Explore Business Standard
Tesla Inc
Elon Musk turned off many potential buyers of his Tesla cars and sent sales plunging with his foray into politics. But the stock has soared anyway and now he wants the company to pay him more -- a lot more. Shareholders gathering on Thursday for Tesla's annual meeting in Austin, Texas, will decide in a proxy vote whether to grant Musk, the company's CEO and already the richest person in the world, enough stock to potentially make him history's first trillionaire. It's a vote that has sparked heated debate on both sides of the issue, even drawing the pope's comments on it as an example of income inequality. Several pension funds have come out against the package, arguing that the board of directors is too beholden to Musk, his behaviour too reckless lately and the riches offered too much. Supporters say Musk is a genius who is the only person capable of ushering in a Tesla-dominated future in which hundreds of thousands of self-driving Tesla cars -- many without steering wheels -- w
Tesla rolled out new, cheaper versions of two of its electric car models on Tuesday in hopes the offerings will help revive flagging sales but investors dumped its stock anyway. The new Model Y, costing just under USD 40,000 with a stripped-down interior, comes in a brutal year for Tesla as it tries to attract more customers despite an aging lineup, stiff competition from foreign EV makers and anti-Elon Musk boycotts targeting the company. The reaction from the stock market after the news broke suggests the new models are not expected to help much. Investors were looking for something truly different, not an iteration of a old product, said Edmunds analyst Ivan Drury, speaking as Tesla stock dropped sharply in the last minutes of trading. I can't imagine this will bring levels back to what they want. Tesla also announced a cheaper version of its Model 3 for under USD 37,000. For New York residents taking advantage of a state rebate, the price was below USD 35,000. Tesla has talked
Europeans angry at Elon Musk still aren't buying his cars months after the billionaire predicted a major rebound in Tesla sales, data released Thursday shows. Tesla sales plunged 40 per cent in July in the 27 European Union countries compared with the year earlier even as sales overall of electric vehicle soared, according to the European Automobile Manufacturers' Association. Meanwhile sales of Chinese rival BYD continued to climb fast, grabbing 1.1 per cent market share of all car sales in the month versus Tesla's 0.7 per cent. Tesla stock fell 1.5 per cent in afternoon trading Thursday. Musk angered many Europeans by wading into politics there, embracing far-right candidates, calling a British prime minister an evil tyrant who belongs in prison and telling Germans things will get very, very much worse in their country if they didn't vote for the anti-immigrant Alternative for Germany party. Protests broke out in several cities, including a hanging of the billionaire in effigy in
American electric car maker Tesla on Friday said it will launch its first charging station in Mumbai next week. The company, which had announced its much-awaited entry into the Indian market last month, said the first Tesla Charging Station in India will feature four V4 Supercharging Stalls (DC charging) and four Destination charging Stalls (AC charging). The Tesla Supercharging Stalls offer a peak charging speed of 250 kW starting at Rs 24/kW and destination chargers providing 11kW at Rs 14/kW, it said in a statement. "This will be the first of the eight Supercharging sites that were announced during the launch in Mumbai, with more planned across the country, to provide the optimal cross-country experience," the company added. Last month, Tesla launched its Model Y with price starting at Rs 59.89 lakh while opening its first experience centre at the Maker Maxity Commercial Complex, in Bandra Kurla Complex, Mumbai. Tesla said the "Model Y can add up to 267 kilometres of range in j