In a surprising move, Tesla CEO Elon Musk announced the extension of Full Self-Driving (FSD) transferability for one more quarter. This decision marks another chapter in Tesla's ongoing saga of fulfilling its FSD promises to its loyal customer base.

Tesla has been promoting its Full Self-Driving system for years, enticing customers with the prospect of autonomous driving. Despite the prolonged development and incremental releases, many early adopters have yet to experience a fully autonomous vehicle. While Tesla's FSD Beta, now termed FSD Supervised, provides some advanced driving features, it still requires human supervision. This gap between promise and delivery has frustrated many customers, particularly those who have upgraded their vehicles over the years without seeing the full benefits of their FSD purchase.

Customer frustration over FSD transfer policy

One major point of contention has been Tesla’s policy on FSD transfers. Customers who bought the FSD package found themselves having to repurchase it with each new vehicle, despite never having received the complete system initially promised. This issue was compounded by the rising cost of the FSD package over time, making it a significant financial burden for repeat customers.

Last year, in response to growing dissatisfaction, Tesla temporarily allowed FSD transfers for two months. This move was perceived as a tactic to boost demand rather than a genuine effort to address customer grievances. Following that period, the option was discontinued, much to the dismay of Tesla owners. However, earlier this year, Tesla reinstated the FSD transfer policy for a brief period until the end of Q1.

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Musk’s decision to extend FSD transfers

During Tesla’s Q1 earnings call, the possibility of making FSD transfers permanent was brought up. Musk's response was a definitive "No," citing complexities in integrating such a policy within Tesla's sales framework. This left many owners feeling shortchanged, as they believed they deserved perpetual access to the software they had paid for, albeit never fully received.

The topic resurfaced at Tesla's recent shareholder meeting, where a shareholder asked Musk to consider extending the FSD transfer policy for "one more quarter." Initially hesitant, Musk highlighted the complexities involved in implementing the transfers. However, after some deliberation, he conceded, agreeing to allow FSD transfers for another quarter.

“We recognise the complexity in enabling these transfers within our current sales framework,” Musk stated. “However, in response to our loyal customer base, we will extend FSD transferability for one more quarter.”

The impact of Musk’s decision

Musk’s decision is seen as a temporary relief for Tesla customers who have invested heavily in the FSD system. It offers a brief window for those looking to upgrade their vehicles without incurring additional costs for a feature they have long awaited. However, the decision also underscores the ongoing challenges Tesla faces in delivering a fully autonomous driving experience.

Future of FSD

The future of Tesla's FSD remains uncertain. While the company continues to make strides in autonomous driving technology, the goal of achieving a fully self-driving car without human intervention is still on the horizon. Musk’s announcement is a testament to the complex interplay between technological advancement, customer satisfaction, and business strategy.

Tesla’s approach to handling customer concerns about FSD transferability will likely influence its relationship with its customer base. Whether this temporary extension leads to a permanent solution remains to be seen, but for now, Tesla owners have another quarter to benefit from the FSD transfer policy.

Musk’s decision to allow FSD transfers for another quarter is a significant but temporary victory for Tesla customers. It highlights the company’s recognition of customer loyalty and the need to balance it with business operations. As Tesla continues its journey towards full autonomy, the handling of such issues will play a crucial role in maintaining customer trust and satisfaction.

In a surprising move, Tesla CEO Elon Musk announced the extension of Full Self-Driving (FSD) transferability for one more quarter. This decision marks another chapter in Tesla's ongoing saga of fulfilling its FSD promises to its loyal customer base.

In a surprising move, Tesla CEO Elon Musk announced the extension of Full Self-Driving (FSD) transferability for one more quarter. This decision marks another chapter in Tesla's ongoing saga of fulfilling its FSD promises to its loyal customer base. Tesla has been promoting its Full Self-Driving system for years, enticing customers with the prospect of autonomous driving. Despite the prolonged development and incremental releases, many early adopters have yet to experience a fully autonomous vehicle. While Tesla's FSD Beta, now termed FSD Supervised, provides some advanced driving features, it still requires human supervision. This gap between promise and delivery has frustrated many customers, particularly those who have upgraded their vehicles over the years without seeing the full benefits of their FSD purchase. Customer frustration over FSD transfer policy One major point of contention has been Tesla’s policy on FSD transfers. Customers who bought the FSD package found themselves having to repurchase it with each new vehicle, despite never having received the complete system initially promised. This issue was compounded by the rising cost of the FSD package over time, making it a significant financial burden for repeat customers. Last year, in response to growing dissatisfaction, Tesla temporarily allowed FSD transfers for two months. This move was perceived as a tactic to boost demand rather than a genuine effort to address customer grievances. Following that period, the option was discontinued, much to the dismay of Tesla owners. However, earlier this year, Tesla reinstated the FSD transfer policy for a brief period until the end of Q1. Also read: Honda to launch electric N-VAN e at USD 15,500 Musk’s decision to extend FSD transfers During Tesla’s Q1 earnings call, the possibility of making FSD transfers permanent was brought up. Musk's response was a definitive "No," citing complexities in integrating such a policy within Tesla's sales framework. This left many owners feeling shortchanged, as they believed they deserved perpetual access to the software they had paid for, albeit never fully received. The topic resurfaced at Tesla's recent shareholder meeting, where a shareholder asked Musk to consider extending the FSD transfer policy for "one more quarter." Initially hesitant, Musk highlighted the complexities involved in implementing the transfers. However, after some deliberation, he conceded, agreeing to allow FSD transfers for another quarter. “We recognise the complexity in enabling these transfers within our current sales framework,” Musk stated. “However, in response to our loyal customer base, we will extend FSD transferability for one more quarter.” The impact of Musk’s decision Musk’s decision is seen as a temporary relief for Tesla customers who have invested heavily in the FSD system. It offers a brief window for those looking to upgrade their vehicles without incurring additional costs for a feature they have long awaited. However, the decision also underscores the ongoing challenges Tesla faces in delivering a fully autonomous driving experience. Future of FSD The future of Tesla's FSD remains uncertain. While the company continues to make strides in autonomous driving technology, the goal of achieving a fully self-driving car without human intervention is still on the horizon. Musk’s announcement is a testament to the complex interplay between technological advancement, customer satisfaction, and business strategy. Tesla’s approach to handling customer concerns about FSD transferability will likely influence its relationship with its customer base. Whether this temporary extension leads to a permanent solution remains to be seen, but for now, Tesla owners have another quarter to benefit from the FSD transfer policy. Musk’s decision to allow FSD transfers for another quarter is a significant but temporary victory for Tesla customers. It highlights the company’s recognition of customer loyalty and the need to balance it with business operations. As Tesla continues its journey towards full autonomy, the handling of such issues will play a crucial role in maintaining customer trust and satisfaction.

Tesla reinstates FSD transfers for another quarter

Tesla's shareholders have overwhelmingly voted to approve a $56 billion pay package for Elon Musk, despite ongoing debates and legal challenges surrounding the compensation plan.&nbsp;

In 2018, Musk was granted stock options representing up to 12 per cent of Tesla's outstanding shares, contingent upon the company achieving ambitious revenue, profit, and market capitalisation milestones. At the time, these targets seemed nearly unattainable, with Tesla's market cap needing to reach $650 billion. However, Tesla's extraordinary growth saw its market value peak at $1.2 trillion in 2021, before stabilising above the $650 billion mark long enough for Musk to qualify for the full options grant, even though the current market cap has fallen to $555 billion.&nbsp;

Despite initial shareholder approval in 2018, the pay package faced significant legal scrutiny. Earlier this year, a Delaware judge voided the compensation plan, criticising Tesla’s board for being too closely tied to Musk and thus not acting in the best interests of shareholders. The court found that Musk had undue influence over the board members, who were primarily his close associates, thereby questioning the legitimacy of the approval process. Consequently, the pay package was brought to a fresh vote.&nbsp;

Leading up to the recent vote, Tesla's board, particularly chair Robyn Denholm, vigorously campaigned for shareholder approval. In an open letter, Denholm emphasised the necessity of the package to retain Musk's focus and drive, arguing that his leadership is crucial for Tesla’s continued success. This stance echoed sentiments from key investors like billionaire Ron Baron, who described Musk as irreplaceable due to his relentless drive and visionary leadership.&nbsp;

Despite the strong advocacy, the package faced significant opposition. Proxy advisory firms Glass Lewis and ISS recommended against the package, citing concerns over its excessive size and the potential dilution of existing shareholders’ value. Notably, Norway's $1.7 trillion sovereign wealth fund, Tesla’s seventh-largest shareholder, also opposed the package due to its structure and magnitude.&nbsp;

The reapproval of Musk’s pay package underscores the confidence many shareholders have in his leadership, albeit with some reservations about his divided attention among his various ventures, including SpaceX and X. This decision reflects a broader trend where CEO pay packages continue to rise, with many executives successfully defending their compensation amid increasing shareholder scrutiny.&nbsp;

The Delaware court's decision to void Musk’s package was unprecedented, signalling a potential shift in how CEO compensation is negotiated and approved. Experts believe this could prompt other companies to reassess their executive pay practices to ensure more rigorous independence and due diligence.&nbsp;

However, Tesla's situation might be unique due to Musk’s outsized influence and the company's dependence on his vision. Moving forward, Tesla and its shareholders will need to balance the benefits of Musk’s leadership with the governance challenges posed by his significant control over the company.&nbsp;

Tesla's shareholders have overwhelmingly voted to approve a $56 billion pay package for Elon Musk, despite ongoing debates and legal challenges surrounding the compensation plan.

Tesla's shareholders have overwhelmingly voted to approve a $56 billion pay package for Elon Musk, despite ongoing debates and legal challenges surrounding the compensation plan. In 2018, Musk was granted stock options representing up to 12 per cent of Tesla's outstanding shares, contingent upon the company achieving ambitious revenue, profit, and market capitalisation milestones. At the time, these targets seemed nearly unattainable, with Tesla's market cap needing to reach $650 billion. However, Tesla's extraordinary growth saw its market value peak at $1.2 trillion in 2021, before stabilising above the $650 billion mark long enough for Musk to qualify for the full options grant, even though the current market cap has fallen to $555 billion. Despite initial shareholder approval in 2018, the pay package faced significant legal scrutiny. Earlier this year, a Delaware judge voided the compensation plan, criticising Tesla’s board for being too closely tied to Musk and thus not acting in the best interests of shareholders. The court found that Musk had undue influence over the board members, who were primarily his close associates, thereby questioning the legitimacy of the approval process. Consequently, the pay package was brought to a fresh vote. Leading up to the recent vote, Tesla's board, particularly chair Robyn Denholm, vigorously campaigned for shareholder approval. In an open letter, Denholm emphasised the necessity of the package to retain Musk's focus and drive, arguing that his leadership is crucial for Tesla’s continued success. This stance echoed sentiments from key investors like billionaire Ron Baron, who described Musk as irreplaceable due to his relentless drive and visionary leadership. Despite the strong advocacy, the package faced significant opposition. Proxy advisory firms Glass Lewis and ISS recommended against the package, citing concerns over its excessive size and the potential dilution of existing shareholders’ value. Notably, Norway's $1.7 trillion sovereign wealth fund, Tesla’s seventh-largest shareholder, also opposed the package due to its structure and magnitude. The reapproval of Musk’s pay package underscores the confidence many shareholders have in his leadership, albeit with some reservations about his divided attention among his various ventures, including SpaceX and X. This decision reflects a broader trend where CEO pay packages continue to rise, with many executives successfully defending their compensation amid increasing shareholder scrutiny. The Delaware court's decision to void Musk’s package was unprecedented, signalling a potential shift in how CEO compensation is negotiated and approved. Experts believe this could prompt other companies to reassess their executive pay practices to ensure more rigorous independence and due diligence. However, Tesla's situation might be unique due to Musk’s outsized influence and the company's dependence on his vision. Moving forward, Tesla and its shareholders will need to balance the benefits of Musk’s leadership with the governance challenges posed by his significant control over the company.

Tesla's $56 billion gamble: Is Elon Musk worth the price?

Elon Musk, the CEO of Tesla, has presented an ambitious and far-reaching vision for the company's future, centered around the development and deployment of its Optimus humanoid robots. During Tesla's recent third-quarter earnings call and a shareholders' meeting held on June 13, Musk articulated a scenario in which these advanced robots could propel Tesla to unprecedented heights in terms of market valuation.

According to Musk's projections, the company's market capitalization could potentially surpass half of the S&amp;P 500's total value, which currently stands at an impressive USD 45.5 trillion. This bold claim underscores Musk's unwavering belief in the transformative power of artificial intelligence (AI) and its potential to revolutionise various industries.

At the shareholder event on Thursday, Musk drew an intriguing parallel between the Optimus robots and iconic characters from the Star Wars franchise, namely R2-D2 and C-3PO. This comparison served to illustrate the diverse range of tasks that Musk envisions these robots performing in the future. From mundane household chores like cooking and cleaning to more complex operations in factory settings, and even extending to educational roles such as teaching children, Musk painted a picture of Optimus as a versatile and indispensable helper in various aspects of human life.

The Tesla CEO went on to make a striking prediction, suggesting that the Optimus project could be the driving force behind elevating Tesla's market capitalisation to an astounding USD 25 trillion in the future. This projection, while ambitious, reflects Musk's confidence in the potential of humanoid robots to reshape industries and create unprecedented value.

During the meeting, Musk emphasised the critical importance of Optimus in Tesla's strategic roadmap. He announced plans to begin deploying these autonomous robots in real-world environments, with a particular focus on factory settings, as early as next year. Musk explained that the AI software powering Tesla's fully autonomous vehicles would also be utilised to control the Optimus robots.&nbsp; 
This shared technology would enable the robots to acquire new skills simply by observing and analyzing video demonstrations, a capability that could significantly enhance their adaptability and usefulness.

Looking further into the future, Musk envisioned a scenario where robots would be involved in their own production, effectively "manufacturing the robots." This concept of self-replicating robotic systems hints at the potential for exponential growth and scalability in robot production.

On the economic front, Musk provided some concrete figures to support his optimistic outlook. He projected that Tesla could manufacture Optimus robots at a cost of USD 10,000 per unit and sell them for USD 20,000 each, potentially generating substantial profit margins. Furthermore, Musk anticipates a global market demand for humanoid robots reaching 1 billion units annually. Tesla aims to capture at least 10 percent of this market, which could translate to an astonishing USD 1 trillion in profits for the company.

In terms of near-term objectives, Musk revealed plans to have up to 1,000 Optimus units operational within Tesla factories by next year. Looking ahead to 2026, he predicted significant advancements in the Optimus platform, with the software becoming fully customisable to cater to specific customer requirements.

Despite the presence of established competitors in the robotics field, such as Boston Dynamics, Musk expressed unwavering confidence in Tesla's superior capabilities. He boldly stated, "I don't think anyone is going to do it better than Tesla by a long shot," underscoring his belief in the company's technological edge and innovative prowess.

It's worth noting that Tesla first unveiled its plans to develop humanoid robots in 2021 during an AI Day event. At that time, the concept was introduced with a theatrical presentation featuring a dancer in a robot-like suit. More recently, in January, Tesla released a demonstration video showcasing Optimus robots folding laundry. However, this demonstration faced criticism from robotics engineers who argued that the robots were not truly autonomous but were instead operated by humans behind the scenes.

While Musk's vision for Optimus and its potential impact on Tesla's valuation is undoubtedly ambitious, it reflects the CEO's characteristic boldness and his firm belief in the transformative power of technology. As Tesla continues to develop and refine its humanoid robot technology, the coming years will reveal whether these lofty projections can be realized in the complex and competitive landscape of AI and robotics.

Elon Musk, the CEO of Tesla, has presented an ambitious and far-reaching vision for the company's future, centered around the development and deployment of its Optimus humanoid robots.

Elon Musk, the CEO of Tesla, has presented an ambitious and far-reaching vision for the company's future, centered around the development and deployment of its Optimus humanoid robots. During Tesla's recent third-quarter earnings call and a shareholders' meeting held on June 13, Musk articulated a scenario in which these advanced robots could propel Tesla to unprecedented heights in terms of market valuation. According to Musk's projections, the company's market capitalization could potentially surpass half of the S&P 500's total value, which currently stands at an impressive USD 45.5 trillion. This bold claim underscores Musk's unwavering belief in the transformative power of artificial intelligence (AI) and its potential to revolutionise various industries. At the shareholder event on Thursday, Musk drew an intriguing parallel between the Optimus robots and iconic characters from the Star Wars franchise, namely R2-D2 and C-3PO. This comparison served to illustrate the diverse range of tasks that Musk envisions these robots performing in the future. From mundane household chores like cooking and cleaning to more complex operations in factory settings, and even extending to educational roles such as teaching children, Musk painted a picture of Optimus as a versatile and indispensable helper in various aspects of human life. The Tesla CEO went on to make a striking prediction, suggesting that the Optimus project could be the driving force behind elevating Tesla's market capitalisation to an astounding USD 25 trillion in the future. This projection, while ambitious, reflects Musk's confidence in the potential of humanoid robots to reshape industries and create unprecedented value. During the meeting, Musk emphasised the critical importance of Optimus in Tesla's strategic roadmap. He announced plans to begin deploying these autonomous robots in real-world environments, with a particular focus on factory settings, as early as next year. Musk explained that the AI software powering Tesla's fully autonomous vehicles would also be utilised to control the Optimus robots. This shared technology would enable the robots to acquire new skills simply by observing and analyzing video demonstrations, a capability that could significantly enhance their adaptability and usefulness. Looking further into the future, Musk envisioned a scenario where robots would be involved in their own production, effectively "manufacturing the robots." This concept of self-replicating robotic systems hints at the potential for exponential growth and scalability in robot production. On the economic front, Musk provided some concrete figures to support his optimistic outlook. He projected that Tesla could manufacture Optimus robots at a cost of USD 10,000 per unit and sell them for USD 20,000 each, potentially generating substantial profit margins. Furthermore, Musk anticipates a global market demand for humanoid robots reaching 1 billion units annually. Tesla aims to capture at least 10 percent of this market, which could translate to an astonishing USD 1 trillion in profits for the company. In terms of near-term objectives, Musk revealed plans to have up to 1,000 Optimus units operational within Tesla factories by next year. Looking ahead to 2026, he predicted significant advancements in the Optimus platform, with the software becoming fully customisable to cater to specific customer requirements. Despite the presence of established competitors in the robotics field, such as Boston Dynamics, Musk expressed unwavering confidence in Tesla's superior capabilities. He boldly stated, "I don't think anyone is going to do it better than Tesla by a long shot," underscoring his belief in the company's technological edge and innovative prowess. It's worth noting that Tesla first unveiled its plans to develop humanoid robots in 2021 during an AI Day event. At that time, the concept was introduced with a theatrical presentation featuring a dancer in a robot-like suit. More recently, in January, Tesla released a demonstration video showcasing Optimus robots folding laundry. However, this demonstration faced criticism from robotics engineers who argued that the robots were not truly autonomous but were instead operated by humans behind the scenes. While Musk's vision for Optimus and its potential impact on Tesla's valuation is undoubtedly ambitious, it reflects the CEO's characteristic boldness and his firm belief in the transformative power of technology. As Tesla continues to develop and refine its humanoid robot technology, the coming years will reveal whether these lofty projections can be realized in the complex and competitive landscape of AI and robotics.

Elon Musk confident about Tesla’s Optimus, promises 1000 working robots by 2025

In a significant development in the battle against intellectual property theft, Klaus Pflugbeil, a 58-year-old Canadian national residing in China, has admitted to stealing trade secrets from Tesla, the leading electric-vehicle manufacturer, and conspiring to sell them to individuals he believed to be Long Island businesspeople. The U.S. Department of Justice (DOJ) revealed that the supposed buyers were, in fact, undercover FBI agents.

Pflugbeil, who operates a China-based company that deals in electric vehicle technology, now faces a maximum sentence of 10 years in prison for his role in the scheme. Along with his business partner, Yilong Shao, Pflugbeil had planned to profit from the sale of Tesla's proprietary information. However, Shao, who was also charged in the case, remains at large and could not be reached for comment.

The guilty plea marks a significant victory for the U.S. government in its efforts to protect American businesses from intellectual property theft and espionage. U.S. Assistant Attorney General Matthew Olsen emphasised the importance of holding individuals like Pflugbeil accountable for their actions, stating that the unlawful conduct "jeopardised our national security."

Prosecutors revealed that Pflugbeil and Shao had built their electric vehicle battery business on trade secrets stolen from a "leading U.S.-based electric vehicle company." Although the company was not named in the court proceedings, the description matches Tesla's 2019 acquisition of Hibar, a Canadian manufacturer of battery-assembly lines.

Both Pflugbeil and Shao had previously worked for the Canadian company before Pflugbeil joined Shao's business venture in 2020. The DOJ noted that the unnamed business now operates in multiple countries, including China, Canada, Germany, and Brazil, producing the same battery-assembly equipment as their former employer.

The case highlights the ongoing challenges faced by American companies in protecting their intellectual property from theft and unauthorised use. As the global demand for electric vehicles continues to grow, the technology and manufacturing processes behind these vehicles have become increasingly valuable, making them a prime target for industrial espionage.

Tesla, known for its cutting-edge innovations in the electric vehicle industry, has not yet responded to requests for comment on the case. The company's acquisition of Hibar in 2019 was seen as a strategic move to enhance its battery manufacturing capabilities and maintain its competitive edge in the market.

As the legal proceedings continue, the case serves as a stark reminder of the importance of robust measures to safeguard trade secrets and intellectual property. The successful prosecution of individuals like Pflugbeil sends a strong message that such criminal activities will not be tolerated and that those responsible will face severe consequences for their actions. 
&nbsp;

In a significant development in the battle against intellectual property theft, Klaus Pflugbeil, a 58-year-old Canadian national residing in China, has admitted to stealing trade secrets from Tesla, the leading electric-vehicle manufacturer, and conspiring to sell them to individuals he believed to be Long Island businesspeople.

In a significant development in the battle against intellectual property theft, Klaus Pflugbeil, a 58-year-old Canadian national residing in China, has admitted to stealing trade secrets from Tesla, the leading electric-vehicle manufacturer, and conspiring to sell them to individuals he believed to be Long Island businesspeople. The U.S. Department of Justice (DOJ) revealed that the supposed buyers were, in fact, undercover FBI agents. Pflugbeil, who operates a China-based company that deals in electric vehicle technology, now faces a maximum sentence of 10 years in prison for his role in the scheme. Along with his business partner, Yilong Shao, Pflugbeil had planned to profit from the sale of Tesla's proprietary information. However, Shao, who was also charged in the case, remains at large and could not be reached for comment. The guilty plea marks a significant victory for the U.S. government in its efforts to protect American businesses from intellectual property theft and espionage. U.S. Assistant Attorney General Matthew Olsen emphasised the importance of holding individuals like Pflugbeil accountable for their actions, stating that the unlawful conduct "jeopardised our national security." Prosecutors revealed that Pflugbeil and Shao had built their electric vehicle battery business on trade secrets stolen from a "leading U.S.-based electric vehicle company." Although the company was not named in the court proceedings, the description matches Tesla's 2019 acquisition of Hibar, a Canadian manufacturer of battery-assembly lines. Both Pflugbeil and Shao had previously worked for the Canadian company before Pflugbeil joined Shao's business venture in 2020. The DOJ noted that the unnamed business now operates in multiple countries, including China, Canada, Germany, and Brazil, producing the same battery-assembly equipment as their former employer. The case highlights the ongoing challenges faced by American companies in protecting their intellectual property from theft and unauthorised use. As the global demand for electric vehicles continues to grow, the technology and manufacturing processes behind these vehicles have become increasingly valuable, making them a prime target for industrial espionage. Tesla, known for its cutting-edge innovations in the electric vehicle industry, has not yet responded to requests for comment on the case. The company's acquisition of Hibar in 2019 was seen as a strategic move to enhance its battery manufacturing capabilities and maintain its competitive edge in the market. As the legal proceedings continue, the case serves as a stark reminder of the importance of robust measures to safeguard trade secrets and intellectual property. The successful prosecution of individuals like Pflugbeil sends a strong message that such criminal activities will not be tolerated and that those responsible will face severe consequences for their actions.

Canadian national admits to conspiracy to sell stolen Tesla trade secrets

<h2 class="MsoNormal">Elon Musk's pay package secures overwhelming support<o:p></o:p></h2>

Tesla shareholders have voted to approve a $56 billion pay package for CEO Elon Musk, marking one of the highest reward accords in US business history. Musk revealed the decision on social media site X on Wednesday, and it includes shifting the electric vehicle maker's legal headquarters to Texas. Musk expressed gratitude for the support, adding, "Thanks for your support!!" in his message.<o:p></o:p>

<h2 class="MsoNormal">Implications for tesla and legal challenges<o:p></o:p></h2>

The shareholder approval may allay investor fears about Musk's future at Tesla, giving the firm leverage to defend a recent court verdict that overturned the pay package. Despite the overwhelming support, Musk faces a protracted legal struggle to persuade the Delaware judge who previously disqualified the package owing to Musk's improper influence on the Tesla board. Legal experts warn that the Delaware court may not recognise the most recent shareholder vote as effective.<o:p></o:p>

<h2 class="MsoNormal">Shareholder meeting and voting dynamics<o:p></o:p></h2>

The results will be announced at Tesla's headquarters in Texas at 4:30 p.m. (2130 GMT) on Thursday. Preliminary results showed major backing from institutional and retail investors. Despite resistance from prominent proxy companies such as Glass Lewis and Institutional Shareholder Services (ISS), as well as dissent from key investors such as Norway's sovereign wealth fund, the 'yes' vote was successful.<o:p></o:p>

Other suggestions discussed at the meeting included Kimbal Musk's and James Murdoch's re-election to the board, as well as a transfer in legal domicile to Texas. Texas Governor Greg Abbott applauded Tesla's legal manoeuvring, citing the state's lack of personal and corporate income taxes.<o:p></o:p>

<h2 class="MsoNormal">Investor confidence and market reactions<o:p></o:p></h2>

Some investors interpreted the decision on Musk's compensation as a referendum on his leadership. While Musk is praised for Tesla's success, his involvement in several ventures, including SpaceX and social media company X, has generated questions about his focus on Tesla. The company's stock, which has fallen over 60 per cent since its 2021 top, rose 3.9 per cent on Wednesday ahead of the shareholder meeting.<o:p></o:p>

Regardless of his controversial image, Musk's leadership is seen as critical to Tesla. The board justified Musk's large pay package by emphasising his attainment of aggressive targets in market value, revenue, and profitability. They also stated that the package was required to maintain Musk's devotion to Tesla despite his involvement in other businesses.<o:p></o:p>

<h2 class="MsoNormal">Future legal and corporate developments<o:p></o:p></h2>

The shareholder vote intends to strengthen Tesla's appeal against the Delaware court's judgment, which criticised the 2018 pay package for not providing appropriate shareholder transparency. The court's decision highlighted the board's conflicts of interest because of its tight relationship with Musk.<o:p></o:p>

Musk's efforts to reinstate his remuneration package might take months or years as the appeals process plays out. The protracted legal dispute highlights the challenges of executive compensation and corporate governance at one of the world's largest electric vehicle manufacturers.<o:p></o:p>

(With inputs from Agencies)<o:p></o:p>

Elon Musk's pay package secures overwhelming support Tesla shareholders have voted to approve a $56 billion pay package for CEO Elon Musk, marking one of the highest reward accords in US business history.

Elon Musk's pay package secures overwhelming support Tesla shareholders have voted to approve a $56 billion pay package for CEO Elon Musk, marking one of the highest reward accords in US business history. Musk revealed the decision on social media site X on Wednesday, and it includes shifting the electric vehicle maker's legal headquarters to Texas. Musk expressed gratitude for the support, adding, "Thanks for your support!!" in his message. Implications for tesla and legal challenges The shareholder approval may allay investor fears about Musk's future at Tesla, giving the firm leverage to defend a recent court verdict that overturned the pay package. Despite the overwhelming support, Musk faces a protracted legal struggle to persuade the Delaware judge who previously disqualified the package owing to Musk's improper influence on the Tesla board. Legal experts warn that the Delaware court may not recognise the most recent shareholder vote as effective. Shareholder meeting and voting dynamics The results will be announced at Tesla's headquarters in Texas at 4:30 p.m. (2130 GMT) on Thursday. Preliminary results showed major backing from institutional and retail investors. Despite resistance from prominent proxy companies such as Glass Lewis and Institutional Shareholder Services (ISS), as well as dissent from key investors such as Norway's sovereign wealth fund, the 'yes' vote was successful. Other suggestions discussed at the meeting included Kimbal Musk's and James Murdoch's re-election to the board, as well as a transfer in legal domicile to Texas. Texas Governor Greg Abbott applauded Tesla's legal manoeuvring, citing the state's lack of personal and corporate income taxes. Investor confidence and market reactions Some investors interpreted the decision on Musk's compensation as a referendum on his leadership. While Musk is praised for Tesla's success, his involvement in several ventures, including SpaceX and social media company X, has generated questions about his focus on Tesla. The company's stock, which has fallen over 60 per cent since its 2021 top, rose 3.9 per cent on Wednesday ahead of the shareholder meeting. Regardless of his controversial image, Musk's leadership is seen as critical to Tesla. The board justified Musk's large pay package by emphasising his attainment of aggressive targets in market value, revenue, and profitability. They also stated that the package was required to maintain Musk's devotion to Tesla despite his involvement in other businesses. Future legal and corporate developments The shareholder vote intends to strengthen Tesla's appeal against the Delaware court's judgment, which criticised the 2018 pay package for not providing appropriate shareholder transparency. The court's decision highlighted the board's conflicts of interest because of its tight relationship with Musk. Musk's efforts to reinstate his remuneration package might take months or years as the appeals process plays out. The protracted legal dispute highlights the challenges of executive compensation and corporate governance at one of the world's largest electric vehicle manufacturers. (With inputs from Agencies)

Tesla shareholders approve $56 billion pay package for Elon Musk

The California Public Employees' Retirement System (CalPERS), one of the largest pension funds in the United States and a significant shareholder in Tesla, has announced its intention to vote against CEO Elon Musk's USD 56 billion compensation package at the upcoming annual shareholder meeting. CalPERS, which holds 9.5 million Tesla shares and is among the top 30 investors in the electric vehicle manufacturer, previously voted against Musk's stock options package in 2018.

The decision by CalPERS comes at a critical time for Tesla, as the company faces the possibility of its first annual sales decline and a nearly 28% drop in its share price since the beginning of the year. The shareholder meeting on Thursday is expected to serve as a test of Musk's leadership, particularly as he shifts focus towards self-driving technology.

Marcie Frost, the CEO of CalPERS, expressed concerns about the concentration of such a large award on a single individual and the potential impact on other shareholders. "We also raise questions about concentrating a large award on a single individual and (the) way it would strengthen the shares of Mr. Musk at the expense of diluting the value of those belonging to other shareholders," Frost stated.

In contrast to CalPERS, the Florida State Board of Administration, which holds 2.89 million Tesla shares and is the company's 80th largest investor, voted in support of Musk's USD 56 billion pay package. The Florida pension board cited the plan's "very high levels of pay-for-performance" as the reason for their support. However, the agency also voted against the re-election of Tesla director Kimbal Musk, citing independence concerns, and opposed Tesla's proposed re-domestication to Texas.

The divergent opinions among Tesla's shareholders highlight the ongoing debate surrounding Musk's compensation and leadership. In January, a Delaware judge rejected the record compensation package, calling it "an unfathomable sum" that was unfair to shareholders, despite their approval of the pay in 2018.

As Tesla faces increasing competition in the electric vehicle market and the challenges of expanding its self-driving technology, the outcome of the shareholder meeting and the vote on Musk's compensation package will be closely watched by investors and industry observers alike. The decision by CalPERS to oppose the pay package may influence other institutional investors and put additional pressure on Musk and the Tesla board to address shareholder concerns.

The shareholder meeting also comes at a time when Musk is facing increased scrutiny over his management of Twitter, which he acquired in a USD 44 billion deal last year. Some investors have questioned whether Musk's focus on Twitter has detracted from his responsibilities at Tesla, contributing to the company's recent stock price decline.

As the electric vehicle industry continues to evolve and competition intensifies, Tesla will need to navigate the challenges of maintaining its market leadership while addressing shareholder concerns and ensuring the company's long-term success. The outcome of the shareholder meeting and the vote on Musk's compensation package will provide important insights into the future direction of the company and the confidence of its investors in Musk's leadership.

The California Public Employees' Retirement System (CalPERS), one of the largest pension funds in the United States and a significant shareholder in Tesla, has announced its intention to vote against CEO Elon Musk's USD 56 billion compensation package at the upcoming annual shareholder meeting.

The California Public Employees' Retirement System (CalPERS), one of the largest pension funds in the United States and a significant shareholder in Tesla, has announced its intention to vote against CEO Elon Musk's USD 56 billion compensation package at the upcoming annual shareholder meeting. CalPERS, which holds 9.5 million Tesla shares and is among the top 30 investors in the electric vehicle manufacturer, previously voted against Musk's stock options package in 2018. The decision by CalPERS comes at a critical time for Tesla, as the company faces the possibility of its first annual sales decline and a nearly 28% drop in its share price since the beginning of the year. The shareholder meeting on Thursday is expected to serve as a test of Musk's leadership, particularly as he shifts focus towards self-driving technology. Marcie Frost, the CEO of CalPERS, expressed concerns about the concentration of such a large award on a single individual and the potential impact on other shareholders. "We also raise questions about concentrating a large award on a single individual and (the) way it would strengthen the shares of Mr. Musk at the expense of diluting the value of those belonging to other shareholders," Frost stated. In contrast to CalPERS, the Florida State Board of Administration, which holds 2.89 million Tesla shares and is the company's 80th largest investor, voted in support of Musk's USD 56 billion pay package. The Florida pension board cited the plan's "very high levels of pay-for-performance" as the reason for their support. However, the agency also voted against the re-election of Tesla director Kimbal Musk, citing independence concerns, and opposed Tesla's proposed re-domestication to Texas. The divergent opinions among Tesla's shareholders highlight the ongoing debate surrounding Musk's compensation and leadership. In January, a Delaware judge rejected the record compensation package, calling it "an unfathomable sum" that was unfair to shareholders, despite their approval of the pay in 2018. As Tesla faces increasing competition in the electric vehicle market and the challenges of expanding its self-driving technology, the outcome of the shareholder meeting and the vote on Musk's compensation package will be closely watched by investors and industry observers alike. The decision by CalPERS to oppose the pay package may influence other institutional investors and put additional pressure on Musk and the Tesla board to address shareholder concerns. The shareholder meeting also comes at a time when Musk is facing increased scrutiny over his management of Twitter, which he acquired in a USD 44 billion deal last year. Some investors have questioned whether Musk's focus on Twitter has detracted from his responsibilities at Tesla, contributing to the company's recent stock price decline. As the electric vehicle industry continues to evolve and competition intensifies, Tesla will need to navigate the challenges of maintaining its market leadership while addressing shareholder concerns and ensuring the company's long-term success. The outcome of the shareholder meeting and the vote on Musk's compensation package will provide important insights into the future direction of the company and the confidence of its investors in Musk's leadership.

CalPERS opposes Musk's USD 56 billion pay package

KLP, Norway's largest pension fund, plans to vote in favour of a shareholder proposal urging Tesla to engage in wage and labour negotiations amid ongoing industrial action in Sweden. This proposal will be a key topic at Tesla's annual general meeting on June 13.

Background of the strike

The strike, initiated by Tesla mechanics in Sweden on October 27, has become one of the country's longest labour disputes, significantly disrupting Tesla's operations. The strike has also drawn attention from Nordic institutional investors and has led to sympathy strikes across the region.

Proposal details

The proposal, put forth by four institutional investors, calls for Tesla "to adopt a policy explicitly committing to non-interference and good faith bargaining with respect to freedom of association and collective bargaining." KLP's head of responsible investments, Kiran Aziz, expressed strong support for the proposal, stating, "We hope it will gain significant support from other shareholders too."

Also read:&nbsp;<a href="https://www.wionews.com/autonews/toyota-recalls-100000-vehicles-over-engine-debris-concerns-728803">Toyota recalls 100,000 vehicles over engine debris concerns</a>

KLP's stake and position

KLP holds 900,000 Tesla shares, valued at approximately 1.7 billion crowns ($162 million), representing a 0.02% stake as of late February. Despite previously removing Tesla shares from its sustainable funds, KLP is now advocating for better labour practices within the company.

Wider investor support

Sweden's AMF pension fund has also announced its support for the proposal. AMF emphasised that "the freedom of association and the right to bargain collectively are fundamental human rights protected by international norms." This collective investor action could challenge Tesla's historically tough stance on unions if it concedes in Sweden.

Additional proposals at AGM

The shareholder meeting will also address two other significant proposals. One is Tesla's plan to relocate its headquarters from Delaware to Texas, a move KLP opposes. Aziz commented, "We do not find the rationale for the move to Texas sufficiently strong and convincing," pointing out that the benefits of the relocation are unclear, while the costs and risks are evident.

Opposition to Musk's pay package

KLP will also vote against ratifying a $56-billion pay package for CEO Elon Musk. Aziz criticised the package, saying, "We have voted against it back in 2018 when it was introduced, and we continue to see it as being both excessive and leading to extensive dilutive effects to current shareholders."

Financial performance

In April, Tesla reported a decline in quarterly revenue for the first time since 2020. Revenue for the three months ending in March fell to $21.3 billion, compared to $23.33 billion in the same period last year. Analysts had expected revenue to be around $22.15 billion.

Implications for Tesla

The support from significant institutional investors like KLP and AMF could pressure Tesla to alter its approach to labour relations. This change is particularly crucial in Sweden, where the company faces one of its most protracted industrial disputes. How Tesla navigates these proposals and its broader labour practices could impact its global operations and investor relations.

Tesla's upcoming annual general meeting is set to address critical issues that could shape the company's future. With major investors backing proposals for better labour negotiations and opposing significant changes like the relocation to Texas and Musk's pay package, the outcomes of these votes will be closely watched by industry observers and stakeholders. The evolving labour landscape and investor sentiment will play a crucial role in Tesla's strategic decisions moving forward.

(Inputs from Reuters)

KLP, Norway's largest pension fund, plans to vote in favour of a shareholder proposal urging Tesla to engage in wage and labour negotiations amid ongoing industrial action in Sweden.

KLP, Norway's largest pension fund, plans to vote in favour of a shareholder proposal urging Tesla to engage in wage and labour negotiations amid ongoing industrial action in Sweden. This proposal will be a key topic at Tesla's annual general meeting on June 13. Background of the strike The strike, initiated by Tesla mechanics in Sweden on October 27, has become one of the country's longest labour disputes, significantly disrupting Tesla's operations. The strike has also drawn attention from Nordic institutional investors and has led to sympathy strikes across the region. Proposal details The proposal, put forth by four institutional investors, calls for Tesla "to adopt a policy explicitly committing to non-interference and good faith bargaining with respect to freedom of association and collective bargaining." KLP's head of responsible investments, Kiran Aziz, expressed strong support for the proposal, stating, "We hope it will gain significant support from other shareholders too." Also read: Toyota recalls 100,000 vehicles over engine debris concerns KLP's stake and position KLP holds 900,000 Tesla shares, valued at approximately 1.7 billion crowns ($162 million), representing a 0.02% stake as of late February. Despite previously removing Tesla shares from its sustainable funds, KLP is now advocating for better labour practices within the company. Wider investor support Sweden's AMF pension fund has also announced its support for the proposal. AMF emphasised that "the freedom of association and the right to bargain collectively are fundamental human rights protected by international norms." This collective investor action could challenge Tesla's historically tough stance on unions if it concedes in Sweden. Additional proposals at AGM The shareholder meeting will also address two other significant proposals. One is Tesla's plan to relocate its headquarters from Delaware to Texas, a move KLP opposes. Aziz commented, "We do not find the rationale for the move to Texas sufficiently strong and convincing," pointing out that the benefits of the relocation are unclear, while the costs and risks are evident. Opposition to Musk's pay package KLP will also vote against ratifying a $56-billion pay package for CEO Elon Musk. Aziz criticised the package, saying, "We have voted against it back in 2018 when it was introduced, and we continue to see it as being both excessive and leading to extensive dilutive effects to current shareholders." Financial performance In April, Tesla reported a decline in quarterly revenue for the first time since 2020. Revenue for the three months ending in March fell to $21.3 billion, compared to $23.33 billion in the same period last year. Analysts had expected revenue to be around $22.15 billion. Implications for Tesla The support from significant institutional investors like KLP and AMF could pressure Tesla to alter its approach to labour relations. This change is particularly crucial in Sweden, where the company faces one of its most protracted industrial disputes. How Tesla navigates these proposals and its broader labour practices could impact its global operations and investor relations. Tesla's upcoming annual general meeting is set to address critical issues that could shape the company's future. With major investors backing proposals for better labour negotiations and opposing significant changes like the relocation to Texas and Musk's pay package, the outcomes of these votes will be closely watched by industry observers and stakeholders. The evolving labour landscape and investor sentiment will play a crucial role in Tesla's strategic decisions moving forward. (Inputs from Reuters)

Norwegian pension fund KLP to support labour negotiations at Tesla AGM

<h2 class="MsoNormal">Elon Musk confirms major investment in Nvidia technology<o:p></o:p></h2>

Tesla Inc. plans to spend between $3 billion and $4 billion on Nvidia Corp. hardware this year, CEO Elon Musk said in a post on X, formerly known as Twitter, on Tuesday. The investment is part of Tesla's larger push into artificial intelligence, demonstrating the company's commitment to developing its AI capabilities.<o:p></o:p>

<h2 class="MsoNormal">AI capital expenditure to reach $10 billion<o:p></o:p></h2>

Musk indicated that Tesla's total AI-related capital expenditure for the year would be around $10 billion. "For building the AI training superclusters, Nvidia hardware is about 2/3 of the cost," Musk stated on X. He further said that approximately half of the AI cost would be for internal development.<o:p></o:p>

<h2 class="MsoNormal">Nvidia to prioritise shipments to X and xAI<o:p></o:p></h2>

In a related move, Tesla reportedly told Nvidia to prioritise the delivery of AI chips to Musk's other companies, such as the social media platform X,&nbsp;the AI research firm xAI and&nbsp;Tesla's electric vehicle division. This strategic shift emphasises the growing importance of AI technology in Musk's economic enterprise.<o:p></o:p>

<h2 class="MsoNormal">Shareholder Vote on CEO Pay Package Looms<o:p></o:p></h2>

The disclosure comes just ahead of a pivotal shareholder vote on Musk's remuneration package at Tesla. The outcome of this vote could have a significant impact on the company's future direction and the CEO's role.<o:p></o:p>

Tesla confirmed its prediction of more than $10 billion in capital expenditures for the year in April, with future years projected to range from $8 billion to $10 billion. The significant investment in Nvidia hardware is expected to play an important role in advancing Tesla's ambitious AI projects.<o:p></o:p>

(With inputs from Agencies)<o:p></o:p>

Elon Musk confirms major investment in Nvidia technology Tesla Inc. plans to spend between $3 billion and $4 billion on Nvidia Corp. hardware this year, CEO Elon Musk said in a post on X, formerly known as Twitter, on Tuesday.

Elon Musk confirms major investment in Nvidia technology Tesla Inc. plans to spend between $3 billion and $4 billion on Nvidia Corp. hardware this year, CEO Elon Musk said in a post on X, formerly known as Twitter, on Tuesday. The investment is part of Tesla's larger push into artificial intelligence, demonstrating the company's commitment to developing its AI capabilities. AI capital expenditure to reach $10 billion Musk indicated that Tesla's total AI-related capital expenditure for the year would be around $10 billion. "For building the AI training superclusters, Nvidia hardware is about 2/3 of the cost," Musk stated on X. He further said that approximately half of the AI cost would be for internal development. Nvidia to prioritise shipments to X and xAI In a related move, Tesla reportedly told Nvidia to prioritise the delivery of AI chips to Musk's other companies, such as the social media platform X, the AI research firm xAI and Tesla's electric vehicle division. This strategic shift emphasises the growing importance of AI technology in Musk's economic enterprise. Shareholder Vote on CEO Pay Package Looms The disclosure comes just ahead of a pivotal shareholder vote on Musk's remuneration package at Tesla. The outcome of this vote could have a significant impact on the company's future direction and the CEO's role. Tesla confirmed its prediction of more than $10 billion in capital expenditures for the year in April, with future years projected to range from $8 billion to $10 billion. The significant investment in Nvidia hardware is expected to play an important role in advancing Tesla's ambitious AI projects. (With inputs from Agencies)

Tesla to spend up to $4 Billion on Nvidia hardware amid AI expansion

Tesla is facing a shareholder showdown over CEO Elon Musk's controversial 56 billion dollar compensation plan. Proxy advisory firms ISS and Glass Lewis, who hold significant sway over investor votes, have both recommended rejecting the massive payout.

Tesla board scrambles for shareholder support

The National Highway Traffic Safety Administration (NHTSA) has announced that Tesla is recalling 125,227 vehicles in the United States due to a flaw in its seat belt warning system, which poses an increased risk of injury in the event of a collision.

According to the regulator, these vehicles do not meet federal safety requirements, as their seat belt warning light and audible chime may fail to activate when the driver is not wearing a seat belt. The affected models include certain 2012-2024 Model S, 2015-2024 Model X, 2017-2023 Model 3, and 2020-2023 Model Y vehicles.

To address the issue, Tesla plans to deploy an over-the-air software update, beginning in June. The update will modify the software to eliminate reliance on the driver seat occupancy sensor and instead activate the seat belt reminder signals based solely on the status of the driver seat belt buckle and ignition, as outlined by the NHTSA.

This isn't Tesla's first recent recall. In January, the company recalled 200,000 Model S, X, and Y vehicles in the US due to a software glitch that could obstruct drivers' visibility while reversing. Additionally, in April, 3,878 Cybertrucks were recalled to address an issue with the accelerator pedal pad potentially detaching and becoming lodged in the interior trim.

Furthermore, US auto safety regulators have initiated an investigation into the adequacy of Tesla's recall of more than 2 million vehicles announced in December. The investigation aims to assess whether the measures taken to install new Autopilot safeguards following a series of crashes were sufficient. 
 
(with inputs from Reuters)

The National Highway Traffic Safety Administration (NHTSA) has announced that Tesla is recalling 125,227 vehicles in the United States due to a flaw in its seat belt warning system, which poses an increased risk of injury in the event of a collision.

The National Highway Traffic Safety Administration (NHTSA) has announced that Tesla is recalling 125,227 vehicles in the United States due to a flaw in its seat belt warning system, which poses an increased risk of injury in the event of a collision. According to the regulator, these vehicles do not meet federal safety requirements, as their seat belt warning light and audible chime may fail to activate when the driver is not wearing a seat belt. The affected models include certain 2012-2024 Model S, 2015-2024 Model X, 2017-2023 Model 3, and 2020-2023 Model Y vehicles. To address the issue, Tesla plans to deploy an over-the-air software update, beginning in June. The update will modify the software to eliminate reliance on the driver seat occupancy sensor and instead activate the seat belt reminder signals based solely on the status of the driver seat belt buckle and ignition, as outlined by the NHTSA. This isn't Tesla's first recent recall. In January, the company recalled 200,000 Model S, X, and Y vehicles in the US due to a software glitch that could obstruct drivers' visibility while reversing. Additionally, in April, 3,878 Cybertrucks were recalled to address an issue with the accelerator pedal pad potentially detaching and becoming lodged in the interior trim. Furthermore, US auto safety regulators have initiated an investigation into the adequacy of Tesla's recall of more than 2 million vehicles announced in December. The investigation aims to assess whether the measures taken to install new Autopilot safeguards following a series of crashes were sufficient. (with inputs from Reuters)

Tesla to recall 125,227 vehicles over faulty seat belt warning system

Tesla has released some big figures in its 2023 Impact Report, focussing on how much of the natural resources can be saved if the global economy transitions to a fully sustainable model.

The report claims that each Tesla vehicle on the road saves nearly 50 tonnes of carbon emissions, and pays back the added emissions from the manufacturing process within three years. The report states that “after 17 years of driving, a Tesla vehicle will avoid approximately 51 metric tons of C02e. Charging EVs becomes greener over time as electricity generation becomes cleaner.”

It claims that if the world fully transitions to clean energy, the annual extraction of fossil fuels can be reduced by over 16 billion metric tonnes. As per the figures mentioned, of the 68 billion tons of materials extracted from the earth each year, fossil fuel extraction makes up 18 billion tons. So, with a fully sustainable global economy, total global extraction of natural resources can come down by almost 22%, factoring in an additional three billion tonnes of “sustainable economy materials.”

Also Read: <a href="https://www.wionews.com/autonews/glass-lewis-advises-tesla-shareholders-to-reject-musks-usd-56-bn-pay-package-725769">Glass Lewis advises Tesla shareholders to reject Musk’s USD 56 bn pay package</a>

The 2023 Impact Report also talks about Tesla’s battery production. It is a critical aspect as the battery production process adds about six metric tons of greenhouse gas (GHG) emissions. Tesla’s data reveals that “even after 200,000 miles of usage (the average life of a vehicle in the U.S.), our batteries in Model 3 and Model Y lose just 15% of their capacity on average, while batteries in Model S and Model X lose just 12% of their capacity on average.” In 2023, Tesla recovered 2,431 metric tons of Nickel, 117 tons of Cobalt, 860 tons of Copper, and 329 tons of Lithium in its recycling facility in Austin, Texas.

The report also notes that Tesla is averaging less than 2.5 cubic metres of water per vehicle at its gigafactories, compared to the industry average of 3.37 cubic meters. “In 2023, Tesla solar owners generated enough zero-emissions electricity to power all Tesla locations, including manufacturing, support, research, sales, service and delivery locations—more than three times,” the report states.

Tesla has released some big figures in its 2023 Impact Report, focussing on how much of the natural resources can be saved if the global economy transitions to a fully sustainable model.

Tesla has released some big figures in its 2023 Impact Report, focussing on how much of the natural resources can be saved if the global economy transitions to a fully sustainable model. The report claims that each Tesla vehicle on the road saves nearly 50 tonnes of carbon emissions, and pays back the added emissions from the manufacturing process within three years. The report states that “after 17 years of driving, a Tesla vehicle will avoid approximately 51 metric tons of C02e. Charging EVs becomes greener over time as electricity generation becomes cleaner.” It claims that if the world fully transitions to clean energy, the annual extraction of fossil fuels can be reduced by over 16 billion metric tonnes. As per the figures mentioned, of the 68 billion tons of materials extracted from the earth each year, fossil fuel extraction makes up 18 billion tons. So, with a fully sustainable global economy, total global extraction of natural resources can come down by almost 22%, factoring in an additional three billion tonnes of “sustainable economy materials.” Also Read: Glass Lewis advises Tesla shareholders to reject Musk’s USD 56 bn pay package The 2023 Impact Report also talks about Tesla’s battery production. It is a critical aspect as the battery production process adds about six metric tons of greenhouse gas (GHG) emissions. Tesla’s data reveals that “even after 200,000 miles of usage (the average life of a vehicle in the U.S.), our batteries in Model 3 and Model Y lose just 15% of their capacity on average, while batteries in Model S and Model X lose just 12% of their capacity on average.” In 2023, Tesla recovered 2,431 metric tons of Nickel, 117 tons of Cobalt, 860 tons of Copper, and 329 tons of Lithium in its recycling facility in Austin, Texas. The report also notes that Tesla is averaging less than 2.5 cubic metres of water per vehicle at its gigafactories, compared to the industry average of 3.37 cubic meters. “In 2023, Tesla solar owners generated enough zero-emissions electricity to power all Tesla locations, including manufacturing, support, research, sales, service and delivery locations—more than three times,” the report states.

Impact Report 2023: Each Tesla on the road avoids about 51 tons of C02e

Proxy advisory firm Glass Lewis has advised Tesla shareholders to vote against CEO Elon Musk's proposed $56 billion compensation package, the largest ever proposed for a corporate executive in the United States. <o:p></o:p>

This recommendation could heavily impact the upcoming shareholder meeting.<o:p></o:p>

Glass Lewis cited several concerns, including the sheer size of the pay package, its potential dilutive effect, and the concentration of ownership it would further solidify. <o:p></o:p>

The advisory firm also pointed out Musk's numerous demanding ventures, which now include managing Twitter, rebranded as X, as a reason for their opposition.<o:p></o:p>

The controversial pay package, put forward by Tesla's board of directors, has been a focal point of criticism due to the board's perceived close relationship with Musk. <o:p></o:p>

The package includes no salary or cash bonuses but ties rewards to the company's market value, which must increase to $650 billion within a decade starting from 2018. <o:p></o:p>

As of now, Tesla's market value stands at approximately $571.6 billion.<o:p></o:p>

In January, Delaware's Court of Chancery Judge Kathaleen McCormick annulled the original pay deal, prompting Musk to consider relocating Tesla's state of incorporation from Delaware to Texas. <o:p></o:p>

Glass Lewis criticised this potential move, warning it could bring uncertain benefits and additional risks for shareholders.<o:p></o:p>

Despite the advisory firm's recommendations, Tesla continues to advocate for the approval of Musk's compensation package. <o:p></o:p>

Robyn Denholm, Tesla's board chair, recently defended the pay package in an interview with the Financial Times, arguing that Musk's leadership has been instrumental in achieving significant milestones in revenue and stock price.<o:p></o:p>

Since taking the helm as CEO in 2008, Musk has overseen Tesla's transformation from a company posting a $2.2 billion loss in 2018 to generating a $15 billion profit. <o:p></o:p>

Under his leadership, vehicle production has increased sevenfold, according to a campaign website supporting the pay package, Vote Tesla.<o:p></o:p>

In addition to the compensation package, Glass Lewis also recommended shareholders vote against the re-election of board member Kimbal Musk, Elon Musk's brother. <o:p></o:p>

However, the firm supported the re-election of former 21st Century Fox CEO James Murdoch to the board.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Proxy advisory firm Glass Lewis has advised Tesla shareholders to vote against CEO Elon Musk's proposed $56 billion compensation package, the largest ever proposed for a corporate executive in the United States.

Proxy advisory firm Glass Lewis has advised Tesla shareholders to vote against CEO Elon Musk's proposed $56 billion compensation package, the largest ever proposed for a corporate executive in the United States. This recommendation could heavily impact the upcoming shareholder meeting. Glass Lewis cited several concerns, including the sheer size of the pay package, its potential dilutive effect, and the concentration of ownership it would further solidify. The advisory firm also pointed out Musk's numerous demanding ventures, which now include managing Twitter, rebranded as X, as a reason for their opposition. The controversial pay package, put forward by Tesla's board of directors, has been a focal point of criticism due to the board's perceived close relationship with Musk. The package includes no salary or cash bonuses but ties rewards to the company's market value, which must increase to $650 billion within a decade starting from 2018. As of now, Tesla's market value stands at approximately $571.6 billion. In January, Delaware's Court of Chancery Judge Kathaleen McCormick annulled the original pay deal, prompting Musk to consider relocating Tesla's state of incorporation from Delaware to Texas. Glass Lewis criticised this potential move, warning it could bring uncertain benefits and additional risks for shareholders. Despite the advisory firm's recommendations, Tesla continues to advocate for the approval of Musk's compensation package. Robyn Denholm, Tesla's board chair, recently defended the pay package in an interview with the Financial Times, arguing that Musk's leadership has been instrumental in achieving significant milestones in revenue and stock price. Since taking the helm as CEO in 2008, Musk has overseen Tesla's transformation from a company posting a $2.2 billion loss in 2018 to generating a $15 billion profit. Under his leadership, vehicle production has increased sevenfold, according to a campaign website supporting the pay package, Vote Tesla. In addition to the compensation package, Glass Lewis also recommended shareholders vote against the re-election of board member Kimbal Musk, Elon Musk's brother. However, the firm supported the re-election of former 21st Century Fox CEO James Murdoch to the board. (With inputs from Reuters)

Proxy firm urges Tesla shareholders to reject Musk's $56 bn pay package

Proxy advisory firm Glass Lewis has advised Tesla shareholders to vote against a USD 56 billion compensation package proposed for CEO Elon Musk, potentially making it the largest pay deal for a CEO in corporate America. This recommendation is based on concerns about the scale of the package, its impact on shareholder value, and Musk’s increasing involvement in numerous projects.

Glass Lewis cited the "excessive size" of the proposed pay deal as a primary reason for their opposition. The advisory firm highlighted the dilutive effect of the pay package upon exercise and the concentration of ownership it would result in. Additionally, Musk's involvement in numerous high-profile projects, particularly his recent acquisition of Twitter (now rebranded as X), has raised concerns about his capacity to dedicate sufficient time to Tesla.

The advisory firm questioned the practicality of such a large compensation package, especially given Musk’s slate of “extraordinarily time-consuming projects.” These projects are seen as potentially diverting his focus from Tesla, thereby affecting the company’s long-term growth and stability.

The structure of the pay package

Proposed by Tesla’s board of directors, the pay package is structured without a salary or cash bonus. Instead, it sets rewards based on the company’s market value increasing to as much as USD 650 billion over the next decade, starting from 2018. As of now, Tesla's market value stands at approximately USD 571.6 billion, according to data from LSEG.

In January, Delaware's Court of Chancery Judge Kathaleen McCormick nullified the original pay package, prompting Musk to seek moving Tesla’s state of incorporation from Delaware to Texas. Glass Lewis also criticised this proposed relocation, pointing out the "uncertain benefits and additional risks" it poses to shareholders.

Also Read:&nbsp;<a href="https://www.wionews.com/autonews/volkswagen-in-talks-for-passenger-car-production-partnerships-in-india-724949">Volkswagen in talks for passenger car production partnerships in India</a>

Tesla’s defence and shareholder reaffirmation

Tesla has urged its shareholders to reaffirm their approval of Musk’s compensation package. Robyn Denholm, Tesla’s board chair, defended the package in a recent interview with the Financial Times, stating that Musk deserves the pay because the company has achieved ambitious targets for revenue and stock price.

“Musk deserves this package because Tesla has surpassed its ambitious revenue and stock price targets,” Denholm stated.

Since Musk became CEO in 2008, Tesla has seen significant improvements in its financial performance. From a USD 2.2 billion loss in 2018, the company turned a profit of USD 15 billion. The production capacity has also increased, with seven times more vehicles being produced now compared to 2018, according to an online campaign website, Vote Tesla.

Proxy advisor’s recommendations on board members

In addition to opposing Musk’s pay package, Glass Lewis has also recommended shareholders vote against the reelection of Kimbal Musk, Elon Musk's brother, to the board. However, they have supported the reelection of James Murdoch, the former CEO of 21st Century Fox, to the board.

Glass Lewis’ stance is influenced by concerns over governance and the potential conflict of interest due to the close familial ties within the board. They argue that such relationships could undermine the board’s independence and its ability to act in the best interests of all shareholders.

The broader implications

The debate over Musk’s pay package highlights broader issues around executive compensation, corporate governance, and shareholder rights. It raises questions about how to balance rewarding leadership for outstanding performance with ensuring that compensation packages do not disproportionately impact shareholder value or corporate governance standards.

The recommendation from Glass Lewis comes at a time when Tesla is navigating significant challenges and opportunities in the electric vehicle market. As the industry leader, Tesla's decisions on executive compensation and governance are likely to influence broader industry practices.

Glass Lewis' recommendation for Tesla shareholders to reject Musk’s USD 56 billion pay package underscores significant concerns about the deal's scale, its impact on shareholder value, and Musk’s ability to manage his numerous high-profile projects effectively. As the vote approaches, Tesla’s shareholders will need to consider these factors carefully, weighing the company's impressive performance under Musk’s leadership against the potential risks highlighted by the advisory firm.

(Inputs from Reuters)

Proxy advisory firm Glass Lewis has advised Tesla shareholders to vote against a USD 56 billion compensation package proposed for CEO Elon Musk, potentially making it the largest pay deal for a CEO in corporate America.

Proxy advisory firm Glass Lewis has advised Tesla shareholders to vote against a USD 56 billion compensation package proposed for CEO Elon Musk, potentially making it the largest pay deal for a CEO in corporate America. This recommendation is based on concerns about the scale of the package, its impact on shareholder value, and Musk’s increasing involvement in numerous projects. Glass Lewis cited the "excessive size" of the proposed pay deal as a primary reason for their opposition. The advisory firm highlighted the dilutive effect of the pay package upon exercise and the concentration of ownership it would result in. Additionally, Musk's involvement in numerous high-profile projects, particularly his recent acquisition of Twitter (now rebranded as X), has raised concerns about his capacity to dedicate sufficient time to Tesla. The advisory firm questioned the practicality of such a large compensation package, especially given Musk’s slate of “extraordinarily time-consuming projects.” These projects are seen as potentially diverting his focus from Tesla, thereby affecting the company’s long-term growth and stability. The structure of the pay package Proposed by Tesla’s board of directors, the pay package is structured without a salary or cash bonus. Instead, it sets rewards based on the company’s market value increasing to as much as USD 650 billion over the next decade, starting from 2018. As of now, Tesla's market value stands at approximately USD 571.6 billion, according to data from LSEG. In January, Delaware's Court of Chancery Judge Kathaleen McCormick nullified the original pay package, prompting Musk to seek moving Tesla’s state of incorporation from Delaware to Texas. Glass Lewis also criticised this proposed relocation, pointing out the "uncertain benefits and additional risks" it poses to shareholders. Also Read: Volkswagen in talks for passenger car production partnerships in India Tesla’s defence and shareholder reaffirmation Tesla has urged its shareholders to reaffirm their approval of Musk’s compensation package. Robyn Denholm, Tesla’s board chair, defended the package in a recent interview with the Financial Times, stating that Musk deserves the pay because the company has achieved ambitious targets for revenue and stock price. “Musk deserves this package because Tesla has surpassed its ambitious revenue and stock price targets,” Denholm stated. Since Musk became CEO in 2008, Tesla has seen significant improvements in its financial performance. From a USD 2.2 billion loss in 2018, the company turned a profit of USD 15 billion. The production capacity has also increased, with seven times more vehicles being produced now compared to 2018, according to an online campaign website, Vote Tesla. Proxy advisor’s recommendations on board members In addition to opposing Musk’s pay package, Glass Lewis has also recommended shareholders vote against the reelection of Kimbal Musk, Elon Musk's brother, to the board. However, they have supported the reelection of James Murdoch, the former CEO of 21st Century Fox, to the board. Glass Lewis’ stance is influenced by concerns over governance and the potential conflict of interest due to the close familial ties within the board. They argue that such relationships could undermine the board’s independence and its ability to act in the best interests of all shareholders. The broader implications The debate over Musk’s pay package highlights broader issues around executive compensation, corporate governance, and shareholder rights. It raises questions about how to balance rewarding leadership for outstanding performance with ensuring that compensation packages do not disproportionately impact shareholder value or corporate governance standards. The recommendation from Glass Lewis comes at a time when Tesla is navigating significant challenges and opportunities in the electric vehicle market. As the industry leader, Tesla's decisions on executive compensation and governance are likely to influence broader industry practices. Glass Lewis' recommendation for Tesla shareholders to reject Musk’s USD 56 billion pay package underscores significant concerns about the deal's scale, its impact on shareholder value, and Musk’s ability to manage his numerous high-profile projects effectively. As the vote approaches, Tesla’s shareholders will need to consider these factors carefully, weighing the company's impressive performance under Musk’s leadership against the potential risks highlighted by the advisory firm. (Inputs from Reuters)

Glass Lewis advises Tesla shareholders to reject Musk’s USD 56 bn pay package

SpaceX, the aerospace company founded by Elon Musk, made history on February 6, 2018, with the launch of the Falcon Heavy rocket. What made this particular launch even more unique and captured the world's imagination was the payload - Elon Musk's own cherry-red Tesla Roadster.

This was a big milestone not only for SpaceX but for space exploration as a whole. But do you know what is the current location of this space car?&nbsp;

The current location is "is 62,730,425 miles (100,954,865 km, 0.675 AU, 5.61 light minutes) from Earth, moving away from Earth at a speed of 16,461 mi/h (26,491 km/h, 7.36 km/s)," as checked by WION at 1:37 IST on Saturday (May 25), 2024. This location is as per a tracker named "WhereisRoadster".

Also Read |&nbsp;<a href="https://www.wionews.com/science/nasas-james-webb-may-have-found-answers-to-planets-extreme-puffiness-around-stars-725236">NASA's James Webb may have found answers to planets' extreme puffiness around stars</a>

It is interesting to note that in the car is Starman, a mannequin wearing a SpaceX spacesuit and positioned in the driver's seat of the Tesla Roadster. Starman,&nbsp;equipped with sensors represents the potential for human space exploration and its adventurous spirit.

It was launched "6 years, 3 months, 18 days, 11 hours, 22 minutes and 11 seconds" back (as checked at the time of writing this).&nbsp;

As the Falcon Heavy roared to life and lifted off from Kennedy Space Center's historic Launch Complex 39A in Florida, this sleek electric sports car soared into the cosmos and started drifting through space, with Earth as a backdrop.

Also Read |&nbsp;<a href="https://www.wionews.com/science/largest-ever-planet-forming-disk-found-heres-what-it-tells-us-about-earth-725235">Largest-ever planet-forming disk&nbsp;found. Here's what it tells us about Earth</a>

By sending a payload into deep space, SpaceX was able to test the Falcon Heavy's capabilities in delivering payloads to destinations beyond Earth's orbit, such as Mars.&nbsp;

"The car is 220,623,655 miles (355,059,466 km, 2.373 AU, 19.74 light minutes) from Mars, moving away from the planet at a speed of 8,538 mi/h (13,740 km/h, 3.82 km/s). The car is 107,530,103 miles (173,052,980 km, 1.157 AU, 9.62 light minutes) from the Sun, moving away from the star at a speed of 14,657 mi/h (23,588 km/h, 6.55 km/s)," as per the tracker.&nbsp;

The car boasts a fuel efficiency equivalent to 25,122.1 miles per gallon, based on an estimated consumption of 126,000 gallons of fuel.

<h2>Starman listening to 'Is There Life On Mars?'&nbsp;</h2>

If its battery were still operational, Starman, seated within, would have indulged in David Bowie's "Space Oddity" a staggering 624,700 times in one ear and "Is There Life On Mars?" 841,757 times in the other.

Watch |&nbsp;<a href="https://www.wionews.com/videos/six-die-as-climbers-scale-nepals-mount-everest-725257">Six die as climbers scale Nepal's Mount Everest</a>

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Since its launch, Starman has completed approximately 4.1280 orbits around the Sun. Observing it from Earth requires a colossal telescope roughly 14,816 ft (4,516 m) in diametre.

The Roadster's journey is equal to traversing all of the world’s roads for 79.2 times.&nbsp;

(With inputs from agencies)

SpaceX, the aerospace company founded by Elon Musk, made history on February 6, 2018, with the launch of the Falcon Heavy rocket. What made this particular launch even more unique and captured the world's imagination was the payload - Elon Musk's own cherry-red Tesla Roadster.

SpaceX, the aerospace company founded by Elon Musk, made history on February 6, 2018, with the launch of the Falcon Heavy rocket. What made this particular launch even more unique and captured the world's imagination was the payload - Elon Musk's own cherry-red Tesla Roadster. This was a big milestone not only for SpaceX but for space exploration as a whole. But do you know what is the current location of this space car? The current location is "is 62,730,425 miles (100,954,865 km, 0.675 AU, 5.61 light minutes) from Earth, moving away from Earth at a speed of 16,461 mi/h (26,491 km/h, 7.36 km/s)," as checked by WION at 1:37 IST on Saturday (May 25), 2024. This location is as per a tracker named "WhereisRoadster". Also Read | NASA's James Webb may have found answers to planets' extreme puffiness around stars It is interesting to note that in the car is Starman, a mannequin wearing a SpaceX spacesuit and positioned in the driver's seat of the Tesla Roadster. Starman, equipped with sensors represents the potential for human space exploration and its adventurous spirit. It was launched "6 years, 3 months, 18 days, 11 hours, 22 minutes and 11 seconds" back (as checked at the time of writing this). As the Falcon Heavy roared to life and lifted off from Kennedy Space Center's historic Launch Complex 39A in Florida, this sleek electric sports car soared into the cosmos and started drifting through space, with Earth as a backdrop. Also Read | Largest-ever planet-forming disk found. Here's what it tells us about Earth By sending a payload into deep space, SpaceX was able to test the Falcon Heavy's capabilities in delivering payloads to destinations beyond Earth's orbit, such as Mars. "The car is 220,623,655 miles (355,059,466 km, 2.373 AU, 19.74 light minutes) from Mars, moving away from the planet at a speed of 8,538 mi/h (13,740 km/h, 3.82 km/s). The car is 107,530,103 miles (173,052,980 km, 1.157 AU, 9.62 light minutes) from the Sun, moving away from the star at a speed of 14,657 mi/h (23,588 km/h, 6.55 km/s)," as per the tracker. The car boasts a fuel efficiency equivalent to 25,122.1 miles per gallon, based on an estimated consumption of 126,000 gallons of fuel. Starman listening to 'Is There Life On Mars?' If its battery were still operational, Starman, seated within, would have indulged in David Bowie's "Space Oddity" a staggering 624,700 times in one ear and "Is There Life On Mars?" 841,757 times in the other. Watch | Six die as climbers scale Nepal's Mount Everest × Since its launch, Starman has completed approximately 4.1280 orbits around the Sun. Observing it from Earth requires a colossal telescope roughly 14,816 ft (4,516 m) in diametre. The Roadster's journey is equal to traversing all of the world’s roads for 79.2 times. (With inputs from agencies)

Tesla car Roadster is in space. But do you know WHERE it is right now?

Tesla Inc. CEO Elon Musk expressed opposition to US tariffs on Chinese electric cars (EVs) on Thursday, reversing his past cautions about the importance of trade barriers. Speaking to tech investors via video link at the Viva Technology conference in Paris, Musk emphasised his support for an open market.

"I was surprised when these tariffs were announced," Musk stated. "Neither Tesla nor I requested these taxes. Things that restrict free commerce or distort the market are not desirable.”

Musk's comments follow US President Joe Biden's recent imposition of new tariffs on a variety of Chinese goods, including EVs, in a bid to boost American industry. The Biden administration has upheld and enhanced various tariffs imposed by previous President Donald Trump, including quadrupling taxes on Chinese EVs to more than 100%. These sanctions now affect $18 billion worth of Chinese imports.

The Tesla CEO's comments contrast sharply with his attitude in January when he warned that if no trade obstacles were implemented, Chinese automakers may outperform global competitors. "If there are no trade barriers established, they will pretty much demolish most other car companies in the world," Musk stated during a post-earnings analyst call at the start of the year.

Musk's most recent pronouncements underscore Tesla's competitive position in China without the need for tariffs or special treatment. "Tesla competes successfully in the Chinese market, which has no tariffs or preferential treatment. I am in favour of no tariffs," he stated at the conference.

This year's annual VivaTech conference in Paris drew top industry leaders and politicians, including former Google CEO Eric Schmidt and former US climate ambassador John Kerry. Linda Yaccarino, CEO of Musk's social media platform X, will participate in a panel discussion on the future of content on Friday.

(With inputs from Reuters)

Tesla Inc. CEO Elon Musk expressed opposition to US tariffs on Chinese electric cars (EVs) on Thursday, reversing his past cautions about the importance of trade barriers.

Tesla Inc. CEO Elon Musk expressed opposition to US tariffs on Chinese electric cars (EVs) on Thursday, reversing his past cautions about the importance of trade barriers. Speaking to tech investors via video link at the Viva Technology conference in Paris, Musk emphasised his support for an open market. "I was surprised when these tariffs were announced," Musk stated. "Neither Tesla nor I requested these taxes. Things that restrict free commerce or distort the market are not desirable.” Musk's comments follow US President Joe Biden's recent imposition of new tariffs on a variety of Chinese goods, including EVs, in a bid to boost American industry. The Biden administration has upheld and enhanced various tariffs imposed by previous President Donald Trump, including quadrupling taxes on Chinese EVs to more than 100%. These sanctions now affect $18 billion worth of Chinese imports. The Tesla CEO's comments contrast sharply with his attitude in January when he warned that if no trade obstacles were implemented, Chinese automakers may outperform global competitors. "If there are no trade barriers established, they will pretty much demolish most other car companies in the world," Musk stated during a post-earnings analyst call at the start of the year. Musk's most recent pronouncements underscore Tesla's competitive position in China without the need for tariffs or special treatment. "Tesla competes successfully in the Chinese market, which has no tariffs or preferential treatment. I am in favour of no tariffs," he stated at the conference. This year's annual VivaTech conference in Paris drew top industry leaders and politicians, including former Google CEO Eric Schmidt and former US climate ambassador John Kerry. Linda Yaccarino, CEO of Musk's social media platform X, will participate in a panel discussion on the future of content on Friday. (With inputs from Reuters)

Tesla's Musk opposes new US tariffs on Chinese EVs, reverses previous stance

Tesla CEO Elon Musk has come out against the recent US tariffs imposed on Chinese Electric Vehicles. These tariffs represent a 400% increase, effectively raising the import duty to 100%. The move aims to protect American manufacturing jobs in the face of growing competition from China.

Tesla's Musk opposes 100% tariff hike on Chinese EVs

After more than a year of silence, Tesla has finally released its Autopilot safety data report. The latest report provides crucial insights into the performance of Tesla's Autopilot technology, shedding light on its safety compared to non-Autopilot driving and industry averages. This release comes amid ongoing scrutiny and debate about the effectiveness and transparency of Tesla's autonomous driving features.

For years, Tesla published a "Vehicle Safety Report" that compared miles driven between accidents in its vehicles based on the usage of Autopilot. This report aimed to demonstrate that Autopilot technology enhances driving safety, showcasing that Tesla vehicles are less likely to crash compared to the average car in the United States, even without Autopilot. However, after the fourth quarter of 2022, Tesla abruptly stopped releasing this data, sparking speculation and criticism.

Understanding the criticism

The primary criticism of Tesla's previous safety reports revolved around the data's limitations. Critics argued that the reports did not account for the higher incidence of accidents on city roads and undivided highways compared to the highways where Autopilot is predominantly used. Despite these concerns, the data remained a valuable resource for tracking Tesla's progress in autonomous driving technology.

Also Read:&nbsp;<a href="https://www.wionews.com/autonews/polestar-delays-q1-results-amid-accounting-issues-724507">Polestar delays Q1 results amid accounting issues</a>

The long silence explained

Tesla's decision to halt the release of its safety data after Q4 2022 remained unexplained until now. Interestingly, the data from Q1 2023, which Tesla only released recently, showed a notable decrease in miles driven between accidents compared to the same period in the previous year. This decrease might have contributed to Tesla's decision to pause the publication of its safety reports.

Significant improvements in autopilot safety

Tesla's latest data for Q1 2024 highlights significant improvements in Autopilot safety. According to the report, Tesla recorded one crash for every 7.63 million miles driven with Autopilot engaged. In contrast, for drivers not using Autopilot, there was one crash for every 955,000 miles driven. For comparison, the most recent data from the National Highway Traffic Safety Administration (NHTSA) and the Federal Highway Administration (FHWA) from 2022 showed that there was an automobile crash approximately every 670,000 miles in the United States.

Year-over-year comparison

The new data underscores the importance of comparing safety metrics year-over-year rather than quarter-over-quarter, as seasonal variations can significantly impact accident rates. By focusing on yearly comparisons, Tesla aims to provide a clearer picture of the ongoing improvements in its Autopilot technology.

Tesla's renewed commitment to transparency in releasing its safety data likely stems from the need to rebuild trust and address the criticisms that have plagued its Autopilot technology. The significant improvement in safety metrics reported for Q1 2024 suggests that Tesla has made substantial advancements in its autonomous driving systems, possibly addressing the issues that led to the poorer performance in Q1 2023.

The broader implications

The release of this safety data has broader implications for the autonomous vehicle industry. It highlights the importance of continuous improvement and transparency in the development and deployment of autonomous driving technologies. As Tesla strives to maintain its leadership in the EV and autonomous vehicle markets, other automakers may also be encouraged to adopt similar practices in reporting and improving the safety of their autonomous systems.

The road ahead for Tesla

Tesla's Autopilot technology remains a focal point in the ongoing evolution of autonomous driving. The significant improvements reported in Q1 2024 are a positive step forward, but the company must continue to address the concerns and criticisms from both regulators and the public. Ensuring the safety and reliability of Autopilot technology will be crucial for Tesla as it navigates the future of autonomous driving.

Tesla's decision to resume the release of its Autopilot safety data marks a significant step towards greater transparency and accountability. The latest report indicates substantial improvements in the safety of its autonomous driving technology, showcasing Tesla's commitment to advancing vehicle safety. As the company continues to refine its Autopilot systems, ongoing transparency and responsiveness to feedback will be essential in maintaining its position at the forefront of the autonomous vehicle industry.

After more than a year of silence, Tesla has finally released its Autopilot safety data report. The latest report provides crucial insights into the performance of Tesla's Autopilot technology, shedding light on its safety compared to non-Autopilot driving and industry averages.

After more than a year of silence, Tesla has finally released its Autopilot safety data report. The latest report provides crucial insights into the performance of Tesla's Autopilot technology, shedding light on its safety compared to non-Autopilot driving and industry averages. This release comes amid ongoing scrutiny and debate about the effectiveness and transparency of Tesla's autonomous driving features. For years, Tesla published a "Vehicle Safety Report" that compared miles driven between accidents in its vehicles based on the usage of Autopilot. This report aimed to demonstrate that Autopilot technology enhances driving safety, showcasing that Tesla vehicles are less likely to crash compared to the average car in the United States, even without Autopilot. However, after the fourth quarter of 2022, Tesla abruptly stopped releasing this data, sparking speculation and criticism. Understanding the criticism The primary criticism of Tesla's previous safety reports revolved around the data's limitations. Critics argued that the reports did not account for the higher incidence of accidents on city roads and undivided highways compared to the highways where Autopilot is predominantly used. Despite these concerns, the data remained a valuable resource for tracking Tesla's progress in autonomous driving technology. Also Read: Polestar delays Q1 results amid accounting issues The long silence explained Tesla's decision to halt the release of its safety data after Q4 2022 remained unexplained until now. Interestingly, the data from Q1 2023, which Tesla only released recently, showed a notable decrease in miles driven between accidents compared to the same period in the previous year. This decrease might have contributed to Tesla's decision to pause the publication of its safety reports. Significant improvements in autopilot safety Tesla's latest data for Q1 2024 highlights significant improvements in Autopilot safety. According to the report, Tesla recorded one crash for every 7.63 million miles driven with Autopilot engaged. In contrast, for drivers not using Autopilot, there was one crash for every 955,000 miles driven. For comparison, the most recent data from the National Highway Traffic Safety Administration (NHTSA) and the Federal Highway Administration (FHWA) from 2022 showed that there was an automobile crash approximately every 670,000 miles in the United States. Year-over-year comparison The new data underscores the importance of comparing safety metrics year-over-year rather than quarter-over-quarter, as seasonal variations can significantly impact accident rates. By focusing on yearly comparisons, Tesla aims to provide a clearer picture of the ongoing improvements in its Autopilot technology. Tesla's renewed commitment to transparency in releasing its safety data likely stems from the need to rebuild trust and address the criticisms that have plagued its Autopilot technology. The significant improvement in safety metrics reported for Q1 2024 suggests that Tesla has made substantial advancements in its autonomous driving systems, possibly addressing the issues that led to the poorer performance in Q1 2023. The broader implications The release of this safety data has broader implications for the autonomous vehicle industry. It highlights the importance of continuous improvement and transparency in the development and deployment of autonomous driving technologies. As Tesla strives to maintain its leadership in the EV and autonomous vehicle markets, other automakers may also be encouraged to adopt similar practices in reporting and improving the safety of their autonomous systems. The road ahead for Tesla Tesla's Autopilot technology remains a focal point in the ongoing evolution of autonomous driving. The significant improvements reported in Q1 2024 are a positive step forward, but the company must continue to address the concerns and criticisms from both regulators and the public. Ensuring the safety and reliability of Autopilot technology will be crucial for Tesla as it navigates the future of autonomous driving. Tesla's decision to resume the release of its Autopilot safety data marks a significant step towards greater transparency and accountability. The latest report indicates substantial improvements in the safety of its autonomous driving technology, showcasing Tesla's commitment to advancing vehicle safety. As the company continues to refine its Autopilot systems, ongoing transparency and responsiveness to feedback will be essential in maintaining its position at the forefront of the autonomous vehicle industry.

Tesla releases autopilot safety data after year-long hiatus

Electric vehicle giant Tesla is taking proactive measures to safeguard its supply chain by urging suppliers to establish production facilities outside of China and Taiwan. This strategic move comes in response to the growing geopolitical tensions in the region, which pose potential risks to the company's operations.

According to multiple sources with direct knowledge of the matter, Tesla has requested that suppliers producing components such as printed circuit boards, displays, and electronic control unit systems for its non-China market models shift their manufacturing to locations beyond China and Taiwan. The American EV maker cited mounting geopolitical risks in the Greater China region, particularly in light of the upcoming U.S. presidential election, as the driving force behind this request.

The primary objective is to develop alternative supply sources for markets outside of China, thereby mitigating the potential for supply chain disruptions. One Taiwan-based supplier revealed that Tesla aims to have components manufactured "out of China and out of Taiwan" (OOC and OOT) starting from next year's new projects.

Tesla's efforts extend beyond its Taiwanese suppliers, as the company has engaged in discussions with manufacturers in Japan, South Korea, and other Asian countries. Executives from Japanese electronics makers have confirmed their involvement in these conversations.

Suppliers are already taking action to comply with Tesla's directive. One component supplier is ramping up production capacity in Thailand to meet the demand for components manufactured outside of China and Taiwan. Another executive highlighted the adoption of the "China+1 strategy," which involves avoiding Taiwan alongside China in the supply chain.

While Tesla appears to be the most proactive in mitigating risks associated with China and Taiwan, other American automakers, such as General Motors and Ford, have also explored the possibility of relocating electronics production away from these regions. However, unlike Tesla, they have not yet issued formal requests to their suppliers.

The urgency behind Tesla's requests stems from the escalating tensions between Beijing and Taipei, exacerbated by factors such as Washington's export controls on advanced technologies to China and Taiwan's hosting of a visit by former U.S. House Speaker Nancy Pelosi in 2022. Chinese President Xi Jinping has intensified pressure on the island through repeated military drills and frequent flights over the Taiwan Strait.

Moreover, Tesla faces increasing competition from Chinese EV manufacturers like BYD, which claimed a 15% share of the global battery electric vehicle (BEV) market in the first quarter of 2024, surpassing Tesla's 19% share. This competition has prompted Tesla to explore parallel supply chains while maintaining a presence in China, as evidenced by CEO Elon Musk's recent visit to secure approval for the company's advanced driver-assist software.

The tech-heavy nature of EVs has put their supply chains at the centre of the U.S.- China technology rivalry. With China and Taiwan producing the bulk of vital electronics components, analysts suggest that it is logical for automakers like Tesla to request production capacity outside of these regions to prevent potential disruptions.

Electric vehicle giant Tesla is taking proactive measures to safeguard its supply chain by urging suppliers to establish production facilities outside of China and Taiwan.

Electric vehicle giant Tesla is taking proactive measures to safeguard its supply chain by urging suppliers to establish production facilities outside of China and Taiwan. This strategic move comes in response to the growing geopolitical tensions in the region, which pose potential risks to the company's operations. According to multiple sources with direct knowledge of the matter, Tesla has requested that suppliers producing components such as printed circuit boards, displays, and electronic control unit systems for its non-China market models shift their manufacturing to locations beyond China and Taiwan. The American EV maker cited mounting geopolitical risks in the Greater China region, particularly in light of the upcoming U.S. presidential election, as the driving force behind this request. The primary objective is to develop alternative supply sources for markets outside of China, thereby mitigating the potential for supply chain disruptions. One Taiwan-based supplier revealed that Tesla aims to have components manufactured "out of China and out of Taiwan" (OOC and OOT) starting from next year's new projects. Tesla's efforts extend beyond its Taiwanese suppliers, as the company has engaged in discussions with manufacturers in Japan, South Korea, and other Asian countries. Executives from Japanese electronics makers have confirmed their involvement in these conversations. Suppliers are already taking action to comply with Tesla's directive. One component supplier is ramping up production capacity in Thailand to meet the demand for components manufactured outside of China and Taiwan. Another executive highlighted the adoption of the "China+1 strategy," which involves avoiding Taiwan alongside China in the supply chain. While Tesla appears to be the most proactive in mitigating risks associated with China and Taiwan, other American automakers, such as General Motors and Ford, have also explored the possibility of relocating electronics production away from these regions. However, unlike Tesla, they have not yet issued formal requests to their suppliers. The urgency behind Tesla's requests stems from the escalating tensions between Beijing and Taipei, exacerbated by factors such as Washington's export controls on advanced technologies to China and Taiwan's hosting of a visit by former U.S. House Speaker Nancy Pelosi in 2022. Chinese President Xi Jinping has intensified pressure on the island through repeated military drills and frequent flights over the Taiwan Strait. Moreover, Tesla faces increasing competition from Chinese EV manufacturers like BYD, which claimed a 15% share of the global battery electric vehicle (BEV) market in the first quarter of 2024, surpassing Tesla's 19% share. This competition has prompted Tesla to explore parallel supply chains while maintaining a presence in China, as evidenced by CEO Elon Musk's recent visit to secure approval for the company's advanced driver-assist software. The tech-heavy nature of EVs has put their supply chains at the centre of the U.S.- China technology rivalry. With China and Taiwan producing the bulk of vital electronics components, analysts suggest that it is logical for automakers like Tesla to request production capacity outside of these regions to prevent potential disruptions.

Tesla looks past China, Taiwan for parts supply

A group of Tesla shareholders is urging investors to vote against a $40 billion compensation package for CEO Elon Musk, claiming it is not in the company's best interest.

Tesla shareholders oppose Musk’s pay

Tesla is revving up production of its electric Semi truck, announcing the delivery of 50 more units to PepsiCo, according to Dan Priestly, head of Tesla's Semi division. This news follows a successful performance by PepsiCo's initial fleet of 21 Semis, which exceeded expectations during a real-world test run last year.

 
Priestly made the announcement at the ACT Expo clean transportation conference, highlighting the impressive results from the North American Council for Freight Efficiency's Run on Less event. The PepsiCo Semis averaged more miles driven per day than any other participating vehicle, showcasing the potential of Tesla's electric trucks to disrupt the heavy-duty trucking industry.

 
This conference appearance marks a potential shift in transparency for Tesla. The Semi has garnered significant industry attention, but the company has faced criticism for its secretive approach to development. Priestly acknowledged the scepticism, even addressing rumours about the trucks hauling chips — clarifying they actually transport beverages for PepsiCo. He also poked fun at Tesla's history of delayed production timelines, stating, "Tesla has a specialty, and that is turning the impossible into merely late."

 
Looking ahead, Priestly hinted at broader commercialization plans. Tesla intends to deliver Semis to additional customers in 2026, underlining their commitment to the electric trucking market. He emphasised the company's expertise in electric vehicles and charging infrastructure, suggesting they're well-positioned to tackle the challenges of large-scale electric trucking adoption. 
Despite the limited number of Semis currently on the road compared to competitors, PepsiCo's successful use case demonstrates the vehicle's potential. Tesla's pledge for wider deliveries in 2026 sends a strong message – the company is serious about making electric trucks a mainstream reality.

 
One PepsiCo Tesla travelled 1,076 miles in a single day with three relatively brief 750-kilowatt fast-charging stops that brought the battery's charge to roughly 47 percent, then 89 percent and then 52 percent. The company said 60 percent of the miles driven over the 18 days were with a gross vehicle weight, which includes freight, of more than over 70,000 pounds. That is near the 82,000-pound limit for zero-emission semi tractor-trailer combos and a weight typical of the logistics industry. 
&nbsp;

Tesla is revving up production of its electric Semi truck, announcing the delivery of 50 more units to PepsiCo, according to Dan Priestly, head of Tesla's Semi division.

Tesla is revving up production of its electric Semi truck, announcing the delivery of 50 more units to PepsiCo, according to Dan Priestly, head of Tesla's Semi division. This news follows a successful performance by PepsiCo's initial fleet of 21 Semis, which exceeded expectations during a real-world test run last year. Priestly made the announcement at the ACT Expo clean transportation conference, highlighting the impressive results from the North American Council for Freight Efficiency's Run on Less event. The PepsiCo Semis averaged more miles driven per day than any other participating vehicle, showcasing the potential of Tesla's electric trucks to disrupt the heavy-duty trucking industry. This conference appearance marks a potential shift in transparency for Tesla. The Semi has garnered significant industry attention, but the company has faced criticism for its secretive approach to development. Priestly acknowledged the scepticism, even addressing rumours about the trucks hauling chips — clarifying they actually transport beverages for PepsiCo. He also poked fun at Tesla's history of delayed production timelines, stating, "Tesla has a specialty, and that is turning the impossible into merely late." Looking ahead, Priestly hinted at broader commercialization plans. Tesla intends to deliver Semis to additional customers in 2026, underlining their commitment to the electric trucking market. He emphasised the company's expertise in electric vehicles and charging infrastructure, suggesting they're well-positioned to tackle the challenges of large-scale electric trucking adoption. Despite the limited number of Semis currently on the road compared to competitors, PepsiCo's successful use case demonstrates the vehicle's potential. Tesla's pledge for wider deliveries in 2026 sends a strong message – the company is serious about making electric trucks a mainstream reality. One PepsiCo Tesla travelled 1,076 miles in a single day with three relatively brief 750-kilowatt fast-charging stops that brought the battery's charge to roughly 47 percent, then 89 percent and then 52 percent. The company said 60 percent of the miles driven over the 18 days were with a gross vehicle weight, which includes freight, of more than over 70,000 pounds. That is near the 82,000-pound limit for zero-emission semi tractor-trailer combos and a weight typical of the logistics industry.

Tesla to deliver 50 more Semi trucks to PepsiCo

Amidst decreasing sales and an intensifying price war, Tesla revealed its plan to lay off another 601 employees in California in a notice to the state government. The job cuts began a month ago and the automaker is on a roll to cut costs.

On April 15, Tesla CEO Elon Musk announced that the carmaker would cut “more than 10 per cent” of its total workforce, more than 14,000 jobs, in order to be “lean, innovative and hungry”.

According to sources familiar with the matter, since Musk wanted to slash 20% of its headcount, the electric vehicle maker has since then, conducted several rounds of job cuts.

The urgency of the shift was highlighted by Tesla reporting a decline of almost 10 per cent in revenues in the first quarter of this year, its first year-on-year quarterly drop since the start of 2020. The share price has more than halved from its November 2021 peak of just under USD 410 a share.

The latest round of layoffs would have a direct impact on employees at Tesla’s facilities in Palo Alto and Fremont, California. According to the Worker Adjustment and Retraining Notification (WARN), Tesla said that the layoffs would be implemented during the 14-day period beginning June 20, 2024.

Last month, the electric car maker said that it would lay off 6,020 people in California and Texas, as part of the headcount cuts. The industry-wide job reduction also included 285 employees at its Buffalo, New York facilities that consisted of the labelling team for its Autopilot driver assistance software and the ones that make fast-charging equipment.&nbsp;

Musk disbanded Tesla's Supercharger team on April 30.&nbsp;

Tesla’s supercharger system is among the largest charging networks in the world and was one the reasons the company enjoyed such a commanding lead over rival carmakers for so long. &nbsp;

He has shut down the division that runs Tesla’s Supercharger business, dismissed two senior executives Rebecca Tinucci, and Daniel Ho and fired hundreds more staff as the electric car maker continues its restructuring amid a sharp downturn in the EV market. 
&nbsp;

Amidst decreasing sales and an intensifying price war, Tesla revealed its plan to lay off another 601 employees in California in a notice to the state government.

Amidst decreasing sales and an intensifying price war, Tesla revealed its plan to lay off another 601 employees in California in a notice to the state government. The job cuts began a month ago and the automaker is on a roll to cut costs. On April 15, Tesla CEO Elon Musk announced that the carmaker would cut “more than 10 per cent” of its total workforce, more than 14,000 jobs, in order to be “lean, innovative and hungry”. According to sources familiar with the matter, since Musk wanted to slash 20% of its headcount, the electric vehicle maker has since then, conducted several rounds of job cuts. The urgency of the shift was highlighted by Tesla reporting a decline of almost 10 per cent in revenues in the first quarter of this year, its first year-on-year quarterly drop since the start of 2020. The share price has more than halved from its November 2021 peak of just under USD 410 a share. The latest round of layoffs would have a direct impact on employees at Tesla’s facilities in Palo Alto and Fremont, California. According to the Worker Adjustment and Retraining Notification (WARN), Tesla said that the layoffs would be implemented during the 14-day period beginning June 20, 2024. Last month, the electric car maker said that it would lay off 6,020 people in California and Texas, as part of the headcount cuts. The industry-wide job reduction also included 285 employees at its Buffalo, New York facilities that consisted of the labelling team for its Autopilot driver assistance software and the ones that make fast-charging equipment. Musk disbanded Tesla's Supercharger team on April 30. Tesla’s supercharger system is among the largest charging networks in the world and was one the reasons the company enjoyed such a commanding lead over rival carmakers for so long. He has shut down the division that runs Tesla’s Supercharger business, dismissed two senior executives Rebecca Tinucci, and Daniel Ho and fired hundreds more staff as the electric car maker continues its restructuring amid a sharp downturn in the EV market.

Tesla to cut around 600 more jobs in California

US EV maker Tesla has settled a lawsuit by a former factory employee who alleged that she was fired by the company for complaining about severe sexual harassment, Reuters reported. The electric carmaker has a series of sex and race discrimination lawsuits pending against it. Soon after Tyonna Turner and Tesla informed the district judge of the settlement, Judge William Orrick in San Francisco dismissed the 2023 lawsuit. However, the terms of settlement were not disclosed.

Turner was employed at Tesla's flagship assembly plant in Fremont, California, where the company is accused in a number of lawsuits of failing to address rampant harassment of Black and female workers. This appears to be the first settlement in a series of sexual harassment cases filed against the company since 2021. Both representatives of Tesla and Turner did not immediately respond to requests for comment by Reuters.

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The lawsuit by Turner had alleged that in the nearly two years that she worked at the Fremont plant, she was harassed about 100 times. This included stalking by a male coworker who often followed her around the factory. She claimed that when she complained, a supervisor told her, "That's just how people are." Following this, in September 2022, Turner was fired in retaliation for reporting the harassment and a workplace injury.

Last August, judge Orrick rejected Tesla's bid to send the case to private arbitration, citing a 2022 federal law that bars mandatory arbitration of sexual harassment and assault claims. At least six other cases pending against Tesla in California state court are similar to what Turner's lawsuit alleged.

Other lawsuits faced by Tesla include tolerance of widespread racial discrimination at the Fremont plant and other facilities, including claims from a US anti-discrimination agency. There is a separate case by its California counterpart and a class action on behalf of 6,000 Black workers which claim that they were subjected to constant racial slurs and graffiti.&nbsp;

The lawsuits also allege that they were assigned less desirable jobs and retaliated against for complaining. However, Tesla has said it does not tolerate discrimination and has fired workers who were found to have engaged in racist conducts.

US EV maker Tesla has settled a lawsuit by a former factory employee who alleged that she was fired by the company for complaining about severe sexual harassment, Reuters reported.

US EV maker Tesla has settled a lawsuit by a former factory employee who alleged that she was fired by the company for complaining about severe sexual harassment, Reuters reported. The electric carmaker has a series of sex and race discrimination lawsuits pending against it. Soon after Tyonna Turner and Tesla informed the district judge of the settlement, Judge William Orrick in San Francisco dismissed the 2023 lawsuit. However, the terms of settlement were not disclosed. Turner was employed at Tesla's flagship assembly plant in Fremont, California, where the company is accused in a number of lawsuits of failing to address rampant harassment of Black and female workers. This appears to be the first settlement in a series of sexual harassment cases filed against the company since 2021. Both representatives of Tesla and Turner did not immediately respond to requests for comment by Reuters. Also Read: Protestors try to attack German Tesla factory, clash with police The lawsuit by Turner had alleged that in the nearly two years that she worked at the Fremont plant, she was harassed about 100 times. This included stalking by a male coworker who often followed her around the factory. She claimed that when she complained, a supervisor told her, "That's just how people are." Following this, in September 2022, Turner was fired in retaliation for reporting the harassment and a workplace injury. Last August, judge Orrick rejected Tesla's bid to send the case to private arbitration, citing a 2022 federal law that bars mandatory arbitration of sexual harassment and assault claims. At least six other cases pending against Tesla in California state court are similar to what Turner's lawsuit alleged. Other lawsuits faced by Tesla include tolerance of widespread racial discrimination at the Fremont plant and other facilities, including claims from a US anti-discrimination agency. There is a separate case by its California counterpart and a class action on behalf of 6,000 Black workers which claim that they were subjected to constant racial slurs and graffiti. The lawsuits also allege that they were assigned less desirable jobs and retaliated against for complaining. However, Tesla has said it does not tolerate discrimination and has fired workers who were found to have engaged in racist conducts.

Tesla settles sexual harassment lawsuit by factory worker

Many protesters expressed dismay to the expansion of a Tesla plant in Grünheide, near Berlin, clashed with police last week when some of them attempted to barge in the electric vehicle manufacturing facility.

Approximately 800 people were part of the protest; according to the organising group Disrupt Tesla. The group also claims the expansion would damage the environment.

 
Tesla has intrigued fierce backlash since the company opened the factory in March 2022, and announced plans to expand into a nearby forest to increase its production capability.

 
In February, the town where the factory is situated opposed the proposals in a non-legally binding referendum. Following this, demonstrators have maintained an encampment nearby as a form of protest.

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In a video, many people were seen wearing blue caps and masks coming from a nearby wooded area, attempted to storm the company’s premises while the police officers were trying to prevent them. At least one protester was detained.

 
The same facility was completely shut for a week in March after suspected arson disabled its power. A separate protest collective called Volcano Group took responsibility for the fire, calling for the “complete destruction of the gigafactory”.

 
According to Ole Becker, a spokesperson for Disrupt Tesla, the group aims to draw attention to the environmental harm caused by lithium mining in countries like Argentina or Bolivia. This mineral is crucial for manufacturing electric vehicle batteries.

 
“Why do the police let the leftwing protestors off so easily?” the Tesla CEO, Elon Musk, wrote on his social medial platform X, adding that the demonstrators could not through. Tesla, which dissolved its press department in 2020, did not respond to request for comment.

 
The police confirmed that the protesters tried to enter the plant’s premises, but were stopped, with several people taken into custody, and that it received a few reports of injuries.

 
“We protect the freedom of assembly,” said a Brandenburg police spokesperson, Mario Heinemann, “but we are also responsible for public order and safety. That means we will also intervene when necessary.”

 
The police spokesperson added that some demonstrators also damaged a few Tesla cars using pyrotechnics and paint at a nearby car storage site.

Earlier this week Tesla mentioned that it would shut the factory for one day on Friday, without specifying a reason.&nbsp;

(With inputs from Reuters)

Many protesters expressed dismay to the expansion of a Tesla plant in Grünheide, near Berlin, clashed with police last week when some of them attempted to barge in the electric vehicle manufacturing facility.

Many protesters expressed dismay to the expansion of a Tesla plant in Grünheide, near Berlin, clashed with police last week when some of them attempted to barge in the electric vehicle manufacturing facility. Approximately 800 people were part of the protest; according to the organising group Disrupt Tesla. The group also claims the expansion would damage the environment. Tesla has intrigued fierce backlash since the company opened the factory in March 2022, and announced plans to expand into a nearby forest to increase its production capability. In February, the town where the factory is situated opposed the proposals in a non-legally binding referendum. Following this, demonstrators have maintained an encampment nearby as a form of protest. Read More: France secures major investments and jobs from Amazon, Pfizer, and Morgan Stanley In a video, many people were seen wearing blue caps and masks coming from a nearby wooded area, attempted to storm the company’s premises while the police officers were trying to prevent them. At least one protester was detained. The same facility was completely shut for a week in March after suspected arson disabled its power. A separate protest collective called Volcano Group took responsibility for the fire, calling for the “complete destruction of the gigafactory”. According to Ole Becker, a spokesperson for Disrupt Tesla, the group aims to draw attention to the environmental harm caused by lithium mining in countries like Argentina or Bolivia. This mineral is crucial for manufacturing electric vehicle batteries. “Why do the police let the leftwing protestors off so easily?” the Tesla CEO, Elon Musk, wrote on his social medial platform X, adding that the demonstrators could not through. Tesla, which dissolved its press department in 2020, did not respond to request for comment. The police confirmed that the protesters tried to enter the plant’s premises, but were stopped, with several people taken into custody, and that it received a few reports of injuries. “We protect the freedom of assembly,” said a Brandenburg police spokesperson, Mario Heinemann, “but we are also responsible for public order and safety. That means we will also intervene when necessary.” The police spokesperson added that some demonstrators also damaged a few Tesla cars using pyrotechnics and paint at a nearby car storage site. Earlier this week Tesla mentioned that it would shut the factory for one day on Friday, without specifying a reason. (With inputs from Reuters)

Protestors try to attack German Tesla factory, clash with police

US prosecutors are delving into possible securities and wire fraud by Tesla, investigating allegations of deceptive claims regarding the capabilities of its Autopilot and Full Self-Driving systems, Reuters reported citing sources familiar with the matter. <o:p></o:p>

Tesla's promotional assertions about its vehicles' self-driving capabilities have come under scrutiny, raising concerns about misleading investors and consumers. <o:p></o:p>

This investigation, a follow-up to Reuters' exclusive report on the US criminal inquiry into Tesla, indicates mounting legal challenges facing the electric vehicle manufacturer.<o:p></o:p>

Tesla's Autopilot and Full Self-Driving systems, while assisting with steering, braking, and lane changes, fall short of full autonomy. <o:p></o:p>

However, Tesla and its CEO, Elon Musk, have faced allegations of misleading statements suggesting otherwise. <o:p></o:p>

Investigators are exploring potential wire fraud charges, focusing on deceptive interstate communications related to Tesla's driver-assistance systems. <o:p></o:p>

Additionally, scrutiny extends to Tesla's representations to investors, raising concerns about possible securities fraud. <o:p></o:p>

The Securities and Exchange Commission (SEC) is also investigating Tesla's disclosures regarding driver-assistance systems. <o:p></o:p>

The investigation into Tesla's autonomous-car claims navigates a complex legal terrain, requiring prosecutors to establish that Tesla's statements crossed the threshold from permissible marketing to knowingly false assertions. <o:p></o:p>

Legal experts caution that mere corporate optimism or aspirational goals do not necessarily constitute fraud. <o:p></o:p>

However, prosecutors seek evidence of internal communications indicating an awareness of false claims. <o:p></o:p>

Safety considerations add weight to the seriousness of the allegations, indicating the gravity of potential legal implications for Tesla.<o:p></o:p>

Tesla's claims about Autopilot and Full Self-Driving have sparked regulatory scrutiny and legal challenges, with concerns mounting over the technology's safety implications. <o:p></o:p>

Recent fatal crashes involving Tesla vehicles with Autopilot engaged have intensified concerns about the adequacy of Tesla's safety measures and the implications of its marketing messaging. <o:p></o:p>

Safety regulators and courts alike have raised alarms over the potential for consumer misinterpretation of the capabilities of Tesla's driver-assistance systems. <o:p></o:p>

The National Highway Traffic Safety Administration (NHTSA) launched an investigation into Tesla's recall of over 2 million vehicles, probing whether safety concerns related to Autopilot were adequately addressed. <o:p></o:p>

The recall followed a series of incidents where vehicles with Autopilot engaged collided with emergency response vehicles. <o:p></o:p>

Regulators identified multiple fatalities and injuries linked to these incidents, highlighting a significant safety gap between consumer expectations and the system's actual capabilities.<o:p></o:p>

US Senator Edward Markey, a vocal critic of Tesla's driver-assistance systems, welcomed the actions taken by NHTSA and the Justice Department, emphasising the importance of addressing safety concerns associated with Tesla's technology. <o:p></o:p>

Markey's statement underlines growing regulatory pressure on Tesla to enhance safety measures and transparency regarding its autonomous driving features. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

US prosecutors are delving into possible securities and wire fraud by Tesla, investigating allegations of deceptive claims regarding the capabilities of its Autopilot and Full Self-Driving systems, Reuters reported citing sources familiar with the matter.

US prosecutors are delving into possible securities and wire fraud by Tesla, investigating allegations of deceptive claims regarding the capabilities of its Autopilot and Full Self-Driving systems, Reuters reported citing sources familiar with the matter. Tesla's promotional assertions about its vehicles' self-driving capabilities have come under scrutiny, raising concerns about misleading investors and consumers. This investigation, a follow-up to Reuters' exclusive report on the US criminal inquiry into Tesla, indicates mounting legal challenges facing the electric vehicle manufacturer. Tesla's Autopilot and Full Self-Driving systems, while assisting with steering, braking, and lane changes, fall short of full autonomy. However, Tesla and its CEO, Elon Musk, have faced allegations of misleading statements suggesting otherwise. Investigators are exploring potential wire fraud charges, focusing on deceptive interstate communications related to Tesla's driver-assistance systems. Additionally, scrutiny extends to Tesla's representations to investors, raising concerns about possible securities fraud. The Securities and Exchange Commission (SEC) is also investigating Tesla's disclosures regarding driver-assistance systems. The investigation into Tesla's autonomous-car claims navigates a complex legal terrain, requiring prosecutors to establish that Tesla's statements crossed the threshold from permissible marketing to knowingly false assertions. Legal experts caution that mere corporate optimism or aspirational goals do not necessarily constitute fraud. However, prosecutors seek evidence of internal communications indicating an awareness of false claims. Safety considerations add weight to the seriousness of the allegations, indicating the gravity of potential legal implications for Tesla. Tesla's claims about Autopilot and Full Self-Driving have sparked regulatory scrutiny and legal challenges, with concerns mounting over the technology's safety implications. Recent fatal crashes involving Tesla vehicles with Autopilot engaged have intensified concerns about the adequacy of Tesla's safety measures and the implications of its marketing messaging. Safety regulators and courts alike have raised alarms over the potential for consumer misinterpretation of the capabilities of Tesla's driver-assistance systems. The National Highway Traffic Safety Administration (NHTSA) launched an investigation into Tesla's recall of over 2 million vehicles, probing whether safety concerns related to Autopilot were adequately addressed. The recall followed a series of incidents where vehicles with Autopilot engaged collided with emergency response vehicles. Regulators identified multiple fatalities and injuries linked to these incidents, highlighting a significant safety gap between consumer expectations and the system's actual capabilities. US Senator Edward Markey, a vocal critic of Tesla's driver-assistance systems, welcomed the actions taken by NHTSA and the Justice Department, emphasising the importance of addressing safety concerns associated with Tesla's technology. Markey's statement underlines growing regulatory pressure on Tesla to enhance safety measures and transparency regarding its autonomous driving features. (With inputs from Reuters)

US prosecutors probe Tesla's autopilot claims for potential fraudulent misrepresentation

Tesla is facing a federal investigation by the US Department of Justice. Prosecutors are examining whether tesla misled investors and consumers about the capabilities of its autopilot and full self-driving technologies. These driver-assistance systems have been linked to several crashes, including fatalities.

Tesla under investigation for possible fraudulent claims | World Business Watch

During his recent visit to China, Tesla CEO Elon Musk proposed testing the company's advanced driver-assistance package in the country by deploying it in robotaxis, state-backed China Daily newspaper reported on Wednesday. Chinese officials welcomed the robotaxi tests in the country and hoped it would "set a good example", the newspaper quoted the sources as saying.

However, the authorities in China did not immediately approve the widespread use of its Full Self-Driving (FSD) functions. Before the complete rollout of its FSD functions, Tesla still needs to get approval to collect and transfer data overseas to train Tesla cars for driver-assistance features. The newspaper added that this issue wasn't discussed in detail during Musk's visit.

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A person briefed on the matter told Reuters that Tesla is seeking to launch the robotaxi tests in Shanghai, where the company's largest factory globally is located.

Musk's trip to Beijing last month was to discuss the rollout of FSD in the country and whether Tesla could secure government approvals to transfer data overseas that could prove pivotal in its development of autonomous vehicles.&nbsp;

What is FSD? It is the most autonomous version of Autopilot software and was rolled out by Tesla in 2020. Its features include self-parking, auto lane changes and traffic navigation. Among the wins during this trip was a key endorsement from a top Chinese auto association that said Tesla's Model 3 and Y cars were compliant with data-security regulations.&nbsp;

This development would enable local governments to allow Tesla cars into parts of China they were previously barred from, Chinese media reported. Separately, Tesla had also reached an agreement with Baidu to use the Chinese tech giant's mapping license for data collection on China's public roads, in a step towards FSD rollout in China.

However, the China Daily Newspaper said citing sources that the deal only meant that the accuracy of Baidu's maps provided to Tesla would be improved and that it had no direct relation with FSD. Also, for now, Musk has abandoned a longstanding goal for Tesla to make affordable electric cars for the masses. 
 
(with inputs from Reuters) 
&nbsp;

During his recent visit to China, Tesla CEO Elon Musk proposed testing the company's advanced driver-assistance package in the country by deploying it in robotaxis, state-backed China Daily newspaper reported on Wednesday.

During his recent visit to China, Tesla CEO Elon Musk proposed testing the company's advanced driver-assistance package in the country by deploying it in robotaxis, state-backed China Daily newspaper reported on Wednesday. Chinese officials welcomed the robotaxi tests in the country and hoped it would "set a good example", the newspaper quoted the sources as saying. However, the authorities in China did not immediately approve the widespread use of its Full Self-Driving (FSD) functions. Before the complete rollout of its FSD functions, Tesla still needs to get approval to collect and transfer data overseas to train Tesla cars for driver-assistance features. The newspaper added that this issue wasn't discussed in detail during Musk's visit. Also Read: Amazon unveils Volvo electric trucks for port operations in Southern California A person briefed on the matter told Reuters that Tesla is seeking to launch the robotaxi tests in Shanghai, where the company's largest factory globally is located. Musk's trip to Beijing last month was to discuss the rollout of FSD in the country and whether Tesla could secure government approvals to transfer data overseas that could prove pivotal in its development of autonomous vehicles. What is FSD? It is the most autonomous version of Autopilot software and was rolled out by Tesla in 2020. Its features include self-parking, auto lane changes and traffic navigation. Among the wins during this trip was a key endorsement from a top Chinese auto association that said Tesla's Model 3 and Y cars were compliant with data-security regulations. This development would enable local governments to allow Tesla cars into parts of China they were previously barred from, Chinese media reported. Separately, Tesla had also reached an agreement with Baidu to use the Chinese tech giant's mapping license for data collection on China's public roads, in a step towards FSD rollout in China. However, the China Daily Newspaper said citing sources that the deal only meant that the accuracy of Baidu's maps provided to Tesla would be improved and that it had no direct relation with FSD. Also, for now, Musk has abandoned a longstanding goal for Tesla to make affordable electric cars for the masses. (with inputs from Reuters)

Tesla CEO Elon Musk proposed to launch robotaxis in China during April visit

Recent reports from tech publication Electrek revealed that electric vehicle manufacturer Tesla has initiated layoffs within its software, service, and engineering departments. <o:p></o:p>

This move comes in suit with the company's announcement last month of a global workforce reduction exceeding 10 per cent, which included the dissolution of its electric vehicle charging division.<o:p></o:p>

Sources familiar with the matter disclosed that Tesla employees received emails over the weekend, announcing layoffs across various departments.<o:p></o:p>

While Tesla's shares saw a slight increase of over 1 per cent, the company has yet to respond to requests for comments regarding the recent developments.<o:p></o:p>

Last month, Tesla issued notices indicating layoffs affecting over 6,700 employees across its facilities in Texas, California, Nevada, and New York.<o:p></o:p>

The electric car manufacturer faces challenges with declining sales and heightened competition in the automotive market. <o:p></o:p>

An intensified price war among automakers, along with increased interest rates, has slowed the adoption of electric vehicles. <o:p></o:p>

In response, Tesla is redirecting its focus towards autonomous driving software, robotaxis, and its humanoid robot project, Optimus. <o:p></o:p>

Analysts speculate that the layoffs may be aimed at reallocating resources to prioritise these ventures.<o:p></o:p>

Tesla's restructuring efforts include cost-saving measures, with the company anticipating expenses of over $350 million in the second quarter due to the mass layoffs. <o:p></o:p>

The restructuring previously saw the departure of several top executives, including Drew Baglino, Rohan Patel, Rebecca Tinucci, and Daniel Ho.<o:p></o:p>

Meanwhile, Tesla is trying to advance its product line, with plans to introduce new models utilising existing platforms and production lines to optimise capital expenditures.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Recent reports from tech publication Electrek revealed that electric vehicle manufacturer Tesla has initiated layoffs within its software, service, and engineering departments.

Recent reports from tech publication Electrek revealed that electric vehicle manufacturer Tesla has initiated layoffs within its software, service, and engineering departments. This move comes in suit with the company's announcement last month of a global workforce reduction exceeding 10 per cent, which included the dissolution of its electric vehicle charging division. Sources familiar with the matter disclosed that Tesla employees received emails over the weekend, announcing layoffs across various departments. While Tesla's shares saw a slight increase of over 1 per cent, the company has yet to respond to requests for comments regarding the recent developments. Last month, Tesla issued notices indicating layoffs affecting over 6,700 employees across its facilities in Texas, California, Nevada, and New York. The electric car manufacturer faces challenges with declining sales and heightened competition in the automotive market. An intensified price war among automakers, along with increased interest rates, has slowed the adoption of electric vehicles. In response, Tesla is redirecting its focus towards autonomous driving software, robotaxis, and its humanoid robot project, Optimus. Analysts speculate that the layoffs may be aimed at reallocating resources to prioritise these ventures. Tesla's restructuring efforts include cost-saving measures, with the company anticipating expenses of over $350 million in the second quarter due to the mass layoffs. The restructuring previously saw the departure of several top executives, including Drew Baglino, Rohan Patel, Rebecca Tinucci, and Daniel Ho. Meanwhile, Tesla is trying to advance its product line, with plans to introduce new models utilising existing platforms and production lines to optimise capital expenditures. (With inputs from Reuters)

Tesla lays off employees in software and service divisions while restructuring

In a surprising turn of events, electric vehicle startup Pravaig dynamics has extended job offers to interns whose summer internships at tesla were recently revoked. This follows a cost-cutting measure by tesla CEO Elon Musk, which resulted in a global workforce reduction of over 10%. Impacted included hundreds of employees and the entire 500-person supercharger division.

Indian EV startup offers alternative path for Tesla interns

Elon Musk-led car maker Tesla has sued an Indian battery maker for infringing its trademark by using the brand name "Tesla power". The US Company is also seeking damages and a permanent injunction against the company.

Tesla sues Indian battery maker for infringing its trademark

<o:p></o:p>

Tesla has witnessed a significant shakeup in its executive bench, with at least five high-ranking members departing from the company. <o:p></o:p>

A little over a year ago, Elon Musk had showcased a lineup of 16 executives during Tesla's investor day. <o:p></o:p>

However, a recent analysis by Reuters revealed a notable mass departure from that cohort, raising questions about the stability of Tesla's leadership structure.<o:p></o:p>

Among the departures is Zach Kirkhorn, Tesla's former Chief Financial Officer, who resigned with a nondisclosure agreement, according to regulatory filings. <o:p></o:p>

Drew Baglino, the former chief battery engineer, also parted ways with Tesla in a wave of layoffs initiated by Musk. <o:p></o:p>

Baglino notably sold $181 million in Tesla stock upon his departure. <o:p></o:p>

Additionally, Rebecca Tinucci, who led Tesla's charging team, was let go.<o:p></o:p>

Addressing the recent developments, Musk, in an email to senior managers, emphasised stringent cost reduction measures, indicating a major restructuring within the company. <o:p></o:p>

Despite the departures, Musk remains resolute in his vision for Tesla's future, particularly in the realm of artificial intelligence (AI) and the development of robotaxis. <o:p></o:p>

These shifts, Musk contends, are crucial for Tesla's continued success. <o:p></o:p>

The departure of key executives has prompted scrutiny from corporate governance experts like Charles Elson, who view the rapid turnover as indicative of potential leadership challenges within Tesla. <o:p></o:p>

However, some investors prioritised Musk's continued involvement in the company, considering his indispensable role in navigating Tesla through crises.<o:p></o:p>

Gene Munster, managing partner at Deepwater Asset Management, highlights Musk's ability to attract talent and drive innovation as essential to Tesla's trajectory. <o:p></o:p>

Tesla's realignment, moving towards AI and robotaxis, has led to operational adjustments, including a 10 per cent reduction in staff and a shift in focus from new vehicle lines to the enhancement of existing models. <o:p></o:p>

These decisions, while signalling a departure from traditional auto manufacturing, align with Musk's vision for Tesla's future as a leader in autonomous driving technology. <o:p></o:p>

Although there are concerns over executive turnover, some analysts believe that aligning resources with Tesla's evolving priorities is essential for long-term success. <o:p></o:p>

Recent departures from Tesla's executive team, including Daniel Ho and Rohan Patel show that company's leadership landscape continues to change.<o:p></o:p>

While some exits have garnered praise from Musk, highlighting the departing individuals' contributions, others signal a broader restructuring aimed at aligning Tesla's workforce with its strategic objectives. <o:p></o:p>

As Tesla navigates through what analysts describe as a "Category 5 storm," the composition of its executive bench remains a critical factor in overcoming challenges and achieving sustained growth.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Tesla has witnessed a significant shakeup in its executive bench, with at least five high-ranking members departing from the company. A little over a year ago, Elon Musk had showcased a lineup of 16 executives during Tesla's investor day.

Tesla has witnessed a significant shakeup in its executive bench, with at least five high-ranking members departing from the company. A little over a year ago, Elon Musk had showcased a lineup of 16 executives during Tesla's investor day. However, a recent analysis by Reuters revealed a notable mass departure from that cohort, raising questions about the stability of Tesla's leadership structure. Among the departures is Zach Kirkhorn, Tesla's former Chief Financial Officer, who resigned with a nondisclosure agreement, according to regulatory filings. Drew Baglino, the former chief battery engineer, also parted ways with Tesla in a wave of layoffs initiated by Musk. Baglino notably sold $181 million in Tesla stock upon his departure. Additionally, Rebecca Tinucci, who led Tesla's charging team, was let go. Addressing the recent developments, Musk, in an email to senior managers, emphasised stringent cost reduction measures, indicating a major restructuring within the company. Despite the departures, Musk remains resolute in his vision for Tesla's future, particularly in the realm of artificial intelligence (AI) and the development of robotaxis. These shifts, Musk contends, are crucial for Tesla's continued success. The departure of key executives has prompted scrutiny from corporate governance experts like Charles Elson, who view the rapid turnover as indicative of potential leadership challenges within Tesla. However, some investors prioritised Musk's continued involvement in the company, considering his indispensable role in navigating Tesla through crises. Gene Munster, managing partner at Deepwater Asset Management, highlights Musk's ability to attract talent and drive innovation as essential to Tesla's trajectory. Tesla's realignment, moving towards AI and robotaxis, has led to operational adjustments, including a 10 per cent reduction in staff and a shift in focus from new vehicle lines to the enhancement of existing models. These decisions, while signalling a departure from traditional auto manufacturing, align with Musk's vision for Tesla's future as a leader in autonomous driving technology. Although there are concerns over executive turnover, some analysts believe that aligning resources with Tesla's evolving priorities is essential for long-term success. Recent departures from Tesla's executive team, including Daniel Ho and Rohan Patel show that company's leadership landscape continues to change. While some exits have garnered praise from Musk, highlighting the departing individuals' contributions, others signal a broader restructuring aimed at aligning Tesla's workforce with its strategic objectives. As Tesla navigates through what analysts describe as a "Category 5 storm," the composition of its executive bench remains a critical factor in overcoming challenges and achieving sustained growth. (With inputs from Reuters)

Tesla undergoes executive overhaul as Musk implements strategy shifts: Report

Tesla has veered away from its ambitious plans for next-generation gigacasting, a new manufacturing technique,&nbsp;Reuters reported citing sources familiar with the matter. <o:p></o:p>

This decision is Tesla's attempt to adapt to a shifting market landscape marked by declining sales and heightened competition.<o:p></o:p>

Tesla had been at the forefront of gigacasting innovation, leveraging massive presses with immense clamping pressure to die-cast substantial portions of a vehicle's underbody. <o:p></o:p>

However, despite its pioneering efforts, the company has abandoned its pursuit of manufacturing the underbody in a single piece. <o:p></o:p>

Instead, it will adhere to its established method of casting underbodies in three segments, comprising gigacasted front and rear sections and a midsection crafted from aluminium and steel frames, sources disclosed.<o:p></o:p>

The reversal from one-piece gigacasting represents a major spin around for Tesla, which comes while the company is looking for cost-saving measures in the face of softer global demand for electric vehicles (EVs) and escalating competition, from Chinese EV manufacturers like BYD. <o:p></o:p>

Tesla's downsizing efforts, including workforce reductions and executive departures, further underline its realignment.<o:p></o:p>

Experts highlight Tesla's prioritisation of developing self-driving capabilities over aggressive EV sales growth as a fundamental shift in its strategy. <o:p></o:p>

The decision to halt one-piece gigacasting comes before Tesla's announcement in late February regarding the cancellation of the much-anticipated Model 2, a budget-friendly vehicle slated to utilise this advanced manufacturing process. <o:p></o:p>

Instead, Tesla unveiled plans for more accessible vehicle offerings, opting for existing platforms and production lines. <o:p></o:p>

However, specifics regarding these new models and their pricing remain undisclosed, with CEO Elon Musk declining to provide further details during an investor call.<o:p></o:p>

While Tesla has shelved the Model 2 project, it continues to leverage the small-vehicle platform for developing a self-driving robotaxi, indicating a shift towards autonomous mobility solutions. <o:p></o:p>

Suppliers involved in the gigacasting operations are reportedly adapting Tesla's three-piece process for the next-generation vehicle, reflecting a strategic repurposing of resources.<o:p></o:p>

Gigacasting, while offering long-term cost efficiencies, demands upfront investments and intricate development processes. <o:p></o:p>

Tesla's move towards a more conventional manufacturing approach is seen as a realistic move to avoid potential delays and capitalise on existing resources.<o:p></o:p>

Industry analysts noted the challenges Tesla has historically faced in launching complex vehicles on schedule, citing the delayed release and pricing discrepancies of the Cybertruck as a case in point. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Tesla has veered away from its ambitious plans for next-generation gigacasting, a new manufacturing technique, Reuters reported citing sources familiar with the matter.

Tesla has veered away from its ambitious plans for next-generation gigacasting, a new manufacturing technique, Reuters reported citing sources familiar with the matter. This decision is Tesla's attempt to adapt to a shifting market landscape marked by declining sales and heightened competition. Tesla had been at the forefront of gigacasting innovation, leveraging massive presses with immense clamping pressure to die-cast substantial portions of a vehicle's underbody. However, despite its pioneering efforts, the company has abandoned its pursuit of manufacturing the underbody in a single piece. Instead, it will adhere to its established method of casting underbodies in three segments, comprising gigacasted front and rear sections and a midsection crafted from aluminium and steel frames, sources disclosed. The reversal from one-piece gigacasting represents a major spin around for Tesla, which comes while the company is looking for cost-saving measures in the face of softer global demand for electric vehicles (EVs) and escalating competition, from Chinese EV manufacturers like BYD. Tesla's downsizing efforts, including workforce reductions and executive departures, further underline its realignment. Experts highlight Tesla's prioritisation of developing self-driving capabilities over aggressive EV sales growth as a fundamental shift in its strategy. The decision to halt one-piece gigacasting comes before Tesla's announcement in late February regarding the cancellation of the much-anticipated Model 2, a budget-friendly vehicle slated to utilise this advanced manufacturing process. Instead, Tesla unveiled plans for more accessible vehicle offerings, opting for existing platforms and production lines. However, specifics regarding these new models and their pricing remain undisclosed, with CEO Elon Musk declining to provide further details during an investor call. While Tesla has shelved the Model 2 project, it continues to leverage the small-vehicle platform for developing a self-driving robotaxi, indicating a shift towards autonomous mobility solutions. Suppliers involved in the gigacasting operations are reportedly adapting Tesla's three-piece process for the next-generation vehicle, reflecting a strategic repurposing of resources. Gigacasting, while offering long-term cost efficiencies, demands upfront investments and intricate development processes. Tesla's move towards a more conventional manufacturing approach is seen as a realistic move to avoid potential delays and capitalise on existing resources. Industry analysts noted the challenges Tesla has historically faced in launching complex vehicles on schedule, citing the delayed release and pricing discrepancies of the Cybertruck as a case in point. (With inputs from Reuters)

Tesla retreats from next-generation ‘gigacasting’ while competition intensifies: Report

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