Goodbye, Tesla and Elon Musk’s pioneering work to popularize electric cars. According to a lengthy report by Reuters, the company has scrapped its plans to make a smaller, less expensive electric vehicle and will instead concentrate on the discredited “robo-taxi” concept. “.
It’s a progression that Musk was quick to verify in an article on his X platform shortly after the Reuters article appeared.
The Reuters article and Musk’s confirmation come the same week that Tesla made an interest-free offer to potential buyers in China for its Model Y and 3 cars produced at its massive Shanghai factory, as the sales war intensifies.
The exclusive Reuters report provoked this quick reaction from Musk, but from Tesla.
Tesla didn’t say anything, Musk “Xed” (tweeted) that Tesla would unveil its robotaxi on August 8, not the vehicle itself, but the idea.
One analyst opined that the real story is that the company’s first-quarter effects, expected on April 23, will be so weak that Musk wants a distraction and that it’s the unwanted robotaxi.
Reuters said in its report, and other analysts commented over the weekend, that the robotaxi doesn’t work and that Tesla’s self-driving mode for its existing cars is a $12,000 option or a $199-a-month subscription.
But the company’s online sales brochures emphasize in the fine print that the formula calls for constant scrutiny of the driving force; in other words, a Tesla with the option will have to be driven.
Tesla shares fell 3. 6% in normal trading following the Reuters report, down about 4% after Musk’s tweet. Shares lost more than 6% on the week (before the after-hours rally).
The overall demand for electric cars in the U. S. UU. se slowed significantly, with sales up just 3. 3% in the March quarter, as inventories of unsold models of Tesla’s best-selling car, the Model Y, hit a record high, leading to strong value. Declines.
Early last week, the company also reported that overall deliveries of its vehicles had declined for the first time in nearly four years.
Reuters had reported in its article that Tesla had canceled the long-promised affordable car that investors had been counting on for its expansion into a mainstream automaker, according to three sources familiar with the matter and corporate messaging seen through the news agency.
“The automaker will continue to expand autonomous robotaxis on the platform for small vehicles,” the resources said.
“This move represents a departure from a long-standing purpose that Tesla CEO Elon Musk has referred to as his number one mission: affordable electric cars for the general public. His first “master plan” for the company in 2006 called for making luxury models. first and then using electric cars. The proceeds go towards funding a “low-cost family car”.
Since then, it has promised investors and consumers such a vehicle. In January, Musk told investors that Tesla plans to begin production of the affordable model at its Texas factory in the second half of 2025, following an exclusive Reuters report detailing our plans.
Tesla’s cheapest existing model, the Model 3 sedan, costs around $39,000 in the United States. The now-defunct entry-level vehicle, described as the Model 2, was meant to cost around $25,000.
Tesla is facing an expanding festival from Chinese EV makers (led through BYD) that are flooding the market with cars as low as $10,000.
The driverless robotaxis project, which may take longer to complete, presents a more complex technical challenge and increased regulatory risk.
“Two sources said they learned of Tesla’s decision to discontinue the Model 2 at a meeting attended by many employees, and one of them said the assembly took place in late February. “
“Elon’s directive is to bet on robotaxi,” the user said. Reuters reported that the new plans call for the production of robotaxis, albeit in much smaller volumes than those planned for the Model 2.
An event last week highlighted how Tesla lagged behind Chinese CE companies. BYD teased by posting images of a conventional-style EV pickup truck to take on low-performance EV offerings like the Ford Ranger and F-150 Lightning, Toyota Hilux and Tesla Cybertruck.
Chinese car websites said BYD hadn’t talked about the price, but reports noted that the price would be well below the nearly $100,000 Musk talked about for his monster Cybertruck (a pickup truck) and the $80,000 to $100,000 for the EV versions of Ford and GM pickup trucks.
They pointed out that in China there are a large number of restrictions on the ownership and operation of vans (they cannot drive faster than 100 km/h, other cars can drive 20 km/h faster, vans will have to be scrapped after 15 years and will have to pass annual inspections, which is not the case with regular sedans and SUVs.
Geely launched a pickup truck-style vehicle in 2022 but sells it outside of China, starting in Laos. Geely controls Volvo and a pickup truck could be an option for Europe produced by the Swedish group.
Chinese analysts said it was aimed at offshore markets in South Asia, India, parts of Africa, Australia and New Zealand where a culture of flirting (ute) is established.
U. S. business media notes that the robotaxi concept is a huge success in the U. S. , with several projects faltering.
Waymo, Alphabet’s autonomous vehicle unit, operates driverless transportation in Phoenix, San Francisco and Los Angeles, and is lately expanding to Tesla’s base in Austin, Texas.
GM’s cruise service has previously unveiled self-driving car facilities in San Francisco, before being shut down for regulatory reasons after an accident.
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Increases across all areas of Deep Leads resources: quality, tonnage and target area ABx Group has reported a 30% increase in its Mineral Resource Estimate (MRE) at the Deep Leads Ionic Adsorption Clay (IAC) rare earth deposit in northern Tasmania. The accumulation in MRE comes from 36 extension wells analyzed, representing a significant northward extension for the existing Deep Leads prospect.
Lake Resources (LKE. ASX) – LKE has signed two non-binding memorandums of understanding within 10 days. Ford Company (Ford) has signed a memorandum of understanding for about 25,000 t/year and last week, Hanwa, a Japanese commodity trading company, signed a memorandum of understanding for up to 25,000 t/year. Subject to execution, this is a feat as Ford and Hanwa are in a position to engage in longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing, but they should, i. e. if Ford and Hanwa inject new capital into LKE, it will further reduce the risk of the financing of the assignment and thus ensure that LKE and Kachi are fully funded.
Two recent severity studies have particularly exceeded expectations and revealed the possibility of expanding the existing MRE at Throssell Lake, as well as a significant expansion opportunity at Yeo Lake. This reinforces the prospect of a multi-decade-long Tier 1 SOP production facility around Throssell Lake.
TMG is currently completing paints for the planned PFS in early 2023, adding the start of drilling in the third quarter of 2022, evaporation testing and permitting activities. The effects of these systems will affect the SFP and any long-term resource improvements.
SOP reference prices have risen to around 940 USD/t due to recent geopolitical developments. The October 2021 scoping study assumed an SOP value of $550/t and contained a sensitivity study showing that every 10% accumulated in value effects at a cumulative $144 million in NPV of the $364 million allocation. The increase of approximately 70% during the scoping study implies an allocation NPV of approximately $1. 4 billion.
Despite the drop in oil and fuel prices, which fell by 5. 4% and 19. 7% respectively in August, Calima managed to record an improvement in its key industry indicators.
WT Financial Group Limited (WTL) is a fast-growing diversified monetary company founded in 2010 and indexed on the Australian Securities Exchange (ASX) in 2015. Their recommendations and product offerings are primarily provided through an organization of independent money advisors who act as legal representatives. . de WTL in connection with its broker organisation business Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group). It has approximately 275 advisers in more than two hundred money advice firms across Australia. It also operates a direct-to-consumer operation under its Spring Financial Group brand.
In May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive study report on ASX-listed biotech company Immutep Ltd (ASX: IMM). He was so inspired by IMM that Corporate Connect felt it was imperative to publish a follow-up report that valued the company. as the market did not see the great prospects of Eftilagimod Alpha (EFTI).
The follow-up report published today. Using comparables, after adding a monetary rebate to its EV estimate and dividing it by the total number of percentages issued, Corporate Connect now puts the fair price of a percentage of Immutep at A$2. 20.