Wall Street was mixed early Thursday amid optimism over United States-China trade talks and as Tesla surged on positive earnings, while Twitter plunged on disappointing results.

Analysts cited reports outlining Chinese commitments to buy US agricultural products as a positive sign about a preliminary trade agreement announced earlier this month that is still being hashed out.

The European Central Bank, as expected, held interest rates unchanged, while US data showed a drop in durable goods sales in September amid the General Motors strike and the production halt at Boeing over the grounded 737 MAX.&nbsp;

About 30 minutes into trading, the Dow Jones Industrial Average stood at 26,774.20, down 0.2 per cent.

The broad-based S&amp;P 500 climbed less than 0.1 per cent to 3,005.58, while the tech-rich Nasdaq Composite Index gained 0.4 per cent to 8,153.22.

Among the many companies reporting earnings, Tesla Motors stood out, jumping 16.5 per cent after on a surprise profit of $143 million confounding analysts who had been forecasting a loss.

Tesla said it is producing vehicles "on a trial basis" at its so-called Gigafactory in Shanghai, which will help boost global production and sales.

But Twitter plunged 18.3 per cent after it reported a sharp drop in quarterly profits as glitches in its ad-targeting ability hit revenues.

Among other companies reporting, Microsoft rose 1.1 per cent, 3M sank 4.7 per cent and Ford plunged 6.0 per cent.

Wall Street was mixed early Thursday amid optimism over United States-China trade talks and as Tesla surged on positive earnings, while Twitter plunged on disappointing results.

Wall Street was mixed early Thursday amid optimism over United States-China trade talks and as Tesla surged on positive earnings, while Twitter plunged on disappointing results. Analysts cited reports outlining Chinese commitments to buy US agricultural products as a positive sign about a preliminary trade agreement announced earlier this month that is still being hashed out. The European Central Bank, as expected, held interest rates unchanged, while US data showed a drop in durable goods sales in September amid the General Motors strike and the production halt at Boeing over the grounded 737 MAX. About 30 minutes into trading, the Dow Jones Industrial Average stood at 26,774.20, down 0.2 per cent. The broad-based S&P 500 climbed less than 0.1 per cent to 3,005.58, while the tech-rich Nasdaq Composite Index gained 0.4 per cent to 8,153.22. Among the many companies reporting earnings, Tesla Motors stood out, jumping 16.5 per cent after on a surprise profit of $143 million confounding analysts who had been forecasting a loss. Tesla said it is producing vehicles "on a trial basis" at its so-called Gigafactory in Shanghai, which will help boost global production and sales. But Twitter plunged 18.3 per cent after it reported a sharp drop in quarterly profits as glitches in its ad-targeting ability hit revenues. Among other companies reporting, Microsoft rose 1.1 per cent, 3M sank 4.7 per cent and Ford plunged 6.0 per cent.

Tesla surges, Twitter slumps amid United States earnings deluge

Tesla Inc&nbsp;on Wednesday surprised investors with a quarterly profit that sent its shares soaring, as Chief Executive Elon Musk promised a 2020 rollout of a cheaper SUV and more self-driving technology to stay ahead of larger rivals rushing into the premium electric vehicle market he created.

Shares rose nearly 21 per cent&nbsp;to $307.12 after hours on the unexpected news, crossing $300 for the first time since March 1 after record deliveries and cost cuts ensured a profitable third quarter.

Tesla on Wednesday posted a cash balance increase to $5.3 billion and reported a profit of $1.86 per share, shattering analyst expectations for a loss of 42 cents per share.

The third-quarter results are an important milestone for Tesla and redemption for Musk who had to step down as chairman after a series of scandals and investor doubts about Tesla's ability to withstand competition from larger, better capitalized global rivals.

Tesla's gross margins, an important profit indicator for investors, surpassed expectations and Tesla said it was "highly confident" in exceeding the low end of its yearly global vehicle delivery goal.

But Tesla has yet to prove that it can be consistently profitable while managing the start of production for Model 3 sedans at its new factory in Shanghai and for Model Y sport utilities next year.

"Given the breakneck speed of expansion, Tesla will face significant demands on its cash pile," said Nicholas Hyett, an analyst at Hargreaves Lansdown.

The company on Wednesday said production in Shanghai and for Model&nbsp;Y is ahead of schedule, with the latter expected to launch by the summer of 2020.

Tesla also has to contain costs as it develops a gigafactory in Europe, a Semi truck, an electric pickup truck, a new generation of the Tesla Roadster and automated driving features.

The carmaker said it had cut costs 16 per cent&nbsp;on a yearly basis, citing improvements in operating efficiency and a reduction in manufacturing and material costs. Musk said on a conference call that operating costs were the lowest since Model 3 production started.

Margin expectations are higher for Model Y than Model 3, while productions costs are roughly the same as Model 3, said Zach Kirkhorn, Tesla chief financial officer.

Model 3 vehicles made in the Shanghai factory will have roughly the same margins as those made in Fremont, California, he said.

Tesla also expects to generally be cash-flow positive as it has grown to the point of being self-funding.&nbsp;

That will allow the company to invest in divisions focusing on sustainable energy, including launching the third version of its solar roof tile this week.

"For about a year and a half we stripped Tesla energy of resources," Musk said. "Now that Model 3 production is in a good place and headed to a great place we have restored resources to Tesla storage and solar. That's going to be really crazy growth."

Musk also said Tesla is open to supplying batteries and other components to other automakers.

With Wednesday's after-hours surge, Tesla's stock has reduced its loss year-to-date to 8 per cent&nbsp;and added about $9 billion to its market capitalization.

But Tesla rallies have been short-lived before.

A year ago, Tesla gave a quarterly report that similarly smashed investors' expectations, igniting a rally that sent its shares 31 per cent&nbsp;higher over the next two months, only to see the stock decline through much of 2019 over worries about corporate governance, profitability and demand for the Model 3.&nbsp;

Investors in the past have shown impatience with the company's serial failures to meet financial and production targets. Earlier this month, Tesla shares slumped after the company reported delivering 97,000 vehicles for the third quarter, only 2 per cent&nbsp;ahead of the previous quarter.

But Tesla on Wednesday exceeded promises by billionaire Musk, who in July said Tesla would break even in the third quarter and turn a profit by the end of 2019.

The company has said it plans to deliver 360,000 to 400,000 vehicles for all of 2019, and on Wednesday said it was "highly confident in exceeding 360,000 deliveries this year."

Analysts have questioned how rapidly Tesla's vehicle sales will grow as government subsidies for electric vehicle purchases dwindle in the United States, China and other markets.

Kirkhorn on Wednesday said Tesla saw growing order rates in all markets, with current quarter orders exceeding those of the past three months.

Tesla has said it aims to produce at least 1,000 Model 3 cars a week at the new Chinese factory by the end of this year, but it is unclear when it will meet year-end production targets due to uncertainties around orders, labour and suppliers.

Revenue fell nearly 8 per cent&nbsp;to $6.30 billion in the quarter ended September&nbsp;30. Analysts had expected revenue of $6.33 billion, according to IBES data from Refinitiv.

Tesla on Wednesday said it would gradually release nearly $500 million of accumulated revenue tied to its "full self-driving capabilities", which customers can buy for $6,000 even though fully automated driving is not available.

Kirkhorn on Wednesday said deferred revenue would also be released as Tesla expands its "Smart Summon" feature, which allows customers to operate a Tesla from 200 feet&nbsp;away using a smartphone app.

Federal safety regulators are looking into the feature after videos began appearing online showing driverless Teslas hitting obstacles or nearly hitting other vehicles.

Musk on Wednesday said software updates over the coming weeks would improve Summon.

Tesla Inc on Wednesday surprised investors with a quarterly profit that sent its shares soaring, as Chief Executive Elon Musk promised a 2020 rollout of a cheaper SUV and more self-driving technology to stay ahead of larger rivals rushing into the premium electric vehicle market he created.

Tesla Inc on Wednesday surprised investors with a quarterly profit that sent its shares soaring, as Chief Executive Elon Musk promised a 2020 rollout of a cheaper SUV and more self-driving technology to stay ahead of larger rivals rushing into the premium electric vehicle market he created. Shares rose nearly 21 per cent to $307.12 after hours on the unexpected news, crossing $300 for the first time since March 1 after record deliveries and cost cuts ensured a profitable third quarter. Tesla on Wednesday posted a cash balance increase to $5.3 billion and reported a profit of $1.86 per share, shattering analyst expectations for a loss of 42 cents per share. The third-quarter results are an important milestone for Tesla and redemption for Musk who had to step down as chairman after a series of scandals and investor doubts about Tesla's ability to withstand competition from larger, better capitalized global rivals. Tesla's gross margins, an important profit indicator for investors, surpassed expectations and Tesla said it was "highly confident" in exceeding the low end of its yearly global vehicle delivery goal. But Tesla has yet to prove that it can be consistently profitable while managing the start of production for Model 3 sedans at its new factory in Shanghai and for Model Y sport utilities next year. "Given the breakneck speed of expansion, Tesla will face significant demands on its cash pile," said Nicholas Hyett, an analyst at Hargreaves Lansdown. The company on Wednesday said production in Shanghai and for Model Y is ahead of schedule, with the latter expected to launch by the summer of 2020. Tesla also has to contain costs as it develops a gigafactory in Europe, a Semi truck, an electric pickup truck, a new generation of the Tesla Roadster and automated driving features. The carmaker said it had cut costs 16 per cent on a yearly basis, citing improvements in operating efficiency and a reduction in manufacturing and material costs. Musk said on a conference call that operating costs were the lowest since Model 3 production started. Margin expectations are higher for Model Y than Model 3, while productions costs are roughly the same as Model 3, said Zach Kirkhorn, Tesla chief financial officer. Model 3 vehicles made in the Shanghai factory will have roughly the same margins as those made in Fremont, California, he said. Tesla also expects to generally be cash-flow positive as it has grown to the point of being self-funding. That will allow the company to invest in divisions focusing on sustainable energy, including launching the third version of its solar roof tile this week. "For about a year and a half we stripped Tesla energy of resources," Musk said. "Now that Model 3 production is in a good place and headed to a great place we have restored resources to Tesla storage and solar. That's going to be really crazy growth." Musk also said Tesla is open to supplying batteries and other components to other automakers. With Wednesday's after-hours surge, Tesla's stock has reduced its loss year-to-date to 8 per cent and added about $9 billion to its market capitalization. But Tesla rallies have been short-lived before. A year ago, Tesla gave a quarterly report that similarly smashed investors' expectations, igniting a rally that sent its shares 31 per cent higher over the next two months, only to see the stock decline through much of 2019 over worries about corporate governance, profitability and demand for the Model 3. Investors in the past have shown impatience with the company's serial failures to meet financial and production targets. Earlier this month, Tesla shares slumped after the company reported delivering 97,000 vehicles for the third quarter, only 2 per cent ahead of the previous quarter. But Tesla on Wednesday exceeded promises by billionaire Musk, who in July said Tesla would break even in the third quarter and turn a profit by the end of 2019. The company has said it plans to deliver 360,000 to 400,000 vehicles for all of 2019, and on Wednesday said it was "highly confident in exceeding 360,000 deliveries this year." Analysts have questioned how rapidly Tesla's vehicle sales will grow as government subsidies for electric vehicle purchases dwindle in the United States, China and other markets. Kirkhorn on Wednesday said Tesla saw growing order rates in all markets, with current quarter orders exceeding those of the past three months. Tesla has said it aims to produce at least 1,000 Model 3 cars a week at the new Chinese factory by the end of this year, but it is unclear when it will meet year-end production targets due to uncertainties around orders, labour and suppliers. Revenue fell nearly 8 per cent to $6.30 billion in the quarter ended September 30. Analysts had expected revenue of $6.33 billion, according to IBES data from Refinitiv. Tesla on Wednesday said it would gradually release nearly $500 million of accumulated revenue tied to its "full self-driving capabilities", which customers can buy for $6,000 even though fully automated driving is not available. Kirkhorn on Wednesday said deferred revenue would also be released as Tesla expands its "Smart Summon" feature, which allows customers to operate a Tesla from 200 feet away using a smartphone app. Federal safety regulators are looking into the feature after videos began appearing online showing driverless Teslas hitting obstacles or nearly hitting other vehicles. Musk on Wednesday said software updates over the coming weeks would improve Summon.

Tesla shares soar 21% as surprise profit answers sceptics

Tesla&nbsp;Inc.&nbsp;was added to a government list of approved automotive manufacturers,&nbsp;China's industry ministry said on Thursday, as it granted the electric-vehicle maker a certificate it needs to&nbsp;start&nbsp;production in the country.

The list was published by the Ministry of Industry and Information Technology.

This means "the green light is fully given to&nbsp;Tesla&nbsp;for production in&nbsp;China," said Yale Zhang, head of the Shanghai-based consultancy Automotive Foresight.&nbsp;Tesla&nbsp;can&nbsp;start&nbsp;production any time, he said

Tesla&nbsp;did not immediately respond to an e-mailed request for comment. The $2 billion factories it is building in the eastern Chinese city of Shanghai is its first car&nbsp;manufacturing&nbsp;site overseas.

Reuters reported earlier this month that&nbsp;Tesla&nbsp;plans to&nbsp;start&nbsp;production at its&nbsp;China&nbsp;factory this month. It is unclear when it will meet year-end production targets&nbsp;because of uncertainties around orders, labour and suppliers.

Tesla&nbsp;intends to produce at least 1,000 Model 3s a week from the Shanghai factory by the end of this year, as it tries to boost sales in the world's biggest auto market and avoid higher import tariffs imposed on US&nbsp;cars.

The factory,&nbsp;China's first fully foreign-owned car plant, also reflects Beijing's broader shift to open up its car market.

Shanghai authorities have offered&nbsp;Tesla&nbsp;assistance to speed up construction, and&nbsp;China&nbsp;excluded&nbsp;Tesla&nbsp;models from a 10 per cent&nbsp;car purchase tax on August&nbsp;30.

Tesla Inc. was added to a government list of approved automotive manufacturers, China's industry ministry said on Thursday, as it granted the electric-vehicle maker a certificate it needs to start production in the country.

Tesla Inc. was added to a government list of approved automotive manufacturers, China's industry ministry said on Thursday, as it granted the electric-vehicle maker a certificate it needs to start production in the country. The list was published by the Ministry of Industry and Information Technology. This means "the green light is fully given to Tesla for production in China," said Yale Zhang, head of the Shanghai-based consultancy Automotive Foresight. Tesla can start production any time, he said Tesla did not immediately respond to an e-mailed request for comment. The $2 billion factories it is building in the eastern Chinese city of Shanghai is its first car manufacturing site overseas. Reuters reported earlier this month that Tesla plans to start production at its China factory this month. It is unclear when it will meet year-end production targets because of uncertainties around orders, labour and suppliers. Tesla intends to produce at least 1,000 Model 3s a week from the Shanghai factory by the end of this year, as it tries to boost sales in the world's biggest auto market and avoid higher import tariffs imposed on US cars. The factory, China's first fully foreign-owned car plant, also reflects Beijing's broader shift to open up its car market. Shanghai authorities have offered Tesla assistance to speed up construction, and China excluded Tesla models from a 10 per cent car purchase tax on August 30.

Tesla gets approval to start manufacturing in China

The <a href="https://www.wionews.com/world/us-vaping-related-deaths-rise-to-18-illnesses-surpass-1000-253605">US </a>National Highway Traffic Safety Administration (NHTSA) said on Friday it is reviewing a defect petition that claims Tesla Inc failed to issue a recall when it issued a software upgrade in 2,000 Model S and Model X vehicles in May.

The vehicles from 2012 through 2019 model years received a battery management software upgrade in response to a potential defect that could result in non-crash fires, the petition said, adding it believes the update reduces the driving range of the affected vehicles. NHTSA said Friday it had opened a formal review to evaluate the petition's claims.

Tesla did not immediately respond to requests for comment.

In August, a proposed class-action lawsuit was filed in California claiming Tesla knew batteries of some vehicles were defective and "pushed out software updates despite knowing that the class vehicles would suffer from loss in range and performance." The suit added it believes Tesla's aim is "to avoid providing warranty battery replacements to rightful customers."

The suit says Tesla has placed a software-induced limitation on the total number of usable kilo-watt hours and is limiting the ability of owners "to charge the battery cells up to the natural and normal amount of approximately 4.2 volts, by placing battery capacity limitations, by decreasing the charging speed &nbsp;and by reducing the performance in terms of speed."

The suit cites over a dozen reports of Tesla's vehicles catching fire over the past six years. Tesla has not yet responded to the lawsuit.

Tesla's May 15 software update changed some settings in the cars’ battery management software related to charging and thermal controls, the suit said.

The National Transportation Safety Board is investigating several battery fires in Tesla vehicles.

On Wednesday, NHTSA said it was looking into parking lot crashes involving Tesla cars driving themselves to their owners using the company’s Smart Summon feature.

Several users have posted videos on social media of Tesla vehicles that appear to have been in near accidents. One posted a video of a Tesla striking a garage wall and another of a Tesla being struck by a vehicle backing up.

A Tesla software update last week added its Smart Summon feature for some customers. When the car is within 200 feet and in their line of sight, they use a phone app to summon the vehicle in a parking lot.

Tesla Chief Executive Elon Musk on Wednesday tweeted that there were more than 550,000 Smart Summon uses in the first few days.

The US National Highway Traffic Safety Administration (NHTSA) said on Friday it is reviewing a defect petition that claims Tesla Inc failed to issue a recall when it issued a software upgrade in 2,000 Model S and Model X vehicles in May.

The US National Highway Traffic Safety Administration (NHTSA) said on Friday it is reviewing a defect petition that claims Tesla Inc failed to issue a recall when it issued a software upgrade in 2,000 Model S and Model X vehicles in May. The vehicles from 2012 through 2019 model years received a battery management software upgrade in response to a potential defect that could result in non-crash fires, the petition said, adding it believes the update reduces the driving range of the affected vehicles. NHTSA said Friday it had opened a formal review to evaluate the petition's claims. Tesla did not immediately respond to requests for comment. In August, a proposed class-action lawsuit was filed in California claiming Tesla knew batteries of some vehicles were defective and "pushed out software updates despite knowing that the class vehicles would suffer from loss in range and performance." The suit added it believes Tesla's aim is "to avoid providing warranty battery replacements to rightful customers." The suit says Tesla has placed a software-induced limitation on the total number of usable kilo-watt hours and is limiting the ability of owners "to charge the battery cells up to the natural and normal amount of approximately 4.2 volts, by placing battery capacity limitations, by decreasing the charging speed and by reducing the performance in terms of speed." The suit cites over a dozen reports of Tesla's vehicles catching fire over the past six years. Tesla has not yet responded to the lawsuit. Tesla's May 15 software update changed some settings in the cars’ battery management software related to charging and thermal controls, the suit said. The National Transportation Safety Board is investigating several battery fires in Tesla vehicles. On Wednesday, NHTSA said it was looking into parking lot crashes involving Tesla cars driving themselves to their owners using the company’s Smart Summon feature. Several users have posted videos on social media of Tesla vehicles that appear to have been in near accidents. One posted a video of a Tesla striking a garage wall and another of a Tesla being struck by a vehicle backing up. A Tesla software update last week added its Smart Summon feature for some customers. When the car is within 200 feet and in their line of sight, they use a phone app to summon the vehicle in a parking lot. Tesla Chief Executive Elon Musk on Wednesday tweeted that there were more than 550,000 Smart Summon uses in the first few days.

United States NHTSA reviewing claims 2,000 Tesla vehicles should have been recalled

Mercedes-Benz and Porsche are showcasing curvaceous, high-end electric sports cars at the Frankfurt auto show as part of an industry effort to counter Tesla, avert billions in European pollution fines and defuse complaints from climate activists.

Frankfurt Motor Show 2019: Major automakers show EV cars and technologies | WION Wallet

Jack Ma believes artificial intelligence poses no threat to humanity, but <a href="https://www.wionews.com/world/elon-musk-tries-off-hand-humour-again-compares-queen-elizabeth-ii-to-teletubbies-240678">Elon Musk</a> called that "famous last words" as the billionaire tech tycoons faced off Thursday in an occasionally animated debate on futurism in Shanghai.

The <a href="https://www.wionews.com/world/jack-mas-669-advice-to-alibaba-employees-have-sex-six-times-in-six-days-218815">Chinese co-founder of Alibaba</a> and the maverick industrialist behind <a href="https://www.wionews.com/world/elon-musk-tries-off-hand-humour-again-compares-queen-elizabeth-ii-to-teletubbies-240678">Tesla and SpaceX</a> frequently pulled pained expressions and raised eyebrows as they kicked off an AI conference with a dialogue that challenged attendees to keep up, veering from technology to Mars, death, and jobs.

However, the hot topic in the hour-long talk was AI, which has provoked increasing concern among scientists such as late British cosmologist Stephen Hawking who warned that it will eventually turn on and "annihilate" humanity.

"Computers may be clever, but human beings are much smarter," Ma said. "We invented the computer -- I've never seen the computer invent a human being."&nbsp;

While insisting that he is "not a tech guy," the e-commerce mogul added,&nbsp;"I think AI can help us understand humans better. I don't think it's a threat."&nbsp;

Musk countered,&nbsp;"I don't know man, that's like, famous last words."&nbsp;

Watch: Artificial Intelligence Influences Dating Apps

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He said the "rate of advancement of computers, in general, is insane", sketching out a vision in which super-fast, artificially intelligent devices eventually tire of dealing with dumb, slow humans.

"The computer will just get impatient if nothing else. It will be like talking to a tree," Musk said.

Mankind's hope lies in "going along for the ride" by harnessing some of that computing power, Musk said, as he offered an unabashed plug for his Neuralink Corporation.

Neuralink aims to develop implantable brain-machine interface devices, which conjures images of "The Matrix", whose characters download software to their brains that instantly turns them into martial arts masters.

"Right now we are already a cyborg because we are so well-integrated with our phones and our computers," said Musk, 48.

"The phone is like an extension of yourself. If you forget your phone, its like a missing limb."

But humanity will also have more leisure time in the future as AI takes on much of the burden of transporting, feeding, and thinking for earthlings, said Ma.

"People could work as little as three days a week, four hours a day with the help of technology advances," he said.

Ma, 54, who steps down next month as head of <a href="https://www.wionews.com/world/12-hours-a-day-6-days-a-week-work-schedule-blessing-for-youngsters-jack-ma-210791">Alibaba Group</a>, questioned Musk's push to develop spacecraft that could help us colonise Mars.

"We need a hero like you, but we need more heroes like us improving things on earth," Ma said.

Musk countered that we must master interplanetary travel in case the earth becomes uninhabitable.

Scientists like Hawking have said the same, citing the risk of nuclear war, a devastating virus, global warming or asteroid collision.

But not to worry: both agreed that human mortality is a good thing as each generation brings new ideas to the global challenges we face.

"It's great to die," Ma said, with Musk adding: "That's probably true." &nbsp;

Jack Ma believes artificial intelligence poses no threat to humanity, but Elon Musk called that "famous last words" as the billionaire tech tycoons faced off Thursday in an occasionally animated debate on futurism in Shanghai.

Jack Ma believes artificial intelligence poses no threat to humanity, but Elon Musk called that "famous last words" as the billionaire tech tycoons faced off Thursday in an occasionally animated debate on futurism in Shanghai. The Chinese co-founder of Alibaba and the maverick industrialist behind Tesla and SpaceX frequently pulled pained expressions and raised eyebrows as they kicked off an AI conference with a dialogue that challenged attendees to keep up, veering from technology to Mars, death, and jobs. However, the hot topic in the hour-long talk was AI, which has provoked increasing concern among scientists such as late British cosmologist Stephen Hawking who warned that it will eventually turn on and "annihilate" humanity. "Computers may be clever, but human beings are much smarter," Ma said. "We invented the computer -- I've never seen the computer invent a human being." While insisting that he is "not a tech guy," the e-commerce mogul added, "I think AI can help us understand humans better. I don't think it's a threat." Musk countered, "I don't know man, that's like, famous last words." Watch: Artificial Intelligence Influences Dating Apps × He said the "rate of advancement of computers, in general, is insane", sketching out a vision in which super-fast, artificially intelligent devices eventually tire of dealing with dumb, slow humans. "The computer will just get impatient if nothing else. It will be like talking to a tree," Musk said. Mankind's hope lies in "going along for the ride" by harnessing some of that computing power, Musk said, as he offered an unabashed plug for his Neuralink Corporation. Neuralink aims to develop implantable brain-machine interface devices, which conjures images of "The Matrix", whose characters download software to their brains that instantly turns them into martial arts masters. "Right now we are already a cyborg because we are so well-integrated with our phones and our computers," said Musk, 48. "The phone is like an extension of yourself. If you forget your phone, its like a missing limb." But humanity will also have more leisure time in the future as AI takes on much of the burden of transporting, feeding, and thinking for earthlings, said Ma. "People could work as little as three days a week, four hours a day with the help of technology advances," he said. Ma, 54, who steps down next month as head of Alibaba Group, questioned Musk's push to develop spacecraft that could help us colonise Mars. "We need a hero like you, but we need more heroes like us improving things on earth," Ma said. Musk countered that we must master interplanetary travel in case the earth becomes uninhabitable. Scientists like Hawking have said the same, citing the risk of nuclear war, a devastating virus, global warming or asteroid collision. But not to worry: both agreed that human mortality is a good thing as each generation brings new ideas to the global challenges we face. "It's great to die," Ma said, with Musk adding: "That's probably true."

Watch: Jack Ma vs Elon Musk — Tech tycoons spar on future of Artificial Intelligence

Tesla Inc CEO, Elon Musk, and Alibaba Group Holding Ltd Executive Chairman, Jack Ma, took the stage at a conference in Shanghai on Thursday (August 29) in their first-ever joint appearance, discussing topics ranging from Mars to education to work hours.

Elon Musk and Jack Ma meets for the first time in Shanghai

US electric vehicle maker <a href="https://www.wionews.com/world/tesla-drops-cheapest-model-x-s-variants-cuts-prices-to-simplify-lineup-236346">Tesla Inc</a> will raise prices in China on Friday, earlier than planned, and is considering increasing prices again in December should Chinese tariffs on US-made cars take effect, people familiar with the matter said.

The people declined to be identified as the plan has not been made public.

A Tesla representative did not immediately respond to Reuters' request for comment on Monday.

The company is among many impacted by Sino-US trade friction.

It currently imports all the cars it sells in China and has had to adjust prices multiple times over the past year due to tariff changes.

Reuters reported this month that Tesla was considering to lift prices in China from September after the yuan weakened significantly against the US dollar.

One person told Reuters on Monday that the automaker was bringing forward these plans to August 30.

Both people said the automaker is now also mulling another price hike in December after China's commerce ministry last week announced it would reinstitute tariffs of 25 per cent on vehicles and 5 per cent on auto parts which it suspended in December, in the latest tit-for-tat escalation of the trade war.

"Tesla will also try to ship more cars to China before December, before the tariff hikes," said one of the people.

US electric vehicle maker Tesla Inc will raise prices in China on Friday, earlier than planned, and is considering increasing prices again in December should Chinese tariffs on US-made cars take effect, people familiar with the matter said.

US electric vehicle maker Tesla Inc will raise prices in China on Friday, earlier than planned, and is considering increasing prices again in December should Chinese tariffs on US-made cars take effect, people familiar with the matter said. The people declined to be identified as the plan has not been made public. A Tesla representative did not immediately respond to Reuters' request for comment on Monday. The company is among many impacted by Sino-US trade friction. It currently imports all the cars it sells in China and has had to adjust prices multiple times over the past year due to tariff changes. Reuters reported this month that Tesla was considering to lift prices in China from September after the yuan weakened significantly against the US dollar. One person told Reuters on Monday that the automaker was bringing forward these plans to August 30. Both people said the automaker is now also mulling another price hike in December after China's commerce ministry last week announced it would reinstitute tariffs of 25 per cent on vehicles and 5 per cent on auto parts which it suspended in December, in the latest tit-for-tat escalation of the trade war. "Tesla will also try to ship more cars to China before December, before the tariff hikes," said one of the people.

Tesla to raise prices in China on August 30, may increase again in December: Report

<a href="https://www.wionews.com/world/moving-fast-elon-musks-spacex-eyes-florida-for-launch-site-for-mars-rocket-240489">Tesla and SpaceX CEO Elon Musk</a> on Sunday sparked a controversy after he likened Queen Elizabeth II to the characters from famous British kids television programme 'Teletubbies'.&nbsp;

In a tweet, Musk posted&nbsp;an image featuring the Teletubbies characters followed by another image wherein the Queen, clad in clothes similar to the colours of Teletubbies characters, was juxtaposed in the 'Teletubbyland'.&nbsp;

Teletubbies, a British pre-school children's television series, is still being watched in many countries across the world. The original series aired between the year 1997-2001 and was revived in the year 2015.&nbsp;

Musk's tweet was met with varying responses by the Twitterati. While some asked him if it was finally the time for him to stop posting such posts, others cracked-up on his sense of humour and urged him to keep entertaining.&nbsp;

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Queen 🐝 <a href="https://t.co/InE4OIu9kL">pic.twitter.com/InE4OIu9kL</a>
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The past week, Musk made headlines as SpaceX was reported to have been expanding its facilities in Florida to make room for the space company's forthcoming super heavy-lift launch vehicle dubbed Starship, news agency Reuters reported on Friday.

Starship, a 384-foot (117-meter) reusable two-stage rocket taller than the Statue of Liberty, is a central piece of Musk's interplanetary space travel ambitions as well as US space agency NASA's goal to send humans to the moon again by 2024.

The Starship rocket is expected to launch up to 24 times a year from SpaceX's current flagship launchpad 39A, the draft of the company's environmental assessment said. SpaceX did not specify in the report when it would reach that cadence, but Musk said in September 2018 he wanted to be conducting orbital flights with Starship in two to three years.

Last month, it was reported that Musk is aiming to <a href="https://www.wionews.com/world/elon-musk-unveils-chip-allowing-brain-computer-communication-237060">connect the human brain with a machine interface</a>. And through his start-up Neuralink, Musk aims to accomplish this "before the end of next year".

Speaking at a conference in San Francisco last month, Musk presented "version one" of his neuron-sized threads and microprocessor chips that he claims will help people with severe brain injuries and eventually grow to allow humans to&nbsp;connect with advancing artificial intelligence&nbsp;(AI) technology.

Tesla and SpaceX CEO Elon Musk on Sunday sparked a controversy after he likened Queen Elizabeth II to the characters from famous British kids television programme 'Teletubbies'.

Tesla and SpaceX CEO Elon Musk on Sunday sparked a controversy after he likened Queen Elizabeth II to the characters from famous British kids television programme 'Teletubbies'. In a tweet, Musk posted an image featuring the Teletubbies characters followed by another image wherein the Queen, clad in clothes similar to the colours of Teletubbies characters, was juxtaposed in the 'Teletubbyland'. Teletubbies, a British pre-school children's television series, is still being watched in many countries across the world. The original series aired between the year 1997-2001 and was revived in the year 2015. Musk's tweet was met with varying responses by the Twitterati. While some asked him if it was finally the time for him to stop posting such posts, others cracked-up on his sense of humour and urged him to keep entertaining. Queen 🐝 pic.twitter.com/InE4OIu9kL — Elon Musk (@elonmusk) August 4, 2019 × The past week, Musk made headlines as SpaceX was reported to have been expanding its facilities in Florida to make room for the space company's forthcoming super heavy-lift launch vehicle dubbed Starship, news agency Reuters reported on Friday. Starship, a 384-foot (117-meter) reusable two-stage rocket taller than the Statue of Liberty, is a central piece of Musk's interplanetary space travel ambitions as well as US space agency NASA's goal to send humans to the moon again by 2024. The Starship rocket is expected to launch up to 24 times a year from SpaceX's current flagship launchpad 39A, the draft of the company's environmental assessment said. SpaceX did not specify in the report when it would reach that cadence, but Musk said in September 2018 he wanted to be conducting orbital flights with Starship in two to three years. Last month, it was reported that Musk is aiming to connect the human brain with a machine interface. And through his start-up Neuralink, Musk aims to accomplish this "before the end of next year". Speaking at a conference in San Francisco last month, Musk presented "version one" of his neuron-sized threads and microprocessor chips that he claims will help people with severe brain injuries and eventually grow to allow humans to connect with advancing artificial intelligence (AI) technology.

Elon Musk tries off-hand humour again, compares Queen Elizabeth II to Teletubbies

Elon Musk is aiming to connect the human brain with a machine interface. And through his start-up Neuralink, Musk aism to accomplish this "before the end of next year".

Speaking at a conference in San Francisco on Tuesday, Musk presented "version one" of his neuron-sized threads and micro processor chips that he claims will help people with severe brain injuries and eventually grow to allow humans to <a href="https://www.wionews.com/world/elon-musks-machine-meshed-superhumans-remain-stuff-of-fantasy-say-experts-237062">connect with advancing artificial intelligence</a> (AI) technology.

"This, I think, has a very good purpose which is to cure important diseases and ultimately to help secure humanity's future as a civilization relative to A.I. The threads are very tiny and there's a lot of them and they're very carefully placed, and the operation on a per chip basis involves just a two millimetre incision, which is dilated to eight millimetres and then the chip is placed through that. It goes back to being two millimetres and you can basically glue it shut; you don't need a stitch," Musk said.

The implantation of the threads, which Musk said are a tenth the size of a human hair, require the use of a special robot, but a minimally invasive surgery.

Once the threads are implanted into the brain, their connecting chip would wirelessly connect with a device worn outside the body.

"This thing has tremendous potential and we hope to have this aspirationally in a human patient before the end of next year. So this is not far," said Musk.

Neuralink is seeking US Food and Drug Administration approval and while Musk said his preliminary task is to help people with disabilities control a smartphone with thought, the end goal is to keep up with AI.

An early focus of the team is using the technology to address brain diseases and paralysis, but the longer aim is to make implants so safe, reliable and easy that they could be elective surgery options for people seeking to enhance their brains with computing power.

Elon Musk is aiming to connect the human brain with a machine interface. And through his start-up Neuralink, Musk aism to accomplish this "before the end of next year".

Elon Musk is aiming to connect the human brain with a machine interface. And through his start-up Neuralink, Musk aism to accomplish this "before the end of next year". Speaking at a conference in San Francisco on Tuesday, Musk presented "version one" of his neuron-sized threads and micro processor chips that he claims will help people with severe brain injuries and eventually grow to allow humans to connect with advancing artificial intelligence (AI) technology. "This, I think, has a very good purpose which is to cure important diseases and ultimately to help secure humanity's future as a civilization relative to A.I. The threads are very tiny and there's a lot of them and they're very carefully placed, and the operation on a per chip basis involves just a two millimetre incision, which is dilated to eight millimetres and then the chip is placed through that. It goes back to being two millimetres and you can basically glue it shut; you don't need a stitch," Musk said. The implantation of the threads, which Musk said are a tenth the size of a human hair, require the use of a special robot, but a minimally invasive surgery. Once the threads are implanted into the brain, their connecting chip would wirelessly connect with a device worn outside the body. "This thing has tremendous potential and we hope to have this aspirationally in a human patient before the end of next year. So this is not far," said Musk. Neuralink is seeking US Food and Drug Administration approval and while Musk said his preliminary task is to help people with disabilities control a smartphone with thought, the end goal is to keep up with AI. An early focus of the team is using the technology to address brain diseases and paralysis, but the longer aim is to make implants so safe, reliable and easy that they could be elective surgery options for people seeking to enhance their brains with computing power.

Elon Musk unveils chip allowing brain-computer communication

A bold vision by tech entrepreneur Elon Musk to mesh human brains with artificial intelligence remains more science fiction than reality.

Even as Musk claimed his Neuralink startup had enabled a monkey to <a href="https://www.wionews.com/world/elon-musk-unveils-chip-allowing-brain-computer-communication-237060">control a computer with its brain</a>, experts were quick to dampen expectations for a futuristic scenario from "The Matrix" films, based on people with cybernetic implants.

Musk this week revealed his Neuralink startup is making progress on its brain-computer interface effort, and said the company hopes to begin testing on people next year.

Musk, founder of the automaker Tesla and the private space firm SpaceX, has long contended that a neural lace meshing minds with machines is vital if humans are to avoid being outpaced by artificial intelligence.

"This has a very good purpose, which is to cure important diseases and ultimately to help secure humanity's future as a civilisation relative to AI," Musk said.

He disclosed that a Neuralink implant was successfully tested in a monkey in a California university lab.

"A monkey has been able to control a computer with his brain, just FYI," Musk said, surprising the Neuralink president during a question-and-answer session.

Experts remained cautious about his vision of merging minds with super-powered computing.

Musk's description "is really an aspirational vision for something very far down the line," said University of Southern California assistant professor of biology sciences Andrew Hires.

"It is unclear if we will ever get to that stage."

Neuralink unveiled a tiny sensor with hair-thin strands that could be implanted in a brain through a small incision by a robot built for the high-precision task.

"Ultimately, we can do a full brain-machine interface," Musk said.

"Achieve a sort of symbiosis with artificial intelligence."

For now, the goal is to let a person with the implants control a smartphone with thought, but the technology could eventually extend to other devices such as robotic arms, he said.

An early focus is using the technology to address brain diseases and paralysis, but the longer aim is to make implants so safe, reliable and easy that they could be options for people seeking to enhance their brains with computing power, according to the Neuralink team.

"It is not like Neuralink will suddenly have this incredible neural lace and it will start taking over people's brains," Musk quipped.

"It will take a long time, and you will see it coming."

Musk said the goal was to make adding the brain-enhancing implants as easy a procedure as laser eye surgery.

Mystery of the mind

David Schneider, a professor at the centre for neural science at New York University, was among those who saw barriers.

A major limitation is that an array of regions of the brain are engaged for handling tasks, while implants target one part at a time.

"At the end of the day, everything we do, regardless of how simple it might seem, is a distributed brain function," Schneider said.

While technology has improved for reading information coming out of brains, it isn't up to snuff when it comes to sending it back to all the necessary parts simultaneously, according to researchers.

"They were humble enough to admit their main targets were motor areas," Ramana Vinjamuri, an engineering professor at Stevens Institute of Technology, said of Neuralink.

"I was happy they stopped there instead of claiming we are going to read your minds, your thoughts, your memories -- if they had done that I would have been laughing out loud."

Brain defences

Another challenge is that a brain implant triggers the body's defences, which treat it as alien material to be rejected.

"Say Neuralink puts it in a person tomorrow, will the interface hold up after one year and still keep giving the same signals it did day one?" Vinjamuri said.

And regulatory approval would typically require long-term testing in animals.

Neuralink could seek an "investigational device" exemption to try implants in a few patients impaired by spinal cord injuries or strokes.

"I don't know that I want to meld my brain with AI, nor do I think do many of us," said Schneider.

His hope is that Neuralink innovations could restore sight, or cure paralysis.

For now, Musk is bringing energy and private investment to a brain implant area that researchers have been working on for decades with government funding.

"We need fantastical thinkers, but we also need capital and the bravery to invest lots of capital in refining these technologies," Hires said.

A bold vision by tech entrepreneur Elon Musk to mesh human brains with artificial intelligence remains more science fiction than reality. Even as Musk claimed his Neuralink startup had enabled a monkey to control a computer with its brain, experts were quick to dampen expectations for a futuristic scenario from "The Matrix" films, based on people with cybernetic implants.

A bold vision by tech entrepreneur Elon Musk to mesh human brains with artificial intelligence remains more science fiction than reality. Even as Musk claimed his Neuralink startup had enabled a monkey to control a computer with its brain, experts were quick to dampen expectations for a futuristic scenario from "The Matrix" films, based on people with cybernetic implants. Musk this week revealed his Neuralink startup is making progress on its brain-computer interface effort, and said the company hopes to begin testing on people next year. Musk, founder of the automaker Tesla and the private space firm SpaceX, has long contended that a neural lace meshing minds with machines is vital if humans are to avoid being outpaced by artificial intelligence. "This has a very good purpose, which is to cure important diseases and ultimately to help secure humanity's future as a civilisation relative to AI," Musk said. He disclosed that a Neuralink implant was successfully tested in a monkey in a California university lab. "A monkey has been able to control a computer with his brain, just FYI," Musk said, surprising the Neuralink president during a question-and-answer session. Experts remained cautious about his vision of merging minds with super-powered computing. Musk's description "is really an aspirational vision for something very far down the line," said University of Southern California assistant professor of biology sciences Andrew Hires. "It is unclear if we will ever get to that stage." Neuralink unveiled a tiny sensor with hair-thin strands that could be implanted in a brain through a small incision by a robot built for the high-precision task. "Ultimately, we can do a full brain-machine interface," Musk said. "Achieve a sort of symbiosis with artificial intelligence." For now, the goal is to let a person with the implants control a smartphone with thought, but the technology could eventually extend to other devices such as robotic arms, he said. An early focus is using the technology to address brain diseases and paralysis, but the longer aim is to make implants so safe, reliable and easy that they could be options for people seeking to enhance their brains with computing power, according to the Neuralink team. "It is not like Neuralink will suddenly have this incredible neural lace and it will start taking over people's brains," Musk quipped. "It will take a long time, and you will see it coming." Musk said the goal was to make adding the brain-enhancing implants as easy a procedure as laser eye surgery. Mystery of the mind David Schneider, a professor at the centre for neural science at New York University, was among those who saw barriers. A major limitation is that an array of regions of the brain are engaged for handling tasks, while implants target one part at a time. "At the end of the day, everything we do, regardless of how simple it might seem, is a distributed brain function," Schneider said. While technology has improved for reading information coming out of brains, it isn't up to snuff when it comes to sending it back to all the necessary parts simultaneously, according to researchers. "They were humble enough to admit their main targets were motor areas," Ramana Vinjamuri, an engineering professor at Stevens Institute of Technology, said of Neuralink. "I was happy they stopped there instead of claiming we are going to read your minds, your thoughts, your memories -- if they had done that I would have been laughing out loud." Brain defences Another challenge is that a brain implant triggers the body's defences, which treat it as alien material to be rejected. "Say Neuralink puts it in a person tomorrow, will the interface hold up after one year and still keep giving the same signals it did day one?" Vinjamuri said. And regulatory approval would typically require long-term testing in animals. Neuralink could seek an "investigational device" exemption to try implants in a few patients impaired by spinal cord injuries or strokes. "I don't know that I want to meld my brain with AI, nor do I think do many of us," said Schneider. His hope is that Neuralink innovations could restore sight, or cure paralysis. For now, Musk is bringing energy and private investment to a brain implant area that researchers have been working on for decades with government funding. "We need fantastical thinkers, but we also need capital and the bravery to invest lots of capital in refining these technologies," Hires said.

Elon Musk's machine-meshed superhumans remain stuff of fantasy, say experts

Tesla Inc has dropped the standard-range variants of its Model X and Model S from its product lineup and adjusted prices across its range, in a sales push that comes days after the US electric vehicle maker reported record deliveries.

To simplify its offerings, the automaker on Tuesday limited variants of its Model X sport-utility vehicle and Model S sedan to "Long Range" and the more expensive "Performance". It also trimmed the price of its new entry-level Long Range variants.

The discontinuation of the standard-range variants, however, means a rise in starting prices - to $84,990 for the Model X and $79,990 for the Model S, excluding potential buying incentives.

Tesla also lowered the starting price of its mass-market Model 3 to $38,990.

"To make purchasing our vehicles even simpler, we are standardising our global vehicle lineup and streamlining the number of trim packages offered for Model S, Model X and Model 3," Tesla said in a statement.

"We are also adjusting our pricing in order to continue to improve affordability for customers."

Earlier this month, Tesla said global deliveries of its three models in the second quarter of this year rose 51% from the previous quarter to a record 95,200 vehicles. Model 3 accounted for about 80% of the total, underscoring the vehicle's role as the linchpin of Tesla's growth strategy.

The automaker said it expected production and deliveries to continue growing in Q3.

In China, the world's largest market for electric vehicles, Tesla's changes on Tuesday pushed the starting price of its Model X to 790,900 yuan ($115,068) and Model S to 776,900 yuan.

Tesla is building a factory in Shanghai where it initially plans to build Model 3 cars. It is taking orders for those China-made versions, which have a starting price of 328,000 yuan. 
&nbsp;

Tesla Inc has dropped the standard-range variants of its Model X and Model S from its product lineup and adjusted prices across its range, in a sales push that comes days after the US electric vehicle maker reported record deliveries.

Tesla Inc has dropped the standard-range variants of its Model X and Model S from its product lineup and adjusted prices across its range, in a sales push that comes days after the US electric vehicle maker reported record deliveries. To simplify its offerings, the automaker on Tuesday limited variants of its Model X sport-utility vehicle and Model S sedan to "Long Range" and the more expensive "Performance". It also trimmed the price of its new entry-level Long Range variants. The discontinuation of the standard-range variants, however, means a rise in starting prices - to $84,990 for the Model X and $79,990 for the Model S, excluding potential buying incentives. Tesla also lowered the starting price of its mass-market Model 3 to $38,990. "To make purchasing our vehicles even simpler, we are standardising our global vehicle lineup and streamlining the number of trim packages offered for Model S, Model X and Model 3," Tesla said in a statement. "We are also adjusting our pricing in order to continue to improve affordability for customers." Earlier this month, Tesla said global deliveries of its three models in the second quarter of this year rose 51% from the previous quarter to a record 95,200 vehicles. Model 3 accounted for about 80% of the total, underscoring the vehicle's role as the linchpin of Tesla's growth strategy. The automaker said it expected production and deliveries to continue growing in Q3. In China, the world's largest market for electric vehicles, Tesla's changes on Tuesday pushed the starting price of its Model X to 790,900 yuan ($115,068) and Model S to 776,900 yuan. Tesla is building a factory in Shanghai where it initially plans to build Model 3 cars. It is taking orders for those China-made versions, which have a starting price of 328,000 yuan.

Tesla drops cheapest Model X, S variants, cuts prices to simplify lineup

Tesla's "autopilot" system was engaged by a driver who was<a href="https://www.wionews.com/world/tesla-car-catches-fire-in-hong-kong-parking-lot-report-218585"> killed in a March crash in Florida</a>, according to an initial accident report released Thursday.

Preliminary data showed the Tesla driver engaged "autopilot" about 10 second before the crash and that the device was active at the time the vehicle was struck by a truck-tractor semitrailer, the National Transportation Safety Board said.

The accident, the latest involving Autopilot, left the Tesla driver, a 50-year-old male dead and the combination vehicle driver uninjured.

The report did not conclude who was at fault for the crash.

Tesla's website describes autopilot as an "advanced driver system" that enhances safety with external cameras, sensors and a radar but &nbsp;demands a "fully attentive driver" at all times.

The accident occurred after the Tesla careened into the combination vehicle on a southbound highway, which was slowing as it shifted highway lanes in preparation to turn into the northbound lane.&nbsp;

The Tesla was travelling about 68 miles (110 kilometers) per hour, 13 miles above the speed limit, the NTSB said.

"From less than eight seconds before the crash to the time of impact, the vehicle did not detect the driver's hands on the steering wheel," the NTSB said of the Tesla, adding that there was no evidence that autopilot "executed evasive measures."

Tesla defended the system.

"Tesla drivers have logged more than one billion miles with autopilot engaged and our data shows that, when used properly by an attentive driver who is prepared to take control at all times, drivers supported by autopilot are safer than those operating without assistance," a company spokeswoman said.&nbsp;

Tesla's "autopilot" system was engaged by a driver who was killed in a March crash in Florida, according to an initial accident report released Thursday. Preliminary data showed the Tesla driver engaged "autopilot" about 10 second before the crash and that the device was active at the time the vehicle was struck by a truck-tractor semitrailer, the National Transportation Safety Board said.

Tesla's "autopilot" system was engaged by a driver who was killed in a March crash in Florida, according to an initial accident report released Thursday. Preliminary data showed the Tesla driver engaged "autopilot" about 10 second before the crash and that the device was active at the time the vehicle was struck by a truck-tractor semitrailer, the National Transportation Safety Board said. The accident, the latest involving Autopilot, left the Tesla driver, a 50-year-old male dead and the combination vehicle driver uninjured. The report did not conclude who was at fault for the crash. Tesla's website describes autopilot as an "advanced driver system" that enhances safety with external cameras, sensors and a radar but demands a "fully attentive driver" at all times. The accident occurred after the Tesla careened into the combination vehicle on a southbound highway, which was slowing as it shifted highway lanes in preparation to turn into the northbound lane. The Tesla was travelling about 68 miles (110 kilometers) per hour, 13 miles above the speed limit, the NTSB said. "From less than eight seconds before the crash to the time of impact, the vehicle did not detect the driver's hands on the steering wheel," the NTSB said of the Tesla, adding that there was no evidence that autopilot "executed evasive measures." Tesla defended the system. "Tesla drivers have logged more than one billion miles with autopilot engaged and our data shows that, when used properly by an attentive driver who is prepared to take control at all times, drivers supported by autopilot are safer than those operating without assistance," a company spokeswoman said.

Tesla's 'autopilot' engaged in Florida fatal crash: US safety board

A Tesla Inc electric car caught fire in a parking lot in a Hong Kong shopping mall, the Apple Daily newspaper said on Tuesday, but no one was injured in the blaze, whose cause was not immediately known.

The electric car burst into flames 30 minutes after being parked in the city's San Po Kong district on Sunday, the newspaper said, with three explosions seen on CCTV footage.

Firemen took 45 minutes to douse the fire.

The vehicle was a Tesla Model S 85 KWH dual power version added the paper, which gave no explanation of what might have caused the blaze.

Responding to a request from Reuters, Tesla declined to comment. Reuters was not able to contact the vehicle owner or obtain CCTV footage of the incident.

Hong Kong's fire services department told Reuters a vehicle caught fire on Sunday, but gave no details, such as the make of the car. Authorities are investigating the cause.

The incident comes three weeks after Tesla said it had sent a team to investigate a video on Chinese social media that showed a parked Tesla Model S car exploding in the commercial hub of Shanghai.

The automaker has said its EVs are about 10 times less likely to experience a fire than petrol-powered cars.

There have been at least 14 instances of Tesla cars catching fire since 2013, most of them after a crash.

A Tesla Inc electric car caught fire in a parking lot in a Hong Kong shopping mall, the Apple Daily newspaper said on Tuesday, but no one was injured in the blaze, whose cause was not immediately known.

A Tesla Inc electric car caught fire in a parking lot in a Hong Kong shopping mall, the Apple Daily newspaper said on Tuesday, but no one was injured in the blaze, whose cause was not immediately known. The electric car burst into flames 30 minutes after being parked in the city's San Po Kong district on Sunday, the newspaper said, with three explosions seen on CCTV footage. Firemen took 45 minutes to douse the fire. The vehicle was a Tesla Model S 85 KWH dual power version added the paper, which gave no explanation of what might have caused the blaze. Responding to a request from Reuters, Tesla declined to comment. Reuters was not able to contact the vehicle owner or obtain CCTV footage of the incident. Hong Kong's fire services department told Reuters a vehicle caught fire on Sunday, but gave no details, such as the make of the car. Authorities are investigating the cause. The incident comes three weeks after Tesla said it had sent a team to investigate a video on Chinese social media that showed a parked Tesla Model S car exploding in the commercial hub of Shanghai. The automaker has said its EVs are about 10 times less likely to experience a fire than petrol-powered cars. There have been at least 14 instances of Tesla cars catching fire since 2013, most of them after a crash.

Tesla car catches fire in Hong Kong parking lot: Report

A US Securities and Exchange commissioner on Tuesday criticised a settlement between the regulator and <a href="https://www.wionews.com/world/tesla-ceo-elon-musk-strikes-deal-with-market-regulators-over-tweets-213814">Tesla Inc CEO Elon Musk</a> over his use of Twitter.

The head of the electric car maker reached a deal with the SEC on Friday, agreeing to submit his public statements about the company's finances and other topics to vetting by its legal counsel.

However, <a href="https://www.wionews.com/world/elon-musk-tweet-may-cost-him-job-as-tesla-ceo-199947">SEC commissioner Robert Jackson </a>registered his dissent after the deal was approved by a federal judge earlier on Tuesday.

"Given Mr Musk's conduct, I cannot support a settlement in which he does not admit what is crystal clear to anyone who has followed this bizarre series of events," Jackson said in a statement.

"Musk breached the agreement he made last year with the Commission - and with American investors," he added.

US District Judge Alison Nathan in Manhattan approved the deal worked out on Friday that settled the dispute in which the SEC had sought to find Musk in contempt of a securities fraud settlement last year.

Earlier this month, Nathan had ordered the parties to work out an arrangement between themselves.

The new deal lays out in more detail what types of statements by Musk must be reviewed by Tesla's legal counsel before publication, such as financial statements, previously unreported production or delivery numbers, and other topics.

Regulators had claimed that a February tweet by Musk about Tesla's production numbers violated the earlier settlement, as it had not been vetted by the company's attorneys. Musk countered that the tweet was not material.

The SEC sued Musk last year for making fraudulent statements after he tweeted on Aug. 7 that he had "funding secured" to take Tesla private at $420 per share.

The parties eventually settled, and the deal called for Tesla's lawyers to pre-approve written communications, including tweets with material information about the company.

A US Securities and Exchange commissioner on Tuesday criticised a settlement between the regulator and Tesla Inc CEO Elon Musk over his use of Twitter. The head of the electric car maker reached a deal with the SEC on Friday, agreeing to submit his public statements about the company's finances and other topics to vetting by its legal counsel.

A US Securities and Exchange commissioner on Tuesday criticised a settlement between the regulator and Tesla Inc CEO Elon Musk over his use of Twitter. The head of the electric car maker reached a deal with the SEC on Friday, agreeing to submit his public statements about the company's finances and other topics to vetting by its legal counsel. However, SEC commissioner Robert Jackson registered his dissent after the deal was approved by a federal judge earlier on Tuesday. "Given Mr Musk's conduct, I cannot support a settlement in which he does not admit what is crystal clear to anyone who has followed this bizarre series of events," Jackson said in a statement. "Musk breached the agreement he made last year with the Commission - and with American investors," he added. US District Judge Alison Nathan in Manhattan approved the deal worked out on Friday that settled the dispute in which the SEC had sought to find Musk in contempt of a securities fraud settlement last year. Earlier this month, Nathan had ordered the parties to work out an arrangement between themselves. The new deal lays out in more detail what types of statements by Musk must be reviewed by Tesla's legal counsel before publication, such as financial statements, previously unreported production or delivery numbers, and other topics. Regulators had claimed that a February tweet by Musk about Tesla's production numbers violated the earlier settlement, as it had not been vetted by the company's attorneys. Musk countered that the tweet was not material. The SEC sued Musk last year for making fraudulent statements after he tweeted on Aug. 7 that he had "funding secured" to take Tesla private at $420 per share. The parties eventually settled, and the deal called for Tesla's lawyers to pre-approve written communications, including tweets with material information about the company.

I cannot support settlement with Musk: SEC commissioner Robert Jackson

Tesla Inc said on Monday it could seek alternative sources of financing although it expects cash generated from its business to be enough to fund its investments and pay down debt for at least the next 12 months.

Wall Street has been looking for more details after <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/tesla-ceo-elon-musk-strikes-deal-with-market-regulators-over-tweets-213814&amp;sa=U&amp;ved=2ahUKEwiM5ZLewvXhAhU16nMBHTCvCDMQFjABegQIDxAC&amp;usg=AOvVaw0LICCY6XsSjZS26phRsExQ">Chief Executive Officer Elon Musk</a> suggested last week that a capital raise could be imminent as the electric vehicle maker posted a $700 million loss for the first quarter.

"There is some merit to raising capital," Musk said on an earnings conference call on Wednesday, after being asked why he had not done so yet. "It's probably about the right time."

Shares of the company, which were initially up 2 per cent after Musk reached a deal with the US regulators to settle a dispute over his use of Twitter, pared most of their gains to trade up 0.2 per cent at $235.60 before the bell.

Many analysts had predicted the company would need to raise funds for its expansion, including the Shanghai factory, the upcoming Model Y SUV and other projects.

"We continually evaluate our capital expenditure needs and may decide it is best to raise additional capital to fund the rapid growth of our business," the electric car maker said in a regulatory filing&nbsp;

Tesla has $2.2 billion in cash and expects capital expenditures of about $2.5 billion to $3 billion annually for the next two fiscal years. The company's total debt stood at $10.33 billion as of March 31.

However, tapping the debt market for raising capital might become more expensive for the electric car maker.

Tesla's $1.8 billion junk bond sank half a cent to yield 8.42 per cent on Friday, more than 3 percentage points above the bond's coupon rate of 5.3 per cent.

Its spread or the premium investors demand the added risk of holding Tesla debt rather than a safer US Treasury security, widened by about 15 basis points to a near-record 611 basis points.

"We may need or want to raise additional funds in the future, and these funds may not be available to us when we need or want them, or at all," Tesla said in the filing.

Tesla Inc said on Monday it could seek alternative sources of financing although it expects cash generated from its business to be enough to fund its investments and pay down debt for at least the next 12 months.

Tesla Inc said on Monday it could seek alternative sources of financing although it expects cash generated from its business to be enough to fund its investments and pay down debt for at least the next 12 months. Wall Street has been looking for more details after Chief Executive Officer Elon Musk suggested last week that a capital raise could be imminent as the electric vehicle maker posted a $700 million loss for the first quarter. "There is some merit to raising capital," Musk said on an earnings conference call on Wednesday, after being asked why he had not done so yet. "It's probably about the right time." Shares of the company, which were initially up 2 per cent after Musk reached a deal with the US regulators to settle a dispute over his use of Twitter, pared most of their gains to trade up 0.2 per cent at $235.60 before the bell. Many analysts had predicted the company would need to raise funds for its expansion, including the Shanghai factory, the upcoming Model Y SUV and other projects. "We continually evaluate our capital expenditure needs and may decide it is best to raise additional capital to fund the rapid growth of our business," the electric car maker said in a regulatory filing Tesla has $2.2 billion in cash and expects capital expenditures of about $2.5 billion to $3 billion annually for the next two fiscal years. The company's total debt stood at $10.33 billion as of March 31. However, tapping the debt market for raising capital might become more expensive for the electric car maker. Tesla's $1.8 billion junk bond sank half a cent to yield 8.42 per cent on Friday, more than 3 percentage points above the bond's coupon rate of 5.3 per cent. Its spread or the premium investors demand the added risk of holding Tesla debt rather than a safer US Treasury security, widened by about 15 basis points to a near-record 611 basis points. "We may need or want to raise additional funds in the future, and these funds may not be available to us when we need or want them, or at all," Tesla said in the filing.

Tesla says may seek alternative financing sources

Elon Musk and US stock market regulators told a US court on Friday that they have reached a deal to settle their differences over the Tesla chief executive's Twitter use.

The settlement between Musk and the Securities and Exchange Commission sets out clearer guidelines on topics Musk should avoid on Twitter or other social media, including statements about acquisitions, mergers, new products and production numbers.

<a href="https://www.wionews.com/world/tesla-says-robotaxis-with-no-human-drivers-coming-to-us-roads-next-year-212733">Also read:&nbsp;Tesla says robotaxis with no human drivers coming to US roads next year&nbsp;</a>

Musk would have to adhere to Tesla rules regarding potentially significant comments by executives, and have tweets or other social media posts pre-approved by "an experienced securities lawyer employed by the company," according to the proposed settlement.

"The parties have reached an agreement to resolve the commission's pending contempt motion," a joint court filing said.

A Friday deadline set by US District Judge Alison Nathan was extended until April 30 after Musk and the SEC asked for time to have a final version of the settlement ready to submit for court approval.

The SEC said in the filing that the settlement "is fair, reasonable, and in the interest of the parties and investors because the proposed revisions will provide additional clarity regarding the written communications for which the defendant is required to obtain pre-approval."

SEC officials had originally argued Musk should be held in contempt of court for allegedly violating an earlier settlement on tweeting potentially market-sensitive information without having it reviewed by counsel.

At a hearing earlier this month, Nathan ordered both sides to try to work out their differences, suggesting she could rule on the case if the talks failed.

The judge appeared sympathetic at times with some of the government's arguments, but she also expressed significant reservations about finding Musk in contempt, which she said was "serious business" and a ruling that placed a "significant burden" of proof on the government.&nbsp;

Truce?

If approved, the settlement would mark a truce in Musk's dispute with the SEC after an October agreement required him to step down as chairman and pay $20 million to settle charges he defrauded investors with false claims on Twitter in August about a possible bid to take the company private, which was quickly aborted.

The settlement, which allowed Musk to remain as CEO, required him to obtain pre-approval from Tesla counsel before making written communications "that contain, or reasonably could contain, information material to Tesla or its stockholders."

The SEC cracked down after Musk tweeted on February 19 that Tesla would make 500,000 cars in 2019 -- up from the 400,000 that the company had estimated until then, an apparent increase on a benchmark tied to profitability.

Musk corrected himself four hours later, saying that Tesla would indeed produce about 400,000 cars this year.

SEC attorney Cheryl Crumpton argued that the February 19 tweet and the fact that Musk had not submitted any tweets for pre-publishing review showed he had made no serious effort to follow the requirement.

John Hueston, an attorney representing Musk, had countered that Musk's February 19 tweet was not consequential to investors and that the language in the settlement was ambiguous on what types of information needed to be reviewed prior to publication.&nbsp;

He also argued that the SEC had been hasty in seeking a contempt ruling without first trying to confer with Musk.

Sputtering deliveries

Word of a settlement came just days after Tesla disclosed a heavy loss in the first quarter as car deliveries sputtered overseas and a US tax credit that made its prices more attractive was reduced.

The California-based company reported a loss of $702 million in the first three months of this year after two consecutive quarters of profit.

Tesla produced about 63,000 Model 3 vehicles in the period, an increase of three per cent from the same quarter a year earlier but fewer than had been anticipated.&nbsp;

The company attributed its disappointing financial results to Model 3 shipping delays, particularly in Europe and China.

Overall company revenue in the period rose 33 per cent to $4.5 billion in a year-over-year comparison but fell far short of Wall Street forecasts.

Tesla was confident it would get past the financial speed-bumps and into a smoother road to improved fortune.

The company expected to remain on course to deliver between 360,000 and 400,000 vehicles in total this year, topping 2018 numbers by at least 45 per cent.

Tesla shares that finished the official trading day down five per cent regained a little ground to $237.31 in after-market trading.

Elon Musk and US stock market regulators told a US court on Friday that they have reached a deal to settle their differences over the Tesla chief executive's Twitter use.

Elon Musk and US stock market regulators told a US court on Friday that they have reached a deal to settle their differences over the Tesla chief executive's Twitter use. The settlement between Musk and the Securities and Exchange Commission sets out clearer guidelines on topics Musk should avoid on Twitter or other social media, including statements about acquisitions, mergers, new products and production numbers. Also read: Tesla says robotaxis with no human drivers coming to US roads next year Musk would have to adhere to Tesla rules regarding potentially significant comments by executives, and have tweets or other social media posts pre-approved by "an experienced securities lawyer employed by the company," according to the proposed settlement. "The parties have reached an agreement to resolve the commission's pending contempt motion," a joint court filing said. A Friday deadline set by US District Judge Alison Nathan was extended until April 30 after Musk and the SEC asked for time to have a final version of the settlement ready to submit for court approval. The SEC said in the filing that the settlement "is fair, reasonable, and in the interest of the parties and investors because the proposed revisions will provide additional clarity regarding the written communications for which the defendant is required to obtain pre-approval." SEC officials had originally argued Musk should be held in contempt of court for allegedly violating an earlier settlement on tweeting potentially market-sensitive information without having it reviewed by counsel. At a hearing earlier this month, Nathan ordered both sides to try to work out their differences, suggesting she could rule on the case if the talks failed. The judge appeared sympathetic at times with some of the government's arguments, but she also expressed significant reservations about finding Musk in contempt, which she said was "serious business" and a ruling that placed a "significant burden" of proof on the government. Truce? If approved, the settlement would mark a truce in Musk's dispute with the SEC after an October agreement required him to step down as chairman and pay $20 million to settle charges he defrauded investors with false claims on Twitter in August about a possible bid to take the company private, which was quickly aborted. The settlement, which allowed Musk to remain as CEO, required him to obtain pre-approval from Tesla counsel before making written communications "that contain, or reasonably could contain, information material to Tesla or its stockholders." The SEC cracked down after Musk tweeted on February 19 that Tesla would make 500,000 cars in 2019 -- up from the 400,000 that the company had estimated until then, an apparent increase on a benchmark tied to profitability. Musk corrected himself four hours later, saying that Tesla would indeed produce about 400,000 cars this year. SEC attorney Cheryl Crumpton argued that the February 19 tweet and the fact that Musk had not submitted any tweets for pre-publishing review showed he had made no serious effort to follow the requirement. John Hueston, an attorney representing Musk, had countered that Musk's February 19 tweet was not consequential to investors and that the language in the settlement was ambiguous on what types of information needed to be reviewed prior to publication. He also argued that the SEC had been hasty in seeking a contempt ruling without first trying to confer with Musk. Sputtering deliveries Word of a settlement came just days after Tesla disclosed a heavy loss in the first quarter as car deliveries sputtered overseas and a US tax credit that made its prices more attractive was reduced. The California-based company reported a loss of $702 million in the first three months of this year after two consecutive quarters of profit. Tesla produced about 63,000 Model 3 vehicles in the period, an increase of three per cent from the same quarter a year earlier but fewer than had been anticipated. The company attributed its disappointing financial results to Model 3 shipping delays, particularly in Europe and China. Overall company revenue in the period rose 33 per cent to $4.5 billion in a year-over-year comparison but fell far short of Wall Street forecasts. Tesla was confident it would get past the financial speed-bumps and into a smoother road to improved fortune. The company expected to remain on course to deliver between 360,000 and 400,000 vehicles in total this year, topping 2018 numbers by at least 45 per cent. Tesla shares that finished the official trading day down five per cent regained a little ground to $237.31 in after-market trading.

Tesla CEO Elon Musk strikes deal with market regulators over tweets

<a href="https://www.wionews.com/india-news/lok-sabha-polls-2019-phase-3-voting-on-april-23-212719">Lok Sabha polls 2019 live: Voting underway for phase 3; Rahul Gandhi, Amit Shah in fray</a>

PM Modi cast his vote at a polling booth in Nishan Higher Secondary School in Ranip, Ahmedabad. Drawing an analogy between voting and Kumbh, Modi said him exercising his franchise is like taking a holy dip in Kumbh.&nbsp;

<a href="https://www.wionews.com/india-news/terrorists-power-is-ied-peoples-power-is-voter-id-says-pm-modi-after-casting-his-vote-212771">Weapon of terrorism is IED, strength of democracy is voter ID, says PM Modi after casting his vote</a>

Prime Minister Narendra Modi on Tuesday cast his vote in the third phase of Lok Sabha elections and appealed to first-time voters to cast their votes.

Prime Minister Narendra Modi met his mother Heeraben in Ahmedabad before casting his vote. Modi sought his mother's blessings and then reached the polling booth in an open-top jeep.&nbsp;

<a href="https://www.wionews.com/south-asia/sri-lanka-imposes-state-of-emergency-after-attacks-blamed-on-islamists-212724">Sri Lanka imposes state of emergency after attacks blamed on Islamists</a>

Sri Lanka on Tuesday imposed a state of emergency hours after the government blamed a local Islamist group for a series of suicide bomb blasts that killed at least 290 people, including dozens of foreigners.

<a href="https://www.wionews.com/business-economy/amazon-to-close-online-store-in-china-by-july-18-212735">Amazon to shut its online store in China by July 18</a>

Amazon announced last Thursday that it will shut its China online store by July 18 and will no longer operate a marketplace, nor provide seller services on Amazon.cn.

<a href="https://www.wionews.com/world/tesla-says-robotaxis-with-no-human-drivers-coming-to-us-roads-next-year-212733">Tesla says robotaxis with no human drivers coming to US roads next year&nbsp;</a>

Chief Executive Elon Musk said Tesla Inc robotaxis with no human drivers would be available in some US markets next year, continuing a habit of bold pronouncements that have excited many investors while often missing deadlines.

Lok Sabha polls 2019 live: Voting underway for phase 3; Rahul Gandhi, Amit Shah in fray PM Modi cast his vote at a polling booth in Nishan Higher Secondary School in Ranip, Ahmedabad.

Lok Sabha polls 2019 live: Voting underway for phase 3; Rahul Gandhi, Amit Shah in fray PM Modi cast his vote at a polling booth in Nishan Higher Secondary School in Ranip, Ahmedabad. Drawing an analogy between voting and Kumbh, Modi said him exercising his franchise is like taking a holy dip in Kumbh. Weapon of terrorism is IED, strength of democracy is voter ID, says PM Modi after casting his vote Prime Minister Narendra Modi on Tuesday cast his vote in the third phase of Lok Sabha elections and appealed to first-time voters to cast their votes. Prime Minister Narendra Modi met his mother Heeraben in Ahmedabad before casting his vote. Modi sought his mother's blessings and then reached the polling booth in an open-top jeep. Sri Lanka imposes state of emergency after attacks blamed on Islamists Sri Lanka on Tuesday imposed a state of emergency hours after the government blamed a local Islamist group for a series of suicide bomb blasts that killed at least 290 people, including dozens of foreigners. Amazon to shut its online store in China by July 18 Amazon announced last Thursday that it will shut its China online store by July 18 and will no longer operate a marketplace, nor provide seller services on Amazon.cn. Tesla says robotaxis with no human drivers coming to US roads next year Chief Executive Elon Musk said Tesla Inc robotaxis with no human drivers would be available in some US markets next year, continuing a habit of bold pronouncements that have excited many investors while often missing deadlines.

News brief: Big stories of the day

Chief Executive Elon Musk said <a href="https://www.wionews.com/world/tesla-probes-car-fire-in-shanghai-212533">Tesla Inc</a> robotaxis with no human drivers would be available in some US markets next year, continuing a habit of bold pronouncements that have excited many investors while often missing deadlines.

"Probably two years from now we'll make a car with no steering wheels or pedals," Musk predicted, while acknowledging he is often late to meet aggressive targets.

Central to this promise is a new microchip for self-driving vehicles unveiled by Musk on Monday during a webcast presentation. Made by Samsung Electronics Co Ltd in Texas, the chip now in all vehicles is hoped to give Tesla an edge over rivals and show its massive investment in autonomous driving - described by Musk as "basically our entire expense structure" - will pay off.

The webcast presentation came two days before Tesla is expected to announce a quarterly loss on fewer deliveries of its Model 3 sedan, which represents Tesla's attempt to become a volume car maker.

After launching the event with detailed technical descriptions of Tesla's progress on hardware and software by top executives, Musk began hawking the Model 3 and its potential.

"The fundamental message consumers should be taking away today is it's financially insane to buy something other than a Tesla. It's like buying a horse," saying Tesla was the only company to have a full self-driving suite of hardware.

Tesla's use of the term "full self-driving" garners criticism, as it sells such an option today that is not yet "Level 4," or fully autonomous by industry standards, in which the car can handle all aspects of driving in most circumstances with no human intervention. Musk has said that with the hardware complete, improvements in software will allow vehicles to fully drive themselves in future.

The technology faces many regulatory hurdles both in Washington and from local governments.

Global carmakers, large technology companies and startups are developing self-driving - including Alphabet Inc's Waymo and Uber Technologies Inc - but experts say it will be years before the systems are ready for prime time.

"A year from now we'll have over a million cars with full self-driving, software, everything," Musk predicted.

Tesla has been working on a self-driving chip since 2016 and Musk had previously forecast that cars would be fully self-driving by 2018, a target Tesla has missed.

Investors appeared unmoved by the chip announcement but shares rose slightly in after-hour trading following the announcement of the robotaxis.

Wedbush analyst Daniel Ives said Tesla's robotaxi ambition was "impressive," but added that investors will be concerned by "the practicality and financial implications of this endeavour especially with Waymo miles ahead of the autonomous competition."

More pressing for analysts, he said, were concerns about demand for the Model 3 and whether Tesla may seek new financing.

"Doomed'' rivals

Musk took a swipe at competitors relying on Lidar, light-based sensors that are a key element in most other self-driving systems.

"Lidar is a fools' errand. And anyone relying on Lidar is doomed," said Musk, who has been vocal about the technology's limitations. Tesla vehicles rely on cameras and radars as their vision system for self-driving.

Competitors will eventually "dump" Lidar, he said: "It's expensive and unnecessary and once you solved vision it's worthless."

More than $1 billion in corporate and private investment has been plowed into some 50 Lidar startups over the past three years, including a record $420 million in 2018, according to a Reuters analysis of publicly available investment data in March.

Musk called Tesla's new chip the industry's best because it was dedicated for autonomous driving, while others, like Nvidia Corp, developed chips for multiple uses.

Tesla's chip was capable of seven times as many frames as Nvidia's Xavier system, said Pete Bannon, Tesla's head of Autopilot hardware. Nvidia said the comparison was inaccurate.

US magazine Consumer Reports cautioned against Tesla's "bold claims about self-driving capabilities that overpromise and underdeliver."

"Claims about (Tesla's) driving automation systems and safety are not backed up by the data, and it seems today's presentations had more to do with investors than consumers' safety," wrote the publication. 
&nbsp;

Chief Executive Elon Musk said Tesla Inc robotaxis with no human drivers would be available in some US markets next year, continuing a habit of bold pronouncements that have excited many investors while often missing deadlines.

Chief Executive Elon Musk said Tesla Inc robotaxis with no human drivers would be available in some US markets next year, continuing a habit of bold pronouncements that have excited many investors while often missing deadlines. "Probably two years from now we'll make a car with no steering wheels or pedals," Musk predicted, while acknowledging he is often late to meet aggressive targets. Central to this promise is a new microchip for self-driving vehicles unveiled by Musk on Monday during a webcast presentation. Made by Samsung Electronics Co Ltd in Texas, the chip now in all vehicles is hoped to give Tesla an edge over rivals and show its massive investment in autonomous driving - described by Musk as "basically our entire expense structure" - will pay off. The webcast presentation came two days before Tesla is expected to announce a quarterly loss on fewer deliveries of its Model 3 sedan, which represents Tesla's attempt to become a volume car maker. After launching the event with detailed technical descriptions of Tesla's progress on hardware and software by top executives, Musk began hawking the Model 3 and its potential. "The fundamental message consumers should be taking away today is it's financially insane to buy something other than a Tesla. It's like buying a horse," saying Tesla was the only company to have a full self-driving suite of hardware. Tesla's use of the term "full self-driving" garners criticism, as it sells such an option today that is not yet "Level 4," or fully autonomous by industry standards, in which the car can handle all aspects of driving in most circumstances with no human intervention. Musk has said that with the hardware complete, improvements in software will allow vehicles to fully drive themselves in future. The technology faces many regulatory hurdles both in Washington and from local governments. Global carmakers, large technology companies and startups are developing self-driving - including Alphabet Inc's Waymo and Uber Technologies Inc - but experts say it will be years before the systems are ready for prime time. "A year from now we'll have over a million cars with full self-driving, software, everything," Musk predicted. Tesla has been working on a self-driving chip since 2016 and Musk had previously forecast that cars would be fully self-driving by 2018, a target Tesla has missed. Investors appeared unmoved by the chip announcement but shares rose slightly in after-hour trading following the announcement of the robotaxis. Wedbush analyst Daniel Ives said Tesla's robotaxi ambition was "impressive," but added that investors will be concerned by "the practicality and financial implications of this endeavour especially with Waymo miles ahead of the autonomous competition." More pressing for analysts, he said, were concerns about demand for the Model 3 and whether Tesla may seek new financing. "Doomed'' rivals Musk took a swipe at competitors relying on Lidar, light-based sensors that are a key element in most other self-driving systems. "Lidar is a fools' errand. And anyone relying on Lidar is doomed," said Musk, who has been vocal about the technology's limitations. Tesla vehicles rely on cameras and radars as their vision system for self-driving. Competitors will eventually "dump" Lidar, he said: "It's expensive and unnecessary and once you solved vision it's worthless." More than $1 billion in corporate and private investment has been plowed into some 50 Lidar startups over the past three years, including a record $420 million in 2018, according to a Reuters analysis of publicly available investment data in March. Musk called Tesla's new chip the industry's best because it was dedicated for autonomous driving, while others, like Nvidia Corp, developed chips for multiple uses. Tesla's chip was capable of seven times as many frames as Nvidia's Xavier system, said Pete Bannon, Tesla's head of Autopilot hardware. Nvidia said the comparison was inaccurate. US magazine Consumer Reports cautioned against Tesla's "bold claims about self-driving capabilities that overpromise and underdeliver." "Claims about (Tesla's) driving automation systems and safety are not backed up by the data, and it seems today's presentations had more to do with investors than consumers' safety," wrote the publication.

Tesla says robotaxis with no human drivers coming to US roads next year 

Shares of <a href="https://www.google.com/url?q=https://www.wionews.com/world/us-judge-orders-talks-between-teslas-musk-securities-regulators-208033&amp;sa=U&amp;ved=0ahUKEwjW5dbz5snhAhUMr48KHUkHAJQQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3T2-MF6HF1o32HPqM8ZejE">Tesla </a>fell Thursday following a report the electric car company and electronics giant Panasonic are suspending plans to expand a battery plant due to weak demand for the vehicles.

Tesla Motors, which is led by Elon Musk, finished at $268.42, down 2.8 per cent.

Tesla and Panasonic froze a plan to boost the capacity of the Gigafactory 1 battery factory in the US state of Nevada "as concerns mount on Wall Street about weakening demand at Elon Musk's car company," Nikkei Asian Review reported.

The companies have stepped back as Panasonic's losses on the Tesla batteries deepened in the financial year that ended in March, Nikkei said.&nbsp;

Japan-based Panasonic had been seen pumping as much as $1.4 billion into the plan to boost Nevada production by around 50 per cent.

A Tesla spokesperson said, "we will, of course, continue to make new investments in Gigafactory 1, as needed.&nbsp;

"However, we think there is far more output to be gained from improving existing production equipment than was previously estimated."

Tesla directly criticized Nikkei's characterization of the situation in the subsequent email.

"We will, of course, continue to make new investments in Gigafactory 1, as needed," the Tesla spokesperson said in the follow-up statement.&nbsp;

"Most importantly, contrary to what is implied in this report, our demand for cells continues to outpace supply. It remains the fundamental constraint on Tesla vehicle and Powerwall/Powerpack production."

Nikkei also reported that Panasonic will suspend planned investment at Tesla's new Shanghai plant and will instead provide technical support to the project.

Panasonic has not made announcements about partnering with Tesla in Shanghai.

Shares of Tesla have had a volatile ride over the last year as Musk has overseen the ramp-up of the company's Model 3 sedan, the company's first vehicle directed at the middle market.

Investors have at times punished Tesla due to controversies surrounding Musk, who has sparred repeatedly with US securities regulators and appeared during one filmed interview last year to be smoking marijuana.&nbsp;

Company results have also been up and down. Shares were punished last week following disappointing first-quarter car deliveries.

Shares of Tesla fell Thursday following a report the electric car company and electronics giant Panasonic are suspending plans to expand a battery plant due to weak demand for the vehicles.

Shares of Tesla fell Thursday following a report the electric car company and electronics giant Panasonic are suspending plans to expand a battery plant due to weak demand for the vehicles. Tesla Motors, which is led by Elon Musk, finished at $268.42, down 2.8 per cent. Tesla and Panasonic froze a plan to boost the capacity of the Gigafactory 1 battery factory in the US state of Nevada "as concerns mount on Wall Street about weakening demand at Elon Musk's car company," Nikkei Asian Review reported. The companies have stepped back as Panasonic's losses on the Tesla batteries deepened in the financial year that ended in March, Nikkei said. Japan-based Panasonic had been seen pumping as much as $1.4 billion into the plan to boost Nevada production by around 50 per cent. A Tesla spokesperson said, "we will, of course, continue to make new investments in Gigafactory 1, as needed. "However, we think there is far more output to be gained from improving existing production equipment than was previously estimated." Tesla directly criticized Nikkei's characterization of the situation in the subsequent email. "We will, of course, continue to make new investments in Gigafactory 1, as needed," the Tesla spokesperson said in the follow-up statement. "Most importantly, contrary to what is implied in this report, our demand for cells continues to outpace supply. It remains the fundamental constraint on Tesla vehicle and Powerwall/Powerpack production." Nikkei also reported that Panasonic will suspend planned investment at Tesla's new Shanghai plant and will instead provide technical support to the project. Panasonic has not made announcements about partnering with Tesla in Shanghai. Shares of Tesla have had a volatile ride over the last year as Musk has overseen the ramp-up of the company's Model 3 sedan, the company's first vehicle directed at the middle market. Investors have at times punished Tesla due to controversies surrounding Musk, who has sparred repeatedly with US securities regulators and appeared during one filmed interview last year to be smoking marijuana. Company results have also been up and down. Shares were punished last week following disappointing first-quarter car deliveries.

Tesla shares fall over reports of battery plant suspension

A federal judge on Thursday gave Tesla chief executive Elon Musk and US securities regulators two weeks to resolve their differences over <a href="https://www.wionews.com/world/elon-musk-tweet-may-cost-him-job-as-tesla-ceo-199947">Musk's prolific social media use</a>.

The Securities and Exchange Commission had argued Musk should be held in contempt of court for allegedly violating an earlier settlement on tweeting potentially market-sensitive information without having it reviewed by counsel.

"I am requiring you to meet and confer for at least an hour," US District Judge Alison Nathan said to conclude a 90-minute oral argument.

Nathan said the parties should prepare a joint letter, suggesting she could rule on the case after that time if the talks fail.

The judge appeared sympathetic at times with some of the government's arguments, but she also expressed significant reservations about finding Musk in contempt, which she said was "serious business" and a ruling that placed a "significant burden" of proof on the government.&nbsp;

Musk, who could be seen nodding or shaking his head at times, told reporters just after the argument he was "very happy" with the hearing and "very impressed" with Nathan. &nbsp;

Later, outside the courthouse, Musk told CNBC he would "most likely" be able to resolve his differences with the SEC.

Bigger fines

Thursday's hearing was the latest incident in Musk's running dispute with the SEC after an October agreement required Musk to step down as chairman and pay $20 million to settle charges he defrauded investors with false claims on Twitter in August about a possible go-private transaction that was quickly aborted.

The settlement, which allowed Musk to remain as CEO, required him to obtain pre-approval from Tesla counsel before making written communications "that contain, or reasonably could contain, information material to Tesla or its stockholders."

The SEC cracked down after Musk tweeted on February 19 that Tesla would make 500,000 cars in 2019 -- up from the 400,000 that the company had estimated until then, an apparent increase on a benchmark tied to profitability.

Musk corrected himself four hours later, saying that Tesla would indeed produce about 400,000 cars this year.

SEC attorney Cheryl Crumpton said the errant February 19 tweet and the fact that Musk had not submitted any tweets for pre-publishing review showed he had made no serious effort to follow the requirement, which she called the "heart" of the settlement.

Crumpton said possible remedies could include monthly reports from Tesla and Musk documenting steps to implement the requirement. She said fines could be escalated if there are more problem tweets.

Crumpton cited a comment from Musk on Twitter that the prior $20 million SEC fine had been "worth it," adding that the court should impose a "meaningful fine to make it not 'worth it.'"&nbsp;

John Hueston, an attorney representing Musk, argued that Musk's February 19 tweet was not material, or consequential, to investors, and that the language in the settlement was ambiguous on what types of information needed to be reviewed prior to publication.&nbsp;

He also argued that the SEC had been hasty in seeking a contempt ruling without first trying to confer with Musk.

"If Mr. Musk made some kind of mistake, that is not a reason for contempt," Hueston said.

When the SEC initiated the latest action against Musk, it generated talk that he could be removed as CEO. While some analysts think a contempt ruling could a prelude to that outcome down the road, the SEC has not discussed ousting Musk for flouting the agreement and Crumpton made no mention of such a punishment on Thursday.&nbsp;

The agency's remedies are constrained because of Musk's centrality to Tesla and a reluctance to harm Tesla employees and investors, said Columbia Law School professor Joshua Mitts.&nbsp;

"Normally we say if there are problems with corporate governance, just replace the CEO. That just doesn't work with Elon Musk," Mitts told AFP.&nbsp;

"Any kind of serious sanction on Elon Musk is devastating for Tesla the company and this is the perennial catch 22 that both the SEC and the judge face in this case."

A negative ruling could also increase investor pressure on Musk to appoint a chief operating officer to share responsibility for managing a company that has suffered from near-constant turnover.

Tesla faces heavy pressure to meet its ambitious targets for the Model 3 sedan.&nbsp;

On Thursday, shares of the company finished down 8.2 per cent at $267.78 after it reported lower than expected car deliveries in the first quarter.

A federal judge on Thursday gave Tesla chief executive Elon Musk and US securities regulators two weeks to resolve their differences over Musk's prolific social media use.

A federal judge on Thursday gave Tesla chief executive Elon Musk and US securities regulators two weeks to resolve their differences over Musk's prolific social media use. The Securities and Exchange Commission had argued Musk should be held in contempt of court for allegedly violating an earlier settlement on tweeting potentially market-sensitive information without having it reviewed by counsel. "I am requiring you to meet and confer for at least an hour," US District Judge Alison Nathan said to conclude a 90-minute oral argument. Nathan said the parties should prepare a joint letter, suggesting she could rule on the case after that time if the talks fail. The judge appeared sympathetic at times with some of the government's arguments, but she also expressed significant reservations about finding Musk in contempt, which she said was "serious business" and a ruling that placed a "significant burden" of proof on the government. Musk, who could be seen nodding or shaking his head at times, told reporters just after the argument he was "very happy" with the hearing and "very impressed" with Nathan. Later, outside the courthouse, Musk told CNBC he would "most likely" be able to resolve his differences with the SEC. Bigger fines Thursday's hearing was the latest incident in Musk's running dispute with the SEC after an October agreement required Musk to step down as chairman and pay $20 million to settle charges he defrauded investors with false claims on Twitter in August about a possible go-private transaction that was quickly aborted. The settlement, which allowed Musk to remain as CEO, required him to obtain pre-approval from Tesla counsel before making written communications "that contain, or reasonably could contain, information material to Tesla or its stockholders." The SEC cracked down after Musk tweeted on February 19 that Tesla would make 500,000 cars in 2019 -- up from the 400,000 that the company had estimated until then, an apparent increase on a benchmark tied to profitability. Musk corrected himself four hours later, saying that Tesla would indeed produce about 400,000 cars this year. SEC attorney Cheryl Crumpton said the errant February 19 tweet and the fact that Musk had not submitted any tweets for pre-publishing review showed he had made no serious effort to follow the requirement, which she called the "heart" of the settlement. Crumpton said possible remedies could include monthly reports from Tesla and Musk documenting steps to implement the requirement. She said fines could be escalated if there are more problem tweets. Crumpton cited a comment from Musk on Twitter that the prior $20 million SEC fine had been "worth it," adding that the court should impose a "meaningful fine to make it not 'worth it.'" John Hueston, an attorney representing Musk, argued that Musk's February 19 tweet was not material, or consequential, to investors, and that the language in the settlement was ambiguous on what types of information needed to be reviewed prior to publication. He also argued that the SEC had been hasty in seeking a contempt ruling without first trying to confer with Musk. "If Mr. Musk made some kind of mistake, that is not a reason for contempt," Hueston said. When the SEC initiated the latest action against Musk, it generated talk that he could be removed as CEO. While some analysts think a contempt ruling could a prelude to that outcome down the road, the SEC has not discussed ousting Musk for flouting the agreement and Crumpton made no mention of such a punishment on Thursday. The agency's remedies are constrained because of Musk's centrality to Tesla and a reluctance to harm Tesla employees and investors, said Columbia Law School professor Joshua Mitts. "Normally we say if there are problems with corporate governance, just replace the CEO. That just doesn't work with Elon Musk," Mitts told AFP. "Any kind of serious sanction on Elon Musk is devastating for Tesla the company and this is the perennial catch 22 that both the SEC and the judge face in this case." A negative ruling could also increase investor pressure on Musk to appoint a chief operating officer to share responsibility for managing a company that has suffered from near-constant turnover. Tesla faces heavy pressure to meet its ambitious targets for the Model 3 sedan. On Thursday, shares of the company finished down 8.2 per cent at $267.78 after it reported lower than expected car deliveries in the first quarter.

US judge orders talks between Tesla's Musk, securities regulators

<a href="https://www.wionews.com/world/us-agency-probing-two-fatal-tesla-crashes-in-florida-since-sunday-200840">Tesla chief Elon Musk</a> on Thursday urged workers to make helping with the "biggest wave" of deliveries in the electric car maker's history their top priority, Business Insider reported.

The news website posted a copy of an internal email from Musk rallying Tesla troops to pitch in with "a massive wave of deliveries" throughout Europe, China and North America.

"This is the biggest wave in Tesla's history," the email read. "For the last ten days of the quarter, please consider your primary priority to be helping with vehicle deliveries. This applies to everyone."

The firm is experiencing the kind of tremendous increase in delivery demand seen in North America last year in Europe and China, according to the email, which added the situation was exacerbated by component supplier shortages in Europe.

Musk was reportedly seeking volunteers to drive Tesla cars to destinations such as shipping points, but said he did not expect the delivery crunch to recur in future quarters.

Tesla did not respond to a request for comment.

Meanwhile, a message from Tesla's official Twitter account on Tuesday said that due to trouble processing an unusually high volume of online orders, a planned slight increase in prices of some models was postponed a day.

Tesla currently makes all its cars at a plant in the Northern California city of Fremont and aimed to deliver 400,000 cars this year.

The firm recently introduced a new electric sports utility vehicle slightly bigger and more expensive than its Model 3, pitched as an electric car for the masses.

Tesla last week showed the all-electric Model Y with a starting price of $39,000 for a version with 370-kilometres range.&nbsp;

Deliveries were expected to begin late next year that model, with the standard-range version likely to get to buyers by spring 2021, according to the company.

Musk, 47, is a visionary and inventive boss but also highly unpredictable, especially on social network Twitter, where he has often communicated in defiance of rules imposed on executives of publicly-traded companies.

Tesla chief Elon Musk on Thursday urged workers to make helping with the "biggest wave" of deliveries in the electric car maker's history their top priority, Business Insider reported.

Tesla chief Elon Musk on Thursday urged workers to make helping with the "biggest wave" of deliveries in the electric car maker's history their top priority, Business Insider reported. The news website posted a copy of an internal email from Musk rallying Tesla troops to pitch in with "a massive wave of deliveries" throughout Europe, China and North America. "This is the biggest wave in Tesla's history," the email read. "For the last ten days of the quarter, please consider your primary priority to be helping with vehicle deliveries. This applies to everyone." The firm is experiencing the kind of tremendous increase in delivery demand seen in North America last year in Europe and China, according to the email, which added the situation was exacerbated by component supplier shortages in Europe. Musk was reportedly seeking volunteers to drive Tesla cars to destinations such as shipping points, but said he did not expect the delivery crunch to recur in future quarters. Tesla did not respond to a request for comment. Meanwhile, a message from Tesla's official Twitter account on Tuesday said that due to trouble processing an unusually high volume of online orders, a planned slight increase in prices of some models was postponed a day. Tesla currently makes all its cars at a plant in the Northern California city of Fremont and aimed to deliver 400,000 cars this year. The firm recently introduced a new electric sports utility vehicle slightly bigger and more expensive than its Model 3, pitched as an electric car for the masses. Tesla last week showed the all-electric Model Y with a starting price of $39,000 for a version with 370-kilometres range. Deliveries were expected to begin late next year that model, with the standard-range version likely to get to buyers by spring 2021, according to the company. Musk, 47, is a visionary and inventive boss but also highly unpredictable, especially on social network Twitter, where he has often communicated in defiance of rules imposed on executives of publicly-traded companies.

Tesla chief Elon Musk calls on workers to help deliver cars

US authorities are investigating a fatal Tesla Inc Model S crash in Florida last Sunday that killed the driver and caused a massive fire, the second fatal Tesla crash&nbsp;in the state this week being probed, the National Highway Traffic Safety Administration (NHTSA) said on Saturday.

The agency and the National Transportation Safety Board said late on Friday they were sending teams to investigate the other fatal crash Friday in Delray Beach, Florida of a 2018 Model 3 that crashed into a semi-trailer.

An NHTSA spokesman confirmed Saturday the agency has an "ongoing investigation" into the Sunday Tesla crash in Davie, Florida, and "will take additional actions if appropriate."

Tesla did not immediately comment Saturday.

The South Florida Sun-Sentinel reported Monday the 2016 Tesla Model S caught fire and burned the 48-year-old driver beyond recognition. The newspaper said the Tesla battery repeatedly caught fire after being transported to a towing facility.

NHTSA, the auto safety regulator, can demand a recall if it believes a defect poses an unreasonable safety risk, while the NTSB makes safety recommendations.

NHTSA and NTSB are investigating a number of crashes since 2017 that focus on two primary issues: the role of Tesla's driver assistance technology Autopilot in accidents and some significant battery fires in the electric vehicles after crashes, including cases of batteries reigniting.

A report on Friday's crash released by the Palm Beach County Sheriff's Department did not indicate if Autopilot was engaged in the crash that killed the 50-year-old Tesla Model 3 owner.

The report said the Tesla struck a tractor-trailer and the roof was sheared off as it passed underneath the trailer and stopped three-tenths of a mile south of the collision. The driver was pronounced dead at the scene.

NTSB is sending a team of three to conduct a safety investigation, while NHTSA is sending a field team.

Some Tesla drivers say they are able to avoid putting their hands on the wheel for extended periods when using Autopilot, while Tesla advises drivers that they must keep their hands on the steering wheel and pay attention while using Autopilot.

NHTSA is also probing the January 2018 crash of a Tesla vehicle apparently travelling in Autopilot that struck a fire truck in Culver City, California, a May 2018 crash in Utah of a Tesla in Autopilot mode and a May 2018 Tesla accident in Florida that killed two teenagers and injured another but was not in Autopilot.

The NTSB is investigating three earlier Tesla incidents being reviewed by NHTSA, as well as an August 2017 Tesla battery fire in California, in which an owner ran into his garage.

Friday's crash is similar to the first fatal Tesla crash linked to Autopilot.

In May 2016, a Tesla Model S driver was killed near Williston, Florida, using Autopilot when he slammed into a tractor-trailer that also sheared off the vehicle roof.

The NTSB said in 2017 Tesla lacked proper safeguards allowing the driver “to use the system outside of the environment for which it was designed and the system gave far too much leeway to the driver to divert his attention."

In January 2017, NHTSA said its review found no evidence of defects in the 2016 fatal Autopilot crash that would require a recall.

Tesla says its Autopilot software reduces a driver's "overall workload" and will "steer, accelerate and brake for you within almost any lane. It will also automatically change lanes on most highways to overtake other cars or navigate to interchanges and exits."

Tesla says the feature "should not be used on highways that have very sharp turns or lane markings that are absent, faded, or ambiguous."

US authorities are investigating a fatal Tesla Inc Model S crash in Florida last Sunday that killed the driver and caused a massive fire, the second fatal Tesla crash in the state this week being probed, the National Highway Traffic Safety Administration (NHTSA) said on Saturday.

US authorities are investigating a fatal Tesla Inc Model S crash in Florida last Sunday that killed the driver and caused a massive fire, the second fatal Tesla crash in the state this week being probed, the National Highway Traffic Safety Administration (NHTSA) said on Saturday. The agency and the National Transportation Safety Board said late on Friday they were sending teams to investigate the other fatal crash Friday in Delray Beach, Florida of a 2018 Model 3 that crashed into a semi-trailer. An NHTSA spokesman confirmed Saturday the agency has an "ongoing investigation" into the Sunday Tesla crash in Davie, Florida, and "will take additional actions if appropriate." Tesla did not immediately comment Saturday. The South Florida Sun-Sentinel reported Monday the 2016 Tesla Model S caught fire and burned the 48-year-old driver beyond recognition. The newspaper said the Tesla battery repeatedly caught fire after being transported to a towing facility. NHTSA, the auto safety regulator, can demand a recall if it believes a defect poses an unreasonable safety risk, while the NTSB makes safety recommendations. NHTSA and NTSB are investigating a number of crashes since 2017 that focus on two primary issues: the role of Tesla's driver assistance technology Autopilot in accidents and some significant battery fires in the electric vehicles after crashes, including cases of batteries reigniting. A report on Friday's crash released by the Palm Beach County Sheriff's Department did not indicate if Autopilot was engaged in the crash that killed the 50-year-old Tesla Model 3 owner. The report said the Tesla struck a tractor-trailer and the roof was sheared off as it passed underneath the trailer and stopped three-tenths of a mile south of the collision. The driver was pronounced dead at the scene. NTSB is sending a team of three to conduct a safety investigation, while NHTSA is sending a field team. Some Tesla drivers say they are able to avoid putting their hands on the wheel for extended periods when using Autopilot, while Tesla advises drivers that they must keep their hands on the steering wheel and pay attention while using Autopilot. NHTSA is also probing the January 2018 crash of a Tesla vehicle apparently travelling in Autopilot that struck a fire truck in Culver City, California, a May 2018 crash in Utah of a Tesla in Autopilot mode and a May 2018 Tesla accident in Florida that killed two teenagers and injured another but was not in Autopilot. The NTSB is investigating three earlier Tesla incidents being reviewed by NHTSA, as well as an August 2017 Tesla battery fire in California, in which an owner ran into his garage. Friday's crash is similar to the first fatal Tesla crash linked to Autopilot. In May 2016, a Tesla Model S driver was killed near Williston, Florida, using Autopilot when he slammed into a tractor-trailer that also sheared off the vehicle roof. The NTSB said in 2017 Tesla lacked proper safeguards allowing the driver “to use the system outside of the environment for which it was designed and the system gave far too much leeway to the driver to divert his attention." In January 2017, NHTSA said its review found no evidence of defects in the 2016 fatal Autopilot crash that would require a recall. Tesla says its Autopilot software reduces a driver's "overall workload" and will "steer, accelerate and brake for you within almost any lane. It will also automatically change lanes on most highways to overtake other cars or navigate to interchanges and exits." Tesla says the feature "should not be used on highways that have very sharp turns or lane markings that are absent, faded, or ambiguous."

US agency probing two fatal Tesla crashes in Florida since Sunday

Tesla Inc. said it would begin shutting stores and move to selling vehicles only over the internet, an extraordinary step aimed at cutting costs so the company can sell its Model 3 compact at a long-delayed starting price of $35,000, Dow Jones Newswires reported in an article made available to EFE on Friday.

Lowering the price to $35,000 - a key part of the Silicon Valley company's effort to become a mainstream automaker - is a goal Tesla has discussed for years and repeatedly delayed, but the shift in its sales strategy was a surprise.

The move to online-only sales is likely to further rile car dealers around the US that have spent about a decade fighting Tesla's effort to sell directly to customers through company-owned stores. For more than 100 years, automakers have relied on a network of third-party franchised dealers to sell their vehicles across the US.

Those dealers have amassed, in some cases, immense political capital with local lawmakers, and Tesla has spent years battling in statehouses across the US&nbsp;for the ability to sell directly to consumers.

Chief Executive <a href="http://www.wionews.com/world/meet-elon-tusk-tesla-chief-changes-twitter-display-name-200158">Elon Musk</a> highlighted the significance of what Tesla is attempting to do.

Also read: <a href="http://www.wionews.com/world/elon-musk-tweet-may-cost-him-job-as-tesla-ceo-199947">Elon Musk tweet may cost him </a><a href="http://www.wionews.com/world/elon-musk-tweet-may-cost-him-job-as-tesla-ceo-199947">job</a><a href="http://www.wionews.com/world/elon-musk-tweet-may-cost-him-job-as-tesla-ceo-199947"> as Tesla CEO</a>

"Ultimately this will be a very strong competitive strength for Tesla," he said on a conference call on Thursday. "This will be a fundamental long-term competitive advantage of Tesla that...only a startup could replicate."

Some Tesla stores will be closed, resulting in staff cuts, he said, without detailing how many. Tesla had 378 stores and services centres globally at the end of last year.

Other stores will remain for shoppers to learn about its vehicles, but would-be buyers would be sent online to make the purchase. In North America, customers can buy a vehicle via their phone in about one minute, Tesla said.

Tesla has been pushing to cut the cost of the Model 3, trying to get the starting price for the compact car down from the level of $49,000 when it debuted in 2017. Thursday's announcement marks the third price cut for the car since the start of this year. The most recent had brought it to $42,900.

Tesla said its sales change is essential to meet its price goal. "To achieve these prices while remaining financially sustainable, Tesla is shifting sales worldwide to online only," it said in a blog post.

Cutting prices has put further strain on Tesla's finances, however.

The company reported consecutive quarterly profits for the first time ever in the last two periods of 2018, and Mr Musk in January expressed confidence that Tesla could consistently make money as it continues to sell more Model 3s.

But in Thursday's conference call, Mr Musk said Tesla doesn't expect to be profitable in the current quarter, though it hopes to resume profitability over the following three months.

Tesla shares fell 3.4% in after-hours trading following its announcement.

Mr Musk said that shifting sales online could cut costs by 5% to 6% and that Tesla would use those savings to reduce prices of its two other automobiles, the Model S sedan and Model X sport-utility vehicle.

Going to online-only sales reduces Tesla's ability to provide a personal experience for buyers considering one of the biggest purchases most people make. The move comes as Tesla already is struggling to service its existing customers and expand its customer base. Mr Musk said Tesla is increasing the number of people working on servicing cars as part of efforts to improve customer experience.

Tesla's distribution system already is unorthodox. It upended the automotive industry in the US by forgoing the traditional franchise dealership sale model, instead of selling directly to customers through its website and company stores.

State franchise laws require automakers to sell their vehicles through their existing dealership network, making it difficult for them to sell online - and impeding the growth of new internet sellers. Much of the growth in delivering vehicles directly to consumers has come from startups like Carvana Co. and Shift Technologies Inc. selling used vehicles, which don't have to be sold through franchised car dealers.

Several traditional car dealership chains have taken steps in recent years to pare back property holdings as car buyers increasingly use smartphones and internet tools to shop for cars instead of visiting the dealership lot.

"Closing its stores potentially save Tesla a lot of money on real estate," said Sam Abuelsamid, a senior analyst with Navigant research, especially because the stores were often inexpensive, high-traffic areas.

The switch to online-only sales could also be a benefit for Tesla customers because some consumers had to drive several hours to pick up a car at the nearest store, Mr Abuelsamid said.

However, Mr Abuelsamid expressed doubts about a new return policy Tesla announced, in which buyers can now return a car within seven days or 1,000 miles for a full refund.

"While in theory, the seven-day return policy is a great thing if you can't test drive, you have to pay for the car in full," said Mr Abuelsamid. "With a traditional dealer, you can do it for free."

The decision underscores the challenge Tesla has in bringing a mainstream electric car to market. Car companies and customers have shied away from electric cars in the past in part because of the added cost that batteries bring to the vehicle.

The arrival of the Roadster sports car in 2008 and Model S large sedan in 2012 helped change minds about electric vehicles. The sedan, typically selling for about $100,000, helped establish Tesla a global luxury brand. But Mr Musk's goal for Tesla has long been to produce a mainstream electric vehicle for the masses.

When Tesla unveiled the Model 3 in 2016, it stunned the automotive industry as customers lined up around street corners at stores to plop down $1,000 deposits for the car. While Mr Musk stoked enthusiasm, he has struggled to increase production of the vehicle after starting assembly in July 2017.

Tesla said the $35,000 version of the Model 3 has a 220-mile range and can go from zero to 60 in 5.6 seconds.

Tesla Inc. said it would begin shutting stores and move to selling vehicles only over the internet, an extraordinary step aimed at cutting costs so the company can sell its Model 3 compact at a long-delayed starting price of $35,000, Dow Jones Newswires reported in an article made available to EFE on Friday.

Tesla Inc. said it would begin shutting stores and move to selling vehicles only over the internet, an extraordinary step aimed at cutting costs so the company can sell its Model 3 compact at a long-delayed starting price of $35,000, Dow Jones Newswires reported in an article made available to EFE on Friday. Lowering the price to $35,000 - a key part of the Silicon Valley company's effort to become a mainstream automaker - is a goal Tesla has discussed for years and repeatedly delayed, but the shift in its sales strategy was a surprise. The move to online-only sales is likely to further rile car dealers around the US that have spent about a decade fighting Tesla's effort to sell directly to customers through company-owned stores. For more than 100 years, automakers have relied on a network of third-party franchised dealers to sell their vehicles across the US. Those dealers have amassed, in some cases, immense political capital with local lawmakers, and Tesla has spent years battling in statehouses across the US for the ability to sell directly to consumers. Chief Executive Elon Musk highlighted the significance of what Tesla is attempting to do. Also read: Elon Musk tweet may cost him job as Tesla CEO "Ultimately this will be a very strong competitive strength for Tesla," he said on a conference call on Thursday. "This will be a fundamental long-term competitive advantage of Tesla that...only a startup could replicate." Some Tesla stores will be closed, resulting in staff cuts, he said, without detailing how many. Tesla had 378 stores and services centres globally at the end of last year. Other stores will remain for shoppers to learn about its vehicles, but would-be buyers would be sent online to make the purchase. In North America, customers can buy a vehicle via their phone in about one minute, Tesla said. Tesla has been pushing to cut the cost of the Model 3, trying to get the starting price for the compact car down from the level of $49,000 when it debuted in 2017. Thursday's announcement marks the third price cut for the car since the start of this year. The most recent had brought it to $42,900. Tesla said its sales change is essential to meet its price goal. "To achieve these prices while remaining financially sustainable, Tesla is shifting sales worldwide to online only," it said in a blog post. Cutting prices has put further strain on Tesla's finances, however. The company reported consecutive quarterly profits for the first time ever in the last two periods of 2018, and Mr Musk in January expressed confidence that Tesla could consistently make money as it continues to sell more Model 3s. But in Thursday's conference call, Mr Musk said Tesla doesn't expect to be profitable in the current quarter, though it hopes to resume profitability over the following three months. Tesla shares fell 3.4% in after-hours trading following its announcement. Mr Musk said that shifting sales online could cut costs by 5% to 6% and that Tesla would use those savings to reduce prices of its two other automobiles, the Model S sedan and Model X sport-utility vehicle. Going to online-only sales reduces Tesla's ability to provide a personal experience for buyers considering one of the biggest purchases most people make. The move comes as Tesla already is struggling to service its existing customers and expand its customer base. Mr Musk said Tesla is increasing the number of people working on servicing cars as part of efforts to improve customer experience. Tesla's distribution system already is unorthodox. It upended the automotive industry in the US by forgoing the traditional franchise dealership sale model, instead of selling directly to customers through its website and company stores. State franchise laws require automakers to sell their vehicles through their existing dealership network, making it difficult for them to sell online - and impeding the growth of new internet sellers. Much of the growth in delivering vehicles directly to consumers has come from startups like Carvana Co. and Shift Technologies Inc. selling used vehicles, which don't have to be sold through franchised car dealers. Several traditional car dealership chains have taken steps in recent years to pare back property holdings as car buyers increasingly use smartphones and internet tools to shop for cars instead of visiting the dealership lot. "Closing its stores potentially save Tesla a lot of money on real estate," said Sam Abuelsamid, a senior analyst with Navigant research, especially because the stores were often inexpensive, high-traffic areas. The switch to online-only sales could also be a benefit for Tesla customers because some consumers had to drive several hours to pick up a car at the nearest store, Mr Abuelsamid said. However, Mr Abuelsamid expressed doubts about a new return policy Tesla announced, in which buyers can now return a car within seven days or 1,000 miles for a full refund. "While in theory, the seven-day return policy is a great thing if you can't test drive, you have to pay for the car in full," said Mr Abuelsamid. "With a traditional dealer, you can do it for free." The decision underscores the challenge Tesla has in bringing a mainstream electric car to market. Car companies and customers have shied away from electric cars in the past in part because of the added cost that batteries bring to the vehicle. The arrival of the Roadster sports car in 2008 and Model S large sedan in 2012 helped change minds about electric vehicles. The sedan, typically selling for about $100,000, helped establish Tesla a global luxury brand. But Mr Musk's goal for Tesla has long been to produce a mainstream electric vehicle for the masses. When Tesla unveiled the Model 3 in 2016, it stunned the automotive industry as customers lined up around street corners at stores to plop down $1,000 deposits for the car. While Mr Musk stoked enthusiasm, he has struggled to increase production of the vehicle after starting assembly in July 2017. Tesla said the $35,000 version of the Model 3 has a 220-mile range and can go from zero to 60 in 5.6 seconds.

Tesla shuts its stores, moves to online-only sales model

Tesla Inc Chief Executive Officer Elon Musk changed his Twitter display name to "Elon Tusk" and promised news from his electric carmaker later this week in another late-night flurry of tweets between Tuesday evening and Wednesday morning.

In a series of tweets to his 25 million followers following charges from the US Securities and Exchange Commission earlier this week, Musk accused the regulator of failing to read Tesla's annual reports and said its oversight was "broken".

Overnight, he changed his display https://twitter.com/elonmusk name and added an elephant tag.

<img alt="Elon Musk Twitter" data-entity-type="file" data-entity-uuid="ac345fe8-f194-4088-83bd-710fb3f78093" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2810%29_1.jpg" />

Shares of the company were up nearly 5 per cent at $312.15 in afternoon trading on Wednesday, after Musk said Tesla would have "news" at 2 pm California time on Thursday.

Also read: <a href="http://www.wionews.com/world/elon-musk-tweet-may-cost-him-job-as-tesla-ceo-199947">Elon Musk tweet may cost him </a><a href="http://www.wionews.com/world/elon-musk-tweet-may-cost-him-job-as-tesla-ceo-199947">job</a><a href="http://www.wionews.com/world/elon-musk-tweet-may-cost-him-job-as-tesla-ceo-199947"> as Tesla CEO</a>

The company, which is deep in debt as it ramps up production of its popular Model 3 sedan, is due to repay a $920 million convertible bond a day later.

Convertible issues give bondholders the right to trade their debt for equity after shares rise over a certain price. Tesla shares are currently about $48 below the $359.87 conversion price.

Tesla had $3.7 billion in cash and cash equivalents at the end of December, according to the company's annual filing.

Musk had promised last year to have his public statements vetted by the company's board, as part of a settlement with the SEC that headed off demands for him to resign as Tesla CEO.

Tesla did not immediately respond to request for comment.

Tesla Inc Chief Executive Officer Elon Musk changed his Twitter display name to "Elon Tusk" and promised news from his electric carmaker later this week in another late-night flurry of tweets between Tuesday evening and Wednesday morning.

Tesla Inc Chief Executive Officer Elon Musk changed his Twitter display name to "Elon Tusk" and promised news from his electric carmaker later this week in another late-night flurry of tweets between Tuesday evening and Wednesday morning. In a series of tweets to his 25 million followers following charges from the US Securities and Exchange Commission earlier this week, Musk accused the regulator of failing to read Tesla's annual reports and said its oversight was "broken". Overnight, he changed his display https://twitter.com/elonmusk name and added an elephant tag. Shares of the company were up nearly 5 per cent at $312.15 in afternoon trading on Wednesday, after Musk said Tesla would have "news" at 2 pm California time on Thursday. Also read: Elon Musk tweet may cost him job as Tesla CEO The company, which is deep in debt as it ramps up production of its popular Model 3 sedan, is due to repay a $920 million convertible bond a day later. Convertible issues give bondholders the right to trade their debt for equity after shares rise over a certain price. Tesla shares are currently about $48 below the $359.87 conversion price. Tesla had $3.7 billion in cash and cash equivalents at the end of December, according to the company's annual filing. Musk had promised last year to have his public statements vetted by the company's board, as part of a settlement with the SEC that headed off demands for him to resign as Tesla CEO. Tesla did not immediately respond to request for comment.

Meet Elon Tusk: Tesla chief changes Twitter display name

The standoff between US stock regulators and mercurial <a href="http://www.wionews.com/world/sec-asks-us-judge-to-hold-teslas-musk-in-contempt-of-violating-deal-199725">Tesla chief Elon Musk</a> has taken a dramatic turn over a tweet that could cost the entrepreneur his job as CEO of the electric carmaker.

Musk, 47, is a visionary and inventive boss but is also highly unpredictable, especially on social network Twitter, where he often communicates in defiance of rules imposed on executives of publicly-traded companies.

The Securities and Exchange Commission (SEC) on Monday accused him of violating the terms of a court-endorsed deal between him and the regulatory agency stating that he should avoid sending any tweet that could affect the price of Tesla shares.

On February 19, he tweeted that Tesla would make 500,000 cars in 2019 -- up from the 400,000 that the company had estimated until then, as it grapples with production problems with the Model 3.

Musk corrected himself four hours later, saying that Tesla would indeed produce about 400,000 cars this year: "Meant to say annualized production rate at end of 2019 probably around 500k."

But that correction was not enough for a federal judge, who gave Musk two weeks to explain why he should be spared from being held in contempt for violating the agreement with the SEC.

Options&nbsp; 
"No CEO would survive this," said Charles Elson, a corporate governance specialist at the University of Delaware.

"If the board wishes to get ahead of the problem, they may have to take action as serious as relieving Musk of his executive responsibilities, at least for a period of time," said Stephen Davis, a senior fellow at Harvard's Program on Corporate Governance.

For Davis, executives of publicly traded companies have a responsibility to provide accurate information.&nbsp;

"You have special responsibility to be accurate... if information is not accurate, then the question arises, are you the right person to be running a public company?"

Last year, the SEC opened an investigation into Tesla and Musk after he tweeted that he planned to take Tesla private and already had the financing to do it -- an assertion that proved false but nonetheless made investors who bet against the company lose millions.

Credibility at stake&nbsp; 
To settle fraud charges stemming from the tweet, Musk had to resign as Tesla chairman, both he and the company had to pay a $20 million fine and the SEC demanded oversight of his social media use.

"We are sceptical that (Tesla) can prove oversight, particularly given that its new general counsel resigned last week just hours after the social media posts in question," said Garett Nelson of CFRA Research.

"We believe Musk is likely to be subject to additional penalties which could include any number of measures -- additional fines, social media restrictions or worse."

While the February 19 tweet "was presumably to highlight what (Tesla) has achieved in a short period of time, it also opens the door to potential legal jeopardy for Musk," said Canaccord Genuity analyst Jed Dorsheimer.

The penalty against Musk could be heavy because the SEC's credibility as guarantor of investors' interests is at stake, said Davis.

"It's not only about Elon Musk. I think at the end of the day it's also about the SEC sending a signal to all corporate leaders that the information they release to the market needs to be accurate," he added.

Musk's reasoning is that "if I leave company collapses and everyone loses so, therefore, I can do whatever I want" -- an argument the SEC should ignore, Elson said.

"Unless they react to this appropriately, they've got a real problem enforcing these laws against other people."

The standoff between US stock regulators and mercurial Tesla chief Elon Musk has taken a dramatic turn over a tweet that could cost the entrepreneur his job as CEO of the electric carmaker.

The standoff between US stock regulators and mercurial Tesla chief Elon Musk has taken a dramatic turn over a tweet that could cost the entrepreneur his job as CEO of the electric carmaker. Musk, 47, is a visionary and inventive boss but is also highly unpredictable, especially on social network Twitter, where he often communicates in defiance of rules imposed on executives of publicly-traded companies. The Securities and Exchange Commission (SEC) on Monday accused him of violating the terms of a court-endorsed deal between him and the regulatory agency stating that he should avoid sending any tweet that could affect the price of Tesla shares. On February 19, he tweeted that Tesla would make 500,000 cars in 2019 -- up from the 400,000 that the company had estimated until then, as it grapples with production problems with the Model 3. Musk corrected himself four hours later, saying that Tesla would indeed produce about 400,000 cars this year: "Meant to say annualized production rate at end of 2019 probably around 500k." But that correction was not enough for a federal judge, who gave Musk two weeks to explain why he should be spared from being held in contempt for violating the agreement with the SEC. Options "No CEO would survive this," said Charles Elson, a corporate governance specialist at the University of Delaware. "If the board wishes to get ahead of the problem, they may have to take action as serious as relieving Musk of his executive responsibilities, at least for a period of time," said Stephen Davis, a senior fellow at Harvard's Program on Corporate Governance. For Davis, executives of publicly traded companies have a responsibility to provide accurate information. "You have special responsibility to be accurate... if information is not accurate, then the question arises, are you the right person to be running a public company?" Last year, the SEC opened an investigation into Tesla and Musk after he tweeted that he planned to take Tesla private and already had the financing to do it -- an assertion that proved false but nonetheless made investors who bet against the company lose millions. Credibility at stake To settle fraud charges stemming from the tweet, Musk had to resign as Tesla chairman, both he and the company had to pay a $20 million fine and the SEC demanded oversight of his social media use. "We are sceptical that (Tesla) can prove oversight, particularly given that its new general counsel resigned last week just hours after the social media posts in question," said Garett Nelson of CFRA Research. "We believe Musk is likely to be subject to additional penalties which could include any number of measures -- additional fines, social media restrictions or worse." While the February 19 tweet "was presumably to highlight what (Tesla) has achieved in a short period of time, it also opens the door to potential legal jeopardy for Musk," said Canaccord Genuity analyst Jed Dorsheimer. The penalty against Musk could be heavy because the SEC's credibility as guarantor of investors' interests is at stake, said Davis. "It's not only about Elon Musk. I think at the end of the day it's also about the SEC sending a signal to all corporate leaders that the information they release to the market needs to be accurate," he added. Musk's reasoning is that "if I leave company collapses and everyone loses so, therefore, I can do whatever I want" -- an argument the SEC should ignore, Elson said. "Unless they react to this appropriately, they've got a real problem enforcing these laws against other people."

Elon Musk tweet may cost him job as Tesla CEO

The US Securities and Exchange Commission on Monday said a federal court should hold <a href="http://www.wionews.com/world/now-musk-eyes-tunnel-through-australian-mountain-to-solve-traffic-woes-190839">Tesla Inc Chief Executive Officer Elon Musk </a>in contempt for violating last year's settlement with the federal regulatory agency due to new statements made on Twitter, sending shares of the electric carmaker down 5 per cent in extended trade.

Musk, Tesla and the SEC last year settled a lawsuit filed by the federal agency over misleading tweets Must make in August that he planned to take the company private. As part of that settlement, any material statements made by Musk on social media were to be vetted in advance by the company.

The regulator pointed to Musk's February 19 tweet: "Tesla made 0 cars in 2011, but will make around 500k in 2019," noting that Musk did not seek or receive preapproval before publishing this tweet, which was inaccurate and disseminated to over 24 million people.

"Musk has thus violated the court's final judgment by engaging in the very conduct that the pre-approval provision of the final judgment was designed to prevent," the SEC wrote in its motion filed on Monday in federal court in Manhattan.

Musk subsequently clarified his tweet to say that the "annualised production rate" at year-end 2019 would probably be about 500,000, with deliveries expected to be about 400,000.

The motion asks the judge to issue an order that would put the onus on Musk to show why he should not be held in contempt for violating the settlement.

Tesla did not immediately respond to a request for comment.

Tesla and Musk agreed in September to pay $20 million each to the SEC, and the billionaire stepped down as the company's chairman but remained as chief executive. In the settlement, the agency pulled back from its original demand that Musk, who is synonymous with the Tesla brand, be barred from running Tesla, a sanction many investors said would be disastrous.

The settlement was approved by a US judge in October, who can now decide whether its terms have been violated.

In a response to the SEC's demand for information regarding the Feb. 19 tweet, a lawyer for Tesla and Musk said the CEO's tweet was meant to reiterate information already approved, then disseminated when the company released fourth-quarter earnings results in January.

Although the tweet was not pre-approved, the lawyer wrote, Musk believed its substance had been "appropriately vetted, pre-approved and publicly disseminated." Moreover, the lawyer said, the statement was made outside of market trading hours.

It was not immediately clear what the repercussions would be Musk to be found in contempt, as such a citation does not necessarily mean the original agreement is now null and void.

The SEC could seek a so-called bar order, removing him from Tesla’s board, or could ask for a lesser penalty, like a monetary fine, said Stephen Diamond, a professor of corporate governance at Santa Clara University.

The SEC could also ask the court to reopen the original settlement for renegotiation, he said, perhaps asking that the original charges be reinstated.

"It’s a pretty unusual situation," Diamond said, adding that "all bets are off."

The US Securities and Exchange Commission on Monday said a federal court should hold Tesla Inc Chief Executive Officer Elon Musk in contempt for violating last year's settlement with the federal regulatory agency due to new statements made on Twitter, sending shares of the electric carmaker down 5 per cent in extended trade.

The US Securities and Exchange Commission on Monday said a federal court should hold Tesla Inc Chief Executive Officer Elon Musk in contempt for violating last year's settlement with the federal regulatory agency due to new statements made on Twitter, sending shares of the electric carmaker down 5 per cent in extended trade. Musk, Tesla and the SEC last year settled a lawsuit filed by the federal agency over misleading tweets Must make in August that he planned to take the company private. As part of that settlement, any material statements made by Musk on social media were to be vetted in advance by the company. The regulator pointed to Musk's February 19 tweet: "Tesla made 0 cars in 2011, but will make around 500k in 2019," noting that Musk did not seek or receive preapproval before publishing this tweet, which was inaccurate and disseminated to over 24 million people. "Musk has thus violated the court's final judgment by engaging in the very conduct that the pre-approval provision of the final judgment was designed to prevent," the SEC wrote in its motion filed on Monday in federal court in Manhattan. Musk subsequently clarified his tweet to say that the "annualised production rate" at year-end 2019 would probably be about 500,000, with deliveries expected to be about 400,000. The motion asks the judge to issue an order that would put the onus on Musk to show why he should not be held in contempt for violating the settlement. Tesla did not immediately respond to a request for comment. Tesla and Musk agreed in September to pay $20 million each to the SEC, and the billionaire stepped down as the company's chairman but remained as chief executive. In the settlement, the agency pulled back from its original demand that Musk, who is synonymous with the Tesla brand, be barred from running Tesla, a sanction many investors said would be disastrous. The settlement was approved by a US judge in October, who can now decide whether its terms have been violated. In a response to the SEC's demand for information regarding the Feb. 19 tweet, a lawyer for Tesla and Musk said the CEO's tweet was meant to reiterate information already approved, then disseminated when the company released fourth-quarter earnings results in January. Although the tweet was not pre-approved, the lawyer wrote, Musk believed its substance had been "appropriately vetted, pre-approved and publicly disseminated." Moreover, the lawyer said, the statement was made outside of market trading hours. It was not immediately clear what the repercussions would be Musk to be found in contempt, as such a citation does not necessarily mean the original agreement is now null and void. The SEC could seek a so-called bar order, removing him from Tesla’s board, or could ask for a lesser penalty, like a monetary fine, said Stephen Diamond, a professor of corporate governance at Santa Clara University. The SEC could also ask the court to reopen the original settlement for renegotiation, he said, perhaps asking that the original charges be reinstated. "It’s a pretty unusual situation," Diamond said, adding that "all bets are off."

SEC asks US judge to hold Tesla's Musk in contempt of violating deal

Amazon.com Inc said on Friday it would lead a $700 million investment in US electric pickup truck startup Rivian Automotive LLC, in the e-commerce giant`s biggest bet on technologies with the potential to reshape the automotive sector.

The deal represents a major endorsement of Rivian's electric vehicle technology by the world's largest online retailer, which is looking for ways to boost the speed and reduce the cost of its deliveries.&nbsp;

Reuters reported on Tuesday that Amazon and General Motors Co (GM) were in talks to invest in Rivian. GM's talks with Rivian about investment are continuing and any deal would be announced at a later date, people familiar with the talks said on Friday.

Rivian could ultimately be valued at between $3 billion and $4 billion, one of the sources said.

The Rivian deal comes as its much larger electric car manufacturing rival, Tesla Inc, struggles to stabilize production and deliver consistent profits as it ramps up its mass-market Model 3 sedan.

Tesla CEO Elon Musk told investors in August that an electric pickup is ''probably my personal favourite for the next product'' from the company. But he has spoken only in general about a potential launch, saying that it would happen ''right after'' Tesla’s Model Y, which the company has targeted to start production in 2020.&nbsp;

Rivian unveiled its electric R1T pickup and R1S SUV for the first time at the Los Angeles Auto Show last November. But the company had piqued Amazon`s interest earlier, according to one of the sources.

Amazon CEO Jeff Bezos personally reached out to Rivian founder and CEO RJ Scaringe last summer to express interest in an investment, the source said. Since then Amazon has stepped up its investment in the car sector, participating in a $530 million funding round announced last week in self-driving car startup Aurora Innovation Inc.

Amazon is looking for deals that can speed packages to shoppers’ doorsteps regardless of spikes in consumer demand or shortages of the delivery personnel. Last year, Mercedes said Amazon had become the biggest customer of its Sprinter vans, securing 20,000 vehicles for delivery contractors.

Amazon has sought to win customers inside the car as well. Working with BMW AG, Ford Motor Co and Toyota Motor Corp, Amazon has enabled its Alexa virtual assistant to be installed in new models so drivers can dictate what music they want to hear and what tasks they want it to perform, hands-free.

Rivian aspires to be the first to produce a mass-market electric pickup. It intends to begin selling its R1T by the end of 2020.

Scaringe has described the Rivian vehicle’s platform as a skateboard that packages the drive units, battery pack, suspension system, brakes and cooling system all below wheel height to allow for more storage space and greater stability due to a lower centre of gravity.

He has also said the company plans to partner with outside firms to develop advanced self-driving technology, rather than try to do so on its own.

Rivian's existing financial backers include Saudi auto distributor Abdul Latif Jameel Co, Sumitomo Corp of Americas and Standard Chartered Bank. 
&nbsp;

Amazon.com Inc said on Friday it would lead a $700 million investment in US electric pickup truck startup Rivian Automotive LLC, in the e-commerce giant`s biggest bet on technologies with the potential to reshape the automotive sector.

Amazon.com Inc said on Friday it would lead a $700 million investment in US electric pickup truck startup Rivian Automotive LLC, in the e-commerce giant`s biggest bet on technologies with the potential to reshape the automotive sector. The deal represents a major endorsement of Rivian's electric vehicle technology by the world's largest online retailer, which is looking for ways to boost the speed and reduce the cost of its deliveries. Reuters reported on Tuesday that Amazon and General Motors Co (GM) were in talks to invest in Rivian. GM's talks with Rivian about investment are continuing and any deal would be announced at a later date, people familiar with the talks said on Friday. Rivian could ultimately be valued at between $3 billion and $4 billion, one of the sources said. The Rivian deal comes as its much larger electric car manufacturing rival, Tesla Inc, struggles to stabilize production and deliver consistent profits as it ramps up its mass-market Model 3 sedan. Tesla CEO Elon Musk told investors in August that an electric pickup is ''probably my personal favourite for the next product'' from the company. But he has spoken only in general about a potential launch, saying that it would happen ''right after'' Tesla’s Model Y, which the company has targeted to start production in 2020. Rivian unveiled its electric R1T pickup and R1S SUV for the first time at the Los Angeles Auto Show last November. But the company had piqued Amazon`s interest earlier, according to one of the sources. Amazon CEO Jeff Bezos personally reached out to Rivian founder and CEO RJ Scaringe last summer to express interest in an investment, the source said. Since then Amazon has stepped up its investment in the car sector, participating in a $530 million funding round announced last week in self-driving car startup Aurora Innovation Inc. Amazon is looking for deals that can speed packages to shoppers’ doorsteps regardless of spikes in consumer demand or shortages of the delivery personnel. Last year, Mercedes said Amazon had become the biggest customer of its Sprinter vans, securing 20,000 vehicles for delivery contractors. Amazon has sought to win customers inside the car as well. Working with BMW AG, Ford Motor Co and Toyota Motor Corp, Amazon has enabled its Alexa virtual assistant to be installed in new models so drivers can dictate what music they want to hear and what tasks they want it to perform, hands-free. Rivian aspires to be the first to produce a mass-market electric pickup. It intends to begin selling its R1T by the end of 2020. Scaringe has described the Rivian vehicle’s platform as a skateboard that packages the drive units, battery pack, suspension system, brakes and cooling system all below wheel height to allow for more storage space and greater stability due to a lower centre of gravity. He has also said the company plans to partner with outside firms to develop advanced self-driving technology, rather than try to do so on its own. Rivian's existing financial backers include Saudi auto distributor Abdul Latif Jameel Co, Sumitomo Corp of Americas and Standard Chartered Bank.

Amazon places big bet on aspiring Tesla rival Rivian

Electric-vehicle maker Tesla will recall 14,123 cars in China over airbags that contained a part made by now-defunct Japanese manufacturer Takata, the Chinese market regulator announced on Friday.

The US giant has already announced the recall of some Model S vehicles as part of a global industry-wide rooting out of parts made by Takata, which went bust in 2017 after its airbags were blamed for a number of deaths.

The affected vehicles in China are Model S cars made between February 2014 and December 2016, the State Administration of Market Regulation said.

It said the cars' passenger-side airbags were equipped with an ammonium nitrate propellant made by Takata, which was at risk of breakage that could result in the ejection of debris.

Tesla will replace them, it said.

Tesla declined to comment on Friday, but an announcement on its website said the "recall of the front passenger airbags in 2012 Model S vehicles began in January 2017, was extended to 2013 Model S vehicles in January 2018, and is now being extended to 2014-2016 Model S vehicles in January 2019".

Tesla does not announce how many cars it sells in China overall.

Tesla CEO Elon Musk was on hand earlier this month for the ground-breaking of a factory outside Shanghai, which the company says will eventually have an annual production capacity of 500,000 and is geared towards meeting growing Chinese demand for electric vehicles.

Electric-vehicle maker Tesla will recall 14,123 cars in China over airbags that contained a part made by now-defunct Japanese manufacturer Takata, the Chinese market regulator announced on Friday.

Electric-vehicle maker Tesla will recall 14,123 cars in China over airbags that contained a part made by now-defunct Japanese manufacturer Takata, the Chinese market regulator announced on Friday. The US giant has already announced the recall of some Model S vehicles as part of a global industry-wide rooting out of parts made by Takata, which went bust in 2017 after its airbags were blamed for a number of deaths. The affected vehicles in China are Model S cars made between February 2014 and December 2016, the State Administration of Market Regulation said. It said the cars' passenger-side airbags were equipped with an ammonium nitrate propellant made by Takata, which was at risk of breakage that could result in the ejection of debris. Tesla will replace them, it said. Tesla declined to comment on Friday, but an announcement on its website said the "recall of the front passenger airbags in 2012 Model S vehicles began in January 2017, was extended to 2013 Model S vehicles in January 2018, and is now being extended to 2014-2016 Model S vehicles in January 2019". Tesla does not announce how many cars it sells in China overall. Tesla CEO Elon Musk was on hand earlier this month for the ground-breaking of a factory outside Shanghai, which the company says will eventually have an annual production capacity of 500,000 and is geared towards meeting growing Chinese demand for electric vehicles.

Tesla recalls more than 14,000 cars in China over Takata airbags

Tesla Inc said it would cut thousands of jobs to rein in costs as it ramps up production of its crucial Model 3 sedan, and the electric car maker expects fourth-quarter profit to be lower than the previous quarter, sending its shares down 7 per cent.

The company has long struggled with cash burn and Chief Executive Officer Elon Musk has been under intense pressure to stabilise the production of the Model 3, seen critical for easing a cash crunch and achieving long-term profitability.

"I want to make sure that you know all the facts and figures and understand that the road ahead is very difficult," Musk said in an email to employees that was published on the company's blog.

"There isn't any other way," he said.

This is Tesla's second job cut in seven months and comes just days after it cut US prices for all vehicles and fell short on quarterly deliveries of its mass-market Model 3 sedan.

"This quarter, as with Q3, shipment of higher priced Model 3 variants (this time to Europe and Asia) will hopefully allow us, with great difficulty, effort and some luck, to target a tiny profit," Musk said.

Tesla reported a profit of $311.5 million, or $1.75 per share, for the third quarter ended Sept. 30.

Musk, who has often set goals and deadlines that Tesla has failed to meet, surprised investors by delivering on his pledge to make the company profitable in the third quarter, for only the third time in its 15-year existence.

Tesla said on Friday it would reduce full-time employee headcount by about 7per cent and retain only the most critical temps and contractors.

In June, the company said it was cutting 9 per cent of its workforce.

As of Dec. 31, 2017, Tesla had 37,543 full-time employees, according to its latest annual filing.

Tesla Inc said it would cut thousands of jobs to rein in costs as it ramps up production of its crucial Model 3 sedan, and the electric car maker expects fourth-quarter profit to be lower than the previous quarter, sending its shares down 7 per cent.

Tesla Inc said it would cut thousands of jobs to rein in costs as it ramps up production of its crucial Model 3 sedan, and the electric car maker expects fourth-quarter profit to be lower than the previous quarter, sending its shares down 7 per cent. The company has long struggled with cash burn and Chief Executive Officer Elon Musk has been under intense pressure to stabilise the production of the Model 3, seen critical for easing a cash crunch and achieving long-term profitability. "I want to make sure that you know all the facts and figures and understand that the road ahead is very difficult," Musk said in an email to employees that was published on the company's blog. "There isn't any other way," he said. This is Tesla's second job cut in seven months and comes just days after it cut US prices for all vehicles and fell short on quarterly deliveries of its mass-market Model 3 sedan. "This quarter, as with Q3, shipment of higher priced Model 3 variants (this time to Europe and Asia) will hopefully allow us, with great difficulty, effort and some luck, to target a tiny profit," Musk said. Tesla reported a profit of $311.5 million, or $1.75 per share, for the third quarter ended Sept. 30. Musk, who has often set goals and deadlines that Tesla has failed to meet, surprised investors by delivering on his pledge to make the company profitable in the third quarter, for only the third time in its 15-year existence. Tesla said on Friday it would reduce full-time employee headcount by about 7per cent and retain only the most critical temps and contractors. In June, the company said it was cutting 9 per cent of its workforce. As of Dec. 31, 2017, Tesla had 37,543 full-time employees, according to its latest annual filing.

Tesla to cut workforce by 7 per cent, sees smaller fourth-quarter profit

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

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

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

Tesla CEO Musk says to break ground on Shanghai Gigafactory today

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