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...Indian steelmaker JSW last month launched a $1.5bn tie-up with China’s SAIC Motor to build and sell EVs in India....
...That is more than any of the biggest names in corporate America including Tesla, the $565bn behemoth whose stock is often frenetically traded....
...Listen to what Musk says, however, and it sounds as if Tesla’s main concern is its expensive autonomous driving project. Earlier this month, Musk wrote on X, “Tesla Robotaxi unveil on 8/8”....
...Drew Baglino, senior vice-president leading Tesla’s engineering and technology development for batteries, motors and energy products, announced on X today that he would leave after 18 years at the auto group...
...Tesla shares rose more than 10 per cent in pre-market trading on Wednesday....
...Sales growth of electric cars has slowed in the past year, with carmakers increasingly forced to discount models in order to generate sufficient consumer demand, while companies from General Motors and Ford...
...Tom Slater from Baillie Gifford, a top-15 Tesla shareholder, said this year would be “quieter” for Tesla sales, but added that investors were enthusiastic about the potential of its self-driving cars....
...It went on to say that it made sense for Tesla to incorporate in the Lone Star State because “Tesla is all-in on Texas” because Tesla is “intertwined with our Texas corporate headquarters.”...
...But the tensions highlight a big difference between Tesla and the other Mag 7 stocks: Tesla’s industry economics are much less settled....
...For years, Elon Musk has been the not-so-secret weapon behind Tesla’s success....
...Tesla has not officially commented on these or any other reports. Tesla has no press office....
...Replacing him is Gil West, a former chief operating officer of Delta Air Lines and General Motors’ Cruise self-driving car unit....
...Shanghai’s state-owned carmaker SAIC Motor, for example, had its 15 per cent tax rate for being a “high-tech enterprise” renewed four times since 2008....
...for an innovative company like Tesla”....
...“If you’re a private owner of a Tesla, you’re $20,000, $30,000 or even $40,000 worse off,” said the former Tesla executive....
...It is not the first time Tesla has had to temporarily stop production in Europe....
...A number of EV makers have recently scaled back expansion plans, including Ford and General Motors, while rental group Hertz is selling one-third of its electric fleet to buy more petrol vehicles....
...Four of Tesla’s top 10 institutional shareholders contacted Denholm to complain about the Delaware ruling, Tesla said in the investor letter....
...The ruling “creates a tornado situation for Tesla’s board”, said Dan Ives, an analyst at Wedbush....
...Meanwhile, EV specialist Tesla is down 40 per cent. Sales of higher-margin combustion engine vehicles help with cash flows while the legacy European companies invest in electric models....
...The company, backed by Warren Buffett, overtook Tesla in EV sales during the final quarter of 2023, when it shifted 526,409 electric vehicles compared to 484,507 sold by Tesla between October and December...
...Based on Tesla’s closing price on Friday, 11 per cent of 267mn shares comes out to roughly 29mn shares, which would be worth $5.9bn....
...But what if BYD, mostly known for its affordable EVs, wants not only to cut into Tesla’s market share, but to challenge the world’s two biggest automakers, Toyota and Volkswagen?...
...Shares in Great Wall Motor and Leapmotor dropped 6 per cent and 3.1 per cent, respectively. Over the weekend, Tesla also announced a price cut of Rmb14,000 ($1,933) for models sold in China....
...average is still below Tesla’s despite the recent boom....
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