Tag: elon musk

Tesla would be shut down if its cars spied in China, elsewhere: Elon Musk – Times of India

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BEIJING: Tesla Inc chief executive Elon Musk said on Saturday his company would be shut down if its cars were used to spy, his first comments on news that China’s military has banned Teslas from its facilities.
“There’s a very strong incentive for us to be very confidential with any information,” Musk told a prominent Chinese forum during a virtual discussion. “If Tesla used cars to spy in China or anywhere, we will get shut down.”
Sources said on Friday that the Chinese military has banned Tesla cars from entering its complexes, citing security concerns over cameras installed on the vehicles.
Those restrictions surfaced as the top Chinese and US diplomats were holding a contentious meeting in Alaska, the first such in-person interaction since US President Joe Biden took office in January.
Musk urged greater mutual trust between the world’s two biggest economies, in his remarks to the China Development Forum, a high-level business gathering is hosted by a foundation under the State Council.
He was holding a discussion panel with Xue Qikun, a Chinese quantum physicist who heads the Southern University of Science and Technology.
In China, the world’s biggest car market and a key battleground for electric vehicles (EVs), Tesla sold 147,445 vehicles last year, 30% of its global total. However, it is facing more competition this year from domestic rivals from Nio Inc to Geely.
Musk has made several high-profile appearances in China, where Tesla makes as well as sells EVs. In 2019, he discussed Mars and artificial intelligence with Alibaba’s outspoken founder Jack Ma.
At a delivery event last year for China-made Model 3 sedans, Musk danced enthusiastically on stage, stripping off his jacket in what became a social media storm.

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Tesla names Musk ‘Technoking’ in cryptic regulatory filing

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Last month, Tesla revealed it had purchased $1.5 billion of bitcoin and would soon accept it as a form of payment for cars, sending the price of the world’s most popular cryptocurrency soaring

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Tesla Inc added “Technoking of Tesla” to billionaire Chief Executive Elon Musk’s list of official titles on Monday in a formal regulatory filing that also named finance chief Zachary Kirkhorn “Master of Coin”.

The electric-car maker did not elaborate on the reasons for the cryptic new titles in a pair of statements that also said President of Automotive Jerome Guillen had moved to the role of President for Tesla Heavy Trucking, effective March 11.

Also Read | Elon Musk wants clean power, but Tesla’s carrying bitcoin’s dirty baggage

Last month, Tesla revealed it had purchased $1.5 billion of bitcoin and would soon accept it as a form of payment for cars, sending the price of the world’s most popular cryptocurrency soaring.

Musk’s recent promotion of dogecoin on Twitter has also lifted the price of that cryptocurrency.

Bitcoin hit new highs of near $62,000 over the weekend but retreated around 5% early in the European day on Monday.

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Bitcoin Hits Record High, Passes $60,000 for First Time

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Bitcoin briefly rose above $60,000 for the first time on Saturday, as increasing backing from corporate heavyweights helps the world’s most popular virtual currency continue its record-breaking run.

The cryptocurrency hit an all-time high of $60,012 at 1149 GMT, according to the website CoinMarketCap.

Bitcoin has been on a meteoric rise since March last year, when it stood at $5,000, spurred by online payments giant PayPal saying it would allow account holders to use cryptocurrency.

Last month Elon Musk’s electric carmaker Tesla invested $1.5 billion in the virtual unit, while Twitter chief Jack Dorsey and rap mogul Jay-Z said they are creating a fund aimed at making Bitcoin “the internet’s currency”.

Others jumping on the bandwagon include Wall Street player BNY Mellon, investment fund giant BlackRock and credit card titan Mastercard.

Bitcoin, which was launched back in 2009, hit the headlines in 2017 after soaring from less than $1,000 in January to almost $20,000 in December of the same year.

The virtual bubble then burst in subsequent days, with bitcoin’s value then fluctuating wildly before sinking below $5,000 by October 2018.

However the last year’s rise has been more steady, with investors and Wall Street finance giants wooed by dizzying growth, the opportunity for profit and asset diversification, and a safe store of value to guard against inflation.

Bitcoins are traded via a decentralised registry system known as a blockchain.

The system requires massive computer processing power in order to manage and implement transactions.

That power is provided by “miners”, who do so in the hope they will receive new bitcoins for validating transaction data.

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Tesla share price: Tesla surges almost 20%, biggest daily rise in a year | International Business News – Times of India

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NEW DELHI: Shares of electric vehicle maker Tesla Inc surged nearly 20% on Tuesday, rebounding from a deep selloff with its largest daily gain in a year after data showed an increase in China sales and an analyst raised his rating on the stock.
The jump, which added over $100 billion to Tesla’s market capitalisation, stopped a five-day streak of losses for the company in a Nasdaq slump in which investors spooked by rising interest rates have abandoned growth stocks with heady valuations.
New Street Research analyst Pierre Ferragu raised his Tesla rating to “buy” from “neutral,” and upped his target price to $900 from $578.
Tesla’s stock ended at $673.58 after its strongest daily rise since February 2020. The stock remains down more than 20% from its January record high.
Traders exchanged nearly $43 billion worth of Tesla shares, more than any other stock and almost triple the second most-traded company, which was Apple, according to Refinitiv data.
“As much as the market severely corrected the recent excesses of optimism reflected in Tesla’s valuation, our recent work strengthened our confidence about the solid outlook for the company in the next two years,” Ferragu wrote in a client note.
Tesla sold 18,318 China-made vehicles in February, up from 15,484 in January, Chinese auto industry body CPCA said.
Cathie Wood, whose $25 billion ARK Innovation exchange-traded fund is the largest actively managed ETF tracked by Lipper, said on a webcast that she saw the recent stock market selloff as a buying opportunity, the Financial Times reported.
Tesla is the largest holding of ARK Innovation, which is popular with retail investors. The ARK Innovation fund was up 10% on Tuesday.
Tesla’s stock remains up about 70% over the past six months. Thirteen analysts have neutral ratings on Tesla, while 12 recommend buying and 10 recommend selling, according to Refinitiv.
Tuesday’s Tesla rally accompanied a 3.7% jump in the Nasdaq, as US bond yields retreated and investors picked up battered technology stocks. Tesla was the biggest contributor to the 1.4% gain in the S&P 500, which it joined in December.

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Tesla loses a third of its value for the third time in a year – Times of India

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NEW DELHI: Tesla Inc’s stock extended losses on Monday and is now down by a third from its January record high, making it the third time in about a year that the electric car maker’s shares have corrected that dramatically.
With investors worried about rising interest rates and dumping high-valuation stocks in recent weeks, Tesla’s market capitalisation has fallen by almost $300 billion since its January 26 record high to $550 billion, moving behind Facebook Inc, which it overtook in December after joining the S&P 500.
Tesla shares fell over 4% on Monday and were down almost 35% from their peak on January 26. The ARK Innovation ETF, which has 10% of its assets invested in Tesla, fell 6%.

Technology and other growth stocks have fallen broadly since February 12, when the Nadsaq closed at its most recent record high. However, Tesla’s decline during that time has been much deeper than Wall Street’s other heavyweights.

Tesla’s surge in recent months is rooted in expectations it will expand car production quickly and profitably. The stock’s latest dip follows a tweet by chief executive Elon Musk on Saturday that an update on Tesla’s planned Cybertruck pickup would likely be provided in the second quarter. Musk unveiled the Cybertruck in 2019.
The most volatile among Wall Street’s largest companies, Tesla’s shares have fallen by amounts similar to or greater than the current selloff twice since early 2020. The stock slumped over 60% in February and March last year, when the coronavirus pandemic shocked global markets. After soaring to new highs in August, it dropped 33% before resuming its meteoric rise.

Tesla is now down almost 30% since the Nasdaq peaked on February 12, reducing its gain in the past six months to about 43%. Since February 12, Apple Inc is down about 13%, with Amazon.com Inc, Microsoft Corp and Facebook Inc down less than 10%.
Since Tesla announced on February 8 that it bought $1.5 billion worth of bitcoins, its stock has steadily fallen, while the price of bitcoin has climbed over 10%. Tesla said it bought the bitcoins during January, and if it hypothetically bought them at the mid-point price of about $45,000 for that month, its investment could now be worth around $1.7 billion, according to Reuters calculations.

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Tesla, Ford only carmakers not gone bankrupt: Elon Musk – Times of India

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NEW DELHI: As several carmakers bleed in the US and beyond, Tesla is profitable and according to Elon Musk, his electric car company and Ford are the only two carmakers in the US which have not gone bankrupt.
Tesla reported another profitable quarter as revenue hit $10.74 billion in the fourth quarter of 2020. In last year, Tesla achieved free cash flow of nearly $2.8 billion after spending more than $3 billion on building new factories and other expenditures.
US automaker Ford last month announced to more than double its investment in electric and autonomous vehicles to $29 billion. The automaker had previously committed to spend $11.5 billion on electrifying its vehicle lineup through 2022.
“Tesla, Ford are the only American carmakers not to have gone bankrupt out of 1000’s of car startups. Prototypes are easy, production is hard being cash flow positive is excruciating,” Musk said in a tweet on Friday.
Ford CEO Jim Farley responded to his tweet, saying: “Respect”. In 2020, Tesla produced and delivered half a million vehicles. In addition, Model Y production in Shanghai has begun.

Tesla this year also registered its Indian subsidiary with the Registrar of Companies (RoC) in Bengaluru, on January 8.
“2020 was a defining year for us on many levels. Despite a challenging environment, we’ve reached an important milestone of producing and delivering 0.5 million cars,” Musk had said.
On the other hand, Ford’s increased investment is aimed at catching up with the EV market leader Tesla and keep pace with other automakers like GM and Volkswagen.
“We are accelerating our plans right now, breaking constraints, increasing battery capacity, improving our costs and getting more battery electrics into our cycle plan,” Ford CEO Farley said last month.



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Third Time’s Not a Charm? SpaceX Rocket Explodes on Ground After Seemingly Successful Flight

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Third time’s a charm? Not so for SpaceX, whose unmanned rocket exploded on the ground Wednesday after carrying out what had seemed to be a successful flight and landing — fresh on the heels of two fiery crashes.

It was yet another flub involving a prototype of the Starship rocket, which SpaceX hopes one day to send to Mars. 

“A beautiful soft landing,” a SpaceX commentator said on a live broadcast of the test flight, although flames were coming out at the bottom and crews were trying to put them out. 

The rocket exploded a few minutes later, lurching into the air and crashing back to the ground.

No explanation was immediately provided.

“Starship SN10 landed in one piece!” Musk tweeted jokingly about an hour after the explosion.

“SpaceX team is doing great work! One day, the true measure of success will be that Starship flights are commonplace,” he said in a second tweet.

The latest prototype, named SN10, for serial number 10, took off a little before 2320 GMT from Boca Chica, Texas.

The rocket rose into the sky and progressively shut down its three engines as it reached a height of six miles (10 kilometers) and assumed a horizontal position before becoming vertical again and returning to Earth.

As seen on SpaceX video, it appeared to have otherwise landed properly after its flight. Then came the explosion.

– To Mars or the Moon –

SpaceX founder Elon Musk has been developing the next-generation Starship rocket for the purpose of going to Mars — though two prototypes (SN8 and SN9) blew up in spectacular fashion on their test runs in December and early February.

The tests take place in a nearly deserted area leased by SpaceX in South Texas near the border with Mexico and Gulf of Mexico — the area is vast and empty enough that an accident or explosion would not likely cause damage or fatalities.

Apart from Mars, the rocket, if it becomes operational, could also prove useful for closer trips, especially to the Moon.

On Wednesday, Japanese billionaire and online fashion tycoon Yusaku Maezawa, who paid an undisclosed sum for a SpaceX lunar spaceship trip expected to launch in 2023 at the earliest, threw open the application process for eight people from around the world to join him.

He announced the move in a video posted on Twitter in which Musk tells potential applicants: “I’m highly confident that we will have reached orbit many times with Starship before 2023 and that it will be safe enough for human transport by 2023. It’s looking very promising.”

The mission will be the first private space flight beyond Earth’s orbit, Musk said.



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Starlink Broadband Is Coming To India Next Year, You Can Reserve Your Connection Now for $99

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Good news! There had been anxious and exuberant expectation about the Starlink satellite broadband service and a potential launch in India soon, and now we have confirmation that it is indeed happening. The SpaceX owned satellite broadband service will be launching in most, if not all regions of India, next year. Though the exact roadmap and timing of the rollout in India in 2022 is not confirmed, this is the first confirmation we have received about the incoming Starlink satellite broadband services in India. In a communication sent to potential subscribers, one received by the writer of this update, Starlink is now accepting preorders for $99, to reserve one of the first installations for you in your region or location, when the service is activated for India.

The Starlink deposit terms for this $99 that you pay today suggest that this is for the purchase of the Starlink equipment that you’ll need to access the satellite broadband service. “By placing your Deposit Payment, you have established priority within your region for purchasing the Starlink Kit when available,” says Starlink. Payments are accepted via credit cards and debit cards, as well as Apple Pay, which is still not officially rolled out as a digital payment platform in India. Starlink says that the $99 deposit is fully refundable at any time, though you will forfeit your priority service access position. It is expected that the Starlink hardware kits will be in limited supply, at least in the initial months, of launch of the Starlink satellite broadband in India.

Elon Musk’s SpaceX is aggressively testing the Starlink satellite broadband service, and it has now been confirmed that the satellite broadband service will now get a speed boost to 300Mbps this year. That will be double of the maximum speeds that Starlink delivers to customers, which is up to 150Mbps at this time. Starlink, during the beta testing phase, till now offers users broadband speeds between 50Mbps and 150Mbps with the latency expected between 20ms and 40ms, depending on location. With the speed boost, latency will also see a reduction, closer to 20ms, which will further enhance the web browsing experience. It is expected that by the time the Starlink broadband service is available in India, the speed boosts up to 300Mbps would have been activated.

The Starlink kit gets you a phased-arrayed’ satellite dish, a tripod and a Wi-Fi router. You can download the Starlink app for iPhone and Android phones to determine the best install location at your home or office. The Elon Musk-owned aerospace company SpaceX intends to provide high speed internet connectivity from the Starlink constellation of satellites. The aim is to eventually offer as much as 1Gbps internet speeds and a global coverage, in due course of time, with a fairly low latency of up to 25ms, once the satellite constellation is complete.

A satellite internet system in India could help push connectivity to the regions where wired broadband still remains unavailable, or at best offers inconsistent coverage due to distance or terrain. And even in the metro cities as well as Tier-1 and Tier-2 towns, the Starlink satellite broadband service could provide stiff competition for the fiber broadband and wired broadband players in India, including Reliance Jio Fiber and Airtel Xstream broadband, as well as a host of smaller broadband players who are often limited to specific regions in their scope of service.



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Starlink Broadband Will Boost Speeds To 300Mbps But Elon Musk Doesn’t Say If It’s At The Same Price

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Elon Musk’s SpaceX is aggressively testing the Starlink satellite broadband service, and it has now been confirmed that the satellite broadband service will now get a speed boost to 300Mbps this year. that will be double of the maximum speeds that Starlink delivers to customers, which is up to 150Mbps at this time. Starlink, during the beta testing phase, till now offers users broadband speeds between 50Mbps and 150Mbps with the latency expected between 20ms and 40ms, depending on location. With the speed boost, latency will also see a reduction, closer to 20ms, which will further enhance the web browsing experience.

Elon Musk confirmed the speed boost to around 300Mbps and the latency reduction to around 20ms in response to a tweet by a user who received their Starlink broadband kit and shared a screenshot of the service offering them broadband speeds of 130Mbps at their location. “Speed will double to ~300Mb/s & latency will drop to ~20ms later this year,” he said. Quite interesting for us lot, Musk again says that Starlink will be able to cover most of the Earth by the end of the year, which may mean that pretty much every country around the world will come within the map service. That could also include India, but Starlink hasn’t confirmed a roadmap yet. “Most of Earth by end of year, all by next year, then it’s about densifying coverage. Important to note that cellular will always have the advantage in dense urban areas. Satellites are best for low to medium population density areas,” tweeted Musk.

Earlier this month, Starlink make another push for the satellite broadband service preorders. with the previous public beta testing invites sent out in October last year to sign up for the service. Anyone who is interested can register for the preorder now, and it’ll cost $99 in coverage areas. The service, at this time, is being offered in US, Canada and the UK. But there is good news for everyone around the world, because Starlink says that the satellite internet service will see near global coverage sometime this year. Could this include India? We cannot be sure just yet, but SpaceX has already submitted its recommendations to the Telecom Regulatory Authority of India (TRAI) last year, for a considered push for satellite broadband in the country.

The Starlink kit gets you a phased-arrayed’ satellite dish, a tripod and a Wi-Fi router. You can download the Starlink app for iPhone and Android phones to determine the best install location at your home or office. The Elon Musk-owned aerospace company SpaceX intends to provide high speed internet connectivity from the Starlink constellation of satellites. The aim is to offer 1Gbps internet speeds and a global coverage in due course of time, with a fairly low latency of up to 25ms, once the constellation is complete. SpaceX plans to put a total of 12,000 Lower-Earth Orbit (LEO) satellites in its Starlink constellation and wrote to the US FCC for permission, early last year, for 30,000 satellites as part of the Gen2 System. A satellite internet system in India could help push connectivity to the regions where wired broadband still remains unavailable, or at best offers inconsistent coverage due to distance or terrain.



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