Tesla market value tops $700 billion for first time

Agencies
January 7, 2021

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New York, Jan 7: Electric carmaker Tesla closed trading on Wednesday with a market value topping $700 billion for the first time.

The latest surge means the company is worth more than General Motors, Ford, Toyota, Honda, Fiat Chrysler and Volkswagen combined.

Tesla's share price ended with a gain of 2.8 percent to $755.98 for a total value of whopping $717 billion. That came after the stock saw a more than 700 percent ascendance in 2020 -- a gain some analysts viewed as inflated.

The auto industry disruptor led by Elon Musk wowed Wall Street yet again over the weekend, reporting annual car deliveries of 499,550, just shy of its 2020 target of half a million, but well above analyst estimates.

The disclosure capped a year that saw Tesla report a series of profitable quarters and join the S&P 500, establishing the company as one of the world's most valuable businesses and elevating Musk to the second-wealthiest person behind Amazon CEO Jeff Bezos.

While industry analysts do not expect another massive surge in value this year, they remain optimistic about the company's sales prospects, even if the cars remain out of reach for many buyers.

The optimism comes as construction continues on new Tesla factories in Texas and Germany, which will join existing plants in California and Shanghai that are ramping up production.

Musk has expressed determination to cut the price for Tesla's electric cars, which currently start at $37,990 in the US market.

The Tesla chief is developing battery design, material and production innovations that combine to cut the cost per kilowatt hour by 56 percent.

That should enable Tesla to field a $25,000 model in "three years-ish," Musk said in September, adding, "it is absolutely critical that we make cars that people can actually afford."

And US sales could be helped by President-elect Joe Biden's commitment to green technology to combat climate change.

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Agencies
January 20,2021

Tesla will start operations in India in early 2021: Nitin Gadkari

New Delhi, Jan 20: Your dream of owning a Tesla electric car will soon be a reality as the company is set to begin its India journey with its highest-selling Model 3, before the premium Model S and Model X, which would be available later in the year and in early 2022.

Arriving in India via Tesla Motors Amsterdam that will give the electric car-maker tax benefits related to dividend payments and capital gains, the Model 3 may start from around Rs 60 lakh.

The base Standard Range Plus model now claims a driving range of 423 km per charge, while the Long-Range Model 3 can give you 568 km range on one single charge.

CarDekho.com has even listed the price of three Tesla models with their expected arrival: Tesla Model 3 from Rs 60 lakh in as early as March, Tesla Model S from Rs 1.5 crore in July and Model X from Rs 2 crore in early 2022.

The India arrival dates and prices, however, have not been revealed by Tesla, which now has a registered office in Bengaluru.

According to Prabhu Ram, Head-Industry Intelligence Group (IIG), CMR, Tesla's bold bet on India will supercharge and transform the country's mobility future.

"Over the short-term, Tesla's entry will give a boost to the government's policy initiatives, strengthen EV manufacturing in India, spur new mobility startups, and most importantly, fasten the development of enabling EV infrastructure," Ram told IANS.

Tesla is setting up a corporate office in Bengaluru to commence its India operations. The Karnataka government had earlier made a strong pitch to invite Tesla to the state.

Tesla is also in touch with other state governments in Maharashtra, Gujarat, Tamil Nadu and Andhra Pradesh to start its India operations.

The move will also open India to select as one of the countries where Tesla cars can be purchased.

People are eying its most loved car e Model 3 e which is built from the ground up as an electric vehicle with ultra-high strength steel and a low, solid centre of gravity.

Model 3 achieved a US NHTSA (National Highway Traffic Safety Administration) 5-star safety rating in every category and subcategory with its energy absorbent crash structure, rigid passenger compartment, incredible side impact protection and one of the lowest rollover risks of any sedan on the road.

Model 3 comes with the option of dual motor all-wheel drive, 20-inch Uber turbine wheels and performance brakes and lowered suspension for total control in all weather conditions.

A carbon fibre spoiler improves stability at high speeds, allowing the Model 3 to accelerate from 0-96 km in as little as 3.1 seconds. A 15-minute recharge at a Supercharger location can get it ready to go for up to 280 km.

The inside of Model 3 is unlike any other car. You can use your smartphone as a key, and access all driver controls in the central 15-inch touchscreen. The all-glass roof extends from front to back, creating a sense of openness from every seat.

In the US, the warranty on the base Model 3 variant is four years or 50,000 miles (whichever comes first) and on the battery and drive unit, the warranty is 8 years or 120,000 miles (whichever comes first).

The electric vehicle (EV) market in India is expected to reach over 63 lakh unit-mark per annum by 2027, according to a recent report by the India Energy Storage Alliance (IESA). The demand for the batteries is also going to rise substantially over the same period.

The EV sales in India stood at 3.8 lakh units in 2019-20, and the EV battery market reached 5.4GWh during the year. Tesla's entry will only boost the EV sector.

"Over the long-term, India stands to leapfrog the current conventional mobility and build a strong foundation for e-mobility. With India's advanced capabilities in manufacturing and information technology, the country is potentially poised for success and lead the world in the post-Covid future," Ram noted.

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Agencies
January 17,2021

LG Uplus To Terminate 2G Services By June | Science & Tech

Seoul, Jan 17: LG Uplus, a major South Korean telecom operator said it will phase out its 2G services by the end of June, a move that would mark the complete termination of the country's aging network.

The carrier said it has applied to end its 2G operations with the government and will decide on a specific time frame for the service's termination.

The move comes after SK Telecom, South Korea's largest wireless provider, ended its 2G services in July last year, while rival KT Corp. shut down 2G operations back in 2012.

LG Uplus said the looming termination comes as the network has fallen out of favor over the years amid launches of new networks, including 5G, reports Yonhap news agency.

Aging telecommunications equipment and lack of devices that support 2G have led to dwindling subscribers.

The carrier's 2G users stood at 3,74,000 as of end-November last year, accounting for just 2.5 per cent of the carrier's total 14.8 million subscriptions, according to ICT ministry data.

With the shut down of 2G, LG Uplus said it would focus on improving its 5G services, which have 2.5 million subscribers.

South Korea first launched 2G mobile services in 1996 based on the world's first commercial code division multiple access network built by SK Telecom, facilitating the country's advance in the telecom segment.

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