Tag: Elon Musk

Tesla interns say offers are getting revoked weeks before their start date

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

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Elon Musk’s latest cost-cutting victims: Summer interns.

Tesla Inc. is rescinding offers just weeks before internships were set to start, prompting aspiring employees to take to LinkedIn to appeal to other employers to take them in.

“At 8:46am, I opened a Tesla email for flight info. By 11:25am, my internship offer was gone,” wrote Miami University student Joshua Schreiber, who said his start date was three weeks away and that he had already spent “thousands on housing.”

Schreiber, like many other would-be Tesla interns, are getting dangerously close to the end of the school year. They say the surprise calls from Tesla informing students that their offers no longer stand have left them without a lot of time to find replacement gigs for the summer.

Also Read: Elon Musk sacks entire Supercharger team in a bid to be ‘hardcore’ about cost reduction

In one instance, a current Tesla employee posted on LinkedIn, asking her own virtual network to step up and nab one of the interns that was meant to start soon at the carmaker. “Please make our loss your gain!” wrote Diana Rosenberg, who works in battery supply at Tesla, according to her profile.

Rosenberg blamed the decision to rescind the intern offer on the massive layoffs unfolding at the carmaker.

Last month, Musk announced that Tesla had “made the difficult decision to reduce our headcount by more than 10% globally.” Since then, several executives have left the company as Musk has pushed for further cuts. Most of the company’s 500-person Supercharger division and its newly formed marketing division have been axed, Bloomberg News has reported.

People familiar with Musk’s thinking have said the billionaire is determined to cut head count amid sagging electric vehicle sales and big expenditures for his Robotaxi dreams. They say Musk is targeting a 20% reduction, Bloomberg reported.

Revoking intern offers isn’t likely to save Tesla much money. At least one of the posts was for an unpaid position, while paid internships at the automaker typically offer $18 to $28 an hour, according to data from Glassdoor.

Also Read: Elon Musk says Tesla robotaxi will be like a combo of Airbnb and Uber

But the decisions will have an impact in the company’s hiring pipeline: More than 3,000 university and community college students from around the world are hired for Tesla internships each year, according to the company’s last Impact Report. “Perform meaningful work from day one,” reads the company’s intern website.

The move has also delivered a stark life lesson to the students.

“Rejection is redirection,” wrote Brook Gura, a communications student at the University of Texas at Austin, who said that she got a call that her offer was yanked three weeks before her start date as part of the company’s mass layoffs. “While I am incredibly disappointed that I will not have the summer I intended to have, I know that this moment will only help me grow stronger as a professional.”

Gura, Schreiber and Rosenberg declined to comment beyond their posts. Musk didn’t respond to a request for comment.

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

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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 sacks entire Supercharger team in a bid to be ‘hardcore’ about cost reduction

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

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Tesla CEO Elon Musk has eliminated the company’s entire Supercharger team, including senior director Rebecca Tinucci. The move, confirmed by leaked internal emails, has raised concerns within the company and the EV industry.

Tinucci, the company’s most senior female executive, and an estimated 500 Supercharger employees were dismissed. This action follows similar patterns to Musk’s layoffs at Twitter and recent company-wide job cuts at Tesla.

Confirmed – @Tesla @elonmusk has let our entire charging org go. What this means for the charging network, NACS, and all the exciting work we were doing across the industry, I don’t yet know. What a wild ride it has been.

— willjameson (@willjameson) April 30, 2024

The decision is surprising given the Supercharger network’s importance to Tesla’s success and its role in reducing range anxiety for EV customers. Analysts and industry experts have expressed concerns about the move, especially with other automakers now adopting Tesla’s charging standard.

This development comes just weeks after Tinucci presented Tesla’s Supercharger strategy at Investor Day.

Musk has also fired another senior executive, Daniel Ho, head of new products, in a continued round of job cuts attributed to poor sales, reports The Information. Ho and affected employees were notified via email.

CEO Elon Musk’s email emphasised cost reduction, stating, “We need to be absolutely hardcore about headcount and cost reduction.” Additionally, Tesla’s public policy team, previously led by Rohan Patel, has been dissolved. Patel left the company shortly before Musk cancelled a planned trip to India, where Tesla’s market entry was anticipated.

Also read: Tesla’s Full Self-Driving system gears up for China, intensifying global autonomous vehicle race

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 fortune soars by most since before Twitter purchase

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

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Elon Musk’s net worth is soaring after it plunged to the lowest level in almost a year.

In the past five days, the world’s third-richest person has gained $37.3 billion in net worth, according to the Bloomberg Billionaires Index. That’s his largest weekly gain since March 2022, just before he agreed to buy Twitter Inc for $44 billion in one of the biggest leveraged buyout deals in history. Since then, his fortune has tumbled just as often as it has increased after a breathtaking ascent in 2020 and 2021.

Tesla Inc. shares rallied the most in more than three years Monday following reports that it received in-principle approval from Chinese officials to deploy its driver-assistance system in the world’s biggest auto market. That followed news last week that the electric-vehicle maker plans to introduce a less-expensive car as soon as this year, which eased concerns about disappointing earnings.

Musk added $18.5 billion to his fortune on Monday alone, the 13th-largest market-driven daily gain for any billionaire on Bloomberg’s wealth index and Musk’s seventh-biggest. With a net worth of $201.5 billion, he’s close to overtaking second-place Jeff Bezos, after he surpassed Mark Zuckerberg last week.

Musk, 52, derives his wealth primarily from his stake in Tesla, as well as his holdings in Space Exploration Technologies Corp. and X, formerly known as Twitter.

Prior to the recent rally, Tesla spent much of the year as the worst-performing stock on the S&P 500 Index amid price cuts and a surprise drop in vehicle deliveries. The value of X, meanwhile, has slumped about 73% since Musk bought it two years ago, according to a March valuation from the Fidelity Blue Chip Growth Fund, which invested alongside him.

One bright spot for Musk’s wealth has been SpaceX, which gained more than 40% in value between mid-2022 and the end of 2023.

The billionaire is also facing pressure domestically. Tesla has asked shareholders to vote again on Musk’s $56 billion compensation package that was voided by a Delware court early this year. If it’s rejected, Musk risks losing stock options that make up nearly a quarter of his net worth, according to Bloomberg’s wealth index.

The US Supreme Court also rejected an appeal Monday from Musk in his “Twitter sitter” case, leaving intact his agreement with the Securities and Exchange Commission to have an in-house lawyer pre-approve his social media posts about Tesla.

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 leaves China with Tesla driving software hurdles cleared with Baidu deal

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

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Elon Musk’s quick visit to China paid immediate dividends, with Tesla Inc. clearing two key hurdles to introduce its driver-assistance system to the world’s biggest auto market.

The US carmaker will partner with Chinese tech giant Baidu Inc. for mapping and navigation functions to deploy what it calls Full-Self Driving, or FSD, according to people familiar with the matter. Tesla has also passed a key data security and privacy requirement in China, which would help ease some of the concerns over bringing FSD to market.

Baidu shares rose as much as 7% in Hong Kong trading.

The moves come after Tesla Chief Executive Office Elon Musk made an unannounced trip to China on Sunday, seeking approval for driver-assistance software that could help arrest the carmaker’s revenue decline. While the suite of features requires constant supervision and doesn’t make Teslas autonomous, the company charges $8,000 in the US to buy FSD outright, or $99 a month for a subscription.

The Wall Street Journal reported Monday that Chinese officials told Tesla that Beijing has tentatively approved the company’s plan to launch its FSD feature in the country, citing people familiar with the matter.

Musk met Sunday with Premier Li Qiang, who as the Chinese Communist Party secretary for Shanghai helped the company set up what is now its top plant globally. His private jet left Beijing on Monday, according to FlightRadar24.

Honored to meet with Premier Li Qiang.

We have known each other now for many years, since early Shanghai days. pic.twitter.com/JCnv6MbZ6W

— Elon Musk (@elonmusk) April 28, 2024

While Tesla initially enjoyed a red-carpet welcome in China, its fortunes have faded more recently as it faces tougher competition from domestic EV makers like BYD Co. and Li Auto Inc. Tesla’s share of China’s auto market shrank to around 6.7% in the fourth quarter of 2023, from 10.5% in the first quarter of last year, according to Bloomberg calculations based on China’s Passenger Car Association data.

Advanced driver-assistance systems are becoming increasingly common in China, with many local players including Xpeng Inc. and Xiaomi Corp. using such features as a selling point for vehicles.

Approval for FSD in China would be a major boost for Tesla, which is coming off its first year-over-year decline in quarterly revenue since 2020. Even after slashing prices, the company sold fewer cars in the first quarter. Musk is cutting headcount by at least 10% and looking to accelerate new models, including less-expensive vehicles, that could be ready by early 2025, if not before year-end.

Musk’s surprise China visit is “a watershed moment,” Wedbush Securities senior analyst Dan Ives said in an interview with Bloomberg Television. “This could open up FSD in China, which I view as unlocking what really could be the golden opportunity for them.”

Teaming with Baidu — one of about only 20 qualified suppliers with the country’s top-level mapping credentials that can be applied to driver-assistance functions — will allow Tesla to tap the Chinese company’s vehicle lane-level navigation and mapping services. Tesla has been using Baidu for in-car mapping and navigation apps since 2020.

While getting the green light for FSD in China might help Tesla claw back some lost ground, the system has proved problematic in the US. The top US auto-safety regulator has just opened a probe into the company’s less-capable Autopilot system, citing 20 crashes that have occurred since December involving vehicles that received an over-the-air software update.

During an earnings call last week, Musk emphasised the importance of autonomous-driving development, saying that people who doubt Tesla’s ability to “solve” autonomy shouldn’t invest in the company.

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 CEO Elon Musk kicks off surprise trip to Beijing, sources say

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

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A private jet linked to Tesla CEO Elon Musk landed in Beijing on Sunday, a flight tracking app showed, as two people with knowledge of the matter said the billionaire was kicking off a surprise visit to the automaker’s second-biggest market. Musk is seeking to meet senior Chinese officials in Beijing to discuss the rollout of Full-Self Driving (FSD) software in China and to obtain approval to transfer data collected in the country abroad to train algorithms for its autonomous driving technologies, one of the people said.

Tesla has since 2021 stored all data collected by its Chinese fleet in Shanghai as required by Chinese regulators and has not transferred any back to the United States.

The US electric vehicle maker rolled out FSD, the most autonomous version of its Autopilot software, four years ago but has yet to make it available in China despite customers urging it to do so.

Musk said this month Tesla may make FSD available to customers in China ”very soon”, in response to a query on social media platform X.

Rival Chinese automakers such as Xpeng have been seeking to gain an advantage over Tesla by rolling out similar software.

Musk’s visit to China was not flagged publicly and the people spoke on condition of anonymity because they were not authorised to speak with media. Tesla did not respond immediately to a request for comment.

The trip came just over a week after he scrapped a planned visit to India to meet with Prime Minister Narendra Modi, citing ”very heavy Tesla obligations”.

The company said this month it would lay off 10% of its global workforce as it grapples with falling sales and an intensifying price war for EVs led by Chinese brands.

Also read: Elon Musk is not the only one pouring more money on electric cars

LANDED IN BEIJING

A Gulfstream private jet with tail number N272BG, which is registered to Falcon Landing, a company connected to SpaceX and Tesla, landed at Beijing Capital Airport on Sunday at 0603 GMT, according to Chinese flight tracking app Flight Manager.

The other jet registered under Falcon Landing is N628TS, which is Musk’s main jet that he used to travel to China on his last trip nearly a year ago when he met with Chinese government officials in Beijing and visited Tesla’s Shanghai factory.

Tesla has sold more than 1.7 million cars in China since it entered the market a decade ago and the Shanghai factory is its largest globally.

Musk’s visit coincides with the Beijing autoshow, which opened last week and ends on May 4. Tesla does not have a booth at China’s largest autoshow and last attended in 2021.

Also read: Tesla cuts global prices, full self-driving software now $8,000 amid EV price war

GM CEO Mary Barra made an unannounced visit to the show in the world’s biggest auto market on Friday, according to two people with knowledge of her schedule. GM did not immediately respond to a request for comment.

Also on Friday, Grace Tao, Tesla’s vice president in charge of external relations in China, published a commentary on the social media account of state media outlet People’s Daily, arguing that autonomous driving technologies would be the new growth engine for the EV industry.

Tao said in the article that Tesla was leading autonomous driving research and development with its ”end-to-end neural network” technology and data collected from millions of cars on the road.

China’s complicated traffic conditions with more pedestrians and cyclists than in many other markets provide more scenarios that are key for training autonomous driving algorithms at a faster pace, according to industry experts.

Musk said last week Tesla would introduce new, cheaper models using its current EV platforms and production lines and would offer a new ”robotaxi” with self-driving technology. He said in a post on X this month that he would unveil the robotaxi on August 8.

Tesla shares are down almost a third since the start of the year as concerns have grown about the EV maker’s growth trajectory. Last week, Tesla reported its first decline in quarterly revenue since 2020 when the COVID-19 pandemic slowed production and deliveries.

Also read: US launches probe into Tesla’s 2 million vehicle recall over autopilot concerns

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

US launches probe into Tesla’s 2 million vehicle recall over autopilot concerns

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

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U.S. auto safety regulators said Friday they have opened an investigation into whether Tesla’s recall of more than 2 million vehicles announced in December to install new Autopilot safeguards is adequate.

The National Highway Traffic Safety Administration (NHTSA) said it was opening an investigation after identified concerns due to crash events after vehicles had the recalled software update installed “and results from preliminary NHTSA tests of remedied vehicles”.

NHTSA also cited Tesla’s statement “that a portion of the remedy both requires the owner to opt in and allows a driver to readily reverse it.”

The agency said Tesla has issued software updates to address issues that appear related to its concerns but has not made them “a part of the recall or otherwise determined to remedy a defect that poses an unreasonable safety risk.”

Also read: Elon Musk is not the only one pouring more money on electric cars

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 is not the only one pouring more money on electric cars

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

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Vingroup, which has already invested $11.4 billion into Vinfast in the six years ending 2023, seems to doubling down on his bet on EVs, just like his American peer Elon Musk, the chief executive officer of $508 billion Tesla and the world’s third richest man.

Now, the richest man in Vietnam with a net worth of over $4 billion, Pham Nhat Vuong, has said that he would investor another billion dollars of his personal fortune into his electric car making company, Vinfast, according to a Bloomberg report.

Aside from the US and Indonesia, Vinfast has already committed investments in is India and started construction of its plant that would be operational next year.

Musk and Vuong are keeping the faith on the prospects for electric cars

Globally, there’s a fall in people buying electric cars leading to a price war led by Tesla offering deep discounts in major markets.

Companies like General Motors and Ford, which are older international peers for Tesla and Vinfast, have cut back on the production electric cars and, instead, have shifted focus to hybrid cars that seem to have more takers. “This is not the right strategy,” Musk told analysts after the company’s quarterly earnings on April 24 showed the sharpest drop in quarterly revenue since 2012.

Tesla is driving down prices of electric cars — and laid off thousands of employees —  in the face of slowing demand but has revealed plan to increase production capacity to 3 million cars from the current 2.35 million.

Meanwhile, Vinfast, a much smaller company compared to Tesla, plans to increase its production capacity to 550,000 electric cars a year by 2026 from the current 300,000.

ALSO READ: Electric cars may only get cheaper from here

More than half of Vinfast’s added capacity would come India

VinFast is building a factory in Tamil Nadu that would start production in 2025, and will eventually have a capacity of producing 150,000 EVs in a year. The company’s plant in Vietnam has a capacity of 250,000 units.

Aside from this, the company is also reportedly planning a battery manufacturing plant  in Thoothukudi, which is also a city in southern Tamil Nadu.

The company has already committed to invest $500 million in the first five years of the project and has plans to scale up the investment in India to $2 billion.

Tesla too is interested in investing in India. Musk had announced a trip to India earlier in April 2024 where he would meet the country’s Prime Minister Narendra Modi before cancelling the plan due to some scheduling constraints.

CNBC-TV18 has learnt that Tesla’s Chief Sourcing Officer will soon visit India to meet leading component manufacturers. A source requesting anonymity said that Tesla may increase its purchases of auto components from India to $15 billion over the next five years.

Both Vinfast and Tesla have sought relaxations in the Indian government’s policy aimed at boosting electric car production in one of the world’s third-largest market for automobiles.

Musk also wants permission to launch Starlink, a satellite-based internet service provider, in India.

Indian government is keen on increasing the production and sales of electric vehicles in India.

The attempts to shift millions of Indians from the traditional combustion engine cars to to electric vehicles is part of a larger strategy to mitigate the impact of climate change.

The sales of electric vehicles in India increased 50% to 1.5 million units in 2023, and the share of EVs in the overall automobile sales has gone up to 6.3% in 2023 from just 1.7% in 2021.

Vuong is already invested in one of the world’s biggest markets with a large headroom for growth. When will Musk sign the dotted line?

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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 to boost production with existing factories, new investments in India and Mexico on hold

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

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Tesla said on Tuesday that it will use its existing factories to build new and more affordable vehicles as early as late this year, leaving investments in new factories in Mexico and India unlikely in the near term.

The world’s top EV maker said it plans to raise production by 50% from 2023 to its current capacity of close to 3 million vehicles before investing in new manufacturing lines.

“This update may result in achieving less cost reduction than previously expected but enables us to prudently grow our vehicle volumes in a more capex efficient manner during uncertain times,” the company said.

Investors cheered the decision not to take the risks of building new models in new factories, with Tesla shares jumping 12% in after-hour trading despite the company’s quarterly results missing financial targets.

“I think it’s a positive that he’s not just barreling ahead with an expansion plan, ignoring the challenges in the market and the fact that he’s doing a cheaper vehicle from the existing product line,” said Elliot Johnson, chief investment officer at Evolve ETFs, which manages nearly $6 billion in assets, including investments in Tesla and other EV makers.

Reuters exclusively reported on April 5 that Tesla had scrapped plans to launch its cheap vehicle, known as Model 2, which Tesla planned to build in Texas, Mexico and a third country. The Model 2 had been expected to cost $25,000 and drive Tesla’s growth into a mass-market automaker.

Musk had responded to the Reuters report with a message on X that “Reuters is lying.” He did not give details and on Tuesday he did not directly address the Reuters report.

Instead, Tesla discussed unidentified new models that appeared to be different products.

In January, Musk said Tesla aimed to deliver the cheaper new model in the second half of 2025, adding that the model will have “revolutionary manufacturing technology” and generate the next wave of growth for Tesla.

But Lars Moravy, head of Tesla’s engineering, said on Tuesday that new manufacturing processes and production lines come with “some risks,” and the automaker made a “major shift” to utilize its facilities to build low-cost vehicles in a fast and efficient manner for now.

Musk had been expected to meet with Indian Prime Minister Narendra Modi on Monday and announce major investments in an auto factory to produce a small, affordable model. Musk canceled at the last minute, citing “very heavy Tesla obligations” and said he aimed to reschedule the visit for later this year.

Musk said last year that Tesla will “definitely” build its factory in Mexico, but that the timing of the factory would depend on the economy and interest rates that reduce the affordability of vehicles. He also said that Tesla would start the initial phases of construction last year.

Tesla did not respond to a request for comment on Tuesday on its plans in Mexico and India.

Analysts said it would be hard for Tesla to expand capacity while it braces for slowing sales after years of double-digit growth rates. Tesla on Tuesday reiterated that this year, its vehicle volume growth rate may be notably lower than in 2023. Musk added during a conference call that sales would still grow from last year.

Smaller peer Rivian, known for its R1S SUVs and R1T pickup trucks, said last month it would start producing its smaller, less expensive electric R2 SUVs at its existing U.S. factory to hasten deliveries in the first half of 2026. It had previously planned to build the R2 at a new $5 billion plant.

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 says Tesla robotaxi will be like a combo of Airbnb and Uber

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

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Usually when you buy a car, either you drive it or you rent it out to a ride-hailing company, you don’t get to do both. Electric vehicle maker Tesla now plans to enable its customers with both choices soon with its robotaxi.

“Tesla will be some combination of Airbnb and Uber,” Chief Executive Officer (CEO) Elon Musk said on April 23 in a conference call with investors after the company’s results for the January to March 2023 period.

Explaining the concept, he said there will be some cars owned by Tesla and some owned by an end user who will choose when their car can be used. “At any time, they can have the car come back to them, like Airbnb for cars….,” he said.

Musk’s comments come days after he announced Tesla plans to unveil its long-promised robotaxi on August 8 this year amid weak sales and competition from cheap Chinese EVs.

Tesla plans to operate its own fleet of self-driving taxis. Owners would be able to “add or subtract their cars from the fleet whenever they want” and “they can decide if they want to only let the car be used by friends and family, or only by five-star users or by anyone”, he explained.

Also Read: Tesla shares surge 13% in extended trading despite steepest revenue drop since 2012; Here’s why

The electric carmaker also shared a preview of what the ride-hailing app service would look like once integrated into the Tesla app.

Preview of autonomous ride-hailing via Tesla app pic.twitter.com/GPs5itjA84

— Tesla (@Tesla) April 23, 2024

A fully autonomous vehicle, pitched to investors in 2019, has long been key to Tesla’s lofty valuation. In recent weeks, Tesla has rolled out the latest version of the driver-assistance software that it markets as FSD, or Full Self-Driving, to consumers.

Also Read: Elon Musk’s India plan remains on track, Tesla to increase sourcing from India to $15 billion

When asked about the pathway to regulatory approval for unsupervised FSD in the United States, he said, “Other autonomous driving companies are also working with regulators. The safety numbers are going to be hard to ignore. I don’t think there will be significant regulatory barriers if we can prove the safety data is there.”

Also Read: Automakers line up over 15 new EVs in India for 2025 while Tesla struggles with sales

Also Read: Electric cars may only get cheaper from here

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