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Tesla

Jan 19, 2020, 07.39 AM IST

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  • Planning documents posted online Friday reveal that the US automaker wants to construct Model 3 and Model Y vehicles at the site in Gruenheide, as well as "future models.". The so-called Gigafactory — Tesla's fourth — will include facilities to assemble entire electric vehicles, including the production of batteries.

    Oppenheimer & Co. analyst Colin Rusch said Tesla’s high-risk tolerance, its ability to learn from past errors and bigger ambition compared to peers pose an “existential threat” to other transportation companies that are unable or unwilling to innovate at a faster pace.

    The company has repeatedly missed targets in recent years and Musk's mercurial behavior has come under close scrutiny from financial regulators and shareholders of Tesla. However, most mainstream automakers are still ramping up new generations of electric vehicles designed to compete with Tesla's combination of style, technology and performance.

    The first batch of Model 3 vehicles were handed to its employees.

    Business leaders being frank about failure and its consequences and responsibilities are rare, most so in India. As the witticism goes, only industries get sick in India, never industrialists.

    The carmaker will employ about 10,000 people at the site, which will occupy an area equivalent to 420 soccer fields, the newspaper said, citing initial plans for the factory, which shows a complete production line as well as testing facilities. Construction is set to start next year.

    The eccentric entrepreneur danced awkwardly, gave out high-fives, and mugged on a stage as sleek Model 3 sedans -- the company's mid-price, mass-market offer -- were driven up one by one and presented to buyers who jumped into the back seats before being driven away at the plant.

    Tesla is worth 37% more than General Motors and is almost twice the value of Ford Motor Co.

    The industrial-looking Cybertruck is covered in the same steel alloy Musk plans to use for his SpaceX Starship rocket and will be able to go from 0 to 100 kilometers (62 miles) per hour in about three seconds, the Tesla chief executive claimed in his presentation.

    CEO Elon Musk is counting on the China plant to help build on recent momentum for the company in the world's largest market both for electric vehicles and autos in general. Tesla’s newcar registrations in China climbed to a five-month high of 5,597 in November, compared with 393 a year earlier, according to China Automotive Information Net.

    Tesla's a dreamy idea. A cult-like status among investors and customers. A megalomaniac for a leader who eschews authority. And chronic losses. It’s got SoftBank written all over it.

    Earlier in September, the EV maker had launched simplified solar power offerings that were easier to install at homes.

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