SpaceX CEO Elon Musk's recent Twitter activity reinstated that space exploration and a desire to 'colonise' the Red Planet are not the only areas of his interest, Musk likes to indulge in a hearty scoop of humour every now and then.&nbsp;

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Tesla Goes Bankrupt 
Palo Alto, California, April 1, 2018 -- Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can't believe it.
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/980566101124722688?ref_src=twsrc%5Etfw">April 1, 2018</a></blockquote>
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In an impulsive streak of tweets, not only did Musk tested his humour-quotient but also silenced reports suggesting Tesla's shaky financial situation.&nbsp;

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There are many chapters of bankruptcy and, as critics so rightly pointed out, Tesla has them *all*, including Chapter 14 and a half (the worst one).
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/980566103356194816?ref_src=twsrc%5Etfw">April 1, 2018</a></blockquote>
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Musk's April Fool's joke cracked up Twitter while putting to silence all speculations around Tesla's finances.&nbsp;

"Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can't believe it," read one of his tweets.&nbsp;

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Elon was found passed out against a Tesla Model 3, surrounded by "Teslaquilla" bottles, the tracks of dried tears still visible on his cheeks. 
 
This is not a forward-looking statement, because, obviously, what's the point? 
 
Happy New Month! <a href="https://t.co/YcouvFz6Y1">pic.twitter.com/YcouvFz6Y1</a>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/980566116614291456?ref_src=twsrc%5Etfw">April 1, 2018</a></blockquote>
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Tesla Inc shares fell more than 9 per cent last week following a downgrade by Moody's Investors Service, a probe by the National Transportation Safety Board of a recent fatal crash and concerns about Model 3 production.

The sell-off came after Tesla tumbled 8.2 per cent on last Tuesday, the lowest close in almost a year. Tesla was trading on Wednesday at $258.44, down $20.74 a share, off a low of $252.10.

Late on Tuesday, Moody’s Investors Service downgraded Tesla’s credit rating to B3 from B2. Moody’s said the ratings “reflect the significant shortfall in the production rate of the company’s Model 3 electric vehicle.” It also “faces liquidity pressures due to its large negative free cash flow and the pending maturities of convertible bonds.”

Moody’s said its negative outlook for Tesla “reflects the likelihood that Tesla will have to undertake a large, near-term capital raise in order to refund maturing obligations and avoid a liquidity shortfall.”

(With inputs from Reuters)

Musk's April Fool's joke cracked up Twitter while putting to silence all speculations around Tesla's finances

SpaceX CEO Elon Musk's recent Twitter activity reinstated that space exploration and a desire to 'colonise' the Red Planet are not the only areas of his interest, Musk likes to indulge in a hearty scoop of humour every now and then. Tesla Goes Bankrupt Palo Alto, California, April 1, 2018 -- Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can't believe it. — Elon Musk (@elonmusk) April 1, 2018 × In an impulsive streak of tweets, not only did Musk tested his humour-quotient but also silenced reports suggesting Tesla's shaky financial situation. There are many chapters of bankruptcy and, as critics so rightly pointed out, Tesla has them *all*, including Chapter 14 and a half (the worst one). — Elon Musk (@elonmusk) April 1, 2018 × Musk's April Fool's joke cracked up Twitter while putting to silence all speculations around Tesla's finances. "Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can't believe it," read one of his tweets. Elon was found passed out against a Tesla Model 3, surrounded by "Teslaquilla" bottles, the tracks of dried tears still visible on his cheeks. This is not a forward-looking statement, because, obviously, what's the point? Happy New Month! pic.twitter.com/YcouvFz6Y1 — Elon Musk (@elonmusk) April 1, 2018 × Tesla Inc shares fell more than 9 per cent last week following a downgrade by Moody's Investors Service, a probe by the National Transportation Safety Board of a recent fatal crash and concerns about Model 3 production. The sell-off came after Tesla tumbled 8.2 per cent on last Tuesday, the lowest close in almost a year. Tesla was trading on Wednesday at $258.44, down $20.74 a share, off a low of $252.10. Late on Tuesday, Moody’s Investors Service downgraded Tesla’s credit rating to B3 from B2. Moody’s said the ratings “reflect the significant shortfall in the production rate of the company’s Model 3 electric vehicle.” It also “faces liquidity pressures due to its large negative free cash flow and the pending maturities of convertible bonds.” Moody’s said its negative outlook for Tesla “reflects the likelihood that Tesla will have to undertake a large, near-term capital raise in order to refund maturing obligations and avoid a liquidity shortfall.” (With inputs from Reuters)

Elon Musk's hilarious April Fool's tweet silences speculation around Tesla's finances

SpaceX CEO Elon Musk never fails to take the world by surprise and his latest Twitter post seems to have reinstated the same. Earlier today Musk announced his latest project, a 'cyborg dragon'.&nbsp;

"Oh btw I’m building a cyborg dragon," read his tweet.

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Oh btw I’m building a cyborg dragon
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/989198118666162176?ref_src=twsrc%5Etfw">April 25, 2018</a></blockquote>
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Musk is known to have juggled multiple projects between SpaceX, Tesla, and The Boring Company. Musk's latest announcement has got many raise an eyebrow and most scratching their head in wonder.&nbsp;

Musk did not give out any more details about his brand new project, however, Twitter broke into a wave of reactions mulling over and interpreting what could his tweet possibly mean.

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Are you trying to suggest that you're creating an actual, flesh-and-blood dragon with technological enhancements?? That'd be incredible!!
— Idiot College Intern Steve (@theidiotintern) <a href="https://twitter.com/theidiotintern/status/989204001848774656?ref_src=twsrc%5Etfw">April 25, 2018</a></blockquote>
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There goes <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a>, dropping acid and inventing the future again.
— Yvette (@TheSciBabe) <a href="https://twitter.com/TheSciBabe/status/989312869937246208?ref_src=twsrc%5Etfw">April 26, 2018</a></blockquote>
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A Proto Type perhaps? <a href="https://t.co/XHrFKTDnc2">pic.twitter.com/XHrFKTDnc2</a>
— Magma Admín Gardevoir (@MagmADGardevoir) <a href="https://twitter.com/MagmADGardevoir/status/989259520902942720?ref_src=twsrc%5Etfw">April 25, 2018</a></blockquote>
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Earlier this month, Musk took to Twitter and posted a funny post declaring that <a href="http://cmsuat.wionews.com/world/elon-musks-hilarious-april-fools-tweet-silences-speculation-around-teslas-finances-127862">Tesla had gone bankrupt</a>. Musk's April Fool's post exhibited his humour-quotient (which is almost always spot on) and also silenced reports suggesting Tesla's shaky financial situation.&nbsp;

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Tesla Goes Bankrupt 
Palo Alto, California, April 1, 2018 -- Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can't believe it.
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/980566101124722688?ref_src=twsrc%5Etfw">April 1, 2018</a></blockquote>
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"Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can't believe it," read one of his tweets.&nbsp;

Musk's latest announcement got many raise an eyebrow and most scratching their head in wonder.

SpaceX CEO Elon Musk never fails to take the world by surprise and his latest Twitter post seems to have reinstated the same. Earlier today Musk announced his latest project, a 'cyborg dragon'. "Oh btw I’m building a cyborg dragon," read his tweet. Oh btw I’m building a cyborg dragon — Elon Musk (@elonmusk) April 25, 2018 × Musk is known to have juggled multiple projects between SpaceX, Tesla, and The Boring Company. Musk's latest announcement has got many raise an eyebrow and most scratching their head in wonder. Musk did not give out any more details about his brand new project, however, Twitter broke into a wave of reactions mulling over and interpreting what could his tweet possibly mean. Are you trying to suggest that you're creating an actual, flesh-and-blood dragon with technological enhancements?? That'd be incredible!! — Idiot College Intern Steve (@theidiotintern) April 25, 2018 × There goes @elonmusk, dropping acid and inventing the future again. — Yvette (@TheSciBabe) April 26, 2018 × A Proto Type perhaps? pic.twitter.com/XHrFKTDnc2 — Magma Admín Gardevoir (@MagmADGardevoir) April 25, 2018 × Earlier this month, Musk took to Twitter and posted a funny post declaring that Tesla had gone bankrupt. Musk's April Fool's post exhibited his humour-quotient (which is almost always spot on) and also silenced reports suggesting Tesla's shaky financial situation. Tesla Goes Bankrupt Palo Alto, California, April 1, 2018 -- Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can't believe it. — Elon Musk (@elonmusk) April 1, 2018 × "Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can't believe it," read one of his tweets.

Elon Musk's next project? He says he's 'building a cyborg dragon'

Tesla Inc shares slumped 5 percent on Monday as investors awaited production numbers for the closely watched Model 3, a cheaper vehicle that analysts see as crucial to the luxury electric automaker's long-term profitability.

A recent crash involving Tesla's autopilot technology and concerns about the company's ability to raise new capital also took a toll.

Tesla, founded by billionaire Elon Musk, declined to comment on production numbers for the Model 3, which are expected to be released this week.

The stock briefly pared losses after auto industry blogs - citing an unverified memo - reported that production of the Model 3 passed the 2,000 per week production rate. That would be short of Tesla`s own target of 2,500 per week for the end of March but far above the 793 Model 3s built in the final week of last year.

"Musk himself is focusing time on Model 3 production because it is the "highest priority," a Tesla spokesman said on Monday, saying that engineering chief Doug Field was focused on vehicle engineering.

The company's statement followed a report that Musk had taken charge of Model 3 production after several missed production deadlines.

In a series of tweets Musk said he had asked Field to manage both engineering and production to better align both businesses, a year earlier.

"Right now, tho(ugh), better to divide & conquer, so I'm back to sleeping at factory," he tweeted.

Some buy-side Tesla watchers questioned whether the company could sustain such numbers - if they prove to be true - and also worried about profitability.&nbsp;

"There's been a number of things combined to impact the stock," said Tony Boase, senior research analyst with Nuveen Asset Management in Minneapolis. In addition to the Model 3 production rate, he cited a recent Moody's downgrade of Tesla's credit rating and the crash of a Tesla Model X and the company's comments since the crash.

"It comes down to the Model 3. That's the key," Boase said. "If they can profitably build those cars that would be a huge step in the right direction.

"If you couldn't do (2,000) without using all the resources and at a decent margin level, what have you really achieved?" he added.

Another investor who said he has profitably sold Tesla shares short four times in the last 18 months was also sceptical.

"Are they really at 2,000 or did they just stuff their system to achieve 2,000 for last week?" said David Kudla, chief executive and chief investment strategist at Mainstay Capital Management, who said he currently has no bets on Tesla.

"The only position I'd have on it is short because they aren't making any money. Their operating losses are growing. The stock's been overvalued for months," he said.

Tesla said on Friday that the Model X involved in a fatal crash in California last week had activated its Autopilot system, raising new questions about the semi-autonomous system that handles some driving tasks.

Tesla's shares closed down $13.65 at $252.48 on Monday, after earlier hitting their lowest level in just over a year. So far in 2018, the shares are down 19 percent, at a time when technology shares have suffered particularly as stock prices fall across the board.

Tesla has said it had about 500,000 advance reservations from customers for the Model 3, but manufacturing bottlenecks since last July have delayed production and deliveries to customers, exacerbating the company's need for cash.&nbsp;

Failure to meet targets and pressures on funding prompted Moody's downgrade last week, saying that Tesla was likely to raise more than $2 billion in new capital, partly to cover about $1.2 billion in convertible bonds due by March 2019.

Tesla still has loyal investors, including Zevenbergen Capital Investments in Seattle, which has owned the stock since the company's initial public offering.&nbsp;

"Historically, volatility has provided good entry points. Looking at it today we believe the demand outlook remains robust and unchanged," said Joseph Dennison, portfolio manager at Zevenbergen. "I still believe their product targets and outlook they've given in the past. While they've been optimistic on the timing they've always followed through." 
&nbsp;

A recent crash involving Tesla's autopilot technology and concerns about the company's ability to raise new capital also took a toll

Tesla Inc shares slumped 5 percent on Monday as investors awaited production numbers for the closely watched Model 3, a cheaper vehicle that analysts see as crucial to the luxury electric automaker's long-term profitability. A recent crash involving Tesla's autopilot technology and concerns about the company's ability to raise new capital also took a toll. Tesla, founded by billionaire Elon Musk, declined to comment on production numbers for the Model 3, which are expected to be released this week. The stock briefly pared losses after auto industry blogs - citing an unverified memo - reported that production of the Model 3 passed the 2,000 per week production rate. That would be short of Tesla`s own target of 2,500 per week for the end of March but far above the 793 Model 3s built in the final week of last year. "Musk himself is focusing time on Model 3 production because it is the "highest priority," a Tesla spokesman said on Monday, saying that engineering chief Doug Field was focused on vehicle engineering. The company's statement followed a report that Musk had taken charge of Model 3 production after several missed production deadlines. In a series of tweets Musk said he had asked Field to manage both engineering and production to better align both businesses, a year earlier. "Right now, tho(ugh), better to divide & conquer, so I'm back to sleeping at factory," he tweeted. Some buy-side Tesla watchers questioned whether the company could sustain such numbers - if they prove to be true - and also worried about profitability. "There's been a number of things combined to impact the stock," said Tony Boase, senior research analyst with Nuveen Asset Management in Minneapolis. In addition to the Model 3 production rate, he cited a recent Moody's downgrade of Tesla's credit rating and the crash of a Tesla Model X and the company's comments since the crash. "It comes down to the Model 3. That's the key," Boase said. "If they can profitably build those cars that would be a huge step in the right direction. "If you couldn't do (2,000) without using all the resources and at a decent margin level, what have you really achieved?" he added. Another investor who said he has profitably sold Tesla shares short four times in the last 18 months was also sceptical. "Are they really at 2,000 or did they just stuff their system to achieve 2,000 for last week?" said David Kudla, chief executive and chief investment strategist at Mainstay Capital Management, who said he currently has no bets on Tesla. "The only position I'd have on it is short because they aren't making any money. Their operating losses are growing. The stock's been overvalued for months," he said. Tesla said on Friday that the Model X involved in a fatal crash in California last week had activated its Autopilot system, raising new questions about the semi-autonomous system that handles some driving tasks. Tesla's shares closed down $13.65 at $252.48 on Monday, after earlier hitting their lowest level in just over a year. So far in 2018, the shares are down 19 percent, at a time when technology shares have suffered particularly as stock prices fall across the board. Tesla has said it had about 500,000 advance reservations from customers for the Model 3, but manufacturing bottlenecks since last July have delayed production and deliveries to customers, exacerbating the company's need for cash. Failure to meet targets and pressures on funding prompted Moody's downgrade last week, saying that Tesla was likely to raise more than $2 billion in new capital, partly to cover about $1.2 billion in convertible bonds due by March 2019. Tesla still has loyal investors, including Zevenbergen Capital Investments in Seattle, which has owned the stock since the company's initial public offering. "Historically, volatility has provided good entry points. Looking at it today we believe the demand outlook remains robust and unchanged," said Joseph Dennison, portfolio manager at Zevenbergen. "I still believe their product targets and outlook they've given in the past. While they've been optimistic on the timing they've always followed through."

Tesla shares fall on worries about Model 3 production rate

The US National Transportation Safety Board said on Sunday it was "unhappy" that electric car maker Tesla Inc made public information about the crash of its Model X vehicle on Autopilot that killed the driver last month.

The agency "needs the cooperation of Tesla to decode the data the vehicle recorded," NTSB spokesman Chris O'Neil said in a statement. 
&nbsp 
"In each of our investigations involving a Tesla vehicle, Tesla has been extremely cooperative on assisting with the vehicle data."

"However, the NTSB is unhappy with the release of investigative information by Tesla," he added.

A Tesla spokesperson declined to comment.

The board's reaction to Tesla was first reported by the Washington Post Sunday evening.&nbsp

O'Neil was responding to Tesla's announcement on Friday that the Tesla Model X involved in the crash had activated its Autopilot system moments before the March 23 mishap.

The driver, 38, died at a nearby hospital shortly after the vehicle hit a concrete highway divider near Mountain View, California. The mishap involved two other vehicles.&nbsp

"The NTSB is looking into all aspects of this crash including the driver's previous concerns about the autopilot," said O'Neil.

&nbsp"We will work to determine the probable cause of the crash and our next update of information about our investigation will likely be when we publish a preliminary report, which generally occurs within a few weeks of completion of field work."

Last week, the company said that a search of its service records did not "find anything suggesting that the customer ever complained to Tesla about the performance of Autopilot. There was a concern raised once about navigation not working correctly, but Autopilot's performance is unrelated to navigation."

In its announcement on Friday, the company said that shortly before the crash, the vehicle's "Autopilot was engaged with the adaptive cruise control follow-distance set to minimum."

Autopilot allows drivers to take their hands off the wheel for extended periods under certain conditions. Tesla requires users to agree to keep their hands on the wheel at all times before they can use Autopilot. Users, however, routinely brag they can use the system to drive hands-free.&nbsp

In its Friday statement, Tesla also said vehicle logs from the accident showed no action had been taken by the driver right before the crash and that he had received earlier warnings to put his hands on the wheel.

The statement did not say why the Autopilot system apparently did not detect the concrete divider.

The US National Transportation Safety Board said on Sunday it was 'unhappy' regarding Tesla's announcement on Friday

The US National Transportation Safety Board said on Sunday it was "unhappy" that electric car maker Tesla Inc made public information about the crash of its Model X vehicle on Autopilot that killed the driver last month. The agency "needs the cooperation of Tesla to decode the data the vehicle recorded," NTSB spokesman Chris O'Neil said in a statement. "In each of our investigations involving a Tesla vehicle, Tesla has been extremely cooperative on assisting with the vehicle data." "However, the NTSB is unhappy with the release of investigative information by Tesla," he added. A Tesla spokesperson declined to comment. The board's reaction to Tesla was first reported by the Washington Post Sunday evening. O'Neil was responding to Tesla's announcement on Friday that the Tesla Model X involved in the crash had activated its Autopilot system moments before the March 23 mishap. The driver, 38, died at a nearby hospital shortly after the vehicle hit a concrete highway divider near Mountain View, California. The mishap involved two other vehicles. "The NTSB is looking into all aspects of this crash including the driver's previous concerns about the autopilot," said O'Neil. "We will work to determine the probable cause of the crash and our next update of information about our investigation will likely be when we publish a preliminary report, which generally occurs within a few weeks of completion of field work." Last week, the company said that a search of its service records did not "find anything suggesting that the customer ever complained to Tesla about the performance of Autopilot. There was a concern raised once about navigation not working correctly, but Autopilot's performance is unrelated to navigation." In its announcement on Friday, the company said that shortly before the crash, the vehicle's "Autopilot was engaged with the adaptive cruise control follow-distance set to minimum." Autopilot allows drivers to take their hands off the wheel for extended periods under certain conditions. Tesla requires users to agree to keep their hands on the wheel at all times before they can use Autopilot. Users, however, routinely brag they can use the system to drive hands-free. In its Friday statement, Tesla also said vehicle logs from the accident showed no action had been taken by the driver right before the crash and that he had received earlier warnings to put his hands on the wheel. The statement did not say why the Autopilot system apparently did not detect the concrete divider.

US safety agency criticizes Tesla crash data release

Tesla Inc said on Friday that a Tesla Model X involved a fatal crash in California last week had activated its Autopilot system, raising new questions about the semi-autonomous system that handles some driving tasks.

Tesla also said vehicle logs from the accident showed no action had been taken by the driver soon before the crash and that he had received earlier warnings to put his hands on the wheel.

"The driver had about five seconds and 150 meters of an unobstructed view of the concrete divider with the crushed crash attenuator, but the vehicle logs show that no action was taken," Tesla said.

The statement did not say why the Autopilot system apparently did not detect the concrete divider.

The fatal crash and vehicle fire of the Tesla near Mountain View, California, involved two other cars and delayed traffic for hours. The 38-year-old Tesla driver died at a nearby hospital shortly after the crash.

The National Highway Traffic Safety Administration, which launched an investigation into the crash earlier this week, did not immediately comment late Friday. The National Transportation Safety Board is also investigating the fatal crash.

Autopilot allows drivers to take their hands off the wheel for extended periods under certain conditions. Tesla requires users to agree to keep their hands on the wheel “at all times” before they can use autopilot, but users routinely tout the fact they can use the system to drive hands-free.&nbsp

The NTSB faulted Tesla in a prior fatal autopilot crash.

In September, NTSB Chairman Robert Sumwalt said operational limitations in the Tesla Model S played a major role in a May 2016 crash that killed a driver using autopilot.

That death -- the first fatality in a Tesla vehicle operating in Autopilot mode -- raised questions about the safety of systems that can perform driving tasks for long stretches with little or no human intervention, but which cannot completely replace human drivers.

The NTSB said Tesla could have taken further steps to prevent the system's misuse, and faulted the driver for not paying attention and for "overreliance on vehicle automation."

In January, NHTSA and NTSB launched investigations into a Tesla vehicle, apparently travelling in semi-autonomous mode, that struck a fire truck in California. Neither agency nor Tesla has offered any update.

The government probes raise the risk for Tesla and automakers at a time when the industry is seeking federal legislation that would ease deployment of self-driving cars.

The crash comes soon after an Uber vehicle in Arizona in self-driving mode struck and killed a pedestrian in the first death linked to an autonomous vehicle.&nbsp

Tesla said late Friday that "Autopilot does not prevent all accidents – such a standard would be impossible – but it makes them much less likely to occur. It unequivocally makes the world safer for the vehicle occupants, pedestrians and cyclists."&nbsp

Tesla said that in the United States "there is one automotive fatality every 86 million miles across all vehicles from all manufacturers. For Tesla, there is one fatality, including known pedestrian fatalities, every 320 million miles in vehicles equipped with Autopilot hardware."

Tesla in September 2016 unveiled improvements to Autopilot, adding new limits on hands-off driving.

On Thursday, Tesla said it was recalling 123,000 Model S sedans built before April 2016 in order to replace bolts in the power steering component that can begin to corrode after contact in cold temperatures with road salt. No accidents or injuries were reported.

Tesla also said vehicle logs from the accident showed no action had been taken by the driver soon before the crash

Tesla Inc said on Friday that a Tesla Model X involved a fatal crash in California last week had activated its Autopilot system, raising new questions about the semi-autonomous system that handles some driving tasks. Tesla also said vehicle logs from the accident showed no action had been taken by the driver soon before the crash and that he had received earlier warnings to put his hands on the wheel. "The driver had about five seconds and 150 meters of an unobstructed view of the concrete divider with the crushed crash attenuator, but the vehicle logs show that no action was taken," Tesla said. The statement did not say why the Autopilot system apparently did not detect the concrete divider. The fatal crash and vehicle fire of the Tesla near Mountain View, California, involved two other cars and delayed traffic for hours. The 38-year-old Tesla driver died at a nearby hospital shortly after the crash. The National Highway Traffic Safety Administration, which launched an investigation into the crash earlier this week, did not immediately comment late Friday. The National Transportation Safety Board is also investigating the fatal crash. Autopilot allows drivers to take their hands off the wheel for extended periods under certain conditions. Tesla requires users to agree to keep their hands on the wheel “at all times” before they can use autopilot, but users routinely tout the fact they can use the system to drive hands-free. The NTSB faulted Tesla in a prior fatal autopilot crash. In September, NTSB Chairman Robert Sumwalt said operational limitations in the Tesla Model S played a major role in a May 2016 crash that killed a driver using autopilot. That death -- the first fatality in a Tesla vehicle operating in Autopilot mode -- raised questions about the safety of systems that can perform driving tasks for long stretches with little or no human intervention, but which cannot completely replace human drivers. The NTSB said Tesla could have taken further steps to prevent the system's misuse, and faulted the driver for not paying attention and for "overreliance on vehicle automation." In January, NHTSA and NTSB launched investigations into a Tesla vehicle, apparently travelling in semi-autonomous mode, that struck a fire truck in California. Neither agency nor Tesla has offered any update. The government probes raise the risk for Tesla and automakers at a time when the industry is seeking federal legislation that would ease deployment of self-driving cars. The crash comes soon after an Uber vehicle in Arizona in self-driving mode struck and killed a pedestrian in the first death linked to an autonomous vehicle. Tesla said late Friday that "Autopilot does not prevent all accidents – such a standard would be impossible – but it makes them much less likely to occur. It unequivocally makes the world safer for the vehicle occupants, pedestrians and cyclists." Tesla said that in the United States "there is one automotive fatality every 86 million miles across all vehicles from all manufacturers. For Tesla, there is one fatality, including known pedestrian fatalities, every 320 million miles in vehicles equipped with Autopilot hardware." Tesla in September 2016 unveiled improvements to Autopilot, adding new limits on hands-off driving. On Thursday, Tesla said it was recalling 123,000 Model S sedans built before April 2016 in order to replace bolts in the power steering component that can begin to corrode after contact in cold temperatures with road salt. No accidents or injuries were reported.

Tesla says crashed vehicle had been on autopilot prior to accident

After complaints over the power steering bolts made by German supplier Bosch in its Model S sedans, Tesla Inc said on Thursday it was voluntarily recalling the sedans to replace the bolts.

Model S sedans built before April 2016 have been recalled. &nbsp

The bolts can begin to corrode after contact in cold temperatures with road salt. Some Tesla owners had complained about the issue on online forums.

In an email to customers, Tesla said it had observed "excessive corrosion" in the power steering bolts albeit in very cold climates and particularly those that frequently use calcium or magnesium road salts.

"We have observed excessive corrosion in the power steering bolts, though only in very cold climates, particularly those that frequently use calcium or magnesium road salts, rather than sodium chloride (table salt)," Tesla wrote in an email to customers.

Tesla clarified there were no accidents or injuries related to the issue and the recall was undertaken as a precautionary measure.

Were the bolts to fail, the driver would still able to steer the car but would need to use more force "due to loss or reduction of power assist," Tesla wrote.

A retrofit in Tesla service centers should take about an hour, Tesla said.

Some 123,000 Model S vehicles globally contain the bolts, Tesla said.

After complaints over the power steering bolts made by German supplier Bosch in its Model S sedans, Tesla Inc said on Thursday it was voluntarily recalling the sedans to replace the bolts

After complaints over the power steering bolts made by German supplier Bosch in its Model S sedans, Tesla Inc said on Thursday it was voluntarily recalling the sedans to replace the bolts. Model S sedans built before April 2016 have been recalled. The bolts can begin to corrode after contact in cold temperatures with road salt. Some Tesla owners had complained about the issue on online forums. In an email to customers, Tesla said it had observed "excessive corrosion" in the power steering bolts albeit in very cold climates and particularly those that frequently use calcium or magnesium road salts. "We have observed excessive corrosion in the power steering bolts, though only in very cold climates, particularly those that frequently use calcium or magnesium road salts, rather than sodium chloride (table salt)," Tesla wrote in an email to customers. Tesla clarified there were no accidents or injuries related to the issue and the recall was undertaken as a precautionary measure. Were the bolts to fail, the driver would still able to steer the car but would need to use more force "due to loss or reduction of power assist," Tesla wrote. A retrofit in Tesla service centers should take about an hour, Tesla said. Some 123,000 Model S vehicles globally contain the bolts, Tesla said.

Tesla voluntarily recalls Model S vehicles over power steering bolts

Tesla Inc shares fell more than 9 per cent on Wednesday following a downgrade by Moody's Investors Service, a probe by the National Transportation Safety Board of a recent fatal crash and concerns about Model 3 production.

The sell-off came after Tesla tumbled 8.2 per cent on Tuesday, the lowest close in almost a year. Tesla was trading on Wednesday at $258.44, down $20.74 a share, off a low of $252.10.

Late on Tuesday, Moody’s Investors Service downgraded Tesla’s credit rating to B3 from B2. Moody’s said the ratings “reflect the significant shortfall in the production rate of the company’s Model 3 electric vehicle.” It also “faces liquidity pressures due to its large negative free cash flow and the pending maturities of convertible bonds.”

Tesla has $230 million in convertible bonds maturing in November 2018 and $920 million in March 2019.

Moody’s said its negative outlook for Tesla “reflects the likelihood that Tesla will have to undertake a large, near-term capital raise in order to refund maturing obligations and avoid a liquidity shortfall.”

Moody’s said Tesla is targeting weekly production of 2,500 Model 3 vehicles by the end of March, and 5,000 per week by the end of June, down from the company's year-earlier production expectations of 5,000 per week by the end of 2017 and 10,000 by the end of 2018.

Tesla declined to comment on the downgrade. The company plans to provide an update on Model 3 production next week.

In last week’s accident, it was unclear if Tesla’s automated control system was driving the car. The accident involved two other cars, the NTSB and police said.

Tesla vehicles have a system called Autopilot that handles some driving tasks. The 38-year-old driver of the Tesla died at a nearby hospital shortly after the crash.

Late Tuesday, Tesla said in a blog post it does "not yet know what happened in the moments leading up to the crash," but added that data shows Tesla owners have driven the same stretch of highway with Autopilot engaged "roughly 85,000 times... and there has never been an accident that we know of." The company statement did not say if the crashed vehicle had been in Autopilot mode.

Tesla Inc shares fell more than 9 per cent on Wednesday following a downgrade by Moody's Investors Service, a probe by the National Transportation Safety Board of a recent fatal crash and concerns about Model 3 production

Tesla Inc shares fell more than 9 per cent on Wednesday following a downgrade by Moody's Investors Service, a probe by the National Transportation Safety Board of a recent fatal crash and concerns about Model 3 production. The sell-off came after Tesla tumbled 8.2 per cent on Tuesday, the lowest close in almost a year. Tesla was trading on Wednesday at $258.44, down $20.74 a share, off a low of $252.10. Late on Tuesday, Moody’s Investors Service downgraded Tesla’s credit rating to B3 from B2. Moody’s said the ratings “reflect the significant shortfall in the production rate of the company’s Model 3 electric vehicle.” It also “faces liquidity pressures due to its large negative free cash flow and the pending maturities of convertible bonds.” Tesla has $230 million in convertible bonds maturing in November 2018 and $920 million in March 2019. Moody’s said its negative outlook for Tesla “reflects the likelihood that Tesla will have to undertake a large, near-term capital raise in order to refund maturing obligations and avoid a liquidity shortfall.” Moody’s said Tesla is targeting weekly production of 2,500 Model 3 vehicles by the end of March, and 5,000 per week by the end of June, down from the company's year-earlier production expectations of 5,000 per week by the end of 2017 and 10,000 by the end of 2018. Tesla declined to comment on the downgrade. The company plans to provide an update on Model 3 production next week. In last week’s accident, it was unclear if Tesla’s automated control system was driving the car. The accident involved two other cars, the NTSB and police said. Tesla vehicles have a system called Autopilot that handles some driving tasks. The 38-year-old driver of the Tesla died at a nearby hospital shortly after the crash. Late Tuesday, Tesla said in a blog post it does "not yet know what happened in the moments leading up to the crash," but added that data shows Tesla owners have driven the same stretch of highway with Autopilot engaged "roughly 85,000 times... and there has never been an accident that we know of." The company statement did not say if the crashed vehicle had been in Autopilot mode.

Tesla shares fall sharply for second straight day

SpaceX CEO &nbsp;Elon Musk is in talks with an Israel-based Artificial Intelligence vision firm over prospective investment or acquisition project. Musk, on his visit to Israel, discussed a collaboration between Tesla Inc and Tel Aviv-based AI firm Cortica.

According to reports, Cortica&#39;s technology equips self-driving cars with an ability to identify moving parts in its environment and make informed decisions.

This is not the first time when Musk-led Tesla has collaborated with an Israeli company. The company joined hands with Mobileye and parted ways in 2016 owing to a fatal crash involving a Tesla Model S.

Mobileye was acquired by Intel last year for $15.3 billion.

Musk, on his visit to Israel, discussed a collaboration between Tesla Inc and Tel Aviv-based AI firm Cortica

SpaceX CEO Elon Musk is in talks with an Israel-based Artificial Intelligence vision firm over prospective investment or acquisition project. Musk, on his visit to Israel, discussed a collaboration between Tesla Inc and Tel Aviv-based AI firm Cortica. According to reports, Cortica's technology equips self-driving cars with an ability to identify moving parts in its environment and make informed decisions. This is not the first time when Musk-led Tesla has collaborated with an Israeli company. The company joined hands with Mobileye and parted ways in 2016 owing to a fatal crash involving a Tesla Model S. Mobileye was acquired by Intel last year for $15.3 billion.

Elon Musk to collaborate with Israeli Artificial Intelligence firm

Bases on the moon and Mars could help preserve human civilization and hasten its regeneration on earth in the event of a third world war, billionaire entrepreneur Elon Musk, said on Sunday.

Musk, the founder of rocket and spacecraft company SpaceX, said the company`s interplanetary ship could begin test flights as soon as next year.

There is &quot;some probability&quot; that there will be another Dark Ages, &quot;particularly if there is a third world war,&quot; Musk said at the SXSW conference.

&quot;We want to make sure that there`s enough of a seed of human civilization somewhere else to bring civilization back, and perhaps shorten the length of the Dark Ages,&quot; he said.

&quot;I think a moon base and a Mars base that could perhaps help regenerate life back here on earth would be really important.&quot;

Musk said he thinks that SpaceX`s interplanetary ship will &quot;be able to do short flights, short sort of up and down flights, probably sometime in the first half of next year.&quot;

SpaceX launched the world`s most powerful rocket, the Falcon Heavy, last month, sending Musk`s red Tesla Roadster car toward an orbit near Mars.

"I think a moon base and a Mars base that could perhaps help regenerate life back here on earth would be really important.", said Elon

Bases on the moon and Mars could help preserve human civilization and hasten its regeneration on earth in the event of a third world war, billionaire entrepreneur Elon Musk, said on Sunday. Musk, the founder of rocket and spacecraft company SpaceX, said the company`s interplanetary ship could begin test flights as soon as next year. There is "some probability" that there will be another Dark Ages, "particularly if there is a third world war," Musk said at the SXSW conference. "We want to make sure that there`s enough of a seed of human civilization somewhere else to bring civilization back, and perhaps shorten the length of the Dark Ages," he said. "I think a moon base and a Mars base that could perhaps help regenerate life back here on earth would be really important." Musk said he thinks that SpaceX`s interplanetary ship will "be able to do short flights, short sort of up and down flights, probably sometime in the first half of next year." SpaceX launched the world`s most powerful rocket, the Falcon Heavy, last month, sending Musk`s red Tesla Roadster car toward an orbit near Mars.

Space bases could preserve civilization in World War III: Elon Musk

Elon Musk&#39;s car that was recently shot into space as part of SpaceX&#39;s rocket test flight will likely collide with Earth or Venus eventually, scientists say.

&quot;It will likely end up colliding with Earth or Venus, but there&#39;s no need to panic since the probability of that happening even within the next million years is very small,&quot; said Hanno Rein, an assistant professor at University of Toronto in Canada.

Also read: <a href="http://www.wionews.com/world/opinion-elon-musk-wants-to-reach-mars-is-it-a-great-idea-32066">Elon Musk wants to reach Mars. Is it a great idea?</a>

The car was sent into space as part of the payload for SpaceX&#39;s Falcon Heavy test flight on February 6.

While rocket test flights usually have a dummy payload, SpaceX founder Musk sent up his personal Tesla Roadster instead.

Also read: <a href="http://www.wionews.com/world/spacex-poised-to-launch-worlds-most-powerful-rocket-31995">SpaceX poised to launch &#39;world&#39;s most powerful rocket&#39;</a>

Though the car does not have any scientific instruments on board, it is now classified as a near-earth object, and is being tracked by NASA&#39;s Jet Propulsion Laboratory along with other objects that will travel relatively close to Earth.

Also read: <a href="http://www.wionews.com/world/worlds-biggest-rocket-spacexs-falcon-heavy-soars-toward-mars-after-perfect-launch-32050">SpaceX sends a sports car into space with world&#39;s most powerful rocket</a>

After running a series of simulations using sophisticated software that can track the motion of objects in space, they determined the probability of it colliding with Earth and Venus over the next one million years to be six per cent and 2.5 per cent, respectively.

Also read: <a href="http://www.wionews.com/world/spacex-falcon-heavy-launch-musks-tesla-overshoots-mars-orbit-32245">Musk&#39;s Tesla overshoots Mars orbit</a>

They also determined that the first close encounter the Tesla will have with us will be in 2091, when it will pass within a few hundred thousand kilometres of Earth.

The car is currently on a Mars and Earth crossing orbit, meaning it will travel on an elliptical path that repeatedly carries it beyond Mars and then back to Earth&#39;s orbital distance from the sun.

How the car&#39;s orbit evolves over time will depend a lot on its encounters with Earth, especially how close it will get to Earth since any small change in its trajectory could have a large effect on its orbit.

While the path of the car can be accurately predicted in terms of years, after hundreds of years and many close encounters with Earth it becomes impossible to predict the object&#39;s precise orbit.

By studying a large number of orbital simulations, however, the researchers were able to arrive at a statistical distribution of possible outcomes.

&quot;Each time it passes Earth, the car will get a gravitational kick,&quot; said Dan Tamayo, a postdoctoral fellow at University of Toronto.

&quot;Depending on the details of these encounters, the Tesla can be kicked onto a wider or smaller orbit, so it&#39;s random,&quot; Tamayo said.

&quot;Over time the orbit will undergo what&#39;s called a random walk, similar to the fluctuations we see in the stock market, that will allow it to wander the inner solar system,&quot; he said.

While they only ran simulations for the first three million years of its space journey, the most likely outcome for the Tesla is for it to crash into Earth or Venus in the next 10 million years or so.

&quot;Although we are not able to tell on which planet the car will ultimately end up, we&#39;re comfortable saying it won&#39;t survive in space for more than a few tens of millions of years,&quot; he said.

While the car&#39;s likely final destination is Earth, they note there&#39;s nothing to fear since much or all of it will likely burn up in the atmosphere.&nbsp;

'But there's no need to panic since the probability of that happening even within the next million years is very small,' say the experts

Elon Musk's car that was recently shot into space as part of SpaceX's rocket test flight will likely collide with Earth or Venus eventually, scientists say. "It will likely end up colliding with Earth or Venus, but there's no need to panic since the probability of that happening even within the next million years is very small," said Hanno Rein, an assistant professor at University of Toronto in Canada. Also read: Elon Musk wants to reach Mars. Is it a great idea? The car was sent into space as part of the payload for SpaceX's Falcon Heavy test flight on February 6. While rocket test flights usually have a dummy payload, SpaceX founder Musk sent up his personal Tesla Roadster instead. Also read: SpaceX poised to launch 'world's most powerful rocket' Though the car does not have any scientific instruments on board, it is now classified as a near-earth object, and is being tracked by NASA's Jet Propulsion Laboratory along with other objects that will travel relatively close to Earth. Also read: SpaceX sends a sports car into space with world's most powerful rocket After running a series of simulations using sophisticated software that can track the motion of objects in space, they determined the probability of it colliding with Earth and Venus over the next one million years to be six per cent and 2.5 per cent, respectively. Also read: Musk's Tesla overshoots Mars orbit They also determined that the first close encounter the Tesla will have with us will be in 2091, when it will pass within a few hundred thousand kilometres of Earth. The car is currently on a Mars and Earth crossing orbit, meaning it will travel on an elliptical path that repeatedly carries it beyond Mars and then back to Earth's orbital distance from the sun. How the car's orbit evolves over time will depend a lot on its encounters with Earth, especially how close it will get to Earth since any small change in its trajectory could have a large effect on its orbit. While the path of the car can be accurately predicted in terms of years, after hundreds of years and many close encounters with Earth it becomes impossible to predict the object's precise orbit. By studying a large number of orbital simulations, however, the researchers were able to arrive at a statistical distribution of possible outcomes. "Each time it passes Earth, the car will get a gravitational kick," said Dan Tamayo, a postdoctoral fellow at University of Toronto. "Depending on the details of these encounters, the Tesla can be kicked onto a wider or smaller orbit, so it's random," Tamayo said. "Over time the orbit will undergo what's called a random walk, similar to the fluctuations we see in the stock market, that will allow it to wander the inner solar system," he said. While they only ran simulations for the first three million years of its space journey, the most likely outcome for the Tesla is for it to crash into Earth or Venus in the next 10 million years or so. "Although we are not able to tell on which planet the car will ultimately end up, we're comfortable saying it won't survive in space for more than a few tens of millions of years," he said. While the car's likely final destination is Earth, they note there's nothing to fear since much or all of it will likely burn up in the atmosphere.

Musk's car shot into space likely to collide with Earth

After Elon Musk&rsquo;s Tesla Roadster was successfully mounted atop SpaceX&rsquo;s Falcon Heavy and launched into space, the vehicle is now reported to have travelled farther out into the Solar System.

Musk&#39;s&nbsp;Tesla Roadster was originally supposed to be around the Sun and travel to the Mars&nbsp;orbit. The rocket carrying the car is reported to have overshot the trajectory going on to an orbit that extends beyond the Mars&nbsp;path.&nbsp;

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<blockquote class="twitter-tweet" data-lang="en">
Third burn successful. Exceeded Mars orbit and kept going to the Asteroid Belt. <a href="https://t.co/bKhRN73WHF">pic.twitter.com/bKhRN73WHF</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/961083704230674438?ref_src=twsrc%5Etfw">February 7, 2018</a></blockquote>
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According to SpaceX CEO Elon Musk, the vehicle may make it to the asteroid belt.

Musk had previously noted that there were slim chances of the car-carrying rocket to hit the Red Planet.&nbsp;

Tesla Roadster will be at its closest to Mars in October of 2020.&nbsp;

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<a href="https://www.instagram.com/p/Be6VZEzgAEk/" style=" color:#000; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none; word-wrap:break-word;" target="_blank">Last pic of Starman in Roadster enroute to Mars orbit and then the Asteroid Belt</a>

<p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;">A post shared by <a href="https://www.instagram.com/elonmusk/" style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px;" target="_blank"> Elon Musk</a> (@elonmusk) on <time datetime="2018-02-07T22:00:57+00:00" style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;">Feb 7, 2018 at 2:00pm PST</time>
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Falcon Heavy, touted as the world&#39;s most powerful rocket in operation, is also one of Elon Musk&#39;s most ambitious projects.&nbsp;

The spacecraft is expected to ferry people to the moon or Mars in future.&nbsp;

Musk had previously noted that there were slim chances of the vehicle to hit the Red Planet

After Elon Musk’s Tesla Roadster was successfully mounted atop SpaceX’s Falcon Heavy and launched into space, the vehicle is now reported to have travelled farther out into the Solar System. Musk's Tesla Roadster was originally supposed to be around the Sun and travel to the Mars orbit. The rocket carrying the car is reported to have overshot the trajectory going on to an orbit that extends beyond the Mars path. Third burn successful. Exceeded Mars orbit and kept going to the Asteroid Belt. pic.twitter.com/bKhRN73WHF — Elon Musk (@elonmusk) February 7, 2018 × According to SpaceX CEO Elon Musk, the vehicle may make it to the asteroid belt. Musk had previously noted that there were slim chances of the car-carrying rocket to hit the Red Planet. Tesla Roadster will be at its closest to Mars in October of 2020. Last pic of Starman in Roadster enroute to Mars orbit and then the Asteroid Belt A post shared by Elon Musk (@elonmusk) on Feb 7, 2018 at 2:00pm PST × Falcon Heavy, touted as the world's most powerful rocket in operation, is also one of Elon Musk's most ambitious projects. The spacecraft is expected to ferry people to the moon or Mars in future.

SpaceX Falcon Heavy launch: Musk's Tesla overshoots Mars orbit

Elon Musk&rsquo;s <a href="http://www.spacex.com/falcon-heavy">SpaceX Falcon Heavy rocket</a> is scheduled for launch on February 6, and the entire space industry is watching with anticipation.

What is so special about this rocket? This vehicle will be the first of its kind, the world&rsquo;s most powerful launch vehicle and targeting an unprecedented level of reusability. The launch has been delayed on numerous occasions since 2013, but if the mission is a success, we will be one step closer to Musk&rsquo;s incredibly ambitious aim to launch a manned Mars mission within the next decade.

However, rocket science is famously difficult. As CEO of SpaceX, Musk himself is uncharacteristically reserved, <a href="http://money.cnn.com/2018/02/04/technology/future/spacex-falcon-heavy-failure/index.html">stating</a>:

<blockquote>
I hope it makes it far enough from the pad that it does not cause pad damage. I would consider that a win.
</blockquote>

We will have to wait and see. In typical Musk flair, the first payload will be his Tesla Roadster &ndash; which is set to become the world&rsquo;s fastest car following its launch into a heliocentric orbit.

Heavy-Lift Launch Vehicles

Rockets capable of carrying a payload over 20 metric tonnes are classified under the Heavy-Lift Launch Vehicle (<a href="https://www.nasa.gov/audience/forstudents/5-8/features/nasa-knows/what-is-heavy-lift-launch-vehicle-58.html">HLLV</a>) category. The rocket must carry its package up to at least <a href="https://www.nasa.gov/audience/forstudents/5-8/features/nasa-knows/what-is-orbit-58.html">160km above the surface and achieve an orbit, requiring speeds above 8,000 metres per second</a>.

To put these figures in perspective, the rocket could propel two fully loaded city buses more than 50 times the height of Mount Everest at 32 times the cruising speed of a Boeing 747.

The Falcon Heavy will achieve this by using three rockets, with the first two separating after stage one of the launch. The final rocket will then lift the Tesla Roadster up into space, where it will enter a highly elliptical orbit between the Earth and Mars. Without external interference, Falcon Heavy will remain in this orbit for thousands of years.

Currently, the <a href="http://spaceflight101.com/spacerockets/delta-iv-heavy/">Delta IV Heavy</a> is the most capable HLLV operational. The most popular HLLV is the European <a href="http://www.arianespace.com/missions/">Ariane V</a>, which holds an extensive list of international clients. It is responsible for launching core components of the international space station, as well as launching interplanetary spacecraft, global navigation satellites and orbital telescopes.

According to SpaceX, the Falcon Heavy will lift <a href="http://www.spacex.com/falcon-heavy">twice the load at a third the cost of these current systems</a>, placing SpaceX in an excellent position to be the first choice for all heavy lift missions.

Pioneers of the new space industry

Since the early missions of Sputnik and Apollo, space has generally been a state-run affair. Organisations like <a href="https://www.nasa.gov/">NASA</a>, the <a href="http://www.esa.int/ESA">European Space Agency</a>, Russia&rsquo;s agency <a href="http://en.roscosmos.ru/">Roscosmos</a> and the <a href="http://global.jaxa.jp/">Japanese Aerospace Exploration Agency</a> have all been operated and funded by their respective governments.

Private space companies were formed alongside these agencies, capitalising on the success of their missions. However, given the enormous cost of space access, space innovation was always led by the world governments.

In the 21st century, however, things are starting to change. A space agency wasn&rsquo;t behind the current push for reusable rockets (even though NASA was the first agency to <a href="https://www.space.com/22391-reusable-rocket-nasa-dc-x-anniversary.html">launch one</a>).

SpaceX has led the way in reducing launch costs and improving efficiency. The new space industry is <a href="https://theconversation.com/private-companies-are-launching-a-new-space-race-heres-what-to-expect-80697">growing rapidly</a>, with companies like SpaceX at the forefront.

The ambitions of SpaceX are not going to stop with satellite launches using Falcon Heavy. The rocket has been designed to have acceleration profiles appropriate for manned missions, and SpaceX currently plan 2019 tests of its <a href="http://www.spacex.com/dragon">Dragon2 capsule</a> &ndash; and have signed up <a href="http://money.cnn.com/2017/02/27/technology/spacex-moon-tourism/index.html?iid=EL">two unnamed space tourists</a> for an unpowered flight around the moon.

But, will it work?

Rockets have a notorious history of failing on the first few launches. Test campaigns usually run for several years; recently SpaceX engineers had encountered numerous issues before their <a href="https://qz.com/1016072/a-multimedia-history-of-every-single-one-of-spacexs-attempts-to-land-its-booster-rocket-back-on-earth/">first successful booster return in 2016</a>.

The added challenge however for SpaceX is ensuring reusability. Each of the Falcon 9 rockets must be ejected during launch and safely returned to Earth. It was only two years ago that it achieved this <a href="http://spacenews.com/falcon-9-launches-orbcomm-satellites-first-stage-lands/">milestone</a> for the Falcon 9.

The Falcon Heavy is a very ambitious endeavour by SpaceX, and will certainly blaze a trail across the sky in one way or another. And it&rsquo;s pretty clear that Musk is changing the landscape of the space industry, with lasting effects for decades to follow.

<hr />
<img alt="The Conversation" height="1" src="https://counter.theconversation.com/content/91069/count.gif?distributor=republish-lightbox-basic" width="1" />The author would like to recognise a significant contribution to this article from Joshua Critchley-Marrows, an engineering graduate of the University of Sydney, and Warwick Holmes, Executive Director of Space Engineering, the University of Sydney.

This article was originally published on <a href="http://theconversation.com">The Conversation</a>. Read the <a href="https://theconversation.com/elon-musk-is-launching-a-tesla-into-space-heres-how-spacex-will-do-it-91069">original article</a>.

&nbsp;

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)&nbsp;&nbsp;

This vehicle will be the first of its kind, the world’s most powerful launch vehicle and targeting an unprecedented level of reusability.

Elon Musk’s SpaceX Falcon Heavy rocket is scheduled for launch on February 6, and the entire space industry is watching with anticipation. What is so special about this rocket? This vehicle will be the first of its kind, the world’s most powerful launch vehicle and targeting an unprecedented level of reusability. The launch has been delayed on numerous occasions since 2013, but if the mission is a success, we will be one step closer to Musk’s incredibly ambitious aim to launch a manned Mars mission within the next decade. However, rocket science is famously difficult. As CEO of SpaceX, Musk himself is uncharacteristically reserved, stating: I hope it makes it far enough from the pad that it does not cause pad damage. I would consider that a win. We will have to wait and see. In typical Musk flair, the first payload will be his Tesla Roadster – which is set to become the world’s fastest car following its launch into a heliocentric orbit. Heavy-Lift Launch Vehicles Rockets capable of carrying a payload over 20 metric tonnes are classified under the Heavy-Lift Launch Vehicle (HLLV) category. The rocket must carry its package up to at least 160km above the surface and achieve an orbit, requiring speeds above 8,000 metres per second. To put these figures in perspective, the rocket could propel two fully loaded city buses more than 50 times the height of Mount Everest at 32 times the cruising speed of a Boeing 747. The Falcon Heavy will achieve this by using three rockets, with the first two separating after stage one of the launch. The final rocket will then lift the Tesla Roadster up into space, where it will enter a highly elliptical orbit between the Earth and Mars. Without external interference, Falcon Heavy will remain in this orbit for thousands of years. Currently, the Delta IV Heavy is the most capable HLLV operational. The most popular HLLV is the European Ariane V, which holds an extensive list of international clients. It is responsible for launching core components of the international space station, as well as launching interplanetary spacecraft, global navigation satellites and orbital telescopes. According to SpaceX, the Falcon Heavy will lift twice the load at a third the cost of these current systems, placing SpaceX in an excellent position to be the first choice for all heavy lift missions. Pioneers of the new space industry Since the early missions of Sputnik and Apollo, space has generally been a state-run affair. Organisations like NASA, the European Space Agency, Russia’s agency Roscosmos and the Japanese Aerospace Exploration Agency have all been operated and funded by their respective governments. Private space companies were formed alongside these agencies, capitalising on the success of their missions. However, given the enormous cost of space access, space innovation was always led by the world governments. In the 21st century, however, things are starting to change. A space agency wasn’t behind the current push for reusable rockets (even though NASA was the first agency to launch one). SpaceX has led the way in reducing launch costs and improving efficiency. The new space industry is growing rapidly, with companies like SpaceX at the forefront. The ambitions of SpaceX are not going to stop with satellite launches using Falcon Heavy. The rocket has been designed to have acceleration profiles appropriate for manned missions, and SpaceX currently plan 2019 tests of its Dragon2 capsule – and have signed up two unnamed space tourists for an unpowered flight around the moon. But, will it work? Rockets have a notorious history of failing on the first few launches. Test campaigns usually run for several years; recently SpaceX engineers had encountered numerous issues before their first successful booster return in 2016. The added challenge however for SpaceX is ensuring reusability. Each of the Falcon 9 rockets must be ejected during launch and safely returned to Earth. It was only two years ago that it achieved this milestone for the Falcon 9. The Falcon Heavy is a very ambitious endeavour by SpaceX, and will certainly blaze a trail across the sky in one way or another. And it’s pretty clear that Musk is changing the landscape of the space industry, with lasting effects for decades to follow. The author would like to recognise a significant contribution to this article from Joshua Critchley-Marrows, an engineering graduate of the University of Sydney, and Warwick Holmes, Executive Director of Space Engineering, the University of Sydney. This article was originally published on The Conversation. Read the original article. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Can man reach Mars? SpaceX Falcon Heavy rocket may make it possible

&nbsp;A handful of tweets and four days later, Silicon Valley billionaire Elon Musk has closed orders for his latest novelty product, after selling 20,000 flamethrowers at $500 a piece.

&quot;Guaranteed to liven up any party!&quot; was Musk&#39;s tagline for a sale which raised $10 million for his high-speed tunnel venture The Boring Company.&nbsp;

The man behind electric carmaker Tesla&nbsp;and rocket company SpaceX had earlier sold 50,000 Boring Company hats in similar fashion.

The latest impromptu fundraising scheme comes at a time when financial analysts and investors in Tesla are wondering if Musk will have to seek billions more in funding for the electric carmaker as it struggles to meet promises on production.

&ldquo;When the zombie apocalypse happens, you&rsquo;ll be glad you bought a flamethrower,&rdquo; he tweeted last Saturday. &ldquo;Works against hordes of the undead or your money back!&rdquo;

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When the zombie apocalypse happens, you&rsquo;ll be glad you bought a flamethrower. Works against hordes of the undead or your money back!
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/957441956874919936?ref_src=twsrc%5Etfw">January 28, 2018</a></blockquote>
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Each flamethrower, he said on Thursday, would come with a free fire extinguisher and buyers need to agree to certain conditions before getting the device in spring.

&nbsp;

A handful of tweets and four days later, Silicon Valley billionaire Elon Musk has closed orders for his latest novelty product, after selling 20,000 flamethrowers at $500 a piece

A handful of tweets and four days later, Silicon Valley billionaire Elon Musk has closed orders for his latest novelty product, after selling 20,000 flamethrowers at $500 a piece. "Guaranteed to liven up any party!" was Musk's tagline for a sale which raised $10 million for his high-speed tunnel venture The Boring Company. The man behind electric carmaker Tesla and rocket company SpaceX had earlier sold 50,000 Boring Company hats in similar fashion. The latest impromptu fundraising scheme comes at a time when financial analysts and investors in Tesla are wondering if Musk will have to seek billions more in funding for the electric carmaker as it struggles to meet promises on production. “When the zombie apocalypse happens, you’ll be glad you bought a flamethrower,” he tweeted last Saturday. “Works against hordes of the undead or your money back!” When the zombie apocalypse happens, you’ll be glad you bought a flamethrower. Works against hordes of the undead or your money back! — Elon Musk (@elonmusk) January 28, 2018 × Each flamethrower, he said on Thursday, would come with a free fire extinguisher and buyers need to agree to certain conditions before getting the device in spring.

Tesla's Musk sells $10 million in flamethrowers in four days

Shanghai-based smart car developer NextEV recently launched its electric SUV model NIO ES8, arousing discussions about whether it will be China&#39;s first mass-production car from an internet company.

According to the company which is considered by some to be &quot;China&#39;s Tesla,&quot; the seven-seater NIO ES8 can accelerate from 0 to 100 kilometers per hour in just 4.4 seconds, compared with the 4.9 seconds of Tesla&#39;s Model X.

A standard version of the ES8 is priced at 448,000 yuan, compared to the 836,000 yuan price tag of the Tesla. NIO also enjoys the advantage of Beijing&#39;s state subsidies for electric vehicles, which can drive the price for the purchaser down to as low as 370,000 yuan.

While Tesla has sold cars in China for several years, the company isn&#39;t eligible for these subsidies because its products are imported. To get around these restrictions, the California carmaker was recently reported to have reached an agreement to build a factory in China. Other foreign automakers have also formed partnerships with existing Chinese manufacturers in order to tap into the large electric vehicle market.

But staff at NIO remain confident about their competitive position.

&quot;People tend to compare the NIO with other brands in physical terms. But in fact the car itself is only a very small part of an integrated system comprising the software system, the cloud, the Internet and consumer service. What makes NIO special is that it&#39;s an Internet product, we are designing a whole system based around consumer satisfaction. The products may seem similar to our rivals&#39;, but our business model is brand new,&quot; said Zhu Jiang, vice president of the user development department at NIO.

The company rolled out its first model on December 16 and with it came a driver-assistance system featuring a highway pilot, a traffic jam pilot and an automatic emergency braking system.

The car also features an artificial intelligence system called NOMI that regulates the temperature, plays music based on voice requests and can even take photos.

But the greatest chatter has been around the company&#39;s plans to establish swap stations that will install fully charged batteries in just three minutes. It also promises &quot;Power Mobile&quot; service vehicles that can travel to stranded drivers and recharge them beside the road.

Zhu said the changes NIO are going to bring to the market will be as dramatic as comparing an Apple to a conventional mobile phone. However, experts still believe it remains questionable to just what extent NIO can make these plans a reality.

&quot;I think there&#39;s a question mark as to whether NIO can realize these plans in four or five years. There are three major issues. Firstly, I think there are still some gaps in terms of the technologies. Secondly, can it bring off a commercially viable mass production with low costs? The car is now priced between 400,000 and 500,000 yuan, and adding all these intelligent features to a seven-seater electric car will be difficult,&quot; said Zeng Liping, manager of NE Times.

Founded in 2014, NIO has just completed a one billion US dollar funding round led by Chinese tech giant Tencent. Zhu also denied media reports that NIO is considering a US IPO next year and says that thanks to its over 50 investors, NIO will be able to continue developing on its own for another year or two.

The company rolled out its first model on December 16 and with it came a driver-assistance system featuring a highway pilot, a traffic jam pilot and an automatic emergency braking system.

Shanghai-based smart car developer NextEV recently launched its electric SUV model NIO ES8, arousing discussions about whether it will be China's first mass-production car from an internet company. According to the company which is considered by some to be "China's Tesla," the seven-seater NIO ES8 can accelerate from 0 to 100 kilometers per hour in just 4.4 seconds, compared with the 4.9 seconds of Tesla's Model X. A standard version of the ES8 is priced at 448,000 yuan, compared to the 836,000 yuan price tag of the Tesla. NIO also enjoys the advantage of Beijing's state subsidies for electric vehicles, which can drive the price for the purchaser down to as low as 370,000 yuan. While Tesla has sold cars in China for several years, the company isn't eligible for these subsidies because its products are imported. To get around these restrictions, the California carmaker was recently reported to have reached an agreement to build a factory in China. Other foreign automakers have also formed partnerships with existing Chinese manufacturers in order to tap into the large electric vehicle market. But staff at NIO remain confident about their competitive position. "People tend to compare the NIO with other brands in physical terms. But in fact the car itself is only a very small part of an integrated system comprising the software system, the cloud, the Internet and consumer service. What makes NIO special is that it's an Internet product, we are designing a whole system based around consumer satisfaction. The products may seem similar to our rivals', but our business model is brand new," said Zhu Jiang, vice president of the user development department at NIO. The company rolled out its first model on December 16 and with it came a driver-assistance system featuring a highway pilot, a traffic jam pilot and an automatic emergency braking system. The car also features an artificial intelligence system called NOMI that regulates the temperature, plays music based on voice requests and can even take photos. But the greatest chatter has been around the company's plans to establish swap stations that will install fully charged batteries in just three minutes. It also promises "Power Mobile" service vehicles that can travel to stranded drivers and recharge them beside the road. Zhu said the changes NIO are going to bring to the market will be as dramatic as comparing an Apple to a conventional mobile phone. However, experts still believe it remains questionable to just what extent NIO can make these plans a reality. "I think there's a question mark as to whether NIO can realize these plans in four or five years. There are three major issues. Firstly, I think there are still some gaps in terms of the technologies. Secondly, can it bring off a commercially viable mass production with low costs? The car is now priced between 400,000 and 500,000 yuan, and adding all these intelligent features to a seven-seater electric car will be difficult," said Zeng Liping, manager of NE Times. Founded in 2014, NIO has just completed a one billion US dollar funding round led by Chinese tech giant Tencent. Zhu also denied media reports that NIO is considering a US IPO next year and says that thanks to its over 50 investors, NIO will be able to continue developing on its own for another year or two.

Ambitious Chinese internet company sets sights on smart vehicle market

The US agency in charge of enforcing labour law on Thursday filed a complaint against <a href="http://www.wionews.com/business-economy/over-60000-orders-of-tesla-model-3-cancelled-18552">electric car maker Tesla</a> saying it found merit to workers&#39; complaints about unfair labour practices.

According to the National Labor Relations Board complaint, <a href="http://www.wionews.com/videos/wion-wallet-tesla-starts-solar-roof-installations-at-home-4403">Tesla </a>violated workers&#39; rights by requiring them to sign a confidentiality&nbsp;agreement that could bar them from talking about their working conditions and safety issues at the&nbsp;company&#39;s facility in Fremont, California.

The agency also investigated charges by the workers that Tesla intimidated and harassed them and violated workers&#39; rights under federal labour law.

Tesla has denied the allegations.

The company must respond to the charges by Sept. 14. The NLRB has scheduled a hearing for Nov. 14 before an administrative law judge in Oakland, California.

&quot;These allegations, which have been filed by the same contingent of union organisers who have been so outspoken with media, are entirely without merit,&quot; <a href="http://www.wionews.com/science-tech/tesla-3-musks-addition-to-his-eco-friendly-cars-18362">Tesla </a>said in a statement.

Complaints were filed by three employees and the United Auto Workers union, which has encouraged Tesla employees to unionize.

The workers said <a href="http://www.wionews.com/science-tech/musk-hands-over-first-tesla-model-3-electric-cars-to-early-buyers-18373">Tesla</a> made them sign a document that they may face termination or criminal prosecution for speaking publicly, or to the media, about anything they observed at work or their working conditions, NLRB said.

According to the National Labor Relations Board complaint, Tesla violated workers' rights by requiring them to sign a confidentiality?agreement that could bar them from talking about their working conditions and safety issues at the?company's facility in Fremont, California

The US agency in charge of enforcing labour law on Thursday filed a complaint against electric car maker Tesla saying it found merit to workers' complaints about unfair labour practices. According to the National Labor Relations Board complaint, Tesla violated workers' rights by requiring them to sign a confidentiality agreement that could bar them from talking about their working conditions and safety issues at the company's facility in Fremont, California. The agency also investigated charges by the workers that Tesla intimidated and harassed them and violated workers' rights under federal labour law. Tesla has denied the allegations. The company must respond to the charges by Sept. 14. The NLRB has scheduled a hearing for Nov. 14 before an administrative law judge in Oakland, California. "These allegations, which have been filed by the same contingent of union organisers who have been so outspoken with media, are entirely without merit," Tesla said in a statement. Complaints were filed by three employees and the United Auto Workers union, which has encouraged Tesla employees to unionize. The workers said Tesla made them sign a document that they may face termination or criminal prosecution for speaking publicly, or to the media, about anything they observed at work or their working conditions, NLRB said.

US labour board files complaint against Tesla

Electric carmaker <a href="http://www.wionews.com/science-tech/tesla-deliveries-at-low-end-of-forecast-starting-model-3-production-17587">Tesla</a> said on Wednesday it would pay $700,000 to its global sales and service president, Jon McNeill, if he met certain targets for 2017.

Elon Musk-run Tesla has been counting on its least pricey electric sedan, Model 3, to become a profitable and high-volume manufacturer of electric cars.

Under his incentive compensation plan, McNeill will receive the amount if he meets vehicle delivery target during the third and fourth quarters of 2017, Tesla said in a filing.

The payout will also take into account operational and financial metrics relating to vehicle service performance, as well as costs and customer satisfaction scores during 2017, the company said. 
The compensation will be made in cash, stock options or restricted stock units, Tesla said.

Musk had warned earlier this month that Tesla would face months of &quot;manufacturing hell&quot; as it increases production of <a href="http://www.wionews.com/science-tech/musk-hands-over-first-tesla-model-3-electric-cars-to-early-buyers-18373">Model 3</a>.

The company faces a big challenge as it ramps up service for all new cars while continuing to produce its earlier models, Model S and Model X.

Elon Musk-run Tesla has been counting on its least pricey electric sedan, Model 3, to become a profitable and high-volume manufacturer of electric cars

Electric carmaker Tesla said on Wednesday it would pay $700,000 to its global sales and service president, Jon McNeill, if he met certain targets for 2017. Elon Musk-run Tesla has been counting on its least pricey electric sedan, Model 3, to become a profitable and high-volume manufacturer of electric cars. Under his incentive compensation plan, McNeill will receive the amount if he meets vehicle delivery target during the third and fourth quarters of 2017, Tesla said in a filing. The payout will also take into account operational and financial metrics relating to vehicle service performance, as well as costs and customer satisfaction scores during 2017, the company said. The compensation will be made in cash, stock options or restricted stock units, Tesla said. Musk had warned earlier this month that Tesla would face months of "manufacturing hell" as it increases production of Model 3. The company faces a big challenge as it ramps up service for all new cars while continuing to produce its earlier models, Model S and Model X.

Tesla's sales head to get $700,000 payout on meeting targets

<a href="http://www.wionews.com/science-tech/musk-hands-over-first-tesla-model-3-electric-cars-to-early-buyers-18373">After Tesla&#39;s success with electric cars</a>, Hyundai Motors affiliate Kia Motors Corp said it will launch thirty-one models of electric cars by 2020.

The South Korean car company said it will launch long range electric cars with a driving range of 500 kms per charge after 2021.

<a href="http://www.wionews.com/science-tech/tesla-3-musks-addition-to-his-eco-friendly-cars-18362">Elon Musk&#39;s Tesla motor company recently rolled out</a> the much awaited Model-3 cars in the US aiming to disrupt fuel-powered car industry. In fact, Tesla has been trying to set up an electric vehicle manufacturing plant in China which is one of the biggest polluters in the world.

Last year, Hyundai had launched the IONIQ, an electric car but it couldn&#39;t seize the market as the vehicle offered less per-charge driving range compared to Tesla and General Motors.

The electric car market is seen by companies as one of the hottest growing markets with even high-end companies targeting the segment.

Swedish car company Volvo declared recently it will be&nbsp;discontinuing&nbsp;manufacture&nbsp;of fuel propelled cars in two years and German auto company Porsche&nbsp;insists half of its cars will be electric by 2023.

 
<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/9xeqgLJvCug" width="560"></iframe> 
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Last year, Hyundai had launched the IONIQ, an electric car but it couldn't seize the market

After Tesla's success with electric cars, Hyundai Motors affiliate Kia Motors Corp said it will launch thirty-one models of electric cars by 2020. The South Korean car company said it will launch long range electric cars with a driving range of 500 kms per charge after 2021. Elon Musk's Tesla motor company recently rolled out the much awaited Model-3 cars in the US aiming to disrupt fuel-powered car industry. In fact, Tesla has been trying to set up an electric vehicle manufacturing plant in China which is one of the biggest polluters in the world. Last year, Hyundai had launched the IONIQ, an electric car but it couldn't seize the market as the vehicle offered less per-charge driving range compared to Tesla and General Motors. The electric car market is seen by companies as one of the hottest growing markets with even high-end companies targeting the segment. Swedish car company Volvo declared recently it will be discontinuing manufacture of fuel propelled cars in two years and German auto company Porsche insists half of its cars will be electric by 2023.

After Tesla's Model 3, Hyundai Motors to launch more electric cars

American automaker company Tesla Inc declared on Monday that it would raise $1.5 billion through its first-ever offering of junk bonds. The luxury electric car maker is seeking fresh resources to ramp up manufacturing of its <a href="http://www.wionews.com/science-tech/musk-hands-over-first-tesla-model-3-electric-cars-to-early-buyers-18373">new Model 3 sedan</a>.&nbsp;<a href="http://www.wionews.com/science-tech/tesla-3-musks-addition-to-his-eco-friendly-cars-18362">The highly anticipated Model 3 was launched with a lucky-draw competition on July 28.</a>

Junk bonds are lower-quality investments that offer higher yields. The strategy by Tesla Chief Executive Elon Musk represents that bond investors will be as keen as stock investors to back the company, expecting that Model 3 will be a hit.

&quot;Bond investors, who typically don&#39;t love companies that don&#39;t make money, will be far more forgiving when it comes to Tesla,&quot; said bond expert Robbie Goffin, managing director of FTI Consulting, citing the company&#39;s stellar stock market value.

Tesla was to start pitching potential investors on Monday, IFR reported, citing lead bankers on the deal.&nbsp;Tesla is counting on the Model 3, its least pricey car, to become a profitable, high-volume manufacturer of electric cars.

Tesla&#39;s market shares are up by a whopping 67 per cent this year, pushing the company&#39;s value to around $60 billion, above that of top U.S. automakers General Motors Co and Ford Motor Co. However, shares of Tesla closed down 0.5 per cent at $355.17 on Monday.&nbsp;Tesla is yet to make an annual profit.&nbsp;

So far, Tesla has been raising money to pay its bills with a combination of equity offerings and convertible bonds, which eventually convert into shares. In March, the company raised $1.4 billion through a convertible debt offering.

Following the announcement, Standard &amp; Poor&#39;s reaffirmed its negative outlook for the automaker and assigned a &quot;B-&quot; rating for the bond issue - deep into junk credit territory. S&amp;P also maintained its &quot;B-&quot; long-term corporate credit rating on Tesla.

&quot;We could lower our ratings on Tesla if execution issues related to the Model 3 launch later this year or the ongoing expansion of its Models S and X production lead to significant cost overruns,&quot; S&amp;P said in a statement on the bonds.

Moody&#39;s assigned a junk &quot;B3&quot; rating to the bond issue and said the company&#39;s rating outlook was stable.

The rating agency said the overall company&#39;s &quot;B2&quot; rating was justified by the fact that if Tesla ends up in severe financial turmoil, its brand name, products, and physical assets would be of &quot;considerable value&quot; to other automakers.&nbsp;<a href="http://www.wionews.com/business-economy/over-60000-orders-of-tesla-model-3-cancelled-18552">During the quarterly earnings call of the company, Musk revealed that about 63,000 people have </a><a href="http://www.wionews.com/business-economy/over-60000-orders-of-tesla-model-3-cancelled-18552">cancelled</a><a href="http://www.wionews.com/business-economy/over-60000-orders-of-tesla-model-3-cancelled-18552"> their Model 3 pre-orders</a>.

Tesla&#39;s debt load increased significantly in 2016 when it took over solar panel maker SolarCity.

CFRA equity analyst Efraim Levy said the bonds will provide Tesla with funds to survive till &quot;at least into mid-2018.&quot;

&quot;There is a risk they could still run out of money,&quot; he said. &quot;Then you&rsquo;d go back to the equity markets and hope it&rsquo;s not too late&quot; to raise more money.

The latest effective yield on single-B rated bonds, maturing in seven to eight years--the class for a Tesla issue, is around 5.5 per cent, according to Bank of America/Merrill Lynch Fixed Income Index data.

The price of the bond will be determined later in this week after several days of brainstorming sessions with credit investors. They will keep ion account factors including the absence of a borrowing history, its lack of profit and its high cash-burn rate against its growth potential and its attractiveness as an environmentally friendly &ldquo;green&rdquo; issuer.

Ultimately, the depth of investor interest will determine the bond&#39;s interest rate.

Tesla said last week that it had 455,000 net pre-orders for the Model 3, which has a $35,000 base price, and that the sedan was averaging 1,800 reservations per day since its launch in the late last month.

At the launch, Musk, however, warned that Tesla would face months of &quot;manufacturing hell&quot; as it increases production of the sedan.

Tesla had over $3 billion in cash on hand at the end of the June quarter, compared with $4 billion on March 31.

The company expects capital expenditures of $2 billion in the second half of this year to boost production at its Fremont, California assembly plant and a battery plant in Reno, Nevada.

Tesla&#39;s cash burning strategy has prompted short-sellers like Greenlight Capital&#39;s David Einhorn to bet against Californian competitor Palo Alto.

Goldman Sachs, Morgan Stanley, Barclays, Bank of America Merrill Lynch, Citigroup, Deutsche Bank and RBC are the book-runners on the bond offering, IFR reported.

Tesla is counting on the Model 3, its least pricey car, to become a profitable, high-volume manufacturer of electric cars

American automaker company Tesla Inc declared on Monday that it would raise $1.5 billion through its first-ever offering of junk bonds. The luxury electric car maker is seeking fresh resources to ramp up manufacturing of its new Model 3 sedan. The highly anticipated Model 3 was launched with a lucky-draw competition on July 28. Junk bonds are lower-quality investments that offer higher yields. The strategy by Tesla Chief Executive Elon Musk represents that bond investors will be as keen as stock investors to back the company, expecting that Model 3 will be a hit. "Bond investors, who typically don't love companies that don't make money, will be far more forgiving when it comes to Tesla," said bond expert Robbie Goffin, managing director of FTI Consulting, citing the company's stellar stock market value. Tesla was to start pitching potential investors on Monday, IFR reported, citing lead bankers on the deal. Tesla is counting on the Model 3, its least pricey car, to become a profitable, high-volume manufacturer of electric cars. Tesla's market shares are up by a whopping 67 per cent this year, pushing the company's value to around $60 billion, above that of top U.S. automakers General Motors Co and Ford Motor Co. However, shares of Tesla closed down 0.5 per cent at $355.17 on Monday. Tesla is yet to make an annual profit. So far, Tesla has been raising money to pay its bills with a combination of equity offerings and convertible bonds, which eventually convert into shares. In March, the company raised $1.4 billion through a convertible debt offering. Following the announcement, Standard & Poor's reaffirmed its negative outlook for the automaker and assigned a "B-" rating for the bond issue - deep into junk credit territory. S&P also maintained its "B-" long-term corporate credit rating on Tesla. "We could lower our ratings on Tesla if execution issues related to the Model 3 launch later this year or the ongoing expansion of its Models S and X production lead to significant cost overruns," S&P said in a statement on the bonds. Moody's assigned a junk "B3" rating to the bond issue and said the company's rating outlook was stable. The rating agency said the overall company's "B2" rating was justified by the fact that if Tesla ends up in severe financial turmoil, its brand name, products, and physical assets would be of "considerable value" to other automakers. During the quarterly earnings call of the company, Musk revealed that about 63,000 people have cancelled their Model 3 pre-orders. Tesla's debt load increased significantly in 2016 when it took over solar panel maker SolarCity. CFRA equity analyst Efraim Levy said the bonds will provide Tesla with funds to survive till "at least into mid-2018." "There is a risk they could still run out of money," he said. "Then you’d go back to the equity markets and hope it’s not too late" to raise more money. The latest effective yield on single-B rated bonds, maturing in seven to eight years--the class for a Tesla issue, is around 5.5 per cent, according to Bank of America/Merrill Lynch Fixed Income Index data. The price of the bond will be determined later in this week after several days of brainstorming sessions with credit investors. They will keep ion account factors including the absence of a borrowing history, its lack of profit and its high cash-burn rate against its growth potential and its attractiveness as an environmentally friendly “green” issuer. Ultimately, the depth of investor interest will determine the bond's interest rate. Tesla said last week that it had 455,000 net pre-orders for the Model 3, which has a $35,000 base price, and that the sedan was averaging 1,800 reservations per day since its launch in the late last month. At the launch, Musk, however, warned that Tesla would face months of "manufacturing hell" as it increases production of the sedan. Tesla had over $3 billion in cash on hand at the end of the June quarter, compared with $4 billion on March 31. The company expects capital expenditures of $2 billion in the second half of this year to boost production at its Fremont, California assembly plant and a battery plant in Reno, Nevada. Tesla's cash burning strategy has prompted short-sellers like Greenlight Capital's David Einhorn to bet against Californian competitor Palo Alto. Goldman Sachs, Morgan Stanley, Barclays, Bank of America Merrill Lynch, Citigroup, Deutsche Bank and RBC are the book-runners on the bond offering, IFR reported.

Tesla's Model 3 production strategy: Junk bonds on offer

Elon Musk, the Tesla CEO, revealed during the quarterly earnings call of the company, that about <a href="https://www.wionews.com/science-tech/musk-hands-over-first-tesla-model-3-electric-cars-to-early-buyers-18373">63,000 people have cancelled their Model 3 pre-orders</a>. He added that the number of orders has decreased from 518,000 to 455,000 approximately.&nbsp;

Calling the figures &quot;inconsequential&quot;, Musk said that the company can shoot off the sales with a little effort, but currently, they are not able to satisfy the already placed orders.&nbsp;

&ldquo;Those cancellations occurred over the course of more than a year,&rdquo; Musk said.

&ldquo;I think these numbers&nbsp;are inconsequential. With a small amount of effort, we can easily drive the Model 3 reservation number to something much higher but there&rsquo;s no point. It&rsquo;s like if you&rsquo;re a restaurant and you&rsquo;re serving hamburgers and there&rsquo;s like an hour and a half wait for hamburgers do you really want to encourage more people to order more hamburgers?&rdquo; &nbsp;

The prospective customer&#39;s placing the order for Model 3&nbsp;today will not get the order before the end of next year(2018).

Tesla&nbsp;expects to manufacture 5000 Model 3 cars a week by the end of 2017 and later plans to expand&nbsp;the production to 10,000 cars per week by 2018.&nbsp;

On July 28, Tesla handed over the first 30 Model 3 cars to&nbsp;early buyers. Since then the company has averaged over 1,800 new Model 3 reservations per day.

&nbsp;

Tesla CEO said that the number of orders have decreased from 518,000 to 455,000 approximately

Elon Musk, the Tesla CEO, revealed during the quarterly earnings call of the company, that about 63,000 people have cancelled their Model 3 pre-orders. He added that the number of orders has decreased from 518,000 to 455,000 approximately. Calling the figures "inconsequential", Musk said that the company can shoot off the sales with a little effort, but currently, they are not able to satisfy the already placed orders. “Those cancellations occurred over the course of more than a year,” Musk said. “I think these numbers are inconsequential. With a small amount of effort, we can easily drive the Model 3 reservation number to something much higher but there’s no point. It’s like if you’re a restaurant and you’re serving hamburgers and there’s like an hour and a half wait for hamburgers do you really want to encourage more people to order more hamburgers?” The prospective customer's placing the order for Model 3 today will not get the order before the end of next year(2018). Tesla expects to manufacture 5000 Model 3 cars a week by the end of 2017 and later plans to expand the production to 10,000 cars per week by 2018. On July 28, Tesla handed over the first 30 Model 3 cars to early buyers. Since then the company has averaged over 1,800 new Model 3 reservations per day.

Over 60,000 orders of Tesla Model 3 cancelled: Musk

Tesla began delivering on a dream to make an electric car for the masses, rolling out the first of its keenly-awaited &quot;Model 3&quot; cars, aiming to disrupt a world accustomed to automobiles powered by pollution-spewing fossil fuel.

An initial batch of the &#39;Model 3&#39; cars that rolled out of the Tesla plant in Fremont, California late Friday were given to customers, most of whom were employees of the company.

Tesla founder and chief Elon Musk proclaimed it a great day for the company, saying the goal was to make a terrific electric car &quot;that everyone can buy.&quot; Musk starred in a ceremony at the plant delivering the first batch to their owners.

&quot;It&#39;s the best car for its cost, either electric or gasoline,&quot; he said.

Production of the electric car aimed at the broader market -- with a starting price of $35,000 -- will ramp up quickly, according to Musk, with 100 in August and 1,500 or more in September. &nbsp;

Tesla aims to produce 5,000 units of the Model 3 a week this year, and 10,000 units a week in 2018.

Tesla already sells &quot;S&quot; and &quot;X&quot; model electric cars, but with a starting price of $80,000 they have been seen as wheels for the wealthy.

The Model 3 silhouette resembles that of the Model S, but the new electric ride is smaller with a simpler design.

The vehicle&#39;s battery was designed to keep it going for &quot;at least 215 miles&quot; (345 kilometers) before needing to be recharged, according to Tesla. A battery with a longer range is available for more money.

Musk has mentioned in Tesla earnings calls that while early models were packed with innovative engineering, they caused vexation on the assembly line.

The Model 3, he said, was designed from the outset with mass production in mind to push down cost and crank cars out quickly.

&#39;Crucial step&#39;

More than a half-million customers have placed deposits to get on the waiting list for the Model 3, and anyone wanting one will have to wait at least until 2018.

&quot;Demand is not a challenge there,&quot; Musk said, noting that most of the orders have been in the US.

A big question for Tesla is whether it can ramp up production to meet demand and whether rivals will cut into the electric vehicle market.

Like its predecessors, the Model 3 is fully electric and on-board computers can handle some driving tasks.

Tesla referred to the arrival of the Model 3 as a &quot;crucial step&quot; in the company&#39;s mission to speed the transition to renewable energy.

Not long after Tesla was founded in 2003, Musk said the plan was to use money from high-end electric vehicles to create more affordable offerings to make the technology the new automotive norm.

Cars powered by green energy are consistent with a concern for the environment seen in Musk&#39;s other enterprises.

Musk runs solar energy firm SolarCity and is building rechargeable batteries to power homes as well as cars.

His Boring Company is part of a vision for near-supersonic rail travel through low-pressure tubes that he laid out in a Hyperloop white paper he made open to other entrepreneurs.

Combined sales of Model S and Model X vehicles in the first half of this year were estimated to tally from 47,000 to 50,000.

With the Model 3, Tesla hopes to start cranking out hundreds of thousands of cars annually.

The iPhone of cars?

The success of the Model 3 could put in the rear-view mirror concerns about Tesla&#39;s prospects for growth.

So far, Musk&#39;s strategy has paid off. Even though most major car makers sell electric vehicles, Tesla practically defines the category.

The rush of pre-orders allowed Tesla to recently become the biggest US car company in terms of market capitalization, despite the fact that General Motors (GM) and Ford produce millions of cars per year and Tesla has yet to make a profit.&nbsp;

While Tesla is scrambling to meet Model 3 demand, GM has temporarily halted production of its &#39;Bolt&#39; electric car to eas ease inventories.

Some analysts say that with the launch, Tesla may be reshaping the future of the auto industry.

Gene Munster, analyst with the research firm Loup Ventures, argues that Tesla may do for the auto sector what Apple did for smartphones and electronics.

&quot;We believe we will eventually look back at the launch of the Model 3 and compare it to the iPhone, which proved to be the catalyst for the shift to mobile computing,&quot; Munster said in a recent research note.

Munster says Tesla will play a central role in &quot;paradigm shifts&quot; to electric and autonomous vehicles that could transform the sector.

Tesla founder and chief Elon Musk proclaimed it a great day for the company, saying the goal was to make a terrific electric car 'that everyone can buy'

Tesla began delivering on a dream to make an electric car for the masses, rolling out the first of its keenly-awaited "Model 3" cars, aiming to disrupt a world accustomed to automobiles powered by pollution-spewing fossil fuel. An initial batch of the 'Model 3' cars that rolled out of the Tesla plant in Fremont, California late Friday were given to customers, most of whom were employees of the company. Tesla founder and chief Elon Musk proclaimed it a great day for the company, saying the goal was to make a terrific electric car "that everyone can buy." Musk starred in a ceremony at the plant delivering the first batch to their owners. "It's the best car for its cost, either electric or gasoline," he said. Production of the electric car aimed at the broader market -- with a starting price of $35,000 -- will ramp up quickly, according to Musk, with 100 in August and 1,500 or more in September. Tesla aims to produce 5,000 units of the Model 3 a week this year, and 10,000 units a week in 2018. Tesla already sells "S" and "X" model electric cars, but with a starting price of $80,000 they have been seen as wheels for the wealthy. The Model 3 silhouette resembles that of the Model S, but the new electric ride is smaller with a simpler design. The vehicle's battery was designed to keep it going for "at least 215 miles" (345 kilometers) before needing to be recharged, according to Tesla. A battery with a longer range is available for more money. Musk has mentioned in Tesla earnings calls that while early models were packed with innovative engineering, they caused vexation on the assembly line. The Model 3, he said, was designed from the outset with mass production in mind to push down cost and crank cars out quickly. 'Crucial step' More than a half-million customers have placed deposits to get on the waiting list for the Model 3, and anyone wanting one will have to wait at least until 2018. "Demand is not a challenge there," Musk said, noting that most of the orders have been in the US. A big question for Tesla is whether it can ramp up production to meet demand and whether rivals will cut into the electric vehicle market. Like its predecessors, the Model 3 is fully electric and on-board computers can handle some driving tasks. Tesla referred to the arrival of the Model 3 as a "crucial step" in the company's mission to speed the transition to renewable energy. Not long after Tesla was founded in 2003, Musk said the plan was to use money from high-end electric vehicles to create more affordable offerings to make the technology the new automotive norm. Cars powered by green energy are consistent with a concern for the environment seen in Musk's other enterprises. Musk runs solar energy firm SolarCity and is building rechargeable batteries to power homes as well as cars. His Boring Company is part of a vision for near-supersonic rail travel through low-pressure tubes that he laid out in a Hyperloop white paper he made open to other entrepreneurs. Combined sales of Model S and Model X vehicles in the first half of this year were estimated to tally from 47,000 to 50,000. With the Model 3, Tesla hopes to start cranking out hundreds of thousands of cars annually. The iPhone of cars? The success of the Model 3 could put in the rear-view mirror concerns about Tesla's prospects for growth. So far, Musk's strategy has paid off. Even though most major car makers sell electric vehicles, Tesla practically defines the category. The rush of pre-orders allowed Tesla to recently become the biggest US car company in terms of market capitalization, despite the fact that General Motors (GM) and Ford produce millions of cars per year and Tesla has yet to make a profit. While Tesla is scrambling to meet Model 3 demand, GM has temporarily halted production of its 'Bolt' electric car to eas ease inventories. Some analysts say that with the launch, Tesla may be reshaping the future of the auto industry. Gene Munster, analyst with the research firm Loup Ventures, argues that Tesla may do for the auto sector what Apple did for smartphones and electronics. "We believe we will eventually look back at the launch of the Model 3 and compare it to the iPhone, which proved to be the catalyst for the shift to mobile computing," Munster said in a recent research note. Munster says Tesla will play a central role in "paradigm shifts" to electric and autonomous vehicles that could transform the sector.

Musk hands over first Tesla Model 3 electric cars to early buyers

The highly anticipated Tesla Model 3 launch&nbsp;will be held tonight where a few lucky winners will be handed over the all new Tesla Model 3.&nbsp;

With a range of 215 miles&nbsp;per charge, the premium sedan has a starting price of $35,000 before incentives.

The car is installed with autopilot hardware and has a comfortable seating for five adults.

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Setting up for Model 3 handover tomorrow night ... <a href="https://t.co/gcnZ5jTjyR">https://t.co/gcnZ5jTjyR</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/890830152124563457">July 28, 2017</a></blockquote>
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Designed significantly smaller and better than Model S, Model 3 is expected to come with a charging screen.&nbsp;

The car is central to Tesla chief Executive Elon Musk&#39;s vision of &quot;humanity saving alternative energy&quot;. He aims to develop electric cars with solar roofs.&nbsp;

Model 3 is built with the highest 5-star safety ratings.&nbsp;Tesla will add Model 3 to its online design studio, reports say.&nbsp;

The estimated delivery for further reservation is expected to come in mid-2018 or later.&nbsp;

&nbsp;

 
&nbsp;

&nbsp;

With a range of 215 miles?per charge, the premium sedan has a starting price of $35,000 before incentives

The highly anticipated Tesla Model 3 launch will be held tonight where a few lucky winners will be handed over the all new Tesla Model 3. With a range of 215 miles per charge, the premium sedan has a starting price of $35,000 before incentives. The car is installed with autopilot hardware and has a comfortable seating for five adults. Setting up for Model 3 handover tomorrow night ... https://t.co/gcnZ5jTjyR — Elon Musk (@elonmusk) July 28, 2017 × Designed significantly smaller and better than Model S, Model 3 is expected to come with a charging screen. The car is central to Tesla chief Executive Elon Musk's vision of "humanity saving alternative energy". He aims to develop electric cars with solar roofs. Model 3 is built with the highest 5-star safety ratings. Tesla will add Model 3 to its online design studio, reports say. The estimated delivery for further reservation is expected to come in mid-2018 or later.

Musk's launch: Lucky winners to drive Tesla Model 3

US entrepreneur Elon Musk said Thursday he&#39;d received tentative approval from the government to build a conceptual &quot;hyperloop&quot; system that would blast passenger pods down vacuum-sealed tubes from New York to Washington at near supersonic speeds.

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Just received verbal govt approval for The Boring Company to build an underground NY-Phil-Balt-DC Hyperloop. NY-DC in 29 mins.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/888053175155949572">July 20, 2017</a></blockquote>
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&quot;Just received verbal govt approval for The Boring Company to build an underground NY-Phil-Balt-DC Hyperloop. NY-DC in 29 mins,&quot; the flamboyant CEO of Tesla and SpaceX tweeted, using abbreviations for New York, Philadelphia, Baltimore and Washington DC.

New York and Washington are separated by some 330 kilometers (200 miles) -- currently an approximately three-hour journey by train or one hour and 15 minutes flying. The US Department of Transportation forwarded queries for comment to the White House, which offered a statement that neither confirmed nor outright dismissed the bombastic announcement.

&quot;We have had promising conversations to date, are committed to transformative infrastructure projects, and believe our greatest solutions have often come from the ingenuity and drive of the private sector,&quot; the statement said.

&nbsp;

Indian engineers

One team from the Indian state of Kerala has been competing against 23 other teams in the world to&nbsp;develop a prototype called the Orcapod since May of this year, which attempts to use the hyperloop technology&nbsp;to theoretically reach speeds up to 460 kilometres an hour, <a href="http://www.thehindu.com/news/cities/bangalore/hyperloop-india-gasping-for-funds/article19285845.ece" target="_blank">The Hindu&nbsp;</a>reports. The 25-member team has been&nbsp;contesting&nbsp;in California&#39;s SpaceX&nbsp;competition, and has been&nbsp;struggling for funds.

The Kerala team is the only team from India selection in the competition.

&nbsp;

Public implementation&nbsp;

Before the public gets too excited about this technology&#39;s immediate implementation, experts&nbsp;said the proposed system would likely require approvals from numerous departments as well as local and state authorities before construction work could begin.

Facing a barrage of skepticism, Musk, who has been known to over-promise in his announcements, clarified: &quot;Still a lot of work needed to receive formal approval, but am optimistic that will occur rapidly,&quot; urging people to lobby their representatives.

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If you want this to happen fast, please let your local &amp; federal elected representatives know. Makes a big difference if they hear from you.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/888136631672340480">July 20, 2017</a></blockquote>
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Musk&#39;s involvement in the proposed project is for now limited to building the tunnels, and it is not yet clear which firm he plans to partner with to handle the pod vehicles.

But several companies are now exploring the market, including Northeast Maglev, Hyperloop One and Hyperloop Transportation Technologies.

Beyond the Hyperloop system, Musk has made plans to send two private citizens around the Moon and land an unmanned spacecraft on Mars by 2020. Earlier this month he vowed to build the world&#39;s largest battery in Australia with a 100 megawatt-hour capacity, or enough to power 30,000 homes.

(WIth agency inputs)

One Kerala team is competing to create a prototype that would blast travellers in pods down vacuum-sealed tubes at near-supersonic speeds

US entrepreneur Elon Musk said Thursday he'd received tentative approval from the government to build a conceptual "hyperloop" system that would blast passenger pods down vacuum-sealed tubes from New York to Washington at near supersonic speeds. Just received verbal govt approval for The Boring Company to build an underground NY-Phil-Balt-DC Hyperloop. NY-DC in 29 mins. — Elon Musk (@elonmusk) July 20, 2017 × "Just received verbal govt approval for The Boring Company to build an underground NY-Phil-Balt-DC Hyperloop. NY-DC in 29 mins," the flamboyant CEO of Tesla and SpaceX tweeted, using abbreviations for New York, Philadelphia, Baltimore and Washington DC. New York and Washington are separated by some 330 kilometers (200 miles) -- currently an approximately three-hour journey by train or one hour and 15 minutes flying. The US Department of Transportation forwarded queries for comment to the White House, which offered a statement that neither confirmed nor outright dismissed the bombastic announcement. "We have had promising conversations to date, are committed to transformative infrastructure projects, and believe our greatest solutions have often come from the ingenuity and drive of the private sector," the statement said. Indian engineers One team from the Indian state of Kerala has been competing against 23 other teams in the world to develop a prototype called the Orcapod since May of this year, which attempts to use the hyperloop technology to theoretically reach speeds up to 460 kilometres an hour, The Hindu reports. The 25-member team has been contesting in California's SpaceX competition, and has been struggling for funds. The Kerala team is the only team from India selection in the competition. Public implementation Before the public gets too excited about this technology's immediate implementation, experts said the proposed system would likely require approvals from numerous departments as well as local and state authorities before construction work could begin. Facing a barrage of skepticism, Musk, who has been known to over-promise in his announcements, clarified: "Still a lot of work needed to receive formal approval, but am optimistic that will occur rapidly," urging people to lobby their representatives. If you want this to happen fast, please let your local & federal elected representatives know. Makes a big difference if they hear from you. — Elon Musk (@elonmusk) July 20, 2017 × Musk's involvement in the proposed project is for now limited to building the tunnels, and it is not yet clear which firm he plans to partner with to handle the pod vehicles. But several companies are now exploring the market, including Northeast Maglev, Hyperloop One and Hyperloop Transportation Technologies. Beyond the Hyperloop system, Musk has made plans to send two private citizens around the Moon and land an unmanned spacecraft on Mars by 2020. Earlier this month he vowed to build the world's largest battery in Australia with a 100 megawatt-hour capacity, or enough to power 30,000 homes. (WIth agency inputs)

Hyperloop or hyperbole? Tesla's Musk promises 330 km journey in 29 minutes

Tesla Chief Executive Elon Musk announced that production of its mass-market Model 3 would start this week.

Most investors are focused on the outlook for the Model 3, and some analysts have been sceptical about its planned July launch after production delays and quality issues marred the launches of the Model S and Model X.

Tesla&#39;s shares are up by more than 60 per cent this year, partly on expectations of a strong launch for its Model 3, the first car the company has aimed at the mass market. Tesla has a market value of $58 billion, greater than either General Motors or Ford Motor.

In a series of posts on Twitter, Musk said the Model 3 had passed all regulatory requirements for production two weeks ahead of schedule.

&quot;Production grows exponentially, so Aug should be 100 cars and Sept above 1,500,&quot; Musk said. &quot;Looks like we can reach 20,000 Model 3 cars per month in Dec.&quot;

That is in line with targets Tesla previously set, of more than 5,000 Model 3s per week by the end of this year and 10,000 vehicles per week &#39;at some point in 2018&#39;.

Musk said he expected SN1, the first car off the assembly line for sale, to be completed by 7 July.

Tesla has taken deposits on more than 300,000 Model 3s, starting at $35,000 a vehicle. Its popularity stands out as major US automakers face a downturn. GM and Ford both reported lower sales for June.

The Model 3 marks a turning point for Tesla as it transitions from a niche luxury car manufacturer to a mass producer. The 500,000 vehicles the company plans to make next year is nearly six times its 2016 production.

As per previous reports, Tesla shut down production at its California assembly plant for a week to prepare for production of the Model 3 sedan, in order to meet its target of starting production in July.

Production of its mass-market Model 3 would start this week and build up to 20,000 per month in December

Tesla Chief Executive Elon Musk announced that production of its mass-market Model 3 would start this week. Most investors are focused on the outlook for the Model 3, and some analysts have been sceptical about its planned July launch after production delays and quality issues marred the launches of the Model S and Model X. Tesla's shares are up by more than 60 per cent this year, partly on expectations of a strong launch for its Model 3, the first car the company has aimed at the mass market. Tesla has a market value of $58 billion, greater than either General Motors or Ford Motor. In a series of posts on Twitter, Musk said the Model 3 had passed all regulatory requirements for production two weeks ahead of schedule. "Production grows exponentially, so Aug should be 100 cars and Sept above 1,500," Musk said. "Looks like we can reach 20,000 Model 3 cars per month in Dec." That is in line with targets Tesla previously set, of more than 5,000 Model 3s per week by the end of this year and 10,000 vehicles per week 'at some point in 2018'. Musk said he expected SN1, the first car off the assembly line for sale, to be completed by 7 July. Tesla has taken deposits on more than 300,000 Model 3s, starting at $35,000 a vehicle. Its popularity stands out as major US automakers face a downturn. GM and Ford both reported lower sales for June. The Model 3 marks a turning point for Tesla as it transitions from a niche luxury car manufacturer to a mass producer. The 500,000 vehicles the company plans to make next year is nearly six times its 2016 production. As per previous reports, Tesla shut down production at its California assembly plant for a week to prepare for production of the Model 3 sedan, in order to meet its target of starting production in July.

Tesla starts Model 3 production

Automakers are using tiny cameras, sensors to track drooping heads, steering wheel monitors and audible alerts to ensure drivers pay attention when using advanced driver assistance systems, like Tesla&rsquo;s Autopilot, that allow drivers to take their hands off the wheel.

In a report this week on the May 2016 crash of a Tesla Model S that killed a driver who was using Autopilot, the National Transportation Safety Board demonstrated that users could mostly keep their hands off the wheel for extended periods despite repeated warnings from the vehicle.

But the crash underscored a vexing problem for automakers that want to gain an edge by launching technology that completely automates driving tasks. Unless a car is capable of driving itself safely in every situation, drivers will still have to remain alert and ready to take control even if the car is piloting itself.

The NTSB, the federal agency charged with investigating significant transportation accidents, said during a 37-minute section of the 41-minute Tesla trip, the driver kept his hands on the wheel for just 25 seconds, putting his hands on the wheel for one to three-second increments after getting repeated visual and audible warnings.

General Motors delayed the introduction of a driver assistance technology called Super Cruise that was initially planned for late last year because it said it was not ready.

The technology will go on sale this fall. Barry Walkup, chief engineer of Super Cruise, said the company added &quot;a driver attention function, to insist on driver supervision.&quot;

The system uses a small camera that focuses on the driver and works with infrared lights to track head position to determine where the driver is looking.

If the system - which uses facial recognition software - detects the driver is not paying attention, it will prompt the driver to return attention to the road. If the driver does not respond, it will escalate alerts, including a steering wheel light bar, visual indicators, tactile alerts in the seat and audible alerts. If the driver does not respond, the vehicle is brought to a controlled stop.

Volkswagen AG&#39;s luxury Audi unit has a system that handles steering and braking at speeds of up to 40 miles. The system requires the driver to check in with the steering wheel every 15 seconds. Audi said the system will beep alerts at the driver, and if the driver does not respond, it will bring the vehicle to a stop.

The National Highway Traffic Safety Administration, which is the lead agency for regulating self-driving cars, does not test or preapprove driver assistance systems before automakers install them. Instead, the agency responds to complaints or crashes when it investigates whether a potential defect poses an unreasonable risk to driver safety. The May 2016 Tesla accident has raised concerns about the regulation of self-driving cars.&nbsp;

The NTSB will issue probable cause findings and may make recommendations to the NHTSA in the Tesla crash but does not plan to hold a public hearing on the incident, spokesman Keith Holloway said.

In September 2016, Tesla unveiled new restrictions on Autopilot after widespread concerns the system lulled users into a false sense of security through its &quot;hands-off&quot; driving capability. The updated system temporarily prevents drivers from using the system if they do not respond to audible warnings to take back control of the car.

The car sounds warnings if drivers take their hands off the wheel for more than a minute at speeds above 45 miles per hour (72 kph) when there is no vehicle ahead, Tesla Chief Executive Elon Musk told reporters in September. If the driver ignores three audible warnings in an hour, the system temporarily shuts off until it is parked.

Musk said at the time that autopilot accidents are far more likely for expert users of the system, saying some users got as many as 10 warnings in an hour under the prior system. &ldquo;It&#39;s not the neophytes, it&#39;s the experts. They get very comfortable with it and repeatedly ignore the car&#39;s warnings and in effect, it becomes like a reflex action,&rdquo; Musk said.

Tesla monitors drivers through their interactions with the steering wheel, turn signal, and speed setting, NHTSA said in a separate report.

Alphabet&#39;s Waymo unit, which is also working on self-driving technology, is taking a different approach, arguing that asking drivers to pay attention while the car drives itself is wrong.

Waymo is focusing its efforts on fully autonomous vehicles where humans take no part in driving, rather driver assistance. &quot;We&#39;re not seeking to build a better car. Our goal is to build a better driver,&quot; Waymo Chief Executive Officer John Krafcik said earlier this year.

Alphabet's Waymo unit, which is also working on self-driving technology, is taking a different approach, arguing that asking drivers to pay attention while the car drives itself is wrong

Automakers are using tiny cameras, sensors to track drooping heads, steering wheel monitors and audible alerts to ensure drivers pay attention when using advanced driver assistance systems, like Tesla’s Autopilot, that allow drivers to take their hands off the wheel. In a report this week on the May 2016 crash of a Tesla Model S that killed a driver who was using Autopilot, the National Transportation Safety Board demonstrated that users could mostly keep their hands off the wheel for extended periods despite repeated warnings from the vehicle. But the crash underscored a vexing problem for automakers that want to gain an edge by launching technology that completely automates driving tasks. Unless a car is capable of driving itself safely in every situation, drivers will still have to remain alert and ready to take control even if the car is piloting itself. The NTSB, the federal agency charged with investigating significant transportation accidents, said during a 37-minute section of the 41-minute Tesla trip, the driver kept his hands on the wheel for just 25 seconds, putting his hands on the wheel for one to three-second increments after getting repeated visual and audible warnings. General Motors delayed the introduction of a driver assistance technology called Super Cruise that was initially planned for late last year because it said it was not ready. The technology will go on sale this fall. Barry Walkup, chief engineer of Super Cruise, said the company added "a driver attention function, to insist on driver supervision." The system uses a small camera that focuses on the driver and works with infrared lights to track head position to determine where the driver is looking. If the system - which uses facial recognition software - detects the driver is not paying attention, it will prompt the driver to return attention to the road. If the driver does not respond, it will escalate alerts, including a steering wheel light bar, visual indicators, tactile alerts in the seat and audible alerts. If the driver does not respond, the vehicle is brought to a controlled stop. Volkswagen AG's luxury Audi unit has a system that handles steering and braking at speeds of up to 40 miles. The system requires the driver to check in with the steering wheel every 15 seconds. Audi said the system will beep alerts at the driver, and if the driver does not respond, it will bring the vehicle to a stop. The National Highway Traffic Safety Administration, which is the lead agency for regulating self-driving cars, does not test or preapprove driver assistance systems before automakers install them. Instead, the agency responds to complaints or crashes when it investigates whether a potential defect poses an unreasonable risk to driver safety. The May 2016 Tesla accident has raised concerns about the regulation of self-driving cars. The NTSB will issue probable cause findings and may make recommendations to the NHTSA in the Tesla crash but does not plan to hold a public hearing on the incident, spokesman Keith Holloway said. In September 2016, Tesla unveiled new restrictions on Autopilot after widespread concerns the system lulled users into a false sense of security through its "hands-off" driving capability. The updated system temporarily prevents drivers from using the system if they do not respond to audible warnings to take back control of the car. The car sounds warnings if drivers take their hands off the wheel for more than a minute at speeds above 45 miles per hour (72 kph) when there is no vehicle ahead, Tesla Chief Executive Elon Musk told reporters in September. If the driver ignores three audible warnings in an hour, the system temporarily shuts off until it is parked. Musk said at the time that autopilot accidents are far more likely for expert users of the system, saying some users got as many as 10 warnings in an hour under the prior system. “It's not the neophytes, it's the experts. They get very comfortable with it and repeatedly ignore the car's warnings and in effect, it becomes like a reflex action,” Musk said. Tesla monitors drivers through their interactions with the steering wheel, turn signal, and speed setting, NHTSA said in a separate report. Alphabet's Waymo unit, which is also working on self-driving technology, is taking a different approach, arguing that asking drivers to pay attention while the car drives itself is wrong. Waymo is focusing its efforts on fully autonomous vehicles where humans take no part in driving, rather driver assistance. "We're not seeking to build a better car. Our goal is to build a better driver," Waymo Chief Executive Officer John Krafcik said earlier this year.

Tesla, others seek ways to ensure drivers keep their hands on the wheel

Tesla took a step closer toward establishing an electric vehicle manufacturing plant in China with its announcement that it is in exploratory talks with the Shanghai municipal government.

Tesla has said it wants to build electric cars in China to avoid a 25 per cent tariff on imported vehicles. The company did not provide a timeline for setting up a China plant but said it expects to &quot;more clearly define&quot; its China production plans by the end of the year.

Tesla shares closed up 1.7 percent at $382.61 in Thursday trading.

China&#39;s central government requires foreign companies such as Tesla to have a Chinese partner in new auto manufacturing ventures, with the foreign company owning no more than 50 per cent.

Tesla did not say which companies it might partner with, sparking rampant online speculation. At least three companies, Shanghai Electric Group Co, Shanghai Lingang Holdings and Tianjin Motor Dies reported in exchange filings that they were not in touch with Tesla about its plans in response to media reports implicating them.

Much of the speculation has centered on Tencent Holdings, the internet giant that is China&#39;s largest company. Earlier this year, Tencent acquired a five per cent stake in Tesla for $1.8 billion.

Tesla has not said which vehicles it plans to build in China. However, a supplier familiar with the company&#39;s thinking said it was considering the Model 3 sedan and a crossover companion called Model Y. The Model 3 is slated to begin production in July at Tesla&#39;s Fremont plant in California, with the Model Y tentatively scheduled to follow in mid-2019.

In a separate but related development, US Trade Representative Robert Lighthizer, he was concerned about Ford Motor&#39;s announcement that it will move some production of its Focus small car to China and import the vehicles to the United States.

&quot;If it happened for reasons that are non-economic reasons, then I think the administration should take action,&quot; Lighthizer told US lawmakers.

Tesla is the most valuable US automaker, with a market capitalization of more than $60 billion, but it has yet to turn an annual profit.

Tesla has said it wants to build electric cars in China to avoid a 25 per cent tariff on imported vehicles

Tesla took a step closer toward establishing an electric vehicle manufacturing plant in China with its announcement that it is in exploratory talks with the Shanghai municipal government. Tesla has said it wants to build electric cars in China to avoid a 25 per cent tariff on imported vehicles. The company did not provide a timeline for setting up a China plant but said it expects to "more clearly define" its China production plans by the end of the year. Tesla shares closed up 1.7 percent at $382.61 in Thursday trading. China's central government requires foreign companies such as Tesla to have a Chinese partner in new auto manufacturing ventures, with the foreign company owning no more than 50 per cent. Tesla did not say which companies it might partner with, sparking rampant online speculation. At least three companies, Shanghai Electric Group Co, Shanghai Lingang Holdings and Tianjin Motor Dies reported in exchange filings that they were not in touch with Tesla about its plans in response to media reports implicating them. Much of the speculation has centered on Tencent Holdings, the internet giant that is China's largest company. Earlier this year, Tencent acquired a five per cent stake in Tesla for $1.8 billion. Tesla has not said which vehicles it plans to build in China. However, a supplier familiar with the company's thinking said it was considering the Model 3 sedan and a crossover companion called Model Y. The Model 3 is slated to begin production in July at Tesla's Fremont plant in California, with the Model Y tentatively scheduled to follow in mid-2019. In a separate but related development, US Trade Representative Robert Lighthizer, he was concerned about Ford Motor's announcement that it will move some production of its Focus small car to China and import the vehicles to the United States. "If it happened for reasons that are non-economic reasons, then I think the administration should take action," Lighthizer told US lawmakers. Tesla is the most valuable US automaker, with a market capitalization of more than $60 billion, but it has yet to turn an annual profit.

Tesla moves a step closer to building electric cars in China

A man died in a crash last year while using the semi-autonomous driving system on his Tesla Model S sedan. According to a US Government report, he kept his hands off the wheel for extended periods of time despite repeated automated warnings not to do so.

The National Transportation Safety Board (NTSB) released 500 pages of finding into the May 2016 death of Joshua Brown, a former Navy SEAL, near Williston, Florida. He died&nbsp;after his Model S collided with a truck while it was engaged in the &quot;Autopilot&quot; mode. The report mentioned that in his 37 minute period of the trip, Brown kept his hands on the wheel for just 25 seconds. The Autopilot mode was remained on during most of his trip which gave him visual warning seven times saying &nbsp;&quot;Hands Required Not Detected&quot;. The system also sounded chime for six times.

The NTSB report disclosed that the Tesla Model S uses a proprietary system to record a vehicle&#39;s speed and other data. This is not accessible by the authorities with the commercial tools used to track information in most other cars. The NTSB, therefore, had to rely on Tesla to provide the data in engineering units using proprietary manufacturer software. 
 
A Tesla spokeswoman Keely Sulprizio declined to comment on the NTSB report. Though in 2016 the company said Autopilot &quot;does not allow the driver to abdicate responsibility&quot;.

Brown family lawyer Jack Landskroner described the media reports as &quot;unequivocally false&quot; which claimed that Brown was watching a movie at the time of the crash. He said in an email that the NTSB&#39;s findings should put to rest these false allegations. He also added that the family has not taken any legal action against Tesla and was still reviewing the NTSB report.

The incident raised questions about the safety of systems that can perform driving tasks for long stretches with little or no human intervention, but which cannot completely replace human drivers. 
 
Tesla in September unveiled improvements in Autopilot. The chief executive officer said that they have added new limits on hands-off driving and other features. The updated system temporarily prevents drivers from using the system if they do not respond to audible warnings to take back control of the car.&nbsp;

The NTSB makes safety recommendations but cannot order recalls.

In January, the National Highway Traffic Safety Administration (NHTSA) said it had found no evidence of defects in the aftermath of Brown&#39;s death. NHTSA said that Brown did not apply the brakes and his last action was to set the cruise control at 74 miles (119 km) per hour less than two minutes before the crash-- above the 65 mph speed limit. The report mentioned that Brown did not take any action to avoid the collision.&nbsp; 
 
The agency said that the truck should have been visible to Brown for at least seven seconds before impact. 
 
A Florida Highway Patrol spokesman said the truck driver was charged with a right of way traffic violation. He is due for a court hearing on Wednesday.

&nbsp;

The Autopilot mode was remained on during most of his trip which gave him visual warning seven times saying ?'Hands Required Not Detected'

A man died in a crash last year while using the semi-autonomous driving system on his Tesla Model S sedan. According to a US Government report, he kept his hands off the wheel for extended periods of time despite repeated automated warnings not to do so. The National Transportation Safety Board (NTSB) released 500 pages of finding into the May 2016 death of Joshua Brown, a former Navy SEAL, near Williston, Florida. He died after his Model S collided with a truck while it was engaged in the "Autopilot" mode. The report mentioned that in his 37 minute period of the trip, Brown kept his hands on the wheel for just 25 seconds. The Autopilot mode was remained on during most of his trip which gave him visual warning seven times saying "Hands Required Not Detected". The system also sounded chime for six times. The NTSB report disclosed that the Tesla Model S uses a proprietary system to record a vehicle's speed and other data. This is not accessible by the authorities with the commercial tools used to track information in most other cars. The NTSB, therefore, had to rely on Tesla to provide the data in engineering units using proprietary manufacturer software. A Tesla spokeswoman Keely Sulprizio declined to comment on the NTSB report. Though in 2016 the company said Autopilot "does not allow the driver to abdicate responsibility". Brown family lawyer Jack Landskroner described the media reports as "unequivocally false" which claimed that Brown was watching a movie at the time of the crash. He said in an email that the NTSB's findings should put to rest these false allegations. He also added that the family has not taken any legal action against Tesla and was still reviewing the NTSB report. The incident raised questions about the safety of systems that can perform driving tasks for long stretches with little or no human intervention, but which cannot completely replace human drivers. Tesla in September unveiled improvements in Autopilot. The chief executive officer said that they have added new limits on hands-off driving and other features. The updated system temporarily prevents drivers from using the system if they do not respond to audible warnings to take back control of the car. The NTSB makes safety recommendations but cannot order recalls. In January, the National Highway Traffic Safety Administration (NHTSA) said it had found no evidence of defects in the aftermath of Brown's death. NHTSA said that Brown did not apply the brakes and his last action was to set the cruise control at 74 miles (119 km) per hour less than two minutes before the crash-- above the 65 mph speed limit. The report mentioned that Brown did not take any action to avoid the collision. The agency said that the truck should have been visible to Brown for at least seven seconds before impact. A Florida Highway Patrol spokesman said the truck driver was charged with a right of way traffic violation. He is due for a court hearing on Wednesday.

Tesla driver in fatal 'Autopilot' crash got numerous warnings: US government

According to a Bloomberg report, Tesla has entered into an&nbsp;agreement with the city of Shanghai to produce electric cars in China.

It will build its facilities in Lingang development zone and come as soon as this week. &nbsp;This will be Tesla&#39;s first attempt at producing electric cars in China.&nbsp;

The electric carmaker&#39;s revenue from China tripled to more than $1 billion last year. It will need to set up a joint venture with at least one local partner under existing rules. 
Tesla was not immediately available for comment.

In March, Tencent Holdings, China&#39;s biggest internet company, bought a 5 per cent stake in Tesla for $1.8 billion.

Tesla will build its facility at Linganag development zone

According to a Bloomberg report, Tesla has entered into an agreement with the city of Shanghai to produce electric cars in China. It will build its facilities in Lingang development zone and come as soon as this week. This will be Tesla's first attempt at producing electric cars in China. The electric carmaker's revenue from China tripled to more than $1 billion last year. It will need to set up a joint venture with at least one local partner under existing rules. Tesla was not immediately available for comment. In March, Tencent Holdings, China's biggest internet company, bought a 5 per cent stake in Tesla for $1.8 billion.

Tesla to set up first production plant in China

Tesla Inc Chief Executive Officer Elon Musk and Walt Disney Co CEO Robert Iger said on Thursday they would leave White House advisory councils after US President Donald Trump said he would withdraw from the Paris climate accord.

Trump decided to pull the United States from the landmark 2015 global agreement designed to fight climate change despite entreaties from U.S. allies and corporate leaders in an action that fulfilled a major campaign pledge.&nbsp;

&quot;Climate change is real. Leaving Paris is not good for America or the world,&quot; Musk said in a Twitter post.

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Am departing presidential councils. Climate change is real. Leaving Paris is not good for America or the world.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/870369915894546432">June 1, 2017</a></blockquote>
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He is a member of the President&rsquo;s Strategic and Policy Forum, a business advisory group, and Trump&#39;s manufacturing jobs council.&nbsp;

Musk said on Wednesday that he had done &quot;all I can&quot; to convince Trump to stay in the accord, and threatened to leave the presidential advisory councils if Trump announced a US exit from the accord.

Iger wrote on Twitter that &quot;as a matter of principle, I&#39;ve resigned from the President&#39;s Council over the #ParisAgreement withdrawal.&quot; He is leaving the business advisory group.

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As a matter of principle, I&#39;ve resigned from the President&#39;s Council over the <a href="https://twitter.com/hashtag/ParisAgreement?src=hash">#ParisAgreement</a> withdrawal.
&mdash; Robert Iger (@RobertIger) <a href="https://twitter.com/RobertIger/status/870413002893254656">June 1, 2017</a></blockquote>
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Uber Technologies Inc CEO Travis Kalanick quit the business advisory council in February amid pressure from activists and employees who opposed the administration&#39;s immigration policies.

Trump created the business advisory group in December before taking office to assist him in making policy decisions.

The group is led by Stephen Schwarzman, chief executive of Blackstone Group LP and includes Indra Nooyi, the chief executive of PepsiCo Inc and Jamie Dimon, chief executive of JPMorgan Chase &amp; Co .

Late on Thursday, BlackRock Inc Chief Executive Larry Fink said he would continue to serve on Trump&#39;s CEO Forum, despite reservations about the White House decision to withdraw from the Paris accord.&nbsp;

&quot;I accepted the invitation to serve on the President&#39;s CEO Forum because I believe I can contribute to the policy dialogue in Washington and serve as a voice for investors,&quot; Fink said in a statement.&nbsp;

&quot;I am a strong believer that our industry needs to have a voice with governments around the world,&quot; said Fink, whose company is the world&#39;s largest asset manager, with $5.4 trillion under management.

&quot;I do not agree with all of the president&#39;s policies and decisions, including today`s announcement to exit the U.S. from the Paris Agreement which I believe is a critical step forward in addressing climate change.&quot;

Asked about Musk&#39;s resignation, Commerce Secretary Wilbur Ross told Fox News that &quot;anybody who read the agreement and understood it would realize that this was not really about climate, this was about US money going to other countries and it didn&rsquo;t solve the climate problem.&quot;

Musk has met with Trump several times and spoken with him about the long-term goal of his company SpaceX for flights to Mars carrying humans.

The White House is planning to a hold a meeting with technology leaders on June 19, an administration spokesman said Wednesday.

General Motors Co said Chief Executive Officer Mary Barra would remain on the presidential advisory panel, adding that her participation &quot;provides GM a seat at an important table to contribute to a constructive dialogue about key policy issues.&quot;

In 2013, GM signed a declaration joining other major companies arguing that responding to climate change was good business. The automaker said on Thursday that despite the withdrawal it &quot;will not waver from our commitment to the environment.&quot;

It was unclear whether Ford Motor Co&#39;s new chief executive, James Hackett, would join Trump&#39;s panel.&nbsp;

Ford spokeswoman Christin Baker said on Thursday the No.2 US&nbsp;automaker believes &quot;climate change is real, and remain deeply committed to reducing greenhouse gas emissions in our vehicles and our facilities.&quot;

(Reuters)

Walt Disney Co CEO Robet Iger and Tesla Inc Chief Executive Officer Elon Musk said they were leaving White House advisory councils after Trump 's decision to pull out of the Paris climate accord

Tesla Inc Chief Executive Officer Elon Musk and Walt Disney Co CEO Robert Iger said on Thursday they would leave White House advisory councils after US President Donald Trump said he would withdraw from the Paris climate accord. Trump decided to pull the United States from the landmark 2015 global agreement designed to fight climate change despite entreaties from U.S. allies and corporate leaders in an action that fulfilled a major campaign pledge. "Climate change is real. Leaving Paris is not good for America or the world," Musk said in a Twitter post. Am departing presidential councils. Climate change is real. Leaving Paris is not good for America or the world. — Elon Musk (@elonmusk) June 1, 2017 × He is a member of the President’s Strategic and Policy Forum, a business advisory group, and Trump's manufacturing jobs council. Musk said on Wednesday that he had done "all I can" to convince Trump to stay in the accord, and threatened to leave the presidential advisory councils if Trump announced a US exit from the accord. Iger wrote on Twitter that "as a matter of principle, I've resigned from the President's Council over the #ParisAgreement withdrawal." He is leaving the business advisory group. As a matter of principle, I've resigned from the President's Council over the #ParisAgreement withdrawal. — Robert Iger (@RobertIger) June 1, 2017 × Uber Technologies Inc CEO Travis Kalanick quit the business advisory council in February amid pressure from activists and employees who opposed the administration's immigration policies. Trump created the business advisory group in December before taking office to assist him in making policy decisions. The group is led by Stephen Schwarzman, chief executive of Blackstone Group LP and includes Indra Nooyi, the chief executive of PepsiCo Inc and Jamie Dimon, chief executive of JPMorgan Chase & Co . Late on Thursday, BlackRock Inc Chief Executive Larry Fink said he would continue to serve on Trump's CEO Forum, despite reservations about the White House decision to withdraw from the Paris accord. "I accepted the invitation to serve on the President's CEO Forum because I believe I can contribute to the policy dialogue in Washington and serve as a voice for investors," Fink said in a statement. "I am a strong believer that our industry needs to have a voice with governments around the world," said Fink, whose company is the world's largest asset manager, with $5.4 trillion under management. "I do not agree with all of the president's policies and decisions, including today`s announcement to exit the U.S. from the Paris Agreement which I believe is a critical step forward in addressing climate change." Asked about Musk's resignation, Commerce Secretary Wilbur Ross told Fox News that "anybody who read the agreement and understood it would realize that this was not really about climate, this was about US money going to other countries and it didn’t solve the climate problem." Musk has met with Trump several times and spoken with him about the long-term goal of his company SpaceX for flights to Mars carrying humans. The White House is planning to a hold a meeting with technology leaders on June 19, an administration spokesman said Wednesday. General Motors Co said Chief Executive Officer Mary Barra would remain on the presidential advisory panel, adding that her participation "provides GM a seat at an important table to contribute to a constructive dialogue about key policy issues." In 2013, GM signed a declaration joining other major companies arguing that responding to climate change was good business. The automaker said on Thursday that despite the withdrawal it "will not waver from our commitment to the environment." It was unclear whether Ford Motor Co's new chief executive, James Hackett, would join Trump's panel. Ford spokeswoman Christin Baker said on Thursday the No.2 US automaker believes "climate change is real, and remain deeply committed to reducing greenhouse gas emissions in our vehicles and our facilities." (Reuters)

Iger, Musk to quit Trump advisory councils after Paris accord decision

The Indian government today clarified that US-based electric car major Tesla will not have to source local components if it plans to set up a manufacturing unit in the country.

The government responded to apprehensions expressed by Tesla founder Elon Musk that the company would have to source a certain percentage of local components to set up plant in India.&nbsp;Musk in his tweet had said: &quot;Maybe I&#39;m misinformed, but I was told that 30% of parts must be locally sourced and the supply doesn&#39;t yet exist in India to support that&quot;.

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<a href="https://twitter.com/TheAvinashSingh">@TheAvinashSingh</a> Maybe I&#39;m misinformed, but I was told that 30% of parts must be locally sourced and the supply doesn&#39;t yet exist in India to support that.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/866473048639066112">May 22, 2017</a></blockquote>
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The commerce and industry ministry through its &#39;Make in India&#39; Twitter handle stated that the foreign direct investment (FDI) policy does not mandate any such minimum sourcing of components by manufacturers.

&nbsp;

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.<a href="https://twitter.com/elonmusk">@elonmusk</a> With respect to news reports on launch plans of Tesla in India being delayed, please note some key clarifications<a href="https://twitter.com/hashtag/MakeInIndia?src=hash">#MakeInIndia</a> <a href="https://t.co/9RFICGM9Kk">pic.twitter.com/9RFICGM9Kk</a>
&mdash; Make in India (@makeinindia) <a href="https://twitter.com/makeinindia/status/866910403254603776">May 23, 2017</a></blockquote>
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As per the policy, after manufacturing in India, a foreign investor is permitted to sell its products in any manner - wholesale, retail or e-commerce.

&quot;FDI policy also permits wholesale of imported goods in India without sourcing conditions,&quot; the ministry said.

It is only for retail trading of goods that sourcing conditions are mandated. Such norms are not applicable to manufacturers as goods are produced in India, it added.

Last year in April, the company had stated that it planned to enter India with its Model 3 in 2017.

In a visit to the company&#39;s plant last year, minister of road, transport and highways Nitin Gadkari had offered Tesla land near major Indian ports to facilitate exports to South and South East Asian countries while asking the company to make India its Asia manufacturing hub.

In September 2015, Prime Minister Narendra Modi had visited Tesla&#39;s facility in San Jose and showed keen interest in some of their path-breaking inventions, particularly in the renewable energy sector which can have multiple applications in remote rural areas.

If a foreign company wants to open wholly-owned single-brand retail stores in India, it has to mandatorily source 30 per cent of the value of goods from India.

(PTI)

Tesla will not have to source local components if it plans to set up a manufacturing unit in India

The Indian government today clarified that US-based electric car major Tesla will not have to source local components if it plans to set up a manufacturing unit in the country. The government responded to apprehensions expressed by Tesla founder Elon Musk that the company would have to source a certain percentage of local components to set up plant in India. Musk in his tweet had said: "Maybe I'm misinformed, but I was told that 30% of parts must be locally sourced and the supply doesn't yet exist in India to support that". @TheAvinashSingh Maybe I'm misinformed, but I was told that 30% of parts must be locally sourced and the supply doesn't yet exist in India to support that. — Elon Musk (@elonmusk) May 22, 2017 × The commerce and industry ministry through its 'Make in India' Twitter handle stated that the foreign direct investment (FDI) policy does not mandate any such minimum sourcing of components by manufacturers. .@elonmusk With respect to news reports on launch plans of Tesla in India being delayed, please note some key clarifications#MakeInIndia pic.twitter.com/9RFICGM9Kk — Make in India (@makeinindia) May 23, 2017 × As per the policy, after manufacturing in India, a foreign investor is permitted to sell its products in any manner - wholesale, retail or e-commerce. "FDI policy also permits wholesale of imported goods in India without sourcing conditions," the ministry said. It is only for retail trading of goods that sourcing conditions are mandated. Such norms are not applicable to manufacturers as goods are produced in India, it added. Last year in April, the company had stated that it planned to enter India with its Model 3 in 2017. In a visit to the company's plant last year, minister of road, transport and highways Nitin Gadkari had offered Tesla land near major Indian ports to facilitate exports to South and South East Asian countries while asking the company to make India its Asia manufacturing hub. In September 2015, Prime Minister Narendra Modi had visited Tesla's facility in San Jose and showed keen interest in some of their path-breaking inventions, particularly in the renewable energy sector which can have multiple applications in remote rural areas. If a foreign company wants to open wholly-owned single-brand retail stores in India, it has to mandatorily source 30 per cent of the value of goods from India. (PTI)

After govt clarification, Tesla might come to India sooner

South Korean car manufacturers Hyundai and Kia were <a href="http://www.wionews.com/science-tech/hyundai-kia-ordered-to-recall-vehicles-after-whistleblower-report-15490">ordered by authorities to recall</a> 240,000 vehicles in South Korea. This was a result of several defects discovered, including issues with the <a href="http://www.wionews.com/science-tech/hyundai-kia-ordered-to-recall-vehicles-after-whistleblower-report-15490">parking brake lights</a> and fuel hoses, and would affect models such as the Hyundai Elantra and Sonata.

This recall, though pales in comparison to a recall last month for 1.5 million cars in the US and South Korea from the same manufacturers. This was for 5 models including Hyundai&#39;s Sonata and Grandeur and was done because of potential engine stalling.

Here&#39;s a look at the various recalls that have been issued this year, compiled from news reports.

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If you look at the table above, you will see that several recalls have to do with airbags, especially those made by Takata. 13 carmakers issued a recall for <a href="http://www.nbcnews.com/business/autos/over-652k-vehicles-involved-latest-takata-airbag-recall-n708811">652,000 cars</a> in the US in March, cars which were fitted with the Takata airbags.

This is actually part of the world&#39;s largest recall, which started <a href="https://www.bloomberg.com/news/features/2016-06-02/sixty-million-car-bombs-inside-takata-s-air-bag-crisis">first in 2008</a> and could potentially affect over 100 million vehicles from several manufacturers. The issue was that because of a volatile chemical in the airbags, it could suddenly explode and send metal shrapnel into passengers. At least<a href="http://www.huffingtonpost.com/entry/majority-of-money-in-airbag-fraud-settlement-slated-for-automakers-not-actual-victims_us_58b3884ce4b060480e090796"> 11 have died and 200 hurt</a> in the US because of these exploding Takata airbags.

Car owners in India have been affected by the Takata recall too in 2017 with <a href="http://www.financialexpress.com/auto/car-news/honda-recalls-41850-units-of-jazz-city-accord-and-civic-over-airbag-failure/532163/">Honda recalling</a> around 42,000 cars&mdash;including models such as the City, Accord and Civic&mdash;and Toyota recalling 23,000 units of the <a href="http://www.financialexpress.com/auto/car-news/toyota-to-recall-over-23000-units-of-corolla-altis-in-india-over-faulty-takata-airbags/618968/">Corolla Altis</a>.

Because there is no official policy on car recalls in India, presently any such recall is <a href="http://pibregional.nic.in/PressReleseDetail.aspx?PRID=1487569">voluntarily done</a> by the manufacturer.

Carmakers Hyundai and Kia recalled 240,000 cars this week. So who else has recalled their cars this year?

South Korean car manufacturers Hyundai and Kia were ordered by authorities to recall 240,000 vehicles in South Korea. This was a result of several defects discovered, including issues with the parking brake lights and fuel hoses, and would affect models such as the Hyundai Elantra and Sonata. This recall, though pales in comparison to a recall last month for 1.5 million cars in the US and South Korea from the same manufacturers. This was for 5 models including Hyundai's Sonata and Grandeur and was done because of potential engine stalling. Here's a look at the various recalls that have been issued this year, compiled from news reports. If you look at the table above, you will see that several recalls have to do with airbags, especially those made by Takata. 13 carmakers issued a recall for 652,000 cars in the US in March, cars which were fitted with the Takata airbags. This is actually part of the world's largest recall, which started first in 2008 and could potentially affect over 100 million vehicles from several manufacturers. The issue was that because of a volatile chemical in the airbags, it could suddenly explode and send metal shrapnel into passengers. At least 11 have died and 200 hurt in the US because of these exploding Takata airbags. Car owners in India have been affected by the Takata recall too in 2017 with Honda recalling around 42,000 cars—including models such as the City, Accord and Civic—and Toyota recalling 23,000 units of the Corolla Altis. Because there is no official policy on car recalls in India, presently any such recall is voluntarily done by the manufacturer.

Analysis: Cars recalled worldwide in 2017

Citigroup listed seven companies as potential takeover targets for Apple, including Netflix, Walt Disney and Tesla, as a way to put its cash hoard of more than $250 billion to work.

With over 90 per cent of its cash sitting overseas, a one-time 10 per cent repatriation tax would give Apple $220 billion for acquisitions or buybacks, Citigroup analyst Jim Suva said in a note to clients.

US&nbsp;President Donald Trump&#39;s tax blueprint, which was unveiled last month, proposes allowing multinationals to bring in overseas profits at a tax rate of 10 per cent versus 35 per cent now. &quot;Since one of the new administration&#39;s top priorities is to allow US companies to repatriate overseas cash at a lower tax rate, Apple may have a more acute need to put this cash to use,&quot; Suva said.

The analyst is rated three out of five stars for his recommendations on Apple, according to Thomson Reuters StarMine. The other potential acquisition targets include video game developers Activision Blizzard, Electronic Arts and Take Two Interactive Software as well as video streaming service Hulu. The analyst said the targets were screened considering five criteria - strategic fit, global scale, transaction size, few non-strategic assets and likely impact on Apple&#39;s share price.

Under pressure from shareholders to hand over more of its cash hoard, Apple recently boosted its capital return program by $50 billion, increased its share buyback program by $35 billion and raised its quarterly dividend by 10.5 per cent.

(Reuters)

A one-time 10 percent repatriation tax would give Apple $220 billion for acquisitions or buybacks

Citigroup listed seven companies as potential takeover targets for Apple, including Netflix, Walt Disney and Tesla, as a way to put its cash hoard of more than $250 billion to work. With over 90 per cent of its cash sitting overseas, a one-time 10 per cent repatriation tax would give Apple $220 billion for acquisitions or buybacks, Citigroup analyst Jim Suva said in a note to clients. US President Donald Trump's tax blueprint, which was unveiled last month, proposes allowing multinationals to bring in overseas profits at a tax rate of 10 per cent versus 35 per cent now. "Since one of the new administration's top priorities is to allow US companies to repatriate overseas cash at a lower tax rate, Apple may have a more acute need to put this cash to use," Suva said. The analyst is rated three out of five stars for his recommendations on Apple, according to Thomson Reuters StarMine. The other potential acquisition targets include video game developers Activision Blizzard, Electronic Arts and Take Two Interactive Software as well as video streaming service Hulu. The analyst said the targets were screened considering five criteria - strategic fit, global scale, transaction size, few non-strategic assets and likely impact on Apple's share price. Under pressure from shareholders to hand over more of its cash hoard, Apple recently boosted its capital return program by $50 billion, increased its share buyback program by $35 billion and raised its quarterly dividend by 10.5 per cent. (Reuters)

Netflix, Tesla listed as potential takeover targets for Apple

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