Latest news with #ModelY
Time of India
38 minutes ago
- Automotive
- Time of India
Is Tesla's robotaxi a long-term threat to Uber's business model? Wedbush Securities weighs in
Uber's stock dropped on May 29 after a report from Wedbush Securities that highlighted the potential impact of Tesla's upcoming robotaxi on the ride-hailing giant's business model, as per a report. Wedbush Sees Uber's Long-Term Competitive Threat Wedbush, with a neutral rating and an $85 price target on Uber, views Tesla's robotaxi as an eventual competitive threat, according to The Street. The company pointed out that while Uber's management has performed well in mobility and delivery, the stock is trading at a premium to peers and might have limited upside if demand declines, as per the report. Elon Musk Gives a Robotaxi Update This came after Tesla CEO Elon Musk wrote an update on the project's status in a May 29 post on social media X (previously Twitter), "For the past several days, Tesla has been testing self-driving Model Y cars (no one in driver's seat) on Austin public streets with no incidents," adding, "A month ahead of schedule. Next month, first self-delivery from factory to customer," quoted The Street. ALSO READ: Donald Trump's next targets for immigration crackdowns revealed—here's the list BMO Capital: Uber's Drop Was Expected While, BMO Capital maintained an outperform rating on "Top Pick" Uber, with a price target of $101, it revealed that Uber's underperformance after the announced robotaxi launch date was expected, according to the report. According to BMO Capital report, "Uber's shares are oversold at current levels, given Uber continues to expand internationally with the purchase of Denmark's largest taxi company, Dantaxi; continued positive trends for AV adoption in Austin; and ongoing innovation for both Mobility and Eats ," reported The Street. Live Events Uber's Autonomous Future is Already in Motion However, Uber has expanded its partnership with Alphabet's Waymo to include Austin and Atlanta for its autonomous vehicle, and it has been offering rides through Waymo in Phoenix since 2023, as per the report. While, Uber also has a partnership with Chinese autonomous vehicle company WeRide and it recently said that Uber would reach 15 cities in the next five years, including some in Europe as well as the United States, reported The Street. FAQs Why did Uber's stock fall? Investors were reacting to concerns that Tesla's robotaxi could threaten Uber's business in the future, as per The Street. Who raised the alarm about Tesla's impact on Uber? Wedbush Securities published a report saying Tesla could become a long-term competitor in the ride-hailing space, as per the report.
Yahoo
5 hours ago
- Automotive
- Yahoo
Tesla factory workers reveal surprising company directive before upcoming holiday — here's what they're saying
We all love a day or two off from work, but Tesla employees are reportedly starting to raise their eyebrows at the abundance of hourly cuts. As Business Insider reported, Tesla told workers on Model Y and Cybertruck lines not to come to work during the week of Memorial Day. The publication cited three Tesla employees at the Austin, Texas, factory. "The workers said their schedules had been increasingly inconsistent since February," Business Insider wrote. "Some said they had been sent home early on multiple occasions." The long upcoming break is a shock in itself, according to the report, as production lines were running during the same time frame last year. Moreover, the Austin factory has apparently been preventing employees from working overtime. While electric vehicle sales are high overall, Tesla's are on the decline, so it seems the company's 13% year-over-year drop in deliveries and plummeting stock have something to do with the schedule adjustments. According to Business Insider, "During the first quarter, Tesla reported it produced nearly 26,000 more EVs than it delivered, even after a drop in production of nearly 100,000 vehicles compared with the previous quarter." EVs are becoming a more prominent choice for drivers due to their eco-friendliness and cost-effectiveness, as they don't require oil changes, gas refueling, or the frequent maintenance of gas-powered cars. Drivers who install solar panels can save even more money, as well, since recharging with solar energy can be cheaper than using public charging stations or relying on a grid that still uses dirty fuels, which spew problematic heat-trapping pollution when burned. For those interested in home solar systems, EnergySage can connect you with trusted advisers and provide free, comparable quotes. You could get up to $10,000 off your system. Despite all of these perks and the fact that Tesla is widely credited with pioneering the modern EV industry, the automaker has grown into an even more polarizing brand because of CEO Elon Musk's involvement in the U.S. federal government. Do you think Tesla's vehicles have lost some of their appeal? Definitely No way Some models — but not others For some drivers — but not others Click your choice to see results and speak your mind. As a result, a number of consumers who view driving a Tesla as a political statement have started to explore other options on the EV market, which was already beginning to give Tesla a run for its money as companies like Subaru and Ford are making headway. Tesla did not respond to Business Insider's request for comment on the situation. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Time of India
5 hours ago
- Automotive
- Time of India
After Europe, now Tesla's sales crash in Canada's Quebec, Elon Musk's company sold only 524 cars in 3 months
Tesla's bumpy ride is no longer just in Europe, the EV maker now has a steep sales decline in Canada, in the province of Québec, in the first quarter of 2025, as per a report. Tesla Model Y and Model 3 Take the Hardest Hit in Québec Just 524 new Teslas were registered in Québec during the first three months of 2025, as per data from the vehicle registration authority in Québec, reported Business Insider. That's a huge drop from the 5,097 vehicles registered in the final three months of 2024 alone, a decline of more than 85%, according to the report. Tesla's top-selling Model Y suffered the worst blow as its sales fell to a mere 360 units from 3,274 units in the final quarter of 2024, as per Business Insider. During the same period, the Model 3, Tesla's lowest-priced car, also fell even more dramatically by 94% to just 96 registrations from 1,786, according to the report. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why Seniors Are Snapping Up This TV Box, We Explain! Techno Mag Learn More Undo ALSO READ: Jensen Huang on edge: After DeepSeek, Chinese chipmakers may threaten Nvidia's dominance Seasonal Dip or Sign of Something Bigger? While car sales historically are lower in the beginning of the year, this type of dip is much greater than is normal, and it occurs as Tesla deals with the same issue overseas, including in Europe, where its sales declined by nearly 50% in April, even as demand for electric cars overall rose, as per Business Insider. Live Events Rebate Freeze May Be Fueling the Drop One of the reasons for Tesla's woes in Canada could be an unexpected shutdown of federal EV rebates, because in March, the Canadian government suspended $43 million in rebates, and each individual claim is now under review, reported Business Insider. ALSO READ: Tesla gets a big shoutout from Jensen Huang, says this Elon Musk product is the next trillion-dollar industry The freeze came after a sudden spike in Tesla rebate requests, doubling from 300 to almost 5,800 per day, that led the government to conduct a formal review, according to the report. Canada's Transport Minister Chrystia Freeland had mentioned that the EV maker would remain ineligible for future incentives as long as US president Donald Trump's 25% tariffs on Canadian goods are in place, reported Business Insider. FAQs Is Tesla struggling only in Canada? No, Tesla is also seeing steep sales drops in Europe, even though demand for EVs continues to grow there. Why did Canadian Tesla sales fall so much? One big reason is a federal rebate freeze, which halted $43 million in EV incentives.
Yahoo
7 hours ago
- Automotive
- Yahoo
Tesla faces collapsing sales in Canada's Québec province, with new registrations tumbling 85%
Tesla sales in Québec plunged 85% in the first quarter, mirroring sharp declines seen in Europe. Canada has frozen $43 million in Tesla EV rebates due to Trump's tariffs and fraud concerns. Musk's DOGE work sparked backlash, boycotts, and dealership vandalism across the US and Europe. Tesla's sales woes have reached Canada. Data from the vehicle registration authority in the province of Québec shows a dramatic decline in Tesla registrations in the first quarter of 2025. Only 524 new Tesla vehicles were registered in Québec between January and March 2025, down over 85% from the 5,097 units logged in the final months of 2024. The company's top-selling Model Y saw the steepest drop in terms of pure numbers, falling from 3,274 units in the final quarter of 2024 to 360 in the first quarter of 2025. The Model 3, Tesla's cheapest car, plunged from 1,786 to just 96 units over the same period, a fall of 94%. While the drop is precipitous, it should be noted that auto sales are generally lower in the first quarter of the year than later in the year. Though confined to one region of Canada, the collapse mirrors similar issues in Europe, where Tesla sales fell by nearly 50% in April despite overall EV demand continuing to grow. In Québec, as in Europe, demand for electric vehicles remains strong, suggesting that Tesla's slump is less about market conditions and more about the brand itself. Several factors appear to be converging. Tesla has been excluded from Canada's federal EV rebate program, with $43 million in rebates frozen and each individual claim now under review. Transport Minister Chrystia Freeland ordered the freeze in March following a last-minute surge in Tesla rebate applications — from 300 a day to nearly 5,800 — which triggered a probe into possible abuse. Freeland also said that Tesla would remain ineligible for future incentives as long as President Donald Trump's 25% tariffs on Canadian goods are in place. In parallel, provinces, including British Columbia, Prince Edward Island, and Manitoba, have removed Tesla from their rebate programs. Tesla's registration drop in Québec also comes amid a broader global backlash, especially in Europe, against CEO Elon Musk, who has endorsed a number of European political parties, including Germany's far-right AfD party and Britain's populist Reform UK party. In North America, Musk's role leading the Department of Government Efficiency has led to protests, boycotts, and vandalism of Tesla dealerships across at least a dozen states. Musk said this week he was stepping away from DOGE after months of involvement as a "special government employee." Federal law stipulates that those with this title cannot serve for more than 130 days in a 365-day period. Tesla's shares, which had come under pressure during Musk's DOGE stint, began rebounding in April after he announced he would step back from government work and "spend 24/7 at work" on his companies. In a Q&A published by Ars Technica on Tuesday, he said he'd been too involved in politics since wading into the 2024 presidential race last year — a campaign he heavily financed to the tune of nearly $300 million. In a sit-down with Bloomberg at the Qatar Economic Forum last week, he said he's no longer going to be spending big on politics, like he did in the 2024 election. Tesla did not immediately respond to a request for comment from Business Insider. Read the original article on Business Insider 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
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Business Standard
12 hours ago
- Automotive
- Business Standard
Elon Musk pushes US lawmakers to fast-track self-driving car approvals
By David Welch, Ed Ludlow and Kara Carlson Elon Musk is pushing lawmakers to help clear a path for driverless vehicles, according to people familiar with the matter, part of a broader effort behind the scenes to lobby for a key priority of Tesla Inc. In recent weeks, Musk and people who work for him have been calling members of Congress directly to gather support, said the people, who asked not to be named because the discussions are private. He has also been weighing in on revisions of a bill introduced on May 15 that would begin setting up a basic framework for autonomous vehicles. Options discussed include expediting the bill or presenting a more detailed measure similar to it before Congress's July 4 recess, one of these people said. On Friday in an Oval Office press conference Musk said he will continue to advise President Donald Trump even after he steps away from the Department of Government Efficiency he has spearheaded. 'The administration's policy is driven by one thing and one thing only: achieving the president's agenda and his commitment to the American people,' White House deputy press secretary Harrison Fields told Bloomberg. Musk and Tesla did not respond to requests for comment. Clearing the path for autonomous vehicles would be a huge win for Musk, who has said he's refocusing on running his business empire. He's increasingly betting Tesla's future on autonomy and robotics. Tesla plans to launch its long-anticipated rideshare service in Austin on June 12, using a small fleet of existing Model Y SUVs, Bloomberg reported. Tesla also aims to add purpose-built Cybercabs, expected to reach volume production next year, to its rideshare service. Right now, Tesla's Cybercab usage would be limited by federal rules that only allow special exemptions for a test batch of 2,500 vehicles that lack a steering wheel and control pedals. Tesla and other operators have pushed for years to get a federal standard to allow such driverless vehicles on America's highways. The Trump administration has said it's amenable to federal rules for AVs and Musk has used Tesla's earnings calls to advocate for a federal framework for self-driving cars. A White House official said Tesla has to make business decisions that are in its best interest. The person, speaking under the condition of anonymity to discuss private matters, said the president will continue to focus on making American energy dominant again and will pursue policies to support that infrastructure. 'It'd be wonderful for the United States to have a national set of rules for autonomous driving as opposed to 50 independent sets of rules on a state-by-state basis,' Musk said to Transportation Secretary Sean Duffy when he visited Tesla in May. Currently, companies running AVs are keeping the numbers small and are adhering to a patchwork of state rules. In Texas, Tesla will face few regulations at its launch, with the state regulating autonomous vehicles much like any other car, only requiring cameras, insurance and the ability to follow traffic laws. Congress has had various bills pushing to permit a range of 80,000 to 200,000 autonomous vehicles per manufacturer, but none have managed to pass through the Senate. One bill passed the House in 2017 to allow 100,000 AVs on public roads, but the Senate never brought it to a vote. There, trial attorneys lobbied Democrats to keep new rules at bay without guarantees of how legal liability would be managed. Representative Bob Latta, a Republican from Ohio who's a member of the House Energy and Commerce Committee and sponsored the bill, is working on revisions with plans to reintroduce it within the next few weeks, said the people. Latta did not return requests for comment.
