Thursday, April 18

Tag: tesla

Tesla Fired Hundreds of Employees in Past Week
14Oct By reutersNo Comments
USA

Tesla Fired Hundreds of Employees in Past Week

Luxury electric vehicle maker Tesla Inc fired about 400 employees this week, including associates, team leaders and supervisors, a former employee told Reuters on Friday. The dismissals were a result of a company-wide annual review, Tesla said in an emailed statement, without confirming the number of employees leaving the company. “It’s about 400 people ranging from associates to team leaders to supervisors. We don’t know how high up it went,” said the former employee, who worked on the assembly line and did not want to be identified. Though Tesla cited performance as the reason for the firings, the source told Reuters he was fired in spite of never having been given a bad review. RELATED Tesla To Raise $1.5 Bn Junk Bond To Fund Model 3 Production The Palo Alto, Californ...
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After Inspiring An Industry Of Hyperloop Startups, Elon Musk Is Set To Build His Own
5Aug By RishabhNo Comments
News

After Inspiring An Industry Of Hyperloop Startups, Elon Musk Is Set To Build His Own

Elon Musk is now set to make his own Hyperloop after being an inspiration for startups, as per the latest report by Bloomberg.  The Tesla and SpaceX CEO is said to be planning to build the Hyperloop portion of his planned underground tunnel-based Hyperloop network himself, rather than relying on outside partners who are already developing commercial Hyperloop technology. He briefed his research conducted with his team at Space Exploration Technologies Corp that demonstrated the system's viability and offered it as a gift to the startup ecosystem. He revealed this saying that he needs to be "focussed" on SpaceX and Tesla. While the other startups raced to develop their hyperloops, the SpaceX and Tesla CEO's twitter post claiming to have received "verbal government approval" hit as ...
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Elon Musk Are You Listening, No local Sourcing Required For Manufacturing in India
23May By PriyankaNo Comments
News

Elon Musk Are You Listening, No local Sourcing Required For Manufacturing in India

The government today clarified that US-based electric car major Tesla will not have to source local components if it plans to set up a manufacturing unit in India. The government responded to apprehensions expressed by Tesla founder Elon Musk that the company would have to source a certain percentage of local components to set up plant here. The commerce and industry ministry through its Make in India Twitter handle stated that the foreign direct investment (FDI) policy does not mandate any such minimum sourcing of components by manufacturers. .@elonmusk With respect to news reports on launch plans of Tesla in India being delayed, please note some key clarifications#MakeInIndia pic.twitter.com/9RFICGM9Kk — Make in India (@makeinindia) May 23, 2017 As per the policy, after ma...
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Tesla Raises $1.2 Billion, 20 Percent More Than Planned
19Mar By reutersNo Comments
FUNDING

Tesla Raises $1.2 Billion, 20 Percent More Than Planned

Tesla said on Friday it had raised about $1.2 billion, roughly 20 percent more than it had planned, by selling common shares and convertible debt, ahead of the launch of the crucial Model 3 sedan. The company, led by Elon Musk, said it sold 1.3 million common shares at $262 apiece to raise $350 million and that it raised another $850 million though the sale of convertible senior notes due 2022. The electric car company said on Wednesday it planned to sell $250 million worth of stock and $750 million in notes. Tesla had been expected to raise capital since late last year, with the expectations gaining steam last month after Musk said the company could be "close to the edge" on cash needs. Musk had Tesla was considering a number of options, including raising capital, to reduce ri...
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Samsung Electronics to Supply Chips to Tesla Motors
10Dec By reutersNo Comments
News

Samsung Electronics to Supply Chips to Tesla Motors

Samsung Electronics Co Ltd will supply semiconductors to US electric car maker Tesla Motors Inc, South Korea's Electronic Times reported on Friday citing unnamed sources. Samsung would contract manufacture chips for self-driving features in Tesla vehicles, the paper reported, without putting a value on the order. The South Korean firm has been trying to build auto-related sales for components such as semiconductors and displays in a push to develop a new growth engine. Samsung in November said it would acquire Harman International Industries (HAR.N) for USD 8 billion in a bid to grow quickly in the automotive market. Samsung did not immediately comment on the report, while Tesla could not be immediately reached for comment.
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Tesla Buys German Automation Firm Grohmann to Drive Up Production
8Nov By PriyankaNo Comments
ACQUISITION

Tesla Buys German Automation Firm Grohmann to Drive Up Production

US electric car maker Tesla today said it would buy German engineering firm Grohmann to help ramp up production at its heavily-automated factories. "Several critical elements of Tesla's automated manufacturing systems will be designed and produced" in Pruem in western Germany, the California-based firm said in a statement. Tesla, founded by tech billionaire Elon Musk, aims to produce 500,000 cars per year by 2018 after taking some 370,000 pre-orders for its mass-market Model 3, which will sell for around USD 35,000 (just under 32,000 euros). This year, the firm hopes to build between 80,000 and 90,000 units of its luxury Model S and Model X vehicles, 50,000 of them in the second half. "The key to making electric cars affordable are economies of scale and automation in order to h...
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Self Driving Won’t Work in India Because Nobody Obeys Driving Rules: RC Bhargava
6Nov By Press Trust of IndiaNo Comments
Entrepreneurs Talk

Self Driving Won’t Work in India Because Nobody Obeys Driving Rules: RC Bhargava

At a time when the automotive world is bullish on self driving cars, Maruti Suzuki Chairman R C Bhargava says such autonomous vehicles will not work in India as "nobody obeys any of the driving rules". "I would love to see people try and put that technology to use in the Indian driving conditions," Bhargava said. At an interaction here late last evening, he was asked about his views on self driving cars and how were they likely to impact the traditional automobile industry. "I think no technology will work here when nobody obeys any of the driving rules, no nobody obeys any of the systems which are there. How will you devise a technology that will predict customer behaviour, nobody can predict customer behaviour?" he said. Asked about the impact of taxi aggregators like...
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Automobile Major Mahindra Wants Electric Cars Out From GST Tax
28Oct By NitishNo Comments
Automobile, News

Automobile Major Mahindra Wants Electric Cars Out From GST Tax

Automobile major Mahindra hopes that the proposed GST regime will not treat electric cars as luxury items and therefore, it should be taxed accordingly. "We hope that the upcoming GST regime will not treat electric cars as luxury items and will not be taxed at high rates," Mahesh Babu, CEO-designate of Mahindra Electric, told reporters here today. Launching the 'e2o Plus' hatchback electric car here today, he said that the initial cost of acquisition of such cars are very high, compared to conventional ones in the same category. "The cost price of an electric car is pretty steep even after passing on the special incentive given by the government to the buyer. But the cost of ownership is very low," Babu said. The sole automobile company manufacturing electric cars in India, has pr...
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Renault-Nissan and Microsoft Partner to Deliver the Future of Connected Driving
27Sep By NitishNo Comments
News

Renault-Nissan and Microsoft Partner to Deliver the Future of Connected Driving

Companies sign global, multiyear contract to work on next-generation connected car technologies and driving experiences The Renault-Nissan Alliance and Microsoft Corp. have signed a global, multiyear agreement to partner on next-generation technologies to advance connected driving experiences worldwide. The companies will work together to develop next-generation connected services for cars powered by Microsoft Azure, one of the company's intelligent cloud offerings. These new services will improve customer experience via advanced navigation, predictive maintenance and vehicle centric services, remote monitoring of car features, external mobile experiences and over-the-air updates. "A car is becoming increasingly connected, intelligent and personal," said Ogi Redzic, Renault-Nissan...
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Exclusive: Tesla, SolarCity Close to Merger Agreement
24Jul By reutersNo Comments
ACQUISITION

Exclusive: Tesla, SolarCity Close to Merger Agreement

Tesla Motors Inc and SolarCity Corp have made progress in putting together a deal that will merge the electric car maker and the solar panel installer, people familiar with the matter said. The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. The sources asked not to be identified because the negotiations...
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Alibaba Launched First Internet Connected Car
6Jul By reutersNo Comments
CHINA

Alibaba Launched First Internet Connected Car

Chinese tech firm Alibaba's internet-connected car will set the Chinese e-commerce giant up to quickly introduce driverless vehicle technology, Chief Technology Officer Wang Jian told Reuters on Wednesday. Alibaba and the country's largest automaker SAIC Motor Corp demonstrated their jointly developed car equipped with the YunOS operating system, which can link up with smart phones, at an event in eastern China's Hangzhou on Wednesday. The car is slated to go on sale later this year. "You'll quickly see driverless car technology resulting from this platform," Wang said on the sidelines of the event. Among major tech companies, Alibaba is relatively late to offer a platform that can link a smart phone to a car, trailing platforms already launched by Alphabet's Google, Apple and Baidu. ...
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