Latest news with #ElonMusk-backed
Mint
16-07-2025
- Automotive
- Mint
Tesla shares: What could be the impact of Elon Musk's EV launch in Indian market?
Tesla shares: Elon Musk-backed Tesla finally made its way into the Indian market, with the opening of its first store in Mumbai, in a bid to tap new markets amid slowing sales in the established ones. Tesla launched its Model Y with a starting price of nearly $70,000 ( ₹ ) in the world's third-largest car market. The cost of Tesla cars in India is much higher than that in the US, even without a federal tax credit — largely due to India's 70% to 110% tariffs on imported cars that Musk has long criticised, according to media reports. With the launch of Model Y in India, Tesla is looking to tap a niche electric vehicle segment in India that accounts for just 4% of overall sales. But the question remains, how will this impact the company, which is struggling not only in sales but also in the stock market? Tesla's share price is down 25% in the last six months, while it has lost 6% in one month. Most experts do not see any immediate impact on the company or its shares, but believe that Tesla's foray into Indian markets has longer-term strategic benefits. "Tesla's long-awaited India debut with the Model Y marks a strategic, not sales-driven, entry. The car, priced at nearly ₹ 60 lakh due to India's steep import duties, puts it far out of reach for the average Indian buyer, especially in a market where over 75% of passenger vehicles sold cost under ₹ 15 lakh, and luxury car sales barely crossed 51,000 units in 2024. Yet, this isn't just about immediate numbers. Tesla is laying the groundwork," said Viram Shah, Founder & CEO, Vested Finance. With India emerging as the world's third-largest car market and aiming for 30% EV penetration by 2030, the long-term upside is massive, Shah added. But a major challenge for Tesla in India remains the high tariffs, and a solution on that front would be a key factor that analysts are keenly tracking. "Due to India's high import tariffs, Tesla's imported models are currently expected to generate lower gross margins compared to its global sales. Ongoing US–India tariff negotiations will be a key catalyst to watch, as any easing of import duties would be a clear positive for Tesla, allowing it to offer more competitive pricing and expand its market share," said Prashant Tapse, VP-Senior Research, Mehta Equities. On the other hand, if tariffs remain unchanged, Tesla's near-term upside remains limited, with its India play confined to a niche premium segment, cautioned Tapse. Should Tesla commit to local manufacturing and align its pricing strategy accordingly, it could significantly strengthen its global growth narrative and solidify its Indian long-term position in one of the world's fastest-growing EV markets, he said. Ross Maxwell, Global Strategy Lead at VT Markets, believes there are obstacles Tesla will need to address, and therefore, the initial impact will be muted. However, he added that India is a fast-growing but untapped market in the EV sector (with EV adoption below 2% even though it is the third largest auto market globally), meaning there is huge upside and untapped potential. Since Tesla has entered India's EV space, should Indian EV manufacturers like Tata Motors and Mahindra and Mahindra worry? Well, the analysts remain split. In the current scenario, Tapse believes that Tesla doesn't pose a potential threat to domestic EV players like Mahindra & Mahindra and Tata Motors, but it can be negative to global brands such as BMW, Mercedes-Benz, and BYD, which currently enjoy a solid presence in India's premium EV segment, which Tesla is tapping. Tata Motors currently dominates the mass-market EV segment with models like the Nexon EV and Punch EV, priced between ₹ 10–20 lakh, while Mahindra & Mahindra is gradually expanding its EV portfolio with a focus on electric SUVs and its upcoming Born Electric (BE) series, expected in the ₹ 18–28 lakh range. "Given Tesla's current premium positioning—with the Model Y priced at ₹ 60 lakh+ (inclusive of import duties and additional costs)—there is minimal direct competition with Tata's and M&M's core EV offerings in the near term," said Tapse. He, however, added that concern arises if India relaxes import duties or if Tesla commits to local manufacturing. In that scenario, the pricing gap between Tesla and domestic EV players could narrow, posing a potential threat to Tata's and Mahindra's higher-end EV ambitions and premium models. Meanwhile, Shah said that though Tesla's here to test the waters, even this symbolic move pressures competitors like Tata, Mahindra, and BYD to step up their EV game. It may not be a volume play today, but it's certainly a signal for tomorrow, he said. Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
15-07-2025
- Business
- Mint
‘ ₹34,000 doubled in 10 days': How this trader used ChatGPT, Grok to mint money in stock market
A Reddit user claimed to double a $400 (approximately ₹ 34,327) trading account in just 10 days by relying solely on artificial intelligence tools, ChatGPT and Elon Musk-backed Grok, to guide his options trades. The experiment, which quickly went viral, has reignited interest in the role of generative AI in personal investing and retail trading strategies. In a detailed post titled 'Watching ChatGPT Make Me Money While I Chill and Crack a Cold One!', the user described how he initially deployed $400 into a US-based trading platform, Robinhood, to test whether ChatGPT could outperform his instincts in the market. By day four, he split his portfolio between ChatGPT and Grok, setting up what he called an 'AI showdown'. He fed both models a wide range of market data- including spreadsheets, technical charts, options chain screenshots, and macroeconomic inputs- and asked them to recommend trades. According to the post, across 10 trading days, he executed 18 trades, closed 17 of them, and recorded a 100% win rate. Of those, ChatGPT accounted for 13 winning trades, while Grok delivered five. 'Neither has let me down yet,' he wrote. While acknowledging the short timeframe, the user expressed enthusiasm about continuing the experiment over the next six months to better evaluate long-term consistency. He also posted prompts and data that he used to help him mint money. The post has since attracted widespread attention, with many users intrigued by the possibility of AI-assisted investing. However, several commenters cautioned against reading too much into short-term results, pointing out that market conditions, trade sizes, and risk exposure were not fully detailed. A user wrote, 'Seriously, if it was this easy, everyone would've done it. This post is most likely a scam. No genuine venture can double your money in a day like what OP is claiming, AI or not.' Another user wrote, 'I wanna say someone tried this like 6 months ago and lost a ton of money… sure you can say it wasn't as good tech back then, but also meme penny stocks I look at for fun are also doing well right now..' 'In other words, you already have to understand investing to be able to do this. All of this is Greek to me,' a user wrote.
Yahoo
01-07-2025
- Business
- Yahoo
xAI raises $10bn in debt and equity to bolster AI initiatives
Elon Musk-backed AI company xAI has raised $5bn in debt and an additional $5bn through an equity investment. In a statement on X, Morgan Stanley announced that the debt comprises secured notes and term loans, and the deal was oversubscribed by 'prominent' global debt investors. The blend of debt and equity financing lowers xAI's overall capital costs and significantly broadens the funding sources accessible to the company, the bank explained. xAI will use the funds to support its development of advanced AI solutions, including the establishment of one of the world's largest data centres and the enhancement of its flagship Grok platform. XAI Holdings, the conglomerate formed by Musk, is also in discussions to raise approximately $20bn in equity, potentially valuing the company at more than $120bn. If successful, this funding round would be the second-largest startup funding round on record, following OpenAI's $40bn round earlier in 2025. XAI Holdings was launched in March 2025 through the merger of xAI, and X, the platform formerly known as Twitter. The funding comes as the European Union (EU) has initiated an inquiry into X following its acquisition by xAI, assessing potential penalties under the Digital Services Act (DSA). The DSA links fines to global revenue, and the combined companies' structure is under review. Penalties could reach 6% of a company's annual global revenue for failing to address illegal content, disinformation, or transparency requirements. The EU's investigation into X's alleged DSA breaches began in December 2023. Regulators have criticised X's changes to its blue checkmark system, which was previously used for verified public profiles. The European Commission may announce X's first DSA fine before its August recess, although delays are possible. "xAI raises $10bn in debt and equity to bolster AI initiatives " was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
Mint
12-05-2025
- Business
- Mint
India fast-tracks $3-billion spy satellite scheme following Operation Sindoor
New Delhi: India is looking to give its satellite-based surveillance capabilities a rapid makeover, as the country navigates a tenuous ceasefire with neighbour Pakistan after the worst hostilities seen since a war between them in 1971. The Centre has tasked three private firms–Ananth Technologies, Centum Electronics, and Alpha Design Technologies–to compress their satellite development timeline from four years to 12-18 months, according to three people aware of the matter. The satellites are now targeted to be ready by end-2026 or earlier instead of end-2028, the three people said, requesting anonymity due to the matter's sensitivity. One of the satellites–under advanced stages of development by Ananth Technologies–may even be ready this year itself, one of the people cited above said. It would be launched either aboard Isro's heavy rocket, Launch Vehicle Mark-III (LVM3), or Elon Musk-backed SpaceX—depending on their respective mission schedules this year. Also read | Operation Sindoor: A doctrinal shift and an inflection point The soft orders to expedite the latest generation of surveillance satellites were issued from the ministry of defence (MoD) just before India commenced Operation Sindoor against Pakistan. The accelerated effort is part of the $3-billion Space-based Surveillance-3 (SBS-3) scheme, which was approved by the cabinet committee on security (CCS) last October with a net budgetary outlay of $3 billion subject to revisions. In this scheme, a total of 52 surveillance satellites are being built. While the three private companies are building 31 of these, the remaining will be built and deployed gradually by India's central space agency, Indian Space Research Organisation (Isro). 'It is a necessary move in light of such sensitive geopolitical interactions," one of the people cited above said, adding that the SBS-3 constellation will work as a crucial piece of infrastructure for India's national security, and is a prime example of the kind of large contracts that the Centre can offer private space firms. Emailed queries sent to the three companies, as well as the defence ministry—the nodal ministry that will access the satellites for national defence and security usage—did not receive responses till press time. Spy satellite builders The three private-sector companies—Hyderabad-based Ananth Technologies, and Bengaluru-based Centum Electronics and Alpha Design Technologies—are long-standing partners, suppliers and vendors of Isro, and have played key roles in previous surveillance satellites, as well as landmark Indian space missions such as the successful Chandrayaan-3. Ananth Technologies, led by former Isro veteran Subba Rao Pavuluri, was a key supplier of components to the Chandrayaan-3 mission. So, too, was Centum—led by its chairman, Apparao Mallavarapu. Ananth Technologies earned ₹270 crore in revenue in FY24. In the same fiscal year, Centum, which is publicly listed on the National Stock Exchange, reported ₹632 crore in revenue. In FY25 (nine months to December 2024), it reported revenue of ₹479 crore. The third company, Alpha Design, was wholly acquired by Adani Defence and Aerospace, which is a subsidiary of Adani Enterprises, in April 2019. Alpha Design has been one of Isro's key partners in building and deploying the Indian Regional Navigation Satellite System (IRNSS), which seeks to replace the global positioning system (GPS) in India with NavIC, an indigenous navigation standard. The company reported ₹536 crore in operating revenue in FY24, as per data from credit rating agency, Crisil. Also read | Operation Sindoor: India repulses drone attacks as conflict continues All three companies are rated highly by credit rating agencies Care Edge and Crisil, based on large pending orders driven by Isro and the ministry of defence (MoD), among others. For space firms, internal government contracts are key. In July 2024, former Isro chairman S. Somanath told Mint on the sidelines of a space conclave in New Delhi that the Centre, along with Isro and multiple agencies across ministries, is working to create awareness of the capabilities that private space firms bring to the table, and how they can be tapped for cutting-edge purposes such as secure communications, data analytics and more. Industry veterans, too, believe that private firms can play key roles. Chaitanya Giri, space fellow at global think-tank Observer Research Foundation (ORF), told Mint that private space firms will continue to be preferred in large-scale, sensitive projects such as SBS-3. 'Each of these private players are already suppliers to the central space agency, which makes the manufacturing and eventual deployment of satellites for various purposes a project right up their alley," Giri said. 'In the long run, more such government projects will see India start to drive revenue to the private space sector in the same model as the rest of the world—despite them wanting to showcase the Indian space sector as an open market." Also read | Operation Sindoor: Tensions spark worry over kharif sowing in border states
First Post
21-04-2025
- Business
- First Post
US Planning to Close Embassies in At Least 6 African Nations: Reports Firstpost Africa
US Planning to Close Embassies in At Least 6 African Nations: Reports | Firstpost Africa | N18G US Planning to Close Embassies in At Least 6 African Nations: Reports | Firstpost Africa | N18G New reports reveal that the Trump administration is considering closing nearly 30 U.S. embassies and consulates worldwide — with many located in Africa. The move is part of a sweeping shake-up at the State Department, driven by the Elon Musk-backed Department of Government Efficiency, with a focus on shrinking federal operations. In Africa, embassy closures are being considered in Eritrea, Gambia, Lesotho, the Republic of Congo, and South Sudan. In South Africa, the U.S. may shut its consulate, while diplomatic missions in Somalia could face downsizing — despite their critical role in counterterrorism efforts. Closures are also on the table in France, Germany, and the United Kingdom — but in Africa, the impact could be far more profound. Watch this video for more. See More
