Tesla, founded and led by Elon Musk, is planning to cut approximately 15,000 jobs, about 10% of its workforce, as part of a cost-cutting and productivity enhancement strategy. The company, with over 140,000 employees at the end of 2023, has been facing challenges due to soft demand for electric vehicles and intense competition, particularly from China. Despite being the largest carmaker by stock market value, Tesla experienced a decline in vehicle deliveries in the first quarter of its financial year, marking its first drop in almost four years. The company is gearing up to announce its next quarterly earnings on 23 April.
Tesla, Inc. ( TESS-lə or TEZ-lə) is an American multinational automotive and clean energy company headquartered in Austin, Texas, which designs, manufactures and sells electric vehicles, stationary battery energy storage devices from home to grid-scale, solar panels and solar shingles, and related products and services.Tesla was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning as Tesla Motors. The company's name is a tribute to inventor and electrical engineer Nikola Tesla. In February 2004 Elon Musk joined as the company's largest shareholder and in 2008 he was named CEO. In 2008, the company began production of its first car model, the Roadster sports car, followed by the Model S sedan in 2012, the Model X SUV in 2015, the Model 3 sedan in 2017, the Model Y crossover in 2020, the Tesla Semi truck in 2022 and the Cybertruck pickup truck in 2023. The Model 3 is the all-time bestselling plug-in electric car worldwide, and in June 2021 became the first electric car to sell 1 million units globally. In 2023, the Model Y was the best-selling vehicle, of any kind, globally.Tesla is one of the world's most valuable companies. In October 2021, Tesla's market capitalization temporarily reached $1 trillion, the sixth company to do so in U.S. history. In 2022, the company led the battery electric vehicle market, with 18% share. As of 2023, it is the world's most valuable automaker. Also in 2023, the company was ranked 69th in the Forbes Global 2000.Tesla has been the subject of lawsuits, government scrutiny, and journalistic criticism, stemming from allegations of whistleblower retaliation, worker rights violations, product defects, and Musk's many controversial statements.
Tesla, Inc., an electric vehicle manufacturer and clean energy company founded in San Carlos, California in 2003 by American entrepreneurs Martin Eberhard and Marc Tarpenning. The company is named after Serbian-American inventor Nikola Tesla. Tesla is the world's leading electric vehicle manufacturer, and, as of the end of 2021, Tesla's cumulative global vehicle sales totaled 2.3 million units.
Tesla stock won't reverse it's massive sell-off until it commits to its original plans to develop a low-cost Model 2 vehicle, according to Wedbush analyst Dan Ives. Tesla stock is down 30% year-to-date and is down 58% since its record high as concerns grow about weakening demand for its electric vehicles. The company's first-quarter deliveries came in well below expectations, and one analyst estimates that the company has unsold inventory of about 150,000 vehicles. A recent report from Reuters said that Tesla is ditching plans for a low-cost Model 2 and will instead focus on the development of its Robotaxi platform, stoking concerns among Tesla bulls including Ives. "If robotaxis is viewed as the 'magic model' to replace Model 2 we would view this as a debacle negative for the Tesla story.
Tesla's stock has dropped over 10% in the last year, impacting Elon Musk's net worth. Facing issues with EV demand and pressures in China, Musk is focusing on fortifying his other businesses. Social media platform X, associated with Musk, is reverting to its original format resembling Twitter. Musk is making efforts to attract high-profile users back to X by reintroducing features like blue check marks. Additionally, the platform is investing in safety measures by expanding the trust and safety team with a new content moderation center in Texas.
Tesla has decided to scrap plans for the affordable Model 2 electric car, shifting focus to developing self-driving robotaxis instead. Elon Musk's directive to prioritize the Robotaxi project has led to the abandonment of Tesla's goal to create an affordable mass-market vehicle. The cancellation of the Model 2 comes amidst increasing competition in the entry-level EV segment and challenges in squeezing profits from such vehicles. Musk's vision of autonomous ride-hailing vehicles and the uncertainties surrounding Tesla's timeline for robotaxis remain key points of interest and speculation within the industry.
The Tesla Model Y is a battery electric mid-size crossover SUV produced by Tesla, Inc. since 2020. The vehicle was presented in March 2019 as the company's fifth production model since its inception after the Roadster, Model S, Model X and Model 3.After its 2019 introduction, the Model Y started production at the Fremont Factory in California, US in January 2020. Production at Giga Shanghai, China was added in December 2020, and at Giga Texas, US since late 2021. Deliveries from Giga Berlin, Germany started in March 2022.The Model Y is based on the Model 3 sedan, with around 76 percent of parts being shared between the two. While most Model Y are configured with two-row seating, in the US the Model Y offers optional third-row seats for a seven-passenger seating capacity.In 2023, Tesla delivered 1.2 million Model Ys, making it the world's best-selling vehicle that year, surpassing Toyota Corolla and becoming the first electric vehicle to claim that title. With at least 2.16 million units delivered since its start of production up to December 2023, the Model Y is also the most popular electric vehicle of all time.
The Tesla Model 3 is a battery electric mid-size sedan with a fastback body style built by Tesla, Inc., first introduced in 2017. It is marketed as being more affordable to more people than previous models made by Tesla. The Model 3 was the world's top selling plug-in electric car for three years, from 2018 to 2020, before being knocked from the top spot by the Tesla Model Y, a crossover SUV based on the Model 3 chassis. In June 2021, the Model 3 became the first electric car to pass global sales of 1 million. In November 2021, new features were added such as a power-operated trunk, heated steering wheel, new center console similar to the Model Y's with two wireless phone chargers, chrome trim replaced with matte black trim, USB-C ports, and a heat pump.An upgraded Model 3 with revamped interior and exterior styling was introduced in late 2023 for countries supplied by Tesla's Shanghai, China factory, and then in North America and other countries supplied by the Fremont, California factory in early 2024.
Tesla settled a lawsuit brought by the family of engineer Walter Huang, who died in a crash while using the company's semi-autonomous driving software. The amount paid was not disclosed, with the settlement made to end years of litigation. Huang activated Autopilot on his Model X before crashing into a highway barrier, with evidence showing he was playing a video game on his phone. The incident occurred in 2018 in Mountain View, California, resulting in Huang's tragic death at the age of 38. The case highlighted concerns over Tesla's promotion of its self-driving technology.
this week's video covers need-to-know news items related to Tesla (NASDAQ: TSLA) during the week of April 1. You can find last week's summary here . *Stock prices used were from the trading day of April 5, 2024. The video was published on April 6, 2024. When our analyst team has a stock tip, it can pay to listen.
Elon Reeve Musk (; EE-lon; born June 28, 1971) is a businessman and investor. He is the founder, chairman, CEO, and CTO of SpaceX; angel investor, CEO, product architect, and former chairman of Tesla, Inc.; owner, executive chairman, and CTO of X Corp.; founder of the Boring Company and xAI; co-founder of Neuralink and OpenAI; and president of the Musk Foundation. He is one of the wealthiest people in the world, with an estimated net worth of US$213 billion as of February 2024, according to the Bloomberg Billionaires Index, and $210 billion according to Forbes, primarily from his ownership stakes in Tesla and SpaceX.A member of the wealthy South African Musk family, Elon was born in Pretoria and briefly attended the University of Pretoria before immigrating to Canada at age 18, acquiring citizenship through his Canadian-born mother. Two years later, he matriculated at Queen's University at Kingston in Canada. Musk later transferred to the University of Pennsylvania, and received bachelor's degrees in economics and physics. He moved to California in 1995 to attend Stanford University, but dropped out after two days and, with his brother Kimbal, co-founded online city guide software company Zip2. The startup was acquired by Compaq for $307 million in 1999, and that same year Musk co-founded X.com, a direct bank. X.com merged with Confinity in 2000 to form PayPal.In October 2002, eBay acquired PayPal for $1.5 billion, and that same year, with $100 million of the money he made, Musk founded SpaceX, a spaceflight services company. In 2004, he became an early investor in electric vehicle manufacturer Tesla Motors, Inc. (now Tesla, Inc.). He became its chairman and product architect, assuming the position of CEO in 2008. In 2006, Musk helped create SolarCity, a solar-energy company that was acquired by Tesla in 2016 and became Tesla Energy. In 2013, he proposed a hyperloop high-speed vactrain transportation system. In 2015, he co-founded OpenAI, a nonprofit artificial intelligence research company. The following year, Musk co-founded Neuralink—a neurotechnology company developing brain–computer interfaces—and the Boring Company, a tunnel construction company. In 2022, he acquired Twitter for $44 billion. He subsequently merged the company into newly created X Corp. and rebranded the service as X the following year. In March 2023, he founded xAI, an artificial intelligence company.Musk has expressed views that have made him a polarizing figure. He has been criticized for making unscientific and misleading statements, including COVID-19 misinformation and antisemitic conspiracy theories. His ownership of Twitter has been similarly controversial, being marked by the laying off of a large number of employees, an increase in hate speech and misinformation and disinformation on the website, as well as changes to Twitter Blue verification. In 2018, the U.S. Securities and Exchange Commission (SEC) sued him, alleging that he had falsely announced that he had secured funding for a private takeover of Tesla. To settle the case, Musk stepped down as the chairman of Tesla and paid a $20 million fine.
The Tesla Roadster is a battery electric vehicle sports car, based on the Lotus Elise chassis, produced by Tesla Motors (now Tesla, Inc.) from 2008 to 2012. The Roadster was the first highway legal, serial production, all-electric car to use lithium-ion battery cells, and the first production all-electric car to travel more than 244 miles (393 km) per charge. It is also the first production car to be launched into deep space, carried by a Falcon Heavy rocket in a test flight on February 6, 2018.Tesla sold about 2,450 Roadsters in over 30 countries, and most of the last Roadsters were sold in Europe and Asia during the fourth quarter of 2012. Tesla produced right-hand-drive Roadsters from early 2010. The Roadster qualified for government incentives in several nations.According to the U.S. EPA, the Roadster can travel 244 miles (393 km) on a single charge of its lithium-ion battery pack. The vehicle can accelerate from 0 to 60 mph (0 to 97 km/h) in 3.7 or 3.9 seconds depending on the model. It has a top speed of 125 mph (201 km/h). The Roadster's efficiency, as of September 2008, was reported as 120 miles per gallon gasoline equivalent (28 kW⋅h/100 mi) (2.0 L/100 km). It uses 21.7 kWh/100 mi (135 Wh/km) battery-to-wheel, and has an efficiency of 88% on average.
The Tesla Model S is a battery electric executive car with a liftback body style built by Tesla, Inc. since 2012. The Model S features a battery-powered dual-motor, all-wheel drive layout, although earlier versions featured a rear-motor and rear-wheel drive layout.Development of the Model S began prior to 2007, under the codename "WhiteStar". The Model S was officially announced on June 30, 2008, and a prototype vehicle was unveiled in March 2009. The Model S debuted on June 22, 2012. A revised, dual-motor, all-wheel-drive version, known as the 60D, debuted on October 9, 2014. The 60D was followed by the 70D, which made dual-motor and all-wheel drive the standard, followed by the 85D, P85D, and P90D. Along with these updates, Tesla offered the Autopilot driving assistance system. The first major design refresh came in April 2016 when the Model S was updated with a new front hood design. In October of the same year, hardware became standard that supports Tesla's Full Self Driving (FSD) capability. As part of the update, integrated standard cameras around the car were added. In February 2017 the Tesla Model S P100D debuted, which included a revised motor and was the first electric vehicle to have an EPA estimated range exceeding 300 miles (483 km). The second major design refresh, codenamed "Palladium", was introduced in June 2021, offering a new "Plaid" performance model, along with a revised interior, powertrain, and suspension.The Model S became the first electric car to top the monthly new-car-sales ranking in any country, leading twice in Norway, in September and December 2013 and in Denmark in December 2015. Sales passed 250,000 units in September 2018. The Model S was the top-selling plug-in electric car worldwide in 2015 and 2016, although it was later surpassed by the Model 3. Upon its release, the Model S received positive reviews, with praise for its acceleration and range, although initial models received criticism for their high cost and braking issues.
Tesla most commonly refers to:Nikola Tesla (1856–1943), a Serbian-American electrical engineer and inventorTesla, Inc., an American electric vehicle and clean energy company, formerly Tesla Motors, Inc.Tesla (unit) (symbol: T), the SI-derived unit of magnetic flux densityTesla may also refer to:
Elon Musk's Tesla Roadster is an electric sports car that served as the dummy payload for the February 2018 Falcon Heavy test flight and became an artificial satellite of the Sun. A mannequin in a spacesuit, dubbed "Starman", occupies the driver's seat. The car and rocket are products of Tesla and SpaceX, respectively, both companies headed by Elon Musk. The 2010 Roadster is personally owned by and previously used by Musk for commuting to work. It is the first production car launched into space.The car, mounted on the rocket's second stage, was launched on an escape trajectory and entered an elliptical heliocentric orbit crossing the orbit of Mars. The orbit reaches a maximum distance from the Sun at aphelion of 1.66 astronomical units (au). Live video of the Roadster during the launch was transmitted back to the mission control center and live-streamed for slightly over four hours.Advertising analysts noted Musk's sense of brand management and use of new media for his decision to launch a Tesla into space. Musk explained he wanted to inspire the public about the "possibility of something new happening in space" as part of his larger vision for spreading humanity to other planets.
Elon Musk has announced on his social media platform X that he will visit India to meet Prime Minister Narendra Modi without giving a specific date. The visit is expected to include discussions on major investment plans, particularly in relation to Tesla's manufacturing in India. India recently lowered import taxes on electric vehicles for global carmakers committing to substantial investments. The meeting is scheduled for the last week of April in New Delhi. This visit coincides with India's ongoing elections, where the ruling BJP is expected to secure a third term in power.
The Tesla Cybertruck is a battery electric full-size pickup truck built by Tesla, Inc. since 2023. Introduced as a concept vehicle in November 2019, it features a triangular body design with flat sheet metal panels made of stainless steel.Tesla was initially aiming to bring the vehicle into production in 2021. After a series of delays, production Cybertrucks were first delivered to customers in late November 2023. As of December 2023, the Cybertruck is available only in North America. Three models are offered: the tri-motor all-wheel drive (AWD) "Cyberbeast", a dual-motor AWD model, and a rear-wheel drive (RWD) model, with EPA range estimates of 250–340 miles (400–550 km), varying by model.
Elon Musk is the CEO or owner of multiple companies including Tesla, SpaceX, and X Corp, and has expressed many views on a wide variety of subjects, ranging from politics to science.Within the context of American politics, Musk has said he supported Barack Obama in 2008 and 2012, Hillary Clinton in 2016, and Joe Biden in 2020. In 2022, Musk said he would start voting for Republican Party candidates, with him showing support for Vivek Ramaswamy in the 2024 Republican presidential primaries. He has stated support for universal basic income, gun rights, freedom of speech, a tax on carbon emissions and opposes government subsidies. He is also a critic of short-selling.Musk has expressed concern about issues such as artificial intelligence (AI), climate change and population decline. He has also criticized COVID-19 lockdowns, public transportation, and labor unions. He has promoted conspiracy theories, and made controversial statements that have led to accusations of antisemitism, support of white pride and transphobia. His views on international relations, including on the China-Taiwan and Russia-Ukraine conflicts, have received mixed reactions.
Apple engineer Walter Huang was killed in a fiery wreck more than six years ago when his Tesla Model X SUV smashed into a concrete barrier on a California highway as the vehicle was in Autopilot mode. Huang's family filed a wrongful death lawsuit against Tesla in the aftermath of the crash and now they're headed to a civil trial that could cast a negative spotlight on Elon Musk's electric car company if a jury finds it liable for the collision. The trial is set to kick off Monday in California's Santa Clara County Superior Court. Bryant Walker Smith, a University of South Carolina law professor and expert in automotive technologies, told Business Insider that the case likely won't have any real consequences for Tesla, but if it loses it would almost certainly "bolster regulatory scrutiny" around its Autopilot driver-assist software. "This is one case and Tesla will be able to absorb whatever final damages it ends up with, if any," in the event that the company lost, said Smith.
Elon Musk completed his acquisition of Twitter in October 2022; Musk acted as CEO of Twitter until June 2023 when he was succeeded by Linda Yaccarino. Twitter was then rebranded to X in July 2023. Initially during Musk's tenure, Twitter introduced a series of reforms and management changes; the company reinstated a number of previously banned accounts, reduced the workforce by approximately 80%, closed one of Twitter's three data centers, and largely eliminated the content moderation team, replacing it with the crowd-sourced fact-checking system Community Notes.In November 2022, Twitter then began offering paid verification checkmarks, followed by removing legacy verification. In December, the Twitter Files were released and a number of journalists suspended from the platform. The following year, a variety of further changes were made; API access restrictions, developer agreements updated, transgender hate conduct policies relaxed, new phrases and 'slurs' banned, and news headlines removed from posts. Temporary measures also occurred; media outlets were labeled as "state-affiliated" causing controversy, restrictions to viewing tweets and sending direct messages, as well as links to specific external websites blocked and delayed. One year after Musk's acquisition, active user engagement on the mobile app had declined 16% and the value of the company is estimated to be down between 55% and 65%, below the acquisition price of $44 billion.After stepping down to CTO, Musk remained the subject of widespread criticism over viral misinformation and disinformation, an increase in hate speech such as anti-LGBT rhetoric, as well as a number of antisemitism controversies. In response to certain claims, X Corp. has served lawsuits against nonprofit organizations Media Matters and the Center for Countering Digital Hate for their analysis. Musk has defended the approach to content moderation as "freedom of speech, not freedom of reach", previously describing the platform as having liberal bias. Musk has described X as a "digital town square", with the vision of becoming an "everything app". Commentators have described it as a "free speech free-for-all", "free-for-all hellscape", and as a right-wing social network. The platform has otherwise gained favorable attention from conservatives and Republicans.
Business magnate Elon Musk initiated an acquisition of American social media company Twitter, Inc. on April 14, 2022, and concluded it on October 27, 2022. Musk had begun buying shares of the company in January 2022, becoming its largest shareholder by April with a 9.1 percent ownership stake. Twitter invited Musk to join its board of directors, an offer he initially accepted before declining. On April 14, Musk made an unsolicited offer to purchase the company, to which Twitter's board responded with a "poison pill" strategy to resist a hostile takeover before unanimously accepting Musk's buyout offer of $44 billion on April 25. Musk stated that he planned to introduce new features to the platform, make its algorithms open-source, combat spambot accounts, and promote free speech.In July, Musk announced his intention to terminate the agreement, asserting that Twitter had breached their agreement by refusing to crack down on spambot accounts. The company filed a lawsuit against Musk in the Delaware Court of Chancery shortly thereafter, with a trial scheduled for the week of October 17. Weeks before the trial was set to begin, Musk reversed course, announcing that he would move forward with the acquisition. The deal was closed on October 27, with Musk immediately becoming Twitter's new owner and CEO. Twitter was taken private and merged into a new parent company named X Corp. Musk promptly fired several top executives, including previous CEO Parag Agrawal. Musk has since proposed several reforms to Twitter and laid off half of the company's workforce. Hundreds of employees then resigned from the company after Musk issued an ultimatum demanding they commit to "extremely hardcore" work. Linda Yaccarino was appointed CEO of X Corp. In June 2023, the Twitter service was rebranded as X.Reactions to the buyout were mixed, with praise for Musk's planned reforms and vision for the company, particularly his calls for greater free speech, but criticism over fears of a potential rise in misinformation and disinformation, harassment, and hate speech on the platform. Within the United States, conservatives have largely supported the acquisition, while many liberals and former Twitter employees have voiced concerns about Musk's intentions. Since becoming owner, Musk has faced backlash for his handling of the company and account suspensions, including the December 2022 suspensions of ten journalists.
The billionaire executive had met PM Modi in the US last year. (File) Confirming reports of a planned visit to India, Tesla chief Elon Musk has posted on X that he is looking forward to meeting Prime Minister Narendra Modi in the country. "Looking forward to meeting with Prime Minister @NarendraModi in India!" Mr Musk posted on the microblogging platform, which is also owned by him, on Wednesday. Looking forward to meeting with Prime Minister @NarendraModi in India! The Tesla CEO did not, however, reveal details of when the visit is likely to happen. Earlier in the day, Reuters had reported that the billionaire would visit India later this month and was expected to make an announcement about his plans to invest in the country and open a new factory here.
Elon Musk made $175.8 million when PayPal was sold to eBay in October 2002. He was first listed on the Forbes Billionaires List in 2012, with a net worth of $2 billion. He is the founder, chairman, CEO, and CTO of SpaceX; angel investor, CEO, product architect, and former chairman of Tesla, Inc.; owner, executive chairman, and CTO of X Corp.; founder of the Boring Company and xAI; co-founder of Neuralink and OpenAI; and president of the Musk Foundation. He is one of the wealthiest people in the world, with an estimated net worth of US$232 billion as of December 2023, according to the Bloomberg Billionaires Index, and $182.6 billion according to Forbes, primarily from his ownership stakes in Tesla and SpaceX.
The tesla (symbol: T) is the unit of magnetic flux density (also called magnetic B-field strength) in the International System of Units (SI). One tesla is equal to one weber per square metre. The unit was announced during the General Conference on Weights and Measures in 1960 and is named in honour of Serbian-American electrical and mechanical engineer Nikola Tesla, upon the proposal of the Slovenian electrical engineer France Avčin.
The Musk family is a wealthy family of South African origin that is largely active in the United States and Canada. The Musks are of English, Anglo-Canadian, Pennsylvania Dutch, and Swiss descent. The family is known for its entrepreneurial endeavours. Elon Musk was formerly the wealthiest person in the world, with an estimated net worth of US$232 billion as of December 2023, according to the Bloomberg Billionaires Index.
Ohio Senator Sherrod Brown is advocating for a ban on Chinese electric vehicles in the US, citing them as a threat to the American auto industry. President Joe Biden has been urged to consider implementing this ban to prevent Chinese EVs from flooding the US market. Brown's concerns align with those expressed by Tesla CEO Elon Musk regarding the competitiveness of domestic automakers against inexpensive Chinese EVs. The White House is investigating the national security risks associated with Chinese-made cars and the potential collection of sensitive data by these vehicles.
Elon Musk is an authorized biography of American business magnate and SpaceX/Tesla CEO Elon Musk. The book was written by Walter Isaacson, a former executive at CNN, TIME and the Aspen Institute who had previously written best-selling biographies of Benjamin Franklin, Albert Einstein, Steve Jobs and Leonardo da Vinci. The book was published on September 12, 2023, by Simon & Schuster.
Cathie Wood, CEO of ARK Invest, says shes still trying to understand where value is going to surface in the artificial intelligence arena. She thinks Nvidia has more to prove, and still likes Tesla..
The Boring Company, owned by Elon Musk, received violations from Clark County for exposing the base of pillars supporting the Vegas Monorail during tunnel expansion in Las Vegas. The company mistakenly dug too close to the monorail pillars, leading to three violations related to safety concerns. The incidents caused the monorail to be temporarily suspended on June 15, 2021, for assessments and repairs. Employees have raised safety concerns previously, highlighting issues such as chemical burns and dangerous working conditions.
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