Tesla’s stock took a significant hit on Wednesday, plummeting 12% after the company reported a dramatic drop in second-quarter profits. The electric vehicle (EV) giant faced a more than 40% decrease in profit compared to the same period last year, as competition in the EV market intensified and overall sales growth slowed. This decline marks…
A Delaware judge is considering a record-setting $7 billion request for attorney fees from three law firms that successfully contested Elon Musk’s $56 billion pay package from Tesla. The firms, which represented Tesla shareholder Richard Tornetta, argue that the fee incentivizes legal accountability for corporate boards. For over six hours on Monday, legal teams debated…
For the first time, Tesla has been included in a Chinese government purchase list, as reported by state-owned media outlet Paper.cn. Tesla is the only foreign-owned electric vehicle (EV) brand featured in the procurement catalogue released by the government of Jiangsu province in eastern China. Other brands on the list include Volvo, owned by China’s…
Tesla has reported a decline in sales for the second consecutive quarter, marking the first time in its history that sales have decreased year-over-year for two quarters in a row. The electric vehicle (EV) giant sold nearly 444,000 cars this quarter, a 5% drop from the previous year. This follows an 8.5% decline in the…
In a decisive move, Tesla shareholders have re-approved a multi-billion-dollar pay package for CEO Elon Musk that had previously been struck down by a Delaware judge. The decision was made at Tesla’s annual meeting on Thursday, alongside the approval to shift the company’s incorporation from Delaware to Texas. Tesla announced on Friday that the pay…
Next week, Tesla shareholders will cast their votes on whether CEO Elon Musk deserves a massive compensation package previously struck down by a judge, and whether the company should relocate its state of incorporation from Delaware to Texas. Five months ago, a Delaware judge nullified the $50 billion pay package granted to Musk by Tesla’s…
Tesla is set to recall 125,227 vehicles in the United States because of a defect in the seat belt warning system, which could increase the risk of injury in the event of a collision. The National Highway Traffic Safety Administration (NHTSA) announced the recall on Friday, citing that the vehicles do not meet federal safety…
Tesla has begun construction on a new battery manufacturing plant in Shanghai, signalling a significant expansion despite escalating trade tensions between the United States and China. The groundbreaking event on Thursday follows CEO Elon Musk’s unexpected visit to China, aimed at boosting the company’s declining sales in the region. Announced in April of last year,…
Western companies, including McDonald’s, Apple, and Tesla, are encountering significant challenges in the Chinese market as an economic downturn and increased competition from local rivals reshape consumer behaviour and market dynamics. The once lucrative bet on the unstoppable growth of the Chinese consumer market is now facing uncertainties, with price wars erupting across various sectors,…
In a show of dissent against Tesla’s expansion plans, approximately 800 activists converged outside Tesla’s factory near Berlin, attempting to disrupt operations and voice opposition to the company’s growth strategy. Organized by Disrupt, a coalition of anti-capitalist groups, the protesters aimed to halt the planned expansion, citing concerns over environmental impact and resource strain. According…
Tesla has announced the closure of its factory near Berlin, preempting expected protests against the planned expansion of its facility. The decision comes as demonstrators prepare to gather outside the factory gates to voice their opposition to the proposed increase in production capacity. The shutdown of production lines on Friday was previously scheduled for January,…
In an unexpected move, Tesla has terminated its team responsible for managing the electric vehicle charging business, sparking concerns about the fate of one of the largest US charging networks, which rivals like General Motors and Ford had planned to utilize. Reports of the layoffs surfaced after several Tesla employees confirmed the news on social…
Tesla’s shares experienced a significant surge following reports indicating that the company has made substantial progress in securing regulatory approval in China through a partnership with search engine giant Baidu. The boost in Tesla’s stock value comes in the wake of a surprise visit by CEO Elon Musk to meet with Premier Li Qiang, China’s…
In a significant development shedding light on the safety concerns surrounding Tesla’s Autopilot system, a report from US regulators has revealed startling statistics: nearly 1,000 crashes and over two dozen fatalities have been linked to Tesla vehicles operating on Autopilot mode. The findings underscore a critical issue of driver misunderstanding regarding the capabilities of Tesla’s…
Despite reporting a 48% plunge in adjusted earnings for the first quarter, Tesla remains optimistic about its future plans, including the launch of a cheaper model next year. The electric carmaker disclosed a 9% decline in total revenue, failing to meet Wall Street’s revised forecasts. Additionally, its profit margin dipped by 2 percentage points. However,…
Tesla, the leading electric vehicle (EV) manufacturer, has initiated significant price cuts in major markets, including the United States, China, and Germany, as it contends with intensifying competition and dwindling sales. The company announced substantial reductions in the prices of several models in mainland China, its largest overseas market. The starting prices for four models…
Elon Musk, the CEO of Tesla, has announced the postponement of his planned visit to India, citing pressing obligations at Tesla as the reason for the delay. Scheduled for next week, Musk’s visit to India was highly anticipated, with expectations of meetings with Prime Minister Narendra Modi and discussions regarding Tesla’s potential factory in the…
Tesla, known for its unconventional approach to advertising, has disclosed spending $200,000 on advertising through social media platform X, according to recent filings with the Securities and Exchange Commission (SEC). The electric car manufacturer, helmed by CEO Elon Musk, has historically eschewed traditional advertising methods, preferring to allocate resources towards product development and innovation. However,…
Tesla, the trailblazer in electric vehicles, is poised to trim over 10% of its expansive global workforce of 140,000 employees, marking a significant restructuring move in response to market dynamics. This decision, outlined in an email reportedly sent by CEO Elon Musk over the weekend, underscores the company’s drive for “cost reductions and increasing productivity”…
Tesla, the electric vehicle pioneer led by Elon Musk, has encountered a significant setback in its first-quarter deliveries, marking the lowest figure in over a year. Challenges including a factory fire, global shipping disruptions, and supply chain woes have contributed to the decline. The company reported delivering just under 387,000 electric cars to customers, down…
Tesla, the pioneering electric car company led by CEO Elon Musk, faced a significant decline in sales, marking its first annual drop since the onset of the pandemic, as competition in the electric vehicle (EV) market intensified from both Chinese and Western automakers. Despite producing 433,000 vehicles, Tesla delivered only 387,000, signalling a substantial decrease…
Tesla, led by Elon Musk, is bracing for a challenging quarter following a series of setbacks, signalling a tumultuous period for the electric vehicle giant. Analysts anticipate that Tesla will fall short of Wall Street’s projections for both deliveries and revenue in the wake of global EV demand slowing down and disappointing performance in key…
Tesla, the prominent Electric Vehicle (EV) manufacturer, is grappling with a production slowdown at its Shanghai plant in China, resulting in a nearly 4% decline in its share price amidst intensifying market competition and sluggish sales growth. Recent reports indicate that Tesla has scaled back production of its Model Y and Model 3 vehicles in…
In a bid to put Elon Musk’s bold claims to the test, the YouTube channel JerryRigEverything has subjected the Tesla Cybertruck to a barrage of firearm rounds, ranging from a 9mm Glock 19 to a formidable .50 calibre rifle. Zack Nelson, the host renowned for his rigorous smartphone durability tests, shifted his focus to the…
Tesla’s manufacturing plant in Berlin, Germany, faced disruption after an arson attack targeted a high-voltage electricity pylon, leading to a halt in production. The assault, claimed by a group identifying as the “Volcano Group,” was detailed in a letter published on the alternative German media platform Kontrapolis. While police in Brandenburg believe the letter’s authenticity,…
In response to concerns raised by federal safety regulators, Tesla has issued a recall affecting 2.2 million vehicles on US roads due to an issue with the font size of warning lights displayed on its vehicles. The National Highway Traffic Safety Administration (NHTSA) brought attention to the problem, which was discovered during a routine audit…
Tesla witnessed a sharp decline in its shares, plummeting by 12% on Thursday and erasing a staggering $80 billion in market value. The dip followed the electric car giant’s cautionary statements about decelerating growth in electric car sales and the looming threat posed by Chinese competitors. Closing at its lowest level since December 2022, Tesla’s…
In a surprising turn of events, Tesla, once the leader in global electric vehicle (EV) sales, faced a setback as Chinese automaker BYD claimed the top spot in the fourth quarter of 2023. The competition from Chinese electric car brands has led Tesla to revise its ambitious sales targets, causing a 7.5% drop in Tesla…
Here’s something sure to make Elon Musk smile – short sellers, those investors who placed bets that the value of Tesla shares were going to go down, lost a combined $12.2 billion last year, more than short sellers lost on any other company in 2023. Despite the losses suffered by shorts, Tesla’s shares more than…
In a move aimed at improving the functionality of its Autopilot driver-assistance system and mitigating collision risks, Tesla is recalling 1.6 million vehicles in China, according to an announcement from China’s State Administration for Market Regulation on Friday. The recall encompasses 1.61 million Tesla cars in China, spanning imported models such as the Model S,…
Chinese electric vehicle (EV) manufacturer BYD has emerged as a formidable contender to surpass Elon Musk’s Tesla as the world’s leading EV producer. The company announced on Monday that it achieved a milestone by selling a record 526,000 battery-only vehicles in the final quarter of 2023, fueled by a remarkable 70% surge in December sales….
New research from LendingTree has unveiled that Tesla owners face a higher likelihood of being involved in car accidents compared to drivers of other car brands. Analyzing data from 30 car brands based on tens of millions of insurance quotes between November 2022 and November 2023, the study reported that Tesla drivers experienced 23.54 accidents…
In response to safety concerns raised by the National Highway Traffic Safety Administration (NHTSA), Tesla is recalling more than 120,000 vehicles in the United States over potential risks related to unlocked doors during a crash. The safety recall specifically applies to certain Model S and X vehicles manufactured between 2021 and 2023, as outlined in…
In a surprising turn of events, a buyer of a new Tesla Model Y found themselves grappling with a $14,000 repair bill less than 24 hours after the purchase, shedding light on potential quality issues within the automaker. Shreyansh Jain recounted his ordeal to Reuters, revealing that his Model Y, acquired for $55,000 with only…
After four years since its initial unveiling and amidst delays and controversies, Tesla’s highly anticipated Cybertruck has finally reached the hands of approximately a dozen customers. However, the original base-model price of $39,900 announced in 2019 has seen a notable increase of over 50%, now standing at $60,990. Elon Musk, Tesla’s CEO, initially claimed in…
Elon Musk, CEO of Tesla, marked the long-awaited delivery of the Cybertruck, which was first unveiled four years ago. Despite the flashy event, the new price revealed on Tesla’s website stirred discussions, as the Cybertruck comes with a higher price tag than initially discussed. The starting price for the Cybertruck is $60,990 before federal tax…
Chinese tech giant Huawei has entered the electric vehicle (EV) market to rival Tesla with the introduction of its first sedan, the Luxeed S7. The company, known for its technological prowess, has partnered with Chinese automaker Chery for this venture, marking a shift from its previous focus on SUVs. Preorders for the Luxeed S7 commenced…
Toyota, one of the world’s leading automakers, has announced its decision to switch to Tesla’s charging standard for its electric vehicles (EVs) sold in the United States. Starting in 2025, all Toyota EVs in the US will be equipped with charging ports compatible with Tesla’s North American Charging Standard (NACS), replacing the current Combined Charging…
Two automotive giants, BMW and Mercedes-Benz, have embarked on their most substantial foray into the electric vehicle (EV) market, aiming to counter the escalating competition from Chinese automakers and catch up with the U.S. powerhouse, Tesla. This significant development unfolded recently during the IAA Mobility motor show held in Munich, Germany, where both companies unveiled…
U.S. highway safety regulators are launching an investigation into a potentially hidden feature within Tesla’s Autopilot software. This feature, informally referred to as “Elon mode,” can reportedly disable the safety prompts that remind drivers to keep their hands on the steering wheel. Authorities are now seeking information from Tesla regarding whether consumers could exploit this…
As Tesla’s anticipated production launch of the Cybertruck draws near, the electric automaker’s testing program has brought an unexpected incident to light. A Cybertruck release candidate was found stranded on the side of the road, hinting at potential technical challenges that the company is ironing out before the start of deliveries. Tesla has been extensively…
Tesla, the electric vehicle (EV) giant, has reported a significant increase in profits, surpassing analysts’ expectations despite implementing price cuts that affected its revenue per vehicle sold. In the second quarter, Tesla reported adjusted earnings of $3.1 billion, or 91 cents a share, representing a 20% increase compared to the same period last year. Analysts…
In one of the largest shareholder settlements of its kind, Tesla directors have agreed to return $735 million to the company to resolve claims of grossly overpaying themselves. According to a court filing in a Delaware court on Monday, the settlement stems from a 2020 lawsuit brought by a retirement fund holding Tesla (TSLA) stock,…
Tesla has finally completed the construction of its first Cybertruck, according to a tweet posted by the electric car company on Saturday. The long-awaited Cybertruck was built at Tesla’s Gigafactory near Austin, Texas, as depicted in the image shared in the tweet, showing workers wearing hard hats surrounding the sleek vehicle. The prototype for the…
Mercedes-Benz has announced that starting next year, its electric vehicle drivers will be able to use Tesla’s superchargers, with plans to fully adopt Tesla’s charging standard by 2025. This move by Mercedes-Benz follows similar agreements made by other automakers, further solidifying Tesla’s position as a widely accepted standard in the electric vehicle industry. As part…
BYD outpaced Tesla in the second quarter as the Chinese carmaker posted record sales of hybrid and electric vehicles. Between April and June, BYD (BYDDF) sold more than 700,000 vehicles, almost double the number sold in the same quarter last year and setting a new quarterly record. On Sunday, Tesla (TSLA) announced it had achieved…
Toyota, known for pioneering lean car manufacturing, now faces the challenge of catching up to electric vehicle leaders like Tesla, which has found success in producing EVs efficiently and profitably. Tesla’s unconventional approach to both factories and vehicle designs has surpassed Toyota’s traditional methods, prompting Toyota’s deputy chief of global production, Yoshio Nakamura, to acknowledge…
Tesla CEO Elon Musk expressed his intention to invest in India “as soon as humanly possible” following a meeting with Indian Prime Minister Narendra Modi in New York. Musk emphasized Modi’s interest in India and the push for significant investments from Tesla, stating that they are determining the right timing for the move. While Musk…
Tesla (TSLA) stock experienced a surge this week after General Motors (GM) announced that their electric vehicles would be compatible with Tesla’s charging network. This news followed a similar announcement made by Ford just two weeks prior. At the time of writing, Tesla’s stock had risen by approximately $12 per share or 5% for the…
In a surprising development, Ford Motor and Tesla have entered into a deal concerning electric vehicle (EV) charging technology and infrastructure. This collaboration has the potential to create new challenges for other automakers in their EV strategies. The agreement will grant Ford owners access to over 12,000 Tesla Superchargers across the United States and Canada,…
