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.
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.
This is a partial list of lawsuits involving Tesla, Inc, the American automotive and energy company, since 2008; as of August 2023, Tesla is party to over 1,750 lawsuits, and as of September 2021, it is party to 200 in China alone. A significant number of the cases notably derive from the actions of the company's CEO, Elon Musk, who is also party to many of his own lawsuits. TSLAQ, a loose collective of anonymous short-sellers and skeptics of Tesla and Elon Musk, regularly discusses and shares news of these lawsuits on Twitter and elsewhere.
Tesla is being sued in a proposed class action lawsuit for wage law violations in California, with former employees seeking over $5 million in damages. Accusations include failure to pay overtime, provide meal and rest breaks, sick leave, reimburse work expenses, and describe quotas. The company also faces allegations of tolerating race discrimination and harassment, denying wrongdoing. CEO Elon Musk is accused of violating workers' rights by discouraging unionization. Additionally, Tesla is set to go to trial over a lawsuit involving the death of an Apple engineer in a crash involving Tesla's autopilot.
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 Autopilot is an advanced driver-assistance system (ADAS) developed by Tesla that amounts to partial vehicle automation (Level 2 automation, as defined by SAE International). Tesla provides "Base Autopilot" on all vehicles, which includes lane centering and traffic-aware cruise control. Owners may purchase an upgrade to "Enhanced Autopilot" (EA) which adds semi-autonomous navigation on limited access roadways, self-parking, and the ability to summon the car from a garage or parking spot. The company claims the features reduce accidents caused by driver negligence and fatigue from long-term driving. Collisions and deaths involving Tesla cars with Autopilot engaged have drawn the attention of the press and government agencies.Full Self-Driving (FSD) is Tesla's branding for its beta testing program to achieve fully autonomous driving (SAE Level 5). The naming is controversial, because vehicles operating under FSD remain at Level 2 automation and are therefore not "fully self-driving" and require active driver supervision. FSD adds semi-autonomous navigation on city streets and the ability to respond to visible traffic lights or stop sign. As of February 2023, Tesla has about 360,000 participants in the FSD program. Industry observers and academics have criticized Tesla's decision to use untrained consumers to validate beta features as dangerous and irresponsible.The company's stated intent is to offer fully autonomous driving at a future time, acknowledging that technical and regulatory hurdles must be overcome to achieve this goal. Since 2013, Tesla CEO Elon Musk has made repeated inaccurate predictions for Tesla to achieve Level 5 autonomy, most recently predicting the end of 2023.
Tesla experienced a sharp decline in sales in the first quarter of 2023, delivering 386,810 vehicles worldwide, almost 9% below the previous year's sales. Factors contributing to this decrease included increased competition in the electric vehicle market, slowed growth in EV sales globally, and unsuccessful price cuts. Challenges such as phasing in an updated Model 3, plant shutdowns, and an arson attack in Germany were also cited. Analysts had anticipated 457,000 deliveries, highlighting a significant shortfall. Analysts warn that CEO Elon Musk must steer the company back on track to avoid potential disruptions in Tesla's long-term narrative.
Elon Musk has reportedly canceled Tesla's plans to build a low-cost electric vehicle priced at $25,000, opting instead to focus on a robotaxi. The decision was communicated to employees in late February. Musk had initially mentioned the affordable EV in 2018 and speculated about producing up to 20 million of these vehicles annually. The more affordable EV would have been built on Tesla's next-generation platform, with production targeted for the end of 2025. This strategic shift follows increasing pressure from Chinese automakers producing affordable EVs.
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.
Elon Musk has ordered Tesla employees to install and activate the latest Full Self-Driving software in North America and take customers on a demonstration ride before delivering the car. The $12,000 FSD upgrade aims to showcase the capabilities of autonomous driving, although the system has not reached full autonomy levels as promised. Musk's move, aimed at increasing FSD sales, comes amidst previous regulatory scrutiny and investigations into Tesla's Autopilot and FSD technologies.
Three engineers have left Tesla to join Elon Musk's AI startup xAI, prompting Musk to hike salaries for Tesla's AI engineering team in response to aggressive recruiting by OpenAI. Musk's push for more control over Tesla's AI strategy includes recent moves to retain talent and foster influence within the company.
Tesla is reducing prices of unsold Model Y SUVs in the U.S. by up to $7,500 to address an inventory surplus, with some long-range and performance models seeing discounts of $5,000 to $7,000. The company built 433,371 vehicles in the first quarter but only delivered 386,810, resulting in a significant excess inventory. Tesla's quarterly report showed a 20% drop in deliveries from the prior quarter and 8% from the previous year, indicating a year-over-year decline for the first time since 2020.
Tesla's quarterly deliveries fell for the first time in almost four years, missing Wall Street estimates, leading to a 4.9% stock drop during trading and a further 0.28% decline after hours. The company delivered about 387,000 vehicles in Q1, below the expected 443,000, facing challenges from competitors in the EV market. Tesla's struggles included price wars in China and higher interest rates in the U.S., impacting sales. Analysts view the quarter as a 'train wreck into a brick wall' despite a bullish long-term outlook.
TESLA a.s. is a Czech manufacturer and supplier of special radio communication and security electrical engineering for military and commercial use. The name was originally used by a state-owned conglomerate that was the monopoly producer of electronic appliances and components in the former Socialist Republic of Czechoslovakia. The conglomerate was founded in 1946 and ran until 1991, when it was privatised. The Tesla name is used by its successor company and former subsidiaries in the Czech Republic and Slovakia.In 2011, the Czech company Inter-Sat Ltd. acquired the license for the Tesla brand name from TESLA a.s. to sell household appliances and consumer electronics with different logo in Europe, mostly in Central and Southeastern countries.
Elon Musk is boosting pay for Tesla's AI engineers to deter poaching by OpenAI, as revealed in a series of X posts. OpenAI, under Sam Altman, has been aggressively recruiting Tesla engineers. Musk describes the current AI talent war as the craziest he's seen, with Tesla responding by increasing compensation for its AI team. OpenAI is a leader in generative AI, prompting Musk to launch xAI as an alternative. This move comes amid high demand for AI engineers despite layoffs in other tech sectors.
Elon Musk announced that Tesla will unveil its robotaxi on August 8, a self-driving car without controls for a human to use. The plan is for Tesla cars equipped with Full Self-Driving Capability to gradually become better at driving, leading to fully autonomous taxis that can earn money for their owners by giving rides on their own.
Tesla shares dropped almost 6% in a week due to lower EV demand and plans to cancel a sub-$30,000 EV in favor of a self-driving robotaxi, despite CEO Elon Musk denying the reports. First quarter delivery numbers were below expectations, with 10% fewer deliveries than the previous year and a 20% drop from the fourth quarter. Tesla raised Model Y prices in the US and China but later introduced incentives to boost demand. Stock prices fell, marking a rough start to the second quarter for the company.
BYD and Tesla faced weak first-quarter sales in China as demand for electric cars globally appears to be slowing, with China's Passenger Car Association projecting a 25% increase in new-energy vehicle sales to 11 million this year, a drop from last year's 36% growth. Tesla's market share in China has decreased to around 7% as local rivals like BYD offer cheaper options. Tesla's decision to hold prices steady has backfired, leading to missed delivery forecasts. Analysts are lowering price targets for Tesla amid declining demand worldwide.
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.
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.
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.
Tesla is sending a team from the United States to India by late-April to explore sites for a proposed $2 billion to $3 billion electric car plant in Indian states like Maharashtra, Gujarat, and Tamil Nadu. The move comes as Tesla aims to tap into India's growing EV market, where EVs accounted for about 2% of total car sales in 2023, with a government target of 30% by 2030. India recently lowered import taxes on certain EVs to incentivize local manufacturing, aligning with Tesla's plans.
Elon Musk's Crash Course is a 2022 New York Times–FX documentary film directed and produced by Emma Schwartz with reporting by Cade Metz and Neal Boudette. The documentary explores the promises made by Tesla's CEO Elon Musk in regards to self-driving cars and contrasts that with the fatal accidents that have occurred using the technology.The documentary was released on May 20, 2022, as an edition of The New York Times Presents on FX and FX on Hulu.
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.
Xiaomi, a major smartphone maker in China, launched its first line of electric vehicles (EVs) called the Speed Ultra 7 (SU7) at a lower price than Tesla's Model 3. The company received 50,000 firm orders within 30 minutes of the launch. Xiaomi's CEO, Lei Jun, achieved this feat just three years after entering the EV sector. Xiaomi's partnership with the Beijing Automotive Group has allowed quick access to manufacturing permits to produce around 200,000 EVs annually. The EV market in China is competitive, but Xiaomi aims to target the upper end of the market.
Nikola Tesla (; Serbian Cyrillic: Никола Тесла, [nǐkola têsla]; 10 July [O.S. 28 June] 1856 – 7 January 1943) was a Serbian-American inventor, electrical engineer, mechanical engineer, and futurist. He is known for his contributions to the design of the modern alternating current (AC) electricity supply system.Born and raised in the Austrian Empire, Tesla first studied engineering and physics in the 1870s without receiving a degree. He then gained practical experience in the early 1880s working in telephony and at Continental Edison in the new electric power industry. In 1884 he emigrated to the United States, where he became a naturalized citizen. He worked for a short time at the Edison Machine Works in New York City before he struck out on his own. With the help of partners to finance and market his ideas, Tesla set up laboratories and companies in New York to develop a range of electrical and mechanical devices. His AC induction motor and related polyphase AC patents, licensed by Westinghouse Electric in 1888, earned him a considerable amount of money and became the cornerstone of the polyphase system which that company eventually marketed.Attempting to develop inventions he could patent and market, Tesla conducted a range of experiments with mechanical oscillators/generators, electrical discharge tubes, and early X-ray imaging. He also built a wirelessly controlled boat, one of the first ever exhibited. Tesla became well known as an inventor and demonstrated his achievements to celebrities and wealthy patrons at his lab, and was noted for his showmanship at public lectures. Throughout the 1890s, Tesla pursued his ideas for wireless lighting and worldwide wireless electric power distribution in his high-voltage, high-frequency power experiments in New York and Colorado Springs. In 1893, he made pronouncements on the possibility of wireless communication with his devices. Tesla tried to put these ideas to practical use in his unfinished Wardenclyffe Tower project, an intercontinental wireless communication and power transmitter, but ran out of funding before he could complete it.After Wardenclyffe, Tesla experimented with a series of inventions in the 1910s and 1920s with varying degrees of success. Having spent most of his money, Tesla lived in a series of New York hotels, leaving behind unpaid bills. He died in New York City in January 1943. Tesla's work fell into relative obscurity following his death, until 1960, when the General Conference on Weights and Measures named the International System of Units (SI) measurement of magnetic flux density the tesla in his honor. There has been a resurgence in popular interest in Tesla since the 1990s.
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:
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.
Mark Zuckerberg and Nvidia CEO Jensen Huang traded jackets in a fashion exchange, symbolizing their tech alliance. Zuckerberg is moving away from his traditional style, showcasing luxury outfits and expressing interest in upscale watches. Meta plans to own over 340,000 Nvidia H100 GPUs by 2024, highlighting its focus on AI development. The collaboration between Zuckerberg and Huang reflects Meta's aggressive expansion plans in the AI sector.
After two years since the fatal crash of China Eastern Airlines Flight MU5735 in Guangxi Zhuang Autonomous Region, accident investigators have not yet determined the cause, with no anomalies found in flight operations or aircraft systems. The Boeing 737-800 crashed, killing all 132 people on board, with no reported problems before the nosedive into a mountainside. The Civil Aviation Administration of China stated that the technical investigation team will continue to analyze and verify the root cause of the crash as updates on the progress will be released.
Tesla's electro-mechanical oscillator is a steam-powered electric generator patented by Nikola Tesla in 1893. Later in life Tesla claimed one version of the oscillator caused an earthquake in New York City in 1898, gaining it the popular culture title "Tesla's earthquake machine".
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