Tag: Electric Car

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Tesla shares dropped 9% on Friday 11th October 2024 after Cybercab Robotaxi event disappointed investors

Elon Musk's Sci-Fi vision

Tesla’s stock declined on Friday 11th October 2024 following the electric vehicle maker’s highly anticipated robotaxi event, which left investors unimpressed

£60 billion was wiped off Tesla market cap

CEO Elon Musk showcased the Cybercab concept vehicle, announcing that it would be available for purchase at a price below $30,000.

Analysts reportedly commented that the event did not emphasise any immediate opportunities for Tesla, focusing instead on Musk’s long-term vision for fully autonomous driving.

At the ‘We, Robot’ event on Thursday 10th October 2024, CEO Elon Musk presented the Cybercab, a sleek, silver two-seater without steering wheels or pedals, underscoring his company’s goal to develop a fleet of self-driving vehicles and robots.

Musk expressed his hope for Tesla to start producing the Cybercab by 2027, though he did not specify the manufacturing locations. He reiterated that the Tesla Cybercab would be sold for less than $30,000.

Furthermore, he anticipated that Tesla’s Model 3 and Model Y electric vehicles would feature ‘unsupervised FSD’ operational in Texas and California by next year. FSD, standing for Full Self-Driving, is Tesla’s advanced driver assistance system, currently available in a supervised format.

Investors and analysts were underwhelmed by the event. Tesla shares fell.

Tesla one year chart as of 11th October 2024

Tesla one year chart as of 11th October 2024

Elon Musk’s wealth

Elon Musk is projected to become the world’s first trillionaire by 2027, as per a recent report by Informa Connect Academy. Among global billionaires, Musk is nearest to reaching the 13-figure threshold, with his wealth continuing to increase.

Bloomberg Billionaire Index

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Apple reportedly cancels EV project it never admitted doing

EV concept

Apple has reportedly cancelled its plans to build an electric car, bringing an end to a secretive project known as Project Titan

The EV project consumed immense resources over the past 10 years, with executives from the company making an unexpected announcement. The decision to halt the program marks a significant retreat from Apple’s previous strategy.

Apple has never publicly acknowledged the project, which was rumoured to involve some two thousand people.

Key points:

  • Project Titan: Under the codename Project Titan, Apple aimed to develop an electric, semi-autonomous vehicle. The company reportedly spent billions on this initiative, hiring executives from renowned car companies and acquiring autonomous vehicle startups.
  • Setbacks and Delays: The attempts to bring an Apple EV to market faced numerous setbacks, including layoffs, executive departures, and shifting ambitions. 
  • Shift to Generative AI: Many employees who worked on the electric car project will now transition to working on generative artificial intelligence (AI) projects. Apple’s focus will shift toward AI research and development.
  • Tesla Comparison: Initially, Apple reportedly considered developing an entirely self-driving car with no steering wheel. However, the company later decided to focus on a vehicle with some self-driving capabilities, akin to Tesla’s EVs.

Apple now aims to deliver generative AI features to consumers within the year

While the electric car dream may have faded, Apple’s focus on cutting-edge technology continues as it shifts towards AI innovation.

But how much more innovation and profit is there left to squeeze from the iPhone?