A recent Reuters report sparks a current of uncertainty in the electric vehicle landscape, revealing a potential speed bump on the road to an all-electric future. Buckle up as we navigate the twists and turns of the ev market, where projections might be hitting a few potholes.

Explained: why EVs are hitting a speed bump globally? | World Business News

Tata Motors is urging Indian officials not to reduce the 100% import taxes on electric vehicles to safeguard the domestic industry and uphold commitments to local investors. The move comes as india reviews Tesla's proposal to enter the market by establishing a local factory while seeking lower import taxes for EVS.

Tata Motors lobbies for higher tax on imported EVs

In an effort to mend ties strained by a European anti-subsidy investigation into Chinese electric vehicles (EVs), France's top diplomat, Catherine Colonna, is set to embark on a crucial visit to China this week.

According to Bloomberg, the probe, initiated by the European Union in September, has ignited trade tensions, prompting concerns of a potential tariff war. Colonna aims to advocate for a balanced relationship that respects EU sovereignty, emphasising the need to navigate these issues without jeopardising access to China's market.

French car manufacturers Stellantis NV and Renault SA are facing challenges due to increased imports of affordable EVs from China, where government support provides a competitive edge. In response, France is expected to introduce new criteria for EV support next month, likely excluding China-made vehicles based on their carbon footprint.

"The visit of Catherine Colonna is a pivotal moment as France has been at the forefront of advocating for a more assertive approach to China. The EU investigation into Chinese EVs has heightened tensions, and it's crucial to find common ground," Bloomberg quoted a diplomatic source as saying. The visit comes amid a series of high-profile European visits to Beijing, with Ursula von der Leyen and Charles Michel set to hold the first in-person summit with Chinese leadership in four years.

Beyond the EV tensions, France is also grappling with concerns over intellectual property rights for cosmetics giants such as LVMH and L’Oreal SA. China's request for detailed data from manufacturing processes to formula compositions has raised alarm.

Colonna's two-day visit, starting Thursday, is expected to address these concerns, along with broader geopolitical issues, including the war in Ukraine, the Israel-Hamas conflict, and North Korea’s support for Russia.

"The diplomatic efforts are crucial in managing not only the trade tensions related to EVs but also addressing broader geopolitical challenges. Colonna's discussions on cultural and scientific cooperation agreements and facilitating visas for Chinese businesspeople highlight the multifaceted nature of the diplomatic mission," an official in Macron's office told Bloomberg.

The visit comes after a phone call between Presidents Emmanuel Macron and Xi Jinping, where the Chinese leader expressed a welcome for more French investment. Xi's potential visit to France next year, coinciding with the 60th anniversary of bilateral relations, adds another dimension to the diplomatic landscape.

(With inputs from Bloomberg)

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In an effort to mend ties strained by a European anti-subsidy investigation into Chinese electric vehicles (EVs), France's top diplomat, Catherine Colonna, is set to embark on a crucial visit to China this week.

In an effort to mend ties strained by a European anti-subsidy investigation into Chinese electric vehicles (EVs), France's top diplomat, Catherine Colonna, is set to embark on a crucial visit to China this week. According to Bloomberg, the probe, initiated by the European Union in September, has ignited trade tensions, prompting concerns of a potential tariff war. Colonna aims to advocate for a balanced relationship that respects EU sovereignty, emphasising the need to navigate these issues without jeopardising access to China's market. French car manufacturers Stellantis NV and Renault SA are facing challenges due to increased imports of affordable EVs from China, where government support provides a competitive edge. In response, France is expected to introduce new criteria for EV support next month, likely excluding China-made vehicles based on their carbon footprint. "The visit of Catherine Colonna is a pivotal moment as France has been at the forefront of advocating for a more assertive approach to China. The EU investigation into Chinese EVs has heightened tensions, and it's crucial to find common ground," Bloomberg quoted a diplomatic source as saying. The visit comes amid a series of high-profile European visits to Beijing, with Ursula von der Leyen and Charles Michel set to hold the first in-person summit with Chinese leadership in four years. Beyond the EV tensions, France is also grappling with concerns over intellectual property rights for cosmetics giants such as LVMH and L’Oreal SA. China's request for detailed data from manufacturing processes to formula compositions has raised alarm. Colonna's two-day visit, starting Thursday, is expected to address these concerns, along with broader geopolitical issues, including the war in Ukraine, the Israel-Hamas conflict, and North Korea’s support for Russia. "The diplomatic efforts are crucial in managing not only the trade tensions related to EVs but also addressing broader geopolitical challenges. Colonna's discussions on cultural and scientific cooperation agreements and facilitating visas for Chinese businesspeople highlight the multifaceted nature of the diplomatic mission," an official in Macron's office told Bloomberg. The visit comes after a phone call between Presidents Emmanuel Macron and Xi Jinping, where the Chinese leader expressed a welcome for more French investment. Xi's potential visit to France next year, coinciding with the 60th anniversary of bilateral relations, adds another dimension to the diplomatic landscape. (With inputs from Bloomberg) WATCH WION LIVE HERE

French diplomat heads to China amid EV tensions. Here are the details

The United States and Indonesia are set to engage in discussions on a potential minerals partnership, with a focus on stimulating the trade of nickel, an essential component in electric vehicle (EV) batteries, Reuters reported on Monday.

As per the sources quoted by Reuters, during Monday's meeting between Indonesian President Joko Widodo and U.S. President Joe Biden at the White House, the focus of the talks would be on the next&nbsp;steps that might lead to formal negotiations between the two countries.

"There's a lot of work to do before we are able to formally announce negotiations on a critical minerals partnership," the sources told Reuters.

The Biden administration, cautious about environmental, social, and governance standards in Indonesia, is closely examining the viability of such a deal. The sources revealed plans for further consultations with U.S. lawmakers and labour groups in the coming weeks.

The administration is particularly concerned about ensuring that any potential nickel supply is produced with minimal environmental impact.

Indonesia, which reportedly has the world's largest nickel ore reserves, had proposed discussions in September to initiate a trade deal for critical minerals. The aim was to have exports from Indonesia covered under the U.S. Inflation Reduction Act (IRA). Despite Indonesia's massive nickel reserves, most of its nickel is currently processed into crude metal. The nation is eager to develop an EV supply chain to harness the full potential of its nickel reserves for battery materials.

One of the crucial aspects under discussion is the environmental impact of nickel mining in Indonesia. Acknowledging this, sources close to the administration emphasised that the Biden administration is focused on ensuring that any potential nickel supply adheres to stringent environmental standards.

Indonesia's nickel mining has been linked to heavy deforestation and water pollution, prompting the need for careful consideration of the environmental implications.

Under guidelines issued in March, the U.S. requires a certain amount of critical minerals in EV batteries to be produced or assembled in North America or a free trade partner. This requirement is essential for EVs sold in the United States to be eligible for tax credits.

Indonesia, lacking a free trade agreement with the U.S., complicates matters. The Biden administration is also exploring ways to exclude nickel extracted from Indonesia but processed in China from receiving IRA credits.

The global market value for the nickel industry is estimated at $33.5 billion in 2022, despite an oversupplied market. With the only U.S. nickel mine set to close in a few years and no nickel smelter in the country, achieving Biden's goal for the U.S. to lead in EV manufacturing poses a significant challenge.

To address this, the government has allocated nearly $115 million to Talon Metals, aiming to support a nickel processing plant in North Dakota that will supply Tesla Inc. Talon is currently seeking permits for its proposed Minnesota nickel mine, facing opposition from Indigenous groups.

Many in the U.S. mining sector argue that the Biden administration should prioritise approving domestic projects over seeking international supply.

(With inputs from Reuters)

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The United States and Indonesia are set to engage in discussions on a potential minerals partnership, with a focus on stimulating the trade of nickel, an essential component in electric vehicle (EV) batteries, Reuters reported on Monday.

The United States and Indonesia are set to engage in discussions on a potential minerals partnership, with a focus on stimulating the trade of nickel, an essential component in electric vehicle (EV) batteries, Reuters reported on Monday. As per the sources quoted by Reuters, during Monday's meeting between Indonesian President Joko Widodo and U.S. President Joe Biden at the White House, the focus of the talks would be on the next steps that might lead to formal negotiations between the two countries. "There's a lot of work to do before we are able to formally announce negotiations on a critical minerals partnership," the sources told Reuters. The Biden administration, cautious about environmental, social, and governance standards in Indonesia, is closely examining the viability of such a deal. The sources revealed plans for further consultations with U.S. lawmakers and labour groups in the coming weeks. The administration is particularly concerned about ensuring that any potential nickel supply is produced with minimal environmental impact. Indonesia, which reportedly has the world's largest nickel ore reserves, had proposed discussions in September to initiate a trade deal for critical minerals. The aim was to have exports from Indonesia covered under the U.S. Inflation Reduction Act (IRA). Despite Indonesia's massive nickel reserves, most of its nickel is currently processed into crude metal. The nation is eager to develop an EV supply chain to harness the full potential of its nickel reserves for battery materials. One of the crucial aspects under discussion is the environmental impact of nickel mining in Indonesia. Acknowledging this, sources close to the administration emphasised that the Biden administration is focused on ensuring that any potential nickel supply adheres to stringent environmental standards. Indonesia's nickel mining has been linked to heavy deforestation and water pollution, prompting the need for careful consideration of the environmental implications. Under guidelines issued in March, the U.S. requires a certain amount of critical minerals in EV batteries to be produced or assembled in North America or a free trade partner. This requirement is essential for EVs sold in the United States to be eligible for tax credits. Indonesia, lacking a free trade agreement with the U.S., complicates matters. The Biden administration is also exploring ways to exclude nickel extracted from Indonesia but processed in China from receiving IRA credits. The global market value for the nickel industry is estimated at $33.5 billion in 2022, despite an oversupplied market. With the only U.S. nickel mine set to close in a few years and no nickel smelter in the country, achieving Biden's goal for the U.S. to lead in EV manufacturing poses a significant challenge. To address this, the government has allocated nearly $115 million to Talon Metals, aiming to support a nickel processing plant in North Dakota that will supply Tesla Inc. Talon is currently seeking permits for its proposed Minnesota nickel mine, facing opposition from Indigenous groups. Many in the U.S. mining sector argue that the Biden administration should prioritise approving domestic projects over seeking international supply. (With inputs from Reuters) WATCH WION LIVE HERE

Green Drive Accelerates: US and Indonesia forge path to vital EV minerals partnership

There's a fascinating tale of resilience and transformation in the ever-evolving landscape of China's economy. While the overall recovery may be a bit bumpy, one sector stands out as a beacon of progress: the electric vehicle industry.

Insights into China's economic recovery challenges

China's economic evolution unfolds as the electric vehicle sector drives unprecedented growth.

Insight into China's economic recovery

Tesla, the electric vehicle pioneer, is reportedly gearing up to produce a more affordable electric car with a price tag of 25,000 euros (approximately $26,838) at its factory located near Berlin, a Reuters report said, citing an anonymous source familiar with the matter. The development signals a significant move for Tesla as it aims to promote wider adoption of its electric vehicles.&nbsp;

The source, who opted to remain unnamed, did not specify when production of the affordable model would commence. Tesla declined to provide official comments on the matter. In response to this news, Tesla's shares experienced a 3 per cent increase in pre-market trading in the United States at 0910 GMT. &nbsp;

The relatively high cost is impeding the widespread adoption of electric cars&nbsp;in Europe and the United States.&nbsp;Moreover, the cost of electric cars have been compounded by elevated interest rates. In the first half of 2023, the average retail price of an electric vehicle in Europe exceeded 65,000 euros ($69,000), as reported by automotive research firm JATO Dynamics. In contrast, the average price of an electric car in China was just over 31,000 euros ($33,000).&nbsp;

Tesla's CEO Elon Musk has been&nbsp;expressing his desire&nbsp;to develop a more affordable electric car. In September, insider sources revealed that Tesla has made significant progress in the development of an innovation that would enable the casting of nearly the entire underbody of electric vehicles in one piece. This advancement would lead to increased production efficiency and reduced costs.&nbsp;

Tesla's strategy to expand into the mass market is crucial in achieving its goal of delivering 20 million vehicles by 2030, setting it apart from competitors like Volkswagen, a company which has&nbsp;focused on preserving profit margins during the electric vehicle transition without setting specific delivery targets.&nbsp;

CEO Elon Musk recently visited the Tesla plant in Gruenheide, Germany, where he revealed plans to produce the 25,000-euro vehicle at the German plant, marking a significant development in the company's strategy. The Gruenheide plant currently manufactures the Model Y, which is the best-selling electric vehicle in Europe.&nbsp;

Tesla has intentions to double the manufacturing capacity of its German plant, with the goal of producing up to 1 million vehicles annually. The company has not released updated production figures since March when it announced the production of 5,000 vehicles per week, equivalent to approximately 250,000 vehicles annually.&nbsp;

Local authorities in Germany have requested additional information from Tesla regarding how their expansion plans align with conservation laws. A decision on whether to approve the expansion is pending, with no specific timeframe provided.&nbsp;

Furthermore, Tesla announced a four&nbsp;per cent wage increase for all employees, effective from November onwards. Production workers will also receive an additional 2,500 euros ($2,600) per year starting from February 2024, representing an 18 per cent pay increase over a one-to-one-and-a-half-year period. German union IG Metall had previously noted that Tesla's wages were approximately 20 per cent lower than those offered under collective bargaining agreements at other car manufacturers.&nbsp;

(With inputs from Reuters)&nbsp;

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Tesla, the electric vehicle pioneer, is reportedly gearing up to produce a more affordable electric car with a price tag of 25,000 euros (approximately $26,838) at its factory located near Berlin, a Reuters report said, citing an anonymous source familiar with the matter.

Tesla, the electric vehicle pioneer, is reportedly gearing up to produce a more affordable electric car with a price tag of 25,000 euros (approximately $26,838) at its factory located near Berlin, a Reuters report said, citing an anonymous source familiar with the matter. The development signals a significant move for Tesla as it aims to promote wider adoption of its electric vehicles. The source, who opted to remain unnamed, did not specify when production of the affordable model would commence. Tesla declined to provide official comments on the matter. In response to this news, Tesla's shares experienced a 3 per cent increase in pre-market trading in the United States at 0910 GMT. The relatively high cost is impeding the widespread adoption of electric cars in Europe and the United States. Moreover, the cost of electric cars have been compounded by elevated interest rates. In the first half of 2023, the average retail price of an electric vehicle in Europe exceeded 65,000 euros ($69,000), as reported by automotive research firm JATO Dynamics. In contrast, the average price of an electric car in China was just over 31,000 euros ($33,000). Tesla's CEO Elon Musk has been expressing his desire to develop a more affordable electric car. In September, insider sources revealed that Tesla has made significant progress in the development of an innovation that would enable the casting of nearly the entire underbody of electric vehicles in one piece. This advancement would lead to increased production efficiency and reduced costs. Tesla's strategy to expand into the mass market is crucial in achieving its goal of delivering 20 million vehicles by 2030, setting it apart from competitors like Volkswagen, a company which has focused on preserving profit margins during the electric vehicle transition without setting specific delivery targets. CEO Elon Musk recently visited the Tesla plant in Gruenheide, Germany, where he revealed plans to produce the 25,000-euro vehicle at the German plant, marking a significant development in the company's strategy. The Gruenheide plant currently manufactures the Model Y, which is the best-selling electric vehicle in Europe. Tesla has intentions to double the manufacturing capacity of its German plant, with the goal of producing up to 1 million vehicles annually. The company has not released updated production figures since March when it announced the production of 5,000 vehicles per week, equivalent to approximately 250,000 vehicles annually. Local authorities in Germany have requested additional information from Tesla regarding how their expansion plans align with conservation laws. A decision on whether to approve the expansion is pending, with no specific timeframe provided. Furthermore, Tesla announced a four per cent wage increase for all employees, effective from November onwards. Production workers will also receive an additional 2,500 euros ($2,600) per year starting from February 2024, representing an 18 per cent pay increase over a one-to-one-and-a-half-year period. German union IG Metall had previously noted that Tesla's wages were approximately 20 per cent lower than those offered under collective bargaining agreements at other car manufacturers. (With inputs from Reuters) WATCH WION LIVE HERE

Tesla plans to launch affordable 25,000-euro car in Germany: Media reports

Tesla & other big automakers are in a bind after investing heavily in the booming electric car market. Their dilemma -- what to do when demand cools? The market for electric vehicles is still growing, albeit at a far slower rate than in the past. Tesla, the market leader in electric vehicles, and traditional automakers are now proceeding with caution.

EV makers worry about the possibility of falling demand

Ford and the United Auto Workers (UAW) union have reached a tentative deal to end a nearly six-week strike, which includes a record pay rise.

Auto workers strike: Ford and union agree record pay rise in tentative deal

Industry leaders in the automotive sector have recently voiced apprehension regarding the feasibility of their proposed electric vehicle (EV) plans.&nbsp;

According to a Business Insider report, these executives have acknowledged the challenges that lie ahead and the obstacles that must be overcome to bring their ambitious projects to fruition.

During the recent third-quarter earnings call of General Motors (GM), the company's CEO, Mary Barra, who is known for her optimism regarding electric vehicles, admitted uncertainties in achieving the production goals of 100,000 EVs in the latter half of this year and an additional 400,000 by the first six months of 2024. Barra acknowledged that the transition to EVs is proving to be a bit bumpy.

Many are sceptical about the future of EVs, not just GM. Even Elon Musk, the CEO of Tesla, has expressed concerns about economic issues affecting vehicle demand. Mercedes-Benz has had to offer substantial discounts on their EVs to boost sales, which indicates the harsh reality of the EV market. Business Insider quoted CFO Harald Wilhelm as saying, "This is a pretty brutal space."

Executives across the industry have noticed an increase in inventory and have found it challenging to sell EVs, even with significant price reductions and incentives.

The trend of price reductions in the EV market is becoming more common, with nearly all current EV models selling below their original sticker price. Some companies are even offering manufacturers incentives of up to 10 per cent.

The reason for this decrease in sales can be attributed to several factors, including cost considerations, infrastructure challenges, and lifestyle barriers that potential buyers face when considering the adoption of EVs.

Automakers are responding to the challenges posed by the EV market.

Considering slowing EV demand, Ford has extended its deadline to achieve annual EV production targets and abandoned its future goal of producing 2 million EVs. Business Insider cited Honda's CEO, Toshihiro Mibe, who acknowledged the difficulty in gauging the shifting EV environment, leading the company to halt the development of an affordable EV.

In a recent statement, Akio Toyoda, Chairman of Toyota Motor, emphasised the industry's current awareness of the challenges that come with EVs. Toyoda, who was previously sceptical of the industry's focus on pure electric blueprints, acknowledged that "people are finally seeing reality."&nbsp;

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Industry leaders in the automotive sector have recently voiced apprehension regarding the feasibility of their proposed electric vehicle (EV) plans. According to a Business Insider report, these executives have acknowledged the challenges that lie ahead and the obstacles that must be overcome to bring their ambitious projects to fruition.

Industry leaders in the automotive sector have recently voiced apprehension regarding the feasibility of their proposed electric vehicle (EV) plans. According to a Business Insider report, these executives have acknowledged the challenges that lie ahead and the obstacles that must be overcome to bring their ambitious projects to fruition. During the recent third-quarter earnings call of General Motors (GM), the company's CEO, Mary Barra, who is known for her optimism regarding electric vehicles, admitted uncertainties in achieving the production goals of 100,000 EVs in the latter half of this year and an additional 400,000 by the first six months of 2024. Barra acknowledged that the transition to EVs is proving to be a bit bumpy. Many are sceptical about the future of EVs, not just GM. Even Elon Musk, the CEO of Tesla, has expressed concerns about economic issues affecting vehicle demand. Mercedes-Benz has had to offer substantial discounts on their EVs to boost sales, which indicates the harsh reality of the EV market. Business Insider quoted CFO Harald Wilhelm as saying, "This is a pretty brutal space." Executives across the industry have noticed an increase in inventory and have found it challenging to sell EVs, even with significant price reductions and incentives. The trend of price reductions in the EV market is becoming more common, with nearly all current EV models selling below their original sticker price. Some companies are even offering manufacturers incentives of up to 10 per cent. The reason for this decrease in sales can be attributed to several factors, including cost considerations, infrastructure challenges, and lifestyle barriers that potential buyers face when considering the adoption of EVs. Automakers are responding to the challenges posed by the EV market. Considering slowing EV demand, Ford has extended its deadline to achieve annual EV production targets and abandoned its future goal of producing 2 million EVs. Business Insider cited Honda's CEO, Toshihiro Mibe, who acknowledged the difficulty in gauging the shifting EV environment, leading the company to halt the development of an affordable EV. In a recent statement, Akio Toyoda, Chairman of Toyota Motor, emphasised the industry's current awareness of the challenges that come with EVs. Toyoda, who was previously sceptical of the industry's focus on pure electric blueprints, acknowledged that "people are finally seeing reality." WATCH WION LIVE HERE

Auto industry executives acknowledge Electric Vehicle market challenges 

Mercedes-Benz, one of the leading luxury car manufacturers, is feeling the heat in the electric vehicle market. The company has reported a challenging third quarter, as heavy price cuts and supply chain issues put pressure on their earnings.

Mercedes-Benz's EV market struggles

Luxury carmaker, Mercedes-Benz, has revealed concerns about the intense competition in the electric vehicle (EV) market, marked by aggressive price reductions and supply chain disruptions.&nbsp;

As a result, the company is anticipating that its adjusted return on sales for the cars division may fall within the lower range of the 12-14 per cent forecast. This announcement coincided with a decline in third-quarter earnings, which has put pressure on the company's financial outlook.&nbsp;

According to Reuters, Mercedes-Benz's Chief Financial Officer, Harald Wilhelm, mentioned on an analyst call that if margins on EVs continue to underperform compared to earlier projections, they could seek to bolster earnings through their combustion engine portfolio.&nbsp;

He described the current EV market landscape as "brutal," especially due to established players selling battery electric vehicles at prices equivalent to or even below internal combustion engine cars, despite the higher production costs. Reuters quoted Wilhelm as saying, "I can hardly imagine the current status quo is fully sustainable for everybody."&nbsp;

The luxury automaker emphasised its unwavering commitment to its EV targets while acknowledging the necessity of exploring alternative revenue streams.&nbsp;

Although Mercedes-Benz has witnessed discounts on some of its models in Germany during the fourth quarter, the company clarified that this does not represent a fundamental shift in its pricing strategy and its commitment to keeping prices high to prioritise margin growth remains intact.&nbsp;

The reaction to these developments was swift in the financial markets.&nbsp;

Mercedes-Benz shares plummeted by over 6 per cent as of 0733 GMT, reaching their lowest point in nearly a year. They emerged as the biggest losers on the Eurozone blue-chip index, with BMW down 4 per cent and VW (Volkswagen) down more than 2 per cent.&nbsp;

The overall sentiment seems to be reflective of the challenges that the luxury carmaker is currently facing in the EV market.&nbsp;

The struggle in the EV market is not unique to Mercedes-Benz. Carmakers like Ford and Tesla have been implementing significant price reductions throughout the year in various global markets, from the United States to China, in an attempt to boost demand. However, Mercedes-Benz has largely refrained from following this trend, maintaining its commitment to premium pricing.&nbsp;

The company reported a 12.4 per cent adjusted return on sales in its cars division for the third quarter. The group's earnings before interest and taxes (EBIT) fell by 6.8 per cent to 4.8 billion euros ($5.1 billion). Group revenue decreased by 1.4 per cent to 37.2 billion euros.&nbsp;

In terms of sales, Mercedes-Benz reported a 4 per cent drop in the third-quarter, with top-end sales down by 11 per cent. This decrease was attributed in part to model changeovers and a shortage in 48-volt systems supplied by Bosch.&nbsp;

Mercedes-Benz acknowledged that the market environment is currently "subdued". However, Harald Wilhelm expressed optimism, stating that they believe "we are beyond the worst" when it comes to inflation and energy pricing, hinting at potential stabilisation in the broader economic landscape.&nbsp;

(With inputs from Reuters)&nbsp;

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Luxury carmaker, Mercedes-Benz, has revealed concerns about the intense competition in the electric vehicle (EV) market, marked by aggressive price reductions and supply chain disruptions.

Luxury carmaker, Mercedes-Benz, has revealed concerns about the intense competition in the electric vehicle (EV) market, marked by aggressive price reductions and supply chain disruptions. As a result, the company is anticipating that its adjusted return on sales for the cars division may fall within the lower range of the 12-14 per cent forecast. This announcement coincided with a decline in third-quarter earnings, which has put pressure on the company's financial outlook. According to Reuters, Mercedes-Benz's Chief Financial Officer, Harald Wilhelm, mentioned on an analyst call that if margins on EVs continue to underperform compared to earlier projections, they could seek to bolster earnings through their combustion engine portfolio. He described the current EV market landscape as "brutal," especially due to established players selling battery electric vehicles at prices equivalent to or even below internal combustion engine cars, despite the higher production costs. Reuters quoted Wilhelm as saying, "I can hardly imagine the current status quo is fully sustainable for everybody." The luxury automaker emphasised its unwavering commitment to its EV targets while acknowledging the necessity of exploring alternative revenue streams. Although Mercedes-Benz has witnessed discounts on some of its models in Germany during the fourth quarter, the company clarified that this does not represent a fundamental shift in its pricing strategy and its commitment to keeping prices high to prioritise margin growth remains intact. The reaction to these developments was swift in the financial markets. Mercedes-Benz shares plummeted by over 6 per cent as of 0733 GMT, reaching their lowest point in nearly a year. They emerged as the biggest losers on the Eurozone blue-chip index, with BMW down 4 per cent and VW (Volkswagen) down more than 2 per cent. The overall sentiment seems to be reflective of the challenges that the luxury carmaker is currently facing in the EV market. The struggle in the EV market is not unique to Mercedes-Benz. Carmakers like Ford and Tesla have been implementing significant price reductions throughout the year in various global markets, from the United States to China, in an attempt to boost demand. However, Mercedes-Benz has largely refrained from following this trend, maintaining its commitment to premium pricing. The company reported a 12.4 per cent adjusted return on sales in its cars division for the third quarter. The group's earnings before interest and taxes (EBIT) fell by 6.8 per cent to 4.8 billion euros ($5.1 billion). Group revenue decreased by 1.4 per cent to 37.2 billion euros. In terms of sales, Mercedes-Benz reported a 4 per cent drop in the third-quarter, with top-end sales down by 11 per cent. This decrease was attributed in part to model changeovers and a shortage in 48-volt systems supplied by Bosch. Mercedes-Benz acknowledged that the market environment is currently "subdued". However, Harald Wilhelm expressed optimism, stating that they believe "we are beyond the worst" when it comes to inflation and energy pricing, hinting at potential stabilisation in the broader economic landscape. (With inputs from Reuters) WATCH WION LIVE HERE

Decoding Mercedes-Benz's grim outlook on global EV market

Zero-emission cars are soaring in popularity but running an electric vehicle is next to impossible in places with limited charging infrastructure. 'Stella Terra' could change that, it is considered the world's first off-road solar powered car, that went for a test drive in the harsh Moroccan desert.

4x4 SUV powered by the Sun | World of Africa

An attorney suing Tesla over a fatal accident has told a California state court that that the electric vehicle giant had prior knowledge of a steering malfunction in its Autopilot driver assistant feature. &nbsp;

According to a Reuters report, the internal safety analysis conducted by the company indicated that this issue had been identified about two years earlier.&nbsp;

The litigants in this case are seeking a significant combined jury award of $400 million, excluding punitive damages.&nbsp;

The civil lawsuit revolves around a tragic incident involving Micah Lee's Model 3 in 2019. The lawsuit contends that Tesla's Autopilot system caused Lee's vehicle to suddenly veer off a highway near Los Angeles, hurtling towards a palm tree at a speed of 65 miles per hour. The collision led to a fiery explosion, claiming Lee's life and seriously injuring his two passengers, including a young boy who was disembowelled in the crash. The central claim in the lawsuit is that Autopilot was defective, putting Tesla's safety systems under intense scrutiny.&nbsp;

Jonathan Michaels, the attorney representing the passengers, presented a 2017 internal Tesla safety analysis during the proceedings. This analysis pointed to an "incorrect steering command" as a defect in the Autopilot system, highlighting an "excessive" steering wheel angle. Reuters quoted Michaels in a statement to the jury, asserting, "They predicted this was going to happen. They knew about it. They named it." He also revealed that Tesla had developed a protocol to address this issue, instructing employees to accept no liability or responsibility for the problem.&nbsp;

In response to these allegations, Tesla's attorney, Michael Carey, presented a different perspective. Carey argued that the safety analysis did not explicitly identify a defect. Instead, it was intended to help the company address any potential issues with the vehicle. Subsequently, Tesla engineered a system to prevent Autopilot from executing the turn that led to the fatal crash. He emphasised that this safety system acted as a "brick wall" against the plaintiffs' claims, noting that no other Tesla vehicle had exhibited the same behaviour in similar circumstances.&nbsp;

The legal battle between the plaintiffs and Tesla has further intensified with allegations that Tesla released Autopilot in an experimental stage due to a pressing need to increase market share. Michaels argued that Tesla showed little regard for the potential loss of life in this pursuit. However, Carey countered this claim, insisting that the simplest explanation for the crash was human error. According to Reuters, he urged the jury not to award damages solely based on empathy for the victims' severe injuries, stating, "Empathy is a real thing, we're not saying it's not. But it does not make cars defective."&nbsp;

(With inputs from Reuters)&nbsp;

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An attorney suing Tesla over a fatal accident has told a California state court that that the electric vehicle giant had prior knowledge of a steering malfunction in its Autopilot driver assistant feature.

An attorney suing Tesla over a fatal accident has told a California state court that that the electric vehicle giant had prior knowledge of a steering malfunction in its Autopilot driver assistant feature. According to a Reuters report, the internal safety analysis conducted by the company indicated that this issue had been identified about two years earlier. The litigants in this case are seeking a significant combined jury award of $400 million, excluding punitive damages. The civil lawsuit revolves around a tragic incident involving Micah Lee's Model 3 in 2019. The lawsuit contends that Tesla's Autopilot system caused Lee's vehicle to suddenly veer off a highway near Los Angeles, hurtling towards a palm tree at a speed of 65 miles per hour. The collision led to a fiery explosion, claiming Lee's life and seriously injuring his two passengers, including a young boy who was disembowelled in the crash. The central claim in the lawsuit is that Autopilot was defective, putting Tesla's safety systems under intense scrutiny. Jonathan Michaels, the attorney representing the passengers, presented a 2017 internal Tesla safety analysis during the proceedings. This analysis pointed to an "incorrect steering command" as a defect in the Autopilot system, highlighting an "excessive" steering wheel angle. Reuters quoted Michaels in a statement to the jury, asserting, "They predicted this was going to happen. They knew about it. They named it." He also revealed that Tesla had developed a protocol to address this issue, instructing employees to accept no liability or responsibility for the problem. In response to these allegations, Tesla's attorney, Michael Carey, presented a different perspective. Carey argued that the safety analysis did not explicitly identify a defect. Instead, it was intended to help the company address any potential issues with the vehicle. Subsequently, Tesla engineered a system to prevent Autopilot from executing the turn that led to the fatal crash. He emphasised that this safety system acted as a "brick wall" against the plaintiffs' claims, noting that no other Tesla vehicle had exhibited the same behaviour in similar circumstances. The legal battle between the plaintiffs and Tesla has further intensified with allegations that Tesla released Autopilot in an experimental stage due to a pressing need to increase market share. Michaels argued that Tesla showed little regard for the potential loss of life in this pursuit. However, Carey countered this claim, insisting that the simplest explanation for the crash was human error. According to Reuters, he urged the jury not to award damages solely based on empathy for the victims' severe injuries, stating, "Empathy is a real thing, we're not saying it's not. But it does not make cars defective." (With inputs from Reuters) WATCH WION LIVE HERE

Tesla knew about autopilot steering malfunction before fatal crash, lawyer reveals 

Vijay Shekhar Sharma, the founder of Paytm, has taken a significant step into India's burgeoning artificial intelligence (AI) and electric vehicle (EV) sectors.&nbsp;

According to a Bloomberg report, Sharma's&nbsp;VSS Investments Fund&nbsp;is valued at 300 million rupees (approximately $3.6 million) and aims to&nbsp;foster innovation and entrepreneurship in these rapidly evolving domains.

VSS Investments Fund will not only cater to early-stage startups but will also facilitate follow-on investments in Sharma's existing portfolio.&nbsp;

In an official statement, Sharma emphasised the transformative potential of Indian startups in the realm of advanced technology and AI-driven innovations.

A Moneycontrol report quoted him as saying, "The Indian startup ecosystem has some of the brightest entrepreneurs in the world, and we have the potential to become a powerhouse of advanced technology and AI-driven innovations. India's aspiration to be a $10 Trillion Atmanirbhar economy will be defined by the spirit of innovation and entrepreneurship."

Sharma, celebrated for pioneering fintech in India over a decade ago with the inception of Paytm, has been an active investor in various Indian startups. These include Ola Electric, GOQii (a fitness band manufacturer), Treebo Hotels, and more.

(With inputs from Bloomberg)

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Vijay Shekhar Sharma, the founder of Paytm, has taken a significant step into India's burgeoning artificial intelligence (AI) and electric vehicle (EV) sectors. According to a Bloomberg report, Sharma's VSS Investments Fund is valued at 300 million rupees (approximately $3.

Vijay Shekhar Sharma, the founder of Paytm, has taken a significant step into India's burgeoning artificial intelligence (AI) and electric vehicle (EV) sectors. According to a Bloomberg report, Sharma's VSS Investments Fund is valued at 300 million rupees (approximately $3.6 million) and aims to foster innovation and entrepreneurship in these rapidly evolving domains. VSS Investments Fund will not only cater to early-stage startups but will also facilitate follow-on investments in Sharma's existing portfolio. In an official statement, Sharma emphasised the transformative potential of Indian startups in the realm of advanced technology and AI-driven innovations. A Moneycontrol report quoted him as saying, "The Indian startup ecosystem has some of the brightest entrepreneurs in the world, and we have the potential to become a powerhouse of advanced technology and AI-driven innovations. India's aspiration to be a $10 Trillion Atmanirbhar economy will be defined by the spirit of innovation and entrepreneurship." Sharma, celebrated for pioneering fintech in India over a decade ago with the inception of Paytm, has been an active investor in various Indian startups. These include Ola Electric, GOQii (a fitness band manufacturer), Treebo Hotels, and more. (With inputs from Bloomberg) WATCH WION LIVE HERE

Paytm founder launches $3.6 mn fund to boost AI and EV startups: Report

In a move aimed at diversifying the oil-dependent economy, Hyundai Motor Co. has entered into an agreement with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to establish a car assembly plant worth over $500 million, according to a report by Bloomberg.

The report cited Park Jiwoo, from Hyundai’s external affairs team who indicated that this venture marks a significant step towards expanding the domestic auto industry, with plans to produce 50,000 vehicles annually. Further, Bloomberg cited her saying that the plant, situated at the King Abdullah Economic City near Jeddah, will be a joint effort, with PIF holding a 70 per cent stake, while Hyundai will retain the remaining 30 per cent.

The assembly plant, projected to commence operations in early 2026, is poised to cover an area spanning around 300,000 square meters. It will encompass the production of both electric vehicles (EVs) and traditional combustion engine cars, marking Hyundai's commitment to embracing emerging green technology while accommodating conventional market demands.

The ambitious project aligns with Saudi Crown Prince Mohammed bin Salman's vision of reducing the nation's reliance on oil revenue through diversification, with a focus on Jeddah as a key hub for the domestic automotive industry. PIF, a pivotal player in this initiative, has been at the forefront of this effort, having previously invested in the U.S.-based EV start-up Lucid Motors Inc. Their investment in Lucid led to the establishment of the company's first international facility in Saudi Arabia, showcasing the country's growing prominence in the electric vehicle sector.

Furthermore, PIF has ventured into the creation of its electric vehicle brand, "Ceer," while also making strategic international and domestic investments to secure essential metals and minerals needed to establish a robust supply chain for the burgeoning EV industry.

(With inputs from Bloomberg)

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In a move aimed at diversifying the oil-dependent economy, Hyundai Motor Co. has entered into an agreement with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to establish a car assembly plant worth over $500 million, according to a report by Bloomberg.

In a move aimed at diversifying the oil-dependent economy, Hyundai Motor Co. has entered into an agreement with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to establish a car assembly plant worth over $500 million, according to a report by Bloomberg. The report cited Park Jiwoo, from Hyundai’s external affairs team who indicated that this venture marks a significant step towards expanding the domestic auto industry, with plans to produce 50,000 vehicles annually. Further, Bloomberg cited her saying that the plant, situated at the King Abdullah Economic City near Jeddah, will be a joint effort, with PIF holding a 70 per cent stake, while Hyundai will retain the remaining 30 per cent. The assembly plant, projected to commence operations in early 2026, is poised to cover an area spanning around 300,000 square meters. It will encompass the production of both electric vehicles (EVs) and traditional combustion engine cars, marking Hyundai's commitment to embracing emerging green technology while accommodating conventional market demands. The ambitious project aligns with Saudi Crown Prince Mohammed bin Salman's vision of reducing the nation's reliance on oil revenue through diversification, with a focus on Jeddah as a key hub for the domestic automotive industry. PIF, a pivotal player in this initiative, has been at the forefront of this effort, having previously invested in the U.S.-based EV start-up Lucid Motors Inc. Their investment in Lucid led to the establishment of the company's first international facility in Saudi Arabia, showcasing the country's growing prominence in the electric vehicle sector. Furthermore, PIF has ventured into the creation of its electric vehicle brand, "Ceer," while also making strategic international and domestic investments to secure essential metals and minerals needed to establish a robust supply chain for the burgeoning EV industry. (With inputs from Bloomberg) WATCH WION LIVE HERE

Saudi Arabia's wealth fund and Hyundai Motors to construct $500 million auto plant

Zero-emission cars - all of us have heard about the concept but the problem is the limited charging infrastructure that has come up now quite a few times and now there's another thing that has been in minds of several people running an electric vehicle in deserts or where there is limited charging.

Stella Terra: World's first solar SUV, completes 1,000 km off-roading test | World DNA

A new report shows that EV sales between July and September crossed three hundred thousand for the first time in history. A report by Cox Automotive shows that higher inventory levels, more product availability & lower prices have helped EV sales in the US market.

Decoding the US EV market in 2023

France has emerged as the main roadblock for those seeking to delay post-Brexit tariffs that are set to hit the electric vehicles shipped between the UK and the European Union in a move that could cost car makers billions of Euros in revenue.

France's opposition puts post-Brexit EV tariffs at risk

According to the data of the Indian Ministry of Road Transport and Highways’ Vahan Dashboard, more than one million Electric Vehicles(EVs) have been sold in the country so far&nbsp;in 2023.

This totals 10,44,600 electric cars and bikes that were registered with Regional Transport Offices till September 20th. While it took the entire year 2022 to achieve an annual sale of 1 million EVs in the country, the same feat has been surpassed by mid-September 2023, indicating the greater acceptance of EVs in India.

However, there is another significant fact to be noted. More than 40 per cent of the EVs sold in the country were made in the southern Indian state of Tamil Nadu.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/to-venus-and-beyond-isros-next-step-forward-after-chandrayaan-glory-640089">To Venus and beyond: ISRO's next step forward after Chandrayaan glory</a>

Adding to its prowess in the export of electronic goods, automobiles, textiles, and leather, Tamil Nadu has also made rapid strides in EV manufacturing.

EV Original Equipment Manufacturers based out of Tamil Nadu have churned out more than 4,10,000 (0.41 million) of the more than 1 million units sold in India&nbsp;thus far this year.

As per government data, the top five firms that have made and sold EVs from Tamil Nadu include Ola Electric, TVS Motor, Ather Energy, Ampere Vehicles, and BYD India.

According to the Tamil Nadu Government, the state aims to take forward its status as India's automobile manufacturing capital and the global top 10 auto hubs, to become a global EV capital.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/one-nation-one-election-in-2024-law-panel-hints-at-major-electoral-change-640069">'One Nation, One Election' in 2024? Law panel hints at major electoral change</a>

In this regard, the state recently rolled out its EV Policy in 2023, with the insights gathered from leading players in the sector.

The government has been working towards giving a big push to the EV ecosystem, manufacturing of batteries, charging infrastructure, and others. The state is making strides in the EV revolution from the manufacture of cars, buses, and two &amp; three-wheelers, EV cells and motors to charging stations and upcoming future mobility parks.

Six cities in the state, Coimbatore, Tiruchi, Coimbatore, Madurai, Salem, and the capital city Chennai, have been identified to develop as&nbsp;EV hubs.

Watch |&nbsp;<a href="https://www.wionews.com/videos/hardeep-singh-nijjar-murder-3-months-on-probe-details-remain-shrouded-in-mystery-wion-newspoint-640075">Hardeep Singh Nijjar murder: 3 months on, probe details remain shrouded in mystery | WION Newspoint</a>

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These cities are already strong contenders, thanks to the vast availability of a skilled, trained workforce, network and supply chains, auto and auto component manufacturing ecosystem, and Tamil Nadu’s infrastructure and logistics support systems.

Estimates say Rs. 50,000 crore is expected to be invested in EV manufacturing by 2025, resulting in the creation of 1.5 lakh jobs. By 2030, Tamil Nadu aims to manufacture 30 per cent of all electric vehicles sold in India and contribute substantially to global exports, said the state government.

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According to the data of the Indian Ministry of Road Transport and Highways’ Vahan Dashboard, more than one million Electric Vehicles(EVs) have been sold in the country so far in 2023.

According to the data of the Indian Ministry of Road Transport and Highways’ Vahan Dashboard, more than one million Electric Vehicles(EVs) have been sold in the country so far in 2023. This totals 10,44,600 electric cars and bikes that were registered with Regional Transport Offices till September 20th. While it took the entire year 2022 to achieve an annual sale of 1 million EVs in the country, the same feat has been surpassed by mid-September 2023, indicating the greater acceptance of EVs in India. However, there is another significant fact to be noted. More than 40 per cent of the EVs sold in the country were made in the southern Indian state of Tamil Nadu. Also Read | To Venus and beyond: ISRO's next step forward after Chandrayaan glory Adding to its prowess in the export of electronic goods, automobiles, textiles, and leather, Tamil Nadu has also made rapid strides in EV manufacturing. EV Original Equipment Manufacturers based out of Tamil Nadu have churned out more than 4,10,000 (0.41 million) of the more than 1 million units sold in India thus far this year. As per government data, the top five firms that have made and sold EVs from Tamil Nadu include Ola Electric, TVS Motor, Ather Energy, Ampere Vehicles, and BYD India. According to the Tamil Nadu Government, the state aims to take forward its status as India's automobile manufacturing capital and the global top 10 auto hubs, to become a global EV capital. Also Read | 'One Nation, One Election' in 2024? Law panel hints at major electoral change In this regard, the state recently rolled out its EV Policy in 2023, with the insights gathered from leading players in the sector. The government has been working towards giving a big push to the EV ecosystem, manufacturing of batteries, charging infrastructure, and others. The state is making strides in the EV revolution from the manufacture of cars, buses, and two & three-wheelers, EV cells and motors to charging stations and upcoming future mobility parks. Six cities in the state, Coimbatore, Tiruchi, Coimbatore, Madurai, Salem, and the capital city Chennai, have been identified to develop as EV hubs. Watch | Hardeep Singh Nijjar murder: 3 months on, probe details remain shrouded in mystery | WION Newspoint × These cities are already strong contenders, thanks to the vast availability of a skilled, trained workforce, network and supply chains, auto and auto component manufacturing ecosystem, and Tamil Nadu’s infrastructure and logistics support systems. Estimates say Rs. 50,000 crore is expected to be invested in EV manufacturing by 2025, resulting in the creation of 1.5 lakh jobs. By 2030, Tamil Nadu aims to manufacture 30 per cent of all electric vehicles sold in India and contribute substantially to global exports, said the state government. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

India: 1mn electric vehicles sold in 2023, over 40 per cent of them made in THIS state

Get ready for the electric revolution in India. In the latest, Tesla is tying India with ambitious plans to set up a cutting-edge factory - the goal is to produce an all-new affordable electric vehicle priced at just $24,000.

JSW & Tesla leading India's ambitious electric vehicle plans

The latest innovation from Chinese automaker Nio has been unveiled: the Nio phone. With a variety of cutting-edge functions, this car-specific smartphone is designed to integrate with Nio's electric vehicles.

China's Nio breaks new ground with the launch of the Nio phone

The United Kingdom's transition to electric vehicles faces a significant roadblock as confusion over climate policy deepens. A delay in the 2030 ban on new petrol car sales, warns UK's auto industry trade body, could disrupt the transition shift.

UK's 2030 petrol car ban delay sparks automaker concerns

Vehicular emissions have been particularly identified as a significant contributor to air pollution. On-road motor vehicles like cars, bikes, and trucks are seen as the primary source of climate-related problems. Governments worldwide are recognising the need for cleaner, electric-powered vehicles to reduce their carbon footprint. But are these electric vehicles really contributing to reducing emissions?

Electric cars won't save the environment: Study

China's auto industry is seeking innovative solutions by deepening ties with its European counterparts through technology partnerships. This move comes after the European commission initiated a probe into China's electric vehicle subsidies. Chinese policy adviser, dong yang, emphasises the need for collaboration and win-win relationships as Chinese EV exports surge.

China seeks European tech partnerships amid trade conflicts

The European commission launched an investigation, looking into whether to impose punitive tariffs on Chinese electric vehicle imports, which it believes are benefiting from substantial state subsidies. This move follows concerns that the flood of cheaper electric cars from China is threatening EU producers and distorting the market.

China's EV industry faces EU scrutiny

The commerce minister on Wednesday said that India will develop new policies to attract electric vehicle (EV) producers and promote more investment in the industry.

The remarks from Piyush Goyal come as American electric vehicle manufacturer Tesla and the Narendra Modi administration continue to discuss the idea of establishing a facility in India.

Sources with exclusive knowledge of the situation told Reuters that India was developing an EV strategy that would lower import levies for automakers that committed to some local manufacture.

Goyal told Reuters that there will be industry consultation on the new regulation when asked about the government’s plans.

The administration wants to enhance domestic EV manufacturing as and when feasible and attract more investment, to that he remarked, “We will come out with a policy.”

Reuters further quoted Goyal as saying, “As we get large-scale production, we will start enjoying the fruits of economies of scale of new technologies.” However, he did not elaborate on any potential incentives.

Senior executives from Tesla who were interested in constructing a factory in India met with Goyal in August.

For both the Indian market and for exports, Tesla intends to build a low-cost EV priced at $24,000, which is about 25 per cent less expensive than its current entry-level model.

Tesla, which spent $1 billion on parts last year, plans to purchase components from India this year in the range of $1.7 billion and $1.9 billion, according to Goyal, who made the announcement on Tuesday.

(With inputs from Reuters)&nbsp;

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The commerce minister on Wednesday said that India will develop new policies to attract electric vehicle (EV) producers and promote more investment in the industry.

The commerce minister on Wednesday said that India will develop new policies to attract electric vehicle (EV) producers and promote more investment in the industry. The remarks from Piyush Goyal come as American electric vehicle manufacturer Tesla and the Narendra Modi administration continue to discuss the idea of establishing a facility in India. Sources with exclusive knowledge of the situation told Reuters that India was developing an EV strategy that would lower import levies for automakers that committed to some local manufacture. Goyal told Reuters that there will be industry consultation on the new regulation when asked about the government’s plans. The administration wants to enhance domestic EV manufacturing as and when feasible and attract more investment, to that he remarked, “We will come out with a policy.” Reuters further quoted Goyal as saying, “As we get large-scale production, we will start enjoying the fruits of economies of scale of new technologies.” However, he did not elaborate on any potential incentives. Senior executives from Tesla who were interested in constructing a factory in India met with Goyal in August. For both the Indian market and for exports, Tesla intends to build a low-cost EV priced at $24,000, which is about 25 per cent less expensive than its current entry-level model. Tesla, which spent $1 billion on parts last year, plans to purchase components from India this year in the range of $1.7 billion and $1.9 billion, according to Goyal, who made the announcement on Tuesday. (With inputs from Reuters) WATCH WION LIVE HERE

India to develop new policy to promote EV investment: Commerce minister  

In a bid to accelerate the Electric Vehicle Revolution in India, the country is looking to unveil a groundbreaking policy aimed at attracting EV manufacturers and spurring greater investment in the sector.

India's new EV policy in the work: Empowering India's EV industry

After Morgan Stanley predicted that Tesla’s Dojo supercomputer would boost the electric vehicle maker’s market value by over $600 billion by accelerating its entry into robotaxis and software services, shares of Tesla rose by 6 per cent on Monday.

The world’s most valuable car manufacturer, Tesla, began producing Dojo in July and expects to spend more than $1 billion on it over the course of the following year. Dojo will train AI models for self-driving cars.

According to the analysts at Morgan Stanley led by Adam Jones, Dojo can open up new addressable markets that “extend well beyond selling vehicles at a fixed price”.&nbsp;

In a note drafted on Sunday, Adam Jones said, “If Dojo can help make cars 'see' and 'react,' what other markets could open up? Think of any device at the edge with a camera that makes real-time decisions based on its visual field.”

Ferrari's U.S.-listed shares were replaced by Tesla's stock as the Wall Street brokerage raised it from "equal-weight" to "overweight" and designated it as the "top pick."

According to LSEG data, Morgan Stanley increased its 12-to-18-month price target on Tesla's shares by 60 per cent to $400, making it the highest among Wall Street brokerages. At this&nbsp;price, according to Morgan Stanley’s estimates, the EV manufacturer would have a market value of nearly $1.39 trillion.

Based on the stock’s closing value of $248.5 on Friday, this is almost 76 per cent greater than Tesla's market worth of about $789 billion. On Monday, the stock increased by almost 5.7 per cent to $262.70.

Jonas anticipates Dojo to be the programme and service that adds the most value.

Morgan Stanley increased its revenue forecast for Tesla's network services division from $157 billion to $335 billion in 2040.

By 2040, nearly doubling from 2030, Jonas projects the segment to provide more than 60 per cent&nbsp;of Tesla's core earnings.

“This increase is largely driven by the emerging opportunity we see in third-party fleet licensing, increased ARPU (average monthly revenue per user),” Reuters quoted the analyst as saying.

As per the LSEG statistics, Tesla's 12-month forward price-to-earnings ratio of 57.9 is far higher than those of venerable automakers Ford at 6.31 and General Motors at 4.56.

(With inputs from Reuters)

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After Morgan Stanley predicted that Tesla’s Dojo supercomputer would boost the electric vehicle maker’s market value by over $600 billion by accelerating its entry into robotaxis and software services, shares of Tesla rose by 6 per cent on Monday.

After Morgan Stanley predicted that Tesla’s Dojo supercomputer would boost the electric vehicle maker’s market value by over $600 billion by accelerating its entry into robotaxis and software services, shares of Tesla rose by 6 per cent on Monday. The world’s most valuable car manufacturer, Tesla, began producing Dojo in July and expects to spend more than $1 billion on it over the course of the following year. Dojo will train AI models for self-driving cars. According to the analysts at Morgan Stanley led by Adam Jones, Dojo can open up new addressable markets that “extend well beyond selling vehicles at a fixed price”. In a note drafted on Sunday, Adam Jones said, “If Dojo can help make cars 'see' and 'react,' what other markets could open up? Think of any device at the edge with a camera that makes real-time decisions based on its visual field.” Ferrari's U.S.-listed shares were replaced by Tesla's stock as the Wall Street brokerage raised it from "equal-weight" to "overweight" and designated it as the "top pick." According to LSEG data, Morgan Stanley increased its 12-to-18-month price target on Tesla's shares by 60 per cent to $400, making it the highest among Wall Street brokerages. At this price, according to Morgan Stanley’s estimates, the EV manufacturer would have a market value of nearly $1.39 trillion. Based on the stock’s closing value of $248.5 on Friday, this is almost 76 per cent greater than Tesla's market worth of about $789 billion. On Monday, the stock increased by almost 5.7 per cent to $262.70. Jonas anticipates Dojo to be the programme and service that adds the most value. Morgan Stanley increased its revenue forecast for Tesla's network services division from $157 billion to $335 billion in 2040. By 2040, nearly doubling from 2030, Jonas projects the segment to provide more than 60 per cent of Tesla's core earnings. “This increase is largely driven by the emerging opportunity we see in third-party fleet licensing, increased ARPU (average monthly revenue per user),” Reuters quoted the analyst as saying. As per the LSEG statistics, Tesla's 12-month forward price-to-earnings ratio of 57.9 is far higher than those of venerable automakers Ford at 6.31 and General Motors at 4.56. (With inputs from Reuters) WATCH WION LIVE HERE

Dojo supercomputer to boost Tesla’s valuation by $600 billion: Morgan Stanley

A fierce battle is unfolding in the automotive world, as Europe's carmakers are racing to produce more affordable electric vehicles (EVs) and challenge China's dominance in the market.

Europe's EV makers face off against China

In a significant move towards promoting electric vehicle (EV) adoption and securing American jobs, the Biden administration has introduced a 12 billion dollar initiative.

Biden fuels auto industry with $12bn EV push

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