Business
Tesla’s Cybertruck Hits The Market With A Higher Price Tag And Plenty Of Challenges
Tesla CEO Elon Musk presided over the company’s long-awaited Cybertruck delivery, which was first shown four years ago. While there was little new information since the original presentation, Tesla’s website was updated with a new price.
The event had the typical Musk flash, with lofty predictions about “the future” and visuals of Cybertrucks traveling across the ice, but it offered very little new information. Even the price on Tesla’s website, which required a $250 deposit to place an order, did not contain standard car-buying experiences, such as selecting options. There was no mention of practicalities like front trunk capacity or anything beyond the company’s current estimate of a 250-mile range.
However, the website did mention that the top-of-the-line model would be known as the “Cyberbeast.”
The Tesla Cybertruck starts at $60,990 before federal tax credits, over $20,000 more than the base model initially proposed at the vehicle’s introduction in 2019. The business originally stated that the Cybertruck would cost less than $40,000, but a pandemic and subsequent severe inflation prompted the corporation to change its mind.
Even then, it would only be “available in 2025,” according to the Tesla website.
If you want one in 2024, expect to pay about $80,000.
By itself, the Cybertruck enters an electric vehicle market packed with vehicles in the same price range. It’s not only pickups but also SUVs. It’s an issue that’s already dampening sales of some electric vehicles, particularly in the luxury market, as automakers struggle to establish their electric production processes.
He also bragged about the Cybertruck’s “sports-car-like” capability, showing a video of it hauling a Porsche 911 on a trailer while racing a Porsche 911 down a drag strip. Honestly, Porsche 911 sports cars aren’t sold on raw acceleration. Of course, neither is a pickup truck, so it’s unclear how big of a selling point that will be.
Tesla’s Cybertruck Hits The Market With A Higher Price Tag And Plenty Of Challenges
However, Tesla’s website only shows that acceleration figure for the Cyberbeast version of the truck, which costs over $100,000. The truck’s 11,000-pound towing capacity also noted in the presentation, is shown exclusively in the $80,000 or $100,000 all-wheel-drive variants.
According to Brian Moody, executive editor of Kelley Blue Book, the truck’s price range may be fine compared to other high-end trucks on the market. The pricing range that Tesla can provide is limited.
“Because Tesla has basically one version of the truck with some minor modifications, they don’t have the advantage of having a very low-price truck as well as a very high and heavy-duty, super-capable truck,” Moody wrote in an e-mail.
According to Wedbush Securities analyst Dan Ives, who is bullish on Tesla, the business has around 2 million bookings for the Cybertruck. He predicted that just 30% to 40% of those reservations would be turned into sales. The larger issue may be the production issues that Musk says the firm is experiencing as it attempts to ramp up vehicle manufacturing, especially with competition from electric pickups from Ford, GM, and Rivian.
“It’s a Herculean task to ramp production, but Tesla has been here before,” he said, referring to prior product launches such as the Model 3 sedan. However, he warned that “it’s a much more complex market for them to navigate.”
The Cybertruck, which resembled a high-end kitchen appliance when it was initially shown in 2019, looked like nothing else on the road, and it still does. The purpose of its strange, angular all-metal appearance was to stand out: Musk sought to make a statement with something that wasn’t just another large truck.
However, the Cybertruck’s qualities, such as power and range, do not stand out. The market has transformed during Tesla’s development and delays over the last four years. Even before the first one rolls into a customer’s driveway, Tesla’s flashy new pickup is significantly more ordinary beneath its gleaming veneer.
Electric motors can give a lot of towing and hauling power, and the truck’s basic size allows for many batteries and a long range. Tesla is one of many automakers to recognize this opportunity.
Even then, it would only be “available in 2025,” according to the Tesla website.
Ford began selling the F-150 Lightning electric pickup truck four years ago, and Rivian R1T pickups have become familiar sights on American roadways. General Motors just began manufacture of the Chevrolet Silverado EV electric truck. Stellantis’ Ram 1500 Rev electric vehicle will also be available in late 2024.
This isn’t the same setting as it was four years ago, and the Cybertruck’s capabilities don’t look as impressive as they did. Many of these other trucks have capabilities that rival, and in some cases even outperform, Tesla’s.
Musk has also frequently stated how tough it is to construct the Cybertruck due to its unconventional design.
The truck is built of unpainted stainless steel, a material not commonly utilized for cars since the durability of the material that Musk has touted makes it difficult to build with and fix. The massive stamping machines commonly employed in auto manufacturing to quickly bend metal into shape struggle with stainless steel.
It also features a unibody construction rather than a separate body and chassis like most large pickups. Unibody structure is common in crossover SUVs and compact, light pickups such as the Ford Maverick. Body-on-frame designs are commonly used for heavy-duty vehicles due to their strength and flexibility for towing huge loads.
“There will be enormous challenges in reaching volume production with the Cybertuck and making the Cybertruck cash flow positive,” Musk remarked recently during an investor call.
Musk has also frequently stated how tough it is to construct the Cybertruck due to its unconventional design.
The Cybertruck’s total size could be an advantage. According to Tesla, the Cybertruck is less than 19 feet long, slightly shorter than conventional full-size trucks. However, Tesla boasts that its cargo bed, at over six feet long, is slightly longer than typical.
However, the Cybertruck may forego front storage in exchange for its small body length. It lacks the extended hood of other pickups, notably electric pickups from Ford and GM. This could imply that the Tesla has less “frunk” – or front trunk – space. Ample functional front room, in particular, has been a major selling factor for the Ford truck.
The wedge shape of the vehicle, where the sides of the cargo bed meet the roof, may also make access to the bed from the sides difficult. Pickup drivers frequently reach over the sides to load and unload objects close to the cab.
The payload capacity of the Cybertruck, or the amount of weight it can carry in its cargo bed, is also slightly higher than competitors currently in production. The Ford F-150 Lightning can tow up to 2,200 pounds. However, the Ram 1500 Rev will be able to haul up to 2,700 pounds, which is more than the Cybertruck.
SOURCE – (BBC)
Telsa second-quarter profit fell more than 40% from the previous year as the electric car business faced more EV competition from established automakers and a slowing in global EV sales growth.
The decline in income is a dramatic contrast to a corporation that developed to become the world’s most valuable automobile based on rising sales and profitability.
The findings highlight how Tesla, a pioneer in introducing electric vehicles to American drivers, is now facing more domestic and international competition. And as the EV market matures, customer interest in EVs has declined.
Tesla | Auto Guide
Tesla Stock Tumbles After Its Profit Plunged
Tesla (TSLA) shares plunged almost 12% on Wednesday morning, pushing down the broader market. Tesla’s stock was down roughly 1% this year through Tuesday’s close after plunging as much as 44% earlier in the year.
Tesla announced adjusted earnings of $1.8 billion in the quarter or 52 cents per share. Analysts expected 61 cents per share earnings, down from 91 cents the previous year. Its crucial profit margin fell substantially as a series of EV price cuts took its toll.
From April to June, the company had its second consecutive quarter of year-over-year sales decreases and its first consecutive quarter of dropping sales volume. Tesla’s only previous quarterly sales decline since going public occurred early in the pandemic when stay-at-home orders caused its plants to close.
Tesla did not provide a new sales target for the full year. However, it stated: “In 2024, our vehicle volume growth rate may be notably lower than the growth rate achieved in 2023.”
On the investor’s call following the announcement, Tesla CEO Elon Musk criticized the quality of EVs produced by other manufacturers, claiming that it was simply a short-term issue for Tesla and not a long-term one. He added that Tesla is still persuaded that the world is going towards fully electric transportation systems, not just for automobiles, planes, and ships.
Musk also stated that the business would provide more information on fully automated robotaxis in October rather than August as initially intended. The business calls its driver assistance feature “Full Self Driving,” but drivers must still be prepared to take control of the vehicle. According to the company’s earnings statement, Tesla still confronts regulatory and technical challenges before offering self-driving cars.
Musk stated that he still believes it is possible to reach by the end of this year and certainly by next year, but cautioned: “My predictions on this have been overly optimistic in the past.”
Tesla | Top Gear Image
Tesla Stock Tumbles After Its Profit Plunged
The company faces government probes into several of Musk’s boasts about Full Self-Driving capabilities. The company has also been the subject of a Department of Justice investigation, though it is unclear what the current situation is.
However, he disclosed that Tesla’s plans to build an assembly factory in Mexico had been placed on hold. The plans were disclosed more than a year ago, but Musk said they have been halted until after the presidential election due to Republican contender Donald Trump’s vow to impose taxes on Mexican-imported vehicles. Musk is a big Trump booster, having endorsed him and reportedly pledged tens of millions of dollars to the former president’s re-election campaign. Trump promised comparable duties on Mexican-made autos in 2019 but has yet to follow through.
SOURCE – CNN
(VOR News) – Over the Bitcoin course of the last twenty-four hours, the sum of money that has been liquidated in short positions for Bitcoin BTC +4.71% has increased to more than $34 million.
This is a significant increase from the previous state of affairs. The fact that Bitcoin, the digital asset with the highest market capitalisation, has broken beyond the barrier of $67,000 is the reason for this new development.
Nashville, Tennessee will host this year’s Bitcoin Conference.
According to the website of the conference, the former president of the United States is set to make an appearance on the Nakamoto Stage on July 27 at 2:00 p.m. Central Time for a session that will last thirty minutes.
This information is indicated on the website. Yesterday, on the final day of the conference, the session is scheduled to take place.
As a direct result of the increase in the price of bitcoin that took place during the course of the previous day, a total of holdings representing a value of 54 million dollars were sold off.
As a consequence of the increased volatility of the market, the cryptocurrency market as a whole went through liquidations that amounted to more than two hundred million dollars within the same time period. This is evidenced by the data that were provided by Coinglass.
The information that is provided by The Block’s Bitcoin Price Page reveals that the current value of Bitcoin is around $67,330 at the time that this article is being written and published.
This information is provided by The Block. Over the course of the past twenty-four hours, there has been an increase that is greater than five percent.
President Trump will invest in bitcoin by 2024.
Because of the keynote presentation that he will deliver at Bitcoin 2024, Donald Trump will create history by becoming the first candidate for the presidency of the United States of America to visit a conference of this kind that is sponsored by the industry.
This will be something that he will accomplish by attending Bitcoin 2024. In spite of the fact that there is a little amount of information available concerning the specifics of his discussion, the organisers have already claimed that it will be “historic.”
Throughout the course of his presidency, President Trump has adopted a variety of perspectives about a wide range of cryptocurrencies, including bitcoin and others from the same category.
He voiced his disapproval of cryptocurrencies on Twitter in July 2019, saying, “I am not a fan of bitcoin and other cryptocurrencies, which are not money and whose value is highly volatile and based on thin air.”
He was referring to the fact that certain cryptocurrencies are not money. His hatred for these cryptocurrencies has been made clear in his statements.
Specifically, he expressed his discontent with the bitcoin market.
Which was the subject of his expression. This viewpoint was reiterated by him in 2021, when he gave an interview to Fox Business in which he referred to the digital asset as a hoax and voiced his concern that it may compete with the United States dollar or other currencies. In addition, he expressed his concern that it could be used to compete with other currencies.
Nevertheless, throughout the course of the last six months, Trump has rebuilt himself as the “crypto president.” The fact that he chose Ohio Senator JD Vance, who is an investor in bitcoin, to be his vice presidential candidate lends credence to the notion that a Donald Trump presidency may be advantageous to cryptocurrencies.
This is an extra point of interest that is worth mentioning. Bitcoin is an investment that Vance has made.
During the course of the previous day, the dominance of Bitcoin increased slightly to 52.8%, as indicated by the data that were provided by Coingecko. On the other hand, the dominance of ether decreased slightly to 15.5%.
Indicative of the fact that Bitcoin’s dominance rose, both of these data are indicative of reality. After reaching its highest position, the GM 30 Index, which is comprised of a selection of the top 30 cryptocurrencies, witnessed a climb of 3.08% within the same time period, hitting 133.99.
This was after the index had reached its highest peak.
SOURCE: TBN
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(VOR News) – Sanstar shares made a quiet Dalal Street debut on Friday, which was less than market participants had anticipated as a consequence of their expectations.
However, the number of buyers rose significantly following the stock’s listing, suggesting that investors are interested in purchasing the company at reduced prices.
At Rs 109 per share, Sanstar shares were offered on the National Stock Exchange (NSE) at a premium of approximately 15%. The stock was listed on the Bombay Stock Exchange (BSE) at a premium of 12 percent over the issue price of Rs 95 per share.
Nevertheless, the stock attained a price of Rs 127.68, achieving a 20% upper circuit and bringing the cumulative profits to 34.4 percent over the price at which it was initially issued.
The majority of analysts continue to maintain a positive outlook on the company and suggest that investors remain invested in the stock for a period of time that varies from medium to long term.
On the other hand, there are some experts who suggest that investors record profits after achieving a respectable profit during the initial trading session.
A successful initial public offering (IPO) was achieved by Sanstar
The company’s shares are currently trading at Rs 109 per share, an increase of 15% from their issue price of Rs 95.
This performance is positive, according to Shivani Nyati, Head of Wealth at Swastika Investmart; however, it fails to satisfy the expectations that were established prior to the listing. The broader market volatility that ensued subsequent to the budget’s announcement was a contributing factor.
Sanstar has been listed, which is a fantastic development, despite the fact that it did not meet the initial hype.
The company’s future expansion is supported by the interest of investors and the company’s robust foundations. Investors have the option to maintain their stake at the issue price, according to her.
Sanstar’s initial public offering (IPO) had the potential to be subscribed between July 19 and July 23, as the business issued its shares at a price range of Rs 90-95 per share, with a lot size of 150 shares.
Sanstar’s follow-on offering yielded a total of Rs 510.15 crore in revenue. This offering comprises a wholly new share sale of up to 397.10 equity shares and an offer-for-sale of up to 1.19 crore equity shares.
Sanstar got a 15% premium because of demand.
Which contributed to the company’s successful launch on the bourses today. According to Prathamesh Masdekar, Research Analyst at StoxBox, Sanstar has established enduring relationships with its consumers and currently serves more than 525 customers, with 162 new customers joining during fiscal year 24.
“The company is committed to expanding its customer base by leveraging the relationships it has established with customers in India and around the world, while simultaneously actively seeking out opportunities to establish new relationships.
“”Because of this, we recommend to the market participants that they keep the shares for a period of time ranging from the medium to the long term,” according to him.
A total of 82.99 subscriptions were received from consumers worldwide for the Sanstar issue. The quota for qualified institutional vendors (QIBs) was satisfied 145.68 times during the auction.
A remarkable 136.50 percent of the quota that was designated for non-institutional investors was subscribed to. The portions that were specified for retail investors were only subject to requests for bids 24.23 times during the three-day bidding procedure.
Sanstar’s listing was lower than anticipated, despite the fact that markets were trending upward. Prashanth Tapse, Senior Vice President of Research at Mehta Equities, maintains that designated investors should record profits on the day of listing, despite the market’s optimistic outlook.
Compared to other listed peers, Sanstar’s valuations are a little higher.
Sanstar is a manufacturer in India that specialises in the manufacturing of plant-based products and ingredient solutions for industrial products, pet food, and food.
Pantomath Capital Advisors served as the exclusive book-running lead manager for Sanstar’s initial public offering (IPO), while Link Intime India served as the registrar.
According to Amit Goel, Co-Founder and Chief Global Strategist at Pace 360, the market volatility in the Indian markets resulted in Sanstar shares failing to meet pre-listing expectations. Sanstar shares were listed on the National Stock Exchange (NSE) at a price of Rs 109.
We strongly recommend that investors take profits in the near term following the completion of the listing. He continues, “It is advised that long-term investors maintain their positions in the company due to its strong fundamentals.”
SOURCE: BTN
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