Tesla, Inc. (TSLA)
'Oh My Word:' Tesla FSD Wows Boris Johnson As It Drives His Family Around 'Hair-Raising' LA Roads; Ex-UK Leader Reveals New Feature In Works
Tesla, Inc’s TSLA Full Self-Driving technology, which the electric vehicle maker promotes as FSD (Supervised), has gained a raving fan from across the Atlantic. Following a ride in a Tesla vehicle equipped with the technology in Los Angeles, former U.K. Prime Minister Boris Johnson was visibly impressed. What Happened: Johnson had a first-hand experience with Tesla’s FSD on Friday when he drove around LA streets in a self-driving car, along with his wife and 10-month-old baby, the former head of the U.K. government said in his Daily Mail column. He acknowledged that this was something unheard of or incredulous some 10 years back. “We are about to be conveyed in a new type of car, so preposterous, so audacious, so revolutionary that ten years ago I would have refused to believe that it was possible. Maybe on some test track; maybe in lab conditions – but I never expected to see it in the heavy traffic of a major urban centre,” he said. Johnson noted that the car had dozens of tiny cameras, concealed in the car’s sleek white bodywork and a neural system, which he called an “electronic brain.” Quite astonished at the “phantom” driving, Johnson said, “I am sitting at the wheel, but not touching it, and though my feet are near the pedals, I am not using them – and oh my word, the steering wheel is twiddling itself.” See Also: Best EV Stocks “Now it's indicating, giving way, floating across the traffic with all the delicacy and tact of a living chauffeur. It's so human, I gasp, so smooth.” Johnson also described how the self-driving vehicle navigated through different scenarios on the road. As they approached a “very tricky” crossroads, where five roads met, he was apparently worried about the technology malfunctioning. The Tesla representative, who traveled with the ex-prime minister, reassured the passengers. To Johnson’s delight, the vehicle turned in the intended direction. “With impeccable good manners, giving all other vehicles plenty of notice, we turn left, and I become so relaxed that I am able to take in the boldness of Tesla's plan,” he said. Johnson also contrasted Tesla with the Waymo driverless vehicles operating on LA streets. While Waymo’s cars could only navigate a small part of the city as they were programmed for those streets, Tesla’s, armed with cameras and neural networks, can go anywhere once fully licensed and approved, he said. A Tesla representative told Johnson that the vehicle was five or six times safer than a human driver. Johnson recounted an incident where a pedestrian slowly walked in front of the vehicle. “Instinctively I reach for the wheel; my toe twitches for the brake; but I need not have worried,” he said. He noted that the car had the man under observation, indicated by a “tiny human figurine that appeared on the electronic streetscape on the dashboard.” Passing the verdict on the driverless car after the 45-minute drive, Johnson said the car passed with flying colors. New Feature Coming? However, he recounted a moment of mild confusion when they parked in front of the Waldorf Astoria hotel and the car did not respond to the uniformed doorman’s waving. The Tesla representative explained that the tech doesn’t yet recognize the gesture and that it would be fixed in the next iteration, which is due to roll out next month. Boris shared his previous experience with the Tesla brand way back in 2009 with a Lotus-shaped Roadster. “It conked out on the M40, and I was left with some skepticism about the future of the brand,” he said. “Well, I am not making that mistake again. It seems outlandish now. It seems bonkers. But I have seen enough to know it's going to happen, and that sooner or later there will be a tipping point.” Why It Matters: Tesla has a lot riding on the FSD tech, given its core EV business is facing slowing demand and intense competition. Also, the technology is core to the robotaxi service the company plans to unveil on Aug. 8. To shore up profitability, which has been dented due to repeated price cuts, the company is eyeing the “razor-razor blade” strategy — undercutting competition with reduced prices for its EVs and making up for the hit by selling high-margin recurring FSD revenue. FSD is now available for outright purchase at $8,000, or a $99 monthly subscription. The company is also in negotiations to launch the tech in China. The FSD graduated from beta testing to FSD (Supervised) in late March, and the company made it available for its users across North America for a free one-month trial. The take rate, however, following the end of the free trial was subpar. Tesla ended Friday’s session up 1.50% at $177.46, according to data from Benzinga Pro. Check out more of Benzinga’s Future Of Mobility coverage by following this link. See Also: Make Tesla Great Again? Elon Musk Concurs With Steps To Transform EV Maker Into Top Global Company Image made via Shutterstock photos © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tesla Price Cuts Backfiring? European Rental Companies Fume As EV Giant's Used Car Values Plummet, Service Leaves Bad Taste
: The automaker has been offering unofficial discounts on new car purchases and working to resolve service and repair complaints, Reuters reported on Monday. This comes after fleet managers and leasing firms reported that Tesla had previously ignored these issues. Retail price cuts were intended to boost sales amid declining global demand for electric vehicles and rising competition from Chinese EV makers like and . However, these cuts negatively impacted the residual values of Tesla’s fleet customers in Europe, where fleet purchases make up nearly half of auto sales. , director general of Leaseurope, said, “Tesla is now actively telling our members: We can give you discounts and compensate you.” However, he expressed skepticism about whether these discounts would be sufficient. Tesla is yet to respond to the queries sent by Benzinga. Tim Albertsen, CEO of , noted that while Tesla’s service has improved, the falling resale values have been damaging. Bart Beckers, Deputy CEO of Arval, a unit of , mentioned that Tesla’s price cuts were detrimental, leading Arval to consider other EV manufacturers. Fleet customers are crucial, especially in Europe, where leasing and rental-car company purchases accounted for 44% of Tesla’s sales last year in the U.K. and 15 EU countries. Tesla’s first-quarter fleet sales in these regions fell 2.3%, while the market rose 3.5%. Despite these challenges, some fleet customers remain satisfied. CEO of Octopus Electric Vehicles, praised Tesla’s pioneering role in the EV market. However, Lorna McAtear, fleet manager at National Grid, highlighted ongoing issues with Tesla’s service and repair costs, noting that the company is considering dropping Tesla from its fleet. : The issues Tesla is facing with European fleet customers come on the heels of similar challenges in other markets. For instance, the resale market fors Cybertruck has been volatile. Initially, used Cybertrucks were listed at a premium, but the market has since seen a significant downturn. Resale values plummeted, causing resellers to struggle to turn a profit. Tesla stock closed at $177.55 on Friday, according to Benzinga Pro.
Exclusive: Tesla doing damage-control, discounts for European fleet buyers
Tesla is working to appease some European leasing companies after the automaker's repeated retail price cuts tanked their fleets' value and its slow service and expensive repairs alienated their corporate customers.
Tesla CEO Elon Musk Gets Praise For Launching Starlink Services In World's Largest Archipelagic Nation Indonesia: 'Changing The World One Day At A Time'
SpaceX CEO Elon Musk has been lauded for launching Starlink’s satellite internet service in Indonesia, a move aimed at enhancing connectivity in the country’s remote areas. What Happened: On Sunday, Musk along with Indonesian Health Minister Budi Gunadi Sadikin, introduced the Starlink service for the nation’s health sector. With its vast population exceeding 270 million spread across three time zones, Indonesia stands to benefit significantly. The tech mogul shared a video of him speaking with the press at the launch on X, formerly Twitter, and said, “Bringing connectivity to remote communities radically improves access to education and economic opportunities.” Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox. On social media, several users praised Musk for his efforts. One person said, “It's amazing to me how the Left can despise Elon so much when pretty much everything he's doing is what they claim to want. Electric cars to save the environment. Internet connectivity to the underprivileged. Do they hate free speech SO MUCH that it outweighs all the good?” Another user stated, “This is how you expand human consciousness. Everybody deserves a fair chance.” A third individual simply said, “Changing the world one day at a time. Thanks!” Why It Matters: Indonesia is the world’s largest archipelagic nation with over 735,000 square miles of territory. The country is made up of more than 17,000 islands. Its five main islands are Sumatra, Java, Sulawesi, parts of Borneo, and New Guinea. Musk’s visit to Indonesia was his first. The billionaire arrived on the Indonesian resort island of Bali by private jet before attending the launch ceremony at a community health center in the provincial capital, Denpasar. He was dressed in a green batik shirt. The service was launched at three Indonesian health centers, including two in Bali and one on the remote island of Aru in Maluku, reported Reuters. Starlink’s high internet speeds enable real-time data input to better address health challenges such as stunting and malnutrition. Indonesia has been trying to attract Musk’s electric vehicle company, Tesla Inc., to build manufacturing plants related to electric vehicles, as the government aims to develop its EV sector using the country’s rich nickel resources. When asked about this, Musk said, “We are focusing this event on Starlink and the benefits that connectivity brings to remote islands.” Indonesia marks the third Southeast Asian country where Starlink will be operational. Last year, Malaysia granted the firm a license to offer internet services, while in 2022, a Philippine-based company struck a deal with SpaceX. On Monday, Musk is slated to meet with Indonesian President Joko Widodo, during which he will also speak at the World Water Forum being held on the island. Photo courtesy: Shutterstock Check out more of Benzinga's Consumer Tech coverage by following this link.
1 "Magnificent Seven" Stock Could Soar 1,027% or Plunge 87%, According to Select Wall Street Analysts. Who's Right?
Tesla has created enormous value for shareholders since going public in 2010, despite there being no shortage of doubters. It has built a dominant electric-vehicle brand, but its future might rest on the success of other technologies like artificial intelligence.
Everyone Is Talking About Tesla -- Is It a Good Long-Term Option?
While Tesla's current valuation may seem steep compared to those of traditional automakers, its potential as an AI powerhouse hints at undervaluation. Tesla's ambitious AI projects, including robotaxis and humanoid robots, could revolutionize markets.
Don't Underestimate Tesla's Position In AI And Robotics
Tesla's pivot to AI and robotics, rooted in EVs, creates a unique moat in advanced physical products. Current financial contractions are seen as temporary, driven by macroeconomic pressures and competitive dynamics in AI, robotics, and EVs. Tesla should be valued like a big tech company, reflecting its heavy AI and robotics involvement, making it potentially undervalued over a 10+ year horizon.
Tesla Stock Analysis: Can TSLA Rebound Against All Odds?
Tesla (NASDAQ: TSLA ) has many powerful, negative catalysts at this point. Among the most important items are the automaker's continued market share losses amid tough competition in the U.S. and China and the obvious hostility of the Biden administration towards the automaker.
UAW's push to unionize factories in the South faces latest test at two Mercedes plants in Alabama
DETROIT — The United Auto Workers union faces the latest test of its ambitious plan to unionize auto plants in the historically nonunion South when a vote ends Friday at two Mercedes-Benz factories near Tuscaloosa, Ala.
Tesla Cuts 600 Jobs In California Amid Mass Layoffs
Over 600 jobs will be cut across Tesla's workforce in California, including senior-level positions at a manufacturing plant and the company's engineering headquarters, according to a filing, the latest layoffs for the Elon Musk-owned firm after announcing mass cuts earlier this year.
Tesla Is Selling More Than Cars With FSD
Test-driving Tesla, Inc.'s Full Self-Driving, or FSD, software was a very positive experience. Tesla's FSD has significantly improved over the past three years and is now capable of supervised autonomous driving on city streets. The autonomous vehicle market is projected to grow exponentially, and Tesla is well-positioned to capitalize on this growth through its FSD subscription model, licensing opportunities, and potential robotaxi network.
Tesla chair sees challenges in getting shareholder vote for Musk's pay package, FT reports
Tesla's chair of the board said the company needs to climb "Mount Everest" as it faces shareholder votes on relocating to Texas and CEO Elon Musk's $56 billion pay deal, the Financial Times reported on Friday.
