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Bloomberg
3 days ago
- Automotive
- Bloomberg
Tesla Sales Plunge 67% to an Almost Three-Year Low in France
Tesla Inc.'s new-vehicle registrations fell further in France, undercutting Chief Executive Officer Elon Musk's assertion last month that the carmaker has recovered from its early-year sales slump. The automaker sold only 721 cars in May, down 67% from a year earlier, according to French industry association Plateforme Automobile. Tesla's registrations were the lowest since July 2022, despite the company rolling out a redesigned version of its most popular vehicle, the Model Y.
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Business Standard
4 days ago
- Automotive
- Business Standard
Govt to open EV making policy with duty cuts to lure global manufacturers
The policy offers to slash duty to 15 per cent on any imported electric car priced from $35,000 if they invest at least ₹4,150 crore, or about $500 million, to set up a local plant within three years Bloomberg India is set to open applications for its flagship policy offering lower import duties to global electric vehicle makers in exchange for manufacturing in India, people familiar with the matter said. The policy, that was announced in March 2024, offers to slash duty to 15 per cent on any imported electric car priced from $35,000 if they invest at least ₹4,150 crore, or about $500 million, to set up a local plant within three years. Up to 8,000 cars yearly can be imported at this reduced rate. Applications for this may open as early as this month and extend till March 15 next year, according to people familiar with the discussions who did not want to be named. The third-largest Asian economy is seeking to lure EV makers like Elon Musk-led Tesla Inc., which is gearing up to start selling its cars to India after criticising the country's high duties regime for years. India is still a market hotspot for EVs while demand is mellowing in other parts of the world. The new policy, if it draws industry giants, will also intensify competition for local automakers who currently dominate the EV segment. While the broad outline is in line with what was announced last year, the people added that certain conditions have been tightened now with the Narendra Modi government to weed out non-serious players. India has increased financial eligibility, mandating minimum revenue requirement of ₹5,000 crore in the fourth year and ₹7,500 crore a year later for any applicant approved under the policy. Those falling short will face a penalty of up to 3 per cent on the revenue gap.
Time of India
4 days ago
- Automotive
- Time of India
India to open flagship EV making policy to lure global giants
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India is set to open applications for its flagship policy offering lower import duties to global electric vehicle makers in exchange for manufacturing in India, people familiar with the matter policy, that was announced in March 2024, offers to slash duty to 15% on any imported electric car priced from $35,000 if they invest at least 41.5 billion rupees, or about $500 million, to set up a local plant within three years. Up to 8,000 cars yearly can be imported at this reduced for this may open as early as this month and extend till March 15 next year, according to people familiar with the discussions who did not want to be third-largest Asian economy is seeking to lure EV makers like Elon Musk-led Tesla Inc., which is gearing up to start selling its cars to India after criticizing the country's high duties regime for years. India is still a market hotspot for EVs while demand is mellowing in other parts of the world. The new policy, if it draws industry giants, will also intensify competition for local automakers who currently dominate the EV the broad outline is in line with what was announced last year, the people added that certain conditions have been tightened now with the Narendra Modi government to weed out non-serious has increased financial eligibility, mandating minimum revenue requirement of 50 billion rupees in the fourth year and 75 billion rupees a year later for any applicant approved under the policy. Those falling short will face a penalty of up to 3% on the revenue Ministry of Heavy Industries did not immediately respond to an email seeking comments.
Malaysian Reserve
5 days ago
- Automotive
- Malaysian Reserve
Musk denies ketamine use following New York Times report
BILLIONAIRE Elon Musk said that he is not using the drug ketamine, disputing a report by the New York Times that alleged extensive use of that and other drugs. 'I tried *prescription* ketamine a few years ago and said so on X, so this not even news. It helps for getting out of dark mental holes, but haven't taken it since then,' Musk posted on X, adding that the newspaper was 'lying.' Musk, who had been working as a close adviser to President Donald Trump in his efforts to cut government spending, stepped away from that role Friday. The chief executive officer of Tesla Inc. and SpaceX said he plans to remain an adviser to Trump even after stepping away from the Department of Government Efficiency role. The New York Times said on Friday that Musk had used drugs more heavily than previously known during Trump's presidential campaign, and that he took ketamine often, and also used Ecstasy and psychedelic mushrooms on occasion. Trump, asked Friday night by a reporter if he was aware of Musk's regular drug use, said: 'No I wasn't. I think he's fantastic.' –BLOOMBERG
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Business Standard
7 days ago
- Business
- Business Standard
Trump to hold press conference at White House with Musk as he departs DOGE
By Derek Wallbank President Donald Trump will hold a news conference at the White House alongside Elon Musk to mark the world's richest man's departure from his official role leading the administration's effort to slash the size and scope of the federal government. ALSO READ: Musk exits DOGE, thanks Trump for chance to 'reduce wasteful spending' 'I am having a Press Conference tomorrow at 1:30 P.M. EST, with Elon Musk, at the Oval Office,' Trump said in a Thursday night post on his Truth Social platform. 'This will be his last day, but not really, because he will, always, be with us, helping all the way. Elon is terrific! See you tomorrow at the White House.' The event will unfold after Musk, chief executive officer of Tesla Inc. and SpaceX, criticised Trump's biggest legislative priority — the tax cut proposal known as the 'One Big Beautiful Bill' — for not doing enough to reduce federal deficits. ALSO READ: A disillusioned Musk, distanced from Trump, says he's exiting Washington He told CBS News in an interview to be broadcast this weekend that he was 'disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing.' His comments seemed to echo the concerns of some Republicans in the House and Senate who believe the legislation costs too much and demand more spending reductions. 'I think a bill can be big or it can be beautiful,' Musk said in an excerpt of the interview, 'but I don't know if it can be both. My personal opinion.' Musk's campaign to slash the size of the US government sent shockwaves through Washington, with some agencies eliminated outright and tens of thousands of federal workers purged or pursuaded to accept buyouts, but the initiative fell short of its own high expectations for cost savings. ALSO READ: Explainer: What Musk's 130-day DOGE tenure achieved, and what it didn't Steve Davis, who served as Musk's de facto second-in-command at DOGE is also leaving, a person familiar with the move said Thursday. His departure leaves the future of the effort with lower-profile officials at the White House and federal agencies.
