Tesla Inc on Monday will break ground for its Shanghai Gigafactory where it will begin making Model 3 electric vehicles (EV) by year-end, <a href="http://www.wionews.com/world/elon-musk-and-his-social-media-debacles-in-2018-186779">Chief Executive Elon Musk</a> tweeted ahead of the formal start of construction of the firm's first Chinese plant.

The $2 billion factory - long under discussion - marks a major bet by the US electric vehicle maker as it looks to bolster its presence in the world's biggest auto market, where it faces rising competition from a swathe of domestic rivals and its sales have been hit by increased tariffs on US imports.

"Looking forward to breaking ground on the @Tesla Shanghai Gigafactory today!" Musk wrote in a post on Twitter.

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Looking forward to breaking ground on the <a href="https://twitter.com/Tesla?ref_src=twsrc%5Etfw">@Tesla</a> Shanghai Gigafactory today!
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1082103637990625281?ref_src=twsrc%5Etfw">January 7, 2019</a></blockquote>
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Musk has said previously he would attend the event in Shanghai. Tesla officials in China declined to comment.

The carmaker, which currently imports US-made vehicles to sell in China, is building the plant in an auto market that is set to contract this year for the first time in decades, though so-called new-energy vehicle (NEV) sales have been strong.

China raised the import tariff on US-made cars to 40 per cent in July, but cut it back to 15 per cent from the start of this year as part of a ceasefire in a trade war with the United States. The lower tariff will last until the end of March pending trade talks.

A local plant will help Tesla lower prices in the market to compete with a new generation of local rivals including Nio Inc, Byton and XPeng Motors.

"Affordable cars must be made on same continent as customers," Musk said in another tweet.

"Shanghai Giga will produce affordable versions of 3/Y for greater China. All Model S/X &amp; higher cost versions of Model 3/Y will still be built in US for WW market, incl China," he later added, referring to the worldwide market including China.

Alan Kang, a Shanghai-based analyst for consultancy LMC Automotive, said: "Tesla's sales (in China) have dropped over the past few months because of high price caused by the tariffs. And the competition is getting more and more fierce."

"With the construction of the Shanghai factory, the faster the better (for Tesla)," Kang said.

CONSTRUCTION TARGETS

Tesla has been pushing forward its plans for the plant after it secured the site in October, hiring staff, starting procurement for building materials and setting up a financial leasing company in the city.

The so-called Gigafactory would also be China's first wholly foreign-owned car plant, a reflection of China's broader shift to open up its car market even amid the whipsawing trade war.

Tesla plans to produce its Model 3 and Model Y cars in the initial phase of production at the Shanghai plant, with an annual capacity of 250,000 vehicles.

"Aiming to finish initial construction this summer, start Model 3 production end of year &amp; reach high volume production next year," Musk wrote in a separate post on Twitter.

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Aiming to finish initial construction this summer, start Model 3 production end of year &amp; reach high volume production next year
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1082116267568377857?ref_src=twsrc%5Etfw">January 7, 2019</a></blockquote>
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"Shanghai Giga production of Model 3/Y will serve greater China region," Musk added in another one.

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Shanghai Giga production of Model 3/Y will serve greater China region
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1082118212546953216?ref_src=twsrc%5Etfw">January 7, 2019</a></blockquote>
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Shares in Chinese suppliers to Tesla, including Tianjin Motor Dies Co Ltd and VT Industrial Technology Co Ltd, rallied on Monday after Musk's comments.

The Shanghai government last month said mayor Ying Yong had visited the site and urged Tesla to "accelerate" work on the factory. He said production would start to some degree in the second half of 2019.

China is the largest market for electric vehicles, and most forecasters predict EV sales in the country will accelerate rapidly as the government drives toward a goal of 100 per cent electric vehicles by 2030. 
&nbsp;

A local plant will help Tesla lower prices in the market to compete with a new generation of local rivals including Nio Inc, Byton and XPeng Motors.

Tesla Inc on Monday will break ground for its Shanghai Gigafactory where it will begin making Model 3 electric vehicles (EV) by year-end, Chief Executive Elon Musk tweeted ahead of the formal start of construction of the firm's first Chinese plant. The $2 billion factory - long under discussion - marks a major bet by the US electric vehicle maker as it looks to bolster its presence in the world's biggest auto market, where it faces rising competition from a swathe of domestic rivals and its sales have been hit by increased tariffs on US imports. "Looking forward to breaking ground on the @Tesla Shanghai Gigafactory today!" Musk wrote in a post on Twitter. Looking forward to breaking ground on the @Tesla Shanghai Gigafactory today! — Elon Musk (@elonmusk) January 7, 2019 × Musk has said previously he would attend the event in Shanghai. Tesla officials in China declined to comment. The carmaker, which currently imports US-made vehicles to sell in China, is building the plant in an auto market that is set to contract this year for the first time in decades, though so-called new-energy vehicle (NEV) sales have been strong. China raised the import tariff on US-made cars to 40 per cent in July, but cut it back to 15 per cent from the start of this year as part of a ceasefire in a trade war with the United States. The lower tariff will last until the end of March pending trade talks. A local plant will help Tesla lower prices in the market to compete with a new generation of local rivals including Nio Inc, Byton and XPeng Motors. "Affordable cars must be made on same continent as customers," Musk said in another tweet. "Shanghai Giga will produce affordable versions of 3/Y for greater China. All Model S/X & higher cost versions of Model 3/Y will still be built in US for WW market, incl China," he later added, referring to the worldwide market including China. Alan Kang, a Shanghai-based analyst for consultancy LMC Automotive, said: "Tesla's sales (in China) have dropped over the past few months because of high price caused by the tariffs. And the competition is getting more and more fierce." "With the construction of the Shanghai factory, the faster the better (for Tesla)," Kang said. CONSTRUCTION TARGETS Tesla has been pushing forward its plans for the plant after it secured the site in October, hiring staff, starting procurement for building materials and setting up a financial leasing company in the city. The so-called Gigafactory would also be China's first wholly foreign-owned car plant, a reflection of China's broader shift to open up its car market even amid the whipsawing trade war. Tesla plans to produce its Model 3 and Model Y cars in the initial phase of production at the Shanghai plant, with an annual capacity of 250,000 vehicles. "Aiming to finish initial construction this summer, start Model 3 production end of year & reach high volume production next year," Musk wrote in a separate post on Twitter. Aiming to finish initial construction this summer, start Model 3 production end of year & reach high volume production next year — Elon Musk (@elonmusk) January 7, 2019 × "Shanghai Giga production of Model 3/Y will serve greater China region," Musk added in another one. Shanghai Giga production of Model 3/Y will serve greater China region — Elon Musk (@elonmusk) January 7, 2019 × Shares in Chinese suppliers to Tesla, including Tianjin Motor Dies Co Ltd and VT Industrial Technology Co Ltd, rallied on Monday after Musk's comments. The Shanghai government last month said mayor Ying Yong had visited the site and urged Tesla to "accelerate" work on the factory. He said production would start to some degree in the second half of 2019. China is the largest market for electric vehicles, and most forecasters predict EV sales in the country will accelerate rapidly as the government drives toward a goal of 100 per cent electric vehicles by 2030.

Tesla CEO Musk says to break ground on Shanghai Gigafactory today

Tesla Inc on Friday named two independent board directors as part of a September deal with federal regulators to move past the turbulence following Chief Executive Officer <a href="http://www.wionews.com/world/elon-musk-and-his-social-media-debacles-in-2018-186779">Elon Musk</a>'s tweet about taking the electric carmaker private.

The company said Oracle Corp's founder Larry Ellison and Walgreens Boots Alliance's global head of human resources Kathleen Wilson-Thompson joined the board as independent directors, effective December 27.&nbsp;Ellison bought 3 million shares of Tesla earlier this year.

"In Larry and Kathleen, we have added a preeminent entrepreneur and a human resources leader, both of whom have a passion for sustainable energy," Tesla said.

Under an agreement with the US&nbsp;Securities and Exchange Commission, Musk agreed to pay a $20 million fine and step aside as Tesla's chairman for three years to settle charges that could have forced his exit.&nbsp;

Tesla also agreed to appoint an independent chairman, two independent directors and a board committee to control Musk's communications.

A US judge in October approved the deal resulting from Musk's August 7 tweets that he was considering taking the company private and had secured funding, which prompted the SEC to file fraud charges against him.

In November, Tesla named director Robyn Denholm as board chair, fulfilling one of the demands. She joined Tesla as an independent director in 2014 and agreed to step down from her job as finance chief of Australian telecoms firm Telstra Corp Ltd.

The stock dropped in September after the SEC accused Musk, 47, of fraud over his "false and misleading" tweets on August 7.

The company's shares were up 4 per cent at $330 in early trading on Friday.

Under an agreement with the US Securities and Exchange Commission, Musk agreed to pay a $20 million fine and step aside as Tesla's chairman for three years to settle charges that could have forced his exit.

Tesla Inc on Friday named two independent board directors as part of a September deal with federal regulators to move past the turbulence following Chief Executive Officer Elon Musk's tweet about taking the electric carmaker private. The company said Oracle Corp's founder Larry Ellison and Walgreens Boots Alliance's global head of human resources Kathleen Wilson-Thompson joined the board as independent directors, effective December 27. Ellison bought 3 million shares of Tesla earlier this year. "In Larry and Kathleen, we have added a preeminent entrepreneur and a human resources leader, both of whom have a passion for sustainable energy," Tesla said. Under an agreement with the US Securities and Exchange Commission, Musk agreed to pay a $20 million fine and step aside as Tesla's chairman for three years to settle charges that could have forced his exit. Tesla also agreed to appoint an independent chairman, two independent directors and a board committee to control Musk's communications. A US judge in October approved the deal resulting from Musk's August 7 tweets that he was considering taking the company private and had secured funding, which prompted the SEC to file fraud charges against him. In November, Tesla named director Robyn Denholm as board chair, fulfilling one of the demands. She joined Tesla as an independent director in 2014 and agreed to step down from her job as finance chief of Australian telecoms firm Telstra Corp Ltd. The stock dropped in September after the SEC accused Musk, 47, of fraud over his "false and misleading" tweets on August 7. The company's shares were up 4 per cent at $330 in early trading on Friday.

Tesla names Larry Ellison, Kathleen Wilson-Thompson to board as part of Musk-US settlement

Elon Musk, the man behind Tesla, SpaceX and PayPal has many plans.

Musk said in May this year that SpaceX would launch more orbital missions in 2018 than any nation on earth.

While his rocket company couldn't achieve that as China launched at least 35 rockets, Musk launched the Falcon heavy rocket, the world's most powerful operational launch vehicle which sent ripples through the industry. The rocket carried a spacesuit-clad dummy called Starman towards Mars orbit inside a red Tesla Roadster car.

But Musk likes to surprise, shock and stay in the news.

Earlier this year, he shocked the world by calling one of the Thai cave rescuers a paedophile. The tweet led Musk being slapped with a lawsuit. In August, he tweeted that he was taking Tesla private and that he had secured funds to do the same. But soon, it became clear that Musk had neither secured the funding nor had the regulatory approvals for it.

A month later, the Securities and Exchange Commission of US filed a lawsuit against him, leading Musk to pay a fine of $20 million and losing the chairmanship to his company. Musk's compulsive tweeting and erratic behaviour, which included smoking marijuana during a video interview, has raised concerns about his leadership, with several Wall Street analysts and some investors urging Tesla to appoint a strong second-in-command.

Then, in an interview with 60 Minutes recently, Musk said he does not respect the Securities and Exchange Commission.

But despite Musk's frequent firing sprees and difficult relationship with his employees, production delays and social media debacles, Tesla has managed to become a success story. Musk shut his critics when Tesla reported a net profit, positive cash flow and wider-than-expected margins in the third quarter, delivering on his promise to turn the electric carmaker profitable as higher production volumes of its new Model 3 began to pay off.

By the end of the year, Musk, despite his controversies, launched the SmallSat Express mission. With this single launch, SpaceX delivered 64 small satellites into orbit. Three of those satellites will track covert shipping, fishing, piracy, and other illegal activities on the ocean from space.

The mission, dubbed SSO-A, also marked the third voyage to space for the same Falcon 9 rocket - another milestone for SpaceX's cost-cutting reusable rocket technology.

And now, he has his eyes set on exploring the depths of space. He recently said that the next goal in space exploration is colonising "heavenly bodies" such as the Moon or "Mars and beyond".

Elon Musk, the man behind Tesla, SpaceX and PayPal has many plans. Musk said in May this year that SpaceX would launch more orbital missions in 2018 than any nation on earth.

Elon Musk, the man behind Tesla, SpaceX and PayPal has many plans. Musk said in May this year that SpaceX would launch more orbital missions in 2018 than any nation on earth. While his rocket company couldn't achieve that as China launched at least 35 rockets, Musk launched the Falcon heavy rocket, the world's most powerful operational launch vehicle which sent ripples through the industry. The rocket carried a spacesuit-clad dummy called Starman towards Mars orbit inside a red Tesla Roadster car. But Musk likes to surprise, shock and stay in the news. Earlier this year, he shocked the world by calling one of the Thai cave rescuers a paedophile. The tweet led Musk being slapped with a lawsuit. In August, he tweeted that he was taking Tesla private and that he had secured funds to do the same. But soon, it became clear that Musk had neither secured the funding nor had the regulatory approvals for it. A month later, the Securities and Exchange Commission of US filed a lawsuit against him, leading Musk to pay a fine of $20 million and losing the chairmanship to his company. Musk's compulsive tweeting and erratic behaviour, which included smoking marijuana during a video interview, has raised concerns about his leadership, with several Wall Street analysts and some investors urging Tesla to appoint a strong second-in-command. Then, in an interview with 60 Minutes recently, Musk said he does not respect the Securities and Exchange Commission. But despite Musk's frequent firing sprees and difficult relationship with his employees, production delays and social media debacles, Tesla has managed to become a success story. Musk shut his critics when Tesla reported a net profit, positive cash flow and wider-than-expected margins in the third quarter, delivering on his promise to turn the electric carmaker profitable as higher production volumes of its new Model 3 began to pay off. By the end of the year, Musk, despite his controversies, launched the SmallSat Express mission. With this single launch, SpaceX delivered 64 small satellites into orbit. Three of those satellites will track covert shipping, fishing, piracy, and other illegal activities on the ocean from space. The mission, dubbed SSO-A, also marked the third voyage to space for the same Falcon 9 rocket - another milestone for SpaceX's cost-cutting reusable rocket technology. And now, he has his eyes set on exploring the depths of space. He recently said that the next goal in space exploration is colonising "heavenly bodies" such as the Moon or "Mars and beyond".

Elon Musk and his social media debacles in 2018

A SpaceX rocket carrying a US military navigation satellite blasted off from Florida's Cape Canaveral on Sunday, marking the space transportation company's first national security space mission for the United States.

The Falcon 9 rocket carrying a roughly $500 million GPS satellite built by Lockheed Martin Corp lifted off from Cape Canaveral at 8:51 am local time. Four previous scheduled launches in the last week, including one on Saturday, were cancelled due to weather and technical issues.

The successful launch is a significant victory for billionaire Elon Musk's privately held rocket company, which has spent years trying to break into the lucrative market for military space launches dominated by Lockheed and Boeing Co.

SpaceX sued the U.S. Air Force in 2014 over the military's award of a multibillion-dollar, non-compete contract for 36 rocket launches to United Launch Alliance, a partnership of Boeing and Lockheed. It dropped the lawsuit in 2015 after the Air Force agreed to open up competition.

The next year, SpaceX won an $83 million Air Force contract to launch the GPS III satellite, which will have a lifespan of 15 years.

The satellite is the first to launch out of 32 in production by Lockheed under contracts worth a combined $12.6 billion for the Air Force GPS III program, according to Lockheed spokesman Chip Eschenfelder.

The launch was originally scheduled for 2014 but has been hobbled by production delays, the Air Force said.

The next GPS III satellite is due to launch in mid-2019, Eschenfelder said, while subsequent satellites undergo testing in the company's Colorado processing facility.

A SpaceX rocket carrying a US military navigation satellite blasted off from Florida's Cape Canaveral on Sunday, marking the space transportation company's first national security space mission for the United States.

A SpaceX rocket carrying a US military navigation satellite blasted off from Florida's Cape Canaveral on Sunday, marking the space transportation company's first national security space mission for the United States. The Falcon 9 rocket carrying a roughly $500 million GPS satellite built by Lockheed Martin Corp lifted off from Cape Canaveral at 8:51 am local time. Four previous scheduled launches in the last week, including one on Saturday, were cancelled due to weather and technical issues. The successful launch is a significant victory for billionaire Elon Musk's privately held rocket company, which has spent years trying to break into the lucrative market for military space launches dominated by Lockheed and Boeing Co. SpaceX sued the U.S. Air Force in 2014 over the military's award of a multibillion-dollar, non-compete contract for 36 rocket launches to United Launch Alliance, a partnership of Boeing and Lockheed. It dropped the lawsuit in 2015 after the Air Force agreed to open up competition. The next year, SpaceX won an $83 million Air Force contract to launch the GPS III satellite, which will have a lifespan of 15 years. The satellite is the first to launch out of 32 in production by Lockheed under contracts worth a combined $12.6 billion for the Air Force GPS III program, according to Lockheed spokesman Chip Eschenfelder. The launch was originally scheduled for 2014 but has been hobbled by production delays, the Air Force said. The next GPS III satellite is due to launch in mid-2019, Eschenfelder said, while subsequent satellites undergo testing in the company's Colorado processing facility.

SpaceX launches first US national security space mission

<a href="http://www.wionews.com/world/spacex-to-retry-launch-in-first-us-national-security-space-mission-185872">Elon Musk's SpaceX</a> scrapped Saturday's launch of a long-delayed navigation satellite for the US military due to strong upper-level winds.

The next launch attempt will be on Sunday at 8:51 am, according to Space X officials.

The launch, SpaceX's fourth attempt in a week after technical and weather delays, would have been the rocket firm's first national security space mission for the United States. Musk's rocket company has spent years trying to break into the lucrative market for military space launches long-dominated by Lockheed and Boeing Co.

SpaceX sued the US Air Force in 2014 in protest over the military's award of a multibillion-dollar, non-compete contract for 36 rocket launches to United Launch Alliance, a partnership of Boeing and Lockheed. It dropped the lawsuit in 2015 after the Air Force agreed to open up competition.

The next year, SpaceX won an $83 million Air Force contract to launch the GPS III satellite, which will have a lifespan of 15 years.

The launch would be the first of 32 satellites in production by Lockheed under contracts worth a combined $12.6 billion for the Air Force GPS III program, Lockheed spokesman Chip Eschenfelder said.

Air Force spokesman William Russell said: "Once fully operational, this latest generation of GPS satellites will bring new capabilities to users, including three times greater accuracy and up to eight times the anti-jamming capabilities."

The launch was originally scheduled for 2014 but has been hobbled by production delays, the Air Force said.

It would have marked SpaceX's first so-called National Security Space mission, as defined by the US military, SpaceX said.

The next GPS III satellite is due to launch in mid-2019, Eschenfelder said, while subsequent satellites undergo testing in the company's Colorado processing facility.

Elon Musk's SpaceX scrapped Saturday's launch of a long-delayed navigation satellite for the US military due to strong upper-level winds. The next launch attempt will be on Sunday at 8:51 am, according to Space X officials.

Elon Musk's SpaceX scrapped Saturday's launch of a long-delayed navigation satellite for the US military due to strong upper-level winds. The next launch attempt will be on Sunday at 8:51 am, according to Space X officials. The launch, SpaceX's fourth attempt in a week after technical and weather delays, would have been the rocket firm's first national security space mission for the United States. Musk's rocket company has spent years trying to break into the lucrative market for military space launches long-dominated by Lockheed and Boeing Co. SpaceX sued the US Air Force in 2014 in protest over the military's award of a multibillion-dollar, non-compete contract for 36 rocket launches to United Launch Alliance, a partnership of Boeing and Lockheed. It dropped the lawsuit in 2015 after the Air Force agreed to open up competition. The next year, SpaceX won an $83 million Air Force contract to launch the GPS III satellite, which will have a lifespan of 15 years. The launch would be the first of 32 satellites in production by Lockheed under contracts worth a combined $12.6 billion for the Air Force GPS III program, Lockheed spokesman Chip Eschenfelder said. Air Force spokesman William Russell said: "Once fully operational, this latest generation of GPS satellites will bring new capabilities to users, including three times greater accuracy and up to eight times the anti-jamming capabilities." The launch was originally scheduled for 2014 but has been hobbled by production delays, the Air Force said. It would have marked SpaceX's first so-called National Security Space mission, as defined by the US military, SpaceX said. The next GPS III satellite is due to launch in mid-2019, Eschenfelder said, while subsequent satellites undergo testing in the company's Colorado processing facility.

SpaceX halts launch of US military satellite due to winds

Billionaire <a href="http://www.wionews.com/world/elon-musks-boring-company-to-unveil-its-first-underground-tunnel-185202">Elon Musk</a>'s <a href="http://www.wionews.com/world/elon-musk-unveils-his-first-los-angeles-area-tunnel-185381">SpaceX</a> is scheduled on Saturday to launch a long-delayed US military navigation satellite, which if successful would mark the rocket company's first national security space mission for the United States.

A Falcon 9 rocket carrying a roughly $500 million GPS satellite built by Lockheed Martin Corp was due to blast off from Florida's Cape Canaveral around 9 am (1400 GMT), privately held SpaceX said.

<a href="http://www.wionews.com/world/spacex-launches-64-satellites-at-once-181346">A successful launch</a> - SpaceX's fourth attempt in a week after technical and weather delays - would be a significant victory for Musk's rocket company, which has spent years trying to break into the lucrative market for military space launches long-dominated by Lockheed and Boeing Co.

SpaceX sued the US Air Force in 2014 in protest over the military's award of a multibillion-dollar, non-compete contract for 36 rocket launches to United Launch Alliance, a partnership of Boeing and Lockheed. It dropped the lawsuit in 2015 after the Air Force agreed to open up the competition.

The next year, SpaceX won an $83 million Air Force contract to launch the GPS III satellite, which will have a lifespan of 15 years.

The launch would be the first of 32 satellites in production by Lockheed under contracts worth a combined $12.6 billion for the Air Force GPS III program, Lockheed spokesman Chip Eschenfelder said.

Air Force spokesman William Russell said: "Once fully operational, this latest generation of GPS satellites will bring new capabilities to users, including three times greater accuracy and up to eight times the anti-jamming capabilities."

The launch was originally scheduled for 2014 but has been hobbled by production delays, the Air Force said.

It would mark SpaceX's first so-called National Security Space mission, as defined by the US military, SpaceX said.

The next GPS III satellite is due to launch in mid-2019, Eschenfelder said, while subsequent satellites undergo testing in the company's Colorado processing facility.

Billionaire Elon Musk's SpaceX is scheduled on Saturday to launch a long-delayed US military navigation satellite, which if successful would mark the rocket company's first national security space mission for the United States.

Billionaire Elon Musk's SpaceX is scheduled on Saturday to launch a long-delayed US military navigation satellite, which if successful would mark the rocket company's first national security space mission for the United States. A Falcon 9 rocket carrying a roughly $500 million GPS satellite built by Lockheed Martin Corp was due to blast off from Florida's Cape Canaveral around 9 am (1400 GMT), privately held SpaceX said. A successful launch - SpaceX's fourth attempt in a week after technical and weather delays - would be a significant victory for Musk's rocket company, which has spent years trying to break into the lucrative market for military space launches long-dominated by Lockheed and Boeing Co. SpaceX sued the US Air Force in 2014 in protest over the military's award of a multibillion-dollar, non-compete contract for 36 rocket launches to United Launch Alliance, a partnership of Boeing and Lockheed. It dropped the lawsuit in 2015 after the Air Force agreed to open up the competition. The next year, SpaceX won an $83 million Air Force contract to launch the GPS III satellite, which will have a lifespan of 15 years. The launch would be the first of 32 satellites in production by Lockheed under contracts worth a combined $12.6 billion for the Air Force GPS III program, Lockheed spokesman Chip Eschenfelder said. Air Force spokesman William Russell said: "Once fully operational, this latest generation of GPS satellites will bring new capabilities to users, including three times greater accuracy and up to eight times the anti-jamming capabilities." The launch was originally scheduled for 2014 but has been hobbled by production delays, the Air Force said. It would mark SpaceX's first so-called National Security Space mission, as defined by the US military, SpaceX said. The next GPS III satellite is due to launch in mid-2019, Eschenfelder said, while subsequent satellites undergo testing in the company's Colorado processing facility.

SpaceX to retry launch in first US national security space mission

Billionaire entrepreneur Elon Musk made a brief public appearance late on Tuesday to unveil the first tunnel completed by the underground transit venture he launched two years ago as an ambitious remedy to Los Angeles' infamously heavy traffic.

But contrary to some of his own hype from several months ago, free rides were not part of the grand opening.

In a 30-minute presentation carried by live webcast, Musk touted the newly finished 1.14-mile (1.83 km) tunnel segment as a breakthrough in low-cost, fast-digging technology being pioneered by his nascent tunneling firm, the Boring Company.

Musk has advertised the proof-of-concept tunnel as a first step toward developing a high-speed subterranean network capable of whisking vehicles and pedestrians below the "soul-destroying" street traffic of America's second-largest city at up to 150 miles per hour. But such a system has a long way to go.

The new tunnel was excavated along a path that runs not through Los Angeles but beneath the tiny adjacent municipality of Hawthorne, where Musk's Boring Company and his SpaceX rocket firm are both headquartered.

Musk, best known as head of the Tesla Inc electric car manufacturer and energy company, launched his foray into public transit after complaining on Twitter in December 2016 that L.A.'s traffic was "driving me nuts," promising then to "build a boring machine and just start digging."

<img alt="Elon Musk unveils his first LA-area tunnel" data-entity-type="file" data-entity-uuid="4cd161ed-2f26-4f4b-83a9-1bbb73a8cc0d" src="/sites/default/files/inline-images/Untitled%20design%20%2818%29.jpg" />

(Elon Musk unveils his tunnel. Image source: Reuters)

In May, the company gave the world a preview of the Hawthorne tunnel, posting a fast-forward video of its interior shot by a camera traveling the length of the cylindrical passageway, which measures about 12 feet (3.7 m) in diameter.

On Tuesday, Musk put the total price tag for the finished segment at about $10 million, including the cost of excavation, internal infrastructure, lighting, ventilation, safety systems, communications and a track.

By comparison, he said, digging a mile of tunnel by "traditional" engineering methods costs up to $1 billion and takes three to six months to complete.

FASTER THAN A SNAIL?

Musk boasted of several cost-cutting innovations, including higher-power boring machines, digging narrower tunnels, speeding up dirt removal, and simultaneous excavation and reinforcement.

He also invoked his favorite comparison with a snail, a creature he said moves 14 times faster than the speed of a typical tunneling machine. "Aspirationally, we should be slightly faster than a snail," he said.

Musk did not say how long it took to burrow his new tunnel, which ended up running short of the 2-mile easement his company originally requested for the project.

But he showed pre-recorded video footage of a newly built elevator station designed to carry passengers from street level to the tunnel's subterranean entryway. The video featured a modified Tesla Model X luxury car on the elevator.

When fully operational, the "loop" system as Musk envisions it will consist of passenger- and automobile-carrying platforms called "skates" that can zip through the tunnels by way of electric power once they descend into the underground network.

Alternately, he said, passenger cars could be outfitted with retractable side wheels allowing them to travel through the loop autonomously.

Musk arrived at Tuesday night's event in a Tesla vehicle so equipped, emerging from the car at one end of the tunnel - bathed in green and blue interior lights - as he was cheered by a small, enthusiastic crowd gathered for the presentation.

Musk created a stir earlier this year by promising free trips through the tunnel once it opened. However, no such rides were in the offing on Tuesday night. A company message posted online beforehand said tunnel tours "are by invitation only," citing "unbelievably high demand."

If successful, the Hawthorne tunnel is envisioned as eventually connecting to a network of other tunnels, yet to be built.

Last month, the Boring Company scrapped plans for a 2.7-mile segment under a West Los Angeles neighborhood, settling litigation brought by community groups opposed to that project.

But Musk's company said it was moving ahead with a proposed tunnel across town to connect Dodger Stadium, home of the city's Major League Baseball team, to an existing subway line.

In June, Boring was selected by Chicago to build a 17-mile underground transit system linking that city's downtown to its main airport. The company also has proposed an East Coast Loop that would run from Washington, D.C., to the Maryland suburbs.

Billionaire entrepreneur Elon Musk made a brief public appearance late on Tuesday to unveil the first tunnel completed by the underground transit venture he launched two years ago as an ambitious remedy to Los Angeles' infamously heavy traffic.

Billionaire entrepreneur Elon Musk made a brief public appearance late on Tuesday to unveil the first tunnel completed by the underground transit venture he launched two years ago as an ambitious remedy to Los Angeles' infamously heavy traffic. But contrary to some of his own hype from several months ago, free rides were not part of the grand opening. In a 30-minute presentation carried by live webcast, Musk touted the newly finished 1.14-mile (1.83 km) tunnel segment as a breakthrough in low-cost, fast-digging technology being pioneered by his nascent tunneling firm, the Boring Company. Musk has advertised the proof-of-concept tunnel as a first step toward developing a high-speed subterranean network capable of whisking vehicles and pedestrians below the "soul-destroying" street traffic of America's second-largest city at up to 150 miles per hour. But such a system has a long way to go. The new tunnel was excavated along a path that runs not through Los Angeles but beneath the tiny adjacent municipality of Hawthorne, where Musk's Boring Company and his SpaceX rocket firm are both headquartered. Musk, best known as head of the Tesla Inc electric car manufacturer and energy company, launched his foray into public transit after complaining on Twitter in December 2016 that L.A.'s traffic was "driving me nuts," promising then to "build a boring machine and just start digging." (Elon Musk unveils his tunnel. Image source: Reuters) In May, the company gave the world a preview of the Hawthorne tunnel, posting a fast-forward video of its interior shot by a camera traveling the length of the cylindrical passageway, which measures about 12 feet (3.7 m) in diameter. On Tuesday, Musk put the total price tag for the finished segment at about $10 million, including the cost of excavation, internal infrastructure, lighting, ventilation, safety systems, communications and a track. By comparison, he said, digging a mile of tunnel by "traditional" engineering methods costs up to $1 billion and takes three to six months to complete. FASTER THAN A SNAIL? Musk boasted of several cost-cutting innovations, including higher-power boring machines, digging narrower tunnels, speeding up dirt removal, and simultaneous excavation and reinforcement. He also invoked his favorite comparison with a snail, a creature he said moves 14 times faster than the speed of a typical tunneling machine. "Aspirationally, we should be slightly faster than a snail," he said. Musk did not say how long it took to burrow his new tunnel, which ended up running short of the 2-mile easement his company originally requested for the project. But he showed pre-recorded video footage of a newly built elevator station designed to carry passengers from street level to the tunnel's subterranean entryway. The video featured a modified Tesla Model X luxury car on the elevator. When fully operational, the "loop" system as Musk envisions it will consist of passenger- and automobile-carrying platforms called "skates" that can zip through the tunnels by way of electric power once they descend into the underground network. Alternately, he said, passenger cars could be outfitted with retractable side wheels allowing them to travel through the loop autonomously. Musk arrived at Tuesday night's event in a Tesla vehicle so equipped, emerging from the car at one end of the tunnel - bathed in green and blue interior lights - as he was cheered by a small, enthusiastic crowd gathered for the presentation. Musk created a stir earlier this year by promising free trips through the tunnel once it opened. However, no such rides were in the offing on Tuesday night. A company message posted online beforehand said tunnel tours "are by invitation only," citing "unbelievably high demand." If successful, the Hawthorne tunnel is envisioned as eventually connecting to a network of other tunnels, yet to be built. Last month, the Boring Company scrapped plans for a 2.7-mile segment under a West Los Angeles neighborhood, settling litigation brought by community groups opposed to that project. But Musk's company said it was moving ahead with a proposed tunnel across town to connect Dodger Stadium, home of the city's Major League Baseball team, to an existing subway line. In June, Boring was selected by Chicago to build a 17-mile underground transit system linking that city's downtown to its main airport. The company also has proposed an East Coast Loop that would run from Washington, D.C., to the Maryland suburbs.

Elon Musk unveils his first Los Angeles-area tunnel

The Boring Company, <a href="http://www.wionews.com/world/elon-musks-teslaquila-drink-faces-clash-with-mexican-tequila-industry-177254">Elon Musk</a>'s underground transit venture, planned to unveil of its first tunnel on Tuesday, two years after the billionaire entrepreneur complained about Los Angeles traffic and vowed to "just start digging" as a remedy.

Musk has advertised his 2-mile (3.2 km) tunnel as the first step towards developing a high-speed subterranean network for whisking vehicles and pedestrians below the congested streets of the second-largest city in the United States.

The tunnel, an initial proof-of-concept, has been excavated along a path that runs not through Los Angeles but beneath the tiny adjacent municipality of Hawthorne, where Musk's Boring Company and his SpaceX rocket firm are both headquartered.

The Boring Company announced plans for a live webcast on Tuesday at 8 pm&nbsp;local time (0400 GMT) of what it called a "product launch" for the tunnel, but gave scant details.

In a tweet earlier this month, Musk said the big reveal would include "autonomous transport cars &amp; ground to tunnel elevator cars."

Boring's website describes a system of passenger- and automobile-carrying "skates" that can zip through the tunnels by way of electric power once they are lowered underground from street level.

Musk, best known as head of the Tesla Inc&nbsp;electric car manufacturer and energy company, launched his foray into public transit after complaining in December 2016 that LA's traffic was "driving me nuts," promising then to "build a boring machine and just start digging."

In May, the company gave the world a preview of the first tunnel, posting a fast-forward video of the interior shot by a camera travelling the length of the cylindrical passageway, which measures about 12 feet (3.7 m) in diameter.

Musk also created a stir by promising free trips through the tunnel once it opened - "like a weird little Disney ride in LA" - to get public feedback before proceeding with a larger system.

It remained doubtful, however, whether permits Musk received to dig what was then billed as an experimental tunnel would allow the public inside.

"There will be no cars or people in the research tunnel," according to the minutes of a special Hawthorne City Council meeting in August 2017 to review an easement for the project.

On its website, the Boring company said that "due to unbelievably high demand, tours through the Hawthorne test tunnel are by invitation only."

If successful, the Hawthorne tunnel is envisioned as eventually connecting to a network of other tunnels, yet to be approved or built.

Last month, the Boring Company scrapped plans for a slightly longer 2.7-mile segment under a West Los Angeles neighbourhood, settling litigation brought by community groups opposed to that project.

But Musk's company announced it was moving ahead with a proposed tunnel across town to connect Dodger Stadium, home of the city's Major League Baseball team, to the existing subway line.

In June, Boring was selected by the city of Chicago to build a 17-mile underground transit system linking that city's downtown to O'Hare International Airport. The company also has proposed an East Coast Loop that would run from Washington, DC, out to the Maryland suburbs.

The Boring Company, Elon Musk's underground transit venture, planned to unveil of its first tunnel on Tuesday, two years after the billionaire entrepreneur complained about Los Angeles traffic and vowed to "just start digging" as a remedy.

The Boring Company, Elon Musk's underground transit venture, planned to unveil of its first tunnel on Tuesday, two years after the billionaire entrepreneur complained about Los Angeles traffic and vowed to "just start digging" as a remedy. Musk has advertised his 2-mile (3.2 km) tunnel as the first step towards developing a high-speed subterranean network for whisking vehicles and pedestrians below the congested streets of the second-largest city in the United States. The tunnel, an initial proof-of-concept, has been excavated along a path that runs not through Los Angeles but beneath the tiny adjacent municipality of Hawthorne, where Musk's Boring Company and his SpaceX rocket firm are both headquartered. The Boring Company announced plans for a live webcast on Tuesday at 8 pm local time (0400 GMT) of what it called a "product launch" for the tunnel, but gave scant details. In a tweet earlier this month, Musk said the big reveal would include "autonomous transport cars & ground to tunnel elevator cars." Boring's website describes a system of passenger- and automobile-carrying "skates" that can zip through the tunnels by way of electric power once they are lowered underground from street level. Musk, best known as head of the Tesla Inc electric car manufacturer and energy company, launched his foray into public transit after complaining in December 2016 that LA's traffic was "driving me nuts," promising then to "build a boring machine and just start digging." In May, the company gave the world a preview of the first tunnel, posting a fast-forward video of the interior shot by a camera travelling the length of the cylindrical passageway, which measures about 12 feet (3.7 m) in diameter. Musk also created a stir by promising free trips through the tunnel once it opened - "like a weird little Disney ride in LA" - to get public feedback before proceeding with a larger system. It remained doubtful, however, whether permits Musk received to dig what was then billed as an experimental tunnel would allow the public inside. "There will be no cars or people in the research tunnel," according to the minutes of a special Hawthorne City Council meeting in August 2017 to review an easement for the project. On its website, the Boring company said that "due to unbelievably high demand, tours through the Hawthorne test tunnel are by invitation only." If successful, the Hawthorne tunnel is envisioned as eventually connecting to a network of other tunnels, yet to be approved or built. Last month, the Boring Company scrapped plans for a slightly longer 2.7-mile segment under a West Los Angeles neighbourhood, settling litigation brought by community groups opposed to that project. But Musk's company announced it was moving ahead with a proposed tunnel across town to connect Dodger Stadium, home of the city's Major League Baseball team, to the existing subway line. In June, Boring was selected by the city of Chicago to build a 17-mile underground transit system linking that city's downtown to O'Hare International Airport. The company also has proposed an East Coast Loop that would run from Washington, DC, out to the Maryland suburbs.

Elon Musk's Boring Company to unveil its first underground tunnel in Los Angeles

Elon Musk unveils futuristic underground tunnel

In Pics: Musk's hyperloop tunnel set to revolutionise underground car travel in cities

SpaceX has launched its Falcon 9 rocket, sending an unusual payload into space&nbsp;&nbsp;64 satellites at the same time, a US record.

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And the company headed by US tech billionaire<a href="http://www.wionews.com/world/elon-musks-teslaquila-drink-faces-clash-with-mexican-tequila-industry-177254"> Elon Musk</a> marked another milestone on Monday in its bid to make rockets more re-usable, like airplanes: the blast-off used a recycled booster for the third time.

California-based SpaceX has landed more than 30 of these boosters back on Earth and has begun re-using them on subsequent missions

In the past, companies have typically allowed rocket parts costing many millions of dollars to fall like junk into the ocean. Monday's landing of the first stage was flawless, like many before it.

Several minutes after liftoff, the tall, white portion of the rocket known formally as the first stage separated from the second stage.

The booster then fired its engines and made a controlled, upright landing on a platform in the Pacific Ocean, video from SpaceX's live webcast showed.

Meanwhile, the second stage pressed deeper into space, carrying 15 micro-satellites and 49 CubeSats belonging to 34 different clients including public, private and university sources from 17 different countries including South Korea, France and Kazakhstan.

The launch was chartered by a company called Spaceflight, which specialises in space "rideshares," or putting multiple satellites on the same rocket. Microsatellites weigh a few dozen pounds (kilograms) and CubeSats are even smaller.

The satellites will be placed into orbit over the next several hours. Not all the clients have scientific missions.

The Nevada Museum of Art sent up a sculpture called "Orbital Reflector" by artist Trevor Paglen.

The reflective, inflatable sculpture is designed to eject from its satellite and orbit the earth "for several weeks before disintegrating upon re-entry into Earth's atmosphere," the museum said.
</div>

SpaceX has launched its Falcon 9 rocket, sending an unusual payload into space 64 satellites at the same time, a US record. And the company headed by US tech billionaire Elon Musk marked another milestone on Monday in its bid to make rockets more re-usable, like airplanes: the blast-off used a recycled booster for the third time.

SpaceX has launched its Falcon 9 rocket, sending an unusual payload into space 64 satellites at the same time, a US record. And the company headed by US tech billionaire Elon Musk marked another milestone on Monday in its bid to make rockets more re-usable, like airplanes: the blast-off used a recycled booster for the third time. California-based SpaceX has landed more than 30 of these boosters back on Earth and has begun re-using them on subsequent missions In the past, companies have typically allowed rocket parts costing many millions of dollars to fall like junk into the ocean. Monday's landing of the first stage was flawless, like many before it. Several minutes after liftoff, the tall, white portion of the rocket known formally as the first stage separated from the second stage. The booster then fired its engines and made a controlled, upright landing on a platform in the Pacific Ocean, video from SpaceX's live webcast showed. Meanwhile, the second stage pressed deeper into space, carrying 15 micro-satellites and 49 CubeSats belonging to 34 different clients including public, private and university sources from 17 different countries including South Korea, France and Kazakhstan. The launch was chartered by a company called Spaceflight, which specialises in space "rideshares," or putting multiple satellites on the same rocket. Microsatellites weigh a few dozen pounds (kilograms) and CubeSats are even smaller. The satellites will be placed into orbit over the next several hours. Not all the clients have scientific missions. The Nevada Museum of Art sent up a sculpture called "Orbital Reflector" by artist Trevor Paglen. The reflective, inflatable sculpture is designed to eject from its satellite and orbit the earth "for several weeks before disintegrating upon re-entry into Earth's atmosphere," the museum said.

SpaceX launches 64 satellites at one go

NASA chief Jim Bridenstine<a href="http://www.wionews.com/world/nasa-to-review-workplace-culture-after-musk-smokes-marijuana-in-podcast-report-178516"> elaborated this week on the reasons</a> why the US space agency launched a safety review of SpaceX and Boeing, which are building spaceships for astronauts, including their workplace culture and drug-free policies.

Although NASA initially declined to <a href="http://www.wionews.com/world/elon-musks-teslaquila-drink-faces-clash-with-mexican-tequila-industry-177254">confirm media reports</a> that the review was prompted by SpaceX CEO Elon Musk's appearance on a filmed podcast in which he was smoking a joint, Bridenstine admitted Thursday, during a roundtable with reporters, it "was not helpful."

Musk reportedly took a hit of marijuana and sipped whiskey on a podcast streamed on the Internet.

He added that he was the one who called for the safety review, announced November 20, of the two companies tasked with building the spacecraft that will enable Americans once again to send people to space -- a capacity the US lost in 2011 with the retirement of the space shuttle program.

"We've had a number of conversations," Bridenstine was quoted as telling The Atlantic magazine.

"I will tell you, he (Musk) is as committed to safety as anybody, and he understands that that was not appropriate behavior, and you won't be seeing that again."

Speaking later to AFP, Bridenstine said the review shows how seriously NASA takes the safety of its astronauts.

"The reality is, we're getting ready to launch American astronauts on American rockets from American soil for the first time since 2011, and we want to make sure we have a cultural assessment, a safety assessment of each of our providers," he said.

"If you look back at the history of how, when accidents have occurred in the past, there has always been a safety assessment after the fact and it includes things like leadership and culture and safety of the organizations that are involved in the mission," he added.

"We didn't want to wait until after there's an accident, because we don't believe there's going to be an accident, but we wanted to make sure that we do that assessment early and not after the fact."

SpaceX has been a contractor for NASA since 2012, ferrying supplies to the International Space Station aboard its Dragon cargo ship.

Next year, SpaceX is preparing for the first flight of its Dragon crew capsule, with two astronauts on board, launched atop a Falcon 9 rocket.

An empty test flight is planned for January 7, 2019 from Cape Canaveral, Florida.

NASA chief Jim Bridenstine elaborated this week on the reasons why the US space agency launched a safety review of SpaceX and Boeing, which are building spaceships for astronauts, including their workplace culture and drug-free policies.

NASA chief Jim Bridenstine elaborated this week on the reasons why the US space agency launched a safety review of SpaceX and Boeing, which are building spaceships for astronauts, including their workplace culture and drug-free policies. Although NASA initially declined to confirm media reports that the review was prompted by SpaceX CEO Elon Musk's appearance on a filmed podcast in which he was smoking a joint, Bridenstine admitted Thursday, during a roundtable with reporters, it "was not helpful." Musk reportedly took a hit of marijuana and sipped whiskey on a podcast streamed on the Internet. He added that he was the one who called for the safety review, announced November 20, of the two companies tasked with building the spacecraft that will enable Americans once again to send people to space -- a capacity the US lost in 2011 with the retirement of the space shuttle program. "We've had a number of conversations," Bridenstine was quoted as telling The Atlantic magazine. "I will tell you, he (Musk) is as committed to safety as anybody, and he understands that that was not appropriate behavior, and you won't be seeing that again." Speaking later to AFP, Bridenstine said the review shows how seriously NASA takes the safety of its astronauts. "The reality is, we're getting ready to launch American astronauts on American rockets from American soil for the first time since 2011, and we want to make sure we have a cultural assessment, a safety assessment of each of our providers," he said. "If you look back at the history of how, when accidents have occurred in the past, there has always been a safety assessment after the fact and it includes things like leadership and culture and safety of the organizations that are involved in the mission," he added. "We didn't want to wait until after there's an accident, because we don't believe there's going to be an accident, but we wanted to make sure that we do that assessment early and not after the fact." SpaceX has been a contractor for NASA since 2012, ferrying supplies to the International Space Station aboard its Dragon cargo ship. Next year, SpaceX is preparing for the first flight of its Dragon crew capsule, with two astronauts on board, launched atop a Falcon 9 rocket. An empty test flight is planned for January 7, 2019 from Cape Canaveral, Florida.

Musk smokes marijuana: He understands it was not appropriate behavior, says NASA chief Bridenstine

The US space agency <a href="http://www.wionews.com/world/elon-musks-teslaquila-drink-faces-clash-with-mexican-tequila-industry-177254">has ordered a sweeping safety review </a>of operations and workplace culture, including drug-free policies, at Boeing and SpaceX, two companies working to send astronauts to space, US media said Tuesday.

The review was "prompted <a href="http://www.wionews.com/world/musk-says-tesla-now-in-delivery-logistics-hell-166080">by the recent </a><a href="http://www.wionews.com/world/musk-says-tesla-now-in-delivery-logistics-hell-166080">behavior</a><a href="http://www.wionews.com/world/musk-says-tesla-now-in-delivery-logistics-hell-166080"> of SpaceX's founder</a>, Elon Musk, according to three officials with knowledge of the probe, after he took a hit of marijuana and sipped whiskey on a podcast streamed on the Internet," said the Washington Post, which first reported on the story.

NASA declined to comment on the allegations, but confirmed the review would start next year as the agency focuses "on safe and successful commercial crew missions" to the International Space Station.&nbsp;

"In the coming months, prior to the crew test flights of Crew Dragon and Starliner, NASA will be conducting a cultural assessment study in coordination with our commercial partners to ensure the companies are meeting NASA's requirements for workplace safety, including the adherence to a drug-free environment," said the NASA statement.&nbsp;

"We fully expect our commercial partners to meet all workplace safety requirements in the execution of our missions and the services they provide the American people. As always, NASA will ensure they do so."

Musk, who is also CEO of Tesla Motors, has faced increased scrutiny over his volatile behavior, including smoking marijuana during a podcast interview earlier this year and assailing a man involved in the Thailand cave rescue as a "pedo guy."

In response to the news of the inquiry, SpaceX said in a statement: "human spaceflight is the core mission of our company. There is nothing more important to SpaceX than this endeavor, and we take seriously the responsibility that NASA has entrusted in us to safely and reliably carry American astronauts to and from the International Space Station."

The company added it "actively promotes workplace safety, and we are confident that our comprehensive drug-free workforce and workplace programs exceed all applicable contractual requirements."

Boeing also insisted its culture "ensures the integrity, safety and quality of our products, our people and their work environment," a spokesman said in a statement emailed to AFP.

"As NASA's trusted partner since the beginning of human spaceflight, we share the same values and are committed to continuing our legacy of trust, openness and mission success."

Both SpaceX and Boeing plan to launch their first unmanned flights of spacecraft that will eventually carry people to the ISS early in 2019, followed by the first crewed flights later in the year.

The spaceships aim to restore US capacity to send astronauts to space. The retirement of the US space shuttle program in 2011 has left the United States without it own spacecraft for ferrying astronauts.

Instead, the world's astronauts must now buy tickets aboard Russia's Soyuz spacecraft at a cost of some $80 million per seat. 
&nbsp;

The US space agency has ordered a sweeping safety review of operations and workplace culture, including drug-free policies, at Boeing and SpaceX, two companies working to send astronauts to space, US media said Tuesday.

The US space agency has ordered a sweeping safety review of operations and workplace culture, including drug-free policies, at Boeing and SpaceX, two companies working to send astronauts to space, US media said Tuesday. The review was "prompted by the recent behavior of SpaceX's founder, Elon Musk, according to three officials with knowledge of the probe, after he took a hit of marijuana and sipped whiskey on a podcast streamed on the Internet," said the Washington Post, which first reported on the story. NASA declined to comment on the allegations, but confirmed the review would start next year as the agency focuses "on safe and successful commercial crew missions" to the International Space Station. "In the coming months, prior to the crew test flights of Crew Dragon and Starliner, NASA will be conducting a cultural assessment study in coordination with our commercial partners to ensure the companies are meeting NASA's requirements for workplace safety, including the adherence to a drug-free environment," said the NASA statement. "We fully expect our commercial partners to meet all workplace safety requirements in the execution of our missions and the services they provide the American people. As always, NASA will ensure they do so." Musk, who is also CEO of Tesla Motors, has faced increased scrutiny over his volatile behavior, including smoking marijuana during a podcast interview earlier this year and assailing a man involved in the Thailand cave rescue as a "pedo guy." In response to the news of the inquiry, SpaceX said in a statement: "human spaceflight is the core mission of our company. There is nothing more important to SpaceX than this endeavor, and we take seriously the responsibility that NASA has entrusted in us to safely and reliably carry American astronauts to and from the International Space Station." The company added it "actively promotes workplace safety, and we are confident that our comprehensive drug-free workforce and workplace programs exceed all applicable contractual requirements." Boeing also insisted its culture "ensures the integrity, safety and quality of our products, our people and their work environment," a spokesman said in a statement emailed to AFP. "As NASA's trusted partner since the beginning of human spaceflight, we share the same values and are committed to continuing our legacy of trust, openness and mission success." Both SpaceX and Boeing plan to launch their first unmanned flights of spacecraft that will eventually carry people to the ISS early in 2019, followed by the first crewed flights later in the year. The spaceships aim to restore US capacity to send astronauts to space. The retirement of the US space shuttle program in 2011 has left the United States without it own spacecraft for ferrying astronauts. Instead, the world's astronauts must now buy tickets aboard Russia's Soyuz spacecraft at a cost of some $80 million per seat.

NASA to review workplace culture after Musk smokes marijuana in podcast: Report

Tesla Inc co-founder Elon Musk and Mexico's tequila producers could be headed for a collision after the agave-based drink's industry group opposed the flamboyant billionaire's efforts to trademark an alcoholic drink dubbed "Teslaquila."

One of the world's richest people and chief executive of Tesla, Musk is known for ambitious and cutting-edge projects ranging from auto electrification and rocket-building to high-speed transit tunnels.

Now it seems that Musk could be setting his sights on disrupting the multibillion-dollar tequila industry.

On October 12, he tweeted "Teslaquila coming soon" and an accompanying "visual approximation" of a red and white label with the Tesla logo and a caption that stated "100 percent Puro de Agave."

Not so fast, said Mexico's Tequila Regulatory Council (CRT). It argued that the "name 'Teslaquila' evokes the word Tequila ... (and) Tequila is a protected word."

The CRT keeps tabs on producers to assure they adhere to strict denomination of origin rules, which dictate the spirit must be made in the Mexican states of Guanajuato, Jalisco, Michoacan, Nayarit or Tamaulipas, among other requirements.

According to the US Patent and Trademark Office website, Tesla has filed an application to trademark "Teslaquila" as a "distilled agave liquor" and "distilled blue agave liquor." Similar applications have been filed in Mexico, the European Union and Jamaica.

"If it wants to make Teslaquila viable as a tequila it would have to associate itself with an authorised tequila producer, comply with certain standards and request authorization from Mexico's Industrial Property Institute," said the CRT in a statement.

"Otherwise it would be making unauthorized use of the denomination of origin for tequila," it said, adding that the proposed name "Teslaquila" could make consumers confuse the drink with tequila.

Tesla did not respond to several requests for comment.

Other high-profile celebrities have cashed in on tequila's new-found international appeal, as the sprit moves into the ranks of top-shelf liquors and sheds its image as a fiery booze drunk by desperadoes and frat boys.

Last year, Diageo Plc bought actor George Clooney's high-end tequila brand Casamigos for up to $1 billion.

Other recent deals in the industry include Bacardi Ltd's January deal to buy fine tequila maker Patron Spirits International for $5.1 billion.

After years of speculation, Mexico's Beckmann family launched an initial public offering of Jose Cuervo in 2017, raising more than $900 million.

Tesla Inc co-founder Elon Musk and Mexico's tequila producers could be headed for a collision after the agave-based drink's industry group opposed the flamboyant billionaire's efforts to trademark an alcoholic drink dubbed "Teslaquila.

Tesla Inc co-founder Elon Musk and Mexico's tequila producers could be headed for a collision after the agave-based drink's industry group opposed the flamboyant billionaire's efforts to trademark an alcoholic drink dubbed "Teslaquila." One of the world's richest people and chief executive of Tesla, Musk is known for ambitious and cutting-edge projects ranging from auto electrification and rocket-building to high-speed transit tunnels. Now it seems that Musk could be setting his sights on disrupting the multibillion-dollar tequila industry. On October 12, he tweeted "Teslaquila coming soon" and an accompanying "visual approximation" of a red and white label with the Tesla logo and a caption that stated "100 percent Puro de Agave." Not so fast, said Mexico's Tequila Regulatory Council (CRT). It argued that the "name 'Teslaquila' evokes the word Tequila ... (and) Tequila is a protected word." The CRT keeps tabs on producers to assure they adhere to strict denomination of origin rules, which dictate the spirit must be made in the Mexican states of Guanajuato, Jalisco, Michoacan, Nayarit or Tamaulipas, among other requirements. According to the US Patent and Trademark Office website, Tesla has filed an application to trademark "Teslaquila" as a "distilled agave liquor" and "distilled blue agave liquor." Similar applications have been filed in Mexico, the European Union and Jamaica. "If it wants to make Teslaquila viable as a tequila it would have to associate itself with an authorised tequila producer, comply with certain standards and request authorization from Mexico's Industrial Property Institute," said the CRT in a statement. "Otherwise it would be making unauthorized use of the denomination of origin for tequila," it said, adding that the proposed name "Teslaquila" could make consumers confuse the drink with tequila. Tesla did not respond to several requests for comment. Other high-profile celebrities have cashed in on tequila's new-found international appeal, as the sprit moves into the ranks of top-shelf liquors and sheds its image as a fiery booze drunk by desperadoes and frat boys. Last year, Diageo Plc bought actor George Clooney's high-end tequila brand Casamigos for up to $1 billion. Other recent deals in the industry include Bacardi Ltd's January deal to buy fine tequila maker Patron Spirits International for $5.1 billion. After years of speculation, Mexico's Beckmann family launched an initial public offering of Jose Cuervo in 2017, raising more than $900 million.

Elon Musk's 'Teslaquila' drink faces clash with Mexican tequila industry

Tesla Inc reported a net profit, positive cash flow and wider-than-expected margins for the latest quarter on Wednesday, delivering on Chief Executive Elon Musk's promise to turn the electric carmaker profitable as higher production volumes of its new Model 3 began to pay off.

Tesla reiterated that it expected to repeat its net profit in the current quarter, helping drive the company's shares up 14 per cent in after-hours trading.

The controversial Musk, who has often set goals and deadlines that Tesla has failed to reach, surprised investors by delivering on his pledge to make Tesla profitable for only the third quarter in its 15-year existence, providing a positive end to a difficult quarter for the CEO whose leadership was openly questioned only weeks ago.

"We can actually be cash flow positive and profitable in all quarters going forward," Musk said, qualifying that he excluded those in which a big debt payment comes due, such as the first quarter of 2019.

Musk reiterated that Tesla currently does not plan to raise equity or debt.

Tesla said it would begin taking orders in Europe and China for the Model 3 before the end of 2018. Deliveries would begin to Europe in late February or March, and those to China in the second quarter, if not before, Musk said.

Musk said he planned to begin local production in China next year in a 'capital efficient manner,' suggesting the company might use a similar tent structure for car assembly that has already been used at its Fremont, California, plant. He gave no further details on plans in China.

Meanwhile, seeking to quell speculation that a large number of prospective buyers had cancelled their reservations due to delays receiving their cars, Tesla said only 20 per cent of North American reservation-holders had cancelled their bookings.

Free cash flow at $881 million was positive for only the third time in Tesla's history and was helped by a surge of new production of the Model 3, lower capital expenditures, and more efficient use of working capital.

While still below the production target it set for June of 5,000 Model 3s per week, the roughly 4,300 Model 3s the company is now averaging per week were enough to boost results.

Despite pledges by Musk and Chief Financial Officer Deepak Ahuja to manage operations and future projects in a capital efficient manner, some on Wall Street still foresee a capital raising as likely at some point.

"(Raising cash) became a whole lot easier," after Wednesday's results, said Tigress Financial Partners analyst Ivan Fienseth. "He will need to do it, right? But if you got a profitable company it's whole lot easier to raise money."

Surging past estimates

The results were a boost for the embattled company after a quarter in which U.S. security regulators accused Musk of fraud for tweeting that he had secured funding for a deal to take the company private which never materialized.

A settlement between Musk, Tesla and the U.S. Securities and Exchange Commission allowed Musk to remain as CEO, but required a new independent chairman to oversee an array of capital- intensive new projects in 2019, from a factory in China to development of Tesla's new Model Y SUV.

Musk had vowed since May that Tesla would be profitable in both the third and fourth quarters, and has repeated that the company would not need new capital from financial backers.

Tesla said earlier this month it built 53,239 Model 3 sedans in the quarter, in line with its target of 50,000 to 55,000 vehicles, and delivered 56,065 of the cars to customers.

Musk has been under intense pressure to prove he can deliver consistent production numbers for the Model 3, seen as crucial to Tesla's profitability and its ability to be a high-volume car producer.

More sales of the higher-priced versions of the Model 3 currently on offer helped margins which rose to over 20 per cent in the quarter, Tesla said, above its projection of 15 per cent margins. Lower labour hours per vehicle helped, as did lower material costs.

Total revenue more than doubled to $6.82 billion, beating analysts' average estimate of $6.33 billion, according to Refinitiv data.

Tesla ended the quarter with $3.5 billion in cash after spending $510.3 million in quarterly capital expenses. It said cash would remain at least unchanged in the fourth quarter, despite a repayment of $230 million in convertible notes coming due.

Tesla reported a profit of $311.5 million, or $1.75 per share, for the third quarter ended Sept. 30, compared with a loss of $619.4 million, or $3.70 per share, a year earlier.

Excluding items, earnings were $2.90 per share, versus an average analyst estimate of a loss of 19 cents per share. A Refinitiv SmartEstimate, which gives more weight to analysts with strong track records, estimated Tesla would earn 3 cents per share.

Tesla faces pressing cash needs at its Fremont, California factory, where the company has had a longstanding goal of eventually increasing production to 10,000 Model 3s per week. Musk said a goal of 7,000 was more realistic and would require significantly less capital spending.

Three new vehicles are in development at Tesla: the Model Y, a new $200,000 Roadster and an electric heavy-duty truck that Musk unveiled last November.

Its sprawling Gigafactory battery factory outside Reno, Nevada is only partially complete, and plans for assembly plants in Europe and China are both big-ticket items on the horizon.

Tesla Inc reported a net profit, positive cash flow and wider-than-expected margins for the latest quarter on Wednesday, delivering on Chief Executive Elon Musk's promise to turn the electric carmaker profitable as higher production volumes of its new Model 3 began to pay off.

Tesla Inc reported a net profit, positive cash flow and wider-than-expected margins for the latest quarter on Wednesday, delivering on Chief Executive Elon Musk's promise to turn the electric carmaker profitable as higher production volumes of its new Model 3 began to pay off. Tesla reiterated that it expected to repeat its net profit in the current quarter, helping drive the company's shares up 14 per cent in after-hours trading. The controversial Musk, who has often set goals and deadlines that Tesla has failed to reach, surprised investors by delivering on his pledge to make Tesla profitable for only the third quarter in its 15-year existence, providing a positive end to a difficult quarter for the CEO whose leadership was openly questioned only weeks ago. "We can actually be cash flow positive and profitable in all quarters going forward," Musk said, qualifying that he excluded those in which a big debt payment comes due, such as the first quarter of 2019. Musk reiterated that Tesla currently does not plan to raise equity or debt. Tesla said it would begin taking orders in Europe and China for the Model 3 before the end of 2018. Deliveries would begin to Europe in late February or March, and those to China in the second quarter, if not before, Musk said. Musk said he planned to begin local production in China next year in a 'capital efficient manner,' suggesting the company might use a similar tent structure for car assembly that has already been used at its Fremont, California, plant. He gave no further details on plans in China. Meanwhile, seeking to quell speculation that a large number of prospective buyers had cancelled their reservations due to delays receiving their cars, Tesla said only 20 per cent of North American reservation-holders had cancelled their bookings. Free cash flow at $881 million was positive for only the third time in Tesla's history and was helped by a surge of new production of the Model 3, lower capital expenditures, and more efficient use of working capital. While still below the production target it set for June of 5,000 Model 3s per week, the roughly 4,300 Model 3s the company is now averaging per week were enough to boost results. Despite pledges by Musk and Chief Financial Officer Deepak Ahuja to manage operations and future projects in a capital efficient manner, some on Wall Street still foresee a capital raising as likely at some point. "(Raising cash) became a whole lot easier," after Wednesday's results, said Tigress Financial Partners analyst Ivan Fienseth. "He will need to do it, right? But if you got a profitable company it's whole lot easier to raise money." Surging past estimates The results were a boost for the embattled company after a quarter in which U.S. security regulators accused Musk of fraud for tweeting that he had secured funding for a deal to take the company private which never materialized. A settlement between Musk, Tesla and the U.S. Securities and Exchange Commission allowed Musk to remain as CEO, but required a new independent chairman to oversee an array of capital- intensive new projects in 2019, from a factory in China to development of Tesla's new Model Y SUV. Musk had vowed since May that Tesla would be profitable in both the third and fourth quarters, and has repeated that the company would not need new capital from financial backers. Tesla said earlier this month it built 53,239 Model 3 sedans in the quarter, in line with its target of 50,000 to 55,000 vehicles, and delivered 56,065 of the cars to customers. Musk has been under intense pressure to prove he can deliver consistent production numbers for the Model 3, seen as crucial to Tesla's profitability and its ability to be a high-volume car producer. More sales of the higher-priced versions of the Model 3 currently on offer helped margins which rose to over 20 per cent in the quarter, Tesla said, above its projection of 15 per cent margins. Lower labour hours per vehicle helped, as did lower material costs. Total revenue more than doubled to $6.82 billion, beating analysts' average estimate of $6.33 billion, according to Refinitiv data. Tesla ended the quarter with $3.5 billion in cash after spending $510.3 million in quarterly capital expenses. It said cash would remain at least unchanged in the fourth quarter, despite a repayment of $230 million in convertible notes coming due. Tesla reported a profit of $311.5 million, or $1.75 per share, for the third quarter ended Sept. 30, compared with a loss of $619.4 million, or $3.70 per share, a year earlier. Excluding items, earnings were $2.90 per share, versus an average analyst estimate of a loss of 19 cents per share. A Refinitiv SmartEstimate, which gives more weight to analysts with strong track records, estimated Tesla would earn 3 cents per share. Tesla faces pressing cash needs at its Fremont, California factory, where the company has had a longstanding goal of eventually increasing production to 10,000 Model 3s per week. Musk said a goal of 7,000 was more realistic and would require significantly less capital spending. Three new vehicles are in development at Tesla: the Model Y, a new $200,000 Roadster and an electric heavy-duty truck that Musk unveiled last November. Its sprawling Gigafactory battery factory outside Reno, Nevada is only partially complete, and plans for assembly plants in Europe and China are both big-ticket items on the horizon.

Tesla shares jump as Musk delivers quarterly profit, cash

Tesla CEO Elon Musk said in a tweet today that the first tunnel under Hawthorne in Los Angeles area "is almost done".

Musk declared that it will open on December 10th.

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Boring Company founded by Musk two years ago has been building the tunnel in order to enable high-speed transit across the US through underground tunnels, also&nbsp;seen as promoting clean and efficient mode of transport.

Boring had said earlier that cars and pods can move at a speed of 130 mph inside the tunnel.

Los Angeles City Council had earlier approved the environmental review exemption for Musk's company giving it a go-ahead for the project.

In a tweet earlier, Musk had said the opening event that night would have "free rides" for the public next day.

The underground loop transit system hopes to cut through busy traffic overground and&nbsp;envisions the creation of transit pods to carry pedestrians and cyclists.

Tesla CEO Elon Musk said in a tweet today that the first tunnel under Hawthorne in Los Angeles area "is almost done". Musk declared that it will open on December 10th.

Tesla CEO Elon Musk said in a tweet today that the first tunnel under Hawthorne in Los Angeles area "is almost done". Musk declared that it will open on December 10th. The first tunnel is almost done — Elon Musk (@elonmusk) October 22, 2018 × Boring Company founded by Musk two years ago has been building the tunnel in order to enable high-speed transit across the US through underground tunnels, also seen as promoting clean and efficient mode of transport. Boring had said earlier that cars and pods can move at a speed of 130 mph inside the tunnel. Los Angeles City Council had earlier approved the environmental review exemption for Musk's company giving it a go-ahead for the project. In a tweet earlier, Musk had said the opening event that night would have "free rides" for the public next day. The underground loop transit system hopes to cut through busy traffic overground and envisions the creation of transit pods to carry pedestrians and cyclists.

First tunnel in Los Angeles almost done, tweets Musk

Tesla Inc Chief Executive Officer Elon Musk will purchase company stock worth $20 million in the next open trading session, the electric carmaker said in a filing on Wednesday.

The news comes weeks after Tesla and Musk agreed to pay US $20 million each as fine as part of a settlement with the US&nbsp;Securities and Exchange Commission.

Tesla said the purchase is 'separate and apart from the settlement' between Musk, Tesla and the SEC.

Shares of the company rose 2 per cent in premarket trading.

Tesla Inc Chief Executive Officer Elon Musk will purchase company stock worth $20 million in the next open trading session, the electric carmaker said in a filing on Wednesday.

Tesla Inc Chief Executive Officer Elon Musk will purchase company stock worth $20 million in the next open trading session, the electric carmaker said in a filing on Wednesday. The news comes weeks after Tesla and Musk agreed to pay US $20 million each as fine as part of a settlement with the US Securities and Exchange Commission. Tesla said the purchase is 'separate and apart from the settlement' between Musk, Tesla and the SEC. Shares of the company rose 2 per cent in premarket trading.

Musk to purchase Tesla stock worth $20 million

Outgoing Twenty-First Century Fox Inc Chief Executive James Murdoch is the lead candidate to replace Elon Musk as Tesla Inc chairman, the Financial Times reported on Wednesday, but Musk in a tweeted reply to the newspaper said, "This is incorrect."

Tesla has until November 13 to appoint an independent chairman of the board, part of settlements reached last month between Tesla, Musk and US&nbsp;regulators in the wake of Musk tweeting in August that he had secured funding to take the electric car maker private.

The SEC settlement capped months of debate and some investor calls for stronger oversight of Musk, whose recent erratic public behaviour raised concerns about his ability to steer the money-losing company through a rocky phase of growth.

The US Securities and Exchange Commission, which said Musk's tweeted statements about going private were fraudulent, allowed the billionaire to retain his role as CEO while requiring he give up his chairmanship.

Musk had said he was considering taking Tesla private at a price of $420 a share, a number that is slang for marijuana. He tweeted the three-word denial of the Financial Times story, on Wednesday at 4:20 pm PT (2320 GMT), about six hours after the newspaper's post.

In a vote of confidence for Musk, shareholder T. Rowe Price Group Inc said in a regulatory filing on Wednesday that it had raised its stake by nearly half to 10.2 per cent at the end of September from just under 7 per cent in June.

The Financial Times cited two people briefed on discussions saying Murdoch was the lead candidate for the job.

Murdoch, already an independent director of Tesla, has signalled he wants the job, the report said.

The son of Fox mogul Rupert Murdoch, he joined Tesla's board last year after years of work with media companies. He has no experience in manufacturing and has never led a company that makes cars or electric vehicles.

Murdoch could not immediately be reached for comment. Tesla did not respond to a request for comment. Twenty-First Century Fox declined to comment.

Musk is the public face of Tesla, and any chairman would have to contend with his powerful personality. Thanks to his vision and audacious showmanship, Tesla's valuation has at times eclipsed that of traditional, established US&nbsp;automakers with billions in revenues and the company has garnered legions of fans, despite repeated production issues.

"The question when it comes to James Murdoch is, 'Is he the guy who'll be able to establish that level of authority with Elon Musk?'" asked Abby Adlerman, CEO of Boardspan, a corporate governance consulting company.

Investor concerns that Tesla's board was too closely tied to Musk led to the company's addition of two independent directors, including Murdoch, in July 2017.

Earlier this year, leading US proxy advisers Glass Lewis &amp; Co and Institutional Shareholder Services, and union-affiliated investment adviser CtW Investment Group, had recommended investors cast votes "against" the re-election of Murdoch as a Tesla director at the company's annual meeting held on June 5.

While CtW cited a lack of relevant experience and a "troubled history as an executive and director," both proxy firms warned that Murdoch already served on too many boards.

Murdoch currently serves on the boards of Twenty-First Century Fox and News Corporation He stepped down from the board of Sky Plc on Tuesday following the completion of Comcast Corp's takeover of the broadcaster.

Murdoch was forced out as chairman of Sky, then BSkyB, in 2012 after being embroiled in Britain's phone-hacking scandal. He returned to Sky's board in 2016 after rebuilding his career at Fox.

Glass Lewis research director Courteney Keatinge said on Wednesday that while Murdoch's departure from Sky could alleviate some concerns, the Tesla chairmanship would still require a big time commitment as the company faces pressures on many fronts.

"I would still have reservations about the time he would be able to allot to this," Keatinge said.

According to the FT report, external options were still being considered.

Considering a broad choice of candidates was important, said Dieter Waizenegger, executive director of CtW Investment Group, because "Investors should really be wary about the board making the easy choice here" in opting for Murdoch.

Murdoch is set to be succeeded by his brother Lachlan Murdoch as Twenty-First Century Fox chief executive officer, after the media group completes the sale of bulk of its assets to Walt Disney.

'Stability at the top'

Tesla faces a crucial moment as it struggles to produce its Model 3 sedan in large volume and deliver it quickly to customers amid an ongoing cash crunch that has concerned some analysts. Musk has vowed that the loss-making company will be profitable and cash flow-positive in its third and fourth quarters.

Concerns about Musk due to production delays and manufacturing challenges have been exacerbated by a series of damaging actions, including Musk insulting analysts on a conference call, calling a British cave rescuer a pedophile, and joking on April Fool's Day that Tesla was going bankrupt.

Shares are down 20 pr cent since the beginning of the year.

"Elon Musk is building a great company but has been erratic to say the least when it comes to thinking about his investors," said Chaim Siegel, an analyst at Elazar Advisors. "The company needs some added stability at the top to win back investor confidence."

Under terms of the SEC settlement, Musk is not permitted to be re-elected to the chairman's post for three years. Tesla is also required to appoint two new independent directors to its board.

With U.S. stock markets broadly lower, Tesla shares closed down 2.3 per cent at $256.88. 
&nbsp;

Outgoing Twenty-First Century Fox Inc Chief Executive James Murdoch is the lead candidate to replace Elon Musk as Tesla Inc chairman, the Financial Times reported on Wednesday, but Musk in a tweeted reply to the newspaper said, "This is incorrect.

Outgoing Twenty-First Century Fox Inc Chief Executive James Murdoch is the lead candidate to replace Elon Musk as Tesla Inc chairman, the Financial Times reported on Wednesday, but Musk in a tweeted reply to the newspaper said, "This is incorrect." Tesla has until November 13 to appoint an independent chairman of the board, part of settlements reached last month between Tesla, Musk and US regulators in the wake of Musk tweeting in August that he had secured funding to take the electric car maker private. The SEC settlement capped months of debate and some investor calls for stronger oversight of Musk, whose recent erratic public behaviour raised concerns about his ability to steer the money-losing company through a rocky phase of growth. The US Securities and Exchange Commission, which said Musk's tweeted statements about going private were fraudulent, allowed the billionaire to retain his role as CEO while requiring he give up his chairmanship. Musk had said he was considering taking Tesla private at a price of $420 a share, a number that is slang for marijuana. He tweeted the three-word denial of the Financial Times story, on Wednesday at 4:20 pm PT (2320 GMT), about six hours after the newspaper's post. In a vote of confidence for Musk, shareholder T. Rowe Price Group Inc said in a regulatory filing on Wednesday that it had raised its stake by nearly half to 10.2 per cent at the end of September from just under 7 per cent in June. The Financial Times cited two people briefed on discussions saying Murdoch was the lead candidate for the job. Murdoch, already an independent director of Tesla, has signalled he wants the job, the report said. The son of Fox mogul Rupert Murdoch, he joined Tesla's board last year after years of work with media companies. He has no experience in manufacturing and has never led a company that makes cars or electric vehicles. Murdoch could not immediately be reached for comment. Tesla did not respond to a request for comment. Twenty-First Century Fox declined to comment. Musk is the public face of Tesla, and any chairman would have to contend with his powerful personality. Thanks to his vision and audacious showmanship, Tesla's valuation has at times eclipsed that of traditional, established US automakers with billions in revenues and the company has garnered legions of fans, despite repeated production issues. "The question when it comes to James Murdoch is, 'Is he the guy who'll be able to establish that level of authority with Elon Musk?'" asked Abby Adlerman, CEO of Boardspan, a corporate governance consulting company. Investor concerns that Tesla's board was too closely tied to Musk led to the company's addition of two independent directors, including Murdoch, in July 2017. Earlier this year, leading US proxy advisers Glass Lewis & Co and Institutional Shareholder Services, and union-affiliated investment adviser CtW Investment Group, had recommended investors cast votes "against" the re-election of Murdoch as a Tesla director at the company's annual meeting held on June 5. While CtW cited a lack of relevant experience and a "troubled history as an executive and director," both proxy firms warned that Murdoch already served on too many boards. Murdoch currently serves on the boards of Twenty-First Century Fox and News Corporation He stepped down from the board of Sky Plc on Tuesday following the completion of Comcast Corp's takeover of the broadcaster. Murdoch was forced out as chairman of Sky, then BSkyB, in 2012 after being embroiled in Britain's phone-hacking scandal. He returned to Sky's board in 2016 after rebuilding his career at Fox. Glass Lewis research director Courteney Keatinge said on Wednesday that while Murdoch's departure from Sky could alleviate some concerns, the Tesla chairmanship would still require a big time commitment as the company faces pressures on many fronts. "I would still have reservations about the time he would be able to allot to this," Keatinge said. According to the FT report, external options were still being considered. Considering a broad choice of candidates was important, said Dieter Waizenegger, executive director of CtW Investment Group, because "Investors should really be wary about the board making the easy choice here" in opting for Murdoch. Murdoch is set to be succeeded by his brother Lachlan Murdoch as Twenty-First Century Fox chief executive officer, after the media group completes the sale of bulk of its assets to Walt Disney. 'Stability at the top' Tesla faces a crucial moment as it struggles to produce its Model 3 sedan in large volume and deliver it quickly to customers amid an ongoing cash crunch that has concerned some analysts. Musk has vowed that the loss-making company will be profitable and cash flow-positive in its third and fourth quarters. Concerns about Musk due to production delays and manufacturing challenges have been exacerbated by a series of damaging actions, including Musk insulting analysts on a conference call, calling a British cave rescuer a pedophile, and joking on April Fool's Day that Tesla was going bankrupt. Shares are down 20 pr cent since the beginning of the year. "Elon Musk is building a great company but has been erratic to say the least when it comes to thinking about his investors," said Chaim Siegel, an analyst at Elazar Advisors. "The company needs some added stability at the top to win back investor confidence." Under terms of the SEC settlement, Musk is not permitted to be re-elected to the chairman's post for three years. Tesla is also required to appoint two new independent directors to its board. With U.S. stock markets broadly lower, Tesla shares closed down 2.3 per cent at $256.88.

Murdoch lead candidate to replace Elon Musk as Tesla chairman: Report

Tesla CEO Elon Musk, 47, in a tweet said: "This is incorrect," while replying to a report which claimed Twenty-First Century Fox Inc Chief Executive James Murdoch was inline to replace him as the company's chairman.

<a href="http://www.wionews.com/world/murdoch-lead-candidate-to-replace-elon-musk-as-tesla-chairman-report-170790">Also Read:&nbsp;Murdoch lead candidate to replace Elon Musk as Tesla chairman</a>

Telsa has been looking for chairman after the board decided Musk was no longer capable of holding the post over his controversial tweet in which he declared that he was &nbsp;considering taking Tesla private at &nbsp;price of $420 a share which led the Tesla stocks to shoot up immediately, Musk later denied he was going to do it.

Musk's tweet had led to an investigation by the Securities and Exchange Commission(SEC) which declared it fraudulent, allowing the Tesla chief to stay as CEO but not as chairman.

On Thursday, Musk replied to the Financial Times story on its Twitter handle denying James Murdoch was set to take over the job being the lead candidate. Rupert Murdoch, son of media mogul Ruper Mogul, had joined Tesla's board last year.

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This is incorrect
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Murdoch is currently on the boards of Twenty-First Century Fox and News Corp. He was appointed CEO of Sky, founded by his father, in 2003, becoming the youngest CEO of a FTSE 100 company. He returned to Sky's board in 2016 after stepping down over the phone-hacking scandal in 2012 after rebuilding his career at Fox.

Tesla has until November 13th to appoint an independent chairman of the board which is part of a settlement reached last month between Tesla, Musk and US regulators.

Meanwhile, shareholder T. Rowe Price Group Inc said in a regulatory filing on Wednesday that it had raised its stake to 10.2 per cent at the end of September from just under 7 per cent in June.

Under terms of the SEC settlement, Musk is not permitted to be re-elected to the chairman's post for three years. Tesla is also required to appoint two new independent directors to its board. &nbsp; &nbsp;&nbsp; &nbsp;

Tesla CEO Elon Musk, 47, in a tweet said: "This is incorrect," while replying to a report which claimed Twenty-First Century Fox Inc Chief Executive James Murdoch was inline to replace him as the company's chairman.

Tesla CEO Elon Musk, 47, in a tweet said: "This is incorrect," while replying to a report which claimed Twenty-First Century Fox Inc Chief Executive James Murdoch was inline to replace him as the company's chairman. Also Read: Murdoch lead candidate to replace Elon Musk as Tesla chairman Telsa has been looking for chairman after the board decided Musk was no longer capable of holding the post over his controversial tweet in which he declared that he was considering taking Tesla private at price of $420 a share which led the Tesla stocks to shoot up immediately, Musk later denied he was going to do it. Musk's tweet had led to an investigation by the Securities and Exchange Commission(SEC) which declared it fraudulent, allowing the Tesla chief to stay as CEO but not as chairman. On Thursday, Musk replied to the Financial Times story on its Twitter handle denying James Murdoch was set to take over the job being the lead candidate. Rupert Murdoch, son of media mogul Ruper Mogul, had joined Tesla's board last year. This is incorrect — Elon Musk (@elonmusk) October 10, 2018 × Murdoch is currently on the boards of Twenty-First Century Fox and News Corp. He was appointed CEO of Sky, founded by his father, in 2003, becoming the youngest CEO of a FTSE 100 company. He returned to Sky's board in 2016 after stepping down over the phone-hacking scandal in 2012 after rebuilding his career at Fox. Tesla has until November 13th to appoint an independent chairman of the board which is part of a settlement reached last month between Tesla, Musk and US regulators. Meanwhile, shareholder T. Rowe Price Group Inc said in a regulatory filing on Wednesday that it had raised its stake to 10.2 per cent at the end of September from just under 7 per cent in June. Under terms of the SEC settlement, Musk is not permitted to be re-elected to the chairman's post for three years. Tesla is also required to appoint two new independent directors to its board.

This is incorrect, tweets Musk on James Murdoch as lead candidate to become Tesla chairman

Tesla Inc's Elon Musk on Thursday mocked the US Securities and Exchange Commission, just hours after a federal judge ordered him and the regulator to justify their securities fraud settlement, which let Musk remain chief executive.

"Just want to [sic] that the Shortseller Enrichment Commission is doing incredible work," Musk, a frequent critic of investors betting against the electric car company, wrote on Twitter. "And the name change is so on point!"

The tweet came five days after Musk settled SEC charges that he misled investors in tweets on August 7, including that there was "funding secured" to take his Palo Alto, California-based company private at $420 per share.

Musk agreed to pay a $20 million fine, and step aside as Tesla's chairman for three years, to settle charges that could have forced his exit from Tesla. The company also accepted a $20 million fine, despite not being charged with fraud.

Tesla and the SEC declined requests for comment.

Former SEC lawyers questioned the wisdom of Musk's latest tweet but said it was unlikely to jeopardize the settlement, which prevents Musk from denying wrongdoing or suggesting that the regulator's allegations were untrue.

“I don't think the SEC would look at this as a denial of the facts alleged," said Peter Henning, a law professor at Wayne State University in Detroit. "But you don't take gratuitous shots at the SEC. There's no real upside."

Shares of Tesla closed down $12.97, or 4.4 per cent, at $281.83, and fell another 2.1 per cent to $276 following Musk's tweet after market hours.

The tweet came less than four hours after US District Judge Alison Nathan in Manhattan ordered Musk and the SEC to explain by Oct. 11 in a joint letter why their settlement was fair and reasonable and would not hurt the public interest.

Nathan said it was her regular practice to request such letters.

"She may want to know why Tesla is paying a fine because the CEO doesn't know when to shut up," said Adam Pritchard, a University of Michigan law professor and former SEC lawyer.

Musk's tweet on Thursday received more than 2,500 responses, with some users questioning the billionaire's judgement.

"Seriously? You know you still need their help convincing a judge that your penalty was sufficient... Maybe a 420M fine would have been more appropriate?" one Twitter follower said. The proposed take-private price was $420 a share.

Musk replied, "the opposite is true."

Difference to sec

The settlement also required Tesla's board to implement procedures for reviewing Musk's communications with investors, which include tweets.

Thomas Gorman, a partner at Dorsey &amp; Whitney in Washington, DC, said Musk might argue that the latest tweet might be a mere "personal lament," and not a violation of the settlement.

For her part, Nathan may have limited room to intervene, after a federal appeals court curbed the ability of judges to reject SEC settlements.

One such judge was Jed Rakoff, a colleague of Nathan's who objected to the SEC policy of letting some corporate defendants settle without admitting or denying wrongdoing, as Musk did.

But in 2014, the 2nd US Circuit Court of Appeals overturned Rakoff's rejection of a $285 million SEC settlement with Citigroup Inc, saying he should have given "significant deference" to the regulator.

The 2nd Circuit has jurisdiction over Nathan's court, and lawyers said Musk's settlement would likely win approval, though orders such as Nathan's are not too common.

"In and of itself it's not an ominous sign," said Jordan Thomas, a partner at Labaton Sucharow and former SEC lawyer. "The vast majority of settlements like this are approved by courts."

Pritchard said before Musk's tweet that he saw no "serious chance" for a rejection of Musk's settlement, based on 2nd Circuit precedent. "This is just a hoop to be jumped through," he said.

The case is SEC v Musk, US District Court, Southern District of New York, No. 18-08865.

Tesla Inc's Elon Musk on Thursday mocked the US Securities and Exchange Commission, just hours after a federal judge ordered him and the regulator to justify their securities fraud settlement, which let Musk remain chief executive.

Tesla Inc's Elon Musk on Thursday mocked the US Securities and Exchange Commission, just hours after a federal judge ordered him and the regulator to justify their securities fraud settlement, which let Musk remain chief executive. "Just want to [sic] that the Shortseller Enrichment Commission is doing incredible work," Musk, a frequent critic of investors betting against the electric car company, wrote on Twitter. "And the name change is so on point!" The tweet came five days after Musk settled SEC charges that he misled investors in tweets on August 7, including that there was "funding secured" to take his Palo Alto, California-based company private at $420 per share. Musk agreed to pay a $20 million fine, and step aside as Tesla's chairman for three years, to settle charges that could have forced his exit from Tesla. The company also accepted a $20 million fine, despite not being charged with fraud. Tesla and the SEC declined requests for comment. Former SEC lawyers questioned the wisdom of Musk's latest tweet but said it was unlikely to jeopardize the settlement, which prevents Musk from denying wrongdoing or suggesting that the regulator's allegations were untrue. “I don't think the SEC would look at this as a denial of the facts alleged," said Peter Henning, a law professor at Wayne State University in Detroit. "But you don't take gratuitous shots at the SEC. There's no real upside." Shares of Tesla closed down $12.97, or 4.4 per cent, at $281.83, and fell another 2.1 per cent to $276 following Musk's tweet after market hours. The tweet came less than four hours after US District Judge Alison Nathan in Manhattan ordered Musk and the SEC to explain by Oct. 11 in a joint letter why their settlement was fair and reasonable and would not hurt the public interest. Nathan said it was her regular practice to request such letters. "She may want to know why Tesla is paying a fine because the CEO doesn't know when to shut up," said Adam Pritchard, a University of Michigan law professor and former SEC lawyer. Musk's tweet on Thursday received more than 2,500 responses, with some users questioning the billionaire's judgement. "Seriously? You know you still need their help convincing a judge that your penalty was sufficient... Maybe a 420M fine would have been more appropriate?" one Twitter follower said. The proposed take-private price was $420 a share. Musk replied, "the opposite is true." Difference to sec The settlement also required Tesla's board to implement procedures for reviewing Musk's communications with investors, which include tweets. Thomas Gorman, a partner at Dorsey & Whitney in Washington, DC, said Musk might argue that the latest tweet might be a mere "personal lament," and not a violation of the settlement. For her part, Nathan may have limited room to intervene, after a federal appeals court curbed the ability of judges to reject SEC settlements. One such judge was Jed Rakoff, a colleague of Nathan's who objected to the SEC policy of letting some corporate defendants settle without admitting or denying wrongdoing, as Musk did. But in 2014, the 2nd US Circuit Court of Appeals overturned Rakoff's rejection of a $285 million SEC settlement with Citigroup Inc, saying he should have given "significant deference" to the regulator. The 2nd Circuit has jurisdiction over Nathan's court, and lawyers said Musk's settlement would likely win approval, though orders such as Nathan's are not too common. "In and of itself it's not an ominous sign," said Jordan Thomas, a partner at Labaton Sucharow and former SEC lawyer. "The vast majority of settlements like this are approved by courts." Pritchard said before Musk's tweet that he saw no "serious chance" for a rejection of Musk's settlement, based on 2nd Circuit precedent. "This is just a hoop to be jumped through," he said. The case is SEC v Musk, US District Court, Southern District of New York, No. 18-08865.

Tesla's Musk mocks US agency as judge demands they justify fraud settlement

Some Tesla directors have proposed that James Murdoch, fellow board member at the electric carmaker and chief executive officer of Twenty-First Century Fox Inc, succeed Elon Musk as its chairman, the New York Times reported on Tuesday, citing people involved in the board's discussions.

Murdoch hasn't volunteered for the post nor has he discussed it with any other director, the newspaper reported.

The board has not engaged in any "serious" discussions of who should be the chairman, the paper said, citing a source close to the selection process.

The New York Times also said Musk had threatened to resign, in a phone call with directors, if the board insisted that he and the company enter into a settlement with the Securities and Exchange Commission (SEC).

However, the next day, Tesla's attorneys were back at the SEC requesting them for a second chance, this time with Musk's 'grudging approval', the paper said.

Tesla and Musk reached a settlement with regulators on Saturday, where they agreed to pay $20 million each to financial regulators and the billionaire will step down as chairman but remain as CEO.

(With Reuters inputs)&nbsp;

Some Tesla directors have proposed that James Murdoch, fellow board member at the electric carmaker and chief executive officer of Twenty-First Century Fox Inc, succeed Elon Musk as its chairman, the New York Times reported on Tuesday, citing people involved in the board's discussions.

Some Tesla directors have proposed that James Murdoch, fellow board member at the electric carmaker and chief executive officer of Twenty-First Century Fox Inc, succeed Elon Musk as its chairman, the New York Times reported on Tuesday, citing people involved in the board's discussions. Murdoch hasn't volunteered for the post nor has he discussed it with any other director, the newspaper reported. The board has not engaged in any "serious" discussions of who should be the chairman, the paper said, citing a source close to the selection process. The New York Times also said Musk had threatened to resign, in a phone call with directors, if the board insisted that he and the company enter into a settlement with the Securities and Exchange Commission (SEC). However, the next day, Tesla's attorneys were back at the SEC requesting them for a second chance, this time with Musk's 'grudging approval', the paper said. Tesla and Musk reached a settlement with regulators on Saturday, where they agreed to pay $20 million each to financial regulators and the billionaire will step down as chairman but remain as CEO. (With Reuters inputs)

Some Tesla directors proposed James Murdoch to succeed Musk as chairman: Report 

Tesla Inc's settlement with US regulators will help soothe investors calling for more oversight of Chief Executive Elon Musk, experts said, even as it gives ammunition to short-sellers pursing separate cases and to a probe by the Justice Department.

Musk and Tesla will pay $20 million each, bring in two independent directors and have the billionaire step down as board chairman to settle US Securities and Exchange Commission charges that Musk misled investors by tweeting he had financing for a go-private deal.

That settlement must still be approved by a court, and does not end the Justice Department probe disclosed by Tesla into Musk's tweets or lawsuits by short-sellers and other investors alleging losses and securities law violations.

"The real worry for the company is not the SEC but private actions that follow a settlement like this," said Charles M Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware. "By paying that size fine, it bolsters investors'" claims over stock market losses, he said.

Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement. Neither responded to requests for comment.

Musk settled with the SEC after advisers persuaded him the terms were favourable and a lengthy court fight would not be in the best interest of the company, a person familiar with the deal said.&nbsp;

Musk had wanted to personally pay the fine for money-losing Tesla but the SEC rejected that proposal, the person said.

Tesla shares plunged around 14 per cent on Friday, the day after the SEC charged Musk with misleading investors, and are down 30 per cent since his August 7 tweet saying he was considering taking the company private at $420 a share.

Investor claims could result in substantial settlements in cash or equity, Elson said. An equity settlement could end up diluting Musk's roughly 19 per cent stake in Tesla, further reducing his influence on the board.

Still, Tesla shares could stabilize on Monday on investor relief that the penalties were not higher and that the public face of Tesla will remain in the CEO role under added oversight, analysts said.

Tesla is expected to release third-quarter production this week, and investors are watching to see if it hit targets for the Model 3, a high-volume car. Whether Tesla made a profit likely will not be known until it reports financial results for the quarter.

The settlement disclosed by the SEC on Saturday "is a positive outcome for Elon Musk, Tesla and ultimately shareholders," wrote RBC Capital Markets analyst Joseph Spak, who added he expects Tesla shares to recoup some of their losses from last week.

An expanded board and new chairman offers hope "a true check on Elon will emerge and there will be greater accountability" over Musk's statements and business targets, Spak added.

Tesla and Musk ended up accepting harsher penalties than the SEC originally proposed to settle the claims, according to the person familiar with the deal.&nbsp;

The SEC initially was ready to accept a fine of a few million dollars and Musk's removal as chairman for two years, but raised its demands after Musk balked at that offer, the person said.

Tesla Inc's settlement with US regulators will help soothe investors calling for more oversight of Chief Executive Elon Musk, experts said, even as it gives ammunition to short-sellers pursing separate cases and to a probe by the Justice Department.

Tesla Inc's settlement with US regulators will help soothe investors calling for more oversight of Chief Executive Elon Musk, experts said, even as it gives ammunition to short-sellers pursing separate cases and to a probe by the Justice Department. Musk and Tesla will pay $20 million each, bring in two independent directors and have the billionaire step down as board chairman to settle US Securities and Exchange Commission charges that Musk misled investors by tweeting he had financing for a go-private deal. That settlement must still be approved by a court, and does not end the Justice Department probe disclosed by Tesla into Musk's tweets or lawsuits by short-sellers and other investors alleging losses and securities law violations. "The real worry for the company is not the SEC but private actions that follow a settlement like this," said Charles M Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware. "By paying that size fine, it bolsters investors'" claims over stock market losses, he said. Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement. Neither responded to requests for comment. Musk settled with the SEC after advisers persuaded him the terms were favourable and a lengthy court fight would not be in the best interest of the company, a person familiar with the deal said. Musk had wanted to personally pay the fine for money-losing Tesla but the SEC rejected that proposal, the person said. Tesla shares plunged around 14 per cent on Friday, the day after the SEC charged Musk with misleading investors, and are down 30 per cent since his August 7 tweet saying he was considering taking the company private at $420 a share. Investor claims could result in substantial settlements in cash or equity, Elson said. An equity settlement could end up diluting Musk's roughly 19 per cent stake in Tesla, further reducing his influence on the board. Still, Tesla shares could stabilize on Monday on investor relief that the penalties were not higher and that the public face of Tesla will remain in the CEO role under added oversight, analysts said. Tesla is expected to release third-quarter production this week, and investors are watching to see if it hit targets for the Model 3, a high-volume car. Whether Tesla made a profit likely will not be known until it reports financial results for the quarter. The settlement disclosed by the SEC on Saturday "is a positive outcome for Elon Musk, Tesla and ultimately shareholders," wrote RBC Capital Markets analyst Joseph Spak, who added he expects Tesla shares to recoup some of their losses from last week. An expanded board and new chairman offers hope "a true check on Elon will emerge and there will be greater accountability" over Musk's statements and business targets, Spak added. Tesla and Musk ended up accepting harsher penalties than the SEC originally proposed to settle the claims, according to the person familiar with the deal. The SEC initially was ready to accept a fine of a few million dollars and Musk's removal as chairman for two years, but raised its demands after Musk balked at that offer, the person said.

Tesla's SEC deal provides ammunition for US probe, investor lawsuits

<a href="http://www.wionews.com/india-news/new-pakistan-no-different-old-one-indias-harsh-rebuttal-islamabad-unga-168485">New Pakistan is no different from the old one: India's harsh rebuttal to Islamabad at UNGA</a>

India decided to exercise its Right to Reply, in response to the statement of Pakistan External Affairs Minister Shah Mahmood Qureshi, at the 73rd session of UNGA General Debate.

<a href="http://www.wionews.com/business-economy/elon-musk-resign-tesla-chairman-pay-20-million-fine-over-fraud-charges-168473">Elon Musk to resign as Tesla chairman, pay $20 million fine over fraud charges</a>

Tesla and its CEO Elon Musk have agreed to pay a total of $40 million and make a series of concessions to settle a government lawsuit alleging Musk duped investors with misleading statements about a proposed buyout of the company.

<a href="http://www.wionews.com/south-east-asia/death-toll-indonesia-quake-tsunami-reaches-420-state-media-168472">Death</a><a href="http://www.wionews.com/south-east-asia/death-toll-indonesia-quake-tsunami-reaches-420-state-media-168472"> toll in Indonesia quake-tsunami reaches 420: State media</a>

The death toll from a powerful earthquake and tsunami on the Indonesian island of Sulawesi has reached 420, state media said Sunday, as rescuers scrambled to reach the stricken region and survivors helped to retrieve the remains of those killed.

<a href="http://www.wionews.com/world/north-korea-says-no-way-it-will-disarm-without-trust-us-168474">North Korea says 'no way' it will disarm without trust in </a><a href="http://www.wionews.com/world/north-korea-says-no-way-it-will-disarm-without-trust-us-168474">US</a>

North Korea's foreign minister on Saturday told the United Nations there was "no way" that his country would disarm first as long as the&nbsp;United States continued to push for tough enforcement&nbsp;of&nbsp;sanctions against Pyongyang.

<a href="http://www.wionews.com/world/north-korea-accuses-japan-rebuilding-military-korean-peninsula-168478">North Korea accuses Japan of rebuilding military on Korean Peninsula</a>

North Korea has accused Japan of trying to create tension on the Korean Peninsula and rebuilding its military.

New Pakistan is no different from the old one: India's harsh rebuttal to Islamabad at UNGA India decided to exercise its Right to Reply, in response to the statement of Pakistan External Affairs Minister Shah Mahmood Qureshi, at the 73rd session of UNGA General Debate.

New Pakistan is no different from the old one: India's harsh rebuttal to Islamabad at UNGA India decided to exercise its Right to Reply, in response to the statement of Pakistan External Affairs Minister Shah Mahmood Qureshi, at the 73rd session of UNGA General Debate. Elon Musk to resign as Tesla chairman, pay $20 million fine over fraud charges Tesla and its CEO Elon Musk have agreed to pay a total of $40 million and make a series of concessions to settle a government lawsuit alleging Musk duped investors with misleading statements about a proposed buyout of the company. Death toll in Indonesia quake-tsunami reaches 420: State media The death toll from a powerful earthquake and tsunami on the Indonesian island of Sulawesi has reached 420, state media said Sunday, as rescuers scrambled to reach the stricken region and survivors helped to retrieve the remains of those killed. North Korea says 'no way' it will disarm without trust in US North Korea's foreign minister on Saturday told the United Nations there was "no way" that his country would disarm first as long as the United States continued to push for tough enforcement of sanctions against Pyongyang. North Korea accuses Japan of rebuilding military on Korean Peninsula North Korea has accused Japan of trying to create tension on the Korean Peninsula and rebuilding its military.

News brief: Big stories of the day

Tesla and its CEO Elon Musk have agreed to pay a total of $40 million and make a series of concessions to settle a government lawsuit alleging Musk duped investors with misleading statements about a proposed buyout of the company.

The settlement allows Musk to remain CEO of the electric car company but requires him to relinquish his role as chairman for at least three years.&nbsp;

Tesla must hire an independent chairman to oversee the company.

The Securities and Exchange Commission announced the settlement Saturday, just two days after filing a case seeking to oust Musk as CEO.

Musk, a billionaire, and Tesla, a company that ended June with USD 2.2 billion in cash, each is paying USD 20 million to resolve the case.

The deal could remove one cloud that hangs over Tesla. Investors fretted about the company's ability to cope without Musk, a charismatic entrepreneur whose penchant for coming up with revolutionary ideas as drawn comparisons to one of Silicon Valley's most revered visionaries, Apple co-founder Steve Jobs.

Tesla's stock plummeted 14 per cent Friday after the SEC filed its lawsuit, erasing more than USD 7 billion in shareholder wealth. Many analysts predicted the shares were bound to fall even further if Musk was forced to step down.

The steep downturn in Tesla's market value may have influenced Musk to have an apparent change of heart and negotiate a settlement.&nbsp;

Musk had rejected a similar settlement offer before the SEC sued Thursday, maintaining he had done nothing wrong when he posted an August 7 tweet declaring that he had secured the financing to lead a buyout of Tesla.

The SEC alleged Musk wasn't close to locking up the estimated USD 25 billion to USD 50 billion needed to pull off the buyout.

Musk and Tesla reached their settlement without admitting to or denying the SEC's allegations.

Tesla and its CEO Elon Musk have agreed to pay a total of $40 million and make a series of concessions to settle a government lawsuit alleging Musk duped investors with misleading statements about a proposed buyout of the company.

Tesla and its CEO Elon Musk have agreed to pay a total of $40 million and make a series of concessions to settle a government lawsuit alleging Musk duped investors with misleading statements about a proposed buyout of the company. The settlement allows Musk to remain CEO of the electric car company but requires him to relinquish his role as chairman for at least three years. Tesla must hire an independent chairman to oversee the company. The Securities and Exchange Commission announced the settlement Saturday, just two days after filing a case seeking to oust Musk as CEO. Musk, a billionaire, and Tesla, a company that ended June with USD 2.2 billion in cash, each is paying USD 20 million to resolve the case. The deal could remove one cloud that hangs over Tesla. Investors fretted about the company's ability to cope without Musk, a charismatic entrepreneur whose penchant for coming up with revolutionary ideas as drawn comparisons to one of Silicon Valley's most revered visionaries, Apple co-founder Steve Jobs. Tesla's stock plummeted 14 per cent Friday after the SEC filed its lawsuit, erasing more than USD 7 billion in shareholder wealth. Many analysts predicted the shares were bound to fall even further if Musk was forced to step down. The steep downturn in Tesla's market value may have influenced Musk to have an apparent change of heart and negotiate a settlement. Musk had rejected a similar settlement offer before the SEC sued Thursday, maintaining he had done nothing wrong when he posted an August 7 tweet declaring that he had secured the financing to lead a buyout of Tesla. The SEC alleged Musk wasn't close to locking up the estimated USD 25 billion to USD 50 billion needed to pull off the buyout. Musk and Tesla reached their settlement without admitting to or denying the SEC's allegations.

Elon Musk to resign as Tesla chairman, pay $20 million fine over fraud charges

Tesla Inc Chief Executive Officer Elon Musk refused to pay a nominal fine and give up the role of chairman for two years as part of a settlement with the US Securities and Exchange Commission, CNBC reported on Friday, citing sources.

The settlement would also require Tesla to appoint two new independent directors, the report said.

Musk reportedly refused to sign the deal as he felt by settling he would not be truthful to himself and he wouldn't have been able to live with the idea that he agreed to accept a settlement and any blemish associated with that, the report said.

Tesla did not immediately respond to a request for comment.

"I'm not sure if they can settle with the SEC after turning down the opportunity, but you never know," Ivan Fienseth, an analyst with Tigress Financial Partners said.

The SEC on Thursday filed a lawsuit against Musk accusing him of fraud and sought to remove him from his role saying he made a series of "false and misleading" tweets about potentially taking the company private.

Shares of Tesla dived 11 per cent on Friday as Wall Street worried the lawsuit could force Musk to step down and make it difficult for the loss-making carmaker to raise more capital.

Several worried that the SEC action was also just the beginning of a legal battle with authorities, short sellers and other investors over Musk's actions that could cost Tesla heavily.

"The SEC civil action may lead to Musk's exit from Tesla (either permanently or temporarily) and the Musk premium in the shares dissipating," Barclays analyst Brian Johnson said.

Musk, 47, is the public face of Tesla, and has driven it to the verge of profitability with a costly ramp-up of production of its Model 3 sedan over the past year.

The Silicon Valley billionaire, who within three weeks of the tweets had abandoned the plan to delist Tesla, said overnight he had done nothing wrong and the company's board reiterated its support for him.

"It will be too damaging to Tesla for him to be removed fully," Fienseth said.

"In order for Tesla to raise money, I think investors will want Musk to stay involved but have more controls in place."

Tesla Inc Chief Executive Officer Elon Musk refused to pay a nominal fine and give up the role of chairman for two years as part of a settlement with the US Securities and Exchange Commission, CNBC reported on Friday, citing sources.

Tesla Inc Chief Executive Officer Elon Musk refused to pay a nominal fine and give up the role of chairman for two years as part of a settlement with the US Securities and Exchange Commission, CNBC reported on Friday, citing sources. The settlement would also require Tesla to appoint two new independent directors, the report said. Musk reportedly refused to sign the deal as he felt by settling he would not be truthful to himself and he wouldn't have been able to live with the idea that he agreed to accept a settlement and any blemish associated with that, the report said. Tesla did not immediately respond to a request for comment. "I'm not sure if they can settle with the SEC after turning down the opportunity, but you never know," Ivan Fienseth, an analyst with Tigress Financial Partners said. The SEC on Thursday filed a lawsuit against Musk accusing him of fraud and sought to remove him from his role saying he made a series of "false and misleading" tweets about potentially taking the company private. Shares of Tesla dived 11 per cent on Friday as Wall Street worried the lawsuit could force Musk to step down and make it difficult for the loss-making carmaker to raise more capital. Several worried that the SEC action was also just the beginning of a legal battle with authorities, short sellers and other investors over Musk's actions that could cost Tesla heavily. "The SEC civil action may lead to Musk's exit from Tesla (either permanently or temporarily) and the Musk premium in the shares dissipating," Barclays analyst Brian Johnson said. Musk, 47, is the public face of Tesla, and has driven it to the verge of profitability with a costly ramp-up of production of its Model 3 sedan over the past year. The Silicon Valley billionaire, who within three weeks of the tweets had abandoned the plan to delist Tesla, said overnight he had done nothing wrong and the company's board reiterated its support for him. "It will be too damaging to Tesla for him to be removed fully," Fienseth said. "In order for Tesla to raise money, I think investors will want Musk to stay involved but have more controls in place."

Musk refuses to give up chairman role as part of settlement: Report

<a href="http://www.wionews.com/world/i-swear-god-assault-charges-against-me-are-not-true-kavanaugh-us-senate-judiciary-committee">I swear to God assault charges against me are not true: Kavanaugh to US Senate Judiciary Committee</a>

Brett Kavanaugh, the US Supreme Court nominee at the centre of the sexual assault scandal, told the Senate Judiciary Committee that he was innocent, asserting that 'will not be intimidated into withdrawing' his nomination.

<a href="http://www.wionews.com/south-asia/canada-legislators-symbolic-move-vote-strip-myanmars-suu-kyi-citizenship-168059">Myanmar's leader Suu Kyi stripped off Canadian citizenship by legislators</a>

Canadian legislators, in a symbolic move, on Thursday voted unanimously to strip Myanmar's civilian leader Aung San Suu Kyi of her honorary citizenship in response to crimes committed against the Rohingya minority.

<a href="http://www.wionews.com/south-asia/paks-qureshi-accuses-india-creating-obstacle-regional-cooperation-168061">The attitude of only 'one country' is hampering SAARC, says Pak foreign minister Qureshi</a>

The attitude of only one country is hampering the spirit of the SAARC, Pakistan Foreign Minister Shah Mehmood Qureshi said on Thursday as he accused India of being an obstacle in regional cooperation.

<a href="http://www.wionews.com/world/us-regulators-sue-musk-fraud-seek-remove-him-tesla-168058">US regulators sue Musk for fraud, seek to remove him from Tesla</a>

US securities regulators on Thursday accused Tesla Inc Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company, saying he made a series of "false and misleading" tweets about potentially taking Tesla private last month.

<a href="http://www.wionews.com/business-economy/petrol-diesel-prices-hiked-third-time-week-168083">Petrol, diesel prices hiked for </a><a href="http://www.wionews.com/business-economy/petrol-diesel-prices-hiked-third-time-week-168083">third</a><a href="http://www.wionews.com/business-economy/petrol-diesel-prices-hiked-third-time-week-168083"> time this week</a>

The government increased fuel prices once again today increasing the price of petrol by 22 paise and diesel by 18 paise.

Petrol in the national capital will now cost &nbsp;Rs 83.22 per litre and diesel will now be costlier at 74.42 per litre.

I swear to God assault charges against me are not true: Kavanaugh to US Senate Judiciary Committee Brett Kavanaugh, the US Supreme Court nominee at the centre of the sexual assault scandal, told the Senate Judiciary Committee that he was innocent, asserting that 'will not be intimidated into withdrawing' his nomination.

I swear to God assault charges against me are not true: Kavanaugh to US Senate Judiciary Committee Brett Kavanaugh, the US Supreme Court nominee at the centre of the sexual assault scandal, told the Senate Judiciary Committee that he was innocent, asserting that 'will not be intimidated into withdrawing' his nomination. Myanmar's leader Suu Kyi stripped off Canadian citizenship by legislators Canadian legislators, in a symbolic move, on Thursday voted unanimously to strip Myanmar's civilian leader Aung San Suu Kyi of her honorary citizenship in response to crimes committed against the Rohingya minority. The attitude of only 'one country' is hampering SAARC, says Pak foreign minister Qureshi The attitude of only one country is hampering the spirit of the SAARC, Pakistan Foreign Minister Shah Mehmood Qureshi said on Thursday as he accused India of being an obstacle in regional cooperation. US regulators sue Musk for fraud, seek to remove him from Tesla US securities regulators on Thursday accused Tesla Inc Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company, saying he made a series of "false and misleading" tweets about potentially taking Tesla private last month. Petrol, diesel prices hiked for third time this week The government increased fuel prices once again today increasing the price of petrol by 22 paise and diesel by 18 paise. Petrol in the national capital will now cost Rs 83.22 per litre and diesel will now be costlier at 74.42 per litre.

US securities regulators on Thursday accused Tesla Inc Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company, saying he made a series of "false and misleading" tweets about potentially taking Tesla private last month.

Musk, 47, is one of the highest-profile tech executives to be accused of fraud by the Securities and Exchange Commission. Losing its public face and guiding force would be a big blow for money-losing Tesla, which has a market value of more than $50 billion, chiefly because of investors` belief in Musk`s leadership.&nbsp;

Tesla shares tumbled 12 per cent in after-hours trading.&nbsp;

"Elon is Tesla and Tesla is Elon and that`s great when Elon is scoring touchdowns and grand slams but not so great when there are negative things tied to him," said Karl Brauer, executive publisher at Kelley Blue Book. "I don`t know how you spin an SEC lawsuit that seeks to remove you from leadership of your own company."

Musk said he had done nothing wrong. "This unjustified action by the SEC leaves me deeply saddened and disappointed," he said in a statement. "I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way."&nbsp;

The SEC`s lawsuit, filed in Manhattan federal court, comes less than two months after Musk told his more than 22 million Twitter followers on Aug. 7 that he might take Tesla private at $420 per share, and that there was "funding secured."

In its lawsuit, the SEC said Musk calculated the $420 price per share based on a 20 per cent premium over that day’s closing share price and because of the number`s slang reference to marijuana. It quoted Musk as saying he thought his girlfriend would find it funny.

The move to bar Musk as an officer of any public company was a rare move for the SEC against the CEO of a well-known firm. Earlier this year it barred blood-testing company Theranos CEO Elizabeth Holmes after she and the company settled fraud charges with the SEC.

She and former Chief Operating Officer Sunny Balwani were subsequently criminally charged by the San Francisco US attorney's office for fraud.

“The lesson for CEOs is that the rules apply to everyone including highly successful visionaries,” said Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware. “This is an outlier.&nbsp; 
Very few CEOs have ever or would ever engage in this kind of action... That’s why the SEC reacted, to make sure it never becomes a trend.”

Musk has long used Twitter to criticise short-sellers betting against his company, and already faced several investor lawsuits over the August 7 tweets, which caused Tesla`s share price to gyrate.

According to the SEC, Musk "knew or was reckless in not knowing" that his tweets about taking Tesla private at $420 a share were false and misleading, given that he had never discussed such a transaction with any funding source.

The SEC said Musk met for less than an hour with three representatives of Public Investment Fund, at the company`s Fremont, California, plant on July 31 during which the lead representative for the Saudi Arabian sovereign wealth fund expressed interest in taking Tesla private if the terms were "reasonable," according to the lawsuit.

Musk acknowledged the meeting lacked discussion of "even the most fundamental terms" of the deal and nothing was set in writing, according to the lawsuit. Musk then did not communicate with the fund representatives again until three days after his tweets.

On August 24, after news of the SEC probe had become known, Musk blogged https://www.tesla.com/blog/staying-public that Tesla would remain public, citing investor resistance.

Thursday`s lawsuit also seeks to impose a civil fine and other remedies.&nbsp;

The SEC does not have criminal enforcement power. It said Musk would remain as Tesla`s CEO until the matter was settled legally.&nbsp;

The lawsuit does not preclude action by the Department of Justice, according to one person with knowledge of the SEC`s thinking. Tesla disclosed earlier this month that it was answering questions from the Justice Department.&nbsp;

“This sucks," said Ross Gerber, president and CEO at Gerber Kawasaki Inc, which owns 41,000 Tesla shares. "Don’t think this has ever happened to a CEO before. Have no idea where this will go."

US securities regulators on Thursday accused Tesla Inc Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company, saying he made a series of "false and misleading" tweets about potentially taking Tesla private last month.

US securities regulators on Thursday accused Tesla Inc Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company, saying he made a series of "false and misleading" tweets about potentially taking Tesla private last month. Musk, 47, is one of the highest-profile tech executives to be accused of fraud by the Securities and Exchange Commission. Losing its public face and guiding force would be a big blow for money-losing Tesla, which has a market value of more than $50 billion, chiefly because of investors` belief in Musk`s leadership. Tesla shares tumbled 12 per cent in after-hours trading. "Elon is Tesla and Tesla is Elon and that`s great when Elon is scoring touchdowns and grand slams but not so great when there are negative things tied to him," said Karl Brauer, executive publisher at Kelley Blue Book. "I don`t know how you spin an SEC lawsuit that seeks to remove you from leadership of your own company." Musk said he had done nothing wrong. "This unjustified action by the SEC leaves me deeply saddened and disappointed," he said in a statement. "I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way." The SEC`s lawsuit, filed in Manhattan federal court, comes less than two months after Musk told his more than 22 million Twitter followers on Aug. 7 that he might take Tesla private at $420 per share, and that there was "funding secured." In its lawsuit, the SEC said Musk calculated the $420 price per share based on a 20 per cent premium over that day’s closing share price and because of the number`s slang reference to marijuana. It quoted Musk as saying he thought his girlfriend would find it funny. The move to bar Musk as an officer of any public company was a rare move for the SEC against the CEO of a well-known firm. Earlier this year it barred blood-testing company Theranos CEO Elizabeth Holmes after she and the company settled fraud charges with the SEC. She and former Chief Operating Officer Sunny Balwani were subsequently criminally charged by the San Francisco US attorney's office for fraud. “The lesson for CEOs is that the rules apply to everyone including highly successful visionaries,” said Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware. “This is an outlier. Very few CEOs have ever or would ever engage in this kind of action... That’s why the SEC reacted, to make sure it never becomes a trend.” Musk has long used Twitter to criticise short-sellers betting against his company, and already faced several investor lawsuits over the August 7 tweets, which caused Tesla`s share price to gyrate. According to the SEC, Musk "knew or was reckless in not knowing" that his tweets about taking Tesla private at $420 a share were false and misleading, given that he had never discussed such a transaction with any funding source. The SEC said Musk met for less than an hour with three representatives of Public Investment Fund, at the company`s Fremont, California, plant on July 31 during which the lead representative for the Saudi Arabian sovereign wealth fund expressed interest in taking Tesla private if the terms were "reasonable," according to the lawsuit. Musk acknowledged the meeting lacked discussion of "even the most fundamental terms" of the deal and nothing was set in writing, according to the lawsuit. Musk then did not communicate with the fund representatives again until three days after his tweets. On August 24, after news of the SEC probe had become known, Musk blogged https://www.tesla.com/blog/staying-public that Tesla would remain public, citing investor resistance. Thursday`s lawsuit also seeks to impose a civil fine and other remedies. The SEC does not have criminal enforcement power. It said Musk would remain as Tesla`s CEO until the matter was settled legally. The lawsuit does not preclude action by the Department of Justice, according to one person with knowledge of the SEC`s thinking. Tesla disclosed earlier this month that it was answering questions from the Justice Department. “This sucks," said Ross Gerber, president and CEO at Gerber Kawasaki Inc, which owns 41,000 Tesla shares. "Don’t think this has ever happened to a CEO before. Have no idea where this will go."

US regulators sue Musk for fraud, seek to remove him from Tesla

Shares of Tesla Inc dived 11 per cent in early trading on Friday after US&nbsp;regulators accused Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company.

The US&nbsp;Securities and Exchange Commission said in a lawsuit that Musk had made a series of false and misleading statements and caused volatility in the company's shares with tweets last month which raised the potential of taking Tesla private before swiftly withdrawing the idea.

Musk, 47, is the public face of Tesla and JP&nbsp;Morgan analyst Ryan Brinkman questioned how easy it would be for the $50-billion manufacturer, which is still losing money, to raise funds at affordable rates without him.

"We are concerned that decreased confidence in Tesla on the part of investors may impact the company's ability to raise capital on amenable terms," Brinkman said.

Four early research notes from Wall Street analysts and brokerages all said that Musk might have to resign.

The Silicon Valley billionaire said overnight he had done nothing wrong and Tesla's board reiterated its support for him.

"The SEC civil action may lead to Musk's exit from Tesla (either permanently or temporarily) and the Musk premium in the shares dissipating," Barclays analyst Brian Johnson said.

Shares were last down 10.8 pct at $274.17 in trading before the bell in New York, which would wipe about $6 billion off Tesla's market value.

Gene Munster, managing partner at venture capital firm Loup Ventures, said the lawsuit adds further distraction at a critical 6-month juncture in the company's viability.

"Despite this, we think the company will survive," he said.

The SEC's lawsuit, filed in Manhattan federal court, caps a tumultuous two months set in motion on August 7 when Musk told his more than 22 million Twitter followers that he might take Tesla private at $420 per share, with "funding secured".

The regulator charged that Musk "knew or was reckless in not knowing" that his tweets were false and misleading.

Jeffrey Osborne, an analyst at brokerage Cowen, said investing in Tesla equity and bonds over the past few weeks had been "a game of choose your own adventure".

"The ball is in the Board's court now and it remains to be seen what will happen next," he said.

Shares of Tesla Inc dived 11 per cent in early trading on Friday after US regulators accused Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company.

Shares of Tesla Inc dived 11 per cent in early trading on Friday after US regulators accused Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company. The US Securities and Exchange Commission said in a lawsuit that Musk had made a series of false and misleading statements and caused volatility in the company's shares with tweets last month which raised the potential of taking Tesla private before swiftly withdrawing the idea. Musk, 47, is the public face of Tesla and JP Morgan analyst Ryan Brinkman questioned how easy it would be for the $50-billion manufacturer, which is still losing money, to raise funds at affordable rates without him. "We are concerned that decreased confidence in Tesla on the part of investors may impact the company's ability to raise capital on amenable terms," Brinkman said. Four early research notes from Wall Street analysts and brokerages all said that Musk might have to resign. The Silicon Valley billionaire said overnight he had done nothing wrong and Tesla's board reiterated its support for him. "The SEC civil action may lead to Musk's exit from Tesla (either permanently or temporarily) and the Musk premium in the shares dissipating," Barclays analyst Brian Johnson said. Shares were last down 10.8 pct at $274.17 in trading before the bell in New York, which would wipe about $6 billion off Tesla's market value. Gene Munster, managing partner at venture capital firm Loup Ventures, said the lawsuit adds further distraction at a critical 6-month juncture in the company's viability. "Despite this, we think the company will survive," he said. The SEC's lawsuit, filed in Manhattan federal court, caps a tumultuous two months set in motion on August 7 when Musk told his more than 22 million Twitter followers that he might take Tesla private at $420 per share, with "funding secured". The regulator charged that Musk "knew or was reckless in not knowing" that his tweets were false and misleading. Jeffrey Osborne, an analyst at brokerage Cowen, said investing in Tesla equity and bonds over the past few weeks had been "a game of choose your own adventure". "The ball is in the Board's court now and it remains to be seen what will happen next," he said.

Elon Musk: Will Tesla founder be forced to leave the company?

Tesla CEO Elon Musk on Wednesday confirmed that Tesla will not be making its launch in India anytime soon,&nbspsuggesting in a tweeted earlier this morning.&nbsp

Musk said that it was up to the CFO, Deepak Ahuja, who suggested that the restrictive policy environment in India is acting as an obstacle in the electric vehicle's local production.&nbsp

“Would love to be in India. Some challenging government regulations, unfortunately. Deepak Ahuja, our CFO, is from India. Tesla will be there as soon as he believes we should,” Musk replied to a Twitter user who had said, “No Tesla in India.”

While many prominent Indians have shown a keen interest in Tesla’s vehicles, the firm is yet to take concrete steps to foray into the Indian market.

Last May, Musk had taken to Twitter to announce that his India plans had been derailed by the country’s Make in India push, which requires foreign companies to source at least 30% of their products locally. “…the supply doesn’t yet exist in India to support that,” he wrote.

A month on, Musk said Tesla was seeking temporary relief from import duties in India, presumably to start selling in the country sooner and with an affordable price tag. Although at the time, the official Make In India Twitter account clarified that only foreign retailers—not manufacturers—were subject to the local-sourcing clause, there was still no word on Tesla’s entry in the country.

Elon Musk has revealed plans to install 10,000 Supercharger stations for his company's electric vehicles around the world by the end of 2019.&nbsp

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Would love to be in India. Some challenging government regulations, unfortunately. Deepak Ahuja, our CFO, is from India. Tesla will be there as soon as he believes we should.
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Musk said that it was up to the CFO, Deepak Ahuja, who suggested that the restrictive policy environment in India is acting as a caveat in the electric vehicles local production

Tesla CEO Elon Musk on Wednesday confirmed that Tesla will not be making its launch in India anytime soon,&nbspsuggesting in a tweeted earlier this morning. Musk said that it was up to the CFO, Deepak Ahuja, who suggested that the restrictive policy environment in India is acting as an obstacle in the electric vehicle's local production. “Would love to be in India. Some challenging government regulations, unfortunately. Deepak Ahuja, our CFO, is from India. Tesla will be there as soon as he believes we should,” Musk replied to a Twitter user who had said, “No Tesla in India.” While many prominent Indians have shown a keen interest in Tesla’s vehicles, the firm is yet to take concrete steps to foray into the Indian market. Last May, Musk had taken to Twitter to announce that his India plans had been derailed by the country’s Make in India push, which requires foreign companies to source at least 30% of their products locally. “…the supply doesn’t yet exist in India to support that,” he wrote. A month on, Musk said Tesla was seeking temporary relief from import duties in India, presumably to start selling in the country sooner and with an affordable price tag. Although at the time, the official Make In India Twitter account clarified that only foreign retailers—not manufacturers—were subject to the local-sourcing clause, there was still no word on Tesla’s entry in the country. Elon Musk has revealed plans to install 10,000 Supercharger stations for his company's electric vehicles around the world by the end of 2019. Would love to be in India. Some challenging government regulations, unfortunately. Deepak Ahuja, our CFO, is from India. Tesla will be there as soon as he believes we should. — Elon Musk (@elonmusk) May 30, 2018 ×

Elon Musk talks about Tesla's arrival in India, says all depends on Indian CEO

Tesla Inc on Friday asked a court to dismiss a securities fraud lawsuit by shareholders who said the electric vehicle maker gave false public statements about the progress of producing its new Model 3 sedan.

In a filing in federal court in San Francisco, Tesla said that its statements about the challenges the company faced with Model 3 were "frank and in plain language," including repeated disclosures by Chief Executive Elon Musk of "production hell."

Tesla did not seek to hide the truth, its motion to dismiss said.

The company says its Model 3 has experienced numerous "bottlenecks" from problems with Tesla's battery module process at its Nevada Gigafactory to the general assembly at its Fremont plant.

Tesla is under pressure to deliver the Model 3 to reap revenue and stem massive spending that has put Tesla's finances in the red. The ramp of the Model 3, Tesla said in the court filing, was "the first of its kind," with difficulties likely to crop up after it got underway.

The lawsuit filed last October seeks class-action status for shareholders who bought Tesla stock between May 4, 2016, through October 6, 2017, inclusive. It said shareholders bought "artificially inflated" shares because Musk and other executives misled them with their statements.

Tesla made such statements during the lead-up to, and early production of, its Model 3 sedan and failed to disclose that the company was "woefully unprepared" for the vehicle's production, the lawsuit said.

A hearing is scheduled for August.

The Tesla response chronicled disclosures of production bottlenecks the company faced in its third quarter of 2017 when it fell short of its targets.

Tesla's statements that its Model 3 production was "on track" in May and August of 2017 - which plaintiffs argue were false - were made before production problems began to surface, Tesla argued.

Tesla said its "good faith belief" in the Model 3 programme is reflected in everything it has done: a $4 billion investment, the build-out of its Gigafactory battery factory in Nevada and the high-volume equipment it commissioned.

Tesla did not seek to hide the truth, its motion to dismiss said

Tesla Inc on Friday asked a court to dismiss a securities fraud lawsuit by shareholders who said the electric vehicle maker gave false public statements about the progress of producing its new Model 3 sedan. In a filing in federal court in San Francisco, Tesla said that its statements about the challenges the company faced with Model 3 were "frank and in plain language," including repeated disclosures by Chief Executive Elon Musk of "production hell." Tesla did not seek to hide the truth, its motion to dismiss said. The company says its Model 3 has experienced numerous "bottlenecks" from problems with Tesla's battery module process at its Nevada Gigafactory to the general assembly at its Fremont plant. Tesla is under pressure to deliver the Model 3 to reap revenue and stem massive spending that has put Tesla's finances in the red. The ramp of the Model 3, Tesla said in the court filing, was "the first of its kind," with difficulties likely to crop up after it got underway. The lawsuit filed last October seeks class-action status for shareholders who bought Tesla stock between May 4, 2016, through October 6, 2017, inclusive. It said shareholders bought "artificially inflated" shares because Musk and other executives misled them with their statements. Tesla made such statements during the lead-up to, and early production of, its Model 3 sedan and failed to disclose that the company was "woefully unprepared" for the vehicle's production, the lawsuit said. A hearing is scheduled for August. The Tesla response chronicled disclosures of production bottlenecks the company faced in its third quarter of 2017 when it fell short of its targets. Tesla's statements that its Model 3 production was "on track" in May and August of 2017 - which plaintiffs argue were false - were made before production problems began to surface, Tesla argued. Tesla said its "good faith belief" in the Model 3 programme is reflected in everything it has done: a $4 billion investment, the build-out of its Gigafactory battery factory in Nevada and the high-volume equipment it commissioned.

Tesla seeks to dismiss securities fraud lawsuit: US court document

China for the first time today launched a privately developed rocket the "Chongqing Liangjiang Star" with an eye towards sending a permanent manned space station into orbit by 2022.

OneSpace Technology, a Beijing-based private firm manufactured the rocket which was powered by solid fuel engine, company chairman Mao Chao said. The company aims to send 10 rocket missions by next year. "I hope we can become one of the biggest small-satellite launchers in the world," company founder Shu said.

The rocket has a 100 kg payload, significantly it uses energy-saving technology instead of internet power.&nbsp;

Chinese state media said One Space is the result of the Chinese government's effort to foster commercial space flight.

“We will develop bigger rockets in the future and participate in the global competition,” Shu added. Shu Chang added that his startup OneSpace mirrored Musk-controlled SpaceX.

The development of the Chinese military and space technology is one of President Xi's stated goals with the country spending millions of dollars on upgrading its various military hardware, including technology to power rockets, aircraft and drones.

The Chinese government tightly controls the development of space technology but the rise of OneSpace signals the country's intent to develop this space beyond government control more on the SpaceX and Jeff Bezos led-Blue Origin of the US.

Reports said the goal&nbsp;of the first flight of OneSpace was to collect data for a classified research project. 
&nbsp;

The rocket has a 100 kg payload, significantly it uses energy-saving technology instead of internet power.

China for the first time today launched a privately developed rocket the "Chongqing Liangjiang Star" with an eye towards sending a permanent manned space station into orbit by 2022. OneSpace Technology, a Beijing-based private firm manufactured the rocket which was powered by solid fuel engine, company chairman Mao Chao said. The company aims to send 10 rocket missions by next year. "I hope we can become one of the biggest small-satellite launchers in the world," company founder Shu said. The rocket has a 100 kg payload, significantly it uses energy-saving technology instead of internet power. Chinese state media said One Space is the result of the Chinese government's effort to foster commercial space flight. “We will develop bigger rockets in the future and participate in the global competition,” Shu added. Shu Chang added that his startup OneSpace mirrored Musk-controlled SpaceX. The development of the Chinese military and space technology is one of President Xi's stated goals with the country spending millions of dollars on upgrading its various military hardware, including technology to power rockets, aircraft and drones. The Chinese government tightly controls the development of space technology but the rise of OneSpace signals the country's intent to develop this space beyond government control more on the SpaceX and Jeff Bezos led-Blue Origin of the US. Reports said the goal of the first flight of OneSpace was to collect data for a classified research project.

Watch: In a first, China launches privately owned rocket, eyes space station in 2022

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