Elon Musk Hopes to Launch Tesla Full Self-Driving in the US, SpaceX Starship into Orbit by 2022 End: Report

Tesla CEO Elon Musk expects to launch the automaker’s self-driving technology, also known as Full Self-Driving in the US by the end of the year, according to a report. The company is also reportedly hoping to release the software feature in Europe, which could happen if it clears regulatory hurdles. Meanwhile, Musk also said he is working on getting SpaceX’s Starship, touted to be a game-changing reusable space transport system, into orbit by the end of the year, according to the report.  

Speaking at an energy conference in Norway on Monday, Musk mentioned two technologies, SpaceX’s starship, and Tesla’s Full Self-Driving (FSD), that his attention was currently focussed on according to a report by Reuters. 

“The two technologies I am focused on, trying to ideally get done before the end of the year, are getting our Starship into orbit … and then having Tesla cars to be able to do self-driving, Musk said, according to the report. 

The Tesla chief said that he hopes the company’s FSD technology will be ready by the end of the year, so that it could be widely released across the US, as well as in Europe, where it is yet to gain regulatory approval. 

Last week, Musk asked a Tesla owner not to complain about the assisted driving feature that is expected to launch as a paid service in the future. The customer had claimed that the company’s FSD feature still required intervention, while Musk stated that the version of the system being used by the customer was an early beta release, which they had requested to use, ahead of the release of the feature. 

“10.69 is in limited release for a reason. Please do not ask to be included in early beta releases and then complain,” Musk responded to the user on Twitter, who claimed they had already spent a total of $32,000 (roughly Rs. 25,56,800) to use the feature.




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Mercedes-Benz to Launch Three EVs in 2022, Aims to Capture Indian Luxury EV Segment: Report

Mercedes-Benz is reportedly set to launch three new electric vehicle (EV) models in the country this year, as the company aims to capture the luxury EV segment. The firm also has plans to set up a network of fast-charging stations for EVs across the country and wants to be the first to assemble a luxury EV in India according to a report. The company is poised to take advantage of rival Tesla, whose CEO Elon Musk is currently at loggerheads with the government over high import taxes for its vehicles. 

The Stuttgart-based carmaker aims to increase its sales of EVs in India to 25 percent, according to a report by Reuters. Mercedes-Benz plans to launch three new EV models in the country this year, starting with an electric version of its new AMG EQS 53, and the S-Class EQS sedan, as per the report. While the former will be imported, the latter will be assembled in the country, as per the report, which states that the form will also import a people carrier. 

Mercedes-Benz will also set up 140 charging stations across the country with fast charging claimed to charge the battery up to 80 peercent in 40 minutes, company head Martin Schwenk told Reuters, adding the firm could consider locally manufacturing EV batteries in the country if sales increased to the ‘thousands’. 

The Mercedes-Benz AMG EQS 53 is India’s most expensive EV priced at Rs. 2.45 crore, and offers a range of 580 kms per charge, as per the report. However, the company’s locally assembled EV could be launched at a lower price, thanks to the 5 percent tax on EVs made in the country.

Tesla, which has halted its plans to launch its EVs in the country due to an CEO Elon Musk’s impasse with the government over the 100 percent tax on imported EVs, may have a long road ahead to catch up with Mercedes-Benz, according to the report.


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Hedge Fund Elliott Sold Twitter Stock Before Elon Musk’s Takeover Negotiations

Elliott Management, the hedge fund that pushed for big changes at Twitter two years ago, exited the stock during the second quarter, soon after Elon Musk announced plans to buy the social media company, a regulatory filing shows.

The filing on Monday, showed that Elliott no longer owned any common stock in Twitter on June 30. It had owned 10 million shares at the end of the first quarter.

Twitter’s shares, which closed at $44.50 (roughly Rs. 3,500) on Monday had climbed as high as $51.70 (roughly Rs. 4,100) in April, when Musk was offering to spend $44 billion (roughly Rs. 3,49,240 crore) to acquire the company. Shares dropped when he tried to pull out of the deal in early July.

Elliott invested in Twitter in early 2020 and called for the ouster of Jack Dorsey, one of the company’s co-founders and its CEO at the time.

The company and the hedge fund soon reached an agreement in which the hedge fund got a seat on Twitter’s board and Dorsey was replaced in late 2021. Elliott exited the board last year.

Some other prominent investors also cut their Twitter holdings.

Hedge fund D.E. Shaw & Company owned 932,716 shares at the end of the second quarter, after having selling 3.7 million shares.

Balyasny Asset Management sold 1.3 million shares to own 172,821 shares while SRS Investment Management sold 7 million shares to own 125,226 shares on June 30.

The so-called 13-F filings are closely watched for investment trends, even though the data is released with a delay and can be dated.

Some firms established new positions, with filings showing that Pentwater Capital and Segantii Capital Management made new bets to own 18 million and 7.3 million shares respectively. Citadel Advisors LLC added 3.3 million shares, and now owns 4 million shares.

© Thomson Reuters 2022


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Elon Musk’s SpaceX Launched Falcon 9 With 46 Starlink Satellites to Low-Earth Orbit

Billionaire tycoon Elon Musk-led SpaceX launched another batch of Starlink satellites into orbit on Friday.Taking to his official Twitter account, Musk, the founder of American spacecraft manufacturer, and satellite communications corporation SpaceX shared the details about the new satellite launch.

According to the SpaceX reports, Falcon 9 launched 46 Starlink satellites to low-Earth orbit from Space Launch Complex 4 East (SLC-4E) at Vandenberg Space Force Base, California.

Nine minutes after the launch, the rocket first landed over a drone ship in the Pacific Ocean and it was liftoff in a short time. The second stage was expected to deploy the satellites 63 minutes after launch after the livestream concluded.

The new satellites are part of Group 3, which orbits in a shell that might be prone to debris “squalls” from a Russian anti-satellite test that took place in November last year, according to SpaceNews report.

A space-tracking company COMSPOC recently revealed a conjunction squall event, in which the 841 Starlink satellites representing about 30 percent of the SpaceX constellation are affected by 6,000 close approaches.

A conjunction, by COMSPOC standards, is defined as two orbiting objects being within 6 miles (10 kilometres) of each other. SpaceX hasn’t commented on whether any Starlinks were affected, but in past discussions about space junk, the company has emphasized that its satellites can manoeuvre to dodge close-approaching spacecraft or debris.

COMSPOC stated in a report that, Group 3 of Starlink’s five layers spacecraft are in a similar orbit to other sun-synchronous satellites that have come close to the Russian ASAT debris before.

Group 3 is at an inclination of 97.6 degrees and at an altitude of 347 miles (560 kilometres), according to Teslarati.

SpaceX has already sent two other Group 3 collections into orbit, on July 10 and July 22, both from Vandenberg.

SpaceX’s 36th launch of 2022 added to its ever-growing record for launches in a year. The company also concluded its 62nd consecutive landing of a first stage, and a 34th reflight of a booster in 2022.

Friday’s flight was the 10th for this particular Falcon 9 first stage, according to reports, it was a SpaceX mission.


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Elon Musk’s SpaceX in Talks With ESA to Allow Temporary Use of Its Launchers

The European Space Agency (ESA) has begun preliminary technical discussions with Elon Musk’s SpaceX that could lead to the temporary use of its launchers after the Ukraine conflict blocked Western access to Russia’s Soyuz rockets.

The private American competitor to Europe’s Arianespace has emerged as a key contender to plug a temporary gap alongside Japan and India, but final decisions depend on the still unresolved timetable for Europe’s delayed Ariane 6 rocket.

“I would say there are two and a half options that we’re discussing. One is SpaceX that is clear. Another one is possibly Japan,” ESA Director General Josef Aschbacher told Reuters.

“Japan is waiting for the inaugural flight of its next-generation rocket. Another option could be India,” he added in an interview.

“SpaceX I would say is the more operational of those and certainly one of the backup launches we are looking at.”

Aschbacher said talks remained at an exploratory phase and any backup solution would be temporary.

“We of course need to make sure that they are suitable. It’s not like jumping on a bus,” he said. For example, the interface between satellite and launcher must be suitable and the payload must not be compromised by unfamiliar types of launch vibration.

“We are looking into this technical compatibility but we have not asked for a commercial offer yet. We just want to make sure that it would be an option in order to make a decision on asking for a firm commercial offer,” Aschbacher said.

SpaceX did not reply to a request for comment.

The political fallout from Russia’s invasion of Ukraine has already been a boon for SpaceX’s Falcon 9, which has swept up other customers severing ties with Moscow’s increasingly isolated space sector.

Satellite internet firm OneWeb, a competitor to SpaceX’s Starlink satellite internet venture, booked at least one Falcon 9 launch in March. It has also booked an Indian launch.

On Monday, Northrop Grumman booked three Falcon 9 missions to ferry NASA cargo to the International Space Station while it designs a new version of its Antares rocket, whose Russian-made engines were withdrawn by Moscow in response to sanctions.

Wake-up call

Europe has until now depended on the Italian Vega for small payloads, Russia’s Soyuz for medium ones and the Ariane 5 for heavy missions. Its next-generation Vega C staged a debut last month and the new Ariane 6 has been delayed until next year.

Aschbacher said a more precise Ariane 6 schedule would be clearer in October. Only then would ESA finalise a backup plan to be presented to ministers of the agency’s 22 nations in November.

“But yes, the likelihood of the need for backup launches is high,” he said. “The order of magnitude is certainly a good handful of launches that we would need interim solutions for.”

Aschbacher said the Ukraine conflict had demonstrated Europe’s decade-long cooperation strategy with Russia in gas supplies and other areas including space was no longer working.

“This was a wake-up call, that we have been too dependent on Russia. And this wake-up call, we have to hope that decision-makers realise it as much as I do, that we have to really strengthen our European capability and independence.”

However, he played down the prospect of Russia carrying out a pledge to withdraw from the International Space Station (ISS).

Russia’s newly appointed space chief Yuri Borisov said in a televised meeting with President Vladimir Putin last month that Russia would withdraw from the ISS “after 2024”.

But Borisov later clarified that Russia’s plans had not changed and Western officials said Russia’s space agency had not communicated any new pullout plans.

“The reality is that operationally, the work on the space station is proceeding, I would say almost nominally,” Aschbacher told Reuters. “We do depend on each other, like it or not, but we have little choice.”

© Thomson Reuters 2022


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Tesla Discloses Lobbying Effort to Set Up Advanced-Manufacturing Unit in Canada

Tesla is lobbying the Ontario government as part of an effort to set up an “advanced manufacturing facility” in Canada, a filing by the electric-vehicle maker to the province’s Office of the Integrity Commissioner showed.

The company’s Canadian unit is working with the government to “identify opportunities for industrial facility permitting reforms”, the amended filing from July 18 said.

Tesla as well as the office of Ontario’s minister for economic development, job creation, and trade did not immediately respond to requests for comment.

Canadian Industry Minister Francois-Philippe Champagne had said in May there were “very active discussions with a number of players” to develop an EV supply chain in Canada.

Tesla has been ramping up production with Chief Executive Elon Musk last week speaking half in jest to shareholders yelling “Canada” – “We’ve got a lot of Canadas, I’m half Canadian, maybe I should.”

He said the company “might be able” to announce a new factory later this year and it could ultimately have 10-12 gigafactories. Tesla manufactures vehicles from two factories in the United States and one each in Germany and China.

US electric-vehicle makers are also looking to source materials and build cars closer home to diversify supply chains and lower their dependence on China, the world’s largest supplier of EV batteries.

Such efforts could gain pace from a $430-billion (roughly Rs. 34,16,680 crore) bill approved on Sunday by the US Senate that restricts automakers from using Chinese-made materials by phasing in required percentages of North American-sourced battery components.

After 2023, vehicles with batteries that have Chinese parts could not receive the credit, while critical minerals also face limitations on sourcing.

© Thomson Reuters 2022


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Tesla to Seek Investor Approval on Second Stock Split at Annual General Meeting: Details

Tesla will host its annual general meeting on Thursday, with the world’s most valuable automaker’s proposal for a second stock split in as many years set to take center stage for investors gathered in Austin, Texas. Also on the agenda are shareholder proposals for corporate governance-related items, including endorsing the right of employees to form a union and asking the company to report its efforts in preventing racial discrimination and sexual harassment annually.

The meeting comes as Tesla chief Elon Musk and Twitter are slugging it out in a legal battle after the world’s richest person said last month that he was abandoning a $44 billion (roughly Rs. 3,48,300 crore) takeover offer for the company.

Musk owns 15.6 percent of Tesla, according to data from Refinitiv, after selling millions of shares over much of the last year.

Tesla first announced its plan to seek investor approval to increase its number of shares in March, two years after a five-for-one split helped bring down the price of the high-flying stock within the reach of ordinary investors. Tesla is now proposing a three-for-one split.

Tesla shares, which debuted at $17 (roughly Rs. 1,300) apiece in 2010, rose to more than $1,200 (roughly Rs. 95,000) late last year after the 2020 stock split, taking the company’s market capitalization above $1 trillion (roughly Rs. 79,16,233 crore).

While a split does not affect a company’s fundamentals, it could buoy the share price by making it easier for a wider range of investors to own the stock.

Tech heavyweights Alphabet, Amazon, and Apple have also announced stock splits in the recent past.

Tesla shareholders will also vote on the board’s proposals to reduce the term of its directors to two years from three as well as re-elect Ira Ehrenpreis and Kathleen Wilson-Thompson.

Proxy advisory firm Institutional Shareholder Services (ISS) last month recommended Tesla investors to vote against the two nominees.

A shareholder proposal, asking the board to enable large and long-term stockholders or groups with at least 3 percent of the company’s shares to put competing director candidates on the company ballot will be put to vote at the meeting.

Tesla in its proxy filing said this may create an opportunity for special interests that seek only short-term returns rather than having the company’s long-term interests in mind.

In a board proposal, the company asked shareholders to approve removing some supermajority voting requirements, saying that it would give its “stockholders a greater voice”.

Proxy advisory firms Glass Lewis and ISS recommended stockholders to vote for both proposals.

The annual meeting is due to start at 5.30 pm ET (3am IST on Friday).

© Thomson Reuters 2022


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Tesla Received Second Subpoena From US SEC Over Elon Musk’s 2018 Go-Private Tweets

Tesla has received a second subpoena from the US Securities and Exchange Commission over its Chief Executive Elon Musk’s tweets in 2018 about taking the company private, the electric automaker disclosed in a regulatory filing on Monday. The company said it received the subpoena on June 13 and will cooperate with the government authorities. The regulator did not immediately respond to a Reuters request for comment. In November last year, the regulator had subpoenaed Tesla related to a settlement that required Musk’s tweets on material information to be vetted.

Musk had in 2018 settled a lawsuit by the regulator over his go-private tweets by agreeing to let the company’s lawyers pre-approve tweets with material information about the company.

In June, Musk appealed a judge’s refusal to end this 2018 agreement with the SEC.

Separately, Tesla said it has converted about 75 percent of its bitcoin holdings into fiat currency and has recorded an impairment charge of $170 million (roughly Rs. 1,200 crores) related to the asset.

As of June 30, the fair market value of its digital assets was worth $222 million (roughly Rs. 1,700 crore), it said in the filing.

Last week, Tesla asked a US court to dismiss a lawsuit claiming the electric car maker violated federal law by laying off hundreds of workers without advance notice.

Tesla in a filing in federal court in Austin, Texas, where the company is based, said the workers who were terminated signed valid agreements to bring employment-related legal disputes in arbitration and to refrain from participating in class-action lawsuits.

Even if the case remained in court, it should be dismissed because the company was merely “right-sizing” by firing poorly performing workers and not engaging in layoffs that require advance notice, Tesla said.


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