Tesla Financial News

Elon Musk's satellite internet venture Starlink has received an in-principle approval from the telecom ministry. This approval clears a critical hurdle that the venture has been facing for almost three-and-a-half years. The approval process is now at the desk of communications minister Ashwini Vaishnaw, awaiting final vetting by the home ministry over certain security matters, according to highly-placed sources. One of the sources as reported by TOI stated, «The commercial part has been examined on issues, such as, foreign investment and net worth. The essential examination shows that it (Starlink's application) is in line with the (official) guidelines. Thus, it has been approved.» The source further mentioned that the technical requirements have also been examined as per the license conditions. «The technical requirements have been examined as per the licence conditions,» the source said, adding, the company has also submitted a «declaration» regarding its ownership.

Tesla will lay off more than 10 per cent of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales and an intensifying price war for electric vehicles (EVs).

Elon Musk's Tesla lays off 14,000 global positions amid slowdown in EV demand: 'This will enable us...' “The Company, BlackRock, Inc. and BlackRock Advisors Singapore Pte. Ltd.

Jio Financial Services and BlackRock join hands for wealth management, broking business If approved by the board, the conglomerate will announce its second dividend for the financial year 2023-2024. In the June quarter, the Mukesh Ambani-owned company announced a dividend of ₹9, making it the first of the fiscal year.

ALSO READ: Wall Street week ahead: Investors to focus on US economic data, key earnings Iran had launched the attack after a suspected Israeli strike on its embassy compound in Syria on April 1 that killed top Revolutionary Guards commanders. Investors’ sentiments were also boosted by positive economic data. A report showed that US retail sales rose 0.7 per cent in March.

Former Tesla board member Steve Westly joins ‘Varney & Co.’ to break down the automakers' 1Q delivery report and its potential impact on the stock market.

Tesla will lay off more than 10% of its workforce, tech publication Electrek reported on Monday, citing an internal memo. The world's largest auto-maker by market value had 140,473 employees globally as of December, according to its latest annual report.

Tesla is looking at potential showroom locations in New Delhi and Mumbai ahead of plans to begin sales in India later this year, two people familiar with the discussions said. Tesla, which saw its global vehicle deliveries decline in the first quarter for the first time in nearly four years, is stepping up efforts to expand into new markets. It wants to begin with a showroom of 3,000 to 5,000 square feet (280-465 square metres) as well as a service hub in each city, said one of the people familiar with the plans.

passenger vehicle sales grew 10 per cent YoY, but its electric vehicle (EV) sales nearly doubled to account for 2 per cent of the overall PV sales. This EV surge in EV sales can be can be attributed to factors like, government incentive schemes like PLIs, infrastructure development like more EV charging points, increasing urban consumer interest, and government push to meet green target. Now with reports of Tesla's entry in the Indian market, and its CEO Elon Musk India visit this month, experts say Indian EV market will see immense growth in next few years.

Angel tax, taxation of Employee Stock Option Plans and bank guarantee commitments in tenders in the upcoming budget to be presented after the general elections. Further, the Centre is gearing up for a new World Bank assessment framework called Business Ready (B-READY), which would assess countries on everything from the start to the closure of a business. «There are four or five elements which they (startups) are a little concerned about. Mainly these are on issues like Angel tax, TDS ( tax deducted at source) there is some software related issue, on ESOP… getting into some kind of double taxation,» DPIIT secretary Rajesh Kumar Singh told ET in an interview.

Tech executive Elon Musk and Argentine President Javier Milei have sealed their budding bromance at a Tesla electric car factory in Texas — their first meeting after months of mutual admiration on social media

China has not liked Tesla CEO Elon Musk planning to open an electric car factory in India. Musk is set to travel to India later this month and meet Prime Minister Narendra Modi, with plans for a Tesla factory expected to be announced. Musk has negotiated with the Indian government for long. He preferred to import cars into India at a lower duty while India wanted him to manufacture cars locally. He is likely to announce Tesla's India entry after the government announced its new EV policy last month which is likely to suit him. The government will allow the import of completely built-up electric cars that have a minimum cost, insurance and freight value of $35,000 (Rs. 29.2 lakh) at 15% import duty five years in exchange for a minimum investment of $500 million to start local manufacturing. India levies import duty of up to 100% on completely built-up cars. Read| Musk coming to India this month, may announce Tesla's India plan during meeting with PM Modi

Tesla CEO Elon Musk comes to meet Prime Minister Narendra Modi will not be the car maker's entry into India. There is another matter that has been pending for some time for lack of adequate disclosures. Musk's India ambition spans from road to space. He has thrown his hat in the ring for the satellite communication, or satcom, a futuristic technology that promises to revolutionise India's telecom sector. Musk, with his satcom company Starlink, will compete with Mukesh Ambani and Sunil Bharti Mittal whose respective companies, Reliance Jio JV with Luxembourg-based SES; and Bharti AIrtel jointly with OneWeb-Eutelsat, are also in the race for satcom spectrum. Another giant, Amazon, is also in the reckoning. The satcom sector is witnessing intense rivalry even before the start of services. Airtel and Jio stand sharply divided on various issues related to satcom and have battled each other over complexities that surround satcom. The rivalry between the two biggies, with other satcom players also divided sharply, continues. A few days ago, they locked horns over the usage and price of satcom. The main issue, whether satcom spectrum should be allocated administratively or auctioned, has been settled with the new Telecommunication Act, 2023, giving legislative backing to allocation of satellite spectrum via the administrative or the ‘non-auction route’. At present, the DoT is finalising the modalities.

Musk's visit to India will begin on April 21. The billionaire will be in the country for 48 hours. During the visit, Musk is likely to make many high-profile announcements, including plans to launch the Starlink service and investment plans of around $2 billion to $3 billion in the country.

Tesla gets ready to import German-made EVs to India Stellantis, which was formed after the merger of Italian-American conglomerate Fiat Chrysler Automobiles and French PSA Group, currently sells its Jeep and Citroen brands in India. "It is also important for us as a player in the Indian automotive space to be competitive. We want to leverage India as a 'best cost country', which is what we call 'India for the world," Stellantis India CEO & MD Aditya Jairaj said.

‘Looking forward to meeting with PM Modi’: Elon Musk confirms visit to India Tesla share price has jumped nearly 6 per cent this week so far on NASDAQ ahead of CEO Elon Musk's meeting with Prime Minister Narendra Modi. Musk has confirmed that he will be visiting India and meeting PM Modi amid buzz that EV (electric vehicles) maker Tesla is finally scouting for land to set up a factory in the country. Tesla share price closed 1.65 per cent higher at $174.60 in the previous session.

electric vehicle producer in the world and, simultaneously, an also-ran in the race for EVs. How did that happen? As recently as 2016, the US had more EVs on the road than China did. Now China has raced ahead. Despite Tesla Inc.’s pioneering role in bringing electrification into the mainstream, the US EV effort is beset by angst. While sales jumped by 44% last year, that is expected to slow markedly in 2024, with signs of retreat not just in Detroit but at Tesla itself. Tesla briefly lost its crown as the world’s biggest battery EV producer in the fourth-quarter of 2023 to BYD Co. Ltd., and will likely do so again. Chief executive Elon Musk is on record saying that, absent trade barriers, Chinese manufacturers “will pretty much demolish most other car companies in the world.” Tesla’s gigantic valuation these days has more to do with visions of robotaxis rather than EV leadership, per se.

Mercedes-Benz is unfazed by the likelihood of Tesla entering India with imported electric cars at much lower duty and believes that the country's new EV policy has safeguards for existing players, a senior company official said on Thursday. While the entry of the likes of Tesla and VinFast will help expand the market and accelerate EV adoption in India, Mercedes-Benz is confident to maintain leadership in the luxury EV space as the new entrants would play in the lower segment. «I think new competitions and new players are always welcome. It helps to expand the market, spread more awareness, which is also the need of the hour to get more EV penetration,» Mercedes-Benz India Managing Director & CEO Santosh Iyer told PTI. He was responding to a query on the implications of India's new EV policy and if it puts manufacturers which have already invested in the country at a disadvantage.

President Javier Milei of Argentina has kicked off a visit to the United States, where he'll meet with tech billionaire Elon Musk, as the libertarian leader seeks an infusion of cash to overhaul Argentina’s embattled economy

Tesla chief Elon Musk to meet PM Modi during India visit from April 22, announce investment plans As per the Hindu Businessline report, Tesla has been scouting for a local partner to establish an EV unit in India. Citing sources, the English daily said, Tesla is in talks with Mukesh Ambani's Reliance Industries (RIL) to form a joint venture to set up a EV facility in the country. Besides, Financial Times earlier this month reported that Elon Musk had sent a team to India in April to scout for sites for a proposed $2 billion to $3 billion electric car plant.

Javier Milei of Argentina kicked off a visit Wednesday to the United States, where he'll meet with tech billionaire Elon Musk, as his government seeks an infusion of cash to overhaul Argentina's embattled economy. The populist president started his four-day trip in Miami, home to one of the largest populations of Argentines in the U.S., where he received an honor from the Jewish community Wednesday at an Orthodox synagogue. Milei will meet with Musk on Friday in Texas, his spokesperson said, where he will also tour a factory for Tesla, Musk’s electric car company.