Tag Archives: Tesla

Tesla electric car rival NIO announces European launch with two models this summer

The smart premium electric car makers had been focused solely on the Chinese market but will now expand in hopes to develop on a “global” scale. NIO’s ES8 smart SUV is the first model to be offered in Europe with pre-orders available from July 2021.
NIO says it intends to establish its entire product and service portfolio in Europe as part of its new expansion.

New features will include the NIO Power Swap technology which will enable car batteries to be automatically replaced within just three minutes. 

The first four swap stations are scheduled to be introduced at the end of 2011 with more set to be added next year.

In addition to this, NIO has promised to build its own Supercharger network in Norway including the option to have a plug installed in owners’ homes.

NIO will also offer special services to customers including access to mobile service vehicles which can carry out simple repair and maintenance work.

Drivers can also access NIO’s pick up and delivery service which allows drivers to skip visits to garages for routine checks.

Marius Hayler, Managing Director of NIO Norway said smart electric cars will “redefine” the market in a similar way to smartphones.

He said: “A new chapter in electric mobility is beginning in Norway.

“Just as the smartphone has replaced the mobile phone, smart EVs will now redefine the customer experience.

“Owning an NIO vehicle means gaining access to exciting opportunities and communities that will enrich users’ lives beyond a premium electric vehicle.

“That is why we aim to build a community around NIO in Norway.”

According to data from Car Sales Base, NIO has sold over 20,000 of its ES6 and ES8 cars in China so far in 2021.

In comparison, Tesla has sold just over 15,000 models of its Model Y machine in China.

Author:
This post originally appeared on Daily Express :: Life and Style Feed
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Is Musk turning Tesla into a cryptocurrency hedge fund? RT’s Boom Bust explores

Author: RT
This post originally appeared on RT Business News

US electric automaker Tesla reported a net profit of $ 438 million for the first quarter of this year, saying that the company’s sales of bitcoin made a positive impact of $ 101 million.

RT’s Boom Bust talks to Octavio Marenzi of Opimas LLC about the company’s report and the role of bitcoin there.

Tesla’s quarterly results are “pretty encouraging,” according to the analyst. “What is kind of weird, is this whole thing with bitcoin and a hundred million dollars of bitcoin gains added to the balance sheet and the income segment.”

Marenzi goes on: “That’s a bit strange overall, not very sure what Elon Musk is doing there. It seemed for a while like he’s going to turn Tesla into a cryptocurrency hedge fund… And maybe that will still come, who knows? But it looks a bit strange, a bit confusing to markets…”

For more stories on economy & finance visit RT’s business section

Tesla edges past Wall Street revenue target, boosted by regulatory credits, China demand

Author: Reuters
This post originally appeared on Stock Market News

2/2 Tesla edges past Wall Street revenue target, boosted by regulatory credits, China demand© Reuters. FILE PHOTO: The logo of car manufacturer Tesla is seen in Bern 2/2

By Hyunjoo Jin and Akanksha Rana

(Reuters) -Electric carmaker Tesla (NASDAQ:) Inc marginally beat Wall Street expectations for first-quarter revenue on Monday boosted by a jump in environmental credit sales to other automakers and robust demand from China.

Sales of regulatory permits were higher than quarterly profit, in line with the trend of several quarters, and net profit was dented by a $ 299 million award to Chief Executive Elon Musk. Tesla’s quarterly performance hit targets qualifying the billionaire entrepreneur for two options payouts worth a combined $ 11 billion. (Graphic on options payout) https://tmsnrt.rs/3sW7Xrv

“Higher regulatory credits, lower taxes, and bitcoin sales buoyed financial results. Back these out, and it was a large miss,” Roth Capital Partners analyst Craig Irwin said.

Tesla trimmed its bitcoin position by 10% during the quarter, which contributed to a small gain in first-quarter financials.

“We do believe long term in the value of bitcoin,” said Chief Financial Officer Zachary Kirkhorn. “It is our intent to hold what we have long term and continue to accumulate bitcoin from transactions from our customers as they purchase vehicles.”

Shares of the company were down about 1.8% in extended trading.

Tesla posted record deliveries in the first quarter despite a global chip shortage that has slammed auto sector rivals. Model Y production in China has spurred demand there.

Still, the world’s most valuable automaker, whose shares jumped more than eight-fold last year, faces challenges of living up to its valuation and managing expectations.

“Tesla looks well positioned to continue delivering more vehicles in the future as more production plants come online which, in turn, could see the company reign in the ludicrous valuation metrics that it currently possesses,” said Peter Hanks of DailyFX.com.

The company said it was able to navigate through global chip supply shortage issues in part by pivoting quickly to new chips, while simultaneously developing software for chips made by new suppliers.

The first quarter “had some of the most difficult supply chain challenges that we’ve ever experienced in Tesla,” Musk said.

However, its vehicle average selling price fell by 13% as production of pricier Model S and Model X vehicles ground to a halt ahead of major updates. Tesla will start deliveries of the new Model S next month and high-volume production in the third quarter. The Model Y production rate in Shanghai continued to improve.

Tesla said it expects this year’s volume growth to exceed 50%, while saying that it is on track to start production and deliveries at its planned factories in Texas and Berlin this year. Musk said Tesla will have 2 million cars on the road next year, up from more than 1 million cars now.

Rivals such as Volkswagen (DE:) and Ford Motor (NYSE:) Co are rolling out their own all-electric vehicles, aiming to compete with Tesla on price and style.

In the United States, Tesla’s full self-driving software is facing new federal investigations following 28 crashes of Tesla vehicles, including a recent one in Texas that killed two.

Revenue rose to $ 10.39 billion from $ 5.99 billion a year earlier. Analysts had expected revenue of $ 10.29 billion, according to IBES data from Refinitiv.

Tesla earned $ 518 million from sales of regulatory credits in the first quarter, up 46% from a year earlier. Tesla earns credits for exceeding emissions and fuel economy standards and sells them to other automakers that fall short of the goals.

Adjusted profit of 93 cents per share topped Wall Street’s consensus of 79 cents.

Tesla cars can drive with no one in the driver’s seat, Consumer Reports says

Author Reuters
This post originally appeared on Technology News & Reviews | New York Post

Consumer Reports engineers were able to operate a Tesla vehicle without anyone in the driver’s seat, and the system failed to send out a warning or indicate that the driver’s seat was empty, the magazine said Thursday.

The engineers tested Tesla Model Y this week as investigators probe an accident where two men died after their Tesla Model S, which was believed to be operating without anyone in the driver’s seat, crashed into a tree on Saturday night north of Houston.

Over several trips across half-mile closed test track, the Model Y automatically steered along painted lane lines, the magazine said.

“In our evaluation, the system not only failed to make sure the driver was paying attention, but it also couldn’t tell if there was a driver there at all,” said Jake Fisher, senior director of Consumer Reports’ auto testing.

“Tesla is falling behind other automakers like GM and Ford that, on models with advanced driver assist systems, use technology to make sure the driver is looking at the road.”

Video image of a Tesla car, reportedly on autopilot, that crashed in Woodlands, Texas, on April 17, 2021, killing its two passengers.Video image of a Tesla car, reportedly on autopilot, that crashed in Woodlands, Texas, on April 17, 2021, killing its two passengers.Montgomery County Police Reporter

Tesla did not immediately respond to a Reuters request for comment.

The report also comes amid growing scrutiny over Tesla’s semi-automated driving system following recent accidents and as it is preparing to launch its updated “full self-driving” software to more customers.

Tesla’s Autopilot is a driver assistance system that handles some driving tasks and allows drivers to take their hands off the steering wheel at times, but Tesla says its features “require active driver supervision and do not make the vehicle autonomous.”

Tesla CEO Musk puts $100 million jolt into quest for carbon removal

Author Reuters
This post originally appeared on Stock Market News

Tesla CEO Musk puts $  100 million jolt into quest for carbon removal© Reuters. FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard at the E3 gaming convention in Los Angeles

By Hyunjoo Jin and Nichola Groom

(Reuters) -Billionaire entrepreneur Elon Musk on Thursday offered inventors $ 100 million in prize money to develop ways to fight global warming by removing carbon dioxide from the atmosphere or ocean.

“Right now we’ve only got one planet, said Musk, CEO of electric carmaker Tesla (NASDAQ:) Inc. “Even a 0.1% chance of disaster — why run that risk? That’s crazy!”

In January, Musk announced his intention to offer $ 100 million in prizes and set out the contest rules on Thursday, Earth Day. What organizers called the “largest incentive prize in history” will last for four years through Earth Day, 2025.

“I’m open to increasing the prize size, too, over time,” Musk said on a video feed that showed him outdoors, barefoot in a black shirt with a forest in the background.

Carbon capture and storage has drawn growing interest as a warming climate has melted glaciers, intensified tropical storms and resulted in “sunny day flooding” of more and more coastal areas. While countries are working to reduce emissions, scientists say carbon removal technology will also be crucial to the goal of getting emissions to net zero by 2050.

“I don’t think we are currently doomed,” Musk said. “If we keep going, complacent, there is some risk of non linear climate change.”

Carbon capture projects have already drawn backing from Silicon Valley startups, public officials worried about the slow pace of cutting emissions, and emitters including oil companies seeking to offset their climate impacts.

The technology is not yet commercially viable. Removing carbon costs more than $ 300 per metric tonne in a world that each year emits greenhouse gases equivalent to about 50 billion tonnes of carbon dioxide. By 2050, some 10 billion tonnes of carbon capture may be needed, by some estimates.

“I think this is one of those things that is going to take a while to figure out what the right solution is,” Musk said. “And especially to figure out what the best economics are for CO2 removal.”

Musk’s $ 100 million XPRIZE Carbon Removal is aimed at finding a viable solution for taking 1,000 tonnes out of the atmosphere annually, with potential to scale up dramatically.

Contenders must sequester carbon for at least a hundred years. Organizers said they will get feedback by mid May and turn guidelines into rules.

Musk has built a reputation as an industrialist focused on environmentalism, turning electric car maker Tesla into the world’s most valuable vehicle company and expanding into solar power so customers can charge their rides carbon-free. He had conversations about the prize with Peter Diamandis, founder and executive chairman of the XPRIZE Foundation.

Contest entrants should “show a sustainable path to achieving low cost at gigatonne scale,” organizers XPRIZE has said on its website.

There are plenty of Silicon Valley startups eager to compete. Venture capital-backed carbon removal companies raised $ 336.5 million last year, according to PitchBook.

On Monday, XPRIZE announced two winners of a separate, $ 20 million prize to develop technologies to covert emissions from power plants into concrete. One is CarbonCure Technologies, based in Canada and backed by separate funds by Bill Gates, Amazon.com Inc (NASDAQ:) and others.

The United Nations has said carbon removal technology is needed to limit increase in planetary warming and avoid catastrophic climate impacts. But some environmentalists have argued that focusing on carbon removal reflects a lack of resolve to end the use of fossil fuels.

Memorial Hermann doctor identified as 1 of 2 killed in fiery Tesla crash in The Woodlands

Memorial Hermann doctor identified as 1 of 2 killed

THE WOODLANDS, Texas (KTRK) — Federal safety regulators have sent a team to investigate a fiery Tesla crash that left a Memorial Hermann doctor and an engineer dead near The Woodlands.

Elon Musk, CEO of Tesla Motors, is now weighing in on the investigation.

It is the biggest question investigators have right now: What happened in the moments before the 2019 Tesla Model S ran into a tree and killed two people?

The crash killed 59-year-old Dr. William Varner and his 69-year-old friend.

After the fire was put out, officials said one victim was in the passenger seat and the other was in the back seat.

The details are leading many to wonder if the car was in self-driving mode.

Musk sent out a tweet about the crash.

READ MORE: Elon Musk claims autopilot was not used in fiery Tesla crash that killed 2 people in The Woodlands

“Data logs recovered so far show Autopilot was not enabled and this car did not purchase FSD,” Musk tweeted. “Moreover, standard Autopilot would require lane lines to turn on, which this street did not have.”

 

FSD stands for “full self driving capability.”

Musk then responded to another tweet from an account that read, “100 people died in the United States today in car accidents… This happens every day. Where is the outrage? Autopilot/FSD is an attempt to solve this once and for all.”

Musk responded with the word “Exactly.”

Musk also took to Twitter to share some results from Tesla’s 2021 Q1 safety report, claiming “Tesla with Autopilot engaged now approaching 10 times lower chance of accident than average vehicle.”

Precinct four, the National Transportation Safety Board and the National Highway Transportation Safety Administration are all looking into the crash.

Local officials insist there was no one in the driver’s seat of the car at the time of the crash.

“Certainly this morning, our investigation certainly feels there was no one in front of that vehicle while it was traveling,” Harris County Precinct 4 Constable Mark Herman said after the crash.

Overnight, Memorial Hermann released a statement on the death of Dr. Varner:

“Dr. Varner was a tremendous human being who personally impacted many throughout our Memorial Hermann The Woodlands Medical Center family over the years. Our thoughts and prayers go out to his entire family, and also to those who had the privilege of working and serving alongside him in various capacities. He will be dearly missed by so many.”

Tesla’s stock fell nearly three and a half percent Monday following news of the crash.

Follow Jeff Ehling on Facebook, Twitter and Instagram.

Copyright © 2021 KTRK-TV. All Rights Reserved.

Jeff Ehling

This article originally appeared on ABC13 RSS Feed

Crypto exchange Binance launches tradable stock tokens, starts with Tesla

Cryptocurrency exchange Binance announced on Monday the launch of ‘trade digital tokens’ that represent fully backed shares of equity stock. It said the first stock tokens will be of Tesla, the largest automaker by market cap.

According to the statement, “each stock token on Binance will represent one share of equity stock, which is fully backed by shares stored in a depository portfolio of underlying securities, in cooperation with investment firm CM-Equity AG and asset tokenization platform Digital Assets AG.”

Tesla stock tokens on Binance will have a minimum trade size of one-hundredth of a stock token, representing the same fraction of a Tesla share. Stock tokens will be priced and settled in Binance USD (BUSD), a regulated stable coin pegged to the US dollar and issued by Paxos Trust.

“Binance serves many users around the world and we are very pleased to be able to help them participate in the equity market,” said Changpeng ‘CZ’ Zhao, CEO of Binance. “Stock tokens demonstrate how we can democratize value transfer more seamlessly, reduce friction and costs to accessibility, without compromising on compliance or security. Through connecting traditional and crypto markets, we are building another technological bridge for a more inclusive financial future,” he added.

The launch of zero-commissioned stock tokens opens up new opportunities for both crypto and traditional investors, the company said. “Binance users who are knowledgeable about crypto’s fractional properties can now diversify into equity assets using a digital currency and platform they are familiar with.”
Also on rt.com Cryptocurrency market now worth almost as much as Apple after market cap hits record $ 2 TRILLION
Conventional investors will be able to access equities in smaller quantities and “gain exposure to the fast-growing crypto market through the largest and most liquid digital asset exchange in the world.”

Binance said it will continue to respond to market demand by listing more stock tokens and launching more related features. 

The world’s leading crypto exchange, Binance, recorded a 346% growth in users during the first quarter of 2021, fueling a 260% growth in total trading volumes.

For more stories on economy & finance visit RT’s business section

RT

Tesla buyers can purchase vehicles with bitcoin, Musk says

Tesla CEO Elon MuskElon Reeve MuskSanders: Musk should ‘focus on Earth’ instead of space Elon Musk: Not broke, never woke, and in on the joke Elon Musk denies cars were used to spy in China: Tesla would be ‘shut down’ MORE[2][3][4][5][6][1] on Wednesday announced that his customers can now purchase electric vehicles using the cryptocurrency Bitcoin.

“You can now buy a Tesla with Bitcoin,” Musk said in a Twitter thread outlining how purchases will be handled.

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He also stated in a tweet that customers outside of the United States will have the option to make purchases using Bitcoin later this year.

Last month, Tesla announced that it purchased $ 1.5 billion worth of Bitcoin[8] and had plans to accept the cryptocurrency as a form of payment in the future.

Since Musk’s Wednesday tweet, Bitcoin, which is currently the world’s largest digital currency, has increased by 4 percent and is trading at $ 56,429, according to Reuters[9].

While Bitcoin has recently been embraced by companies such as Mastercard and Bank of New York Mellon following Tesla’s purchase, it has been rarely used for commerce, Reuters noted. The cryptocurrency is known to have high volatility and is also costly with slow processing times.

Musk also wrote that Tesla will not convert the Bitcoin payments it receives into traditional currency and noted that his company will use “internal & open source software” in his thread.

Last month, he criticized cash, saying that when the currency “has negative real interest, only a fool wouldn’t look elsewhere,” Reuters reported.

[email protected] (Cameron Jenkins)

Ultimate spying gadget? Boom Bust explores Chinese concerns over Tesla cars

As Tesla’s growing operations expand in China, CEO Elon Musk has vowed to halt production immediately if it ever emerges that his products are being used for spying.

Boom Bust looks into the eccentric owner’s comments, with co-host Christy Ai saying “It would be naive to think that this time around China would treat the US company any differently and give it the innocence until proven guilty treatment.”

Fears over how data is handled by tech manufacturers is growing, and digitalized cars are now the ultimate spying gadget, Christy says. “They are loaded with cameras, sensors, location-tracking, and enable building connectivity to amass data from your personal device when you’re connected. These concerns over Tesla are quite real. The Tesla sentry mode is constantly recording driving or not, because if it didn’t it wouldn’t be able to save the 10 minutes prior to a triggering event.”

Christy concludes: “So, that does leave room for speculation of where all this data is going and who’s controlling it. The Chinese government is unlikely to believe this… Tesla remains caught in the crossfire.”

For more stories on economy & finance visit RT’s business section

RT

Elon Musk denies cars were used to spy in China: Tesla would be 'shut down'

Tesla founder and CEO Elon MuskElon Reeve MuskDemocrats make low-tax states an offer they should refuse A new battle in a long war: Why Blinken must stand strong against China’s abuses Tesla on autopilot hits Michigan state trooper’s patrol car MORE[2][3][4][5][6][1] denied claims from the Chinese government that Tesla vehicles could be tied to espionage efforts in the country, arguing such a move would force the electric car manufacturer to “shut down.”

Musk, while speaking at the virtual China Development Forum on Saturday, responded to new Chinese government restrictions on Tesla products that were revealed publicly this week. 

The billionaire pushed back on the ban, saying he would have nothing to gain from participating in espionage.

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“If Tesla used cars to carry out espionage activities in China or anywhere, we will get shut down … There’s a strong incentive for us to be confidential,” Musk said, according to The South China Morning Post[7].

Musk then compared the issue to national security concerns surrounding Chinese-owned video platform TikTok, which former President TrumpDonald TrumpIllinois House passes resolution condemning state rep. for ‘standing with insurrectionists’ Florida Democrats call for election redo after former state senator allegedly tampered with race Biden and Harris discuss voting rights with Stacey Abrams in Atlanta MORE[9][10][11][12][13][8] threatened to ban unless it was sold to another company. 

“Many people were concerned over TikTok but I think this was an unnecessary concern. We should learn lessons from this,” Musk argued at Saturday’s meeting.

People familiar with the effort told The Wall Street Journal that the Chinese government’s decision was prompted by concerns that cameras and sensors in Tesla cars could be used to gather information threatening national security.[14]

The Journal reported that sources said the Chinese government told some agencies to inform drivers that they should stop driving Tesla vehicles to work, and that the electric cars were also banned at housing compounds of families with personnel working in specific state agencies. 

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Chinese government officials reportedly expressed concern that the cameras in Tesla vehicles, which allow customers to collect video on the areas around their parked car, could be constantly recording data to be shared for unknown purposes.

A person familiar with the ban told the South China Morning Post that it was issued a couple weeks ago. 

The reports on Tesla restrictions come a week after the Chinese government criticized the Biden administration over new restrictions implemented on Chinese telecom giant Huawei, including the prohibition of more items for use in 5G technology. [15]

Chinese Foreign Ministry spokesman Zhao Lijian told reporters at the time that the new limits would “severely disrupt the technological exchanges and trade exchanges of the two countries and the world at large,” and “undermine the global industrial chains and supply chains.” 

“The U.S. should stop the suppression on Chinese companies immediately and treat Chinese companies in a fair, just and nondiscriminatory manner,” Lijan added. 

However, President BidenJoe BidenRussia, China tensions rise with White House  New challenges emerge for Biden after strong start Feinstein opens door to supporting filibuster reform MORE[17][18][19][20][21][16] has called for increased rules on Chinese and Russian technology companies to prevent increased threats to U.S. cybersecurity, especially after a series of hacks on U.S. agencies by actors in both countries.

[email protected] (Celine Castronuovo)