&nbsp;

Sreela Venkataratnam, Vice President of Tesla, announced her resignation after an impressive 11-year tenure with the company, citing a desire to take a break for personal well-being and to spend time with her family. Venkataratnam, who joined Tesla in early 2013, steadily advanced through the ranks, starting as Director of Finance Operations and eventually becoming Vice President. She described her experience at Tesla as "nothing short of extraordinary," while also acknowledging that working there "is not for the faint of heart."

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Reflecting on her time at Tesla, Venkataratnam recalled the company’s modest beginnings, noting that when she started, Tesla had "less than USD 1 billion in yearly revenues, a market cap of -USD 4 billion, and fewer than 3,000 cars delivered annually." Over the years, she witnessed Tesla’s dramatic transformation into a global leader in the electric vehicle market. During her tenure, Tesla’s revenues soared to nearly USD 100 billion, its market cap reached USD 700 billion (even peaking at USD 1 trillion during the pandemic), and car deliveries increased to more than 1.8 million annually.

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In her departure statement, Venkataratnam expressed immense pride in the company's growth, remarking, "Leaving as a Vice President (one of only two women VPs in the company) with annual revenues soaring close to USD 100 billion, a market cap of USD 700 billion (reaching USD 1 trillion during the pandemic), and car deliveries exceeding 1.8 million, I am proud of how much we’ve achieved together."

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She also took a moment to express her deep gratitude to her colleagues and collaborators over the years. "I am profoundly grateful to the incredible champions, including some who are no longer with the company, my teammates, and colleagues who supported me and my team throughout this journey. Your integrity, dedication, and collaboration were instrumental in our shared success," she wrote in her farewell post.

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Jason Wheeler, Tesla’s former CFO, commented on her post, acknowledging the challenges associated with working at Tesla and commending her achievements. "You did it right, Sreela. Congrats on an amazing run at a company that wasn’t always easy to work at. Bravo!" Wheeler wrote. Venkataratnam agreed, replying, "It is definitely not for the faint of heart! It was great working with you, especially during those tough days!"

&nbsp;

Venkataratnam's departure is part of a broader trend, as several senior executives have left Tesla in recent months. According to Fortune, three executives resigned in April within two weeks, including Martin Viecha, a longtime Vice President of Investor Relations; Drew Baglino, Senior Vice President; and Rohan Patel, Vice President of Public Policy and Business Development.

&nbsp;

During her journey at Tesla, Venkataratnam advanced from Director of Finance Operations, a role she took on in early 2013, to Senior Director of Finance two years later, and finally to Vice President in June 2019. She held the Vice President role until June 2024.

&nbsp;

In her farewell message, Venkataratnam expressed her immense pride in Tesla’s evolution from a small company with minimal revenue and vehicle output into a corporate giant recognised for its contributions to the electric vehicle market. While she has not disclosed specific future plans beyond taking a break, she remains open to new opportunities after some time off.

&nbsp;

Venkataratnam shared her departure on LinkedIn, stating her intention to "take a break and spend quality time with family, reconnect with old friends, and focus on personal well-being."

Sreela Venkataratnam, Vice President of Tesla, announced her resignation after an impressive 11-year tenure with the company, citing a desire to take a break for personal well-being and to spend time with her family.

Sreela Venkataratnam, Vice President of Tesla, announced her resignation after an impressive 11-year tenure with the company, citing a desire to take a break for personal well-being and to spend time with her family. Venkataratnam, who joined Tesla in early 2013, steadily advanced through the ranks, starting as Director of Finance Operations and eventually becoming Vice President. She described her experience at Tesla as "nothing short of extraordinary," while also acknowledging that working there "is not for the faint of heart." Reflecting on her time at Tesla, Venkataratnam recalled the company’s modest beginnings, noting that when she started, Tesla had "less than USD 1 billion in yearly revenues, a market cap of -USD 4 billion, and fewer than 3,000 cars delivered annually." Over the years, she witnessed Tesla’s dramatic transformation into a global leader in the electric vehicle market. During her tenure, Tesla’s revenues soared to nearly USD 100 billion, its market cap reached USD 700 billion (even peaking at USD 1 trillion during the pandemic), and car deliveries increased to more than 1.8 million annually. In her departure statement, Venkataratnam expressed immense pride in the company's growth, remarking, "Leaving as a Vice President (one of only two women VPs in the company) with annual revenues soaring close to USD 100 billion, a market cap of USD 700 billion (reaching USD 1 trillion during the pandemic), and car deliveries exceeding 1.8 million, I am proud of how much we’ve achieved together." She also took a moment to express her deep gratitude to her colleagues and collaborators over the years. "I am profoundly grateful to the incredible champions, including some who are no longer with the company, my teammates, and colleagues who supported me and my team throughout this journey. Your integrity, dedication, and collaboration were instrumental in our shared success," she wrote in her farewell post. Jason Wheeler, Tesla’s former CFO, commented on her post, acknowledging the challenges associated with working at Tesla and commending her achievements. "You did it right, Sreela. Congrats on an amazing run at a company that wasn’t always easy to work at. Bravo!" Wheeler wrote. Venkataratnam agreed, replying, "It is definitely not for the faint of heart! It was great working with you, especially during those tough days!" Venkataratnam's departure is part of a broader trend, as several senior executives have left Tesla in recent months. According to Fortune, three executives resigned in April within two weeks, including Martin Viecha, a longtime Vice President of Investor Relations; Drew Baglino, Senior Vice President; and Rohan Patel, Vice President of Public Policy and Business Development. During her journey at Tesla, Venkataratnam advanced from Director of Finance Operations, a role she took on in early 2013, to Senior Director of Finance two years later, and finally to Vice President in June 2019. She held the Vice President role until June 2024. In her farewell message, Venkataratnam expressed her immense pride in Tesla’s evolution from a small company with minimal revenue and vehicle output into a corporate giant recognised for its contributions to the electric vehicle market. While she has not disclosed specific future plans beyond taking a break, she remains open to new opportunities after some time off. Venkataratnam shared her departure on LinkedIn, stating her intention to "take a break and spend quality time with family, reconnect with old friends, and focus on personal well-being."

Tesla Vice President quits after 11 years

Hertz, the well-known car rental company, is significantly ramping up its efforts to divest itself of Tesla vehicles from its fleet. This decision comes in the wake of a dramatic decline in the resale value of Tesla cars, which is having a substantial impact on Hertz's financial performance. The company now intends to sell tens of thousands of Tesla vehicles over the course of this year, marking a significant shift in its fleet management strategy.

&nbsp;

This development represents a stark contrast to Hertz's position just a few years ago. In 2021, Hertz made headlines with its ambitious plan to electrify its rental car fleet, centred around a massive order of 100,000 Tesla Model 3 vehicles. The company later expanded this initiative to include Tesla Model Y vehicles as well. Initially, this move appeared to be paying off, with Hertz reporting increased customer satisfaction rates associated with its Tesla offerings.

&nbsp;

However, the situation began to change rapidly when Tesla implemented significant price reductions for its Model 3 and Model Y vehicles throughout 2022 and 2023. These price cuts had a cascading effect on the resale value of Tesla cars, which plummeted as a result. This depreciation has proven particularly problematic for Hertz, as the company's financial model relies heavily on maintaining the value of its vehicle fleet.

&nbsp;

The extent of this value erosion is striking when compared to historical trends. As recently as 2020, Tesla Model 3 vehicles were known for their exceptional value retention, maintaining up to 90 per cent&nbsp;of their original value after three years. However, in the subsequent three-year period, these same vehicles lost nearly half of their value. The depreciation was even more pronounced for the Model Y, which experienced an even steeper decline from its peak value in 2022.

&nbsp;

Recognising the need to address this issue, Hertz initially announced plans earlier this year to sell approximately 20,000 Tesla vehicles ahead of schedule. However, with the release of its latest earnings report, the company has decided to accelerate this process even further. Hertz now aims to complete the transition of its fleet by the end of 2025, a move that will involve selling tens of thousands of Tesla vehicles this year alone.

&nbsp;

The financial implications of this decision are significant. Currently, Hertz is experiencing a monthly depreciation rate of USD&nbsp;600 per unit, largely due to its Tesla fleet. By undertaking this extensive fleet overhaul, the company anticipates that it can normalise its monthly depreciation to the low USD&nbsp;300 per unit by the end of 2025. This reduction in depreciation costs is crucial for Hertz's financial health and operational efficiency.

&nbsp;

This situation highlights the complex challenges faced by companies in the rapidly evolving electric vehicle market. While Hertz's initial investment in Tesla vehicles was seen as a forward-thinking move to capitalise on the growing demand for electric cars, the volatile nature of the market and unexpected shifts in vehicle valuation have forced the company to adapt its strategy quickly.

&nbsp;

As Hertz proceeds with this significant divestment of Tesla vehicles, it will be interesting to observe how this decision impacts both the company's financial performance and its broader strategy for fleet electrification. This development could have wider implications for the electric vehicle market, potentially influencing how other rental companies and fleet operators approach their electrification strategies in the future.

Hertz, the well-known car rental company, is significantly ramping up its efforts to divest itself of Tesla vehicles from its fleet. This decision comes in the wake of a dramatic decline in the resale value of Tesla cars, which is having a substantial impact on Hertz's financial performance.

Hertz, the well-known car rental company, is significantly ramping up its efforts to divest itself of Tesla vehicles from its fleet. This decision comes in the wake of a dramatic decline in the resale value of Tesla cars, which is having a substantial impact on Hertz's financial performance. The company now intends to sell tens of thousands of Tesla vehicles over the course of this year, marking a significant shift in its fleet management strategy. This development represents a stark contrast to Hertz's position just a few years ago. In 2021, Hertz made headlines with its ambitious plan to electrify its rental car fleet, centred around a massive order of 100,000 Tesla Model 3 vehicles. The company later expanded this initiative to include Tesla Model Y vehicles as well. Initially, this move appeared to be paying off, with Hertz reporting increased customer satisfaction rates associated with its Tesla offerings. However, the situation began to change rapidly when Tesla implemented significant price reductions for its Model 3 and Model Y vehicles throughout 2022 and 2023. These price cuts had a cascading effect on the resale value of Tesla cars, which plummeted as a result. This depreciation has proven particularly problematic for Hertz, as the company's financial model relies heavily on maintaining the value of its vehicle fleet. The extent of this value erosion is striking when compared to historical trends. As recently as 2020, Tesla Model 3 vehicles were known for their exceptional value retention, maintaining up to 90 per cent of their original value after three years. However, in the subsequent three-year period, these same vehicles lost nearly half of their value. The depreciation was even more pronounced for the Model Y, which experienced an even steeper decline from its peak value in 2022. Recognising the need to address this issue, Hertz initially announced plans earlier this year to sell approximately 20,000 Tesla vehicles ahead of schedule. However, with the release of its latest earnings report, the company has decided to accelerate this process even further. Hertz now aims to complete the transition of its fleet by the end of 2025, a move that will involve selling tens of thousands of Tesla vehicles this year alone. The financial implications of this decision are significant. Currently, Hertz is experiencing a monthly depreciation rate of USD 600 per unit, largely due to its Tesla fleet. By undertaking this extensive fleet overhaul, the company anticipates that it can normalise its monthly depreciation to the low USD 300 per unit by the end of 2025. This reduction in depreciation costs is crucial for Hertz's financial health and operational efficiency. This situation highlights the complex challenges faced by companies in the rapidly evolving electric vehicle market. While Hertz's initial investment in Tesla vehicles was seen as a forward-thinking move to capitalise on the growing demand for electric cars, the volatile nature of the market and unexpected shifts in vehicle valuation have forced the company to adapt its strategy quickly. As Hertz proceeds with this significant divestment of Tesla vehicles, it will be interesting to observe how this decision impacts both the company's financial performance and its broader strategy for fleet electrification. This development could have wider implications for the electric vehicle market, potentially influencing how other rental companies and fleet operators approach their electrification strategies in the future.

Hertz accelerates sales of Tesla vehicles as value crumbles

Tesla, the prominent electric vehicle manufacturer, reported disappointing financial results for the second quarter of the year, revealing its lowest profit margin in over five years and failing to meet Wall Street's earnings expectations. The company's performance has been impacted by its strategy of reducing prices to stimulate demand, while simultaneously increasing investments in artificial intelligence projects.

Despite these challenges, Tesla remains optimistic about its future product lineup. The company announced that it is on track to introduce new vehicles, including more affordable models, in the first half of 2025. However, it cautioned that these new models may not deliver the level of cost reduction initially anticipated. This news led to an 8 per cent&nbsp;drop in Tesla's stock price during after-hours trading.

The second quarter proved to be turbulent for Tesla, with CEO Elon Musk making significant strategic decisions. He abandoned plans for an entirely new, cheaper car model in favor of developing less ambitious, lower-cost variants. Additionally, Musk has been focusing on the creation of self-driving taxis, a move that has helped boost investor confidence and share prices.

In an effort to reduce costs, Tesla implemented layoffs affecting more than 10% of its workforce. The company also noted that its profits were negatively impacted by restructuring charges and increased operating expenses, largely attributed to its investments in artificial intelligence projects.

Tesla's automotive gross margin, excluding regulatory credits, stood at 14.6 per cent&nbsp;for the second quarter. This figure fell short of analyst expectations, which averaged 16.29 per cent&nbsp;according to a poll of 20 analysts by Visible Alpha.

Investment analyst Dan Coatsworth from AJ Bell pointed out that Tesla has now missed earnings targets for four consecutive quarters. He expressed concern about the company's focus on future technologies, stating, "There is a lot of talk about robotaxis, humanoid robots and autonomous driving, which provides an exciting narrative for investors but doesn't get over the fact that these are tomorrow's potential riches, not today's."

During a conference call with analysts, Musk acknowledged the increasing competition in the electric vehicle market. He noted that other manufacturers have significantly discounted their EVs, making the market more challenging for Tesla.

The company has faced declining electric vehicle deliveries for two consecutive quarters, grappling with intensifying competition and sluggish demand due to a lack of new affordable models. In particular, Tesla's sales of China-made EVs, which are also exported to Europe and other markets, experienced a significant decline in the second quarter compared to the previous year. This contrasts sharply with the strong sales growth reported by Chinese automakers like BYD Co.

Despite these challenges, Tesla remains optimistic about its near-term production outlook, projecting a sequential increase in production for the third quarter.

The company reported revenue of USD 25.50 billion for the quarter, slightly surpassing both last year's figures and analyst expectations, according to data from LSEG. Notably, Tesla's sales of regulatory credits nearly tripled to a record $890 million in the second quarter compared to the same period last year. These credits are purchased by traditional automakers to meet regulatory targets for clean-vehicle production.

However, Tesla's net income for the second quarter was USD 1.48 billion, a significant decrease from USD 2.70 billion in the same quarter of the previous year. The company's adjusted earnings of 52 cents per share fell short of the Wall Street consensus of 62 cents, as calculated by LSEG.

Musk continues to position Tesla as a technology company, emphasizing the importance of self-driving technology. He predicted that Tesla's self-driving software would be capable of operating vehicles without human supervision by next year, expressing confidence in this timeline.

The company stated that the deployment of its Robotaxi service would depend on technological advancements and regulatory approval. However, Musk expressed optimism about obtaining regulatory approval for Tesla's "supervised" Full Self-Driving software in China and Europe by the end of this year.

Tesla has postponed the unveiling of its Robotaxi product from August 8 to October 10, citing the need to make important modifications to the vehicle. This announcement came after Reuters reported that Tesla had shifted its focus to self-driving taxis, shelving plans for a long-promised, more affordable car priced around USD 25,000.

Regarding other projects, Tesla confirmed that Cybertruck production remains on schedule to achieve profitability by the end of the year. The company has also begun validating its first prototype Cybertruck vehicles using a breakthrough battery manufacturing technology called dry coating, which is expected to significantly reduce costs once fully implemented.

Tesla, the prominent electric vehicle manufacturer, reported disappointing financial results for the second quarter of the year, revealing its lowest profit margin in over five years and failing to meet Wall Street's earnings expectations.

Tesla, the prominent electric vehicle manufacturer, reported disappointing financial results for the second quarter of the year, revealing its lowest profit margin in over five years and failing to meet Wall Street's earnings expectations. The company's performance has been impacted by its strategy of reducing prices to stimulate demand, while simultaneously increasing investments in artificial intelligence projects. Despite these challenges, Tesla remains optimistic about its future product lineup. The company announced that it is on track to introduce new vehicles, including more affordable models, in the first half of 2025. However, it cautioned that these new models may not deliver the level of cost reduction initially anticipated. This news led to an 8 per cent drop in Tesla's stock price during after-hours trading. The second quarter proved to be turbulent for Tesla, with CEO Elon Musk making significant strategic decisions. He abandoned plans for an entirely new, cheaper car model in favor of developing less ambitious, lower-cost variants. Additionally, Musk has been focusing on the creation of self-driving taxis, a move that has helped boost investor confidence and share prices. In an effort to reduce costs, Tesla implemented layoffs affecting more than 10% of its workforce. The company also noted that its profits were negatively impacted by restructuring charges and increased operating expenses, largely attributed to its investments in artificial intelligence projects. Tesla's automotive gross margin, excluding regulatory credits, stood at 14.6 per cent for the second quarter. This figure fell short of analyst expectations, which averaged 16.29 per cent according to a poll of 20 analysts by Visible Alpha. Investment analyst Dan Coatsworth from AJ Bell pointed out that Tesla has now missed earnings targets for four consecutive quarters. He expressed concern about the company's focus on future technologies, stating, "There is a lot of talk about robotaxis, humanoid robots and autonomous driving, which provides an exciting narrative for investors but doesn't get over the fact that these are tomorrow's potential riches, not today's." During a conference call with analysts, Musk acknowledged the increasing competition in the electric vehicle market. He noted that other manufacturers have significantly discounted their EVs, making the market more challenging for Tesla. The company has faced declining electric vehicle deliveries for two consecutive quarters, grappling with intensifying competition and sluggish demand due to a lack of new affordable models. In particular, Tesla's sales of China-made EVs, which are also exported to Europe and other markets, experienced a significant decline in the second quarter compared to the previous year. This contrasts sharply with the strong sales growth reported by Chinese automakers like BYD Co. Despite these challenges, Tesla remains optimistic about its near-term production outlook, projecting a sequential increase in production for the third quarter. The company reported revenue of USD 25.50 billion for the quarter, slightly surpassing both last year's figures and analyst expectations, according to data from LSEG. Notably, Tesla's sales of regulatory credits nearly tripled to a record $890 million in the second quarter compared to the same period last year. These credits are purchased by traditional automakers to meet regulatory targets for clean-vehicle production. However, Tesla's net income for the second quarter was USD 1.48 billion, a significant decrease from USD 2.70 billion in the same quarter of the previous year. The company's adjusted earnings of 52 cents per share fell short of the Wall Street consensus of 62 cents, as calculated by LSEG. Musk continues to position Tesla as a technology company, emphasizing the importance of self-driving technology. He predicted that Tesla's self-driving software would be capable of operating vehicles without human supervision by next year, expressing confidence in this timeline. The company stated that the deployment of its Robotaxi service would depend on technological advancements and regulatory approval. However, Musk expressed optimism about obtaining regulatory approval for Tesla's "supervised" Full Self-Driving software in China and Europe by the end of this year. Tesla has postponed the unveiling of its Robotaxi product from August 8 to October 10, citing the need to make important modifications to the vehicle. This announcement came after Reuters reported that Tesla had shifted its focus to self-driving taxis, shelving plans for a long-promised, more affordable car priced around USD 25,000. Regarding other projects, Tesla confirmed that Cybertruck production remains on schedule to achieve profitability by the end of the year. The company has also begun validating its first prototype Cybertruck vehicles using a breakthrough battery manufacturing technology called dry coating, which is expected to significantly reduce costs once fully implemented.

⁠Tesla profit margins worst in five years as price cuts, incentives weigh

The electric vehicle (EV) market in the United States experienced a notable uptick in May, with new EV registrations rising by 9.6 per cent. This growth can be largely attributed to attractive sales promotions and favourable lease deals offered by manufacturers. However, the landscape is not uniformly positive across all brands.

&nbsp;

Tesla, while still maintaining its position as the dominant EV sales leader, has seen a decline in new vehicle registrations for the fourth consecutive month, according to data from S&amp;P Global Mobility. This trend suggests a shifting dynamic within the EV market.

&nbsp;

EVs from 31 different brands collectively captured 7.5 per cent&nbsp;of the U.S. light vehicle market in May, showing growth from 6.8 per cent&nbsp;&nbsp;in the same period last year. The total EV registrations for the month reached 104,916 vehicles.&nbsp;EV registrations outperformed the broader light-vehicle market, which experienced a slight decline of 0.7 per cent, totalling just under 1.4 million vehicles.

&nbsp;

Despite maintaining its position as the EV market leader, Tesla's performance has shown signs of weakening. The company's May registrations fell by 15 per cent&nbsp;to 48,587 vehicles. Consequently, Tesla's share of the EV segment dropped from 60 per cent&nbsp;a year earlier to 46 per cent.

&nbsp;

In contrast, several other manufacturers demonstrated strong growth. Kia saw a remarkable 146 per cent&nbsp;increase in registrations, Rivian grew by 87 per cent, Hyundai increased by 40 per cent, and Nissan also showed an 87 per cent&nbsp;year-over-year growth.

&nbsp;

It's worth noting that registration data serves as a proxy for automaker delivery numbers, particularly useful for companies like Tesla that don't break out U.S. sales figures specifically. However, this data typically lags behind actual sales by several weeks.

&nbsp;

A significant factor driving the overall increase in EV sales appears to be the generous incentives offered by manufacturers. May saw automakers introducing substantial sales incentives, including subsidised financing and attractive lease deals. Some models received discounts exceeding USD&nbsp;15,000, according to data from Motor Intelligence.

&nbsp;

For instance, the Kia EV6, a compact crossover, saw incentives reaching USD&nbsp;16,812 in May. The Kia EV9 midsize crossover had even higher incentives at USD&nbsp;18,078 per vehicle, while the Cadillac Lyriq offered USD&nbsp;17,732 in incentives. Even Tesla, known for its limited discounting, offered incentives of USD&nbsp;5,570 on its Model Y.

Rivian, a relatively new player in the market, provided USD&nbsp;4,060 in incentives on its R1T pickup.

These incentive levels represent a significant increase from the previous year. For example, the Cadillac Lyriq's incentives in May 2023 were just USD&nbsp;761 per vehicle, while the Tesla Model Y had USD&nbsp;1,195 in incentives during the same period last year.

Despite the current growth, some industry analysts believe that EV sales may be approaching a plateau. Karl Brauer, executive analyst at iSeeCars, suggests that EV makers are facing a challenging situation where they must either offer attractive deals, reduce production or remain on the sidelines of the market. Brauer had previously predicted that EV market share would reach around 7 per cent&nbsp;before stalling, based on a study of U.S. consumer preferences.

The current market conditions seem to align with Brauer's prediction. With the EV market share at approximately 7.5 per cent, there are signs of market saturation, including inventory build-up at dealerships, production shift cancellations, and the introduction of substantial incentives. Brauer notes that while the growth from 2 per cent&nbsp;to 7 per cent&nbsp;market share was achievable, the progression from 7 per cent&nbsp;to 10 per cent&nbsp;presents a more significant challenge.

The future trajectory of the EV market remains uncertain, and predictions are speculative at best. However, the current landscape, characterized by generous incentives, suggests that this could be an opportune time for consumers who have been considering an EV purchase to take action.

The electric vehicle (EV) market in the United States experienced a notable uptick in May, with new EV registrations rising by 9.6 per cent. This growth can be largely attributed to attractive sales promotions and favourable lease deals offered by manufacturers.

The electric vehicle (EV) market in the United States experienced a notable uptick in May, with new EV registrations rising by 9.6 per cent. This growth can be largely attributed to attractive sales promotions and favourable lease deals offered by manufacturers. However, the landscape is not uniformly positive across all brands. Tesla, while still maintaining its position as the dominant EV sales leader, has seen a decline in new vehicle registrations for the fourth consecutive month, according to data from S&P Global Mobility. This trend suggests a shifting dynamic within the EV market. EVs from 31 different brands collectively captured 7.5 per cent of the U.S. light vehicle market in May, showing growth from 6.8 per cent in the same period last year. The total EV registrations for the month reached 104,916 vehicles. EV registrations outperformed the broader light-vehicle market, which experienced a slight decline of 0.7 per cent, totalling just under 1.4 million vehicles. Despite maintaining its position as the EV market leader, Tesla's performance has shown signs of weakening. The company's May registrations fell by 15 per cent to 48,587 vehicles. Consequently, Tesla's share of the EV segment dropped from 60 per cent a year earlier to 46 per cent. In contrast, several other manufacturers demonstrated strong growth. Kia saw a remarkable 146 per cent increase in registrations, Rivian grew by 87 per cent, Hyundai increased by 40 per cent, and Nissan also showed an 87 per cent year-over-year growth. It's worth noting that registration data serves as a proxy for automaker delivery numbers, particularly useful for companies like Tesla that don't break out U.S. sales figures specifically. However, this data typically lags behind actual sales by several weeks. A significant factor driving the overall increase in EV sales appears to be the generous incentives offered by manufacturers. May saw automakers introducing substantial sales incentives, including subsidised financing and attractive lease deals. Some models received discounts exceeding USD 15,000, according to data from Motor Intelligence. For instance, the Kia EV6, a compact crossover, saw incentives reaching USD 16,812 in May. The Kia EV9 midsize crossover had even higher incentives at USD 18,078 per vehicle, while the Cadillac Lyriq offered USD 17,732 in incentives. Even Tesla, known for its limited discounting, offered incentives of USD 5,570 on its Model Y. Rivian, a relatively new player in the market, provided USD 4,060 in incentives on its R1T pickup. These incentive levels represent a significant increase from the previous year. For example, the Cadillac Lyriq's incentives in May 2023 were just USD 761 per vehicle, while the Tesla Model Y had USD 1,195 in incentives during the same period last year. Despite the current growth, some industry analysts believe that EV sales may be approaching a plateau. Karl Brauer, executive analyst at iSeeCars, suggests that EV makers are facing a challenging situation where they must either offer attractive deals, reduce production or remain on the sidelines of the market. Brauer had previously predicted that EV market share would reach around 7 per cent before stalling, based on a study of U.S. consumer preferences. The current market conditions seem to align with Brauer's prediction. With the EV market share at approximately 7.5 per cent, there are signs of market saturation, including inventory build-up at dealerships, production shift cancellations, and the introduction of substantial incentives. Brauer notes that while the growth from 2 per cent to 7 per cent market share was achievable, the progression from 7 per cent to 10 per cent presents a more significant challenge. The future trajectory of the EV market remains uncertain, and predictions are speculative at best. However, the current landscape, characterized by generous incentives, suggests that this could be an opportune time for consumers who have been considering an EV purchase to take action.

Tesla sales declined for the fourth consecutive month in the US

Tesla has made an official announcement regarding the extension of its recently introduced promotional offer for transferring Full Self-Driving (FSD) software. The company has decided to give potential car buyers an additional month to take advantage of this special opportunity.

&nbsp;

On Tuesday, Tesla's North America account shared a post on the social media platform X (formerly known as Twitter), informing the public that the deadline for FSD transfers would be pushed back to the end of September. This extension comes after the initial promotion was set to conclude on August 31.

&nbsp;

The FSD promotional offer allows individuals who are purchasing a new Tesla vehicle to transfer their existing FSD software to their newly acquired car at no extra cost, provided they take delivery of the vehicle before the specified deadline.

&nbsp;

For those interested in acquiring FSD capabilities, Tesla offers two distinct options for customers in the United States and Canada. The first option is a monthly subscription model priced at USD 99 (or CAD 99 in Canada).

&nbsp;

Alternatively, buyers can opt for a one-time purchase of the software package for USD 8,000 (or CAD 11,000 in Canada).

&nbsp;

This recent update to the promotional offer follows a commitment made by Tesla CEO Elon Musk during the company's recent shareholder meeting. In response to a request from an audience member, Musk agreed to extend the FSD transfer option for "one more quarter."

&nbsp;

It's worth noting that while the promotion was initially introduced as a "one-time amnesty" in the previous year, Tesla has since reintroduced the ability to transfer FSD to newly purchased vehicles on multiple occasions.

&nbsp;

In recent months, Tesla has been aggressively promoting its FSD technology through various initiatives. These efforts include reducing both the subscription and purchase prices of the software, introducing one-month free trials for new vehicle buyers, and mandating that employees offer test drives to potential customers.

&nbsp;

This promotional push comes in anticipation of Tesla's plans to unveil an FSD-based robotaxi platform shortly. The company has already teased a mobile application for a ride-hailing service, suggesting that autonomous transportation services may be on the horizon.

&nbsp;

Tesla has been making strides to expand the reach of its FSD technology beyond its current markets. The company has been preparing to launch FSD in China, which represents the world's largest automotive market.

&nbsp;

Some vehicles in China are already undergoing testing with the FSD software, indicating that Tesla is actively working towards introducing this advanced technology to new regions.

Tesla has made an official announcement regarding the extension of its recently introduced promotional offer for transferring Full Self-Driving (FSD) software. The company has decided to give potential car buyers an additional month to take advantage of this special opportunity.

Tesla has made an official announcement regarding the extension of its recently introduced promotional offer for transferring Full Self-Driving (FSD) software. The company has decided to give potential car buyers an additional month to take advantage of this special opportunity. On Tuesday, Tesla's North America account shared a post on the social media platform X (formerly known as Twitter), informing the public that the deadline for FSD transfers would be pushed back to the end of September. This extension comes after the initial promotion was set to conclude on August 31. The FSD promotional offer allows individuals who are purchasing a new Tesla vehicle to transfer their existing FSD software to their newly acquired car at no extra cost, provided they take delivery of the vehicle before the specified deadline. For those interested in acquiring FSD capabilities, Tesla offers two distinct options for customers in the United States and Canada. The first option is a monthly subscription model priced at USD 99 (or CAD 99 in Canada). Alternatively, buyers can opt for a one-time purchase of the software package for USD 8,000 (or CAD 11,000 in Canada). This recent update to the promotional offer follows a commitment made by Tesla CEO Elon Musk during the company's recent shareholder meeting. In response to a request from an audience member, Musk agreed to extend the FSD transfer option for "one more quarter." It's worth noting that while the promotion was initially introduced as a "one-time amnesty" in the previous year, Tesla has since reintroduced the ability to transfer FSD to newly purchased vehicles on multiple occasions. In recent months, Tesla has been aggressively promoting its FSD technology through various initiatives. These efforts include reducing both the subscription and purchase prices of the software, introducing one-month free trials for new vehicle buyers, and mandating that employees offer test drives to potential customers. This promotional push comes in anticipation of Tesla's plans to unveil an FSD-based robotaxi platform shortly. The company has already teased a mobile application for a ride-hailing service, suggesting that autonomous transportation services may be on the horizon. Tesla has been making strides to expand the reach of its FSD technology beyond its current markets. The company has been preparing to launch FSD in China, which represents the world's largest automotive market. Some vehicles in China are already undergoing testing with the FSD software, indicating that Tesla is actively working towards introducing this advanced technology to new regions.

Tesla extends free FSD transfer deadline by a month

A little after US launched a formal investigation about Tesla allowing drivers to play video games on the front centre touchscreen, the Elon Musk-owned company has decided to discontinue the idea.<o:p></o:p>

On Thursday, the US National Highway Traffic Safety Administration&nbsp;(NHTSA) opened a formal investigation for 580,000 electric vehicles of Tesla that were being sold since 2017.

<o:p>Also read |&nbsp;<a href="https://www.wionews.com/world/us-initiates-probe-into-tesla-letting-people-play-video-games-while-driving-439256">US initiates probe into Tesla letting people play video games while driving</a></o:p>

In Tesla’s rare feature, drivers were allowed to play video games on the front center touchscreen while the vehicle was in motion. Experts of NHTSA believe that this feature of "Passenger Play" can distract the driver and put everyone’s lives in danger.<o:p></o:p>

NHTSA said it has "confirmed that this capability has been available since December 2020 in Tesla 'Passenger Play'-equipped vehicles."<o:p></o:p>

"The NHTSA constantly assesses how manufacturers identify and safeguard against distraction hazards that may arise due to faults, misuse, or intended use of convenience technologies, including infotainment screens," the agency said.

<o:p><a href="https://www.wionews.com/videos/tesla-to-stop-allowing-video-games-to-be-played-on-its-vehicle-screens-439493">WATCH |</a></o:p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/tesla-to-stop-allowing-video-games-to-be-played-on-its-vehicle-screens-439493/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Experts believe this feature can distract drivers, especially in 'auto pilot' mode when the vehicle is operating in semi-autonomous mode, and lead to a deadly crash.<o:p></o:p>

Taking the warning in consideration, Tesla has decided to disable to option when the vehicle is in motion, and only allow people in car to access videos games through ‘Passenger Play’ when the vehicle is not moving.<o:p></o:p>

This investigation was supported by a case study in which a driver’s distraction due to a phone game caused a fatal crash of a Tesla car in 2018 in California; the car was operating in ‘auto pilot’ at that moment.

<o:p></o:p>

(Inputs from agencies)

A little after US launched a formal investigation about Tesla allowing drivers to play video games on the front centre touchscreen, the Elon Musk-owned company has decided to discontinue the idea.

A little after US launched a formal investigation about Tesla allowing drivers to play video games on the front centre touchscreen, the Elon Musk-owned company has decided to discontinue the idea. On Thursday, the US National Highway Traffic Safety Administration (NHTSA) opened a formal investigation for 580,000 electric vehicles of Tesla that were being sold since 2017. Also read | US initiates probe into Tesla letting people play video games while driving In Tesla’s rare feature, drivers were allowed to play video games on the front center touchscreen while the vehicle was in motion. Experts of NHTSA believe that this feature of "Passenger Play" can distract the driver and put everyone’s lives in danger. NHTSA said it has "confirmed that this capability has been available since December 2020 in Tesla 'Passenger Play'-equipped vehicles." "The NHTSA constantly assesses how manufacturers identify and safeguard against distraction hazards that may arise due to faults, misuse, or intended use of convenience technologies, including infotainment screens," the agency said. WATCH | Experts believe this feature can distract drivers, especially in 'auto pilot' mode when the vehicle is operating in semi-autonomous mode, and lead to a deadly crash. Taking the warning in consideration, Tesla has decided to disable to option when the vehicle is in motion, and only allow people in car to access videos games through ‘Passenger Play’ when the vehicle is not moving. This investigation was supported by a case study in which a driver’s distraction due to a phone game caused a fatal crash of a Tesla car in 2018 in California; the car was operating in ‘auto pilot’ at that moment. (Inputs from agencies)

No more 'Passenger Play' for Tesla drivers as company stops video games in cars

As vehicle manufacturers come under scrutiny of how they handle the information collected by vehicle cameras and sensors, American electric vehicle manufacturer Tesla said on Tuesday that it has set up a site in China to store car data locally.

World Business Watch | Tesla: Data generated from car sales in China, will only be kept locally

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