logo
Elon Musk says Tesla's driverless robotaxi service to 'tentatively' launch in Austin on June 22

Elon Musk says Tesla's driverless robotaxi service to 'tentatively' launch in Austin on June 22

Time of Indiaa day ago

Elon Musk
says Tesla is "tentatively" set to begin providing robotaxi service in Austin, Texas, on June 22.
In a post on his X social media platform, Musk said the date could change because Tesla is "being super paranoid about safety."
Investors, Wall Street analysts and Tesla enthusiasts have been anticipating the rollout of the driverless cabs since Musk said earlier this year that the service would launch in Austin sometime in June.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Secret Discounts Car Insurers Don't Want You to Know
AutoTrends
Last month, Musk told CNBC that the taxis will be remotely monitored at first and "geofenced" to certain areas of the city deemed the safest to navigate. He said he expected to initially run 10 or so taxis, increase that number rapidly and start offering the service in Los Angeles, San Antonio, San Francisco and other cities.
Musk has been promising fully autonomous, self-driving vehicles "next year" for a decade, but the pressure is on now as Tesla actually begins to operate a self-driving taxi service. Sales of Tesla's electric vehicles have sagged due to increased competition, the retooling of its most popular car, the Model Y, and the fallout from Musk's turn to politics.
Live Events
The Austin rollout also comes after Musk had a public blowup with President Donald Trump over the administration's tax bill. Some analysts have expressed concern that Trump could retaliate by encouraging federal safety regulators to to step in at any sign of trouble for the robotaxis.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Explained: Why gold beat Euro to become the world's second-largest reserve asset
Explained: Why gold beat Euro to become the world's second-largest reserve asset

Time of India

time39 minutes ago

  • Time of India

Explained: Why gold beat Euro to become the world's second-largest reserve asset

Gold has officially dethroned the euro as the second-largest global reserve asset, trailing only the U.S. dollar, as central banks piled into the precious metal at levels not seen since the Bretton Woods era, according to a report from the European Central Bank. A mix of geopolitical risk, economic uncertainty, and gold's time-tested resilience pushed central banks to accumulate record stockpiles in 2024, vaulting bullion to historic highs in price and prestige. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Famous Celebrities With Unexpected Degrees Learn More In 2024, gold accounted for 20% of global official reserves , up from around 16.5% in 2023, overtaking the euro, which dropped to 16%, according to ECB data. The U.S. dollar remains the dominant reserve asset, holding steady at around 46%. "Gold reserves held by central banks stand at levels close to those last seen in the Bretton Woods era," the ECB report said. This surge, paired with historically high prices, "made gold the second largest global reserve asset at market prices in 2024 – after the US dollar." A flight to safety triggered by war A turning point for the bullion came with Russia's full-scale invasion of Ukraine in early 2022. The geopolitical shock, coupled with surging inflation and rising interest rates, spurred a flight to so-called safe haven assets. Central banks began hoarding gold at a pace unseen in decades, a trend that has only accelerated since. Live Events In 2024, central banks accounted for more than 20% of global gold demand, a sharp jump from the 10% average seen during the 2010s. Meanwhile, consumer demand, particularly for jewelry, waned in key markets like China, but was offset by rising investor demand. Combined, investment and jewelry still made up 70% of global gold consumption. Recent price movements have been turbulent. Gold touched a series of record highs through 2024 and early 2025, though the rally has recently cooled amid fast-changing U.S. tariff policy and broader market volatility. On Thursday, gold prices edged up to a one-week high, driven by softer U.S. inflation data that fueled expectations of Federal Reserve rate cuts later this year. Spot gold rose 0.2% to $3,360.29 an ounce, as of 0838 GMT, after earlier touching its highest level since June 5. U.S. gold futures were up 1.1% at $3,380.00 on Thursday. A 0.3% drop in the U.S. dollar index to a near two-month low also supported bullion, making it cheaper for non-dollar buyers. The geopolitical hedge According to the ECB report, central banks view gold primarily as a tool for portfolio diversification, while also valuing it as a hedge against geopolitical risks. A 2024 survey by the World Gold Council of nearly 60 central banks identified three main reasons for their gold holdings: '(i) a long-term store of value and an inflation hedge , (ii) (good) performance during times of crisis, and (iii) an effective portfolio diversifier.' The survey also revealed that one in four central banks from emerging and developing economies cited 'concerns about sanctions' or 'the anticipation of changes in the international monetary system' as reasons for boosting their gold exposure. Notably, China, India, and Turkey, countries navigating complex geopolitical alignments, have collectively added more than 600 tonnes of gold to their reserves since the end of 2021. The ECB noted that 'countries that are geopolitically close to China and Russia have seen more marked increases in the share of gold in their official foreign reserves since the last quarter of 2021.' Breaking the link with real yields Historically, gold prices have been negatively correlated with real interest rates, offering a hedge against inflation and low nominal yields. But the ECB found that this correlation 'broke down after Russia's full-scale invasion of Ukraine,' indicating that geopolitical factors now dominate gold price dynamics. Supporting this, 'recent research indicates that imposing financial sanctions is associated with increases in the share of central bank reserves held in gold.' In fact, in five of the ten largest annual increases in gold reserve shares since 1999, the countries involved had faced sanctions in that year or the one before. Supply response and the road ahead Despite tightness in the market, the ECB noted that gold supply has historically proven elastic in response to rising demand, aided by expansion in above-ground stocks. 'If history is any guide, further increases in the official demand for gold reserves may also support further growth in global gold supply,' the report said. Still, analysts caution that central banks may be approaching their limit. After three years of aggressive buying, some institutions may be nearing their fill, with future purchases potentially tapering unless new geopolitical shocks rekindle demand. For now, gold's crown as the world's second-largest reserve asset appears secure, the ultimate hedge, in an era where uncertainty is the only constant. Also read | Gold Price Prediction: Yellow metal opens above Rs 98k/10 gms. Time to book profits?

Even at half the price, is this Chinese jet proving costly for bankrupt Pakistan
Even at half the price, is this Chinese jet proving costly for bankrupt Pakistan

Time of India

timean hour ago

  • Time of India

Even at half the price, is this Chinese jet proving costly for bankrupt Pakistan

In a flash sale–like deal for Pakistan, China is reportedly offering a 50% discount on the J-35A, its most advanced fighter jet, to its 'iron brother.' The aircraft is marketed as an alternative to the U.S.'s F-35. The deal for 40 jets comes at a time when Pakistan's economy is faltering. Pak Finance minister Muhammad Aurangzeb's announcement of a 20% hike in the country's defence budget to ₹2.5 trillion, which comes amid the advanced weapons deals. On the other hand the government has cancelled 118 development projects worth ₹1,000 billion (PKR). The Shehbaz Sharif government has slashed the national budget by 7% to 17.57 trillion rupees ($62 billion) for the current fiscal with minimal resistance from the political circles. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 목 망치는 경추베개 TOP3 IT 업종 7년차 팀장 더 알아보기 Also Read: Chenab railway bridge: While India lays tracks in Kashmir, Pakistan cancels development projects The J-35A, a twin-engine, multi-role fighter equipped with PL-17 missiles and advanced AESA radar, promises to enhance Pakistan's air superiority and strike capabilities. Pakistan Air Force has already approved the purchase, and various agencies have reported that pilots are already training in China. Live Events The western neighbour's approximately 80% of weapons arsenal is made up of Chinese weapons. Pakistan used Chinese weapons such asJ-10C fighters and HQ-9 air defence systems against India in the recent conflict. The 40 J-35A fighter jet deal in addition to the 50% discount also comes with liberal payment terms with deliveries starting as soon as August. India has opposed to loans to Pakistan Earlier this year, Pakistan secured an $800 million loan from the Asian Development Bank . This followed a $1 billion tranche from the International Monetary Fund , part of a broader $7 billion bailout programme. The latest IMF bailout package is the country's 28th in the past 35 years. India has publicly opposed both, arguing the funds could be diverted to support terrorism rather than their intended development use. Pakistan Foreign minister Ishaq Dar is busy trying to portray his country as a stabilising force and India as the aggressor. He has been engaging with Gulf states, EU and the UN to counter the terrorism narrative against Pakistan. These efforts include back-channel talks and leveraging the China-Pakistan Economic Corridor to secure economic lifelines from Beijing. During a recent visit to China, Dar thanked Beijing for its support during the India-Pakistan conflict, highlighting it as an 'iron-clad' relationship.

Skoda to scale up pre-owned biz, bolster sales network to double sales this year
Skoda to scale up pre-owned biz, bolster sales network to double sales this year

Time of India

timean hour ago

  • Time of India

Skoda to scale up pre-owned biz, bolster sales network to double sales this year

Czech carmaker Skoda is looking to scale up its pre-owned car business, enter the CNG segment and expand sales network as it aims to double volumes in the Indian market this year, according to a top company executive. The carmaker, which sold around 36,000 units in the country last year, expects its SUV portfolio, which now includes a compact SUV , to push its sales volume and market share in the country. "We are looking to more than double our volumes this year. Our compact SUV will play a significant role and parallelly we are also expanding our sales network. Besides, we are also streamlining our product mix," Skoda Auto India Brand Director Ashish Gupta told PTI in an interaction. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo He noted that the company ended last year with sub 1 per cent market share which has now grown to around 1.8 per cent of the domestic passenger vehicle segment. "We expect it to be in the range of 2.5-3 per cent by end of this year," Gupta said. Live Events He noted that the company aims to end the current year with around 350 sales outlets from 296 touch points across the country. Gupta noted that from a ranking of 11th in the passenger vehicle segment, the company has now improved its position to 7th. "We would like to hold on to this position. Kylaq is going to play a pivotal role in the company's growth story," he noted. Gupta stated that in order to scale up volumes, Skoda will scale up its pre-owned business this year, with focus on many first time buyers from the semi urban areas to get into its fold. "If you want to grow the new car business, one needs to make its pre-owned business very now almost 80 per cent of our facilities are equipped to handle certified pre-owned cars. Our network currently does around 3,000 cars a is to scale it up by almost three times this end of this year," Gupta said. He noted that currently 60-65 per cent of the company's sales network is now based out of the semi urban areas. When asked about the company's plans to introduce an EV in the domestic market, Gupta said the automaker is looking to launch a localised product. On entering the CNG segment, he stated: "If we have to maintain relevance in the market share, we will have to evaluate various powertrain options and CNG is definitely one of them." He however did not offer a timeline for foraying into the segment.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store