Tesla Inc has obtained permission to start selling its Shanghai-made Model Y sports utility vehicle in China.

The Ministry of Industry and Information Technology published the approval on its website on Monday.

Tesla now sells its Model 3 electric cars in China and has been building new car manufacturing capacity in Shanghai to make its Model Y SUVs. It applied for the Shanghai-made Model Y SUV sales permission earlier this month.

It started delivering vehicles made in its Shanghai factory last December and sold more than 13,000 vehicles in China in October.

The company has started exporting China-made Model 3 cars to Europe and said last week it plans to also start making electric vehicle chargers in China in 2021.

Source: Reuters

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Tesla's CEO, Elon Musk recently announced on Twitter to share a variety of updates on Tesla Autopilot and Full Self Driving (FSD). The Dojo Neural Net training centre. Since 2019 April Tesla has been working on a "DOJO", a supercomputer to train neural networks (NN). Elon Musk had earlier claimed that he had a major program under work at Tesla about which he didn't share details.

The mighty super training computer is now called Dojo. The aim behind Dojo is to take in vast amounts of data and train at a video level and do unsupervised training of massive amount of video data with the help of the Dojo program.

The dojo will be enabling faster Neural Network learning. The dojo is used to increase training speed and enable self-supervised learning. But then what is the issue with the existing Autopilot that the new update will be enhancing.

 

Tesla is developing a NN training computer called Dojo to process truly vast amounts of video data. It’s a beast! Please consider joining our AI or computer/chip teams if this sounds interesting.

— Elon Musk (@elonmusk) August 14, 2020

When / what do you think will be the next big public release that shows a massive leap in Autopilot FSD? I feel like when Navigate on Autopilot came out that was a huge leap, will there be another one like that soon?

— Everyday Astronaut (@Erdayastronaut) August 14, 2020

Our main engineering locations are Palo Alto, Austin & Seattle, but working remotely is acceptable for exceptional candidates

— Elon Musk (@elonmusk) August 15, 2020

Tesla will be releasing an improved Autopilot which will be a limited release in 2 months. Tesla had announced that they were doing a rewrite of the program. As we all know the current Autopilot/FSD is great. In fact, Musk claimed that he has been running an "alpha" version of the update on his personal vehicle.

Tesla has 10 billion km of real-world driving data. This brings to our common curiosities whether the regulatory authorities will find Tesla's autopilot safer for robotaxis to ply on roads.

 

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LG Chem shareholders on Friday approved a plan to separate its battery business into a new company, paving the way for a potential public listing to finance expansion. The unit, which will be launched on Dec. 1, will first become a wholly-owned subsidiary tentatively named LG Energy Solutions, and then up to 30% of the company’s shares may be listed in an initial offering in about a year.

LG Chem is the world’s top battery maker supplying Tesla Inc and General Motors Co.

“While the battery business is expected to post enormous growth, competition is intensifying from not only other battery makers but automakers,” LG Chem Chief Executive Officer Hak Cheol Shin told a shareholder meeting in Seoul.

“We have decided to separate our battery business to better optimize our management in today’s fast-changing market environment.”
More than 82% of LG Chem shareholders who attended the meeting voted in favor of the plan, the source said. LG Chem declined to comment.

“With the split-off of the battery business, we can use various fundraising options to expand investments at the right time, and based on this we can secure a clear global No.1 position by widening the gap with rivals,” LG Chem Chief Financial Official Cha Dong-Seok said.

The company’s growth was constrained by rising debts as a result of a sharp increase in capacity investments, he added.

Shares of LG Chem closed down 6.1% versus a 2.6% fall in the benchmark KOSPI.

Asked about selling stakes to strategic investors in the run-up to the IPO, Shin told the company was reviewing various options.

Hwang Yu-sik, an analyst at NH Investment & Securities, said that as a standalone company the battery business would be able to better raise money including through an IPO to expand its production capacity.

South Korea’s National Pension Service (NPS), LG Chem’s No.2 shareholder with a 9.96% stake, voted against the split-off plan having earlier raised concerns about damage to shareholder value.

Source:Reuters

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Tech entrepreneur Elon Musk has topped Microsoft founder Bill Gates to become the world's second-richest man after a meteoric rise in his personal fortune. Mr. Musk's net worth jumped by $7.2bn (£5.4bn) to $128bn after shares in his car firm Tesla surged. Only Amazon founder Jeff Bezos is richer, according to the Bloomberg Billionaires Index. It comes after news Tesla shares will be added to the S&P 500, one of the main share indexes in the US. That triggered a fresh wave of buying of the electric carmaker's shares, sending the company's market value above $500bn and boosting the value of Mr. Musk's holding in the business.

Musk: Cheaper Tesla ready 'in about three years', Tesla shrugs off pandemic as sales hit a new record.
Tesla is already the most valuable car firm in the world, despite producing a fraction of the vehicles of rivals such as Toyota, VW, and General Motors.

On Tuesday, in a speech in Germany, Mr. Musk said it could "make sense" for Tesla to expand in Europe by entering the mass-market segment with a small car.

"In the US, the cars tend to be bigger for personal taste reasons," he said. "In Europe, (they) tend to be smaller."

And after years of losses, Tesla has seen five consecutive quarters of profit as sales of its cars perform well despite the pandemic.

The California-based firm will be the biggest new entrant on the S&P 500, with a market value of more than $500bn.

It means investment funds tracking the index will automatically hold its stock and benefit from gains in its share price - news that has excited investors.
 

Gates and Bezos

Bill Gates, who co-founded Microsoft, was the world's richest person for years before Mr. Bezos knocked him off the top spot in 2017. Mr. Gates's fortune is worth $127.7bn but would be higher had he not donated large sums to charity over the decades.

Jeff Bezos's net worth is estimated at £182bn by Bloomberg. He too has seen his personal fortune rise this year as demand for Amazon's services climbed in the pandemic.

Mr. Musk, who regularly courts controversy, has had an eventful past few weeks. Last weekend he tweeted that he "most likely" had a moderate case of Covid-19 and has had symptoms of "a minor cold." It came the day before four astronauts were launched to the International Space Station in a rocket built by Mr. Musk's SpaceX.

source: BBC

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