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Tesla launches Cybertruck reservations in China

Tesla launches Cybertruck reservations in China

Tesla Inc. has launched reservations for its electric truck in China, Electrek reported on Friday.

According to the website, the manufacturer started taking preorders for its Cybertruck, which was unveiled in November last year. Tesla CEO Elon Musk said the company received over 250,000 reservations for the truck shortly after the reveal.

Yesterday, the carmaker reported its delivered 90,650 vehicles in the second quarter, beating analysts’ expectations.

Tesla is now testing potential interest among Chinese consumers.

It’s impossible to predict how many of these reservations — in China and the U.S. — will convert to actual sales. It will be more than a year before there are any answers. Tesla hasn’t even finalized its decision of where it will build the vehicle.

Musk tweeted in March that Tesla was scouting locations for a factory that would be used to produce Model Y crossovers for the East Coast market as well as the Cybertruck.  At the time, Musk said that the factory would be located in the central part of the United States.

Initially, Tesla was eyeing Nashville and had been in talks with officials there. The company has since turned its attention to Austin and Tulsa.

Talks in Austin have progressed rapidly and it appears likely that the factory will end up in a location just outside of the city. Although Tulsa officials have been quick to note that talks with Tesla have continued there as well.

Tesla employees say that they are seeing a surprising number of potential customers coming into the store because of the electric pickup truck.

When converting to USD, the reservation cost is slightly higher than in the US at $141, and reservation holders can lock in the Full Self-Driving package price at $9,000.

In the US, those are currently $100 and $8,000, respectively.

Chinese automotive is just so big that the numbers still add up to over 400,000 pickup trucks per year in the market.

Tesla might have an opportunity to expand that market with the Cybertruck, which has been attractive to non-truck buyers in other markets.

China also seems to be curious about the Cybertruck.

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Trump calls Black Lives Matter a ‘symbol of hate’

Trump calls Black Lives Matter a ‘symbol of hate’

Trump says painting ‘Black Lives Matter’ on New York’s Fifth Avenue would be ‘a symbol of hate’

President Donald Trump criticized Mayor Bill de Blasio Wednesday over the $1 billion NYPD funding cut, yet he says de Blasio will use the money for a Black Lives Matter street “sign” in New York City.

Trump showed his disapproval of the situation on Twitter.

De Blasio responded to Trump’s tweets Wednesday by calling them “the definition of racism.”

New York City is facing a $9 billion budget deficit, a result of the economy’s near halt during the pandemic. 

The plan for the Fifth Avenue mural comes after Washington, DC, Mayor Muriel Bowser had “Black Lives Matter” painted in yellow block letters large enough to fill 16th Street, which leads to the White House, and renamed the portion of the road Black Lives Matter Plaza.

“NYC is cutting Police $’s by ONE BILLION DOLLARS, and yet the @NYCMayor is going to paint a big, expensive, yellow Black Lives Matter sign on Fifth Avenue, denigrating this luxury Avenue,” Trump wrote on Twitter shortly after de Blasio announced the timing of the plan. “This will further antagonize New York’s Finest.”

Trump has taken an aggressive posture toward the anti-racism movement and nationwide protests in the wake of George Floyd’s killing in Minneapolis.

Last week, he accused Hawk Newsome, the president of Black Lives Matter of Greater New York, of committing treason by threatening to “burn down this system and replace it” to achieve the group’s goals.

“Black Lives Matter leader states, ‘If U.S. doesn’t give us what we want, then we will burn down this system and replace it.’ This is Treason, Sedition, Insurrection!” Trump tweeted.

New York Governor Andrew Cuomo commented on the proposed Black Lives Matter “sign” that would go up on Fifth Avenue in front of Trump Tower.

“Great, I said from day one I stand with the protesters,” Cuomo said. “I said from day one I stand with Black Lives Matter.”

City Council passed the New York City budget late Tuesday night, a budget which includes redistributing $1 billion from the NYPD budget.

Also Read Trump asks Supreme Court to invalidate Affordable Care Act

Tesla overtakes Toyota to become world’s most valuable car maker

Tesla overtakes Toyota to become world’s most valuable car maker

Tesla Is Now The World’s Most Valuable Car Company With A $208 Billion Valuation

Tesla’s stock jumped to a new record high on Wednesday, giving the electric vehicle maker a valuation of more than $208 billion, which means that it is now the most valuable car company on the planet.

Tesla stock (ticker: TSLA) closed up 3.7% Wednesday, giving the electric vehicle pioneer a market value of about $208 billion.

That eclipses the Toyota Motor (TM) market value of roughly $202 billion. Toyota shares were down about 1% in overseas trading.

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Tesla, of course, eclipsed Toyota earlier in the day, but daily closing prices are typically the ones recorded in the history books. And today is a historic day for now market-leading Tesla.

An incredible year-to-date rally propelled Tesla to be number one. Shares have soared more than 168% year to date. And over the past month, Tesla shares have climbed more than 20%.

Toyota stock, on the other hand, is down 12% in 2020. Rising second-quarter delivery estimates catalyzed the recent Tesla stock move.

The second quarter has higher stakes than most other quarters, because if Tesla earns enough money, it will meet criteria for inclusion in the S&P 500 index.

After years of losses, the Californian firm has also delivered three profitable quarters in a row and maintained that momentum during the first three months of 2020 despite the coronavirus outbreak.

Toyota, however, remains a far larger business in terms of sales.

The Japanese company sold 10.46 million vehicles in the year to March and posted revenues of 30.2 trillion yen ($281.20bn).

Tesla ended 2019 with sales of just $24.6bn, having delivered 367,200 vehicles last year.

However, investors are excited by the US firm’s potential, believing it could dominate the future electric car market.

Analysts at the stockbroker Jefferies said the firm remained “significantly ahead of peers in product range, capacity and technology”.

In a reflection of that, the firm is also now worth around three times the combined value of US rivals General Motors and Ford.

Mr Musk has said Tesla will deliver at least 500,000 vehicles in 2020, a forecast the company has not changed despite the coronavirus pandemic.

Tesla Shareholders Rebel Against Elon Musk’s Whopping $56 Billion Pay Package

Tesla Shareholders Rebel Against Elon Musk’s Whopping $56 Billion Pay Package

Tesla shareholders urged to remove Elon Musk over 10-year comp plan, Twitter use

Pensions and Investment Research Consultants (Pirc), which hails as one of the largest pension representation and lobby groups in the UK, is urging Tesla (NASDAQ:TSLA) shareholders to remove Elon Musk over his 10-year CEO performance award and his Twitter behavior.

According to Pirc, Musk’s compensation plan, which could net a record $55.8 billion payout, “unfairly riches the chief executive.”

In a recommendation on Tuesday, Pirc alleged that Tesla’s “Board, including CEO Elon Musk, awarded themselves excessive compensation packages over a three-year period that allegedly allowed directors to ‘enrich themselves at the company’s expense.’”

The shareholder adviser also called on investors to vote against Musk’s re-election to Tesla’s board due to the deal, as it posed a “serious risk of reputational harm to the company and its shareholders.”

Investors were urged to vote against re-electing Robyn Denholm as Tesla’s chair. She succeeded Musk when he was forced to step down in November 2018.

Pirc said she should step down because of her role overseeing Musk’s pay award as independent non-executive chair and as a member of the remuneration committee.

Apart from Musk’s 10-year performance award, Pirc also took issue with the CEO’s use of Twitter, which has resulted in conflicts with regulators in the past.

The investor adviser stated that Musk’s antics in the social media platform had cost Tesla millions of dollars worth of settlements, thus representing an “unnecessary reputational risk to the company.” Pirc brought up Musk’s conflict with the SEC in 2018, which resulted in a total fine of $40 million from the CEO and Tesla. 

“Mr Musk has been a vocal opponent of the Covid-19 quarantine, and reportedly required workers to return to work during quarantine, without sufficient precautions/protections and despite protests from workers,” Pirc said. “This concern is furthered as it has also been reported that multiple Tesla employees have tested positive for Covid-19 since returning to work.”

Pirc claimed that Musk’s giant pay package has led to unnecessary litigation costs to Tesla, including those stemming from a recent lawsuit brought up by some Tesla shareholders over whether Musk is eligible to withdraw money from the compensation plan.

On Tuesday, Tesla said in an SEC filing that it had agreed to pay Musk a $1 million fee to reimburse his out-of-pocket insurance expense.

Also citing board directors’ self-enrichment, a separate proxy advisor, Institutional Shareholder Services (ISS), last month urged investors to remove Tesla’s chairwoman Robyn Denholm at the September meeting.

Last year, Tesla paid its ten board members a total of over $18 million in cash and stock, including $2.7 million to Denholm herself. “These amounts are considered to be significant outliers” compared with directors at other companies, ISS researchers wrote in a report in June.

Texas couple married for 53 years dies from coronavirus while holding hands

Texas couple married for 53 years dies from coronavirus while holding hands

Texas couple married for 53 years dies from coronavirus while holding hands

After 53 years of marriage, a Texas couple died from Covid-19 while holding hands

A beloved couple who died 50 minutes apart while holding hands at a hospital in Fort Worth are among the more than 2,200 coronavirus-related fatalities in Texas as the state has reported a surge in infections that has brought the total to at least 125,000 cases statewide Wednesday.

Curtis Tarpley, 79, and his wife Betty, 80, died last week at the Texas Health Harris Methodist Hospital after brief battles with the virus, The Fort Worth Star-Telegram reported.

The couple’s son Tim Tarpley, a personal trainer who also works with Fort Worth Mayor Betsy Price, told the publication that his mother began feeling ill a few weeks ago but believed it was a sinus infection or a toothache.

Son Tim Tarpley says his parents, Curtis and Betty Tarpley, were both diagnosed with COVID-19 at the same time in June. His mother was admitted to Texas Health Harris Methodist Hospital in Fort Worth shortly before his father, and she declined faster.

“My mom called me and said, ‘Hey, I want to let you know I’m ready to go.’ And I yelled and screamed,” Tim Tarpley said.

He then called his dad, who was on a different floor of the hospital.

“He said, ‘How’s your mom?’ I said, ‘Well, she’s not good. She may not make it past tomorrow.’ It was like at that moment, knowing that my mom was then gonna go, it was OK for him to go,” Tim Tarpley said.

Tim Tarpley says nurses he’d never met, especially one he only knows as Blake, made his parents’ last moments special by making sure the two were in the same room.

“He [Blake] really went out of his way to get my mom moved from her room to his room, and then, he just placed their hands near each other. Next thing we know, they grabbed each other’s hand, and that’s how they went,” Tim Tarpley said.

Tarpley said he doesn’t know how his parents got Covid-19, but he said he had to quarantine because he caught it from them. He said his mom and dad had mostly been in isolation since March, but he visited them every couple of days to check in.

That time together made their relationship even stronger, which Tarpley said gave him “another level of peace.”

He said the family and friends hope to be able to have a celebration of Betty and Curtis’ life next year.