President Donald Trump announced that he has signed an executive order creating a new technology council to &quot;transform and modernise&quot; the US government&#39;s information technology systems.

A White House official confirmed on Monday that about 20 technology chief executives will attend meetings at the White House in early June to talk about improving government information technology.

&quot;Americans deserve better digital services from their Government. To effectuate this policy, the federal government must transform and modernize its information technology and how it uses and delivers digital services,&quot; Trump&#39;s executive order dated April 28 said.

Trump has held a number of meetings with top tech chief executives since becoming president, including Apple, Facebook, Alphabet, IBM, Microsoft, and Tesla.

In March, Trump signed a separate order to overhaul the federal government. Trump tapped Jared Kushner in March to lead a White House Office of American Innovation to leverage business ideas and potentially privatise some government functions as the White House pushes to shrink government, cut federal employees and eliminate regulations.

Officially called the American Technology Council, Chris Liddell will be its director. He is the White House director of strategic initiatives, and former Microsoft and General Motors chief financial officer.

A 2016 US Government Accountability Office report publicly estimated the US government spends more than $80 billion in IT annually, but said spending has fallen by $7.3 billion since 2010. In 2015, there were at least 7,000 separate IT investments by the US government, the report said.

The $80 billion figure does not include Defense Department classified IT systems; and 58 independent executive branch agencies, including the Central Intelligence Agency, the report said.

The GAO report said US government IT investments &quot;are becoming increasingly obsolete: many use outdated software languages and hardware parts that are unsupported.&quot;

The report found some agencies are using systems that have components that are at least 50 years old. &quot;The Department of Defense uses 8-inch floppy disks in a legacy system that coordinates the operational functions of the nation&rsquo;s nuclear forces,&quot; the report said.

The report said the Defense Department plans to update the system by the end of September.

The Treasury Department&#39;s business master file of tax data pertaining to individual business income taxpayers dates back to the 1950s and using an antiquated computer language &quot;and operates on an IBM mainframe.&quot;

The council is chaired by Trump and includes the defense secretary, homeland security secretary, budget director and director of national intelligence.

(Reuters)

About 20 technology chief executives will attend meetings at the White House in early June to talk about improving government information technology

President Donald Trump announced that he has signed an executive order creating a new technology council to "transform and modernise" the US government's information technology systems. A White House official confirmed on Monday that about 20 technology chief executives will attend meetings at the White House in early June to talk about improving government information technology. "Americans deserve better digital services from their Government. To effectuate this policy, the federal government must transform and modernize its information technology and how it uses and delivers digital services," Trump's executive order dated April 28 said. Trump has held a number of meetings with top tech chief executives since becoming president, including Apple, Facebook, Alphabet, IBM, Microsoft, and Tesla. In March, Trump signed a separate order to overhaul the federal government. Trump tapped Jared Kushner in March to lead a White House Office of American Innovation to leverage business ideas and potentially privatise some government functions as the White House pushes to shrink government, cut federal employees and eliminate regulations. Officially called the American Technology Council, Chris Liddell will be its director. He is the White House director of strategic initiatives, and former Microsoft and General Motors chief financial officer. A 2016 US Government Accountability Office report publicly estimated the US government spends more than $80 billion in IT annually, but said spending has fallen by $7.3 billion since 2010. In 2015, there were at least 7,000 separate IT investments by the US government, the report said. The $80 billion figure does not include Defense Department classified IT systems; and 58 independent executive branch agencies, including the Central Intelligence Agency, the report said. The GAO report said US government IT investments "are becoming increasingly obsolete: many use outdated software languages and hardware parts that are unsupported." The report found some agencies are using systems that have components that are at least 50 years old. "The Department of Defense uses 8-inch floppy disks in a legacy system that coordinates the operational functions of the nation’s nuclear forces," the report said. The report said the Defense Department plans to update the system by the end of September. The Treasury Department's business master file of tax data pertaining to individual business income taxpayers dates back to the 1950s and using an antiquated computer language "and operates on an IBM mainframe." The council is chaired by Trump and includes the defense secretary, homeland security secretary, budget director and director of national intelligence. (Reuters)

Trump creating new tech group to ?transform and modernise? US govt

Tesla founder and Chief Executive Elon Musk said his latest company Neuralink is working to link the human brain with a machine interface by creating micron-sized devices.

Neuralink is aiming to bring to the market a product that helps with certain severe brain injuries due to stroke, cancer lesion etc, in about four years, Musk said in an interview with website Wait But Why.

&quot;If I were to communicate a concept to you, you would essentially engage in consensual telepathy,&quot; Musk said in the interview published on Thursday.

Artificial intelligence and machine learning will create computers so sophisticated and godlike that humans will need to implant &quot;neural laces&quot; in their brains to keep up, Musk said in a tech conference last year.

&quot;There are a bunch of concepts in your head that then your brain has to try to compress into this incredibly low data rate called speech or typing,&quot; Musk said in the latest interview.

&quot;If you have two brain interfaces, you could actually do an uncompressed direct conceptual communication with another person.&quot;

The technology could take about eight to 10 years to become usable by people with no disability, which would depend heavily on regulatory approval timing and how well the devices work on people with disabilities, Musk was quoted as saying.

In March, the Wall Street Journal reported that Musk had launched a company through which computers could merge with human brains. Neuralink was registered in California as a &quot;medical research&quot; company last July, and he plans on funding the company mostly by himself.

(Reuters)

Musk's latest company Neuralink is aiming to bring to the market a product that helps with certain severe brain injuries

Tesla founder and Chief Executive Elon Musk said his latest company Neuralink is working to link the human brain with a machine interface by creating micron-sized devices. Neuralink is aiming to bring to the market a product that helps with certain severe brain injuries due to stroke, cancer lesion etc, in about four years, Musk said in an interview with website Wait But Why. "If I were to communicate a concept to you, you would essentially engage in consensual telepathy," Musk said in the interview published on Thursday. Artificial intelligence and machine learning will create computers so sophisticated and godlike that humans will need to implant "neural laces" in their brains to keep up, Musk said in a tech conference last year. "There are a bunch of concepts in your head that then your brain has to try to compress into this incredibly low data rate called speech or typing," Musk said in the latest interview. "If you have two brain interfaces, you could actually do an uncompressed direct conceptual communication with another person." The technology could take about eight to 10 years to become usable by people with no disability, which would depend heavily on regulatory approval timing and how well the devices work on people with disabilities, Musk was quoted as saying. In March, the Wall Street Journal reported that Musk had launched a company through which computers could merge with human brains. Neuralink was registered in California as a "medical research" company last July, and he plans on funding the company mostly by himself. (Reuters)

Elon Musk on mission to link human brains with computers in four years: Report

A hazardous material spill at Tesla&#39;s Gigafactory battery plant in Nevada was being investigated by emergency workers but there were no serious injuries, the company said.

Tesla spokesman Dave Arnold said a drum of &quot;standard construction cleaning solvent&quot; was spilled at a loading dock and a small area of the building was evacuated.

&quot;Out of an abundance of caution, a couple of employees who may have been exposed are being transferred to the local hospital,&quot; said Arnold.

He said Tesla anticipated no effect on production.

&quot;There was no threat to the public, no plumes or anything,&quot; said Joe Curtis, director of emergency management for Nevada&#39;s Storey County. He said the fire department was on the scene identifying the spilled hazardous material.

The factory outside of Sparks, Nevada, has not yet been completed but production has begun on lithium-ion battery cells to be used in Tesla&#39;s energy storage products and upcoming Model 3 sedan.

(Reuters)

A drum of 'standard construction cleaning solvent' was spilled at a loading dock and a small area of the building was evacuated

A hazardous material spill at Tesla's Gigafactory battery plant in Nevada was being investigated by emergency workers but there were no serious injuries, the company said. Tesla spokesman Dave Arnold said a drum of "standard construction cleaning solvent" was spilled at a loading dock and a small area of the building was evacuated. "Out of an abundance of caution, a couple of employees who may have been exposed are being transferred to the local hospital," said Arnold. He said Tesla anticipated no effect on production. "There was no threat to the public, no plumes or anything," said Joe Curtis, director of emergency management for Nevada's Storey County. He said the fire department was on the scene identifying the spilled hazardous material. The factory outside of Sparks, Nevada, has not yet been completed but production has begun on lithium-ion battery cells to be used in Tesla's energy storage products and upcoming Model 3 sedan. (Reuters)

Chemicals spill at Tesla battery factory, no serious injuries

Tesla founder Elon Musk said the electric car startup is set to launch its first semi-truck in September, moving for the first time into that segment. Musk made the announcement in a tweet, offering few details about the plan, although he has spoken in the past about moving into the truck segment.

&quot;Tesla Semi truck unveil set for September. Team has done an amazing job. Seriously next level,&quot; he wrote on Twitter.

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Tesla Semi truck unveil set for September. Team has done an amazing job. Seriously next level.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/852580027178696704">April 13, 2017</a></blockquote>
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The news comes with Tesla stock on an uptrend and the California-based group jockeying for position as the most valuable automotive maker with General Motors, even though Tesla produces far fewer vehicles.

Tesla&#39;s rise reflects a belief in the market that it embodies the future of the industry and has a firmer grip than traditional players on technologies that will inject autonomous features into driving.

Tesla last year sold 84,000 cars, generating $7 billion in revenue.

Tesla, which has overtaken Ford in market capitalisation, is on track to begin production in July of the Model 3, which is aimed at the middle market, making the electric car accessible to a broader swath of consumers.

Last year, Musk announced that Tesla plans to build a new pickup truck, an urban bus, and launch a sharing system of self-driving cars.

On Thursday, Musk said in response to a Twitter question that the pickup truck would be unveiled &quot;in 18 to 24 months&quot; and that the new roadster in the works would be a convertible.

The projects are part of what the billionaire entrepreneur called a &quot;secret&quot; second master plan for the US electric car manufacturer.

&quot;In addition to consumer vehicles, there are two other types of electric vehicle needed: heavy-duty trucks and high passenger-density urban transport,&quot; Musk wrote last July.

(AFP)

&nbsp;

Tesla's rise reflects a belief in the market that it embodies the future of the industry

Tesla founder Elon Musk said the electric car startup is set to launch its first semi-truck in September, moving for the first time into that segment. Musk made the announcement in a tweet, offering few details about the plan, although he has spoken in the past about moving into the truck segment. "Tesla Semi truck unveil set for September. Team has done an amazing job. Seriously next level," he wrote on Twitter. Tesla Semi truck unveil set for September. Team has done an amazing job. Seriously next level. — Elon Musk (@elonmusk) April 13, 2017 × The news comes with Tesla stock on an uptrend and the California-based group jockeying for position as the most valuable automotive maker with General Motors, even though Tesla produces far fewer vehicles. Tesla's rise reflects a belief in the market that it embodies the future of the industry and has a firmer grip than traditional players on technologies that will inject autonomous features into driving. Tesla last year sold 84,000 cars, generating $7 billion in revenue. Tesla, which has overtaken Ford in market capitalisation, is on track to begin production in July of the Model 3, which is aimed at the middle market, making the electric car accessible to a broader swath of consumers. Last year, Musk announced that Tesla plans to build a new pickup truck, an urban bus, and launch a sharing system of self-driving cars. On Thursday, Musk said in response to a Twitter question that the pickup truck would be unveiled "in 18 to 24 months" and that the new roadster in the works would be a convertible. The projects are part of what the billionaire entrepreneur called a "secret" second master plan for the US electric car manufacturer. "In addition to consumer vehicles, there are two other types of electric vehicle needed: heavy-duty trucks and high passenger-density urban transport," Musk wrote last July. (AFP)

Tesla to launch first semi-truck in September

For the first time in the era of the modern automobile, the most valuable US&nbsp;car maker is not based in Detroit.

Silicon Valley&#39;s Tesla Inc&nbsp;overtook General Motors on Monday to become the US&nbsp;car maker with the largest market capitalisation as the century-old automobile industry increases its reliance on software and cutting-edge energy technology.

That milestone is likely to be on the minds of Tesla Chief Executive Elon Musk and GM Chief Executive Mary Barra as they and other CEOs visit the White House on Tuesday to discuss tax reform and infrastructure with President Donald Trump.

Helped by an analyst&#39;s recommendation, Tesla rose 3.26 per cent to a record high of $312.39 on Monday. Its market value of $50.887 billion exceeded GM&#39;s by about $1 million.

Over the past month, the luxury electric car maker has surged 35 percent as investors bet that Musk will revolutionise the automobile and energy industries.

That compares to a declining share performance by GM in recent years that recently led billionaire investor David Einhorn to propose splitting the stock into two classes to help boost its price.

Tesla&#39;s market capitalisation is now equivalent to $102,000 for every car it plans to make in 2018, or $667,000 per car sold last year. By comparison, GM&#39;s market capitalisation is equivalent to $5,000 per car it sold in 2016.

The Palo Alto, California company is rushing to launch its mass-market Model 3 sedan in the second half of 2017 and quickly ramp up its factory to reach a production target of 500,000 cars per year in 2018. Last year it sold 76,230, missing its target of at least 80,000 vehicles. By comparison, GM sold 10 million cars and Ford sold 6.7 million.

With its stock down nearly 20 per cent since 2013, GM has scaled back operations outside the United States while pushing to improve its profitability. It announced in March it would sell its European operations.

Reflecting Wall Street&#39;s worries, GM&#39;s stock trades at 6 times its expected earnings, the lowest multiple among companies in the S&amp;P 500.

Proponents believe Tesla, which is not profitable, argue its stock price is justified based on long-term expectations for Tesla&#39;s growth.

They also point to opportunities from Tesla&#39;s acquisition last year of money-losing solar panel installer SolarCity and Tesla&#39;s Nevada battery cell plant aimed at driving down manufacturing costs.

Analyst Enthusiastic

After driving a Tesla for seven months, Piper Jaffray analyst Alexander Potter on Monday upgraded the stock to &quot;overweight&quot; from &quot;neutral&quot;, describing Tesla&#39;s products as &quot;captivating&quot;.

&quot;Tesla isn&#39;t just another company. More so than any stock we&#39;ve covered, Tesla engenders optimism, freedom, defiance, and a host of other emotions that, in our view, other companies cannot replicate,&quot; Potter wrote in a report.

Skeptics believe Tesla&#39;s growth targets are unrealistic and that the company risks being overtaken by GM, Ford and other deep-pocketed manufacturers ramping up their own electric vehicle offerings.

Its market capitalisation remains smaller than Japan&#39;s Toyota Motor Corp, at $173 billion.

Tesla&#39;s rich valuation has made it a target of short sellers, who so far in 2017 have suffered over $2 billion in paper losses as the stock rallied.

Jeffrey Gundlach, who oversees over $105 billion in assets at Los Angeles-based DoubleLine Capital, told Reuters last week: &quot;As a car company alone, Tesla is crazy high valuation. As a battery company - one that expands and innovates substantially - maybe the valuation can work.&quot;

(Reuters)

Tesla rose 3.26 per cent to a record high of $312.39 on Monday. Its market value of $50.887 billion exceeded GM's by about $1 million

For the first time in the era of the modern automobile, the most valuable US car maker is not based in Detroit. Silicon Valley's Tesla Inc overtook General Motors on Monday to become the US car maker with the largest market capitalisation as the century-old automobile industry increases its reliance on software and cutting-edge energy technology. That milestone is likely to be on the minds of Tesla Chief Executive Elon Musk and GM Chief Executive Mary Barra as they and other CEOs visit the White House on Tuesday to discuss tax reform and infrastructure with President Donald Trump. Helped by an analyst's recommendation, Tesla rose 3.26 per cent to a record high of $312.39 on Monday. Its market value of $50.887 billion exceeded GM's by about $1 million. Over the past month, the luxury electric car maker has surged 35 percent as investors bet that Musk will revolutionise the automobile and energy industries. That compares to a declining share performance by GM in recent years that recently led billionaire investor David Einhorn to propose splitting the stock into two classes to help boost its price. Tesla's market capitalisation is now equivalent to $102,000 for every car it plans to make in 2018, or $667,000 per car sold last year. By comparison, GM's market capitalisation is equivalent to $5,000 per car it sold in 2016. The Palo Alto, California company is rushing to launch its mass-market Model 3 sedan in the second half of 2017 and quickly ramp up its factory to reach a production target of 500,000 cars per year in 2018. Last year it sold 76,230, missing its target of at least 80,000 vehicles. By comparison, GM sold 10 million cars and Ford sold 6.7 million. With its stock down nearly 20 per cent since 2013, GM has scaled back operations outside the United States while pushing to improve its profitability. It announced in March it would sell its European operations. Reflecting Wall Street's worries, GM's stock trades at 6 times its expected earnings, the lowest multiple among companies in the S&P 500. Proponents believe Tesla, which is not profitable, argue its stock price is justified based on long-term expectations for Tesla's growth. They also point to opportunities from Tesla's acquisition last year of money-losing solar panel installer SolarCity and Tesla's Nevada battery cell plant aimed at driving down manufacturing costs. Analyst Enthusiastic After driving a Tesla for seven months, Piper Jaffray analyst Alexander Potter on Monday upgraded the stock to "overweight" from "neutral", describing Tesla's products as "captivating". "Tesla isn't just another company. More so than any stock we've covered, Tesla engenders optimism, freedom, defiance, and a host of other emotions that, in our view, other companies cannot replicate," Potter wrote in a report. Skeptics believe Tesla's growth targets are unrealistic and that the company risks being overtaken by GM, Ford and other deep-pocketed manufacturers ramping up their own electric vehicle offerings. Its market capitalisation remains smaller than Japan's Toyota Motor Corp, at $173 billion. Tesla's rich valuation has made it a target of short sellers, who so far in 2017 have suffered over $2 billion in paper losses as the stock rallied. Jeffrey Gundlach, who oversees over $105 billion in assets at Los Angeles-based DoubleLine Capital, told Reuters last week: "As a car company alone, Tesla is crazy high valuation. As a battery company - one that expands and innovates substantially - maybe the valuation can work." (Reuters)

Tesla becomes most valuable US car maker, edges out GM

Tesla on Monday became the second-largest US car maker in terms of market capitalisation, displacing Ford, whose sales lagged amid concerns about the ability of the US market to keep growing.

Many major auto makers reported US sales declines in March compared to a year ago, but Tesla over the weekend said it saw a huge jump in vehicles delivered to consumers in the first three months of the year.&nbsp;

That was enough to send the electric car maker&#39;s stock soaring Monday, even as investors punished major car brands for reporting lower-than-expected March sales.&nbsp;

Tesla said it delivered 25,000 of its high-tech vehicles in the January-March period -- a 69 per cent surge compared to the first three months of 2016 -- indicating it was on its way to meeting its goal of 50,000 vehicle deliveries by mid-2017.&nbsp;

Late last year, the company reported its first quarterly profit in more than three years, but then slipped back into unprofitability in the following quarter.&nbsp;

Investors still rewarded the company on Monday, with stock movements reshuffling the hierarchy among US carmakers. Tesla Motors overtook Ford for the number two spot and closed the gap with GM, the biggest US automaker by market capitalisation.&nbsp;

At market close, Tesla was up 7.3 per cent to $298.52 for a market capitalisation of $48.63 billion.

Ford, which at one point was down as much as three per cent, had a market capitalisation of $45.47 billion. At its low, GM fell 4.4 per cent, but maintained a market capitalization above $50.9 billion.

Tesla founder and CEO Elon Musk marked the occasion on Twitter with a dig at short sellers, investors who bet that a company&#39;s stock will decline.&nbsp;

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Stormy weather in Shortville ...
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/848935705057280001">April 3, 2017</a></blockquote>
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&quot;Stormy weather in Shortville,&quot; Musk wrote.&nbsp;

&nbsp;

Major brands struggle

For the industry as a whole, it may indeed be stormy weather. &nbsp;Car companies failed to meet forecasts of an overall March sales increase, which fell instead industry-wide by 1.6 per cent, according to an estimate by the tracking firm Autodata.&nbsp;The seasonally-adjusted annual rate for US vehicle sales fell to 16.62 million units, versus 16.67 million units a year ago, Autodata reported.&nbsp;

Despite the bad news, there were bright spots among established auto makers.&nbsp;GM saw sales gain 1.6 per cent, helped by Americans&#39; strong demand for light trucks and sport utility vehicles, as well as bigger discounts. Nissan sales also rose, up 3.2 per cent compared to March 2016, helped by its popular Rogue compact SUV.&nbsp;

But the news was not good for many other big players.&nbsp;Ford reported that sales fell a worse-than-expected 7.2 per cent, while Toyota sales dropped 2.1 per cent, compared to the same period last year.&nbsp;

FCA US, the American arm of Fiat Chrysler, continued to struggle, reporting a five per cent decline last month, while in the first three months of the year, sales were down eight per cent.&nbsp;Record Honda truck and SUV sales could not help the Japanese car maker notch an overall increase last month, as sales slipped 0.7 per cent, when accounting for declines at its Acura luxury brand.&nbsp;

In an earlier forecast note, Edmunds analyst Jessica Caldwell struck a cautionary tone for the industry, saying there were several areas of concern.&nbsp;

&quot;Inventories have reached levels not seen in more than a decade, and incentives are rising,&quot; Caldwell said, referring to discounts and other enticements offered to consumers.

&quot;We&#39;re also seeing an increase in loan terms and indications of a rise in subprime lending, which demonstrate sales aren&#39;t coming as easily as they used to,&quot; she said.&nbsp;

But while Toyota echoed that cautionary tone, pointing to a declining selling rate, GM remained optimistic. &nbsp;&quot;More people are working, consumer confidence is at a 16-year high, fuel prices are low,&quot; Kurt McNeil, head of GM&#39;s US sales, said in a statement. &quot;We see more growth ahead for our brands,&quot; McNeil said.&nbsp;

(AFP)

Elon Musk's company has now overtaken Ford, and it's narrowing in on General Motors

Tesla on Monday became the second-largest US car maker in terms of market capitalisation, displacing Ford, whose sales lagged amid concerns about the ability of the US market to keep growing. Many major auto makers reported US sales declines in March compared to a year ago, but Tesla over the weekend said it saw a huge jump in vehicles delivered to consumers in the first three months of the year. That was enough to send the electric car maker's stock soaring Monday, even as investors punished major car brands for reporting lower-than-expected March sales. Tesla said it delivered 25,000 of its high-tech vehicles in the January-March period -- a 69 per cent surge compared to the first three months of 2016 -- indicating it was on its way to meeting its goal of 50,000 vehicle deliveries by mid-2017. Late last year, the company reported its first quarterly profit in more than three years, but then slipped back into unprofitability in the following quarter. Investors still rewarded the company on Monday, with stock movements reshuffling the hierarchy among US carmakers. Tesla Motors overtook Ford for the number two spot and closed the gap with GM, the biggest US automaker by market capitalisation. At market close, Tesla was up 7.3 per cent to $298.52 for a market capitalisation of $48.63 billion. Ford, which at one point was down as much as three per cent, had a market capitalisation of $45.47 billion. At its low, GM fell 4.4 per cent, but maintained a market capitalization above $50.9 billion. Tesla founder and CEO Elon Musk marked the occasion on Twitter with a dig at short sellers, investors who bet that a company's stock will decline. Stormy weather in Shortville ... — Elon Musk (@elonmusk) April 3, 2017 × "Stormy weather in Shortville," Musk wrote. Major brands struggle For the industry as a whole, it may indeed be stormy weather. Car companies failed to meet forecasts of an overall March sales increase, which fell instead industry-wide by 1.6 per cent, according to an estimate by the tracking firm Autodata. The seasonally-adjusted annual rate for US vehicle sales fell to 16.62 million units, versus 16.67 million units a year ago, Autodata reported. Despite the bad news, there were bright spots among established auto makers. GM saw sales gain 1.6 per cent, helped by Americans' strong demand for light trucks and sport utility vehicles, as well as bigger discounts. Nissan sales also rose, up 3.2 per cent compared to March 2016, helped by its popular Rogue compact SUV. But the news was not good for many other big players. Ford reported that sales fell a worse-than-expected 7.2 per cent, while Toyota sales dropped 2.1 per cent, compared to the same period last year. FCA US, the American arm of Fiat Chrysler, continued to struggle, reporting a five per cent decline last month, while in the first three months of the year, sales were down eight per cent. Record Honda truck and SUV sales could not help the Japanese car maker notch an overall increase last month, as sales slipped 0.7 per cent, when accounting for declines at its Acura luxury brand. In an earlier forecast note, Edmunds analyst Jessica Caldwell struck a cautionary tone for the industry, saying there were several areas of concern. "Inventories have reached levels not seen in more than a decade, and incentives are rising," Caldwell said, referring to discounts and other enticements offered to consumers. "We're also seeing an increase in loan terms and indications of a rise in subprime lending, which demonstrate sales aren't coming as easily as they used to," she said. But while Toyota echoed that cautionary tone, pointing to a declining selling rate, GM remained optimistic. "More people are working, consumer confidence is at a 16-year high, fuel prices are low," Kurt McNeil, head of GM's US sales, said in a statement. "We see more growth ahead for our brands," McNeil said. (AFP)

Tesla now second largest US automaker

Tesla announced plans to raise $1.15 billion in new funding to help fuel production of a mass market-targeted Model 3 electric car set for release this year.

Tesla said that it planned to offer $250 million in common stock and $750 million in convertible notes, with underwriters being given the option to buy an additional 15 percent of each offering.

Tesla co-founder and chief executive Elon Musk will take part by buying $25 million worth of the new shares, according to the California-based company.

The offerings were expected to raise about $1.15 billion for Tesla, which said it intended to use the money &quot;to strengthen its balance sheet and further reduce any risks associated with the rapid scaling of its business due to the launch of Model 3, as well as for general corporate purposes.&quot;

Tesla&#39;s Model 3 was on track to begin production in July, with output gradually ramping up to 5,000 vehicles weekly by the end of this year, according to executives.

The Model 3 is priced at a moderate $35,000 in the United States, much below the price of its initial models S and X electric vehicles.

The Model 3 was designed from the outset to be more efficient to make, a move intended to avoid production stumbles.

Tesla slipped back into the red in the final three months of last year while revenue revved up, with orders for some electric car models hitting record highs, according to an earnings statement in February.

Musk expressed confidence in an earnings call at the time that Tesla electric car production would climb to 500,000 next year.

According to its latest financial report, revenue for the quarter that ended on December 31 came to $2.28 billion, a leap from the $1.22 billion taken a year ago.

The company recorded a loss of $121.3 million, compared with a profit of $22 million in the prior quarter but a loss of $320.4 in the same period a year earlier.

General Motors, the leading US automaker, is hoping to challenge Tesla&#39;s lower-priced model with its own Bolt electric vehicle.

(AFP)

The Model 3 is priced at a moderate $35,000 in the United States, much below the price of its initial models S and X electric vehicles

Tesla announced plans to raise $1.15 billion in new funding to help fuel production of a mass market-targeted Model 3 electric car set for release this year. Tesla said that it planned to offer $250 million in common stock and $750 million in convertible notes, with underwriters being given the option to buy an additional 15 percent of each offering. Tesla co-founder and chief executive Elon Musk will take part by buying $25 million worth of the new shares, according to the California-based company. The offerings were expected to raise about $1.15 billion for Tesla, which said it intended to use the money "to strengthen its balance sheet and further reduce any risks associated with the rapid scaling of its business due to the launch of Model 3, as well as for general corporate purposes." Tesla's Model 3 was on track to begin production in July, with output gradually ramping up to 5,000 vehicles weekly by the end of this year, according to executives. The Model 3 is priced at a moderate $35,000 in the United States, much below the price of its initial models S and X electric vehicles. The Model 3 was designed from the outset to be more efficient to make, a move intended to avoid production stumbles. Tesla slipped back into the red in the final three months of last year while revenue revved up, with orders for some electric car models hitting record highs, according to an earnings statement in February. Musk expressed confidence in an earnings call at the time that Tesla electric car production would climb to 500,000 next year. According to its latest financial report, revenue for the quarter that ended on December 31 came to $2.28 billion, a leap from the $1.22 billion taken a year ago. The company recorded a loss of $121.3 million, compared with a profit of $22 million in the prior quarter but a loss of $320.4 in the same period a year earlier. General Motors, the leading US automaker, is hoping to challenge Tesla's lower-priced model with its own Bolt electric vehicle. (AFP)

Tesla seeks $1.15 billion to help fuel Model 3 launch

Sending tourists for a trip around the moon is the latest big idea launched by Elon Musk, a Silicon Valley star known for turning his passions into visionary enterprises.

Musk has become one of the United States&#39; best-known innovators. He was a founder of payments company PayPal, electric carmaker Tesla Motors and SpaceX, maker and launcher of rockets and spacecraft.

SpaceX recently announced that two private citizens have paid money to be sent around the Moon in what would mark the farthest humans have ever travelled to deep space since the 1970s.

In a sector where entrepreneurs often speak of &quot;moonshots,&quot; Musk is one of the biggest dreamers. The 45-year-old South Africa-born entrepreneur has channelled a dot-com fortune into a series of ambitious ventures.

Besides being the head of SpaceX and Tesla, Musk is the chairman of SolarCity, a solar panel installer recently bought by Tesla. He also operates his own foundation focusing on education, clean energy and child health.

And he drafted a paper detailing the feasibility of an ultra-fast &quot;Hyperloop&quot; rail transport system that would transport people at near supersonic speeds, then made it freely available to enterprises willing to pursue the project.

&#39;Doesn&#39;t sit around&#39;

&quot;He is a visionary who has some key passions which he pursues with vigour,&quot; Jackdaw Research chief analyst Jan Dawson said of Musk. &quot;He doesn&#39;t sit around and wait for people to do something about them; he goes out and does it himself.&quot;

Musk&#39;s penchant for rocketing after his passions may appear to spread him thin, but he has built a record of success. 
Musk appears strong on painting big ideas in broad strokes and then enlisting people skilled at tending to the nuts-and-bolts work needed to follow through, say observers.

&quot;He doesn&#39;t seem to be able to focus,&quot; analyst Rob Enderle of Enderle Group said. &quot;He just likes coming up with the ideas and is good at picking other people who can deal with the plumbing - that is why he is able to do a lot of stuff.&quot;

And while some may wonder whether hubris or realism reigns in Musk&#39;s moves, his businesses have gained value, with the jury still out on the wisdom of the Tesla acquisition of SolarCity.

&quot;He can certainly sell his ideas,&quot; Enderle said. &quot;The fact his businesses have held together so long indicates he is not a con man.&quot;

Fighting against evil

Musk more than a year ago took part in creating a nonprofit research company devoted to developing artificial intelligence that will help people and not hurt them. Musk found himself in the middle of a technology world controversy by holding firm that AI could turn on humanity and be its ruin instead of a salvation.

Technology giants including Google, Apple and Microsoft have been investing in making machines smarter, contending the goal is to improve lives. &quot;If we create some digital super-intelligence that exceeds us in every way by a lot, it is very important that it be benign,&quot; Musk said at a conference in California.

He reasoned that even a benign situation with ultra-intelligent AI would put people so far beneath the machine they would be &quot;like a house cat.&quot; &quot;I don&#39;t love the idea of being a house cat,&quot; Musk said, envisioning the creation of neural lacing that magnifies people&#39;s brain power by linking them directly to computing capabilities.

Living in a game

Some of his ideas have prompted questions about whether Musk is a visionary or mad scientist. He has raised eyebrows with a theory that the world as it is known may be a computer simulation.

&quot;I&#39;ve had so many simulation discussions it&#39;s crazy,&quot; Musk said while fielding a question on the topic at the conference. 
He maintained that &quot;the odds that we are in base reality is one in billions.&quot;

Musk lives in Los Angeles and holds US, Canadian and South African citizenship. He moved to Canada in his late teens and then to the United States, earning bachelor&#39;s degrees in physics and business from the University of Pennsylvania.

After graduating, Musk abandoned plans to pursue further studies at Stanford University and started Zip2, a company that made online publishing software for the media industry. He banked his first millions before the age of 30 when he sold Zip2 to US computer maker Compaq for more than $300 million in 1999.

Musk&#39;s next company, X.com, eventually merged with PayPal, the online payments firm bought by Internet auction giant eBay for $1.5 billion in 2002. Forbes estimates Musk&#39;s current net worth at $13.4 billion.

(AFP)

Sending tourists for a trip around the moon is the latest big idea launched by Elon Musk

Sending tourists for a trip around the moon is the latest big idea launched by Elon Musk, a Silicon Valley star known for turning his passions into visionary enterprises. Musk has become one of the United States' best-known innovators. He was a founder of payments company PayPal, electric carmaker Tesla Motors and SpaceX, maker and launcher of rockets and spacecraft. SpaceX recently announced that two private citizens have paid money to be sent around the Moon in what would mark the farthest humans have ever travelled to deep space since the 1970s. In a sector where entrepreneurs often speak of "moonshots," Musk is one of the biggest dreamers. The 45-year-old South Africa-born entrepreneur has channelled a dot-com fortune into a series of ambitious ventures. Besides being the head of SpaceX and Tesla, Musk is the chairman of SolarCity, a solar panel installer recently bought by Tesla. He also operates his own foundation focusing on education, clean energy and child health. And he drafted a paper detailing the feasibility of an ultra-fast "Hyperloop" rail transport system that would transport people at near supersonic speeds, then made it freely available to enterprises willing to pursue the project. 'Doesn't sit around' "He is a visionary who has some key passions which he pursues with vigour," Jackdaw Research chief analyst Jan Dawson said of Musk. "He doesn't sit around and wait for people to do something about them; he goes out and does it himself." Musk's penchant for rocketing after his passions may appear to spread him thin, but he has built a record of success. Musk appears strong on painting big ideas in broad strokes and then enlisting people skilled at tending to the nuts-and-bolts work needed to follow through, say observers. "He doesn't seem to be able to focus," analyst Rob Enderle of Enderle Group said. "He just likes coming up with the ideas and is good at picking other people who can deal with the plumbing - that is why he is able to do a lot of stuff." And while some may wonder whether hubris or realism reigns in Musk's moves, his businesses have gained value, with the jury still out on the wisdom of the Tesla acquisition of SolarCity. "He can certainly sell his ideas," Enderle said. "The fact his businesses have held together so long indicates he is not a con man." Fighting against evil Musk more than a year ago took part in creating a nonprofit research company devoted to developing artificial intelligence that will help people and not hurt them. Musk found himself in the middle of a technology world controversy by holding firm that AI could turn on humanity and be its ruin instead of a salvation. Technology giants including Google, Apple and Microsoft have been investing in making machines smarter, contending the goal is to improve lives. "If we create some digital super-intelligence that exceeds us in every way by a lot, it is very important that it be benign," Musk said at a conference in California. He reasoned that even a benign situation with ultra-intelligent AI would put people so far beneath the machine they would be "like a house cat." "I don't love the idea of being a house cat," Musk said, envisioning the creation of neural lacing that magnifies people's brain power by linking them directly to computing capabilities. Living in a game Some of his ideas have prompted questions about whether Musk is a visionary or mad scientist. He has raised eyebrows with a theory that the world as it is known may be a computer simulation. "I've had so many simulation discussions it's crazy," Musk said while fielding a question on the topic at the conference. He maintained that "the odds that we are in base reality is one in billions." Musk lives in Los Angeles and holds US, Canadian and South African citizenship. He moved to Canada in his late teens and then to the United States, earning bachelor's degrees in physics and business from the University of Pennsylvania. After graduating, Musk abandoned plans to pursue further studies at Stanford University and started Zip2, a company that made online publishing software for the media industry. He banked his first millions before the age of 30 when he sold Zip2 to US computer maker Compaq for more than $300 million in 1999. Musk's next company, X.com, eventually merged with PayPal, the online payments firm bought by Internet auction giant eBay for $1.5 billion in 2002. Forbes estimates Musk's current net worth at $13.4 billion. (AFP)

Is Tesla chief Elon Musk a visionary or mad scientist?

Electric car maker Tesla Incorporation may enter the Indian market this summer, Chief Executive Elon Musk tweeted on Tuesday.

Replying to a question on Twitter regarding whether Tesla plans to launch in India, Musk tweeted: &quot;Hoping for summer this year.&quot;&nbsp;

Twitter user who goes by the handle &rlm;@goel_ishan posted a tweet which asked, &ldquo;@elonmusk eagerly waiting for Tesla to launch in India. Any plans to do it? If so then WHEN?&rdquo; Musk replied by saying, &ldquo;@goel_ishan Hoping for summer this year.&rdquo;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<a href="https://twitter.com/goel_ishan">@goel_ishan</a> Hoping for summer this year
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/829027848434257924">February 7, 2017</a></blockquote>
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Musk did not offer any details on the plans.

(WION with agency inputs) 
&nbsp;

&nbsp;

&nbsp;

Electric car maker Tesla Incorporation may enter the Indian market but Elon Musk did not offer any details.

Electric car maker Tesla Incorporation may enter the Indian market this summer, Chief Executive Elon Musk tweeted on Tuesday. Replying to a question on Twitter regarding whether Tesla plans to launch in India, Musk tweeted: "Hoping for summer this year." Twitter user who goes by the handle ‏@goel_ishan posted a tweet which asked, “@elonmusk eagerly waiting for Tesla to launch in India. Any plans to do it? If so then WHEN?” Musk replied by saying, “@goel_ishan Hoping for summer this year.” @goel_ishan Hoping for summer this year — Elon Musk (@elonmusk) February 7, 2017 × Musk did not offer any details on the plans. (WION with agency inputs)

Tesla may launch cars in India this summer

Tesla Motors changed its name to &quot;Tesla Inc&quot; as Chief Executive Elon Musk looks to transform the Silicon Valley firm from an electric car maker to a diversified energy products company.

In October, Musk unveiled solar-powered roof tiles that eliminate the need for traditional panels and a longer-lasting home battery illustrating the benefits of combining his electric car and battery maker with solar installer SolarCity.

Tesla won approval in November from its shareholders to acquire SolarCity, for a stock swap deal worth about $2 billion, in which Musk was the largest shareholder.

The new name is effective from February 1, Tesla said in a filing on Wednesday.

(Reuters)

Elon Musk aims to transform the firm from an electric car maker to a diversified energy products company

Tesla Motors changed its name to "Tesla Inc" as Chief Executive Elon Musk looks to transform the Silicon Valley firm from an electric car maker to a diversified energy products company. In October, Musk unveiled solar-powered roof tiles that eliminate the need for traditional panels and a longer-lasting home battery illustrating the benefits of combining his electric car and battery maker with solar installer SolarCity. Tesla won approval in November from its shareholders to acquire SolarCity, for a stock swap deal worth about $2 billion, in which Musk was the largest shareholder. The new name is effective from February 1, Tesla said in a filing on Wednesday. (Reuters)

Tesla drops 'Motors' from the company's name

US President Donald Trump met with a dozen American manufacturers at the White House on Monday, pledging to slash regulations and cut corporate taxes, but warning them he would impose taxes on imports if they move production outside the country.

Trump, who took office on Friday, promised to bring manufacturing plants back to the United States - an issue he said helped him win the November 8 election - and has not hesitated to call out by name companies that he thinks should bring outsourced production back home.

He asked the group of chief executives from companies including Ford, Dell Technologies, Tesla and others to make recommendations in 30 days to stimulate manufacturing, Dow Chemical CEO Andrew Liveris told reporters.

Trump, a Republican who took over from former Democratic President Barack Obama, was expected to sign executive orders later on Monday to renegotiate the free trade agreement between the United States, Canada and Mexico, and to formally withdraw the United States from the 12-nation Trans-Pacific Partnership.

The new president told the CEOs that he would like to cut corporate taxes to the 15 per cent to 20 per cent range, down from current statutory levels of 35 per cent - a pledge that will require cooperation from the Republican-led US Congress. But he said business leaders have told him that reducing regulations is even more important.

&quot;We think we can cut regulations by 75 per cent. Maybe more,&quot; Trump told business leaders.

&quot;When you want to expand your plant, or when Mark wants to come in and build a big massive plant, or when Dell wants to come in and do something monstrous and special &ndash; you&#39;re going to have your approvals really fast,&rdquo; Trump said, referring to Mark Fields, CEO of Ford, who sat around the boardroom-style table in the Roosevelt Room.

The meeting ran longer than expected. Trump left briefly to attend to a phone call, and then reconvened the CEOs in the Oval Office, Liveris said.

Fields said he was encouraged by the tone.

&quot;I know I come out with a lot of confidence that the president is very, very serious on making sure that the United States economy is going to be strong and have policies - tax, regulatory or trade - to drive that,&quot; he said.

Trump told the executives that companies were welcome to negotiate with governors to move production between states, but said those businesses that choose to move factories outside the country would pay a price.

&quot;We are going to be imposing a very major border tax on the product when it comes in,&quot; Trump said.

&quot;A company that wants to fire all of its people in the United States, and build some factory someplace else, and then thinks that that product is going to just flow across the border into the United States - that&rsquo;s not going to happen,&quot; he said.

Liveris said the CEOs discussed the border tax &quot;quite a bit&quot; with Trump, explaining &quot;the sorts of industry that might be helped or hurt by that.&quot;

&quot;Look: I would take the president at his word here. He&#39;s not going to do anything to harm competitiveness. He&#39;s going to actually make us all more competitive,&quot; Liveris said.

Trump was scheduled to hold a meeting later on Monday with labor leaders and US&nbsp;workers, the White House said.

Between winning the presidential election in November and taking office, Trump hosted a number of US&nbsp;CEOs in meetings in New York, including business leaders from defense, technology and other sectors. He also met with leaders of several labor unions, including the AFL-CIO.

Trump, a real estate developer who had never previously held elected office, has particularly focused on manufacturing, lamenting during his inaugural address on Friday about &quot;rusted-out factories scattered like tombstones across the landscape of our nation&quot; and vowing to boost US industries over foreign ones.

(Reuters)

Trump told CEOs that he would like to cut corporate taxes by between 15-20% and regulations by 75%, or 'maybe more'

US President Donald Trump met with a dozen American manufacturers at the White House on Monday, pledging to slash regulations and cut corporate taxes, but warning them he would impose taxes on imports if they move production outside the country. Trump, who took office on Friday, promised to bring manufacturing plants back to the United States - an issue he said helped him win the November 8 election - and has not hesitated to call out by name companies that he thinks should bring outsourced production back home. He asked the group of chief executives from companies including Ford, Dell Technologies, Tesla and others to make recommendations in 30 days to stimulate manufacturing, Dow Chemical CEO Andrew Liveris told reporters. Trump, a Republican who took over from former Democratic President Barack Obama, was expected to sign executive orders later on Monday to renegotiate the free trade agreement between the United States, Canada and Mexico, and to formally withdraw the United States from the 12-nation Trans-Pacific Partnership. The new president told the CEOs that he would like to cut corporate taxes to the 15 per cent to 20 per cent range, down from current statutory levels of 35 per cent - a pledge that will require cooperation from the Republican-led US Congress. But he said business leaders have told him that reducing regulations is even more important. "We think we can cut regulations by 75 per cent. Maybe more," Trump told business leaders. "When you want to expand your plant, or when Mark wants to come in and build a big massive plant, or when Dell wants to come in and do something monstrous and special – you're going to have your approvals really fast,” Trump said, referring to Mark Fields, CEO of Ford, who sat around the boardroom-style table in the Roosevelt Room. The meeting ran longer than expected. Trump left briefly to attend to a phone call, and then reconvened the CEOs in the Oval Office, Liveris said. Fields said he was encouraged by the tone. "I know I come out with a lot of confidence that the president is very, very serious on making sure that the United States economy is going to be strong and have policies - tax, regulatory or trade - to drive that," he said. Trump told the executives that companies were welcome to negotiate with governors to move production between states, but said those businesses that choose to move factories outside the country would pay a price. "We are going to be imposing a very major border tax on the product when it comes in," Trump said. "A company that wants to fire all of its people in the United States, and build some factory someplace else, and then thinks that that product is going to just flow across the border into the United States - that’s not going to happen," he said. Liveris said the CEOs discussed the border tax "quite a bit" with Trump, explaining "the sorts of industry that might be helped or hurt by that." "Look: I would take the president at his word here. He's not going to do anything to harm competitiveness. He's going to actually make us all more competitive," Liveris said. Trump was scheduled to hold a meeting later on Monday with labor leaders and US workers, the White House said. Between winning the presidential election in November and taking office, Trump hosted a number of US CEOs in meetings in New York, including business leaders from defense, technology and other sectors. He also met with leaders of several labor unions, including the AFL-CIO. Trump, a real estate developer who had never previously held elected office, has particularly focused on manufacturing, lamenting during his inaugural address on Friday about "rusted-out factories scattered like tombstones across the landscape of our nation" and vowing to boost US industries over foreign ones. (Reuters)

Trump ready to cut corporate tax, slash regulations

US electric car maker Tesla&nbsp;on Tuesday&nbsp;said it would buy German engineering firm Grohmann to help ramp up production at its heavily-automated factories.

&quot;Several critical elements of Tesla&#39;s automated manufacturing systems will be designed and produced&quot; in Pruem in western Germany, the California-based firm said in a statement.

Tesla, founded by tech billionaire Elon Musk, aims to produce 500,000 cars per year by 2018 after taking some 370,000 pre-orders for its mass-market Model 3, which will sell for around $35,000 (just under 32,000 euros).

This year, the firm hopes to build between 80,000 and 90,000 units of its luxury Model S and Model X vehicles, 50,000 of them in the second half.

&quot;The key to making electric cars affordable are economies of scale and automation in order to have the costs be something that people can afford to buy,&quot; Musk told reporters in a conference call.

Neither Tesla nor Grohmann offered details of how much money is to change hands in the transaction.

According to founder and chief executive Klaus Grohmann, the German company employs around 700 people.

The firm had revenues of 123 million euros in 2015.

Tesla said it expected to close the deal, which still needs to be approved by regulators, by early 2017.

It added that it hopes to create &quot;over 1,000 advanced engineering and skilled technician jobs in Germany over the next two years&quot;.

&quot;Germany has a tremendous amount of talent in automation, we thought that it was important for Tesla to become in part a German company,&quot; Musk added.

Asked about the firm&#39;s expansion plans, Musk said Tesla was considering setting up several factories in Europe.

Tesla currently manufactures its vehicles at a plant in California, and it has built a so-called &quot;gigafactory&quot; in Nevada to make the special batteries needed for its cars.

&quot;There&#39;s no question that long-term Tesla will have at least one and maybe two or three vehicle and gigafactory locations in Europe,&quot; Musk said.

(AFP)

The US electric carmaker's automated manufacturing systems will be 'designed and produced' in the newly-acquired firm

US electric car maker Tesla on Tuesday said it would buy German engineering firm Grohmann to help ramp up production at its heavily-automated factories. "Several critical elements of Tesla's automated manufacturing systems will be designed and produced" in Pruem in western Germany, the California-based firm said in a statement. Tesla, founded by tech billionaire Elon Musk, aims to produce 500,000 cars per year by 2018 after taking some 370,000 pre-orders for its mass-market Model 3, which will sell for around $35,000 (just under 32,000 euros). This year, the firm hopes to build between 80,000 and 90,000 units of its luxury Model S and Model X vehicles, 50,000 of them in the second half. "The key to making electric cars affordable are economies of scale and automation in order to have the costs be something that people can afford to buy," Musk told reporters in a conference call. Neither Tesla nor Grohmann offered details of how much money is to change hands in the transaction. According to founder and chief executive Klaus Grohmann, the German company employs around 700 people. The firm had revenues of 123 million euros in 2015. Tesla said it expected to close the deal, which still needs to be approved by regulators, by early 2017. It added that it hopes to create "over 1,000 advanced engineering and skilled technician jobs in Germany over the next two years". "Germany has a tremendous amount of talent in automation, we thought that it was important for Tesla to become in part a German company," Musk added. Asked about the firm's expansion plans, Musk said Tesla was considering setting up several factories in Europe. Tesla currently manufactures its vehicles at a plant in California, and it has built a so-called "gigafactory" in Nevada to make the special batteries needed for its cars. "There's no question that long-term Tesla will have at least one and maybe two or three vehicle and gigafactory locations in Europe," Musk said. (AFP)

Tesla buys German automation firm to drive up production

Germany, which has been conducting an investigation into electric carmaker Tesla, has asked the firm to stop using &quot;autopilot&quot; term in its advertisements, saying it leads to false customer expectations.&nbsp;

Transport regulator KBA has written to the company, telling it: &quot;In order to prevent misunderstandings and false expectations from clients, we are asking that the misleading term &#39;Autopilot&#39; no longer be used in advertisements for the system.&quot;

Last week, Tesla had said the company did not intend to mislead its customers and have always been clear that the &quot;Autopilot&quot; function is a driver&#39;s assistance system that requires the driver to pay attention at all times.&nbsp;

The system allows the vehicle to automatically change lanes, manage speed and brake to avoid a collision. The system may be overridden by the driver.

The system had come under scrutiny following two fatal crashes, one in northern China in January and another in the US state of Florida in May.

In September, a Tesla electric car crashed into a tourist bus on a motorway in northern Germany, lightly injuring the driver who said he had activated the vehicle&#39;s autopilot system.&nbsp;

(WION with inputs from agencies) 
&nbsp;

German transport regulator asked the carmaker to drop the term to prevent misunderstandings among customers

Germany, which has been conducting an investigation into electric carmaker Tesla, has asked the firm to stop using "autopilot" term in its advertisements, saying it leads to false customer expectations. Transport regulator KBA has written to the company, telling it: "In order to prevent misunderstandings and false expectations from clients, we are asking that the misleading term 'Autopilot' no longer be used in advertisements for the system." Last week, Tesla had said the company did not intend to mislead its customers and have always been clear that the "Autopilot" function is a driver's assistance system that requires the driver to pay attention at all times. The system allows the vehicle to automatically change lanes, manage speed and brake to avoid a collision. The system may be overridden by the driver. The system had come under scrutiny following two fatal crashes, one in northern China in January and another in the US state of Florida in May. In September, a Tesla electric car crashed into a tourist bus on a motorway in northern Germany, lightly injuring the driver who said he had activated the vehicle's autopilot system. (WION with inputs from agencies)

Germany asks Tesla to stop ads with 'misleading' Autopilot term

Tesla Motors Inc chief executive Elon Musk said yesterday the company will offer a larger upgraded battery pack for performance versions of its Model S and X vehicles that will extend range and allow for super fast acceleration. 
 
The new 100 kilowatt hour battery pack means high end versions of the Model S sedan, called the P 100D, will be the world&#39;s fastest accelerating car in production, the Silicon Valley automaker said. 
 
&quot;These are very profound milestones and I think will help convince people around the world that electric is the future,&quot; said Musk on a conference call with journalists. 
 
The new battery extends the range of performance versions of the new Model S beyond 482.8 kilometres, Tesla said. Musk said that if the weather is not too hot, a driver could travel from San Francisco to Los Angeles without recharging. 
 
After rising 2.1 per cent to $227.71 in afternoon trade, shares dipped from session highs to $224.87, up less than 1 per cent. 
 
News of the upgrade comes as the all-electric car maker lays the groundwork for a controversial buyout of SolarCity Corp, while it also prepares for next year&#39;s launch of its high profile Model 3 mass-market vehicle. 
 
SolarCity agreed to Tesla&#39;s $2.6 billion offer to buy the solar panel installer earlier this month, clearing one obstacle in the way of Musk&#39;s ambitious goal to create a carbon-free energy and transportation company. Both companies are still trading below where they were when SolarCity&#39;s approval for the deal was announced. 
 
In May, Tesla said it was stepping up production plans for its upcoming Model 3 mass-market sedan and would build a total of 500,000 all-electric vehicles in 2018, two years ahead of schedule, but it warned that spending will ramp up as well. 
 
Tesla earlier this month reported a steeper than expected quarterly loss on higher spending at its vehicle and battery factories. 
 
(Reuters)

The new 100 kilowatt-hour battery means high-end versions of the Model S sedan will be the world's fastest accelerating car in production

Tesla Motors Inc chief executive Elon Musk said yesterday the company will offer a larger upgraded battery pack for performance versions of its Model S and X vehicles that will extend range and allow for super fast acceleration. The new 100 kilowatt hour battery pack means high end versions of the Model S sedan, called the P 100D, will be the world's fastest accelerating car in production, the Silicon Valley automaker said. "These are very profound milestones and I think will help convince people around the world that electric is the future," said Musk on a conference call with journalists. The new battery extends the range of performance versions of the new Model S beyond 482.8 kilometres, Tesla said. Musk said that if the weather is not too hot, a driver could travel from San Francisco to Los Angeles without recharging. After rising 2.1 per cent to $227.71 in afternoon trade, shares dipped from session highs to $224.87, up less than 1 per cent. News of the upgrade comes as the all-electric car maker lays the groundwork for a controversial buyout of SolarCity Corp, while it also prepares for next year's launch of its high profile Model 3 mass-market vehicle. SolarCity agreed to Tesla's $2.6 billion offer to buy the solar panel installer earlier this month, clearing one obstacle in the way of Musk's ambitious goal to create a carbon-free energy and transportation company. Both companies are still trading below where they were when SolarCity's approval for the deal was announced. In May, Tesla said it was stepping up production plans for its upcoming Model 3 mass-market sedan and would build a total of 500,000 all-electric vehicles in 2018, two years ahead of schedule, but it warned that spending will ramp up as well. Tesla earlier this month reported a steeper than expected quarterly loss on higher spending at its vehicle and battery factories. (Reuters)

Tesla touts vehicle speed and range with new upgraded battery

Tesla Motors Inc on Friday disclosed $1.1 billion in third quarter cash requirements in payments and planned expenditures, about a third of the cash on hand mid-year, in a new sign of pressure on the electric vehicle maker. 
 
The company is finishing construction of a massive battery factory in Nevada, the Gigafactory, and ramping up for production next year of a mass market sedan, the Model 3. That has raised questions about whether the company will need to raise new cash to reach its goals. 
 
It said in the filing that it had $3.25 billion in principal sources of liquidity as of June 30, 2016, including $1.7 billion from a public offering in May and a $678 million credit line. 
 
The filing also said that in July it had repaid that $678 million credit line and that it intended to repay principle on $411 million of 2018 convertible notes in the third quarter and could spend more on the securities. 
 
&quot;During the third quarter, we will be using substantial amounts of cash in connection with conversions of our 2018 Notes and we could pursue other actions to reduce our outstanding balance of convertible notes, which could require further outlays of cash,&quot; Tesla wrote in the filing with the US Securities and Exchange Commission. 
 
If the two third-quarter payments are subtracted from the mid-year cash balance, Tesla would have $2.1 billion left over. The company on Wednesday told analysts it planned $1.75 million in the second half of the year on capital expenditures. 
 
Tesla declined to comment beyond the filing. 
 
Tesla, which wants to buy solar panel installer SolarCity Corp for $2.6 billion in shares, also disclosed that the value of its secured assets had limited its ability to borrow under its asset-based revolving credit agreement with a syndicate of banks. 
 
Chief executive Elon Musk earlier this week had repeated a projection that if the deal is consummated, the combined Tesla-SolarCity could require a &quot;small equity capital raise&quot; next year. 
 
Regulators&#39; requests 
 
The company also said in its filing that &quot;from time to time&quot; it has received requests for information from regulators and governmental authorities &quot;such as the National Highway Traffic Safety Administration (NHTSA), the National Transportation Safety Board and the Securities and Exchange Commission.&quot; 
 
The federal regulator NHTSA is investigating a May 7 fatality in Florida in which a driver usingTesla&#39;s auto-pilot system crashed into a truck. 
 
The Wall Street Journal reported last month that the SEC was investigating whether Tesla had taken too long to disclose that crash. Tesla at the time said it had received no communication from the SEC. It was unclear from the filing whether the reference to the SEC related to the crash or another matter, and Tesla declined to comment further. 
 
As it warned in its previous quarterly filing in March, Tesla said the cost of building and operating its Gigafactory could exceed the company&#39;s current expectations. 
 
Tesla spent $117.4 million on the Gigafactory construction in the first half of 2016 and targets spending a total of about $520 million in 2016. 
 
(Reuters)

Tesla is completing its massive Nevada battery factory and producing a mass market sedan, but there are signs the company faces pressure

Tesla Motors Inc on Friday disclosed $1.1 billion in third quarter cash requirements in payments and planned expenditures, about a third of the cash on hand mid-year, in a new sign of pressure on the electric vehicle maker. The company is finishing construction of a massive battery factory in Nevada, the Gigafactory, and ramping up for production next year of a mass market sedan, the Model 3. That has raised questions about whether the company will need to raise new cash to reach its goals. It said in the filing that it had $3.25 billion in principal sources of liquidity as of June 30, 2016, including $1.7 billion from a public offering in May and a $678 million credit line. The filing also said that in July it had repaid that $678 million credit line and that it intended to repay principle on $411 million of 2018 convertible notes in the third quarter and could spend more on the securities. "During the third quarter, we will be using substantial amounts of cash in connection with conversions of our 2018 Notes and we could pursue other actions to reduce our outstanding balance of convertible notes, which could require further outlays of cash," Tesla wrote in the filing with the US Securities and Exchange Commission. If the two third-quarter payments are subtracted from the mid-year cash balance, Tesla would have $2.1 billion left over. The company on Wednesday told analysts it planned $1.75 million in the second half of the year on capital expenditures. Tesla declined to comment beyond the filing. Tesla, which wants to buy solar panel installer SolarCity Corp for $2.6 billion in shares, also disclosed that the value of its secured assets had limited its ability to borrow under its asset-based revolving credit agreement with a syndicate of banks. Chief executive Elon Musk earlier this week had repeated a projection that if the deal is consummated, the combined Tesla-SolarCity could require a "small equity capital raise" next year. Regulators' requests The company also said in its filing that "from time to time" it has received requests for information from regulators and governmental authorities "such as the National Highway Traffic Safety Administration (NHTSA), the National Transportation Safety Board and the Securities and Exchange Commission." The federal regulator NHTSA is investigating a May 7 fatality in Florida in which a driver usingTesla's auto-pilot system crashed into a truck. The Wall Street Journal reported last month that the SEC was investigating whether Tesla had taken too long to disclose that crash. Tesla at the time said it had received no communication from the SEC. It was unclear from the filing whether the reference to the SEC related to the crash or another matter, and Tesla declined to comment further. As it warned in its previous quarterly filing in March, Tesla said the cost of building and operating its Gigafactory could exceed the company's current expectations. Tesla spent $117.4 million on the Gigafactory construction in the first half of 2016 and targets spending a total of about $520 million in 2016. (Reuters)

Tesla needs to spend $1.1 billion in cash this quarter

Tesla Motors Inc reported a steeper than expected quarter loss on Wednesday on higher spending at its vehicle and battery factories&nbsp;and said adjusted profitability could be within sight if the company meets its delivery goals.&nbsp; 
 
The 13th straight quarterly loss for the Silicon Valley electric carmaker underscores the financial hurdles that hamper it while it takes on increasingly ambitious goals - a ten-fold ramp of vehicle production in three years and the recent plan to acquire solar panel installer, SolarCity Corp. 
 
Tesla, led by entrepreneur Elon Musk, said it was still on track to deliver about 50,000 new Model S and Model X vehicles during the second half of 2016, and reiterated that it would spend $2.25 billion in capital expenditures in 2016 to prepare for its upcoming Model 3 sedan. 
 
If the company can fulfil those production and delivery goals in the second half of the year, &quot;we`ve got a great chance of being non-GAAP profitable,&quot; chief financial officer Jason Wheeler told analysts on a conference call without specifying a time period. 
 
Tesla reported its first-ever quarterly profit in 2013. 
 
Shares of the company, which had acquired SolarCity for $2.6 billion, were little changed in after-hours trading. 
 
&quot;There&#39;s no doubt Tesla will remain the category leader as electric vehicles become increasingly mainstream, but it could be years before the bottom line justifies any investment in Tesla other than a purely speculative one,&quot; said James Brumley, InvestorPlace.com analyst. 
 
Tesla reported last month it had missed its vehicle delivery target for the second consecutive quarter, raising doubts it would hit its annual target. But Tesla could end the year just shy of its original delivery target of 80,000 to 90,000 vehicles for 2016 if it delivers 50,000 cars in the second half of 2016. 
 
&quot;We were in production hell for the first six months of the year,&quot; Musk told analysts during a conference call. &quot;Man, it was hell. And we managed to climb out of hell partway through June and now the production line is humming and our suppliers mostly have their shit together.&quot; 
 
Musk warned he would fire suppliers and reorganize internal teams who fail to meet a target date of July 1 to begin production of the Model 3, even while acknowledging it will not be possible to meet that date.&nbsp; 
 
The company said it planned to open a new store every four days on average for the rest of the year, including in Taipei, Seoul and Mexico City, but did not disclose the cost. 
 
Excluding items, Tesla lost $1.06 per share in the three months ended June 30, wider than analysts&#39; expected loss of 52 cents per share, according to Thomson Reuters I/B/E/S.&nbsp; 
 
Tesla said its net quarterly loss widened to $293.2 million, or $2.09 per share, from $184.2 million, or $1.45 per share, a year earlier. Total revenue rose 33 per cent to $1.27 billion. 
 
Tesla said gross margins will improve by 2-3 percentage points in the second half of the year, although adjusted operating expenses will increase for the full year by 30 per cent. 
 
Musk sketched out an ambitious plan last month to venture into manufacturing electric trucks and buses, as well as expanding the company&#39;s solar energy business. 
 
He has cast the SolarCity tie-up as a long-term bet on a carbon-free energy and transportation company that provides cars, battery storage, solar panels, and other energy solutions&nbsp;while leveraging technology and cost savings from the combined entity. 
 
SolarCity&#39;s chairman and biggest shareholder, Musk has said the combined company will help save at least $150 million a year and require only a &quot;small equity capital raise&quot; next year. But some analysts are wary of the combination of two companies burning through huge amounts of cash. 
 
Tesla unveiled its massive battery factory, the Gigafactory, in Nevada last week, and on the conference call, Musk said he foresees &quot;exponential growth&quot; in Tesla`s storage battery business. 
 
(Reuters)

Silicon Valley electric carmaker reported the 13th straight quarterly loss while it takes on increasingly ambitious goals

Tesla Motors Inc reported a steeper than expected quarter loss on Wednesday on higher spending at its vehicle and battery factories and said adjusted profitability could be within sight if the company meets its delivery goals. The 13th straight quarterly loss for the Silicon Valley electric carmaker underscores the financial hurdles that hamper it while it takes on increasingly ambitious goals - a ten-fold ramp of vehicle production in three years and the recent plan to acquire solar panel installer, SolarCity Corp. Tesla, led by entrepreneur Elon Musk, said it was still on track to deliver about 50,000 new Model S and Model X vehicles during the second half of 2016, and reiterated that it would spend $2.25 billion in capital expenditures in 2016 to prepare for its upcoming Model 3 sedan. If the company can fulfil those production and delivery goals in the second half of the year, "we`ve got a great chance of being non-GAAP profitable," chief financial officer Jason Wheeler told analysts on a conference call without specifying a time period. Tesla reported its first-ever quarterly profit in 2013. Shares of the company, which had acquired SolarCity for $2.6 billion, were little changed in after-hours trading. "There's no doubt Tesla will remain the category leader as electric vehicles become increasingly mainstream, but it could be years before the bottom line justifies any investment in Tesla other than a purely speculative one," said James Brumley, InvestorPlace.com analyst. Tesla reported last month it had missed its vehicle delivery target for the second consecutive quarter, raising doubts it would hit its annual target. But Tesla could end the year just shy of its original delivery target of 80,000 to 90,000 vehicles for 2016 if it delivers 50,000 cars in the second half of 2016. "We were in production hell for the first six months of the year," Musk told analysts during a conference call. "Man, it was hell. And we managed to climb out of hell partway through June and now the production line is humming and our suppliers mostly have their shit together." Musk warned he would fire suppliers and reorganize internal teams who fail to meet a target date of July 1 to begin production of the Model 3, even while acknowledging it will not be possible to meet that date. The company said it planned to open a new store every four days on average for the rest of the year, including in Taipei, Seoul and Mexico City, but did not disclose the cost. Excluding items, Tesla lost $1.06 per share in the three months ended June 30, wider than analysts' expected loss of 52 cents per share, according to Thomson Reuters I/B/E/S. Tesla said its net quarterly loss widened to $293.2 million, or $2.09 per share, from $184.2 million, or $1.45 per share, a year earlier. Total revenue rose 33 per cent to $1.27 billion. Tesla said gross margins will improve by 2-3 percentage points in the second half of the year, although adjusted operating expenses will increase for the full year by 30 per cent. Musk sketched out an ambitious plan last month to venture into manufacturing electric trucks and buses, as well as expanding the company's solar energy business. He has cast the SolarCity tie-up as a long-term bet on a carbon-free energy and transportation company that provides cars, battery storage, solar panels, and other energy solutions while leveraging technology and cost savings from the combined entity. SolarCity's chairman and biggest shareholder, Musk has said the combined company will help save at least $150 million a year and require only a "small equity capital raise" next year. But some analysts are wary of the combination of two companies burning through huge amounts of cash. Tesla unveiled its massive battery factory, the Gigafactory, in Nevada last week, and on the conference call, Musk said he foresees "exponential growth" in Tesla`s storage battery business. (Reuters)

Tesla loss widens as company works to speed production

Electric car maker Tesla said today it has won agreement from solar panel installer SolarCity to acquire the solar company for $2.6 billion, confirming a deal that has been criticised on Wall Street. 
 
Tesla announced the bid in late June, but it drew jeers on Wall Street, in part because of skepticism over the motives of Tesla chief executive Elon Musk, who is also chairman of SolarCity, as well as a major shareholder. 
 
Some analysts also questioned whether the deal would divert Tesla&#39;s attention from an ambitious plan to significantly expand electric-car production in the next few years. 
 
But Tesla said the buyout would enable it to achieve lower hardware costs and boost manufacturing efficiency, creating the &quot;world&#39;s only vertically integrated sustainable energy company.&nbsp;Solar and storage are at their best when they&#39;re combined,&quot; Tesla said. 
 
The deal is a major part of Musk&#39;s master plan &quot;part deux&quot; that calls for the company to offer consumers a single source of hardware to power a low-carbon lifestyle.&nbsp; 
 
Under the all-stock deal, SolarCity shareholders will receive 0.110 Tesla common shares. 
 
The agreement allows SolarCity to solicit alternative proposals for 45 days. SolarCity shares fell 5.5 per cent to $25.23 in pre-market trade, while Tesla rose 0.2 per cent to $235.25. 
 
(AFP, Reuters)

The electric car maker announced the bid in late June, but it drew jeers on Wall Street

Electric car maker Tesla said today it has won agreement from solar panel installer SolarCity to acquire the solar company for $2.6 billion, confirming a deal that has been criticised on Wall Street. Tesla announced the bid in late June, but it drew jeers on Wall Street, in part because of skepticism over the motives of Tesla chief executive Elon Musk, who is also chairman of SolarCity, as well as a major shareholder. Some analysts also questioned whether the deal would divert Tesla's attention from an ambitious plan to significantly expand electric-car production in the next few years. But Tesla said the buyout would enable it to achieve lower hardware costs and boost manufacturing efficiency, creating the "world's only vertically integrated sustainable energy company. Solar and storage are at their best when they're combined," Tesla said. The deal is a major part of Musk's master plan "part deux" that calls for the company to offer consumers a single source of hardware to power a low-carbon lifestyle. Under the all-stock deal, SolarCity shareholders will receive 0.110 Tesla common shares. The agreement allows SolarCity to solicit alternative proposals for 45 days. SolarCity shares fell 5.5 per cent to $25.23 in pre-market trade, while Tesla rose 0.2 per cent to $235.25. (AFP, Reuters)

Tesla acquires SolarCity for $2.6 billion

Tesla Motors Inc and SolarCity Corp have made progress in putting together a deal that will merge the electric car maker and the solar panel installer, people familiar with the matter said. 
 
The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. 
 
It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. 
 
The sources asked not to be identified because the negotiations are confidential. Representatives for SolarCity and Tesla did not immediately respond to requests for comment. 
 
Tesla announced last month that it had made an all-stock offer for SolarCity worth $2.8 billion. It argued that by acquiring SolarCity, the two companies would form a one-stop clean energy shop, offering consumers solar panels, home battery storage and electric cars under a single trusted brand. 
 
SolarCity has not publicly revealed its views on Tesla&#39;s offer since it announced on June 27 that it had formed a special committee consisting of two board members to evaluate the offer. The committee said it had retained legal and financial advisers and would review the proposal against SolarCity&#39;s standalone prospects and a broad range of strategic alternatives. 
 
As chief executive of Tesla, chairman of SolarCity and the biggest shareholder in both companies, Musk has recused himself from voting on the deal at both companies. Several Tesla and SolarCity executives, including Musk&#39;s cousins SolarCity CEO Lyndon Rive and SolarCity board member Peter Rive, have also recused themselves from voting. 
 
Elon Musk said on July 20 when he revealed his master plan &quot;part deux&quot; for Tesla that he is looking to create a &quot;smoothly integrated and beautiful solar-roof-with-battery product.&quot; 
 
&quot;We can&#39;t do this well if Tesla and SolarCity are different companies, which is why we need to combine and break down the barriers inherent to being separate companies,&quot; Musk said. 
 
(Reuters)

The two companies are in the final stages of carrying out due diligence on each other, but failure of negotiations is still a possibility

Tesla Motors Inc and SolarCity Corp have made progress in putting together a deal that will merge the electric car maker and the solar panel installer, people familiar with the matter said. The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. The sources asked not to be identified because the negotiations are confidential. Representatives for SolarCity and Tesla did not immediately respond to requests for comment. Tesla announced last month that it had made an all-stock offer for SolarCity worth $2.8 billion. It argued that by acquiring SolarCity, the two companies would form a one-stop clean energy shop, offering consumers solar panels, home battery storage and electric cars under a single trusted brand. SolarCity has not publicly revealed its views on Tesla's offer since it announced on June 27 that it had formed a special committee consisting of two board members to evaluate the offer. The committee said it had retained legal and financial advisers and would review the proposal against SolarCity's standalone prospects and a broad range of strategic alternatives. As chief executive of Tesla, chairman of SolarCity and the biggest shareholder in both companies, Musk has recused himself from voting on the deal at both companies. Several Tesla and SolarCity executives, including Musk's cousins SolarCity CEO Lyndon Rive and SolarCity board member Peter Rive, have also recused themselves from voting. Elon Musk said on July 20 when he revealed his master plan "part deux" for Tesla that he is looking to create a "smoothly integrated and beautiful solar-roof-with-battery product." "We can't do this well if Tesla and SolarCity are different companies, which is why we need to combine and break down the barriers inherent to being separate companies," Musk said. (Reuters)

One-stop clean energy shop: Tesla, SolarCity merger in the offing

Tesla Motors Inc chief executive Elon Musk on Wednesday unveiled an ambitious plan to expand the company into electric trucks and buses, car sharing and solar energy systems. 
 
In a blog post titled &#39;Master Plan, Part Deux&#39;, Musk sketched a vision of an integrated carbon-free energy enterprise offering a wider range of vehicles, and products and services beyond electric cars and batteries. 
 
The newest elements of the strategy included plans to develop cars and ride sharing programs, as well as commercial vehicles, businesses where other companies already compete, and in some cases, have ample head starts on Tesla. 
 
The new vehicles range from a commercial truck called the Tesla Semi to a public transport bus, a &quot;new kind of pickup truck&quot; and a compact SUV. The vehicles will be unveiled next year alongside Tesla&#39;s existing fleet of electric cars. 
 
Musk restated his argument that Tesla should acquire solar panel installer SolarCity Corp, where he is a major shareholder, and said he aims to make Tesla&rsquo;s autopilot self-driving system 10 times safer than cars that humans drive manually. 
 
The plan did not detail how the new projects would be financed at a time when Both Tesla and SolarCity are burning through cash. 
 
Musk summarised the plan saying Tesla aimed to &quot;create stunning solar roofs (for homes) with seamlessly integrated battery storage. Expand the electric vehicle product line to address all major segments. Develop a self-driving capability that is 10X safer than manual via massive fleet learning. Enable your car to make money for you when you aren&#39;t using it.&quot; 
 
Musk said he envisions Tesla owners allowing others to use their vehicles through a smartphone application. He indicated there will be a &quot;Tesla shared fleet&quot;, but did not offer details of how that fleet would be managed. 
 
Rival automakers are pursuing some of these goals as well. 
 
&ldquo;In cities where demand exceeds the supply of customer-owned cars, Tesla will operate its own fleet, ensuring you can always hail a ride from us no matter where you are,&rdquo; he said. Such a service would put Tesla in competition with ride-hailing services such as Uber or Lyft. 
 
Musk said all future Tesla products will have fully, self-driving capability, including trucks and buses. 
 
He vigorously defended Tesla&#39;s decision to offer what he described as a &quot;beta&quot; system to allow partial autonomy in its vehicles, a system called Autopilot. Federal regulators are investigating Autopilot after a fatal accident involving a Tesla Model S operating with the system engaged. 
 
&quot;When used correctly, it (Autopilot) is already significantly safer than a person driving by themselves,&quot; he wrote. 
 
Musk did not say when fully autonomous Teslas would be ready&nbsp;but indicated it could require roughly five years of additional testing. 
 
Most major automakers, as well as internet search company Alphabet Inc, are investing heavily in automated driving technology. 
 
Germany&#39;s Daimler AG is working on automated heavy trucks and electric commercial vehicles. General Motors Co and Toyota Motor Corp are among the auto companies working on car sharing and forging alliances with ride-hailing companies. 
 
On June 21, Musk proposed Tesla buy SolarCity. He outlined a combined company that could provide consumers with the tools for a largely carbon-free lifestyle - electric cars recharged with electricity generated by SolarCity solar panel systems, or stored in the home using battery packs produced by Tesla&#39;s battery Gigafactory under construction near Reno, Nev. 
 
Musk owns 22 per cent of SolarCity&#39;s shares&nbsp;and has outlined plans to offer buyers of Tesla electric vehicles a solar power generation and battery storage system. 
 
To fund projects Tesla in May sold about $1.7 billion in new shares. Much of that will be used to accelerate development of its new Model 3 car lineup and reach a production pace of 500,000 vehicles a year by 2018. 
 
On Monday, SolarCity said it raised $345 million to fund projects&nbsp;and increased its debt facility by $110 million. 
 
(Reuters)

Announces foray into new vehicles - from a commercial truck called Tesla Semi to a public transport bus and a compact SUV

Tesla Motors Inc chief executive Elon Musk on Wednesday unveiled an ambitious plan to expand the company into electric trucks and buses, car sharing and solar energy systems. In a blog post titled 'Master Plan, Part Deux', Musk sketched a vision of an integrated carbon-free energy enterprise offering a wider range of vehicles, and products and services beyond electric cars and batteries. The newest elements of the strategy included plans to develop cars and ride sharing programs, as well as commercial vehicles, businesses where other companies already compete, and in some cases, have ample head starts on Tesla. The new vehicles range from a commercial truck called the Tesla Semi to a public transport bus, a "new kind of pickup truck" and a compact SUV. The vehicles will be unveiled next year alongside Tesla's existing fleet of electric cars. Musk restated his argument that Tesla should acquire solar panel installer SolarCity Corp, where he is a major shareholder, and said he aims to make Tesla’s autopilot self-driving system 10 times safer than cars that humans drive manually. The plan did not detail how the new projects would be financed at a time when Both Tesla and SolarCity are burning through cash. Musk summarised the plan saying Tesla aimed to "create stunning solar roofs (for homes) with seamlessly integrated battery storage. Expand the electric vehicle product line to address all major segments. Develop a self-driving capability that is 10X safer than manual via massive fleet learning. Enable your car to make money for you when you aren't using it." Musk said he envisions Tesla owners allowing others to use their vehicles through a smartphone application. He indicated there will be a "Tesla shared fleet", but did not offer details of how that fleet would be managed. Rival automakers are pursuing some of these goals as well. “In cities where demand exceeds the supply of customer-owned cars, Tesla will operate its own fleet, ensuring you can always hail a ride from us no matter where you are,” he said. Such a service would put Tesla in competition with ride-hailing services such as Uber or Lyft. Musk said all future Tesla products will have fully, self-driving capability, including trucks and buses. He vigorously defended Tesla's decision to offer what he described as a "beta" system to allow partial autonomy in its vehicles, a system called Autopilot. Federal regulators are investigating Autopilot after a fatal accident involving a Tesla Model S operating with the system engaged. "When used correctly, it (Autopilot) is already significantly safer than a person driving by themselves," he wrote. Musk did not say when fully autonomous Teslas would be ready but indicated it could require roughly five years of additional testing. Most major automakers, as well as internet search company Alphabet Inc, are investing heavily in automated driving technology. Germany's Daimler AG is working on automated heavy trucks and electric commercial vehicles. General Motors Co and Toyota Motor Corp are among the auto companies working on car sharing and forging alliances with ride-hailing companies. On June 21, Musk proposed Tesla buy SolarCity. He outlined a combined company that could provide consumers with the tools for a largely carbon-free lifestyle - electric cars recharged with electricity generated by SolarCity solar panel systems, or stored in the home using battery packs produced by Tesla's battery Gigafactory under construction near Reno, Nev. Musk owns 22 per cent of SolarCity's shares and has outlined plans to offer buyers of Tesla electric vehicles a solar power generation and battery storage system. To fund projects Tesla in May sold about $1.7 billion in new shares. Much of that will be used to accelerate development of its new Model 3 car lineup and reach a production pace of 500,000 vehicles a year by 2018. On Monday, SolarCity said it raised $345 million to fund projects and increased its debt facility by $110 million. (Reuters)

Tesla CEO Elon Musk unmasks plan for the road ahead

Tesla&nbsp;Motors Inc&nbsp;said on Tuesday&nbsp;that its autosteer software was enabled during a crash involving a Model X in Montana at the weekend, according to a spokesperson for the California car maker.

In the Montana crash, which took place on Sunday, the driver said Autopilot was engaged when the car slammed into 13 guardrails, according to Montana State Troopers. The driver was issued an $85 ticket for careless driving.

Tesla&nbsp;said the data suggested &quot;the driver&#39;s hands were not on the steering wheel, as no force was detected on the steering wheel for over two minutes after autosteer was engaged&quot;.

Tesla&nbsp;said the driver was using the feature on an undivided mountain road,&nbsp;which the company advises against, and didn&#39;t respond to alerts to put his hands on the wheel.

The Montana crash came as US&nbsp;highway safety regulators demanded that&nbsp;Tesla&nbsp;hand over detailed information about the design, operation and testing of its Autopilot technology following a May 7 fatal crash in which the system was in use.

The US&nbsp;National Highway Traffic Safety Administration (NHTSA), investigating an accident that has increased scrutiny of automated driving technology, also wants to know what&nbsp;Tesla investigators have learned about the crash.

Joshua Brown was killed when his vehicle, operating on Autopilot in Florida, drove under a tractor trailer. It was the first known fatality to involve a Model S operating on the Autopilot system that takes control of steering and braking in certain conditions. 
 
(Reuters)

The automaker?said the driver was using the feature on an undivided mountain road, which the company advises against

Tesla Motors Inc said on Tuesday that its autosteer software was enabled during a crash involving a Model X in Montana at the weekend, according to a spokesperson for the California car maker. In the Montana crash, which took place on Sunday, the driver said Autopilot was engaged when the car slammed into 13 guardrails, according to Montana State Troopers. The driver was issued an $85 ticket for careless driving. Tesla said the data suggested "the driver's hands were not on the steering wheel, as no force was detected on the steering wheel for over two minutes after autosteer was engaged". Tesla said the driver was using the feature on an undivided mountain road, which the company advises against, and didn't respond to alerts to put his hands on the wheel. The Montana crash came as US highway safety regulators demanded that Tesla hand over detailed information about the design, operation and testing of its Autopilot technology following a May 7 fatal crash in which the system was in use. The US National Highway Traffic Safety Administration (NHTSA), investigating an accident that has increased scrutiny of automated driving technology, also wants to know what Tesla investigators have learned about the crash. Joshua Brown was killed when his vehicle, operating on Autopilot in Florida, drove under a tractor trailer. It was the first known fatality to involve a Model S operating on the Autopilot system that takes control of steering and braking in certain conditions. (Reuters)

Tesla under scrutiny after second autopilot crash

Tesla does not plan to disable the Autopilot self-driving function in its cars despite accidents possibly linked to it, founder Elon Musk told The Wall Street Journal on Tuesday. 
 
As US auto safety regulators moved forward in a probe of a fatal accident involving Autopilot in May, Musk said in an interview that owners of Tesla&#39;s luxury electric cars need more education on using the technology. 
 
&quot;A lot of people don&#39;t understand what it is and how you turn it on,&quot; Musk told the Journal. 
 
He stressed that the company has labeled the technology a &quot;beta&quot; or advanced testing version to indicate that it has not been perfected. 
 
&quot;It says beta specifically so people do not become complacent,&quot; he said. 
 
Two recent accidents, one fatal, have involved drivers using Autopilot, though specifics of how much the drivers were still involved in piloting the cars at the time are not available. 
 
On Tuesday, the National Highway Traffic Safety Administration published a letter sent to Tesla last week requesting the company to supply detailed information on the car involved in the deadly May 7 crash in Florida, including Tesla&#39;s own analyses of what happened and of possible problems with Autopilot. 
 
They also demanded all Tesla&#39;s records of other crashes and driver complaints, and details on the functioning of the cars` automatic emergency braking system. 
 
Musk has defended the company`s technology -- the most advanced driver-assist system currently available to consumers -- as on the balance safer than regular cars, noting the Florida accident was the first fatality in a Tesla linked to Autopilot. 
 
&quot;This is the first known fatality in just over 130 million miles where Autopilot was activated. Among all vehicles in the US, there is a fatality every 94 million miles,&quot; the company said on its website last week. 
 
But worries have mounted that the feature has some faults, including not being able to recognise cars halted on the road, and that drivers are being lulled into a false sense of safety and not watching the road. 
 
In the Florida accident, the car slammed into the side of a tractor-trailer crossing the road in front of it apparently without braking at all. 
 
The Journal has catalogued a number of accidents that Tesla drivers say were linked to Autopilot use, including a July 1 incident in Pennsylvania that US regulators are also reportedly looking into. 
 
(AFP)&nbsp;

"A lot of people don't understand what it is and how you turn it on," founder Elon Musk told WSJ

Tesla does not plan to disable the Autopilot self-driving function in its cars despite accidents possibly linked to it, founder Elon Musk told The Wall Street Journal on Tuesday. As US auto safety regulators moved forward in a probe of a fatal accident involving Autopilot in May, Musk said in an interview that owners of Tesla's luxury electric cars need more education on using the technology. "A lot of people don't understand what it is and how you turn it on," Musk told the Journal. He stressed that the company has labeled the technology a "beta" or advanced testing version to indicate that it has not been perfected. "It says beta specifically so people do not become complacent," he said. Two recent accidents, one fatal, have involved drivers using Autopilot, though specifics of how much the drivers were still involved in piloting the cars at the time are not available. On Tuesday, the National Highway Traffic Safety Administration published a letter sent to Tesla last week requesting the company to supply detailed information on the car involved in the deadly May 7 crash in Florida, including Tesla's own analyses of what happened and of possible problems with Autopilot. They also demanded all Tesla's records of other crashes and driver complaints, and details on the functioning of the cars` automatic emergency braking system. Musk has defended the company`s technology -- the most advanced driver-assist system currently available to consumers -- as on the balance safer than regular cars, noting the Florida accident was the first fatality in a Tesla linked to Autopilot. "This is the first known fatality in just over 130 million miles where Autopilot was activated. Among all vehicles in the US, there is a fatality every 94 million miles," the company said on its website last week. But worries have mounted that the feature has some faults, including not being able to recognise cars halted on the road, and that drivers are being lulled into a false sense of safety and not watching the road. In the Florida accident, the car slammed into the side of a tractor-trailer crossing the road in front of it apparently without braking at all. The Journal has catalogued a number of accidents that Tesla drivers say were linked to Autopilot use, including a July 1 incident in Pennsylvania that US regulators are also reportedly looking into. (AFP)

Tesla won't disable autopilot feature despite accidents

Tesla Motors Inc CEO Elon Musk on Sunday tweeted his intention to soon publish part two of his &#39;top secret Tesla masterplan&#39; following an embattled several weeks for the Silicon Valley heavyweight. 
 
The tweet, which read &#39;Working on Top Secret Tesla Masterplan, Part 2. Hoping to publish later this week&#39; comes amid inquiries into two crashes of Tesla cars, as well as ongoing questions regarding Musk&#39;s plans to combine his electric vehicle company, Tesla, with his solar panel-maker company, SolarCity Corp. 
 
On July 1, a driver of a Tesla Model X in Pennsylvania crashed into a turnpike. The National Highway Traffic Safety Administration (NHTSA) announced last week that it is investigating the crash &#39;to determine whether automated functions were in use at the time of the crash.&#39; 
 
Tesla has said, &quot;Based on the information we have now, we have no reason to believe that Autopilot had anything to do with this accident.&quot; 
 
The crash came on the heels of NHTSA&#39;s disclosure it was investigating a May 7 crash in Florida that killed the driver of a Tesla Model S that was operating in Autopilot mode. 
 
The Tesla Autopilot system allows the car to keep itself in a lane, maintain speed and operate for a limited time without a driver doing the steering. 
 
Last month, Tesla proposed to buy SolarCity over which Musk serves as chairman and principal shareholder. Musk expects the deal will help Tesla get into the market for sustainable energy for homes and businesses. 
 
Jim Chanos of Kynikos Associates has called the proposed acquisition &#39;shameful example of corporate governance at its worst.&#39; 
 
(Reuters)

Tesla founder tweets 'Working on Top Secret Tesla Masterplan, Part 2. Hoping to publish later this week'

Tesla Motors Inc CEO Elon Musk on Sunday tweeted his intention to soon publish part two of his 'top secret Tesla masterplan' following an embattled several weeks for the Silicon Valley heavyweight. The tweet, which read 'Working on Top Secret Tesla Masterplan, Part 2. Hoping to publish later this week' comes amid inquiries into two crashes of Tesla cars, as well as ongoing questions regarding Musk's plans to combine his electric vehicle company, Tesla, with his solar panel-maker company, SolarCity Corp. On July 1, a driver of a Tesla Model X in Pennsylvania crashed into a turnpike. The National Highway Traffic Safety Administration (NHTSA) announced last week that it is investigating the crash 'to determine whether automated functions were in use at the time of the crash.' Tesla has said, "Based on the information we have now, we have no reason to believe that Autopilot had anything to do with this accident." The crash came on the heels of NHTSA's disclosure it was investigating a May 7 crash in Florida that killed the driver of a Tesla Model S that was operating in Autopilot mode. The Tesla Autopilot system allows the car to keep itself in a lane, maintain speed and operate for a limited time without a driver doing the steering. Last month, Tesla proposed to buy SolarCity over which Musk serves as chairman and principal shareholder. Musk expects the deal will help Tesla get into the market for sustainable energy for homes and businesses. Jim Chanos of Kynikos Associates has called the proposed acquisition 'shameful example of corporate governance at its worst.' (Reuters)

Musk hints at top secret Tesla masterplan

The fatal&nbsp;crash&nbsp;of a&nbsp;Tesla&nbsp;Motors Model S in Autopilot mode has turned up pressure on auto industry executives and regulators to ensure that automated driving technology is deployed safely.

The first such known accident, which occurred in Florida in May, has highlighted tensions surrounding efforts to turn over responsibility for braking, steering and driving judgements to machines. It may delay the US&nbsp;government&#39;s plan to outline guidelines for self-driving cars this month.

The cause of the Model S&nbsp;crash&nbsp;is still under investigation by federal and Florida state authorities, which are looking into whether the driver was distracted before his 2015 Model S went under a truck trailer.

Shares of&nbsp;Tesla&nbsp;and Mobileye NV, the maker of the camera vision system used in the Model S, rose on Friday as analysts said the accident was likely a short-term setback. The stocks fell in after-hours trading on Thursday after an investigation of the&nbsp;crash&nbsp;was made known.

Advocates of automating driving point to research that shows 90 per cent of accidents are caused by human mistakes. But machines can also make mistakes, or encounter situations they are not designed to handle.

On Friday, the US&nbsp;National Highway Traffic Safety Administration (NHTSA) said US&nbsp;traffic deaths rose by 7.7 per cent to 35,200 in 2015 - the highest annual tally since 2008 and biggest single-year jump since 1966. Federal officials and industry executives say that toll could be cut by technology such as brakes that automatically engage when sensors detect an impending&nbsp;crash.

In March, 20 automakers agreed with regulators to make automatic emergency braking standard on nearly all US&nbsp;vehicles by 2022, a move that could prevent thousands of rear-end&nbsp;crashes annually.

But automakers have issued numerous recalls for problems with such systems. Honda Motor Co &lt;7267.T&gt; recalled nearly 50,000 Acura SUVs and cars in June 2015 because the system can apply the brakes when it detects a vehicle accelerating and is driving along a metal fence or guardrail.

US&nbsp;Transportation Secretary Anthony Foxx told Reuters earlier this year he planned to propose regulatory guidelines by mid-July to clear the way for wider deployment of automated driving systems.

&ldquo;This technology is coming,&quot; Foxx said. &quot;Ready or not, it&rsquo;s coming.&quot;

On Wednesday, Foxx said the guidelines could take more time, and cautioned there are questions &quot;that are probably unanswerable at this point&quot;.

NHTSA said in a report in March that there are relatively few hurdles to fully autonomous vehicles being used on US&nbsp;roads, as long as vehicle design &quot;allows a human driver to operate the vehicle with a wheel and pedals&quot;.

At a conference in Detroit last month, NHTSA chief Mark Rosekind said he would accept technology that was &quot;two times&quot; better than conventional vehicles at preventing collisions.

Hours before the&nbsp;crash&nbsp;became public knowledge on Thursday, US&nbsp;National Transportation Safety Board Chairman Christopher Hart said driverless cars will not be perfect.

&quot;There will be fatal&nbsp;crashes, that&#39;s for sure,&quot; Hart told the audience at the National Press Club in Washington, but added that will not derail the move toward driverless cars, even if the vehicles are not ready: &quot;This train has left the station.&quot;

Alphabet Inc&#39;s Google unit and other companies are racing to get self-driving cars on US&nbsp;roads. Google has logged about 1.5 million miles of test driving, but has not said when it would offer its technology for sale.

&quot;We have a responsibility to get this out there as soon as we can and really as soon as we have data that says we&#39;re better than the current system of flawed human drivers,&quot; Google&#39;s self-driving car CEO John Krafcik said last month in Washington.

Former NHTSA chief David Strickland, who is heading a self-driving coalition including Google and Ford Motor Co &lt;F.N&gt;, told Reuters on Friday he does not &quot;think this&nbsp;crash&nbsp;is going to change the arc for the entire industry ... and our pathway toward full self-driving&quot;.

Automakers have wide latitude to install systems that intervene when drivers are not attentive , from lane-keeping systems to automatic emergency braking , and do not need prior approval from regulators, even if the systems are described as in &quot;beta&quot;, or public testing mode.

Former NHTSA chief Joan Claybrook said in an interview the agency needs to set performance standards for electronic systems like Autopilot. &quot;It&#39;s the like Wild West. The regulatory system is not being used,&quot; Claybrook said.

Tesla&#39;s Autopilot system &quot;is explicitly denoted as a beta product,&quot; said Jason Corso, an associate professor of electrical and computer engineering at the University of Michigan. The accident is a &quot;wake-up call that significant further study is needed to model the sensors and the underlying recognition technologies on which these systems rely&quot;, he said.

Timothy Carone, a business professor at the University of Notre Dame, said there will be more of these types of events as more automated cars, planes, trains and weapons are put into use.

Deaths will start to rise, but will then decline, he said, as &quot;artificial intelligence, big data, and sensors for collecting data begin to mature and become capable of handling unusual situations that are difficult to simulate in test environments&quot;. 
 
(Reuters)

As companies race to get self-driving cars on US roads, advocates of automated driving say 90 per cent of accidents are caused by human-error

The fatal crash of a Tesla Motors Model S in Autopilot mode has turned up pressure on auto industry executives and regulators to ensure that automated driving technology is deployed safely. The first such known accident, which occurred in Florida in May, has highlighted tensions surrounding efforts to turn over responsibility for braking, steering and driving judgements to machines. It may delay the US government's plan to outline guidelines for self-driving cars this month. The cause of the Model S crash is still under investigation by federal and Florida state authorities, which are looking into whether the driver was distracted before his 2015 Model S went under a truck trailer. Shares of Tesla and Mobileye NV, the maker of the camera vision system used in the Model S, rose on Friday as analysts said the accident was likely a short-term setback. The stocks fell in after-hours trading on Thursday after an investigation of the crash was made known. Advocates of automating driving point to research that shows 90 per cent of accidents are caused by human mistakes. But machines can also make mistakes, or encounter situations they are not designed to handle. On Friday, the US National Highway Traffic Safety Administration (NHTSA) said US traffic deaths rose by 7.7 per cent to 35,200 in 2015 - the highest annual tally since 2008 and biggest single-year jump since 1966. Federal officials and industry executives say that toll could be cut by technology such as brakes that automatically engage when sensors detect an impending crash. In March, 20 automakers agreed with regulators to make automatic emergency braking standard on nearly all US vehicles by 2022, a move that could prevent thousands of rear-end crashes annually. But automakers have issued numerous recalls for problems with such systems. Honda Motor Co <7267.T> recalled nearly 50,000 Acura SUVs and cars in June 2015 because the system can apply the brakes when it detects a vehicle accelerating and is driving along a metal fence or guardrail. US Transportation Secretary Anthony Foxx told Reuters earlier this year he planned to propose regulatory guidelines by mid-July to clear the way for wider deployment of automated driving systems. “This technology is coming," Foxx said. "Ready or not, it’s coming." On Wednesday, Foxx said the guidelines could take more time, and cautioned there are questions "that are probably unanswerable at this point". NHTSA said in a report in March that there are relatively few hurdles to fully autonomous vehicles being used on US roads, as long as vehicle design "allows a human driver to operate the vehicle with a wheel and pedals". At a conference in Detroit last month, NHTSA chief Mark Rosekind said he would accept technology that was "two times" better than conventional vehicles at preventing collisions. Hours before the crash became public knowledge on Thursday, US National Transportation Safety Board Chairman Christopher Hart said driverless cars will not be perfect. "There will be fatal crashes, that's for sure," Hart told the audience at the National Press Club in Washington, but added that will not derail the move toward driverless cars, even if the vehicles are not ready: "This train has left the station." Alphabet Inc's Google unit and other companies are racing to get self-driving cars on US roads. Google has logged about 1.5 million miles of test driving, but has not said when it would offer its technology for sale. "We have a responsibility to get this out there as soon as we can and really as soon as we have data that says we're better than the current system of flawed human drivers," Google's self-driving car CEO John Krafcik said last month in Washington. Former NHTSA chief David Strickland, who is heading a self-driving coalition including Google and Ford Motor Co <F.N>, told Reuters on Friday he does not "think this crash is going to change the arc for the entire industry ... and our pathway toward full self-driving". Automakers have wide latitude to install systems that intervene when drivers are not attentive , from lane-keeping systems to automatic emergency braking , and do not need prior approval from regulators, even if the systems are described as in "beta", or public testing mode. Former NHTSA chief Joan Claybrook said in an interview the agency needs to set performance standards for electronic systems like Autopilot. "It's the like Wild West. The regulatory system is not being used," Claybrook said. Tesla's Autopilot system "is explicitly denoted as a beta product," said Jason Corso, an associate professor of electrical and computer engineering at the University of Michigan. The accident is a "wake-up call that significant further study is needed to model the sensors and the underlying recognition technologies on which these systems rely", he said. Timothy Carone, a business professor at the University of Notre Dame, said there will be more of these types of events as more automated cars, planes, trains and weapons are put into use. Deaths will start to rise, but will then decline, he said, as "artificial intelligence, big data, and sensors for collecting data begin to mature and become capable of handling unusual situations that are difficult to simulate in test environments". (Reuters)

Tesla crash raises concerns about autonomous vehicle regulation

Tesla said on Thursday a driver was killed while using its &quot;autopilot&quot; self-driving mechanism on its Model S electric car, leading to a US federal safety investigation. 
 
The National Highway Traffic Safety Administration (NHTSA) said that it has opened a &quot;preliminary evaluation&quot; into the performance of Autopilot after the electric car company notified the agency of a fatal crash in Florida in May. 
 
In a statement, Tesla said the fatality was &quot;a tragic loss&quot; and was the first such incident with its Autopilot system activated. 
 
&quot;This is the first known fatality in just over 130 million miles (209 million kilometers) where Autopilot was activated,&quot; the company said. 
 
&quot;Among all vehicles in the US, there is a fatality every 94 million miles. Worldwide, there is a fatality approximately every 60 million miles,&quot; it said. 
 
&quot;It is important to emphasize that the NHTSA action is simply a preliminary evaluation to determine whether the system worked according to expectations.&quot; 
 
NHTSA communications director Bryan Thomas said in a release that the agency deployed a special team to the scene of the crash and opened a &quot;defects investigation&quot; focused on the automated driving system. 
 
Preliminary reports indicated that the crash happened when a tractor-trailer made a left turn in front of the Tesla at an intersection, according to Thomas. 
 
Tesla said the car was on a divided highway when the tractor-trailer drove across the road to be situated perpendicular to the Tesla. 
 
The NHTSA cautioned that it was too early in the investigation to determine whether a defect existed or played a part in the crash. 
 
Tesla, known for its high-end electric cars, unveiled the system last year which allows the vehicle to automatically change lanes, manage speed and even hit the brakes. The system is activated and overridden by the driver. 
 
Blinded by light 
&quot;Neither Autopilot nor the driver noticed the white side of the tractor-trailer against a brightly lit sky, so the brake was not applied,&quot; the statement said. 
 
&quot;The high ride height of the trailer combined with its positioning across the road and the extremely rare circumstances of the impact caused the Model S to pass under the trailer, with the bottom of the trailer impacting the windshield of the Model S.&quot; 
 
Tesla said that if there had been an impact against the front or rear of the trailer, even at high speed, &quot;its advanced crash safety system would likely have prevented serious injury as it has in numerous other similar incidents.&quot; 
 
Tesla said it followed &quot;our standard practice&quot; by informing federal safety officials. 
 
&quot;It is important to note that Tesla disables Autopilot by default and requires explicit acknowledgement that the system is new technology and still in a public beta phase before it can be enabled,&quot; Tesla said. 
 
When drivers activate the system, they see a warning saying that it is &quot;an assist feature that requires you to keep your hands on the steering wheel at all times,&quot; and that &quot;you need to maintain control and responsibility for your vehicle&quot; while using it, according to the company. 
 
The news comes amid growing interest in self-driving cars following tests over the past few years by Google and research by several major automakers. 
 
Investments are also being made in autonomous trucks and small buses. 
 
A major study released earlier this month said the looming arrival of self-driving vehicles is likely to vastly reduce traffic fatalities, but also poses difficult moral dilemmas. 
 
The scientists said autonomous driving systems will require programmers to develop algorithms to make critical decisions that are based more on ethics than technology, such as whether to sacrifice a driver or passenger rather than pedestrians. 
 
(AFP)

The carmaker's self-driving Autopilot system regulates speed, allows a vehicle to change lanes, and even applies the brakes

Tesla said on Thursday a driver was killed while using its "autopilot" self-driving mechanism on its Model S electric car, leading to a US federal safety investigation. The National Highway Traffic Safety Administration (NHTSA) said that it has opened a "preliminary evaluation" into the performance of Autopilot after the electric car company notified the agency of a fatal crash in Florida in May. In a statement, Tesla said the fatality was "a tragic loss" and was the first such incident with its Autopilot system activated. "This is the first known fatality in just over 130 million miles (209 million kilometers) where Autopilot was activated," the company said. "Among all vehicles in the US, there is a fatality every 94 million miles. Worldwide, there is a fatality approximately every 60 million miles," it said. "It is important to emphasize that the NHTSA action is simply a preliminary evaluation to determine whether the system worked according to expectations." NHTSA communications director Bryan Thomas said in a release that the agency deployed a special team to the scene of the crash and opened a "defects investigation" focused on the automated driving system. Preliminary reports indicated that the crash happened when a tractor-trailer made a left turn in front of the Tesla at an intersection, according to Thomas. Tesla said the car was on a divided highway when the tractor-trailer drove across the road to be situated perpendicular to the Tesla. The NHTSA cautioned that it was too early in the investigation to determine whether a defect existed or played a part in the crash. Tesla, known for its high-end electric cars, unveiled the system last year which allows the vehicle to automatically change lanes, manage speed and even hit the brakes. The system is activated and overridden by the driver. Blinded by light "Neither Autopilot nor the driver noticed the white side of the tractor-trailer against a brightly lit sky, so the brake was not applied," the statement said. "The high ride height of the trailer combined with its positioning across the road and the extremely rare circumstances of the impact caused the Model S to pass under the trailer, with the bottom of the trailer impacting the windshield of the Model S." Tesla said that if there had been an impact against the front or rear of the trailer, even at high speed, "its advanced crash safety system would likely have prevented serious injury as it has in numerous other similar incidents." Tesla said it followed "our standard practice" by informing federal safety officials. "It is important to note that Tesla disables Autopilot by default and requires explicit acknowledgement that the system is new technology and still in a public beta phase before it can be enabled," Tesla said. When drivers activate the system, they see a warning saying that it is "an assist feature that requires you to keep your hands on the steering wheel at all times," and that "you need to maintain control and responsibility for your vehicle" while using it, according to the company. The news comes amid growing interest in self-driving cars following tests over the past few years by Google and research by several major automakers. Investments are also being made in autonomous trucks and small buses. A major study released earlier this month said the looming arrival of self-driving vehicles is likely to vastly reduce traffic fatalities, but also poses difficult moral dilemmas. The scientists said autonomous driving systems will require programmers to develop algorithms to make critical decisions that are based more on ethics than technology, such as whether to sacrifice a driver or passenger rather than pedestrians. (AFP)

Tesla driver on 'autopilot' mode killed in crash, US opens probe

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