Tag: Elon Musk

Tesla to lay off 9% workers, says Elon Musk

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tesla CEO Elon Musk has announced that the luxury auto manufacturing firm will lay off 9 percent of its workforce to show that it can be profitable after being unable to move into the black so far in the 15 years since it was founded.

Musk sent a letter to Tesla employees on Tuesday saying that “As part of this effort, and the need to reduce costs and become profitable, we have made the difficult decision to let go of approximately 9 percent of our colleagues across the company.”

Difficult, but necessary Tesla reorg underway. My email to the company has already leaked to media. Here it is unfiltered: pic.twitter.com/4LToWoxScx

— Elon Musk (@elonmusk) June 12, 2018

“These cuts were almost entirely made from our salaried population and no production associates were included, so this will not affect our ability to reach Model 3 production targets in the coming months,” he added, referring to the firm’s premier electric vehicle.

The measure means that some 4,100 of the firm’s 46,000 employees will lose their jobs, although the layoffs will not affect operations at the factory producing the Model 3, Efe reported.

The firm’s billionaire founder also told Tesla employees that the company will not renew the agreement it has with Home Depot to rent space at some 800 of the latter’s stores to sell its home solar panel products.

Musk said that “In order to minimise the impact, Tesla is providing significant salary and stock vesting (proportionate to length of service) to those we are letting go,” and – regarding the massive layoffs, he added that he was “making this hard decision now so that we never have to do this again.”

In May, Musk announced a significant reorganisation of Tesla in the face of the economic difficulties it was facing and inability to turn a profit.

Tesla’s losses increased by 97.5 percent to just under $785 million in the first quarter of 2018, despite the fact that earnings rose by 26.4 percent to more than $3.4 billion.

Musk has denied that the firm was having financial problems, although key sector analysts have said that Tesla has been rapidly consuming its capital reserves and will probably need cash to stay afloat by the end of this year or the beginning of 2019.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Fatal Tesla Autopilot crash driver had hands off wheel, says US agency

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The driver of a Tesla Inc Model X car using Autopilot did not have his hands on the steering wheel in the six seconds before a fatal crash in California in March, the US National Transportation Safety Board said Thursday.

The NTSB said in a preliminary report the 38-year-old driver, who died in the hospital shortly after the crash, had been given two visual alerts and one auditory alert to place his hands on the steering wheel during the trip.

The report also said the vehicle had sped up from 62 miles (99 km) per hour to nearly 71 miles (114 km) per hour in the three seconds before the March 23 crash – and above the 65 mph (105 km per hour) speed limit. Five days later, the electric car’s high-voltage battery reignited and the fire department had to extinguish the blaze.

Tesla‘s Autopilot is a driver assistance system that handles some driving tasks and allows drivers to take their hands off the wheel. Tesla says drivers are supposed to keep their hands on the wheel at all times when using the system.

Tesla declined to comment on the NTSB report, but said in March that the driver had not braked or taken actions to avoid the crash in the final seconds before the accident.

The safety board is investigating four Tesla crashes since last year and looking at post-crash fire issues and the use of Autopilot.

The report said the driver in the March incident got warnings to put his hands back on the wheel more than 15 minutes before the crash. In the minute before the accident, his hands were on the wheel for a total 34 seconds, but not in the last six seconds before he struck a crash attenuator and concrete barrier on US Highway 101 in Mountain View, California, the report said.

Bystanders managed to get the driver, Walter Huang, out of the car before it was engulfed in flames, and he was taken to a hospital where he died from his injuries.

Tesla‘s owner’s manual warns drivers that the system may not detect stationary objects when travelling at higher speeds.

Last month, police in Utah said a Tesla in Autopilot mode crashed into a parked fire truck. In that incident, the driver of the Model S did not touch the steering wheel in the 80 seconds before the crash.

The report raised an issue for Tesla vehicles with Autopilot, as well as other vehicles with adaptive cruise control, said Bryant Walker Smith, an assistant professor at the University of South Carolina School of Law. “Stationary objects are also a challenge for many adaptive cruise control systems and automated emergency braking systems,” he said.

Tesla shares closed down 1% at $316.09 per share in trading on the Nasdaq on Thursday.

In April, the NTSB removed Tesla as a party to its investigation of Huang’s crash after the automaker made public statements. Tesla responded by asserting the NTSB is “more concerned with press headlines than actually promoting safety.”

The NTSB previously faulted Tesla in a 2016 fatal crash in Florida in which Autopilot was engaged, saying “system safeguards were lacking” and “Tesla allowed the driver to use the system outside of the environment for which it was designed and the system gave far too much leeway to the driver to divert his attention.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tesla shareholders reject bid to strip Musk of chairman role

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tesla CEO Elon Musk has rebuffed a shareholder attempt to overhaul the electric car maker’s board and strip him of his role as chairman, despite worries about the company’s shaky finances and inability to meet its production goals for its first mass-market sedan.

All three directors seeking to remain on Tesla’s nine-member board were re-elected during the company’s annual meeting held Tuesday in Mountain View, California.

Directors Antonio Gracias, James Murdoch and Elon’s brother, Kimbal Musk, won by “a wide margin,” according to Tesla. CtW Investment Group, an activist firm that represents labor union pension funds, had spearheaded a rebellion seeking to oust the trio from the board on the grounds that they didn’t know about the auto industry at a critical time in Tesla’s existence.

The company said a “supermajority” of shareholders also rejected a proposal to force Musk to step down as Tesla’s chairman, a position he has held since 2004 — four years before he also assumed the CEO job.

The precise voting totals will be disclosed within the next few days.

Elon Musk holds a 22% stake in Tesla, increasing the degree of difficulty for shareholders trying to challenge his authority. After the results were announced, he sought to reassure shareholders attending the meeting and others watching on a webcast.

After describing the past few months as among the most “hellish” in his life, Musk said he expected Tesla to post a quarterly profit during the July-September period. That’s something the Palo Alto, California, company has rarely pulled off in a 15-year history marked by steady losses while investing heavily in its technology and manufacturing plants.

Tesla has been burning through so much cash — more than $1 billion during the first three months of this year alone — that investors have been worrying it will have to sell more stock or add to its already hefty debt load to raise enough money to survive.

After conceding that “staying alive” is difficult in the auto industry, Musk told shareholders that Tesla will be “cash flow positive” during the second half of this year. If Musk is correct, the prediction will translate into Tesla bringing in more cash than it’s spending in both the third and fourth quarters.

To do that, Tesla will probably have to meet Musk’s manufacturing goals for its Model 3, a sedan with a starting price tag of $35,000 that represents the company’s attempt to reach a mass market. Tesla still needs to more than double its recent production rate to reach Musk’s target of delivering 5,000 Model 3s per week. Musk reiterated previous predictions that that will happen during the second half of this year.

Tesla’s stock gained about 1% to $294.35 in Tuesday’s extended trading. That’s about 24% below its all-time high set in September at $389.61.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

9 quotes from self-made billionaires that will change how you think about money and success

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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If you want to become a millionaire — or, dream big, a billionaire — start thinking like one. And what better way to get a glimpse inside successful people’s heads that to study the wisdom they’ve already imparted?

For a dose of inspiration, CNBC Make It rounded up nine quotes from self-made billionaires that will change the way you think about money, success and innovation.

Bill Gates, co-founder of Microsoft
On why becoming a billionaire is overrated:

“I can understand wanting to have millions of dollars, there’s a certain freedom, meaningful freedom that comes with that. But once you get much beyond that, I have to tell you, it’s the same hamburger.”

Phil Knight, founder of Nike and author of “Shoe Dog”
On competition:

“I thought back on my running career at Oregon. I’d competed with, and against, men far better, faster, more physically gifted. Many were future Olympians. And yet I’d trained myself to forget this unhappy fact. People reflexively assume that competition is always a good thing, that it always brings out the best in people, but that’s only true of people who can forget the competition. The art of competing, I’d learned from track, was the art of forgetting, and I now reminded myself of that fact. You must forget your limits. You must forget your doubts, your pain, your past.”

Mark Zuckerberg, founder and CEO of Facebook
On Facebook’s goals:

“We don’t build services to make money; we make money to build better services.”

Ray Dalio, founder of Bridgewater Associates
On building a business:

“When I look back on whatever my past has been and the successes, my greatest rewards have been the people and the relationships that I’ve had. The money has been an accident. I mean, it’s a good accident, but I happened to be playing a game that I love.”

Warren Buffett, investor and founder of Berkshire Hathaway
On investing for the long-term:

“Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value. If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.”

Elon Musk, CEO of Tesla and Space-X
On failure:

“Failure is an option here. If things are not failing, you are not innovating enough.”

Richard Branson, founder of the Virgin Group
On his motivation:

“What I love doing is creating things I can be proud of, and if you create things that you can be proud of, the byproduct of that can be that you become a millionaire or you become a billionaire, because people like what you’ve created.”

Jeff Bezos, founder and CEO of Amazon
On building a business with a small budget:

“I think frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out.”

Mark Cuban, entrepreneur and shark on ABC’s “Shark Tank”
On the first step to building a successful company:

“Number one: Sales cures all. There has never been a company in the history of companies that has ever succeeded without sales. Anybody who has ever told you, ‘Don’t worry about sales, you can grow it and worry about sales later,’ they are lying to you. They will fail, you will fail. You have to be able to sell and do you know who the biggest salesperson in your company has to be? You.”

Source: Make It, CNBC.com.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Government rules preventing Tesla’s roll out in India, tweets Musk

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tesla CEO Elon Musk said on Wednesday that he would love to roll out Tesla cars in India but the tough government regulations have forced him to apply the brakes on his India plans till date.

“Would love to be in India. Some challenging government regulations, unfortunately,” Musk tweeted in a response to a Twitter users who wrote “No Tesla in India” to him.

“Deepak Ahuja, our CFO, is from India. Tesla will be there as soon as he believes we should,” added Musk, also the SpaceX founder.

Ahuja, a seasoned auto industry finance executive with 15 years experience at Ford Motor Company, joined Tesla Motors as Chief Financial Officer in 2010.

He holds Bachelors’ and Masters’ degrees in Materials Engineering from Banaras Hindu University and Northwestern University, respectively and an MBA from Carnegie Mellon University.

Ahuja works out of Tesla’s San Carlos headquarters. He quit Tesla in 2015, only to join it back in 2017.

Last year, Musk said Tesla’s cars could come to India the summer but there has not been any further development.

Musk later blamed the FDI norms in India for delay in Tesla’s entry into the Indian market.

“Maybe I’m misinformed, but I was told that 30% of parts must be locally sourced and the supply doesn’t yet exist in India to support that,” he had tweeted.

The Make in India’s Twitter handle replied: “@elonmusk With respect to news reports on launch plans of Tesla in India being delayed, please note some key clarifications#MakeInIndia”.

Musk has revealed plans to install 10,000 Supercharger stations for his company’s electric vehicles around the world by 2019 end.

He tweeted a global map of the upcoming Supercharger stations, mainly in Europe, North America and China but not in India.

There are at present 1,229 Supercharger stations across the world, with 9,623 Superchargers installed which can charge an electric vehicle in just 30 minutes (nearly 80 per cent capacity).

Tesla recently confirmed that it has produced its 300,000th vehicle. There are now 212,821 Model S vehicles, 71,927 Model X vehicles, and 1,770 Model 3 vehicles.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

50 books that inspire Elon Musk, Jeff Bezos and other tech titans

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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We all know that the most successful entrepreneurs and CEOs have a great appetite for reading. But what books do they remember? Which ones do they recommend?

With help from software company Sage’s “By the Book” interactive infographic, CNBC Make It rounded up all-time favorites of today’s tech leaders, including Elon Musk, Jeff Bezos and Bill Gates.

If you’re looking for an inspiring read this Memorial Day weekend, here are 50 great options.

Bill Gates
Co-founder of Microsoft

• “Business Adventures” by John Brooks
• “How Not to Be Wrong” by Jordan Ellenberg
• “Sapiens” by Yuval Noah Harari
• “The Power to Compete” by Hiroshi Mikitani and Ryoichi Mikitani
• “String Theory” by David Foster Wallace
• “Shoe Dog” by Phil Knight
• “Leonardo da Vinci” by Walter Isaacson
• “Everything Happens for a Reason and Other Lies I’ve Loved” by Kate Bowler
• “Lincoln in the Bardo” by George Saunders
• “Origin Story: A Big History of Everything” by David Christian
• “Factfulness” by Hans Rosling

Mark Zuckerberg
Co-founder and CEO of Facebook

• “Portfolios of the Poor” by Daryl Collins
• “Creativity, Inc.” by Ed Catmull and Amy Wallace
• “The Idea Factory” by Jon Gertner
• “Dealing with China” by Henry M. Paulson

Jeff Bezos
Founder and CEO of Amazon

• “Built to Last” by Jim Collins and Jerry I. Porras
• “Creation” by Steve Grand
• “The Innovator’s Dilemma” by Clayton Christensen
• “Sam Walton: Made in America” by Sam Walton
• “Lean Thinking” by James Womanck and Daniel Jones
• “Memos from the Chairman” by Alan Greenberg

Elon Musk
Co-founder and CEO of Tesla Motors, founder and CEO of SpaceX

• “Structures” by J.E. Gordon
• “Benjamin Franklin: An American Life” by Walter Isaacson
• “Einstein: His Life and Universe” by Walter Isaacson
• “Superintelligence” by Nick Bostrom
• “Zero to One” by Peter Thiel and Blake Masters

Sheryl Sandberg
COO of Facebook

• “Why Nations Fail” by Daron Acemoglu and James Robinson
• “The Rational Optimist” by Matt Ridley
• “Now, Discover Your Strengths” by Marcus Buckingham and Donald O. Clifton
• “The Muqaddimah” by Ibn Khaldun
• “The New Jim Crow” by Michelle Alexander

Melinda Gates
Co-founder of The Bill & Melinda Gates Foundation

• “Change by Design” by Tim Brown
• “However Long the Night” by Aimee Molloy and Molly Melching
• “In the Company of the Poor” by Paul Farmer

Satya Nadella
CEO of Microsoft

• “Pressed for Time” by Judy Wajcman
• “The End of Absence” by Michael Harris
• “The Organized Mind” by Daniel J. Levitin

Jack Dorsey
Co-founder and CEO of Twitter, co-founder and CEO of Square

• “Leaves of Grass” by Walt Whitman
• “Between the World and Me” by Ta-Nehisi Coates
• “The Four Agreements” by Miguel Ruiz
• “The Checklist Manifesto” by Atul Gawande
• “The Score Takes Care of Itself” by Bill Walsh, Steve Jamison and Craig Walsh

Tony Hsieh
CEO of Zappos

• “Outliers” by Malcolm Gladwell
• “Crush It!” by Gary Vaynerchuk
• “Peak” by Chip Conley
• “The $100 Startup” by Chris Guillebeau

Peter Thiel
Co-founder of PayPal, co-founder of Palantir

• “The American Challenge” by Jean-Jacques Servan-Schreiber
• “The Great Illusion” by Norman Angell
• “The Right Stuff” by Tom Wolfe
• “Things Hidden Since the Foundation of the World” by Rene Girard, Stephen Bann and Michael Metteer

Source: Make It, CNBC.com

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Consumer groups ask US agency to probe Tesla ‘Autopilot’ ads

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Two US consumer advocacy groups urged the Federal Trade Commission on Wednesday to investigate what they called Tesla Inc’s “deceptive and misleading” use of the name Autopilot for its assisted-driving technology.

The Centre for Auto Safety and Consumer Watchdog, both non-profit groups, sent a letter to the FTC saying that consumers could be misled into thinking, based on Tesla‘s marketing and advertising, that Autopilot makes a Tesla vehicle self-driving.

Autopilot, released in 2015, is an enhanced cruise-control system that partially automates steering and braking. Tesla states in its owner’s manual and in disclaimers that when the system is engaged, a driver must keep hands on the wheel at all times while using Autopilot.

“The feedback that we get from our customers shows that they have a very clear understanding of what Autopilot is, how to properly use it, and what features it consists of,” a Tesla spokesperson said.

But in the letter, the groups said that a series of ads and press releases from Tesla as well as statements by the company’s chief executive, Elon Musk, “mislead and deceive customers into believing that Autopilot is safer and more capable than it is known to be.”

“Tesla is the only automaker to market its Level 2 vehicles as ‘self-driving’, and the name of its driver assistance suite of features, Autopilot, connotes full autonomy,” the letter read.

“The burden now falls on the FTC to investigate Tesla‘s unfair and deceptive practices so that consumers have accurate information, understand the limitations of Autopilot, and conduct themselves appropriately and safely,” it read.

Tesla has also faced criticism from an influential magazine, Consumer Reports, over braking flaws in its Model 3 sedan, which is seen as key to the company’s profitability. Musk has promised a quick fix.

Meanwhile, the popularity of the Model 3 has led to more registrations in California for the first quarter than class rivals BMW 3-Series and Mercedes C-Class, according to the California New Car Dealers Association (CNCDA).

California is a key market for global luxury vehicle brands not just because of its size, but because other markets often follow trends set by wealthy consumers in the state.

Several crashes and fire incidents involving a Tesla car this year has been a constant headache for Musk, who boasts that his company’s cars are among the safest in the industry.

Two US Tesla drivers have died in crashes in which Autopilot was engaged. The most recent crash, in March, is being investigated by safety regulators.

Tesla has said the use of Autopilot results in 40 percent fewer crashes, a claim the US National Highway Traffic Safety Administration repeated in a 2017 report on the first fatality, which occurred in May 2016. Earlier this month, however, the agency said regulators had not assessed the effectiveness of the technology.

Last month, another group, Consumers Union, the advocacy division of Consumer Reports, called on Tesla to improve the safety of its Autopilot system.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Caviar launches solar powered ‘iPhone X Tesla’ phone case

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Caviar, a  Russian mobile accessories maker famous for it customised luxury products, has launched the solar powered phone case, iPhone X Tesla.

The phone case has an iPhone X attached to it and a solar panel at the back, which feeds directly into a dedicated battery and can charge the battery with the press of the power button on the rear.

It is shock proof and made of carbon fibre. It also has anodised buttons on its sides and gilded decorative elements at the back.

iPhone X Tesla is also equipped with a solar panel which transforms light energy to replenish the phone’s battery.

A total of 999 devices will be manufactured as the product is a limited edition.

Caviar’s first unit of the iPhone X Tesla case is intended to Elon Musk, with an extra engraving of the words “Made on Earth by Humans.”

The phone case is sold in two variants: one is 64 GB which costs Rs 3,10,800, while the other one is 256 GB which costs Rs 3,21,533.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Elon Musk’s vision of the future: ‘Anyone’ can move to Mars and gas cars ‘will be like steam engines’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Billionaire entrepreneur Elon Musk says rocket technology will “enable anyone” to move to Mars and beyond.

And gas-powered cars will be relics, “like steam engines,” he says.

This according to a recent series of tweets from the Tesla and SpaceX boss.

“I still remember when … reusability was in fact impossible, or more precisely, that the amount of extra fuel and equipment would render net payload reduced to zero. Impossible is a funny word,” tweeted a user after the SpaceX success. Until recently, rockets were used once and then discarded. Companies like SpaceX and Amazon billionaire boss Jeff Bezos’ Blue Origin can now launch and re-land rockets to save time and money.

“Yeah, I heard this so many times,” Musk tweeted in response. “In the future, it will seem bizarre that we used to crash rockets into the ocean instead of reusing them.”

Musk says the next generation of SpaceX rocket, the “BFR,” will one day open the door for space colonizations, enabling “anyone to move to [the] moon, Mars & eventually outer planets.”

Musk is already actively and publicly planning for enabling life on Mars.

In 2017, Musk said he aimed to send the first rocket to Mars by 2022 with cargo but no people. The billionaire said he hoped to transport human passengers to Mars by 2024.

And space is not the only industry where Musk’s future-forward visionary mindset is evident.

He sees a world where “gasoline cars will be like steam engines,” he says, “quaint, but not something you’d actually use to get around.”

Of course, as the founder and CEO of Tesla, it’s little surprise that Musk sees a future where the biggest rival to electric cars is on the path toward extinction.

Musk says he is driven by a desire to be able to feel optimistic about the future.

“The thing that drives me is that I want to be able to think about the future and feel good about that,” said Musk, speaking to the National Governors Association in 2017.

“We are doing what we can to have the future be as good as possible, to be inspired by what is likely to happen and to look forward to the next day.”

Source: Make It, CNBC.com

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow