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We are telling investors to avoid Tata Motors: Mahantesh Sabarad, SBI Cap Securities

JLR is a worry for Tata Motors and the domestic market may not necessarily help it provide a hedge against the JLR’s poor performance. JLR is a big problem for Tata Motors at this juncture, Mahantesh Sabarad, Head, Retail Research, SBI Cap Securities told in an interview:Edited Excerpts:ET Now: What is your outlook for 2019?… Continue reading We are telling investors to avoid Tata Motors: Mahantesh Sabarad, SBI Cap Securities

Elon Musk Says The Tweet That Cost Him $20 Million Was ‘Worth It’

The tweet had cost him and his company Tesla $20 million each.

Elon Musk had a two-word response for those asking him how it felt to lose $20 million because of a tweet he made back in August: “worth it.”

The technology investor and entrepreneur, who founded SpaceX and Tesla, was fined $20 million by the U.S. Securities and Exchange Commission for misleading investors. Apart from a $20 million personal fine, his company, Tesla, was also fined $20 million separately, but it appears Musk has no qualms about losing so much money.

As the Guardian reports, Musk had made posts back in August where he said that he was considering making Tesla a private company and even claimed that funding had been secured for the same. But his tweets had absolutely no basis in fact, resulting in a stern rebuke from the Securities and Exchange Commission, which concluded that investors of Musk’s company had suffered because of the ensuing market chaos.

As part of the settlement, Musk and his company had each agreed to pay a fine of $20 million. Musk also agreed to step down from the position of chairman he hitherto held, with regulators giving him until November 13 to find a successor. James Murdoch, who is shortly to step down from the position of chief executive of 21st Century Fox when the company completes the sale of the majority of its assets to Disney, is first in line to replace Musk.

But none of this seems to have fazed the billionaire, who, when asked by a Twitter user about how it felt to lose $40 million because of a single tweet, said that it was “worth it.” Soon after saying this, Musk announced that he would take a break from Twitter for a few days, giving rise to speculations that the entrepreneur had also been told not to make public comments about his company’s finances.

Musk has indeed been told to “comply with the company’s communications procedures when tweeting about the firm,” failing which, he could expect harsher penalties.

It has been nothing short of a whirlwind year for Musk, who was involved in an uncharacteristic feud with British scuba diver Vernon Unsworth in July of this year when he tweeted that Unsworth was a “pedo” for criticizing Musk of hogging the limelight. Musk had offered to help teenagers who were trapped in a Thailand cave by making a small submarine, but when Unsworth said that it was only a means for Musk to generate more publicity, the entrepreneur hit back by calling the diver a “pedo.”

Unsworth subsequently sued Musk, according to CNBC. Then, in September, Tesla shares crashed 6 percent and two of its senior executives quit hours after Musk sparked concern by smoking marijuana with comedian Joe Rogan during a live web show, as the Guardian reported.

Alibaba-backed Hellobike bags new funds as it marches into ride-hailing

2018 has been a rough year for China’s bike-sharing giants. Alibaba-backed Ofo pulled out of dozens of international cities as it fought with a severe cash crunch. Tencent-backed Mobike puts a brake on expansion after it was sold to neighborhood services provider Meituan Dianping. But one newcomer is pedaling against the wind. Hellobike, currently the country’s… Continue reading Alibaba-backed Hellobike bags new funds as it marches into ride-hailing

Bloomberg: To Catch Up To Tesla, Big Auto Needs “Tricky Financial Stunt”

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Published on December 28th, 2018 |

by Matt Pressman

Bloomberg: To Catch Up To Tesla, Big Auto Needs “Tricky Financial Stunt”

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December 28th, 2018 by Matt Pressman

Originally published on EVANNEX.

As Tesla’s Model 3 continues to gain market share, legacy automakers face some daunting decisions. Bloomberg warns, “The future of the auto industry is going to look like the history of the cell phone … some of today’s dominant car companies will share the fate of a few former titans of the smartphone. Remember BlackBerry, Nokia, and Palm?”

Tesla’s current lineup (Photo by Zach Shahan for CleanTechnica)

“Who will be the winners in the electric car race? Who knows?” said Mike Ramsey, senior director of research at Gartner Inc. “The incumbents could be, or they could be cut out entirely.”

Unlike Tesla, legacy automakers are still dragging their feet when it comes to electric vehicles. Karl Brauer, executive publisher for Autotrader and Kelley Blue Book notes that automakers who ignore electric cars altogether could be “completely left behind. If you ignore it and act like the market is never going to be ready, then you’re setting yourself up for real trouble.”

Making the commitment to an all-electric future, Bloomberg notes, “Tesla Inc. appears to have that advantage … [meanwhile] non-Tesla options in electric vehicles such as the Nissan Leaf, Chevy Bolt, and BMW i3 aren’t selling particularly well.” Furthermore, Bloomberg New Energy Finance analyst Colin McKerracher forecasts, “There will be a very long tail of EV models that don’t sell especially well.”

BMW i3 vs. Tesla Model 3 (Photo by Zach Shahan for CleanTechnica)

There are other challenges too. According to Bloomberg, “for the next decade or so, old-school car executives will try to pull off a tricky financial stunt: driving returns with gasoline engines until their electric models have enough momentum to start keeping pace. They are essentially using an old technology to fund the transition to the next, and the timing is fraught. Jump to the electric drivetrain too soon and the whole works will grind to a halt; jump too late and lose the EV race.”

In contrast, more recent “startups such as Tesla, critically, don’t have to make this awkward jump … they don’t have to worry about feeding a legacy business as it slowly winds down.”

The Silicon Valley automaker has other key advantages too. “At Tesla, the sexy sedan is just the start. The company has thrived, in part, because it deals directly with consumers and allows everyone to build the exact car that they’d like to own. Tesla’s cars are also undergoing constant improvement with over-the-air software updates, essentially scrapping the whole concept of a model year,” reports Bloomberg.

This one. (Photo by Zach Shahan for CleanTechnica)

They literally do everything differently,” Ramsey says. Meanwhile, he contrasts that with incumbent manufacturers who “seem to be thinking of electric vehicles as just changing the powertrain. If there’s a big switch over to EVs, these companies may need to … change the entire way that they think about the market.”

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About the Author

Matt Pressman is all about Tesla. He’s a TSLA investor, pre-ordered the Model 3, and loves driving the family's Model S and Model X company cars. As co-founder of EVANNEX, a family business specializing in aftermarket Tesla accessories, he’s served as a contributor/editor of Electric Vehicle University (EVU) and the Owning Model S and Getting Ready for Model 3 books. He writes daily about Tesla and you can follow his work on the EVANNEX blog.

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Tesla adds Larry Ellison to its board

Tesla has appointed Oracle co-founder Larry Ellison and Walgreens Boots Alliance executive Kathleen Wilson-Thompson to its board. The move further strengthens the board as pledged by founder Elon Musk to the Securities and Exchanges Commission. The SEC fined Mr Musk over misleading tweets that he had funding to take Tesla private. Investors greeted the news… Continue reading Tesla adds Larry Ellison to its board

Elon Musk and Tesla have ‘outmaneuvered’ the SEC, says management guru Jeff Sonnenfeld

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A year’s worth of Porsche Taycans are already reserved, mostly by Tesla owners

Porsche’s first all-electric sports car might be the most hotly anticipated vehicle of 2019. Even Tesla owners are hooked. In a recent interview with CNET, Porsche North America president and CEO Klaus Zellmer said if everyone who has placed a deposit to pre-order the car actually buys it, the Taycan will be sold out in its… Continue reading A year’s worth of Porsche Taycans are already reserved, mostly by Tesla owners

Australian Autonomous Train Is The “World’s Largest Robot”

Robot Train Mining corporation Rio Tinto says that an autonomous rail system called AutoHaul that it’s been developing in the remote Pilbara region of Australia for several years is now entirely operational — an accomplishment the company says makes the system the “world’s largest robot.” “It’s been a challenging journey to automate a rail network… Continue reading Australian Autonomous Train Is The “World’s Largest Robot”

How drone forensics can reveal pilot identity

Researchers take apart drones to find data for investigations. (Image: VTO Labs) VTO Labs Drones can be used for good, but it depends on who’s flying them. The recent drama at London’s Gatwick Airport is a real-life example of how even an amateur drone pilot can disrupt major infrastructure. Now that suspects have been arrested… Continue reading How drone forensics can reveal pilot identity

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