Tesla debuts in India with upscale showroom launch in Mumbai
Located in the Bandra-Kurla Complex, an upscale business center in the financial capital Mumbai, the showroom will serve as Tesla's flagship retail and experience outlet as the company introduces its EV lineup to Indian customers.
Tesla's entry to India comes after years of delays and policy friction, marking a pivotal expansion in a fast-growing consumer base while global sales are plunging and the company faces challenges in its two core markets, China and the U.S.
Sales of Tesla electric cars fell sharply from April to June as boycotts over Elon Musk's political views continued keeping buyers away.
For India, Tesla's entry signals rising investor confidence and strengthens its move towards clean mobility.
The country's nascent electric vehicle market made up a little more than 2% of total car sales last year. But the government wants to change that and increase the electric vehicle share to 30% by 2030.
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Fast Company
2 minutes ago
- Fast Company
How Tesla's Autopilot verdict could stifle Musk's robotaxi expansion
A court verdict against Tesla last week, stemming from a fatal 2019 crash of an Autopilot-equipped Model S, could hurt its plans to expand its nascent robotaxi network and intensify concerns over the safety of its autonomous vehicle technology. A Florida jury ordered Musk's electric vehicle company on Friday to pay about $243 million to victims of the crash, finding its Autopilot driver-assistance software defective. Tesla said the driver was solely at fault and vowed to appeal. The verdict follows years of federal investigations and recalls related to collisions involving Tesla's autonomous-vehicle technology, and comes as CEO Elon Musk seeks regulatory approval to rapidly expand the robotaxi service across the U.S. 'The public perception of this verdict or things like this are going to fuel pressure on regulators to say, 'We just can't let this stuff be launched without a lot more due diligence',' said Mike Nelson, founder of Nelson Law and an expert on legal issues in the mobility sector. Tesla could have a tough time convincing state regulators that its technology is road-ready, threatening Musk's goal of offering robotaxis to half the U.S. population by year-end, legal experts and Tesla investors said. Expanding its robotaxi service is crucial for Tesla as demand for its aging lineup of EVs has cooled amid rising global competition and a backlash against Musk's far-right political views. Much of Tesla's trillion-dollar market valuation hinges on his bets on robotics and artificial intelligence. Success in the self-driving realm will require winning the confidence of regulators and potential customers on the full-self driving (FSD) software that underpins Tesla's robotaxis, analysts said. 'The timing (of the verdict) for Tesla in light of the FSD rollouts and robotaxis is awful,' said Aaron Davis, co-managing partner at law firm Davis Goldman. 'Now there's essentially an opinion that some aspect of Tesla's business is not safe and maybe the safety that the company advertises isn't what it's cracked up to be.' The FSD is an advanced version of Autopilot. Autopilot, which was been updated since 2019, controls speed, distance and lane centering on highways, while the FSD can operate on city streets, helping the vehicle make automatic turns and change lanes. 'This case does not have direct implications for Tesla's FSD roll-out,' analysts at Piper Sandler said in a note on Sunday, citing the modern iterations of the software. A spokesperson on behalf of Tesla acknowledged the company had received a request for comment from Reuters but had not provided one by the time of publication. Regulatory road ahead Perfecting autonomous vehicles has been harder than expected. The high costs of hardware, years of trial and error, and regulatory hurdles have forced many players to close shop or pivot, including General Motors' Cruise unit. Musk, however, has pursued what he calls a simpler and cheaper path, relying only on cameras and AI instead of pricey sensors such as lidars and radars used by Alphabet's Waymo, Amazon's Zoox and others. After years of missed deadlines, Musk rolled out a small robotaxi trial in June with about a dozen Model Y crossover SUVs in Austin, Texas, each overseen by a human safety monitor in the front passenger seat. While Musk has said Tesla was being 'super paranoid about safety', he has also pledged to expand the service fast and make it available for half of the U.S. population in the next five months – a stark contrast to Waymo's cautious years-long rollout. Until Tesla's entry, Waymo was the only U.S. firm to operate a paid, driverless robotaxi service. Tesla is currently awaiting approvals in several states, including California, Nevada, Arizona and Florida. California's department of motor vehicles declined to comment on the impact of the verdict on regulatory approval. Nevada said it held talks with Tesla about a robotaxi program several weeks ago, while Arizona said it was still considering Tesla's request for certification. Both did not comment on the verdict. Florida did not respond. Tesla has typically either won other Autopilot litigation or resolved the case with the plaintiffs out of court. The Florida verdict stands out. Several such cases are pending. The case involved a Model S sedan that went through an intersection and hit the victims' parked Chevrolet Tahoe as they were standing beside it. The driver had reached down to retrieve a dropped cellphone and allegedly received no alerts as he ran a stop sign before the crash. The jury found that Tesla's Autopilot had a defect and held the company partially responsible, despite the driver admitting fault. 'It's going to take time to get regulators to move forward and time being more than the end of the year,' said Gene Munster, managing partner at Deepwater Asset Management, a Tesla investor. 'From an image standpoint, it's a black eye.' —Abhirup Roy, Reuters The early-rate deadline for Fast Company's Most Innovative Companies Awards is Friday, September 5, at 11:59 p.m. PT. Apply today.
Yahoo
20 minutes ago
- Yahoo
Tesla but no Rivian? Electric vehicle maker sues Ohio over ban on direct car sales
A California-based electric vehicle maker is suing the state's Registrar of Motor Vehicles, saying Ohio law prevents it from selling cars in the state while letting Tesla do precisely that. Rivian, a manufacturer of electric vehicles, filed the lawsuit on Aug. 4 in U.S. District Court in Columbus, asking the court to determine that the provision of Ohio's law violates the Fourteenth Amendment equal protection rights of Ohio consumers. According to the lawsuit, a 2014 Ohio law allows the Registrar of Motor Vehicles to deny a license for a motor vehicle dealer to "a manufacturer, or a parent company, subsidiary or affiliated entity of a manufacturer." "Shortly thereafter, and to cut-off future competition, OADA (the Ohio Automobile Dealerships Association) lobbied the Ohio General Assembly to enact a law that would prohibit the direct-sales-only business model for every manufacturer but Tesla," the lawsuit says. At the time the law was enacted in 2014, Tesla had two dealerships in Ohio and has since opened a third. Like Tesla, Rivian does not use franchised dealerships but operates its own dealerships in 16 states. "Ohio law permits manufacturers like Rivian to do practically anything other than sell vehicles in the state directly to consumers," the lawsuit says. This includes performing service on vehicles, renting vehicles, delivering vehicles to Ohioans who have purchased them in other states, and assisting with financing, titling, and registration of the vehicles. "If Rivian, LLC obtains the relief sought in this lawsuit, it will take every step necessary to obtain an Ohio dealership license and sell its vehicles in Ohio directly to consumers," the lawsuit says. "There is nothing unfair about Rivian selling its own vehicles to consumers in Ohio without using any middlemen, as Ohio already permits certain manufacturers to do." The lawsuit requests that a federal judge allow Rivian to operate in Ohio, allowing for increased competition and consumer choice in the electric vehicle market. In January, the Department of Energy under President Joe Biden's administration approved a $6.5 billion loan to Rivianfor assistance in building a second manufacturing plant in Georgia. The company currently has a manufacturing plant in Illinois. No court date has been set, according to federal court records. Reporter Bethany Bruner can be reached at bbruner@ or on Bluesky at @ This article originally appeared on The Columbus Dispatch: EV maker Rivian sues Ohio, citing Tesla's presence Solve the daily Crossword
Yahoo
31 minutes ago
- Yahoo
Stocks Pressured by Disappointing US Service Sector News
The S&P 500 Index ($SPX) (SPY) today is down -0.57%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.51%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.62%. September E-mini S&P futures (ESU25) are down -0.55%, and September E-mini Nasdaq futures (NQU25) are down -0.58%. Stock indexes today gave up an early advance and turned lower on some disappointing news on US services activity, along with signs of sticky price pressures in the service sector. The US Jul ISM services index unexpectedly fell -0.7 to 50.1, weaker than expectations of an increase to 51.5. Also, the Jul ISM services prices paid sub-index unexpectedly rose +2.4 to a 2.75-year high of 69.9, versus expectations of a decline to 66.5. More News from Barchart Dear Nvidia Stock Fans, Mark Your Calendars for August 27 Options Traders Expected Palantir Stock's Tamest Earnings Reaction in a Year. Did They Get It Right? Tesla Gains on Elon Musk's New Pay Package. Is TSLA Stock a Buy? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Stocks today initially opened higher on strength in technology stocks, led by an +8% jump in Palantir Technologies after it reported stronger-than-expected profits and raised its full-year forecasts. Stocks have continued support from speculation that last Friday's dismal payroll and ISM manufacturing reports will prompt the Fed to cut interest rates. The chances of a Fed rate cut at the September FOMC meeting rose to 92% from 40% before the reports were released. The US trade deficit for June was smaller than expected, a positive factor for Q2 GDP. The June US trade deficit shrank to -$60.2 billion from -$71.7 billion in May, better than expectations of -$61.0 billion and the smallest deficit in 1.75 years. Dovish comments late Monday from San Francisco Fed President Mary Daly were supportive for stocks when she said the time is nearing for Fed interest rate cuts, given mounting evidence that the job market is softening and there are no signs of persistent tariff-driven inflation. In recent tariff news, President Trump said Monday that he would be 'substantially raising' the tariff on US imports from India from the current 25% due to India's purchases of Russian oil. Last Thursday, President Trump raised tariffs on some Canadian goods to 35% from 25% and announced a 10% global minimum, along with tariffs of 15% or higher for countries with trade surpluses with the US, effective after midnight on August 7. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced. The markets this week will focus on earnings reports and any fresh tariff or trade news. On Thursday, weekly initial unemployment claims are expected to increase by +3,000 to 221,000. Also on Thursday, Q2 nonfarm productivity is expected to be +2.0% with unit labor costs rising +1.5%. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 92% at the September 16-17 FOMC meeting and 64% at the following meeting on October 28-29. Q2 earnings reports released thus far suggest that S&P 500 earnings are on track to rise +9.1% for the second quarter, much better than the pre-season expectations of +2.8% y/y and the most in four years, according to Bloomberg Intelligence. With over 66% of S&P 500 firms having reported Q2 earnings, around 82% exceeded profit estimates. Overseas stock markets today are higher. The Euro Stoxx 50 is up by +0.21%. China's Shanghai Composite closed up +0.96%. Japan's Nikkei Stock 225 closed up +0.64%. Interest Rates September 10-year T-notes (ZNU25) today are down -2 ticks. The 10-year T-note yield is up +0.6 bp to 4.1982%. Sep T-notes today fell from a 3-month high, and the 10-year T-note yield moved up from a 3-month low of 4.183%. Supply pressures are weighing on T-notes as the Treasury will auction $125 billion of T-notes and T-bonds in this week's August quarterly refunding, beginning with today's $58 billion auction of 3-year T-notes. Also, signs of price pressures in the US service sector are bearish for T-notes after the July ISM services prices paid sub-index unexpectedly rose +2.4 to a 2.75-year high of 69.9. However, T-notes recovered most of their losses after the Jul ISM services index unexpectedly declined. T-notes found support from dovish comments late Monday from San Francisco Fed President Mary Daly, who said the time is nearing for Fed interest rate cuts given labor market weakness and no signs of tariff inflation. T-notes also have positive carryover support from last Friday's weaker-than-expected payroll and ISM manufacturing reports, which boosted the chance of a Fed rate cut at next month's FOMC meeting to 92% from 40% before the reports. European government bond yields today are moving higher. The 10-year German bund yield fell to a 1.5-week low of 2.601% and is down -0.2 bp to 2.622%. The 10-year UK gilt yield dropped to a 1-month low of 4.496% and is down -1.0 bp to 4.499%. The Eurozone July S&P composite PMI was revised downward by -0.1 to 50.9 from the previously reported 51.0. The UK July S&P composite PMI was revised upward by +0.5 to 51.5 from the previously reported 51.0. Swaps are discounting the chances at 13% for a -25 bp rate cut by the ECB at the September 11 policy meeting. US Stock Movers Inspire Medical Systems (INSP) is down more than -41% after cutting its full-year revenue forecast to $900 million-$910 million from a previous forecast of $940 million-$955 million, well below the consensus of $949.2 million. Gartner (IT) is down more than -27% to lead losers in the S&P 500 after cutting its full-year revenue forecast to $6.46 billion from a previous forecast of $6.54 billion, weaker than the consensus of $6.57 billion. Vertex Pharmaceuticals (VRTX) is down more than -16% to lead losers in the Nasdaq 100 after it said it won't advance its Journavx to a phase-3 trial, as the FDA said it doesn't see a path forward for broad use of the drug to treat peripheral neuropathic pain. TransDigm Group (TDG) is down more than -12% after reporting Q3 net sales of $2.24 billion, weaker than the consensus of $2.30 billion, and lowered its full-year net sales forecast to $8.76 billion-$8.82 billion from a previous forecast of $8.75 billion-$8.95 billion. GlobalFoundries (GFS) is down more than -10% to lead semiconductor stocks lower after forecasting Q3 adjusted EPS of 33 cents to 43 cents, the midpoint below the consensus of 42 cents. Also, KLA Corp (KLAC) is down more than -3%, and ARM Holdings Plc (ARM), Applied Materials (AMAT), and Lam Research (LRCX) are down more than -2%. In addition, Nvidia (NVDA), Advanced Micro Devices (AMD), Broadcom (AVGO), Microchip Technology (MCHP), Marvell Technology (MRVL), and ON Semiconductor Corp (ON) are down more than -1%. Fidelity National Information (FIS) is down more than -9% after forecasting Q3 adjusted EPS of $1.46-$1.50, below the consensus of $1.54. Henry Schein (HSIC) is down more than -9% after reporting Q2 adjusted EPS of $1.10, weaker than the consensus of $1.19. Eaton Corp (ETN) is down more than -7% after forecasting full-year organic revenue of +8.50% to 9.50%, the midpoint below the consensus of 9.09%. Axon Enterprise (AXON) is up more than +17% to lead gainers in the S&P 500 and Nasdaq 100 after reporting Q2 net sales of $668.5 million, above the consensus of $640.3 million, and raising its full-year adjusted Ebitda forecast to $665 million-$685 million from a previous forecast of $650 million-$675 million. Palantir Technologies (PLTR) is up more than +7% after reporting Q2 revenue of $1.0 billion, stronger than the consensus of $939.3 million, and raising its full-year revenue forecast to $4.14 billion-$4.15 billion from a previous forecast of $3.89 billion-$3.90 billion. Pfizer (PFE) is up more than +5% after reporting Q2 revenue of $14.65 billion, higher than the consensus of $13.50 billion. Broadridge Financial Solutions (BR) is up more than +5% after reporting Q4 adjusted EPS of $3.55, stronger than the consensus of $3.50. Leidos Holdings (LDOS) is up more than +5% after reporting Q2 revenue of $4.25 billion, better than the consensus of $4.24 billion, and raising its full-year revenue forecast of $17.00 billion-$17.25 billion from a previous forecast of $16.90 billion-$17.30 billion. Cummins (CMI) is up more than +2% after reporting Q2 net sales of $8.64 billion, above the consensus of $8.46 billion. Archer-Daniels-Midland (ADM) is up more than +2% after reporting Q2 adjusted EPS of 93 cents, better than the consensus of 80 cents. Earnings Reports (8/5/2025) Advanced Micro Devices Inc (AMD), Aflac Inc (AFL), Amgen Inc (AMGN), Apollo Global Management Inc (APO), Archer-Daniels-Midland Co (ADM), Arista Networks Inc (ANET), Assurant Inc (AIZ), Ball Corp (BALL), Broadridge Financial Solutions (BR), Caterpillar Inc (CAT), Cummins Inc (CMI), DaVita Inc (DVA), Devon Energy Corp (DVN), Duke Energy Corp (DUK), DuPont de Nemours Inc (DD), Eaton Corp PLC (ETN), Expeditors International of Washington (EXPD), Fidelity National Information (FIS), Fox Corp (FOXA), Gartner Inc (IT), Henry Schein Inc (HSIC), International Flavors & Fragrances (IFF), Jacobs Solutions Inc (J), Leidos Holdings Inc (LDOS), Marathon Petroleum Corp (MPC), Marriott International Inc/MD (MAR), Match Group Inc (MTCH), Molson Coors Beverage Co (TAP), Mosaic Co/The (MOS), News Corp (NWSA), Pfizer Inc (PFE), Public Service Enterprise Group (PEG), Skyworks Solutions Inc (SWKS), Super Micro Computer Inc (SMCI), TransDigm Group Inc (TDG), Yum! Brands Inc (YUM), Zebra Technologies Corp (ZBRA), Zoetis Inc (ZTS). On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
