Latest news with #EV-maker
Mint
6 days ago
- Automotive
- Mint
India's EV bait: Who'll bite?
On Monday, India's government notified the guidelines of a policy announced last March to lure foreign investment in electric vehicle (EV) making, with a five-year window of easy market access as its bait. A company or group with at least ₹10,000 crore in global auto revenues and ₹3,000 crore invested in fixed assets can soon apply for the benefits of this scheme. Also read: Elon Musk's Tesla not keen on making in India under EV incentive plan: Minister If an EV-maker pledges to invest ₹4,150 crore in Indian manufacturing facilities within three years, backed by a bank guarantee—and with at least 25% domestic value addition achieved in that span and 50% in two more years—it will annually be allowed to import up to 8,000 four-wheeler EVs worth $35,000 or more (in landed cost) at a tariff of 15% instead of the usual 70%-plus for half a decade. That's long enough for an EV maker to test launch its models and decide what to roll off assembly lines. Also read: E-buses under PM E-drive to be used now for intercity, tourist travel German and Korean carmakers are reportedly keen to apply. But Elon Musk's Tesla, which is gearing up for a soft launch, has not shown interest so far, according to heavy industries minister H.D. Kumaraswamy. This is ironic. The scheme's origin lies at least partly in Musk's complaints of high Indian tariffs. Also read: From red to black: India's top automakers see EV business turning around
Mint
6 days ago
- Automotive
- Mint
Tesla not interested in manufacturing cars in India, but THESE four companies are — Check details
The Union Minister of Heavy Industries, H D Kumaraswamy, revealed that Tesla, the Elon Musk-led electric vehicle (EV) manufacturer, is not interested in manufacturing its cars in India, reported the news agency PTI on Monday, 2 June 2025. According to the Minister cited in the agency report, the EV giant is looking to sell its cars in the nation but is not willing to manufacture them in India. 'Tesla... They are more (interested) only to start showrooms. They are not interested to (start) manufacturing in India,' H D Kumaraswamy told the media in a press conference. This comes forth as the Minister was speaking at the press conference to launch the new guidelines for the scheme to promote manufacturing of electric vehicles in India. US President Donald Trump called out Tesla's move, and said that in case the EV-maker decides to build a factory in India, just to evade the tariffs of the nation, then it will be 'unfair' to the US-based manufacturers. 'So far they (Tesla) have not shown interest. Tesla representative only participated in the first round of stakeholder discussions for the Scheme to Promote Manufacturing of Electric Cars in India. The company's representative was not part of the second and third round of the stakeholder deliberations,' an official aware of the development told the news agency. Companies like Mercedes-Benz, Skoda-Volkswagen, Hyundai and Kia have shown interest in setting up manufacturing electric cars in India. 'Mercedes Benz, Volkswagen, Skoda, Hyundai, Kia, all these companies have already shown interest,' said Heavy Industries Minister H D Kumaraswamy in the press conference on Monday. This interest from the global auto giants came forth amid the ongoing discussions between the government and the industry on the 'Scheme to Promote Manufacturing of Electric Passenger Cars in India.' The window for companies to apply for their India entry will open in a couple of weeks, and the government awaits to see which companies actually apply under the scheme, reported the news agency, citing an official aware of the development. The approved applicants would be required to make a minimum investment of ₹ 4,150 crore in India, in line with the provisions of the scheme, as per the agency report. The Ministry of Heavy Industries will have the right toopen the application window as and when required till March 15, 2026, according to the report.
Yahoo
23-05-2025
- Automotive
- Yahoo
Tesla stock gets a huge price target hike as Wedbush hails 'golden age of autonomous growth'
Tesla (TSLA) might have been in the news recently for all the wrong reasons, but that's not stopping Wedbush from issuing one of Wall Street's most bullish calls on the company in months. In a note Friday morning, analyst Dan Ives raised Tesla's price target from $350 to $500, saying 'the golden age of autonomous is now on the doorstep for Tesla.' The price hike is part of Ives' larger vision for the company: a possible $2 trillion market cap by the end of 2026 in a 'bull case scenario.' The potential catalyst? The long-promised launch of Tesla's robotaxi service, which CEO Elon Musk claims will debut in Austin by the end of June — a 'key next chapter of growth,' according to Ives. Wedbush's price hike reflects this 'massive stage of valuation creation ahead.' But Wedbush's vision of Tesla is less about cars and more about code. 'We have never viewed Tesla simply as a car company,' Ives wrote. 'Instead we have always viewed Musk and Tesla as a leading disruptive technology global player and the first part of this grand strategic vision has taken shape over the past 5 years.' Ives sees Tesla as a platform positioned to capitalize on the convergence of autonomous driving and AI — an 'AI revolution' that could eventually put Tesla in the same league as Nvidia (NVDA), Microsoft (MSFT), Palantir (PLTR), Amazon (AMZN), Meta (META), OpenAI, and Alphabet (GOOGL). 'We believe Tesla remains the most undervalued AI play in the market today,' Ives said. 'The core focus for investors is the AI Revolution is now coming to will make Tesla one of the best pure plays on AI over the next decade.' Ives said AI and autonomous are worth at least $1 trillion for Tesla. And the 'golden goose'? The EV-maker's Full Self-Driving (FSD) software, which has recently been more broadly rolled out. Wedbush said the automaker could see FSD adoption rates rise past 50% 'and change the financial model/margins for Tesla looking ahead.' Still, the road to autonomy is littered with setbacks. Tesla's FSD system has faced regulatory scrutiny and safety concerns for years, although Ives speculated that the close ties between Musk and President Donald Trump could help pave the way for fewer regulatory hurdles. And Musk's timelines for autonomous Teslas have come and gone without delivery; FSD remains driver-assist tech, requiring a human at the wheel. Tesla also isn't alone in the robotaxi push — Alphabet's Waymo and Uber (UBER) are still major contenders in the U.S., and China's Baidu (BIDU) is pushing forward on robotaxis abroad. Still, Ives believes Tesla has a leg up on the competition. 'Given its unmatched scale and scope globally,' he wrote, 'we believe Tesla has the opportunity to own the autonomous market and down the road license its technology to other auto players both in the US and around the globe.' Wedbush maintains its 'Outperform' rating on Tesla, even as Ives warned that the stock's trajectory will be volatile. 'Rome was not built in a day,' he wrote, 'and neither will Tesla's autonomous and robotics strategic vision.' For the latest news, Facebook, Twitter and Instagram.
Yahoo
16-05-2025
- Automotive
- Yahoo
Tesla stock soars for 4th straight week with Musk pay package, board addition in focus
Tesla stock (TSLA) is trading higher on Friday, capping another strong week for the EV-maker. The company's fourth straight week of gains has seen it recoup a large chunk of losses from a recent low on April 21. Tesla stock is now down only 13% for the year, after plunging over 40% at one point. Driving the news Friday was Tesla's addition of Chipotle president Jack Hartung to its board of directors. Hartung will be the ninth member of Tesla's board and will join the company on June 1. Hartung will retire from his role at Chipotle (CMG) on the same day and transition to a senior adviser role at the Mexican fast-casual chain. Hartung also serves on the boards of Portillo's, the Honest Company, and ZocDoc. Tesla said Hartung will also join the board's audit committee. Read more about Tesla's stock moves and today's market action. Tesla's board has been under fire recently, with criticism over its independence, compensation, and dealings with CEO Elon Musk. This week, the Financial Times reported Tesla's board had formed a special committee to explore a new pay package for Musk, with stock options potentially on the table. The committee will explore "alternative ways" to compensate Musk for past work should Tesla fail to reinstate Musk's prior 2018 pay package, which is on appeal with the Delaware Supreme Court. The bruising battle over Musk's pay led to several large shareholders complaining about the exorbitant amount Musk would be paid — $56 billion — and Musk's threat that he would take projects like AI away from Tesla unless he received more stock options. Chair Robyn Denholm refuted a Wall Street Journal report that the board was looking for replacements for Musk and had told Musk to return to Tesla in order to reassure investors. Denholm, who has sold a whopping $538 million in Tesla stock since she joined the board in 2014, has been questioned by investors about her own compensation. The board also settled a lawsuit brought by shareholders and had to pay back millions in compensation. Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Automotive
- Yahoo
Tesla stock trading higher, poised for 4th straight week of gains
Tesla stock (TSLA) is trading higher on Friday, capping another strong week for the EV-maker. In fact its the fourth straight week the stock has traded higher, after Tesla hit a recent low on April 21. Tesla stock is now down only 13% for the year, after plunging over 40% at one point this year. Driving the news today was Tesla's addition of Chipotle president Jack Hartung to its board of directors. Hartung will be the ninth member of Tesla's board and will join the company on June 1. Hartung will retire from his role at Chipotle (CMG) on the same day and transition to a senior adviser role at the Mexican fast-casual chain. Hartung also serves on the boards of Portillo's, the Honest Company, and ZocDoc. Tesla said Hartung will also join the audit committee of the board. Read more about Tesla's stock moves and today's market action. Tesla's board has been under fire recently, with criticism over its independence, compensation, and dealings with CEO Elon Musk. This week, the Financial Times reported Tesla's board had formed a special committee to explore a new pay package for Musk, with stock options potentially on the table. The committee will explore "alternative ways" to compensate Musk for past work should Tesla fail to reinstate Musk's prior 2018 pay package, which is on appeal with the Delaware Supreme Court. The bruising battle over Musk's pay led to several large shareholders complaining about the exorbitant amount Musk would be paid — $56 billion — and Musk's threat that he would take projects like AI away from Tesla unless he received more stock options. Chair Robyn Denholm refuted a Wall Street Journal report that the board was looking for replacements for Musk and had told Musk to return to Tesla in order to reassure investors. Denholm, who has sold a whopping $538 million in Tesla stock since she joined the board in 2014, has been questioned by investors about her own compensation. The board also settled a lawsuit brought by shareholders and had to pay back millions in compensation. Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram. Sign in to access your portfolio
