tesla
New York (AFP) - Tesla plans hundreds of additional job cuts beyond a recent company-wide layoff as it cracks down on costs in a tough electric vehicle market, according to a US media report. Elon Musk's EV company, which moved earlier this month to cut more than 10 percent of its 140,000 employes, will disband two departments and lay off most of the employees from the groups, reported the Information late Monday. The online technology publication quoted from a Musk email in which he vowed to be "absolutely hard core about headcount and cost reduction." Musk will seek to oust any executive "wh...
AFP
New York (AFP) - Tesla reported a big drop in quarterly profits Tuesday amid an increasingly cutthroat electric vehicle market, but shares rallied as CEO Elon Musk pledged to accelerate plans for a more affordable EV. Tesla reported profits of $1.1 billion, down 55 percent from the year-ago quarter on revenues of $21.3 billion, down nine percent as the company described EV sales as "under pressure." But shares rocketed up more than 11 percent in after-hours trading after Tesla pledged to "accelerate" new more affordable autos -- something Wall Street analysts have been clamoring for. The resul...
AFP
New York (AFP) - Tesla CEO Elon Musk faces heightened pressure with Tuesday's earnings report to reassure investors that recent stumbles are simply unexpected speed bumps -- and not indications of a road to decline. The electric car maker, which enjoyed scorching growth for most of 2022 and 2023, has experienced setbacks that analysts say have raised the stakes for the first-quarter report. Tuesday's earnings and conference call are a "moment of truth" for Tesla and Musk, constituting "one of the most important moments in the company's history in our view," said a note from Wedbush. Heading in...
AFP
New York (AFP) - Tesla is recalling 3,878 Cybertruck vehicles because of a defect that can cause unintentional vehicle acceleration, increasing crash risk, according to a US notice posted this week. Tesla notified the National Highway Traffic Safety Administration on April 17 of the condition in which the accelerator pedal may become trapped on the Cybertruck, Elon Musk's futuristic take on the American pickup truck. If the accelerator pedal becomes trapped, "the performance and operation of the pedal will be affected, which may increase the risk of a collision," Tesla said in the notice. Tes...
AFP
New York (AFP) - Electric vehicle maker Tesla will ask its shareholders to vote again on a $56 billion compensation package they had approved in 2018 for CEO Elon Musk before it was squashed by a US court earlier this year. In a filing with federal regulators on Wednesday, Tesla Chair Robyn Denholm said the board of directors stood by the original package and argued that the company's "entrepreneurial spirit" had always been one of "big risks for the chance of big rewards." Musk's payout -- worth as much as $55.8 billion in 2018 -- was voided in January by a Delaware court, ruling on a compla...
AFP
San Francisco (AFP) - Tesla has settled with the family of an engineer killed when his Model X crashed in Silicon Valley six years ago, avoiding a trial, according to court filings Monday. A jury trial was to start next week in a wrongful death suit that accused Tesla of not living up to its marketing when it came to driver-assistance and safety technology in its cars. Court documents filed Monday said Tesla and the family of Wei Lun Huang had reached a settlement, and that Tesla is asking the amount involved remain under seal. Huang believed that Model X technology would eliminate risk of har...
AFP
San Francisco (AFP) - Elon Musk revealed Friday that Tesla will pull back the curtain on a robotaxi this summer, news that comes as adoption of self-driving vehicles hits speed bumps over safety concerns. The billionaire boss of the electric car maker did not provide details, saying only in his post on X that the "Tesla Robotaxi unveil" will come on August 8. Tesla shares rose more than three percent in after-market trades following the post, after finishing the day down. Musk has long boasted of work Tesla is doing on its systems for electric cars to drive themselves. Tesla models with FSD (F...
AFP
New York (AFP) - Tesla reported sharply lower first-quarter auto sales on Tuesday amid an underwhelming demand outlook for electric vehicles, while legacy players including Toyota rode improved US inventories to higher sales. Elon Musk's auto giant reported 386,810 global deliveries over the period, down 8.5 percent, reflecting in part a weak sales market in China, where it faces heavy competition from local electric vehicle (EV) makers. Tesla also cited the drag from an apparent arson attack on power lines in Germany that dented output at the company's lone European factory. Among other auto...
AFP
New York (AFP) - Tesla reported an 8.5 percent drop in first-quarter auto deliveries, missing estimates from leading analysts and weighing on shares. Elon Musk's auto giant reported 386,810 deliveries over the period, reflecting in part a weak sales market in China, where it faces heavy competition from local electric vehicle (EV) makers. The automaker's production slipped about 1.7 percent to 433,371. Analysts have been girding for a tough first quarter for the high-flying Tesla, which has reportedly cut production in China the face of the rise of BYD and other Chinese automakers. Tesla was ...
AFP
Washington (AFP) - Elon Musk suggested his use of drugs benefits Tesla investors in an interview released Monday, saying he takes prescribed ketamine to treat his "negative frame of mind." The 52-year-old tycoon confirmed he takes the anesthetic -- typically used for pain management and to treat depression -- following reports in the US media that his drug use was spooking investors. “Ketamine is helpful for getting one outside out of a negative frame of mind," Musk told former CNN host Don Lemon in an interview published on social media on Monday. Asked if his ketamine use could impact inves...
AFP
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