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Tesla has considered plans for exporting made-in-China electric vehicles to the United States and Canada, two people with knowledge of the planning told Reuters, a step that would connect its largest factory to North America, its largest market. Tesla has been evaluating whether Model 3 and Model Y electric vehicles made in Gigafactory Shanghai could be sold in North America as soon as next year, according to the people, who declined to be named because the process was confidential. Tesla’s evaluation has included consideration of whether parts made by Tesla’s China-based suppliers would be compliant with regulations in the United States and Canada, they said. The Shanghai plant has been working toward an initial plan for a small-batch test run of production of vehicles in the first quarter of 2023 that would be compliant with North American standards for potential export, one of the people said. After Reuters published its article on Friday, Tesla Chief Executive Elon Musk, in a Twi...

Tesla founder Elon Musk attends Offshore Northern Seas 2022, in Stavanger, Norway, on Aug. 29. NTB/Reuters A trial over shareholder allegations that Tesla Chief Executive Elon Musk’s $56-billion pay package was based on easy to achieve performance targets and that investors were duped into approving it began on Monday, with Musk slated to take the stand later this week. A Tesla TSLA-Q shareholder hopes to prove during the five-day trial that Musk used his dominance over the electric vehicle maker’s board to dictate terms of the 2018 package, which did not require him to work at Tesla full-time. Musk, the world’s richest person, will testify on Wednesday, Greg Varallo, an attorney for shareholder Richard Tornetta, told a court in Wilmington, Delaware, on Monday. The trial began with Ira Ehrenpreis, a Tesla board member since 2007 and chair of the committee that oversaw the pay package, describing the thinking behind the record-breaking compensation deal. “I wanted to make sure that El...

After five days of testimony, including three hours from Elon Musk, a Delaware judge will now decide whether Musk’s $56-billion pay package from Tesla Inc was justified by the company’s explosive growth or undermined by a flawed process. Musk and the Tesla directors named as defendants repeatedly testified that the package achieved what it set out to do – deliver 10-fold growth in the company’s stock price, enriching investors and Musk. “We thought if we could pull this off, if this plan was executed, Tesla would be one of the most valuable technology companies,” Antonio Gracias, a Tesla board member from 2007 to 2021, told the Delaware Court of Chancery on Wednesday. “It was a great deal for the shareholders.” The trial seeks to resolve claims by shareholder Richard Tornetta that the 2018 pay package was dictated by Musk, the world’s richest person, to subservient directors and approved by a vote of shareholders who were misled by Tesla. The trial wrapped up on Friday, as Musk strug...

In an upscale Seoul neighbourhood two years ago, a white Tesla Model X smashed into a parking lot wall. The fiery crash killed a prominent lawyer – a close friend of South Korea’s president. Prosecutors have charged the driver with involuntary manslaughter. He blames Tesla. Choi Woan-jong, who had eked out a living by driving drunk people home in their own cars, says the Model X sped out of control on its own and that the brakes failed in the December 2020 accident. The criminal trial about to begin in South Korea hangs on questions about the safety of Tesla cars, at a time when the EV maker faces a range of lawsuits and increased scrutiny by regulators. Choi, 61, is now unable to find work as an independent driver, or what is known in Korea as a “replacement driver.” He says he suffers flashbacks and depression ahead of a trial that pits his credibility against the world’s most valuable auto maker. “When I wake up, I feel abandoned, floating alone in the middle of the ocean,” said C...

Opinions expressed by Entrepreneur contributors are their own. He's still immensely wealthy, but the Bloomberg Billionaires Index reports Elon Musk's wealth dropped by almost $100 billion this year, the steepest drop ever. Nathan Stirk | Getty Images On Monday, Tesla shares hit a two-year low. By Tuesday, the dip had put Musk's net worth at $171 billion — down from $340 billion in November 2021. Bloomberg says the tech mogul's wealth comes from Tesla, SpaceX, and Twitter. Since the beginning of 2022, Tesla shares have dropped by nearly 60%. Still, Musk remains the wealthiest man, with about $13 billion more than no. 2 Bernard Arnault, chair of LVMH Moet Hennessy Louis Vuitton. Tesla's stock price plunge is due to investor concerns about the EV company's Chinese market, which that country's Covid policies have heavily impacted. Additionally, Tesla's shareh...

Twitter took longer to review hateful content and removed less of it in 2022 compared with the previous year, according to European Union data released Thursday. The EU figures were published as part of an annual evaluation of online platforms’ compliance with the 27-nation bloc’s code of conduct on disinformation. Twitter wasn’t alone – most other tech companies signed up to the voluntary code also scored worse. But the figures could foreshadow trouble for Twitter in complying with the EU’s tough new online rules after owner Elon Musk fired many of the platform’s 7,500 full-time workers and an untold number of contractors responsible for content moderation and other crucial tasks. The EU report, carried out over six weeks in the spring, found Twitter assessed just over half of the notifications it received about illegal hate speech within 24 hours, down from 82 per cent in 2021. In comparison, the amount of flagged material Facebook reviewed within 24 hours fell to 64 per cent, Inst...

Tesla Model 3 vehicles during a delivery event in Shanghai, China, on Jan. 7, 2020. Aly Song/Reuters Tesla is developing a revamped version of Model 3, according to four people with knowledge of the effort, as the top EV maker aims to cut production costs and boost the appeal of the five-year-old electric sedan. One focus of the redesign code-named “Highland” is to reduce the number of components and complexity in the interior of the Model 3 while focusing on features that Tesla TSLA-Q buyers value, including the display, according to the people, who asked not to be named because the revamp has not been announced. The previously unreported redesign comes as the electric sedan faces increased competition from models from the likes of China’s BYD, Hyundai and coming releases from other major automakers. The revamp of the battery-powered sedan, which could also include some changes to the Model 3′s exterior and powertrain performance, will go into production at Tesla’s factory in Shangh...

Opinions expressed by Entrepreneur contributors are their own. According to an S&P Global Mobility report, Tesla is still the dominant U.S. electric vehicle maker. That dominance, however, may not last for much longer as competing automakers undercut the company's prices. T3 Magazine | Getty Images Through the third quarter of 2022, Tesla's U.S. market share of newly registered electric vehicles was 65%, a drop from 71% in 2021. According to the S&P forecast, Tesla's EV market share will fall to less than 20% by 2025 with as many as 159 EVs available, compared to a mere 48 today. In a statement, S&P said, "Tesla's position is changing as new, more affordable options arrive, offering equal or better technology and production build." "Given that consumer choice and consumer interest in EVs is growing," the statement continued, "Tesla'...

A Tesla sign in Taipei, Taiwan, on Aug. 11, 2017. TYRONE SIU/Reuters Tesla TSLA-Q is set to unveil on Thursday its long-delayed Semi, a 18-wheeler heavy duty vehicle that has faced skepticism from industry experts who doubt battery electric trucks can take the strain of hauling hefty loads for hundreds of miles. The launch marks the electric carmaker’s first foray into the trucking business as U.S. President Joe Biden’s administration is set to offer a generous $40,000 tax credit for clean commercial vehicles. At the unveiling event in Tesla’s battery factory in Nevada, analysts will look for details such as pricing, how much freight the Semi can carry, and its charging speed. Chief Executive Elon Musk initially said the trucks would be in production by 2019, but that was delayed due to battery constraints. In 2017, Tesla said the 500 mile (805 kilometre) range Semi to be priced at $180,000. The billionaire, who now runs five companies after buying Twitter, has a record of overpromis...

Tesla CEO Elon Musk visits the construction site of the car maker's Gigafactory, in Gruenheide, Germany, on Aug. 13, 2021. POOL New/Reuters Tesla boss Elon Musk disclosed another $3.6-billion in stock sales on Wednesday, taking his total near $40-billion this year and frustrating investors as the company’s shares wallow at two-year lows. A U.S securities filing showed he unloaded 22 million shares in the world’s most valuable car maker over three days from Monday to Wednesday. The sale is the second big chunk of stock he has cashed out since his $44-billion purchase of Twitter in October. It isn’t clear if the sales are related to the Twitter acquisition, but they are annoying investors who are upset by a perception he is diverting his focus and resources to Twitter ahead of Tesla. “It doesn’t put a lot of confidence in the business, or speak volumes for where his attention is at,” said Tony Sycamore, an analyst at brokerage IG Markets, where Tesla is a popular stock among small-...

It’s that time of year again, when we consider how to reward friends, loved ones and acquaintances with corporate stocks that will add to the warmth and glow of the holiday season. But how should we match stock with recipient? Dad seems to own everything already. Jules says she isn’t going near another initial public offering with the Fed withdrawing liquidity. And young Kyle seems so obsessed with free cash flow these days. We’re here to help, with the Globe and Mail gift guide, 2022 edition – where we put the stock into stocking stuffer. For dividend decor: Canadian Natural Resources Ltd. If you’re like many dividend-loving Canadians during the holidays, your home is probably filled with sparkling displays of banks, pipelines and telecoms. Is there room for yet another cash-flowing centrepiece? This season, consider looking beyond stocks with the biggest yields and instead turn your attention toward dividend growers – companies that are generating loads of cash and have good track ...

Billionaire Elon Musk said on Tuesday he will step down as chief executive of Twitter Inc once he finds a replacement, but will still run some key divisions of the social media platform. “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams,” Musk wrote on Twitter. Tesla Inc’s shares TSLA-Q, which have lost about 60% of their value since Musk made the offer for Twitter back in April, rose about 1% on Wednesday. Musk’s $44 billion takeover of Twitter in October has been marked by chaos and controversy, with some investors questioning if he is too distracted to also properly run his electric-vehicle automaker Tesla, in which he is personally involved in production and engineering. This is the first time Musk has mentioned stepping down as chief of the social media platform, after Twitter users voted for him to resign in a poll, which the billionaire launched on Sunday evening. In the poll, 57.5% of a...

Billionaire Elon Musk said on Tuesday he will step down as chief executive of Twitter Inc once he finds a replacement, but will still run some key divisions of the social media platform. “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams,” Musk wrote on Twitter. Tesla Inc’s shares TSLA-Q, which have lost about 60% of their value since Musk made the offer for Twitter back in April, rose about 1% on Wednesday. Musk’s $44 billion takeover of Twitter in October has been marked by chaos and controversy, with some investors questioning if he is too distracted to also properly run his electric-vehicle automaker Tesla, in which he is personally involved in production and engineering. This is the first time Musk has mentioned stepping down as chief of the social media platform, after Twitter users voted for him to resign in a poll, which the billionaire launched on Sunday evening. In the poll, 57.5% of a...

The U.S. government’s highway safety agency said Thursday it will send teams to investigate two November crashes in California and Ohio involving Teslas that may have been operating on automated driving systems. The probes bring to 35 the number of crashes investigated by the National Highway Traffic Safety Administration since 2016 in which either Tesla’s “Full Self-Driving” or “Autopilot” systems likely were in use. Nineteen people were killed in the crashes. The California crash occurred on Thanksgiving Day involving eight vehicles on the San Francisco-Oakland Bay Bridge. The driver told authorities that the Tesla TSLA-Q Model S was using the company’s “Full Self-Driving” software, according to Highway Patrol report obtained by CNN. The Ohio crash happened Nov. 18 near Toledo, when a Tesla Model 3 crashed into an Ohio Highway Patrol SUV stopped on a roadway with its emergency lights flashing. A message was left Thursday seeking comment from Tesla on the latest NHTSA action. The co...

Tesla CEO Elon Musk attends an opening ceremony for the car maker's China-made Model Y program, in Shanghai, on Jan. 7, 2020. Aly Song/Reuters Tesla Inc TSLA-Q shares touched a fresh two-year low in volatile trading on Friday as boss Elon Musk’s promise to not sell his shares for at least two years did little to reassure investors. Musk has offloaded shares worth $40-billion in the world’s most valuable carmaker since late last year, with $15-billion of that coming after he made similar pledges not to sell in April. That, along with concerns about his distraction with newly bought Twitter and a slowdown in China’s economy, have set the electric-car maker’s shares on course for their worst year since going public in 2010. The stock was last down 1.2 per cent on Friday, after falling as much as 3.5 per cent earlier to its lowest since September 2020. “I won’t sell stock until I don’t know probably two years from now. Definitely not next year under any circumstances and probably not...

Tesla TSLA-Q plans to run a reduced production schedule at its Shanghai plant in January, extending the reduced output it began this month into next year, according to an internal schedule reviewed by Reuters. Tesla will run production for 17 days in January between Jan. 3 to Jan. 19 and will stop electric vehicle output from Jan. 20 to Jan. 31 for an extended break for Chinese New Year, according to the plan seen by Reuters. Tesla did not specify a reason for the production slowdown in its output plan. It was also not clear whether work would continue outside the assembly lines for the Model 3 and Model Y at the plant during the scheduled downtime. It has not been established practice for Tesla to shut down operations for an extended period for Chinese New Year. Tesla did not immediately respond to a request for comment from Reuters. Tesla suspended production at its Shanghai plant on Saturday, pulling forward an established plan to pause most work at the plant in the last week of D...

Elon Musk’s attorneys argue that the trial should be moved to a federal court in western Texas, which includes the state capital of Austin. Susan Walsh/The Associated Press Elon Musk has urged a federal judge to shift a trial in a shareholder lawsuit out of San Francisco because he says negative local media coverage has biased potential jurors against him. Instead, in a filing submitted late Friday, Musk’s lawyers argue that the trial should be moved to a federal court in western Texas, which includes the state capital of Austin. Musk relocated his electric car company, Tesla, to Austin in late 2021. If a move isn’t possible, Musk’s lawyers urged that the trial, scheduled to begin Jan. 17, be postponed until negative publicity around Musk’s purchase of Twitter has died down. “For the last several months, the local media have saturated this district with biased and negative stories about Mr. Musk,” attorney Alex Spiro wrote in a court filing. Those items have personally blamed Musk fo...

The logo on a Tesla electric car in Berlin's Kreuzberg district, on Jan. 8. DAVID GANNON/AFP/Getty Images The National Highway Traffic Safety Administration (NHTSA) Monday said it was in contact with Tesla about a tweet Chief Executive Elon Musk wrote about a driver monitoring function. A Dec. 31 tweet suggested drivers with more than 10,000 miles using Tesla’s “Full Self-Driving” (FSD) software system should be able to disable the “steering wheel nag,” an alert that instructs drivers to hold the wheel to confirm they are paying attention. Musk responded: “Agreed, update coming in Jan.” NHTSA Monday said it “is in contact with Tesla TSLA-Q to gather additional information.” The Associated Press reported NHTSA’s statement earlier. Tesla did not immediately comment. The auto safety agency confirmed the questions about Musk’s tweet are in connection with its ongoing defect probe into 830,000 Tesla vehicles with driver assistance system Autopilot and involving crashes with parked eme...