After two slow quarters, Elon Musk’s electric-vehicle maker reports higher-than-expected earnings per share Tesla shares saw a 12% jump after the company reported its third-quarter earnings on Wednesday. The electric-car manufacturer was able to bounce back from a tough second quarter, beating Wall Street expectations for earnings per share. The company reported an earnings-per-share of $0.72, surpassing investors’ projection of $0.60. At the end of the second quarter, Tesla’s chief executive, Elon Musk, said the nearly 50% drop in profits was temporary and due to difficulty competing with cheaper or price-slashed electric vehicles by rival companies such as BYD. “We don’t see this as a long-term issue,” Musk said in July, “but really fairly short term.” Continue reading...

Analysts criticise lack of detail about the ‘robotaxi’ showcased by CEO Elon Musk * Elon Musk unveils Tesla Cybercab self-driving robotaxi Tesla shares fell nearly 9% on Friday, wiping about $60bn (£45bn) from the company’s value, after the long-awaited unveiling of its so-called robotaxi failed to excite investors. Shares in the electric carmaker tumbled to $217 at market close following an event in Hollywood, where the chief executive, Elon Musk, revealed a much-hyped driverless vehicle. The stock price is down roughly 12% year-to-date. Continue reading...

Billionaire says autonomous car expected ‘before 2027’ will have a pricetag of less than US$30,000, with a ‘Robovan’ that can carry 20 people to follow Tesla CEO Elon Musk has unveiled the company’s robotaxi, Cybercab, promising it will cost less than US$30,000, and announced plans to bring autonomous driving to its Model 3 and Model Y cars in California and Texas by next year. At the much-anticipated We, Robot event hosted at Warner Bros. Studios in Burbank, California, the billionaire arrived in the Cybercab in his trademark black leather jacket, accompanied by a man dressed in a space suit. Human-like robots mingled in the crowd, danced and served drinks to those gathered for the party. Continue reading...

EV maker delivered 462,890 vehicles in three months to 30 September while Wall street expected on average 469,828 Tesla missed expectations for third-quarter deliveries on Wednesday, hurt by stiff competition from rivals in China and Europe, sending shares of the world’s most valuable automaker down 3%. The electric vehicles maker handed over 462,890 vehicles in the three months to 30 September up 6.4% from the preceding quarter. Continue reading...

As Chinese carmakers become more powerful, US fears installed sensors and software could be used for espionage The Biden administration has proposed new rules that would in effect prohibit Chinese-made vehicles from US roads after a months-long investigation into software and digital connections that could be used to spy on Americans or sabotage the vehicles. The proposed rules come as Chinese automakers become more powerful in global markets, exporting a flood of high-tech vehicles and posing new challenges to western manufacturers, with governments fearing that installed sensors, cameras and software could be used for espionage or other data collection purposes. Continue reading...

A secondhand EV is a possibility for many families as the cost of desirable models, including Kias and Teslas, falls to £15,000 If your current car is on the way out and you think an electric replacement is too expensive, think again. Three-year-old Tesla Model 3s and Kia e-Niros that will do 250-300 miles on a single charge can now be bought for as little as £14,000. In the last year, forecourt prices for used electric cars have tumbled to the extent that previously unaffordable models are now within the reach of many families for the first time. Continue reading...

The 9% tariff is much less than the up to 36.3% others face after investigation into Beijing’s ‘unfair’ subsidies of EVs * Business live – latest updates Tesla will face a 9% levy on its Chinese-made cars exported to the EU, the European Commission has said, as it issued an update on its sweeping investigation into Beijing’s “unfair” subsidies of electric vehicles. The tariff on Tesla – far lower than the 21.3% average on companies that cooperated with the EU investigation and 36.3% on those that did not – came after the California-headquartered firm requested individual treatment as part of the wider Brussels inquiry. Continue reading...

There are signs the billionaire is becoming unpopular with the very demographic group most likely to buy EVs Elon Musk has long flirted with rightwing politics, and delights in pushing an image of himself as a contrarian showman. Yet in recent months the billionaire’s political allegiances have started to raise a question for Tesla, the company that he built into the world’s largest electric carmaker: just how far can he go before customers start to abandon his products? The German pharmacy chain Rossmann was one of the first to put its head above the parapet this week. The family-owned company announced that it would not add to the 34 Teslas in its company fleet because of Musk’s endorsement of Donald Trump for US president. Continue reading...

Billionaire says Optimus will start performing tasks for carmaker in 2025 and could be ready for sale in 2026 * Business live – latest updates The Tesla chief executive, Elon Musk, has claimed the company will produce “genuinely useful” humanoid robots to start working in its factories next year. The world’s richest person, who has a penchant for making overambitious claims on social media, posted on his platform X, formerly Twitter, that he also hoped to expand into “high production” mode to make robots with a humanlike form available sell to other companies in 2026. Continue reading...

Electric vehicles are ‘batteries on wheels’ that can put energy back into the National Grid when solar panels and windfarms do not provide much power Electric cars make some people afraid of the dark. While the batteries produce much less carbon, they require much more electricity to run. This has prompted ominous warnings that Great Britain and other wealthy countries set on banning new petrol and diesel cars risk plunging their populations into darkness. In recent months British net zero-sceptical newspapers have warned that the shift to EVs would “risk overwhelming the grid, and threaten catastrophic blackouts” when intermittent sun and wind fail to provide the necessary power. Another article claimed: “It won’t take an enemy power to put us all in the dark – just energy customers doing normal things on a normal winter’s evening.” Continue reading...