Tesla announced $1.14 billion in net profits in the second quarter, well-exceeding analyst estimates and marking the first time the company's quarterly profit (on a GAAP basis) surpassed the three-comma barrier.

In after-hours trading, the findings pushed shares up more than 2.2 per cent.

Despite supply chain issues and losses, Tesla was able to outperform forecasts and post its eighth consecutive quarter of profitability. 
 
Watch | World Business Watch: Tesla plans to open its charging network to other EVs

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According to the corporation, operating income was $1.3 billion, up from $327 million the previous year due to volume growth and expense reduction.&nbsp;

An increase in operating expenses, supply chain issues, lower regulatory credit revenue, and the $23 million impairment were largely offset by the positive outcomes.&nbsp;

The financial milestone announced Monday extended Tesla's two-year run of success, putting to rest concerns about the company's long-term viability that arose during the company's early years of losses and production issues.

Tesla has firmly established itself as a leader in the transition away from fossil fuels, which is likely to boost its profits even further than in the most recent quarter.&nbsp;

(With inputs from agencies)

Tesla announced $1.14 billion in net profits in the second quarter, well-exceeding analyst estimates and marking the first time the company's quarterly profit (on a GAAP basis) surpassed the three-comma barrier.

Tesla announced $1.14 billion in net profits in the second quarter, well-exceeding analyst estimates and marking the first time the company's quarterly profit (on a GAAP basis) surpassed the three-comma barrier. In after-hours trading, the findings pushed shares up more than 2.2 per cent. Despite supply chain issues and losses, Tesla was able to outperform forecasts and post its eighth consecutive quarter of profitability. Watch | World Business Watch: Tesla plans to open its charging network to other EVs According to the corporation, operating income was $1.3 billion, up from $327 million the previous year due to volume growth and expense reduction. An increase in operating expenses, supply chain issues, lower regulatory credit revenue, and the $23 million impairment were largely offset by the positive outcomes. The financial milestone announced Monday extended Tesla's two-year run of success, putting to rest concerns about the company's long-term viability that arose during the company's early years of losses and production issues. Tesla has firmly established itself as a leader in the transition away from fossil fuels, which is likely to boost its profits even further than in the most recent quarter. (With inputs from agencies)

Tesla surpasses $1 billion quarterly profit for the first time despite chip shortage

Tesla, the futuristic maker of self-driving cars is now facing flak for an apparent glitch. Recently, a Tesla vehicle mistook the Moon for a traffic signal.

Currently, wildfires in the United States have given the Moon a pale yellow tint. Many observers blame the natural satellite's mischaracterisation as a yellow traffic light on the same.&nbsp;

Tesla is famous for pushing the limits of car technology, delivering cars that are capable of navigating independently. The company also claims to have a robust series of safety measures to avoid mishaps. But every now and then, stories of these cars malfunctioning come to light.

Also read:&nbsp;<a href="http://13.235.153.162/world/abuse-of-power-tesla-shareholders-accuse-ceo-elon-musk-of-rescuing-his-investment-in-solarcity-397077" hreflang="en">'Abuse of power': Tesla shareholders accuse CEO Elon Musk of rescuing his investment in SolarCity</a>

The identification of the Moon as a traffic light is reportedly causing issues in the autopilot mode. A Tesla owner, Jordan nelson filmed the futuristic vehicle mistaking the Moon for a yellow traffic light. Due to this, the car continued to slow down.

Also read:&nbsp;<a href="http://13.235.153.162/world/tesla-car-owner-urges-vehicle-recall-after-spontaneous-fire-395466" hreflang="en">Tesla car owner urges vehicle recall after 'spontaneous' fire</a>

A report in AutoWeek blamed the wildfire for the misunderstanding and believes that the issue is more temporary than permanent, for Tesla's identification mechanism is not based just on its camera. It also takes into account map data from intersections, including data about traffic lights. The system is created to slow down the vehicle whenever a light is spotted.

The technology may be extremely smart. But some intersections are simply too complex or closely positioned, which could make the car's job difficult.

Carmakers who specialise in autonomous cars are attempting to refine the experience and decision making of the vehicles at intersections, especially where traffic lights are situated higher up than usual or are too close to the front of the vehicle, successfully evading the camera detection system. Only time will tell how makers like Tesla solve the crisis.

Tesla, the futuristic maker of self-driving cars is now facing flak for an apparent glitch. Recently, a Tesla vehicle mistook the Moon for a traffic signal. Currently, wildfires in the United States have given the Moon a pale yellow tint.

Tesla, the futuristic maker of self-driving cars is now facing flak for an apparent glitch. Recently, a Tesla vehicle mistook the Moon for a traffic signal. Currently, wildfires in the United States have given the Moon a pale yellow tint. Many observers blame the natural satellite's mischaracterisation as a yellow traffic light on the same. Tesla is famous for pushing the limits of car technology, delivering cars that are capable of navigating independently. The company also claims to have a robust series of safety measures to avoid mishaps. But every now and then, stories of these cars malfunctioning come to light. Also read: 'Abuse of power': Tesla shareholders accuse CEO Elon Musk of rescuing his investment in SolarCity The identification of the Moon as a traffic light is reportedly causing issues in the autopilot mode. A Tesla owner, Jordan nelson filmed the futuristic vehicle mistaking the Moon for a yellow traffic light. Due to this, the car continued to slow down. Also read: Tesla car owner urges vehicle recall after 'spontaneous' fire A report in AutoWeek blamed the wildfire for the misunderstanding and believes that the issue is more temporary than permanent, for Tesla's identification mechanism is not based just on its camera. It also takes into account map data from intersections, including data about traffic lights. The system is created to slow down the vehicle whenever a light is spotted. The technology may be extremely smart. But some intersections are simply too complex or closely positioned, which could make the car's job difficult. Carmakers who specialise in autonomous cars are attempting to refine the experience and decision making of the vehicles at intersections, especially where traffic lights are situated higher up than usual or are too close to the front of the vehicle, successfully evading the camera detection system. Only time will tell how makers like Tesla solve the crisis.

Tesla vehicle mistakes the Moon for a yellow traffic light. What went wrong?

Elon Musk said that electric-car maker Tesla will most likely restart accepting Bitcoin as payment once it conducts due diligence on the amount of renewable energy used to mine the currency.

World Business Watch: Elon Musk says Tesla 'most likely' to restart accepting Bitcoin

CEO Elon Musk said that Tesla Inc plans to open its network of superchargers to other electric vehicles later this year. The electric-car maker's fast charging network, with over 25,000 superchargers globally, has given it a competitive edge.

World Business Watch: Tesla plans to open its charging network to other EVs

Entrepreneur with a big vision, Elon Musk is the founder of SpaceX, as well as the co-founder of PayPal and Tesla Motors.

Steve Jobs, Howard Hughes, Henry Ford, and Bill Gates have all been compared to him because of his phenomenal success.

And now, during questioning at a trial over SolarCity's acquisition, the Tesla CEO&nbsp;revealed that he turned down multiple high-paying Wall Street jobs to focus on technology.

Musk, who studied at the University of Pennsylvania before moving to Silicon Valley, did not reveal the names of the companies that approached him.

Tesla is accused of purchasing SolarCity for $2.6 billion in 2016 as a "bailout" for the company.

Paypal, formerly X.com, was the source of Musk's fortune.

Paypal was founded in 1999 and was later purchased by eBay for $1.5 billion, with $165 million in stock being paid to Musk.

Musk established Space Exploration Technologies, or SpaceX, in 2002.

Musk believed that humanity's survival based on its potential to evolve into a multi-planetary species, but that present rocket launch technologies were prohibitively expensive.

With the launch of the Falcon 1 in 2006, the Falcon 9 in 2010, and the Falcon Heavy in 2018, he was able to do this.

(With inputs from agencies)

Entrepreneur with a big vision, Elon Musk is the founder of SpaceX, as well as the co-founder of PayPal and Tesla Motors. Steve Jobs, Howard Hughes, Henry Ford, and Bill Gates have all been compared to him because of his phenomenal success.

Entrepreneur with a big vision, Elon Musk is the founder of SpaceX, as well as the co-founder of PayPal and Tesla Motors. Steve Jobs, Howard Hughes, Henry Ford, and Bill Gates have all been compared to him because of his phenomenal success. And now, during questioning at a trial over SolarCity's acquisition, the Tesla CEO revealed that he turned down multiple high-paying Wall Street jobs to focus on technology. Musk, who studied at the University of Pennsylvania before moving to Silicon Valley, did not reveal the names of the companies that approached him. Tesla is accused of purchasing SolarCity for $2.6 billion in 2016 as a "bailout" for the company. Paypal, formerly X.com, was the source of Musk's fortune. Paypal was founded in 1999 and was later purchased by eBay for $1.5 billion, with $165 million in stock being paid to Musk. Musk established Space Exploration Technologies, or SpaceX, in 2002. Musk believed that humanity's survival based on its potential to evolve into a multi-planetary species, but that present rocket launch technologies were prohibitively expensive. With the launch of the Falcon 1 in 2006, the Falcon 9 in 2010, and the Falcon Heavy in 2018, he was able to do this. (With inputs from agencies)

I turned down high-paid jobs on Wall Street to focus on technology: Elon Musk

Elon Musk insisted in court that the company is controlled by Tesla Inc's board, not himself. He also added that Tesla would "die" if he wasn't the chief executive, as he ended his first day of testimony in defense of Tesla's 2016 acquisition of SolarCity.

Elon Musk defends for SolarCity acquisition, says Tesla would 'die' if he wasn't CEO

Tesla CEO Elon Musk has been accused by shareholders of his company of misusing his power to rescue his own investment in&nbsp;SolarCity.

They are questioning&nbsp;whether Elon&nbsp;Musk&nbsp;controls Tesla Inc or does Tesla control Elon&nbsp;Musk?&nbsp;More than $2 billion hinges on that question as a trial kicks off on Monday.

SolarCity, a&nbsp;solar panel-making company, was on the verge of&nbsp;bankruptcy before Musk rescued it.

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Musk&nbsp;has defended himself by saying&nbsp;that the SolarCity deal has been a huge success for Tesla shareholders, demonstrating the deal was not only fair, but a boon.

The union pension funds and asset managers leading the case want&nbsp;Musk&nbsp;to repay to Tesla the cost of the $2.6 billion deal and to disgorge the profits on his SolarCity stock. If they win, it would be one of the largest judgments against an individual.

The two-week trial in the Court of Chancery in Wilmington, Delaware, will boil down to whether&nbsp;Musk, who owned about 22 per cent&nbsp;of Tesla at the time of the deal, is that rare controlling stockholder who does not hold a majority stake.

"I think it's going to be very hard for the court to ignore the reality that Elon&nbsp;Musk&nbsp;is Elon&nbsp;Musk&nbsp;and his relationship with Tesla," said Ann Lipton, a professor at Tulane University Law School.

She said the case might present an unusual situation given&nbsp;Musk's celebrity status, his personal ties to Tesla board members and those board members' financial ties to SolarCity.

"Put it all together, and it might be enough to count as a controlling shareholder," she said.

Also see|&nbsp;<a href="https://www.wionews.com/photos/who-is-winning-space-tourism-race-between-bezos-branson-and-musk-396420" hreflang="en">Who is winning space tourism race between Bezos, Branson and Musk?</a>

Few executives dominate their company's image as much&nbsp;Musk, known for taunting regulators, battling naysayers and personally engaging with his 57 million Twitter followers.

"We are highly dependent on the services of Elon&nbsp;Musk, Technoking of Tesla, and our Chief Executive Officer," said Tesla's 2020 annual report.

Plaintiffs allege that&nbsp;Musk&nbsp;drove the negotiations and even pushed Tesla's board to raise, not lower, the price for SolarCity.

A higher price benefited&nbsp;Musk, who was the largest shareholder of SolarCity, with a stake of about 22 per cent, as well as four members of Tesla's board, who directly or indirectly owned SolarCity stock, according to court records.

Board members settled allegations against them last year for $60 million and did not admit to any fault.

Plaintiffs also allege the deal benefited two of&nbsp;Musk's cousins who founded SolarCity, saving a company that was rapidly running low on cash.

Musk&nbsp;has said he was "fully recused" from board negotiations and that shareholders voted to approve the deal because it was central to his "Master Plan, Part Deux" that aims to integrate sustainable solar energy with electric self-driving cars.

He has said that what plaintiffs see as evidence of control is little more than strong management.

"Taken to its natural conclusion, virtually all 'hands-on' and 'inspirational' CEOs with minority stock ownership would be deemed controllers,"&nbsp;Musk's lawyers wrote in a court filing.

If Vice-Chancellor Joseph Slights determines&nbsp;Musk&nbsp;was a controlling shareholder, it will fall to&nbsp;Musk&nbsp;to prove the SolarCity deal met the high bar of the "entire fairness" standard, which examines process and price, said legal experts.

"If the vice-chancellor thinks this deal was awful and was not effectively negotiated on behalf of the company, he’ll strike it down," said Larry Hamermesh, a professor at Delaware Law School.

(With inputs from agencies)

Tesla CEO Elon Musk has been accused by shareholders of his company of misusing his power to rescue his own investment in SolarCity. They are questioning whether Elon Musk controls Tesla Inc or does Tesla control Elon Musk?

Tesla CEO Elon Musk has been accused by shareholders of his company of misusing his power to rescue his own investment in SolarCity. They are questioning whether Elon Musk controls Tesla Inc or does Tesla control Elon Musk? More than $2 billion hinges on that question as a trial kicks off on Monday. SolarCity, a solar panel-making company, was on the verge of bankruptcy before Musk rescued it. Musk has defended himself by saying that the SolarCity deal has been a huge success for Tesla shareholders, demonstrating the deal was not only fair, but a boon. The union pension funds and asset managers leading the case want Musk to repay to Tesla the cost of the $2.6 billion deal and to disgorge the profits on his SolarCity stock. If they win, it would be one of the largest judgments against an individual. The two-week trial in the Court of Chancery in Wilmington, Delaware, will boil down to whether Musk, who owned about 22 per cent of Tesla at the time of the deal, is that rare controlling stockholder who does not hold a majority stake. "I think it's going to be very hard for the court to ignore the reality that Elon Musk is Elon Musk and his relationship with Tesla," said Ann Lipton, a professor at Tulane University Law School. She said the case might present an unusual situation given Musk's celebrity status, his personal ties to Tesla board members and those board members' financial ties to SolarCity. "Put it all together, and it might be enough to count as a controlling shareholder," she said. Also see| Who is winning space tourism race between Bezos, Branson and Musk? Few executives dominate their company's image as much Musk, known for taunting regulators, battling naysayers and personally engaging with his 57 million Twitter followers. "We are highly dependent on the services of Elon Musk, Technoking of Tesla, and our Chief Executive Officer," said Tesla's 2020 annual report. Plaintiffs allege that Musk drove the negotiations and even pushed Tesla's board to raise, not lower, the price for SolarCity. A higher price benefited Musk, who was the largest shareholder of SolarCity, with a stake of about 22 per cent, as well as four members of Tesla's board, who directly or indirectly owned SolarCity stock, according to court records. Board members settled allegations against them last year for $60 million and did not admit to any fault. Plaintiffs also allege the deal benefited two of Musk's cousins who founded SolarCity, saving a company that was rapidly running low on cash. Musk has said he was "fully recused" from board negotiations and that shareholders voted to approve the deal because it was central to his "Master Plan, Part Deux" that aims to integrate sustainable solar energy with electric self-driving cars. He has said that what plaintiffs see as evidence of control is little more than strong management. "Taken to its natural conclusion, virtually all 'hands-on' and 'inspirational' CEOs with minority stock ownership would be deemed controllers," Musk's lawyers wrote in a court filing. If Vice-Chancellor Joseph Slights determines Musk was a controlling shareholder, it will fall to Musk to prove the SolarCity deal met the high bar of the "entire fairness" standard, which examines process and price, said legal experts. "If the vice-chancellor thinks this deal was awful and was not effectively negotiated on behalf of the company, he’ll strike it down," said Larry Hamermesh, a professor at Delaware Law School. (With inputs from agencies)

'Abuse of power': Tesla shareholders accuse CEO Elon Musk of rescuing his investment in SolarCity

US transportation safety regulators have launched a probe into a fire incident that took place in a brand-new <a href="https://www.wionews.com/topics/elon-musk">Tesla</a> car.<o:p></o:p>

On Tuesday, Tesla’s Model S Plaid burst into flames which trapped the driver inside for long as it took the firefighters nearly two hours to extinguish the fire.

<o:p>Also read | <a href="https://www.wionews.com/technology/tesla-recalls-vehicles-in-china-for-online-software-update-394117">Tesla 'recalls' vehicles in China for online software update</a></o:p>

After the incident, the owner of the Tesla car has urged the authorities to take the model off the roads immediately. "This is a harrowing and frightening situation and an obvious major problem," his attorney, Mark Geragos, told news agency AFP. "Our preliminary investigation is ongoing, but we call on Tesla to sideline these cars until a full investigation can occur."

<o:p></o:p>

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Our client is very fortunate to have survived this harrowing experience. <a href="https://t.co/8iDTpyJ4Ej">https://t.co/8iDTpyJ4Ej</a>
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As per the initial accusations, the electric car "spontaneously combusted", leaving the driver trapped inside, which could have also led to his death, the attorney claimed.

<o:p></o:p>

Also read | <a href="https://www.wionews.com/technology/tesla-to-hold-artificial-intelligence-day-in-about-a-month-for-hiring-musk-393042">Tesla to hold Artificial Intelligence Day in 'about a month' for hiring: Musk</a>

Firefighters claim the officers had to take special precautions with respect to the car’s large battery that was on fire. The team took more than two hours to extinguish the fire.<o:p></o:p>

"If data or investigations show a defect or an inherent risk to safety exists, NHTSA will take action as appropriate to protect the public," spokesperson for&nbsp;National Highway Traffic Safety Administration said.<o:p></o:p>

Recently, there have been a few accidents of Tesla cars across the US due to errors in the car's Autopilot system.<o:p></o:p>

US transportation safety regulators have launched a probe into a fire incident that took place in a brand-new Tesla car. On Tuesday, Tesla’s Model S Plaid burst into flames which trapped the driver inside for long as it took the firefighters nearly two hours to extinguish the fire.

US transportation safety regulators have launched a probe into a fire incident that took place in a brand-new Tesla car. On Tuesday, Tesla’s Model S Plaid burst into flames which trapped the driver inside for long as it took the firefighters nearly two hours to extinguish the fire. Also read | Tesla 'recalls' vehicles in China for online software update After the incident, the owner of the Tesla car has urged the authorities to take the model off the roads immediately. "This is a harrowing and frightening situation and an obvious major problem," his attorney, Mark Geragos, told news agency AFP. "Our preliminary investigation is ongoing, but we call on Tesla to sideline these cars until a full investigation can occur." Our client is very fortunate to have survived this harrowing experience. https://t.co/8iDTpyJ4Ej — Jason Setchen (@AthleteDefender) July 1, 2021 × As per the initial accusations, the electric car "spontaneously combusted", leaving the driver trapped inside, which could have also led to his death, the attorney claimed. Also read | Tesla to hold Artificial Intelligence Day in 'about a month' for hiring: Musk Firefighters claim the officers had to take special precautions with respect to the car’s large battery that was on fire. The team took more than two hours to extinguish the fire. "If data or investigations show a defect or an inherent risk to safety exists, NHTSA will take action as appropriate to protect the public," spokesperson for National Highway Traffic Safety Administration said. Recently, there have been a few accidents of Tesla cars across the US due to errors in the car's Autopilot system.

Tesla car owner urges vehicle recall after 'spontaneous' fire

Chinese regulators said on Saturday Tesla Inc would 'recall' nearly 300,000 China-made and imported Model 3 and Model Y cars for an online software update related to assisted driving, with owners not required to return their vehicles. 
 
The State Administration for Market Regulation said on its website that the move is linked to an assisted driving function in the electric cars, which can currently be activated by drivers accidentally, causing sudden acceleration. 
 
The remote online software 'recall', a first for Tesla cars built in China, covers 249,855 China-made Model 3 and Model Y cars, and 35,665 imported Model 3 sedans. 
 
Tesla, now making Model 3 sedans and Model Y sport-utility vehicles in Shanghai, sold 33,463 China-made electric cars in May, according to industry data.

Chinese regulators said on Saturday Tesla Inc would 'recall' nearly 300,000 China-made and imported Model 3 and Model Y cars for an online software update related to assisted driving, with owners not required to return their vehicles.

Chinese regulators said on Saturday Tesla Inc would 'recall' nearly 300,000 China-made and imported Model 3 and Model Y cars for an online software update related to assisted driving, with owners not required to return their vehicles. The State Administration for Market Regulation said on its website that the move is linked to an assisted driving function in the electric cars, which can currently be activated by drivers accidentally, causing sudden acceleration. The remote online software 'recall', a first for Tesla cars built in China, covers 249,855 China-made Model 3 and Model Y cars, and 35,665 imported Model 3 sedans. Tesla, now making Model 3 sedans and Model Y sport-utility vehicles in Shanghai, sold 33,463 China-made electric cars in May, according to industry data.

Tesla 'recalls' vehicles in China for online software update

Panasonic Corp sold its stake in electric car maker&nbsp;Tesla&nbsp;Inc for about 400 billion yen ($3.61 billion) in the year ended March, a spokesperson for the Japanese company said on Friday.

The sale comes as the bicycles-to-hair dryers conglomerate is seeking to reduce its dependence on&nbsp;Tesla&nbsp;and raise cash for investments.

Panasonic's battery business is dominated by Elon Musk's&nbsp;Tesla, but the two firms have had a tense relationship at times with executives trading barbs publicly.

Panasonic bought 1.4 million&nbsp;Tesla&nbsp;shares at $21.15 each in 2010 for about $30 million. That stake was worth $730 million at the end of March 2020. The shares have gained almost seven fold since then and closed up 3.5 per cent&nbsp;at $679.82 apiece on Thursday.

"The impact of crypto assets may have pushed&nbsp;Tesla's share price above its intrinsic value, making it a good time to sell," said Hideki Yasuda, an analyst at Ace Research Institute.

Musk said in February his firm bought bitcoin and would take payment in the cryptocurrency, a decision he later reversed, and his comments on Twitter drive swings in the price of such assets.

While Panasonic gave financial backing to&nbsp;Tesla&nbsp;when it was smaller, the automaker's expansion means there's no need for capital ties, Yasuda added. Panasonic's shares closed up 4.9&nbsp;per cent&nbsp;&nbsp;on Friday.

The stake sale will not affect the partnership with&nbsp;Tesla, the Panasonic spokesperson said, and was made as part of a review of shareholdings in line with corporate governance guidelines.

The sale comes as the automaker is diversifying its own battery supply chain.

Tesla&nbsp;has struck deals with South Korea's LG Energy Solution, a unit of LG Chem, and China's CATL, with Reuters reporting the latter is planning a plant in Shanghai near the automaker's production base.

Panasonic said earlier this year it would buy the shares&nbsp;of US&nbsp;supply-chain software company Blue Yonder that it does not already own, in a $7.1 billion deal. Its biggest such deal in a decade, the price raised the eyebrows of analysts who pointed to the firm's spotty M&amp;A track record.

Panasonic Corp sold its stake in electric car maker Tesla Inc for about 400 billion yen ($3.61 billion) in the year ended March, a spokesperson for the Japanese company said on Friday.

Panasonic Corp sold its stake in electric car maker Tesla Inc for about 400 billion yen ($3.61 billion) in the year ended March, a spokesperson for the Japanese company said on Friday. The sale comes as the bicycles-to-hair dryers conglomerate is seeking to reduce its dependence on Tesla and raise cash for investments. Panasonic's battery business is dominated by Elon Musk's Tesla, but the two firms have had a tense relationship at times with executives trading barbs publicly. Panasonic bought 1.4 million Tesla shares at $21.15 each in 2010 for about $30 million. That stake was worth $730 million at the end of March 2020. The shares have gained almost seven fold since then and closed up 3.5 per cent at $679.82 apiece on Thursday. "The impact of crypto assets may have pushed Tesla's share price above its intrinsic value, making it a good time to sell," said Hideki Yasuda, an analyst at Ace Research Institute. Musk said in February his firm bought bitcoin and would take payment in the cryptocurrency, a decision he later reversed, and his comments on Twitter drive swings in the price of such assets. While Panasonic gave financial backing to Tesla when it was smaller, the automaker's expansion means there's no need for capital ties, Yasuda added. Panasonic's shares closed up 4.9 per cent on Friday. The stake sale will not affect the partnership with Tesla, the Panasonic spokesperson said, and was made as part of a review of shareholdings in line with corporate governance guidelines. The sale comes as the automaker is diversifying its own battery supply chain. Tesla has struck deals with South Korea's LG Energy Solution, a unit of LG Chem, and China's CATL, with Reuters reporting the latter is planning a plant in Shanghai near the automaker's production base. Panasonic said earlier this year it would buy the shares of US supply-chain software company Blue Yonder that it does not already own, in a $7.1 billion deal. Its biggest such deal in a decade, the price raised the eyebrows of analysts who pointed to the firm's spotty M&A track record.

Panasonic sells Tesla stake for $3.6 billion

Tesla Inc chief Elon Musk is considering holding an Artificial Intelligence Day in about a month, where the Silicon Valley billionaire will showcase the progress in AI software and hardware with an aim to recruit. 
 
"Looking at holding Tesla AI Day in about a month or so. Will go over progress with Tesla AI software &amp; hardware, both training &amp; inference. Purpose is recruiting," Musk tweeted on Monday. 
 
His latest plan to promote Tesla's technology comes amid the hiccups faced in the company's path to achieve full self-driving technology. 
 
Musk had during an earnings call in January said he was 'highly confident the car will be able to drive itself with reliability in excess of human this year'. 
 
But in May, Tesla informed the California Department of Motor Vehicles that it may not achieve full self-driving technology by 2021 end. 
 
The automaker is under review by the California regulator, which is probing if the company violated regulations by falsely promoting its advanced driver-assistance systems as being 'full self-driving'. 
 
Tesla's driver assistant features, which it describes as 'autopilot' or 'full self-driving", are designed to make hands-on driving easier. Those features do not make the vehicle autonomous. 
 
In Tesla's 'Battery Day' event in September last year, Musk said a $25,000 car that drives itself will be possible in three years. 
 
(With inputs from agencies)

Tesla Inc chief Elon Musk is considering holding an Artificial Intelligence Day in about a month, where the Silicon Valley billionaire will showcase the progress in AI software and hardware with an aim to recruit.

Tesla Inc chief Elon Musk is considering holding an Artificial Intelligence Day in about a month, where the Silicon Valley billionaire will showcase the progress in AI software and hardware with an aim to recruit. "Looking at holding Tesla AI Day in about a month or so. Will go over progress with Tesla AI software & hardware, both training & inference. Purpose is recruiting," Musk tweeted on Monday. His latest plan to promote Tesla's technology comes amid the hiccups faced in the company's path to achieve full self-driving technology. Musk had during an earnings call in January said he was 'highly confident the car will be able to drive itself with reliability in excess of human this year'. But in May, Tesla informed the California Department of Motor Vehicles that it may not achieve full self-driving technology by 2021 end. The automaker is under review by the California regulator, which is probing if the company violated regulations by falsely promoting its advanced driver-assistance systems as being 'full self-driving'. Tesla's driver assistant features, which it describes as 'autopilot' or 'full self-driving", are designed to make hands-on driving easier. Those features do not make the vehicle autonomous. In Tesla's 'Battery Day' event in September last year, Musk said a $25,000 car that drives itself will be possible in three years. (With inputs from agencies)

Tesla to hold Artificial Intelligence Day in 'about a month' for hiring: Musk

Bitcoin hit a two-week peak just shy of $40,000 on Monday, after another weekend reacting to tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it.

Bitcoin has gyrated to Musk's views for months since Tesla announced a $1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment. He later said the electric car maker would not accept bitcoin due to concerns over how mining the currency requires high energy use and contributes to climate change.

"When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," Musk said on Twitter on Sunday.

Bitcoin rallied more than 9% after that message, breaking above its 20-day moving average, and it climbed a tiny bit further in Asia to hit $39,838.92.

"The market had been going through another round of correction over the weekend ... until Elon Musk's tweet of accepting BTC again for Tesla purchases changed sentiment," said Bobby Ong, co-founder of crypto analytics website CoinGecko.

He said the market was also supported by software company and major bitcoin-backer MicroStrategy raising half a billion dollars to buy bitcoin.

Bitcoin is up about 33% this year but has collapsed from a record peak above $60,000 amid a regulatory crackdown in China and Musk's apparently wavering enthusiasm for it. Telsa stock is down about 30% since the company's bitcoin purchase.

Musk's tweet was made in response to an article based on remarks from Magda Wierzycka, head of cybersecurity firm Syngia, who in a radio interview last week accused him of "price manipulation" and selling a "big part" of his exposure.

"This is inaccurate," Musk said. "Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market."

Musk had tweeted in May that Tesla "will not be selling any bitcoin" and "has not sold any bitcoin," but investors are keenly awaiting Tesla's next earnings update - due next month - for any disclosure of changes to its position.

Musk has taken issue with the vast computing power required to process bitcoin transactions and in early June posted messages appearing to lament a breakup with bitcoin.

Other cryptocurrencies were steady after weekend gains, with ether at $2,491 and one-time Musk darling dogecoin buying about 32 U.S. cents on crypto exchange Binance.

Bitcoin hit a two-week peak just shy of $40,000 on Monday, after another weekend reacting to tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it.

Bitcoin hit a two-week peak just shy of $40,000 on Monday, after another weekend reacting to tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it. Bitcoin has gyrated to Musk's views for months since Tesla announced a $1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment. He later said the electric car maker would not accept bitcoin due to concerns over how mining the currency requires high energy use and contributes to climate change. "When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," Musk said on Twitter on Sunday. Bitcoin rallied more than 9% after that message, breaking above its 20-day moving average, and it climbed a tiny bit further in Asia to hit $39,838.92. "The market had been going through another round of correction over the weekend ... until Elon Musk's tweet of accepting BTC again for Tesla purchases changed sentiment," said Bobby Ong, co-founder of crypto analytics website CoinGecko. He said the market was also supported by software company and major bitcoin-backer MicroStrategy raising half a billion dollars to buy bitcoin. Bitcoin is up about 33% this year but has collapsed from a record peak above $60,000 amid a regulatory crackdown in China and Musk's apparently wavering enthusiasm for it. Telsa stock is down about 30% since the company's bitcoin purchase. Musk's tweet was made in response to an article based on remarks from Magda Wierzycka, head of cybersecurity firm Syngia, who in a radio interview last week accused him of "price manipulation" and selling a "big part" of his exposure. "This is inaccurate," Musk said. "Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market." Musk had tweeted in May that Tesla "will not be selling any bitcoin" and "has not sold any bitcoin," but investors are keenly awaiting Tesla's next earnings update - due next month - for any disclosure of changes to its position. Musk has taken issue with the vast computing power required to process bitcoin transactions and in early June posted messages appearing to lament a breakup with bitcoin. Other cryptocurrencies were steady after weekend gains, with ether at $2,491 and one-time Musk darling dogecoin buying about 32 U.S. cents on crypto exchange Binance.

Bitcoin jumps after Musk says Tesla could use it again

Wall Street has seen its share of strange bedfellows, but a recent alliance of investors that took on Exxon Mobil was unprecedented.

Last week, an activist investor successfully waged a battle to install three directors on the board of Exxon with the goal of pushing the energy giant to reduce its carbon footprint. The investor, a hedge fund called Engine No. 1, was virtually unknown before the fight.

The tiny firm would not have had a chance were it not for an unusual twist: the support of some of Exxon’s biggest institutional investors. BlackRock, Vanguard and State Street voted against Exxon’s leadership and gave Engine No. 1 powerful support. These huge investment companies rarely side with activists on such issues.

The stunning result turned the sleepy world of boardroom elections into front-page news as climate activists declared a major triumph and a blindsided Exxon was left to ponder its defeat.

Engine No. 1 instantly became a Wall Street name. The firm is among a new breed of shareholder activists, ones driven by the idea that social good also benefits the bottom line, just as policy and public sentiment on the environment are evolving. Chris James, founder of Engine No. 1, argued that Exxon’s management was not making needed changes fast enough.

The firm convinced the mighty BlackRock.

“We believe more needs to be done in Exxon’s long-term strategy” on reducing climate risk, which threatens shareholder value, it said in a statement explaining why it had sided with Engine No. 1.

Laurence Fink, chief executive of BlackRock, has stressed the importance of climate in his annual letter to executives.

“No issue ranks higher than climate change on our clients’ lists of priorities,” he wrote in this year’s edition. “They ask us about it nearly every day.”

Observers say Engine No. 1’s victory shows there is a path for shareholder activism to change how companies approach issues like racial diversity and the environment, often considered distractions from producing profits.

“We’re finding that there are other components that factor into a company’s overall performance: social, cultural and now environmental,” said Andrew Freedman, a partner and co-head of the shareholder activism group at Olshan Frome Wolosky, a law firm in New York. “Shareholders are able to now find a way to run a campaign where there’s alignment on the initiative because it all feeds to the bottom line.”

In other words, activist investors can now agitate for changes at companies on the ground that such shifts are not just the right thing to do but will also enrich shareholders by pushing up the price of the stock.

So far, the performance of Exxon’s shares backs that up. In a reversal of years of underperformance, the price is up more than 45&nbsp;per cent since Engine No. 1 began its campaign in December, beating the broader market and close competitor Chevron.

Exxon Mobil is not the only energy giant facing pressure on climate-related issues. On Wednesday, Royal Dutch Shell said it would accelerate efforts to cut its carbon dioxide emissions after a Dutch court ruled Shell must reduce its global net carbon emissions by 45 per cent by 2030 compared with 2019.

A strategic focus on Exxon

The strategy of Engine No. 1 hinged on getting votes from Exxon’s three largest shareholders — BlackRock, Vanguard and State Street — on its side, an uphill climb since such firms often side with management.

Engine No. 1 held only 0.02&nbsp;per cent of Exxon’s shares, giving it a similar portion of proxy votes, while those three institutional investors together accounted for nearly 20&nbsp;per cent of the voting shares.

With nearly 30 years as a technology investor under his belt, James and his colleagues knew how to frame their climate-centric arguments in a way that blended activism and a focus on financial results.

“A refusal to accept that fossil fuel demand may decline in decades to come has led to a failure to take even initial steps towards evolution,” the analysts at Engine No. 1 wrote in the fund’s 82-page pitch to investors.

The hedge fund reminded Vanguard, BlackRock and State Street that its campaign was in line with their own publicly stated goals to see the carbon emissions of the companies in their portfolios fall sharply over the next 30 years.

Engine No. 1’s success aligned with a rapid shift in public sentiment on climate change. Companies have had to acknowledge their impact on the environment and publicly pledged to improve.

Greenmail to green investing?

Originally known as “corporate raiders” or “greenmailers” — a portmanteau of “greenback” and “blackmail” — activist investors historically were not thought of as a force for good. Their core business, pioneered in the 1980s, is to buy a stake in a company and agitate for clear economic outcomes, like cutting costs, selling assets or boosting dividends, moves that would lift the stock price and provide an immediate gain. The activists then tended to dump their shares, pocket the profits and move on to the next target.

Some activists, such as Nelson Peltz’s Trian Fund Management, were credited with keeping corporate managers on their toes and helping to turn companies around, but many on Wall Street viewed them as speculators in search of quick paydays who cared little about the long-term future of a business.

Carl Icahn, a titan of activist investing, was famous for his hardball tactics. For about three years, he owned a large stake in Apple and agitated repeatedly for the company to raise its stock buyback program. Like dividends, stock repurchase plans are a way for companies to return cash to their shareholders. Apple never formally followed Icahn’s directives, but it did expand its buyback program, and he exited the investment in 2016 with an estimated profit of about $2 billion.

In recent years, activist investors have adjusted their approach as firms such as ValueAct and Third Point have sought more strategic changes in a company’s long-term strategy.

Engine No. 1 marries the aggressive strategy of old-school investors like Icahn with the new thinking behind social-good investing. The firm stands out for mounting such a bold campaign even as it had little financial heft or public clout.

Engine No. 1’s approach is unique, but analysts and observers say its high-profile success is likely to prompt others to try similar tactics.

The market view

Investing in social good has been good for investors. Many have seen solid returns in what are known as ESG funds, which invest in companies that meet certain standards (set by the investors) on environmental, social and governance issues.

In 2020, 3 of every 4 stock funds categorized as “sustainable” beat a market index of roughly comparable conventional stocks, according to research firm Morningstar. In part, that reflects the kinds of companies that make up such funds. They tend to feature fewer fossil fuel stocks, which were hurt last year by pandemic-related shutdowns. At the same time, large tech companies such as Microsoft, which often show up in many sustainability-focused portfolios, posted solid gains.

In some quarters of the stock market, sustainability is a sexy attribute. Industries such as solar and electric vehicles have become hot growth stories. Tesla’s share price has more than tripled over the past 12 months. Invesco’s exchange-traded fund for solar power has more than doubled.

Money is pouring in. Last year, $51.1 billion was invested in ESG funds, more than double the $21.4 billion that was invested in 2019 and more than nine times the 2018 level.

A decision that will resonate

Analysts say it is hard to overstate the impact that Exxon’s defeat will have on corporations across the country.

In 2018, BlackRock, Vanguard and State Street cast an average of about 25 per cent of the votes in elections for directors of all of the companies in the S&amp;P 500, according to academic research. The mere threat that some of those votes are more likely to be cast against management will force executives to think long and hard about how to address their concerns, analysts say.

“You’ve seen that kind of shift dramatically overnight,” said Lyndon Park, managing director at ICR, a firm that advises corporate boards on investor relations issues.

Park, who formerly worked at BlackRock, added, “The days are over where you could think, you know, these guys would give the benefit of the doubt to management.”

&nbsp;

Wall Street has seen its share of strange bedfellows, but a recent alliance of investors that took on Exxon Mobil was unprecedented. Last week, an activist investor successfully waged a battle to install three directors on the board of Exxon with the goal of pushing the energy giant to reduce its carbon footprint.

Wall Street has seen its share of strange bedfellows, but a recent alliance of investors that took on Exxon Mobil was unprecedented. Last week, an activist investor successfully waged a battle to install three directors on the board of Exxon with the goal of pushing the energy giant to reduce its carbon footprint. The investor, a hedge fund called Engine No. 1, was virtually unknown before the fight. The tiny firm would not have had a chance were it not for an unusual twist: the support of some of Exxon’s biggest institutional investors. BlackRock, Vanguard and State Street voted against Exxon’s leadership and gave Engine No. 1 powerful support. These huge investment companies rarely side with activists on such issues. The stunning result turned the sleepy world of boardroom elections into front-page news as climate activists declared a major triumph and a blindsided Exxon was left to ponder its defeat. Engine No. 1 instantly became a Wall Street name. The firm is among a new breed of shareholder activists, ones driven by the idea that social good also benefits the bottom line, just as policy and public sentiment on the environment are evolving. Chris James, founder of Engine No. 1, argued that Exxon’s management was not making needed changes fast enough. The firm convinced the mighty BlackRock. “We believe more needs to be done in Exxon’s long-term strategy” on reducing climate risk, which threatens shareholder value, it said in a statement explaining why it had sided with Engine No. 1. Laurence Fink, chief executive of BlackRock, has stressed the importance of climate in his annual letter to executives. “No issue ranks higher than climate change on our clients’ lists of priorities,” he wrote in this year’s edition. “They ask us about it nearly every day.” Observers say Engine No. 1’s victory shows there is a path for shareholder activism to change how companies approach issues like racial diversity and the environment, often considered distractions from producing profits. “We’re finding that there are other components that factor into a company’s overall performance: social, cultural and now environmental,” said Andrew Freedman, a partner and co-head of the shareholder activism group at Olshan Frome Wolosky, a law firm in New York. “Shareholders are able to now find a way to run a campaign where there’s alignment on the initiative because it all feeds to the bottom line.” In other words, activist investors can now agitate for changes at companies on the ground that such shifts are not just the right thing to do but will also enrich shareholders by pushing up the price of the stock. So far, the performance of Exxon’s shares backs that up. In a reversal of years of underperformance, the price is up more than 45 per cent since Engine No. 1 began its campaign in December, beating the broader market and close competitor Chevron. Exxon Mobil is not the only energy giant facing pressure on climate-related issues. On Wednesday, Royal Dutch Shell said it would accelerate efforts to cut its carbon dioxide emissions after a Dutch court ruled Shell must reduce its global net carbon emissions by 45 per cent by 2030 compared with 2019. A strategic focus on Exxon The strategy of Engine No. 1 hinged on getting votes from Exxon’s three largest shareholders — BlackRock, Vanguard and State Street — on its side, an uphill climb since such firms often side with management. Engine No. 1 held only 0.02 per cent of Exxon’s shares, giving it a similar portion of proxy votes, while those three institutional investors together accounted for nearly 20 per cent of the voting shares. With nearly 30 years as a technology investor under his belt, James and his colleagues knew how to frame their climate-centric arguments in a way that blended activism and a focus on financial results. “A refusal to accept that fossil fuel demand may decline in decades to come has led to a failure to take even initial steps towards evolution,” the analysts at Engine No. 1 wrote in the fund’s 82-page pitch to investors. The hedge fund reminded Vanguard, BlackRock and State Street that its campaign was in line with their own publicly stated goals to see the carbon emissions of the companies in their portfolios fall sharply over the next 30 years. Engine No. 1’s success aligned with a rapid shift in public sentiment on climate change. Companies have had to acknowledge their impact on the environment and publicly pledged to improve. Greenmail to green investing? Originally known as “corporate raiders” or “greenmailers” — a portmanteau of “greenback” and “blackmail” — activist investors historically were not thought of as a force for good. Their core business, pioneered in the 1980s, is to buy a stake in a company and agitate for clear economic outcomes, like cutting costs, selling assets or boosting dividends, moves that would lift the stock price and provide an immediate gain. The activists then tended to dump their shares, pocket the profits and move on to the next target. Some activists, such as Nelson Peltz’s Trian Fund Management, were credited with keeping corporate managers on their toes and helping to turn companies around, but many on Wall Street viewed them as speculators in search of quick paydays who cared little about the long-term future of a business. Carl Icahn, a titan of activist investing, was famous for his hardball tactics. For about three years, he owned a large stake in Apple and agitated repeatedly for the company to raise its stock buyback program. Like dividends, stock repurchase plans are a way for companies to return cash to their shareholders. Apple never formally followed Icahn’s directives, but it did expand its buyback program, and he exited the investment in 2016 with an estimated profit of about $2 billion. In recent years, activist investors have adjusted their approach as firms such as ValueAct and Third Point have sought more strategic changes in a company’s long-term strategy. Engine No. 1 marries the aggressive strategy of old-school investors like Icahn with the new thinking behind social-good investing. The firm stands out for mounting such a bold campaign even as it had little financial heft or public clout. Engine No. 1’s approach is unique, but analysts and observers say its high-profile success is likely to prompt others to try similar tactics. The market view Investing in social good has been good for investors. Many have seen solid returns in what are known as ESG funds, which invest in companies that meet certain standards (set by the investors) on environmental, social and governance issues. In 2020, 3 of every 4 stock funds categorized as “sustainable” beat a market index of roughly comparable conventional stocks, according to research firm Morningstar. In part, that reflects the kinds of companies that make up such funds. They tend to feature fewer fossil fuel stocks, which were hurt last year by pandemic-related shutdowns. At the same time, large tech companies such as Microsoft, which often show up in many sustainability-focused portfolios, posted solid gains. In some quarters of the stock market, sustainability is a sexy attribute. Industries such as solar and electric vehicles have become hot growth stories. Tesla’s share price has more than tripled over the past 12 months. Invesco’s exchange-traded fund for solar power has more than doubled. Money is pouring in. Last year, $51.1 billion was invested in ESG funds, more than double the $21.4 billion that was invested in 2019 and more than nine times the 2018 level. A decision that will resonate Analysts say it is hard to overstate the impact that Exxon’s defeat will have on corporations across the country. In 2018, BlackRock, Vanguard and State Street cast an average of about 25 per cent of the votes in elections for directors of all of the companies in the S&P 500, according to academic research. The mere threat that some of those votes are more likely to be cast against management will force executives to think long and hard about how to address their concerns, analysts say. “You’ve seen that kind of shift dramatically overnight,” said Lyndon Park, managing director at ICR, a firm that advises corporate boards on investor relations issues. Park, who formerly worked at BlackRock, added, “The days are over where you could think, you know, these guys would give the benefit of the doubt to management.”

Exxon’s board defeat signals the rise of social-good activists

Long-time Tesla Inc executive Jerome Guillen, who oversaw its Semi electric trucks slated to be launched this year, has left the company, Tesla said on Monday, barely three months after taking over the role. 
 
Guillen, who has been with the company for over a decade since starting as a Model S programme director in 2010, oversaw Tesla's entire vehicles business before being named president of the Tesla Heavy Trucking unit in March. He was one of Tesla's top four leadership members, including then CEO Elon Musk. 
 
Dan Levy, a Credit-Suisse analyst said in a note the departure is 'negative given Guillen previously viewed as central to Tesla' as he was 'arguably key in stabilising auto biz post Model 3 launch' in 2017. 
 
Tesla is yet to begin delivering its battery-powered Semi electric commercial truck, with Musk saying in recent months that battery cell supply constraints could delay its mass production to 2022. 
 
Musk also said in January that Tesla would be able to produce the Semi when its new 4680 cells could be produced in volume, alleviating a battery shortage. 
 
Separately, Musk said on Sunday that Tesla has canceled its longest-range Model S Plaid+, which would use 4680 cells and whose production had been delayed to next year. 
 
"They made a big deal about 4680 ... we are just upset the first (car with) 4680 apparently was abruptly canceled. This just raises more questions that they need to address," Louis Navellier, chief investment officer at Navellier, said. 
 
Tesla shares fell 0.7% in after market trading. 
 
Guillen was one of only a few long-serving executives at Tesla, which is known for the high turnover rate of its executives. 
 
RJ Johnson, who headed Tesla's Energy operations to sell solar and energy storage products, left the company after less than two years, according to his LinkedIn profile. He moved to startup Stealth Mode. 
 
(With inputs from agencies)

Long-time Tesla Inc executive Jerome Guillen, who oversaw its Semi electric trucks slated to be launched this year, has left the company, Tesla said on Monday, barely three months after taking over the role.

Long-time Tesla Inc executive Jerome Guillen, who oversaw its Semi electric trucks slated to be launched this year, has left the company, Tesla said on Monday, barely three months after taking over the role. Guillen, who has been with the company for over a decade since starting as a Model S programme director in 2010, oversaw Tesla's entire vehicles business before being named president of the Tesla Heavy Trucking unit in March. He was one of Tesla's top four leadership members, including then CEO Elon Musk. Dan Levy, a Credit-Suisse analyst said in a note the departure is 'negative given Guillen previously viewed as central to Tesla' as he was 'arguably key in stabilising auto biz post Model 3 launch' in 2017. Tesla is yet to begin delivering its battery-powered Semi electric commercial truck, with Musk saying in recent months that battery cell supply constraints could delay its mass production to 2022. Musk also said in January that Tesla would be able to produce the Semi when its new 4680 cells could be produced in volume, alleviating a battery shortage. Separately, Musk said on Sunday that Tesla has canceled its longest-range Model S Plaid+, which would use 4680 cells and whose production had been delayed to next year. "They made a big deal about 4680 ... we are just upset the first (car with) 4680 apparently was abruptly canceled. This just raises more questions that they need to address," Louis Navellier, chief investment officer at Navellier, said. Tesla shares fell 0.7% in after market trading. Guillen was one of only a few long-serving executives at Tesla, which is known for the high turnover rate of its executives. RJ Johnson, who headed Tesla's Energy operations to sell solar and energy storage products, left the company after less than two years, according to his LinkedIn profile. He moved to startup Stealth Mode. (With inputs from agencies)

Tesla veteran and trucking chief leaves company

Hacker group Anonymous has released a video targetting Tesla CEO Elon Musk. In the video released on Youtube on June 4, Anonymous,&nbsp; responsible for some of the major cyber-attacks has criticised Musk's hold on the cryptocurrency market.

Calling Musk a "Narcissistic rich dude" with "Superiority and savior complex', Anonymous alleged that mainstay of Tesla's income doesn't come from selling cars but comes from government subsidies. And money from these subsidies has been used by Musk to buy Bitcoins, alleges Anonymous.

Elon Musk has lately been very vocal about Bitcoins and cryptocurrencies. His tweets on Bitcoin have caused value of the cryptocurrency to drastically increase and decrease.

Disapproving of these practices, Anonymous has held Musk responsible for playing with common man's money that is invested in hope of getting good returns from cryptocurrencies.

"The games you have played with crypto market have destroyed lives," says Anonynous. The hacker group ends their video with an ominous 'expect us'.

Anonymous has been a formidable hacker group, past cyberattacks of which have shut down governments and corporations alike.

Hacker group Anonymous has released a video targetting Tesla CEO Elon Musk. In the video released on Youtube on June 4, Anonymous, responsible for some of the major cyber-attacks has criticised Musk's hold on the cryptocurrency market.

Hacker group Anonymous has released a video targetting Tesla CEO Elon Musk. In the video released on Youtube on June 4, Anonymous, responsible for some of the major cyber-attacks has criticised Musk's hold on the cryptocurrency market. Calling Musk a "Narcissistic rich dude" with "Superiority and savior complex', Anonymous alleged that mainstay of Tesla's income doesn't come from selling cars but comes from government subsidies. And money from these subsidies has been used by Musk to buy Bitcoins, alleges Anonymous. Elon Musk has lately been very vocal about Bitcoins and cryptocurrencies. His tweets on Bitcoin have caused value of the cryptocurrency to drastically increase and decrease. Disapproving of these practices, Anonymous has held Musk responsible for playing with common man's money that is invested in hope of getting good returns from cryptocurrencies. "The games you have played with crypto market have destroyed lives," says Anonynous. The hacker group ends their video with an ominous 'expect us'. Anonymous has been a formidable hacker group, past cyberattacks of which have shut down governments and corporations alike.

'Expect us': Hacktivist group Anonymous targets Elon Musk over his crypto market hold

US Electric car maker Tesla revised its application for a planned gigafactory in Europe to include details for plans to produce battery cells on-site and an expansion of other production lines.

World Business Watch: Tesla revises plans for German gigafactory with more details on product lines

In older days, people heard tales about how a man's words could not only reach millions but might also be enough to make people lose or win money. The old tale has come true, at least in <a href="https://www.wionews.com/topics/elon-musk">Elon Musk’s case</a>.

<h4>Once bitten, not shy</h4>

In August 2018, Elon Musk had used his Twitter account to claim that he had "funding secured" to take his company Tesla private at a price of $420 per share. While the information was manipulated and not completely true, the effect of his statement was very true.

Also read |&nbsp;<a href="https://www.wionews.com/trending/would-dinosaurs-be-alive-if-they-had-spaceships-tech-mogul-elon-musk-believes-so-388379" hreflang="en">Would dinosaurs be alive if they had spaceships? Tech mogul Elon Musk believes so</a>

Musk was challenged by the Securities and Exchange Commission (SEC) and&nbsp;was charged with securities fraud the next month. While the two sides reached to a quick settlement, Musk had to step down from his position of Chairman of Tesla.

He was also asked to get all his public communications (mainly, Twitter) checked and approved by his team of lawyers. In addition to this, the tech billonaire was fined $40 million.

<h4>‘High’ly vulnerable</h4>

However, that has not stopped Musk from tweeting ‘dangerous’ things. In the early months of 2019, Musk tweeted an estimate of how many cars Tesla would be able to produce in that financial year. Since the number was higher than the goal stated in company’s official guidance, the tweet was not appreciated by the SEC, especially after the board realised the tweet in question was not approved by his lawyers.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/bitcoin-tumble-slows-with-help-from-elon-musk-386180" hreflang="en">Bitcoin tumble slows with help from Elon Musk</a>

Later, famous for his odd-timed tweets, Musk on the evening of July 29 replied to Ryan McCaffrey about solar roofs. In response to Musk’s "Tesla megapack", Ryan had tweeted, "How’s solar roof tile progress going? You were working on a new version (V3?) of that, right?"

Musk, within minutes, replied, "Spooling up production line rapidly. Hoping to manufacture ~1000 solar roofs/week by end of this year".

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Spooling up production line rapidly. Hoping to manufacture ~1000 solar roofs/week by end of this year.
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1156005185656782848?ref_src=twsrc%5Etfw">July 30, 2019</a></blockquote>
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After this tweet, the SEC warned Tesla that Musk’s tweets about solar power and Tesla car production were another breach of the settlement, to which Tesla lawyers argued that it was nothing but "wholly aspirational".

Also read |&nbsp;<a href="https://www.wionews.com/technology/elon-musks-tesla-halts-bitcoin-purchases-amid-concerns-of-increasing-carbon-emissions-384647" hreflang="en">Elon Musk's Tesla halts bitcoin purchases amid concerns of increasing carbon emissions</a>

While the two sides agreed on stricter vetting for Musk’s tweets, the space junkie did not steer clear of trouble. While the world fought with the pandemic, in May 2020, the entrepreneur tweeted, "Tesla's stock price is too high imo."

His tweet resulted in a drop of 10 per cent in the share prices that night and the SEC warned Musk and Tesla that the tweet reflected the company's financial condition. Not a big fan of the agency, Musk dismissed the claims by saying the tweet was simply a "personal opinion", and not a factual claim.

Master of coin

There was less harm when Elon Musk was limited to his own company's shares. However, recently, the SpaceX founder has started tweeting about cryptocurrencies, especially since Tesla invested in the same.

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If you’d like to help develop Doge, please submit ideas on GitHub &amp; <a href="https://t.co/liAPQMFaQB">https://t.co/liAPQMFaQB</a> <a href="https://twitter.com/dogecoin_devs?ref_src=twsrc%5Etfw">@dogecoin_devs</a>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1396916392629137409?ref_src=twsrc%5Etfw">May 24, 2021</a></blockquote>
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His tweets on crypto and digital currencies, and, recently, dogecoin, have sent their prices up and down within seconds. The interesting part of him dwelling in cryptocurrencies is that these commodities are not controlled by the SEC, thus giving Musk the freedom to tweet without getting into much trouble.

Recently, when China signalled a new crackdown on&nbsp;cryptocurrency, the prices were set for a devastating fall. However, one tweet from Musk cushioned the loss. The virtual currency had fallen to nearly&nbsp;$30,000 but quickly climbed back to&nbsp;$39,500 after Musk's tweet:

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Tesla has 💎 🙌
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1395027147161489412?ref_src=twsrc%5Etfw">May 19, 2021</a></blockquote>
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'Baby Shark crushes all!'

It is not just solar panels or cryptocurrencies, Musk has also diverted his attention towards children’s entertainment media. He recently replied to South Park’s tweet of meme stars by saying, "Baby Shark crushes all! More views than humans."

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Baby Shark crushes all! More views than humans. <a href="https://t.co/48Ol3ZzhjP">https://t.co/48Ol3ZzhjP</a>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1399874980062633985?ref_src=twsrc%5Etfw">June 1, 2021</a></blockquote>
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His one tweet about the 'Baby Shark' dance video resulted in an increase in the shares of Samsung Publishing in the Asian trading by nearly six per cent.

Tech-y advice

Elon Musk has also indulged in advising the masses on which messaging app is a better choice, purely out of personal opinion. In the early months of 2021, Musk asked people to switch to a messaging app called Signal over WhatsApp and Facebook due to a change in&nbsp;the latter's policy which has raised privacy concerns.

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Use Signal
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1347165127036977153?ref_src=twsrc%5Etfw">January 7, 2021</a></blockquote>
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Shortly after the announcement, the demand for the app shot up and more than 100,000 users installed Signal across the app stores of Apple and Google within two days.

Conquering new markets

After successfully launching his automobile and space companies, Elon Musk is hoping to soon launch a drive-in food chain across the US, in the locations of Supercharger. Local reports stated that an application has been submitted to the&nbsp;United States Patent and Trademark Office, which will cover the areas of "Restaurant services, pop-up restaurant services, self-service restaurant services, take-out restaurant services".

However, the reports have not yet been verified by the company or the serial tweeter, Elon Musk, yet.

In older days, people heard tales about how a man's words could not only reach millions but might also be enough to make people lose or win money. The old tale has come true, at least in Elon Musk’s case.

In older days, people heard tales about how a man's words could not only reach millions but might also be enough to make people lose or win money. The old tale has come true, at least in Elon Musk’s case. Once bitten, not shy In August 2018, Elon Musk had used his Twitter account to claim that he had "funding secured" to take his company Tesla private at a price of $420 per share. While the information was manipulated and not completely true, the effect of his statement was very true. Also read | Would dinosaurs be alive if they had spaceships? Tech mogul Elon Musk believes so Musk was challenged by the Securities and Exchange Commission (SEC) and was charged with securities fraud the next month. While the two sides reached to a quick settlement, Musk had to step down from his position of Chairman of Tesla. He was also asked to get all his public communications (mainly, Twitter) checked and approved by his team of lawyers. In addition to this, the tech billonaire was fined $40 million. ‘High’ly vulnerable However, that has not stopped Musk from tweeting ‘dangerous’ things. In the early months of 2019, Musk tweeted an estimate of how many cars Tesla would be able to produce in that financial year. Since the number was higher than the goal stated in company’s official guidance, the tweet was not appreciated by the SEC, especially after the board realised the tweet in question was not approved by his lawyers. Also read | Bitcoin tumble slows with help from Elon Musk Later, famous for his odd-timed tweets, Musk on the evening of July 29 replied to Ryan McCaffrey about solar roofs. In response to Musk’s "Tesla megapack", Ryan had tweeted, "How’s solar roof tile progress going? You were working on a new version (V3?) of that, right?" Musk, within minutes, replied, "Spooling up production line rapidly. Hoping to manufacture ~1000 solar roofs/week by end of this year". Spooling up production line rapidly. Hoping to manufacture ~1000 solar roofs/week by end of this year. — Elon Musk (@elonmusk) July 30, 2019 × After this tweet, the SEC warned Tesla that Musk’s tweets about solar power and Tesla car production were another breach of the settlement, to which Tesla lawyers argued that it was nothing but "wholly aspirational". Also read | Elon Musk's Tesla halts bitcoin purchases amid concerns of increasing carbon emissions While the two sides agreed on stricter vetting for Musk’s tweets, the space junkie did not steer clear of trouble. While the world fought with the pandemic, in May 2020, the entrepreneur tweeted, "Tesla's stock price is too high imo." His tweet resulted in a drop of 10 per cent in the share prices that night and the SEC warned Musk and Tesla that the tweet reflected the company's financial condition. Not a big fan of the agency, Musk dismissed the claims by saying the tweet was simply a "personal opinion", and not a factual claim. Master of coin There was less harm when Elon Musk was limited to his own company's shares. However, recently, the SpaceX founder has started tweeting about cryptocurrencies, especially since Tesla invested in the same. If you’d like to help develop Doge, please submit ideas on GitHub & https://t.co/liAPQMFaQB @dogecoin_devs — Elon Musk (@elonmusk) May 24, 2021 × His tweets on crypto and digital currencies, and, recently, dogecoin, have sent their prices up and down within seconds. The interesting part of him dwelling in cryptocurrencies is that these commodities are not controlled by the SEC, thus giving Musk the freedom to tweet without getting into much trouble. Recently, when China signalled a new crackdown on cryptocurrency, the prices were set for a devastating fall. However, one tweet from Musk cushioned the loss. The virtual currency had fallen to nearly $30,000 but quickly climbed back to $39,500 after Musk's tweet: Tesla has 💎 🙌 — Elon Musk (@elonmusk) May 19, 2021 × 'Baby Shark crushes all!' It is not just solar panels or cryptocurrencies, Musk has also diverted his attention towards children’s entertainment media. He recently replied to South Park’s tweet of meme stars by saying, "Baby Shark crushes all! More views than humans." Baby Shark crushes all! More views than humans. https://t.co/48Ol3ZzhjP — Elon Musk (@elonmusk) June 1, 2021 × His one tweet about the 'Baby Shark' dance video resulted in an increase in the shares of Samsung Publishing in the Asian trading by nearly six per cent. Tech-y advice Elon Musk has also indulged in advising the masses on which messaging app is a better choice, purely out of personal opinion. In the early months of 2021, Musk asked people to switch to a messaging app called Signal over WhatsApp and Facebook due to a change in the latter's policy which has raised privacy concerns. Use Signal — Elon Musk (@elonmusk) January 7, 2021 × Shortly after the announcement, the demand for the app shot up and more than 100,000 users installed Signal across the app stores of Apple and Google within two days. Conquering new markets After successfully launching his automobile and space companies, Elon Musk is hoping to soon launch a drive-in food chain across the US, in the locations of Supercharger. Local reports stated that an application has been submitted to the United States Patent and Trademark Office, which will cover the areas of "Restaurant services, pop-up restaurant services, self-service restaurant services, take-out restaurant services". However, the reports have not yet been verified by the company or the serial tweeter, Elon Musk, yet.

Is Tesla’s Elon Musk a master manipulator of markets?

Internationally-renowned <a href="https://www.wionews.com/topics/elon-musk">Elon Musk’s</a> electric car company, <a href="https://www.wionews.com/topics/tesla">Tesla</a>, has begun recruiting for leadership roles in India.

After it was announced that Tesla will be breaking the ground and setting up facilities in India, the company has also started hiring senior-level employees for leadership roles in India, media reports claim.

Also read |&nbsp;<a href="https://www.wionews.com/technology/is-teslas-elon-musk-a-master-manipulator-of-markets-389229">Is Tesla’s Elon Musk a master manipulator of markets?</a>

It has also been rumoured that Prashanth Menon, a software engineer by profession, who has been working with Tesla for nearly four years, will be promoted to India's CEO.

As of now, the state government of Karnataka has revealed that Tesla will be setting up a facility in the suburbs of Bangalore, a famous tech-city in the country. However, Tesla has not yet confirmed the news.

Also read |&nbsp;<a href="https://www.wionews.com/trending/would-dinosaurs-be-alive-if-they-had-spaceships-tech-mogul-elon-musk-believes-so-388379" hreflang="en">Would dinosaurs be alive if they had spaceships? Tech mogul Elon Musk believes so</a>

Experts believe the company is currently observing the Indian government’s stand on the goods and sales tax that can help Tesla finalise its plans.

It has also been rumoured that soon launch Elon Musk-owned Tesla will launch a drive-in food chain across the US, in the locations of Supercharger. Local reports stated that an application has been submitted to the&nbsp;United States Patent and Trademark Office, which will cover the areas of "Restaurant services, pop-up restaurant services, self-service restaurant services, take-out restaurant services".

However, the reports have not yet been verified by the company or the serial tweeter, Elon Musk, yet.

Internationally-renowned Elon Musk’s electric car company, Tesla, has begun recruiting for leadership roles in India. After it was announced that Tesla will be breaking the ground and setting up facilities in India, the company has also started hiring senior-level employees for leadership roles in India, media reports claim.

Internationally-renowned Elon Musk’s electric car company, Tesla, has begun recruiting for leadership roles in India. After it was announced that Tesla will be breaking the ground and setting up facilities in India, the company has also started hiring senior-level employees for leadership roles in India, media reports claim. Also read | Is Tesla’s Elon Musk a master manipulator of markets? It has also been rumoured that Prashanth Menon, a software engineer by profession, who has been working with Tesla for nearly four years, will be promoted to India's CEO. As of now, the state government of Karnataka has revealed that Tesla will be setting up a facility in the suburbs of Bangalore, a famous tech-city in the country. However, Tesla has not yet confirmed the news. Also read | Would dinosaurs be alive if they had spaceships? Tech mogul Elon Musk believes so Experts believe the company is currently observing the Indian government’s stand on the goods and sales tax that can help Tesla finalise its plans. It has also been rumoured that soon launch Elon Musk-owned Tesla will launch a drive-in food chain across the US, in the locations of Supercharger. Local reports stated that an application has been submitted to the United States Patent and Trademark Office, which will cover the areas of "Restaurant services, pop-up restaurant services, self-service restaurant services, take-out restaurant services". However, the reports have not yet been verified by the company or the serial tweeter, Elon Musk, yet.

Elon Musk's Tesla begins hiring in India: Reports

Tesla is recalling 6000 of its electric cars over concerns that their brake caliper bolts might loosen, which could potentially cause a loss of tire pressure and increase the risk of a crash.

Tesla recalls 6,000 cars over risk of loose bolts

Tesla Inc said on Tuesday that&nbsp;it will drop a radar sensor in favour of a camera-focused Autopilot system for its Model 3 and Model Y vehicles in North America starting this month.&nbsp;

The move came amid growing scrutiny by regulators and media about the safety of what Tesla dubs 'Autopilot' and 'Full Self-Driving (FSD)' features, following a series of crashes.&nbsp;

"Pure vision Autopilot is now rolling out in North America," CEO Elon Musk said in a tweet.&nbsp;

He said it plans to release an improved 'FSD beta V9.0' based on the pure vision system about three weeks later.&nbsp;

"FSD subscription will be enabled around the same time," he said.&nbsp;

In October, Tesla rolled out the test version of its new FSD system to a limited number of people, enabling cars to navigate on city streets in semi-autonomous mode as well as highways. A wider launch has been delayed.&nbsp;

While most companies like Waymo equip autonomous cars with cameras paired with sensors like lidars and radars, Tesla relied on cameras and one radar to detect and analyse objects.&nbsp;

Tesla's approach helped reduce costs and commercialise its driver assistant features, but experts and other companies have raised safety concerns.&nbsp;

Tesla said the transition to a camera-focused system may result in limitations of some features, such as lane-centering and parking assistance, saying those functions will be restored via software updates 'in the weeks ahead’.&nbsp;

All new Model S and Model X cars, as well as all vehicles built for markets outside North America, will still be equipped with a radar, Tesla said.&nbsp;

A radar sensor uses radio waves and sensors to detect objects.&nbsp;

In March, Tesla told California regulators, it might not achieve full self-driving technology by the end of 2021.&nbsp;

(With inputs from agencies) &nbsp;

Tesla Inc said on Tuesday that it will drop a radar sensor in favour of a camera-focused Autopilot system for its Model 3 and Model Y vehicles in North America starting this month.

Tesla Inc said on Tuesday that it will drop a radar sensor in favour of a camera-focused Autopilot system for its Model 3 and Model Y vehicles in North America starting this month. The move came amid growing scrutiny by regulators and media about the safety of what Tesla dubs 'Autopilot' and 'Full Self-Driving (FSD)' features, following a series of crashes. "Pure vision Autopilot is now rolling out in North America," CEO Elon Musk said in a tweet. He said it plans to release an improved 'FSD beta V9.0' based on the pure vision system about three weeks later. "FSD subscription will be enabled around the same time," he said. In October, Tesla rolled out the test version of its new FSD system to a limited number of people, enabling cars to navigate on city streets in semi-autonomous mode as well as highways. A wider launch has been delayed. While most companies like Waymo equip autonomous cars with cameras paired with sensors like lidars and radars, Tesla relied on cameras and one radar to detect and analyse objects. Tesla's approach helped reduce costs and commercialise its driver assistant features, but experts and other companies have raised safety concerns. Tesla said the transition to a camera-focused system may result in limitations of some features, such as lane-centering and parking assistance, saying those functions will be restored via software updates 'in the weeks ahead’. All new Model S and Model X cars, as well as all vehicles built for markets outside North America, will still be equipped with a radar, Tesla said. A radar sensor uses radio waves and sensors to detect objects. In March, Tesla told California regulators, it might not achieve full self-driving technology by the end of 2021. (With inputs from agencies)

Tesla doubles down on camera-based Autopilot amid growing scrutiny 

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

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

German police are investigating whether a fire that broke out overnight at the construction site of Tesla's first European gigafactory had a political motive, after far-left activists claimed responsibility.

The fire at Gruenheide in the eastern state of Brandenburg early on Wednesday morning damaged several power cables leading to the Tesla site and an area of around 3 square metres, said a spokesman for the LKA state criminal investigation office.

The spokesman said arson was not being ruled out and investigators were examining a letter that circulated on social media during Wednesday which claimed responsibility.

The letter, which was published on a radical left platform, said it had cut the power supply to the Tesla site by setting fire to six high-voltage cables above ground.

"Tesla is neither green, ecological nor social," said the letter, according to the LKA spokeman.

Tesla, which has said it could produce up to 500,000 Model Y cars at the site annually, delayed the opening of its gigafactory to late 2021 from an initial July 1 date after adding plans to set up a battery cell plant there.

Tesla Chief Executive Elon Musk has complained about German red tape needed for lengthy approval processes after construction of the factory was held up by environmentalists concerned about local wildlife and water resources.

German police are investigating whether a fire that broke out overnight at the construction site of Tesla's first European gigafactory had a political motive, after far-left activists claimed responsibility.

German police are investigating whether a fire that broke out overnight at the construction site of Tesla's first European gigafactory had a political motive, after far-left activists claimed responsibility. The fire at Gruenheide in the eastern state of Brandenburg early on Wednesday morning damaged several power cables leading to the Tesla site and an area of around 3 square metres, said a spokesman for the LKA state criminal investigation office. The spokesman said arson was not being ruled out and investigators were examining a letter that circulated on social media during Wednesday which claimed responsibility. The letter, which was published on a radical left platform, said it had cut the power supply to the Tesla site by setting fire to six high-voltage cables above ground. "Tesla is neither green, ecological nor social," said the letter, according to the LKA spokeman. Tesla, which has said it could produce up to 500,000 Model Y cars at the site annually, delayed the opening of its gigafactory to late 2021 from an initial July 1 date after adding plans to set up a battery cell plant there. Tesla Chief Executive Elon Musk has complained about German red tape needed for lengthy approval processes after construction of the factory was held up by environmentalists concerned about local wildlife and water resources.

Tesla arson: German police investigating possible political motive after leftists claim responsibility

Bitcoin's value plunged on Wednesday after China signaled a new crackdown on the cryptocurrency, but its losses were cushioned after Tesla head Elon Musk spoke up on Twitter.

The virtual currency fell to almost $30,000 — less than half the record value it reached last month — before climbing back over $39,500 around 2000 GMT. It was still above its level at the start of the year.

Bitcoin recovered somewhat following tweets from Musk that featured a diamond and hands emoji, taken as a signal the company had not sold off its huge bitcoin holdings as the CEO appeared to suggest recently.

Also read |&nbsp;<a href="https://www.wionews.com/technology/elon-musks-tesla-halts-bitcoin-purchases-amid-concerns-of-increasing-carbon-emissions-384647" hreflang="en">Elon Musk's Tesla halts bitcoin purchases amid concerns of increasing carbon emissions</a>

At its daily low on Wednesday, the unit lost nearly a third of its value compared to the start of the week and more than half compared to its record, reached just a month ago, on April 14, at $64,869.78.

Making matters worse, Chinese authorities on Wednesday said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them, despite the country powering most of the world's mining.

Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering, as leaders try to stop people from shifting cash overseas. The country had been home to around 90 percent of the global trade in the sector.

Also read |&nbsp;<a href="https://www.wionews.com/world/musk-pokes-fun-at-himself-admits-twitter-puts-him-in-trouble-383862" hreflang="en">Musk pokes fun at himself, admits Twitter puts him in trouble&nbsp;</a>

In a statement, three state-backed industry associations said "cryptocurrency prices have skyrocketed and plummeted, and cryptocurrency trading speculation activities have rebounded."

The price fluctuations "seriously violate people's asset safety and disrupt normal economic and financial order," said the statement posted to social media by the People's Bank of China.

The notice warned consumers against wild speculation, adding that the "losses caused by investment transactions are borne by the consumers themselves," since Chinese law offers no protection to them.&nbsp;

It reiterated that providing cryptocurrency services to customers and crypto-based financial products was illegal for Chinese financial institutions and payment providers.

"This is the latest chapter of China tightening the noose around crypto," said Antoni Trenchev, managing partner and co-founder of London-based crypto lender Nexo.

Linghao Bao, analyst at Trivium China, said that despite the ban, Chinese investors could still find ways to buy cryptocurrencies through illegal vendors.

"There will always be a way to circumvent regulations," he said. "The point of this order is to tell financial institutions to up their game to detect these crypto-related transactions."

Bitcoin had a roller-coaster day on Wednesday, falling from $45,600 to under $40,000, then climbing back before dropping to $30,017 and up again.

"This looks like your typical flash crash, but there seems to be some hesitancy in getting back in," said Edward Moya, senior market analyst at OANDA.

'Here to stay'

Adam Reynolds, of Saxo Markets, added that avoiding use of cryptocurrency, which can be transferred out of the country, is "essential to maintaining capital controls" in China.&nbsp;

Bitcoin has had a torrid few days, in good part because of Musk and Tesla.

Last week Tesla hit the brakes on letting people pay for its electric cars with bitcoin, citing concerns about the harmful effects that mining cryptocurrencies has on the environment.

Then Musk appeared to suggest Tesla was planning to sell its huge holdings of the unit, before clarifying that the company had not sold any bitcoin.

"Elon Musk started the ball rolling," Germany-based crypto analyst Timo Emden told AFP. "It will take some time for them to recover from this shock."

Mining cryptocurrency is a hugely energy-intensive process requiring large amounts of electricity in giant data centers.

China, which powers nearly 80 percent of the global cryptocurrency trade, relies on a particularly polluting type of coal, lignite, to power some of its mining.

"If bitcoin was a country, it would use around the same amount of electricity a year to mine as Switzerland does in total," Deutsche Bank analysts said in a note.

Some Chinese enthusiasts, however, remained unfazed.

"This has happened before and it happens every year...," said trader and ex-tech industry worker Zeng Jiajun. "Crypto is here to stay." &nbsp;

China is in the midst of a wide-ranging regulatory crackdown on its fintech sector. Its biggest players — including Alibaba and Tencent — have been hit with big fines after being found guilty of monopolistic practices.

Bitcoin's value plunged on Wednesday after China signaled a new crackdown on the cryptocurrency, but its losses were cushioned after Tesla head Elon Musk spoke up on Twitter.

Bitcoin's value plunged on Wednesday after China signaled a new crackdown on the cryptocurrency, but its losses were cushioned after Tesla head Elon Musk spoke up on Twitter. The virtual currency fell to almost $30,000 — less than half the record value it reached last month — before climbing back over $39,500 around 2000 GMT. It was still above its level at the start of the year. Bitcoin recovered somewhat following tweets from Musk that featured a diamond and hands emoji, taken as a signal the company had not sold off its huge bitcoin holdings as the CEO appeared to suggest recently. Also read | Elon Musk's Tesla halts bitcoin purchases amid concerns of increasing carbon emissions At its daily low on Wednesday, the unit lost nearly a third of its value compared to the start of the week and more than half compared to its record, reached just a month ago, on April 14, at $64,869.78. Making matters worse, Chinese authorities on Wednesday said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them, despite the country powering most of the world's mining. Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering, as leaders try to stop people from shifting cash overseas. The country had been home to around 90 percent of the global trade in the sector. Also read | Musk pokes fun at himself, admits Twitter puts him in trouble In a statement, three state-backed industry associations said "cryptocurrency prices have skyrocketed and plummeted, and cryptocurrency trading speculation activities have rebounded." The price fluctuations "seriously violate people's asset safety and disrupt normal economic and financial order," said the statement posted to social media by the People's Bank of China. The notice warned consumers against wild speculation, adding that the "losses caused by investment transactions are borne by the consumers themselves," since Chinese law offers no protection to them. It reiterated that providing cryptocurrency services to customers and crypto-based financial products was illegal for Chinese financial institutions and payment providers. "This is the latest chapter of China tightening the noose around crypto," said Antoni Trenchev, managing partner and co-founder of London-based crypto lender Nexo. Linghao Bao, analyst at Trivium China, said that despite the ban, Chinese investors could still find ways to buy cryptocurrencies through illegal vendors. "There will always be a way to circumvent regulations," he said. "The point of this order is to tell financial institutions to up their game to detect these crypto-related transactions." Bitcoin had a roller-coaster day on Wednesday, falling from $45,600 to under $40,000, then climbing back before dropping to $30,017 and up again. "This looks like your typical flash crash, but there seems to be some hesitancy in getting back in," said Edward Moya, senior market analyst at OANDA. 'Here to stay' Adam Reynolds, of Saxo Markets, added that avoiding use of cryptocurrency, which can be transferred out of the country, is "essential to maintaining capital controls" in China. Bitcoin has had a torrid few days, in good part because of Musk and Tesla. Last week Tesla hit the brakes on letting people pay for its electric cars with bitcoin, citing concerns about the harmful effects that mining cryptocurrencies has on the environment. Then Musk appeared to suggest Tesla was planning to sell its huge holdings of the unit, before clarifying that the company had not sold any bitcoin. "Elon Musk started the ball rolling," Germany-based crypto analyst Timo Emden told AFP. "It will take some time for them to recover from this shock." Mining cryptocurrency is a hugely energy-intensive process requiring large amounts of electricity in giant data centers. China, which powers nearly 80 percent of the global cryptocurrency trade, relies on a particularly polluting type of coal, lignite, to power some of its mining. "If bitcoin was a country, it would use around the same amount of electricity a year to mine as Switzerland does in total," Deutsche Bank analysts said in a note. Some Chinese enthusiasts, however, remained unfazed. "This has happened before and it happens every year...," said trader and ex-tech industry worker Zeng Jiajun. "Crypto is here to stay." China is in the midst of a wide-ranging regulatory crackdown on its fintech sector. Its biggest players — including Alibaba and Tencent — have been hit with big fines after being found guilty of monopolistic practices.

Bitcoin tumble slows with help from Elon Musk

The Tesla car that was involved in a fatal crash on the California freeway in the US on May 05 was set on autopilot at the time of the accident, authorities have reported.

This is the 29th Tesla accident that the National Highway Traffic Safety Administration (NHTSA) is investigating.

On May 05, a Tesla Model 3 crashed into an overturned semi-truck on a freeway around 2:30 am (local time), leading to the death of the 35-year-old man sitting in the car and a man being injured who was helping the truck driver out of his vehicle.

Also read |&nbsp;<a href="https://www.wionews.com/technology/elon-musks-tesla-halts-bitcoin-purchases-amid-concerns-of-increasing-carbon-emissions-384647">Elon Musk's Tesla halts bitcoin purchases amid concerns of increasing carbon emissions</a>

After investigating, authorities have found the electric car by <a href="https://www.wionews.com/topics/elon-musk?page=1">Elon Musk's</a> Tesla was operating on the company’s partially automated driving system, dubbed as Autopilot.

This is the fourth accident of a Tesla car operating on the autopilot feature.

"While the CHP does not normally comment on ongoing investigations, the Department recognizes the high level of interest centered around crashes involving Tesla vehicle," the agency said. "We felt this information provides an opportunity to remind the public that driving is a complex task that requires a driver's full attention."

This incident has raised concerns about the company's features of autopilot and self-driving. However, the user manuals do caution the drivers to pay attention to the road even if the car is operating on autopilot or self-driving mode.

The Tesla car that was involved in a fatal crash on the California freeway in the US on May 05 was set on autopilot at the time of the accident, authorities have reported.

The Tesla car that was involved in a fatal crash on the California freeway in the US on May 05 was set on autopilot at the time of the accident, authorities have reported. This is the 29th Tesla accident that the National Highway Traffic Safety Administration (NHTSA) is investigating. On May 05, a Tesla Model 3 crashed into an overturned semi-truck on a freeway around 2:30 am (local time), leading to the death of the 35-year-old man sitting in the car and a man being injured who was helping the truck driver out of his vehicle. Also read | Elon Musk's Tesla halts bitcoin purchases amid concerns of increasing carbon emissions After investigating, authorities have found the electric car by Elon Musk's Tesla was operating on the company’s partially automated driving system, dubbed as Autopilot. This is the fourth accident of a Tesla car operating on the autopilot feature. "While the CHP does not normally comment on ongoing investigations, the Department recognizes the high level of interest centered around crashes involving Tesla vehicle," the agency said. "We felt this information provides an opportunity to remind the public that driving is a complex task that requires a driver's full attention." This incident has raised concerns about the company's features of autopilot and self-driving. However, the user manuals do caution the drivers to pay attention to the road even if the car is operating on autopilot or self-driving mode.

Tesla in California car crash was on Autopilot: Officials

Tesla Inc boss&nbsp;Elon&nbsp;Musk has&nbsp;denounced the "insane" amount of energy used to produce bitcoin, doubling down on his sudden rejection of the cryptocurrency as a means of payment over environmental concerns.

Musk, one of bitcoin's most ardent backers, tweeted a graph of bitcoin's power consumption and said: "Energy usage trend over past few months is insane."&nbsp;

Obtaining&nbsp;bitcoin&nbsp;is an energy-intensive endeavour, and the chart showed the evolution of its power usage, rising constantly from 2016 and accelerating sharply in 2020 on an annualized basis to hit its current level of 149 terawatt-hours (TWh), an all-time high.

That's compared to Google's entire energy usage of 12.2 TWh, and the approximately 200 TWh used by all data centers in the world except those that mine&nbsp;bitcoin, according to George Kamiya, an analyst at the International Energy Agency (IEA).

"If&nbsp;Bitcoin&nbsp;was a country, it would use around the same amount of electricity a year to mine as Switzerland does in total," Deutsche Bank analysts said in a note.

Indeed, the IEA predicts the situation could worsen: if miners used the most energy intensive equipment, their consumption could rise to 500 TWh.

Citing its energy consumption particularly by miners who use coal, Musk on Wednesday said Tesla would no longer accept&nbsp;bitcoin&nbsp;as a means of payment for its electric cars.

The announcement sent the cyrptocurrency's value down 15 percent to a two-and-a-half month low, a reversal from late March, when Tesla announced it would accept the digital currency as payment after announcing a $1.5 billion investment in&nbsp;bitcoin.

The promise of a juicy reward has fueled the rise in giant data centers dedicated to&nbsp;bitcoin, which reached a $1 trillion market capitalization earlier this year, before falling back.

The cryptocurrency is earned by participants in the network called "miners," who solve deliberately complicated equations using brute force processing power under the so-called "proof of work" protocol.

"Proof of work" was one of the founding principles of the best-known cryptocurrency, created in 2008 by an anonymous person or group that wanted a decentralized digital currency.

The system is designed so that around every 10 minutes, the network awards some&nbsp;bitcoin&nbsp;to those who have successfully cracked the puzzle.&nbsp;

But as the price of&nbsp;bitcoin&nbsp;has risen, interest in obtaining it has followed, along with electricity consumption.

Last month, scientific journal Nature published a study saying that emissions from mining in China, which powers nearly 80 percent of the global cryptocurrency trade, could compromise the country's climate goals.

That country relies on a particularly polluting type of coal, lignite, to power some of its mining.

Bloomberg predicts that it will take until 2060 before China can meet its cryptocurrency industry's needs through renewable energy.

One way to reduce energy consumption would be to move away from the processor-intensive "proof of work" model, similar to changes being considered for the Ethereum cryptocurrency.

But it's hard to imagine&nbsp;bitcoin&nbsp;making such a change, which could make its network less secure and decentralized.

"Tesla's move might serve as a wake-up call to businesses and consumers using&nbsp;Bitcoin, who hadn't hitherto considered its carbon footprint," said Laith Khalaf, a financial analyst at AJ Bell.

"This highlights that the long-term adoption of cryptocurrencies by businesses, consumers and investors is still highly uncertain."

(With inputs from agencies)

Tesla Inc boss Elon Musk has denounced the "insane" amount of energy used to produce bitcoin, doubling down on his sudden rejection of the cryptocurrency as a means of payment over environmental concerns.

Tesla Inc boss Elon Musk has denounced the "insane" amount of energy used to produce bitcoin, doubling down on his sudden rejection of the cryptocurrency as a means of payment over environmental concerns. Musk, one of bitcoin's most ardent backers, tweeted a graph of bitcoin's power consumption and said: "Energy usage trend over past few months is insane." Obtaining bitcoin is an energy-intensive endeavour, and the chart showed the evolution of its power usage, rising constantly from 2016 and accelerating sharply in 2020 on an annualized basis to hit its current level of 149 terawatt-hours (TWh), an all-time high. That's compared to Google's entire energy usage of 12.2 TWh, and the approximately 200 TWh used by all data centers in the world except those that mine bitcoin, according to George Kamiya, an analyst at the International Energy Agency (IEA). "If Bitcoin was a country, it would use around the same amount of electricity a year to mine as Switzerland does in total," Deutsche Bank analysts said in a note. Indeed, the IEA predicts the situation could worsen: if miners used the most energy intensive equipment, their consumption could rise to 500 TWh. Citing its energy consumption particularly by miners who use coal, Musk on Wednesday said Tesla would no longer accept bitcoin as a means of payment for its electric cars. The announcement sent the cyrptocurrency's value down 15 percent to a two-and-a-half month low, a reversal from late March, when Tesla announced it would accept the digital currency as payment after announcing a $1.5 billion investment in bitcoin. The promise of a juicy reward has fueled the rise in giant data centers dedicated to bitcoin, which reached a $1 trillion market capitalization earlier this year, before falling back. The cryptocurrency is earned by participants in the network called "miners," who solve deliberately complicated equations using brute force processing power under the so-called "proof of work" protocol. "Proof of work" was one of the founding principles of the best-known cryptocurrency, created in 2008 by an anonymous person or group that wanted a decentralized digital currency. The system is designed so that around every 10 minutes, the network awards some bitcoin to those who have successfully cracked the puzzle. But as the price of bitcoin has risen, interest in obtaining it has followed, along with electricity consumption. Last month, scientific journal Nature published a study saying that emissions from mining in China, which powers nearly 80 percent of the global cryptocurrency trade, could compromise the country's climate goals. That country relies on a particularly polluting type of coal, lignite, to power some of its mining. Bloomberg predicts that it will take until 2060 before China can meet its cryptocurrency industry's needs through renewable energy. One way to reduce energy consumption would be to move away from the processor-intensive "proof of work" model, similar to changes being considered for the Ethereum cryptocurrency. But it's hard to imagine bitcoin making such a change, which could make its network less secure and decentralized. "Tesla's move might serve as a wake-up call to businesses and consumers using Bitcoin, who hadn't hitherto considered its carbon footprint," said Laith Khalaf, a financial analyst at AJ Bell. "This highlights that the long-term adoption of cryptocurrencies by businesses, consumers and investors is still highly uncertain." (With inputs from agencies)

Here is why Elon Musk decried bitcoin's 'insane' energy use after Tesla payment U-turn

The price of bitcoin fell about 5 percent to $51,847 after Musk’s comments on Twitter. Tesla’s stock finished Wednesday down 4.4 percent.

Tesla suspends vehicle purchases using Bitcoin

Observing an increase in climate-harming emissions, <a href="https://www.wionews.com/topics/elon-musk?page=1">Elon Musk’s</a> electric car company, <a href="https://www.wionews.com/topics/tesla">Tesla</a>, has decided to temporary suspend payment for cars with bitcoin.

"Tesla has suspended vehicle purchase using Bitcoin. We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk&nbsp;said in a statement.

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Tesla &amp; Bitcoin <a href="https://t.co/YSswJmVZhP">pic.twitter.com/YSswJmVZhP</a>
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Also read |&nbsp;<a href="https://www.wionews.com/entertainment/lifestyle/news-elon-musk-reveals-he-has-asperger%E2%80%99s-syndrome-on-%E2%80%98saturday-night-live%E2%80%99-383885" hreflang="en">Elon Musk reveals he has Asperger’s syndrome on ‘Saturday Night Live’</a>

Recently, Tesla shifted towards fulfilling its owner’s dream of making electric cars mainstream and tried to drive people away from combustion engines pumping out emissions contributing to climate change.

In a bid to give a boost to digital currency, in March, the electric car company started accepting bitcoin in exchange for electric cars from Tesla.

Also read |&nbsp;<a href="https://www.wionews.com/technology/elon-musks-tesla-says-it-appears-driver-was-at-the-wheel-in-crash-380728" hreflang="en">Elon Musk's Tesla says it appears driver was at the wheel in crash</a>

"Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this can not come at great cost to the environment," the statement read.

Musk also said that Tesla will not be selling any of its bitcoin and will wait to resume bitcoin purchases and sales only after "mining transitions to more sustainable energy".

Meanwhile, the company is also looking at other options in digital currency that do not harm the environment like bitcoin.

Observing an increase in climate-harming emissions, Elon Musk’s electric car company, Tesla, has decided to temporary suspend payment for cars with bitcoin. "Tesla has suspended vehicle purchase using Bitcoin.

Observing an increase in climate-harming emissions, Elon Musk’s electric car company, Tesla, has decided to temporary suspend payment for cars with bitcoin. "Tesla has suspended vehicle purchase using Bitcoin. We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk said in a statement. Tesla & Bitcoin pic.twitter.com/YSswJmVZhP — Elon Musk (@elonmusk) May 12, 2021 × Also read | Elon Musk reveals he has Asperger’s syndrome on ‘Saturday Night Live’ Recently, Tesla shifted towards fulfilling its owner’s dream of making electric cars mainstream and tried to drive people away from combustion engines pumping out emissions contributing to climate change. In a bid to give a boost to digital currency, in March, the electric car company started accepting bitcoin in exchange for electric cars from Tesla. Also read | Elon Musk's Tesla says it appears driver was at the wheel in crash "Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this can not come at great cost to the environment," the statement read. Musk also said that Tesla will not be selling any of its bitcoin and will wait to resume bitcoin purchases and sales only after "mining transitions to more sustainable energy". Meanwhile, the company is also looking at other options in digital currency that do not harm the environment like bitcoin.

Elon Musk's Tesla halts bitcoin purchases amid concerns of increasing carbon emissions

Tesla and SpaceX CEO was at his hilarious best as he hosted the popular American TV show ‘Saturday Night Live’ for the first time, acknowledging that his public comments on Twitter do get him in trouble at times.&nbsp;

Appearing alongside American singer-songwriter Miley Cyrus to host the late-night comedy show on NBC Television that was streamed in over 100 countries including India for the first time, Musk said, "Sometimes after I say something I have to say, 'I mean that,'.&nbsp;

He pointed to his ‘69 days after 4/20 again haha’ tweet but didn’t mention the 2018 tweet that got him in trouble with the US Securities and Exchange Commission (SEC), reports The Verge.&nbsp;

Musk revealed that he was the first person with Asperger Syndrome to host SNL.&nbsp;

Asperger Syndrome (AS), also known as Asperger's, is a neuro-developmental disorder characterised by significant difficulties in social interaction and non-verbal communication, along with restricted and repetitive patterns of behaviour and interests.&nbsp;

Throughout the TV show, Musk joked and poked fun at himself, saying that people sometimes don't know what to expect from him.&nbsp;

"I reinvented electric cars and I'm sending people to Mars on a rocket ship. Did you think I was going to be a chill, normal dude?" He told the viewers.&nbsp;

He said that his famous appearance on Joe Rogan's podcast where he smoked weed wasn't his usual habit.&nbsp;

Musk also said the name of his youngest child from musician-singer Grimes, spelled X AE A-12, is "pronounced 'cat running across keyboard’."&nbsp;

Musk's mother Faye also made an appearance during the programme.&nbsp;

"I'm excited for my Mother's Day gift, I just hope it's not Dogecoin," she said.&nbsp;

To which Elon replied, "it is."&nbsp;

However, Dogecoin, which is fourth-largest cryptocurrency by market value and promoted by Musk fell sharply during his show.&nbsp;

(With inputs from agencies)&nbsp;

Tesla and SpaceX CEO was at his hilarious best as he hosted the popular American TV show ‘Saturday Night Live’ for the first time, acknowledging that his public comments on Twitter do get him in trouble at times.

Tesla and SpaceX CEO was at his hilarious best as he hosted the popular American TV show ‘Saturday Night Live’ for the first time, acknowledging that his public comments on Twitter do get him in trouble at times. Appearing alongside American singer-songwriter Miley Cyrus to host the late-night comedy show on NBC Television that was streamed in over 100 countries including India for the first time, Musk said, "Sometimes after I say something I have to say, 'I mean that,'. He pointed to his ‘69 days after 4/20 again haha’ tweet but didn’t mention the 2018 tweet that got him in trouble with the US Securities and Exchange Commission (SEC), reports The Verge. Musk revealed that he was the first person with Asperger Syndrome to host SNL. Asperger Syndrome (AS), also known as Asperger's, is a neuro-developmental disorder characterised by significant difficulties in social interaction and non-verbal communication, along with restricted and repetitive patterns of behaviour and interests. Throughout the TV show, Musk joked and poked fun at himself, saying that people sometimes don't know what to expect from him. "I reinvented electric cars and I'm sending people to Mars on a rocket ship. Did you think I was going to be a chill, normal dude?" He told the viewers. He said that his famous appearance on Joe Rogan's podcast where he smoked weed wasn't his usual habit. Musk also said the name of his youngest child from musician-singer Grimes, spelled X AE A-12, is "pronounced 'cat running across keyboard’." Musk's mother Faye also made an appearance during the programme. "I'm excited for my Mother's Day gift, I just hope it's not Dogecoin," she said. To which Elon replied, "it is." However, Dogecoin, which is fourth-largest cryptocurrency by market value and promoted by Musk fell sharply during his show. (With inputs from agencies)

Musk pokes fun at himself, admits Twitter puts him in trouble 

Electric vehicle maker Tesla, facing scrutiny in China over safety and customer service complaints, is boosting its engagement with mainland regulators and beefing up its government relations team.

World Business Watch: Tesla under scrutiny in China, steps up engagement with regulators

The demand for millions of barrels of oil every day may soon be wiped out by electric cars. According to recent figures, the number of electric vehicles on the world’s roads is set to increase from 11 million vehicles to 145 million by the end of the decade.

According to an International Energy Agency (IEA) report, as a method to achieve global climate targets; if governments around the world, agree to encourage the production of low-carbon vehicles, there could be 230 million electric vehicles worldwide by 2030.

Sales in the first quarter of the year 2021 were more than 2.5 times or 250 per cent higher than in the same months last year, found IEA’s first global report on electric vehicles.

In 2020, a record three million new electric cars were registered around the world, bringing the total number of electric cars to 10 million, despite the economic slowdown, which has caused the global car industry to shrink by 16 per cent. In addition, the number of other electric vehicles like electric vans, heavy trucks and buses stand at approximately one million.

This increase in the number of electric cars is expected to have significant implications on oil companies,&nbsp;as the profits&nbsp;they make from producing crude depend on the demand for transport fuels.

By 2030, Electric vehicles could potentially remove the requirement of approximately two million barrels a day of diesel and petrol, and save the equivalent of 120m tonnes of carbon dioxide.

If governments were to increase their ambition for electric road transport by aligning them with global climate targets, doubling the carbon savings these vehicles could displace about 3.5m barrels of oil a day.

According to IEA reports, with $120 billion consumer spending on electric vehicles last year, a 50 per cent&nbsp;increase in spending was witnessed as compared to 2019. This boom has multi-billion-dollar implications for the global automotive industry. &nbsp;Last year also witnessed carmakers offering 370 electric models to the market, an increase of 40 per cent from 2019 numbers.

IEA’s executive director, Fatih Birol said, "Current sales trends&nbsp;are very encouraging&nbsp;but our shared climate and energy goals call for even faster market uptake," said.

The IEA report calls for "stronger ambition and action from all countries", calling the production of sufficient electric vehicles to put the world on the course to meet its climate targets, a "formidable challenge".

The demand for millions of barrels of oil every day may soon be wiped out by electric cars. According to recent figures, the number of electric vehicles on the world’s roads is set to increase from 11 million vehicles to 145 million by the end of the decade.

The demand for millions of barrels of oil every day may soon be wiped out by electric cars. According to recent figures, the number of electric vehicles on the world’s roads is set to increase from 11 million vehicles to 145 million by the end of the decade. According to an International Energy Agency (IEA) report, as a method to achieve global climate targets; if governments around the world, agree to encourage the production of low-carbon vehicles, there could be 230 million electric vehicles worldwide by 2030. Sales in the first quarter of the year 2021 were more than 2.5 times or 250 per cent higher than in the same months last year, found IEA’s first global report on electric vehicles. In 2020, a record three million new electric cars were registered around the world, bringing the total number of electric cars to 10 million, despite the economic slowdown, which has caused the global car industry to shrink by 16 per cent. In addition, the number of other electric vehicles like electric vans, heavy trucks and buses stand at approximately one million. This increase in the number of electric cars is expected to have significant implications on oil companies, as the profits they make from producing crude depend on the demand for transport fuels. By 2030, Electric vehicles could potentially remove the requirement of approximately two million barrels a day of diesel and petrol, and save the equivalent of 120m tonnes of carbon dioxide. If governments were to increase their ambition for electric road transport by aligning them with global climate targets, doubling the carbon savings these vehicles could displace about 3.5m barrels of oil a day. According to IEA reports, with $120 billion consumer spending on electric vehicles last year, a 50 per cent increase in spending was witnessed as compared to 2019. This boom has multi-billion-dollar implications for the global automotive industry. Last year also witnessed carmakers offering 370 electric models to the market, an increase of 40 per cent from 2019 numbers. IEA’s executive director, Fatih Birol said, "Current sales trends are very encouraging but our shared climate and energy goals call for even faster market uptake," said. The IEA report calls for "stronger ambition and action from all countries", calling the production of sufficient electric vehicles to put the world on the course to meet its climate targets, a "formidable challenge".

Increased demand for electric vehicles can affect oil market: Study

Electric car maker Tesla has made a record profit in the first quarter of this year despite shortages of semiconductor and chips. Tesla has surpassed Wall Street expectations marginally and booked a record income of $438 million.

World Business Watch: Tesla posts record net income, revenue surges by 74%

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