Tech
Tesla abandons low-cost car amidst fierce Chinese EV competiton
Tesla has made a significant shift in its strategy, abandoning plans for the long-anticipated affordable electric car, according to sources familiar with the matter and company messages.
Tesla cancels plans for a low-cost electric car, shifting focus towards developing self-driving robotaxis, in a departure from Elon Musk’s earlier vision of mass-market affordability.
The decision comes amidst fierce competition from Chinese electric vehicle makers offering significantly cheaper options, posing challenges to Tesla’s growth targets and market dominance.
Despite the cancellation, Tesla’s future plans for robotaxis remain uncertain, while the company faces scrutiny over various issues including regulatory hurdles and product quality concerns.
This decision marks a departure from Elon Musk’s earlier vision of providing affordable electric vehicles to the masses, opting instead to focus on developing self-driving robotaxis on the same platform.
Since Tesla’s inception, Musk has repeatedly promised an affordable electric car, often considered a cornerstone of the company’s mission. However, the cancellation of this project underscores the growing challenges Tesla faces in the increasingly competitive electric vehicle market, particularly against Chinese automakers offering significantly lower-priced options.
The decision to scrap the affordable car project was reportedly communicated to employees in a meeting held in late February.
Instead, Tesla will prioritise the development of self-driving robotaxis, albeit in lower volumes than initially projected for the affordable model.
Following the Reuters report, Tesla’s stock experienced a significant drop, only to rebound slightly after Musk’s social media post announcing an upcoming unveiling event for the Tesla Robotaxi.
READ MORE – The battery set to change Electric Vehicles and Tesla’s market share
Musk’s vision
While Tesla’s decision to pivot away from the affordable car strategy may disappoint investors and consumers, it reflects Musk’s vision of prioritising the development of autonomous driving technology, which he believes represents the future of mobility.
The cancellation of the affordable car project poses challenges for Tesla’s ambitious growth targets, including Musk’s goal of selling 20 million vehicles by 2030.
The delay in pursuing a low-cost option has allowed Chinese automakers to gain market share and offer competitive pricing, putting pressure on Tesla’s market dominance.
Tesla’s future plans for robotaxis remain unclear, as the company continues to face regulatory hurdles and technical challenges in achieving fully autonomous driving capabilities.
Nonetheless, Musk remains optimistic about the potential of self-driving cars to revolutionise transportation.
Tech
Apple set to unveil budget iPhone 17e, new iPads and low-cost MacBook
Apple’s Tim Cook announces major product reveals this week, highlighting budget iPhone 17e, new iPads, and low-cost MacBook.
Apple’s Tim Cook announces major product reveals this week, highlighting budget iPhone 17e, new iPads, and low-cost MacBook.
Apple Inc. CEO Tim Cook has confirmed a major week of product announcements kicking off Monday morning, building momentum toward a global “Apple Experience” event across New York, London and Shanghai. The tech giant is expected to spread its reveals across three days, fuelling speculation about its biggest refresh cycle yet.
Leading the buzz is the rumoured budget-friendly iPhone 17e, signalling Apple’s push to capture more price-conscious consumers without sacrificing performance. Two new iPads powered by advanced chips are also tipped to headline the lineup, pointing to stronger AI capabilities and faster processing speeds.
Rounding out the expected reveals is a low-cost 12.9-inch MacBook that’s already generating serious interest, alongside updated MacBook Pro models and a refreshed Mac Studio. It’s shaping up to be one of Apple’s most significant multi-product launches in recent years.
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Tech
Nvidia posts record revenue as AI fears shake investors
Nvidia’s £68.1 billion revenue, up 73%, raises investor concerns about AI’s impact and tech customers’ financial health.
Nvidia’s £68.1 billion revenue, up 73%, raises investor concerns about AI’s impact and tech customers’ financial health.
Nvidia posted strong quarterly earnings, but Wall Street remained unimpressed, causing shares to fall 5%. Analysts point to investor concerns over AI dominance and a stalled $100 billion deal with OpenAI.
Experts discuss what factors in the earnings report failed to meet market expectations, including revenue projections and details around the Vera Rubin chip architecture. Competition from alternative chipmakers and scrutiny of hyperscaler cash flows are also shaping investor sentiment.
Despite recent setbacks, analysts remain cautiously bullish on Nvidia, highlighting long-term AI potential and the company’s dominant position in the chip market.
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Tech
Meta launches lawsuits over alleged scam advertising operations
Meta targets scam advertising networks in Brazil, China, and Vietnam, intensifying its crackdown on scams across its platforms.
Meta targets scam advertising networks in Brazil, China, and Vietnam, intensifying its crackdown on scams across its platforms.
Social media giant Meta has launched aggressive legal action targeting alleged scam operations using its platforms. The company has filed lawsuits against four advertising networks based in Brazil, China and Vietnam.
Meta has also issued cease and desist letters to eight marketing consultants accused of helping clients bypass the platform’s enforcement systems. The move signals a tougher stance on organised scam activity operating at scale.
While no criminal charges have been laid, Meta says it is doubling down on efforts to protect users and restore trust across its platforms as scam activity continues to rise globally.
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