Tag: Musks

Musk’s wealth nosedives $12.6 bn after chaos at SpaceX, Tesla, Twitter

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San Francisco: Elon Musk saw his wealth plummet by more than $12 billion in just a day as he faced chaos and disappointing news from across his companies — SpaceX, Twitter and Tesla.
According to Bloomberg’s Billionaires Index, this was the biggest drop in Musk’s wealth so far this year.
Tesla’s share price fell by 9.8 per cent after disappointing first quarter results.

Tesla’s operating income decreased 24 per cent to $2.7 billion in Q1 2023 as the Elon Musk-run EV maker continues to cut prices of its vehicles.
On the same day, SpaceX’s integrated Starship spacecraft experienced a “rapid unscheduled disassembly” four minutes into its first test flight.
SpaceX’s giant Starship rocket exploded after its launch from the US state of Texas on Thursday.
The rocket got off the launch pad in SpaceX’s Starbase in South Texas but exploded minutes later. The spacecraft failed to reach orbit.
Twitter also went into chaos after Musk removed legacy Blue check marks, leaving hundreds of celebrities in the doldrum.

Musk still remains the world’s second-richest person despite this latest tumble in net worth, behind French tycoon Bernard Arnault, reports The Verge.
Musk’s fortune once sat as high as $320 billion in late 2021. Later, he became the first person in history to lose over $200 billion.
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( With inputs from www.siasat.com )

April 22, 2023
China wages price war on Musk’s SpaceX reusable rockets

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Beijing: China has announced a price war on Elon Musk-run SpaceX, with doubling down on reusable rockets as part of its new aerospace programme.
A new aerospace launching system is under development in China that requires cutting the cargo cost per kilogram to 5 per cent to that of the existing Long March rockets, reports South China Morning Post.
“The Long-Range Aerospace Transportation System, being built at the China Aerospace Science and Technology Corporation (CASC), the nation’s largest aerospace defence contractor, can carry more than 60 tonnes of cargo to near-Earth orbit – about the same capacity as SpaceX’s Falcon Heavy rocket,” the report mentioned.

The hypersonic space plane could deliver the same payload from Shanghai to an airport in San Francisco in less than an hour.
According to project lead scientist Song Zhengyu of the China Academy of Launch Vehicle Technology, space authorities require the plane to be reused more than 100 times and have fewer than three failures per 1,000 flights.
In recent years, SpaceX has also cut its launch cost to about the same as that of the Long March rockets.
China also plans to launch nearly 13,000 internet satellites to counter SpaceX’s Starlink.
Meanwhile, China recently carried out a successful rocket vertical landing test at sea.

The technology would lay the foundation for future applications including a recyclable near-space experiment platform as well as the development of space travel, reports state-run Global Times.
CAS Space, a commercial spaceflight firm that is partly owned by CAS, revealed that it successfully carried out the launching-from-land and landing-at-sea flight trial in Haiyang, East China’s Shandong Province.
“The rocket prototype flew at an altitude of more than 1,000 metres, descended in a smooth hovering fashion and then decelerated thanks to the engine reverse thrust,” the report mentioned.
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( With inputs from www.siasat.com )

April 9, 2023
Tesla sales up 51% in 2022, net income doubles amid Musk’s Twitter saga

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San Francisco: Despite a rocky takeover of Twitter which saw Tesla stock tumbling by over 60 per cent, Elon Musk-in Tesla made more money than ever in 2022, as total revenue grew 51 per cent to $81.5 billion and net income more than doubled to $12.6 billion.
In the fourth quarter (Q4) of 2022, the company beat Wall Street revenue estimates, registering $24.3 billion in revenue, a 37 per cent increase from the same quarter last year, and earned $3.7 billion in net income.
“As we progress into 2023, we know that there are questions about the near-term impact of an uncertain macroeconomic environment, and in particular, with rising interest rates,” said the company.
“In the near term we are accelerating our cost reduction roadmap and driving towards higher production rates, while staying focused on executing against the next phase of our roadmap,” it added.
Tesla said it is prepared for short-term uncertainty, while being focused on the long-term potential of autonomy, electrification and energy solutions.
Tesla said it delivered 405,278 vehicles to customers in the October-December quarter, and 1.3 million vehicles for the entire 2022.
“Our relentless cost control and cost innovation is why we believe that no other OEM is better equipped to navigate through 2023, and ultimately succeed in the long run,” it added.
The Model Y production line in Austin, Texas, produced over 3,000 vehicles in a week towards the end of Q4.

“Production and delivery challenges in 2022 were largely concentrated in China Since our Shanghai factory has been successfully running near full capacity for several months, we do not expect meaningful sequential volume increases in the near term,” said the company.
The Model Y production line in Germany produced over 3,000 vehicles in a week towards the end of Q4.
“We have now released FSD Beta to nearly all customers in the US and Canada who bought FSD (approximately 400,000). This is an important milestone for our company,” Tesla added.
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( With inputs from www.siasat.com )

January 26, 2023