Can Musk pull off taking Tesla private? Some investment experts skeptical

August 8, 2018 12:46 CET

Billionaire investor Elon Musk has always done things his own way, from designing space rockets to manufacturing electric cars. Now the Tesla CEO is looking to re-engineer how a company can be taken private.

Musk announced on Twitter on Tuesday that he was considering taking Tesla private for $420 per share, or $72 billion, in what would be the biggest deal of this kind. He said the funding for the deal was secured, but did not provide details.

Tesla shares Continue reading “Can Musk pull off taking Tesla private? Some investment experts skeptical”

Tesla CEO shocks market as he considers making the company private

August 8, 2018 08:13 CET

The wild tweet hit Wall Street at precisely 12:48 p.m. Tuesday — and things just keep getting wilder.

Seemingly out of the blue, Elon Musk proclaimed that he might pull his money-losing Tesla off the market. Taking the electric-car company private at the price he touted would amount to an $82 billion valuation, a monumental sum that left many investors wondering: Is this a joke?

It wasn’t.

Musk, the enfant terrible of Tesla and SpaceX, has defied the Continue reading “Tesla CEO shocks market as he considers making the company private”

France pushes for ‘highly automated’ vehicles by 2022

August 8, 2018 06:01 CET

PARIS — The French government is supporting the development of self-driving cars, with the aim of deploying “highly automated” vehicles on public roads between 2020 and 2022.

France’s technology-minded president, Emmanuel Macron, appointed a senior official, Anne-Marie Idrac, to develop a national strategy for driverless mobility – including new laws, regulations for experiments and pilot projects, and cybersecurity and privacy issues. Continue reading “France pushes for ‘highly automated’ vehicles by 2022”

Indian ride-hailing service Ola will challenge Uber in UK

August 8, 2018 09:55 CET

NEW DELHI — Indian ride-hailing firm Ola plans to launch its service in the UK this year, intensifying its rivalry with U.S. peer Uber.

Ola has obtained licenses to begin operations in South Wales in September, as well as Greater Manchester, and plans to expand nationwide by the end of the year, it said in a statement.

The firm will offer private vehicles for hire as well as Britain’s famous black cabs in its service, and will add more transportation Continue reading “Indian ride-hailing service Ola will challenge Uber in UK”

Skoda, BMW among winners as Russia sales rise 11%

August 7, 2018 14:02 CET

New-car sales in Russia rose 11 percent in July, buoyed by strong consumer confidence, the Association of European Businesses (AEB) lobby group said.

The main driver of growth “remains the continuous positive trend in consumer confidence, encouraging customers to finally exchange their older car for a new one,” Joerg Schreiber, chairman of the AEB Automobile Manufacturers Committee, said in a statement on Tuesday.

The AEB said 143,452 new cars and light Continue reading “Skoda, BMW among winners as Russia sales rise 11%”

Daimler abandons Iran plans as sanctions bite

August 7, 2018 10:39 CET

BERLIN — Daimler has dropped plans to expand its Iran business in reaction to renewed U.S. sanctions, which come into effect on Tuesday.

“We have ceased our already restricted activities in Iran in accordance with the applicable sanctions,” Daimler told Reuters.

In early 2016, Daimler established a joint venture with Iranian vehicle manufacturer and dealer Iran Khodro to make and distribute Mercedes-Benz trucks in the country.

Daimler had planned to open Continue reading “Daimler abandons Iran plans as sanctions bite”

Western European sales jump 9% ahead of WLTP tests

August 7, 2018 10:27 CET

Automakers pushing to sell cars before new emissions rules come into effect helped to boost registrations in western Europe by 9.1 percent in July, according to market analysts LMC Automotive.

France and Spain saw the biggest growth in the region’s top 5 markets, also helped by an extra selling day compared with July 2017. Both markets were up 19 percent.

Registrations in Germany, Europe’s biggest market, increased by 12 percent, while in Italy sales were rose Continue reading “Western European sales jump 9% ahead of WLTP tests”

German startup trials solar car that charges as you drive

August 7, 2018 17:01 CET

A Munich-based start-up has taken advantage of the strong Bavarian sun this summer to test the final development of the charging system of its Sion car, an all-electric solar vehicle that lets you charge as you drive.

Germany will likely miss its target of putting 1 million electric cars on the road by 2020 but the government said in April it was ready to offer support to companies that make batteries for electric vehicles.

Sono Motors, founded in 2016, is Continue reading “German startup trials solar car that charges as you drive”

Uber death may have been avoidable with Volvo’s tech, IIHS says

August 7, 2018 13:14 CET

The Uber Technologies Inc. self-driving test vehicle that killed a pedestrian in Arizona this year may have been able to avoid the crash had the ride-hailing company not disabled Volvo Cars’ safety system, according to a safety group.

In a report Tuesday, the Insurance Institute for Highway Safety criticizes Uber for turning off Volvo’s collision-avoidance technology in the XC90 crossover that struck and killed a woman in Tempe on March 18. The insurer group’s Continue reading “Uber death may have been avoidable with Volvo’s tech, IIHS says”

Tesla starts hiring in China before breaking ground

August 7, 2018 13:59 CET

BEIJING — Cash-strapped Tesla has yet to reveal details of the investment needed for its Shanghai plant. But it has already started hiring for the facility.

In a social media post on its WeChat account last week, the electric-vehicle maker sought out more than a dozen engineers and machinists for its proposed plant in the Chinese city. The facility, known as the Gigafactory 3, is expected to churn out about 250,000 vehicles and battery packs per year initially, Continue reading “Tesla starts hiring in China before breaking ground”