillion Wealth fund Opposes Elon’s Double Role at Tesla

7Jun By Lavina TolaniNo Comments

USA

Norway’s $1 Trillion Wealth fund Opposes Elon’s Double Role at Tesla

Norges Bank Investment Management (NBIM), world's largest sovereign wealth fund on Wednesday said that it had backed an initiative to wrest the role of chairman away from Tesla Chief Executive Elon Musk. The proposal which represented the strongest challenge yet to Musk’s grip on the Silicon Valley car company got defeated Tesla’s annual meeting of stockholders on Tuesday. Norway's $1 trillion wealth fund is in favour of dividing the roles of CEO and chairman to strengthen corporate governance. Furthermore, the fund voted against the re-election of board member Antonio Gracias but favoured the re-appointment of Elon Musk’s brother Kimbal and James Murdoch. It is also crucial to note that NBIM had voted against Elon Musk's proposed pay package that was valued at $2.6 billion by ...

Review of Tesla’s Quarterly Vehicle Production

6Apr By Sheldan RungasamyNo Comments

ANALYSIS

Review of Tesla’s Quarterly Vehicle Production

Tesla has increased its production rate of electric cars in the first quarter of 2018 as new data reveals that the company has presently produced over 35,000 new vehicles. This production amount in 4 months represent a 34% increase compared to their previous record of 25,700 cars produced in Q2 2017. This chart from Pixr8 News indicates that Tesla’s production of car since Q3 2016 is on inconsistent in almost every quarter. Usually, the carmaker company produces approximately 25,000 cars per quarter since Q3 2016 and the 35,000 mark is a noteworthy milestone for Tesla. Unfortunately, a report emerged today indicating that the company’s Fremont factory ground vehicle production came to a standstill, at least momentarily, on Tuesday morning due to a fire that spread out in Tesla’s ...

Elon Musk Deletes Facebook Pages of Tesla and SpaceX

24Mar By Sheldan RungasamyNo Comments

News

Elon Musk Deletes Facebook Pages of Tesla and SpaceX

A few days ago, Whatsapp co-founder and former Facebook employee Brian Acton joined the Delete Facebook campaign by posting tweets encouraging individuals to delete their accounts on the social media website. His position against the social media website comes in the wake of Facebook’s data breach scandal with Cambridge Analytica. Elon Musk, the famous CEO of SpaceX and Tesla, shared Acton’s opinion and took to the micro blogging website to show support to the campaign. Indeed, the eccentric CEO retweeted Brian Acton’s tweet asking, “What’s Facebook?” What’s Facebook? — Elon Musk (@elonmusk) March 23, 2018 Another Twitter user then suggested Musk to delete SpaceX’s Facebook page and lived up to his words. “I didn’t realize there was one. Will do,” he replied. I didn’t real...

Elon Musk Set to Receive over $2.6 Bn Pay Package From Tesla

22Mar By Sheldan RungasamyNo Comments

News

Elon Musk Set to Receive over $2.6 Bn Pay Package From Tesla

Shareholders of Tesla Inc, the electric car and solar panel maker have agreed to deliver an incredible pay package to famous CEO Elon Musk worth $50 billion if he makes the company reach their targets over the next 10 years, stated a person participating in the vote which took place in California, where Tesla’s headquarters are found. The participant, who preferred to remain anonymous because official vote results have not yet been released states that the agreement was by a large margin. The final results will be shared next week in a filing to the U.S. Securities and Exchange Commission. Tesla says the pay package, an all-or-nothing agreement is worth $2.6 billion looking at the current stock values, but it could increase significantly if Musk reaches the 12 incredible targets whic...

Twitter Argument Between Elon Musk and Donald Trump

13Mar By Sheldan RungasamyNo Comments

USA

Twitter Argument Between Elon Musk and Donald Trump

United States President, Donald Trump, and Tesla and SpaceX CEO, Elon Musk started a political debate on Twitter concerning the import tax difference between China and USA on cars. It all started off from a tweet of US President over his promised tariffs on foreign steel and aluminum. On Wednesday, 7 March, the White House resident tweeted that China were asked to find ways to cut the trade deficit between the two countries by a billion dollars. Truthfully, the request comes from America and the correct amount is $100 billion. “China has been asked to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States. Our relationship with China has been a very good one, and we look forward to seeing what ideas they come back with. We mus...

India’s First Electric Bike Launched at Auto Expo 2018

8Feb By RishabhNo Comments

Automobile, Tech

India’s First Electric Bike Launched at Auto Expo 2018

Bengaluru based tech startup Emflux Motors has launched India's first electric superbike what they call 'Emflux One' at the Auto Expo 2018 amidst high speed electric cars. The obvious, Kitna deti hai(what is the average and price)? Emflux One is a high-power beauty powered by Samsung's Li-Ion Batteries, that includes the Samsung SDi Cells which gives it a 200 km pump without compromising on acceleration and speed, the company says. The bike is powered by 60 kW AC induction motor, with power limited to 53 kW from the controller, which gives it a speed of 200 kmph (around 124 mph). The bike can reach from 0-100 km/h in just 3 seconds (for techies out there - the motor provides a torque of 84 Nm @ 8400 rpm, which is pretty amazing given it is battery powered). The highway r...

SpaceX launches Falcon Heavy with Elon Musk’s Tesla Car in it

7Feb By Sabhyata AgarwalNo Comments

News

SpaceX launches Falcon Heavy with Elon Musk’s Tesla Car in it

SpaceX launched its most powerful rocket, Falcon Heavy on Tuesday around 3:45 pm ET, from Kennedy Space Center in Florida. Thousands of witnesses were heard cheering on the company's live stream in Florida, which was viewed by 3 million people from all around the world. More photos from Falcon Heavy's first flight → https://t.co/095WHX44BX pic.twitter.com/6vlXJoYif0 — SpaceX (@SpaceX) 7 February 2018 Although it wasn't clear up to the launch that the rocket would work or not. The rocket's smooth take-off stunned everyone. However, the most magnificent thing about the Falcon Heavy wasn't only its convincing muscular body but also a fact that it carried Elon Musk's personal Tesla (TSLA)roadster along with three hefty telecommunications satellites into orbit. "Pe...