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Elon Musk miscalculated Tesla Lost Hundreds of Billions Due to Elon Musk miscalculated Tesla Lost Hundreds of Billions Due to

Electric Cars

Elon Musk miscalculated? Tesla Lost Hundreds of Billions Due to the Bitcoin Crash

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Elon Musk’s Tesla lost about $440 million due to the Bitcoin crash. Tesla bought $1.5 billion worth of bitcoin early last year, making it the largest company to convert some of its cash reserves into cryptocurrencies.

Bitcoin has crashed to an 18-month low over the past couple of months and is now worth less than $20,000. Today, the company’s bitcoin assets are valued at $820.8 million, up from $1.26 billion three months ago.

This means that Tesla is likely to record an impairment of around $440 million of its bitcoin holdings, equivalent to 9% of its full-year profits last year, when it releases quarterly results later this month.

Elon Musk miscalculated?  Tesla Lost Hundreds of Billions Due to the Bitcoin Crash

The price of the cryptocurrency is down 60% from $46,700 at the beginning of the year and nearly 75% from its all-time high in November. Rising interest rates and inflation have blunted interest in digital assets, while prices have also been hit by a series of crises in crypto companies.

Tesla briefly adopted bitcoin as a payment method last year, but suspended its use after Musk raised concerns about its carbon footprint. Earlier this year, the richest man in the world said he did not personally sell his cryptocurrency holdings.

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Electric Cars

Tesla electric cars may be banned in California due to incorrect advertising of the autopilot

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Tesla electric cars may be banned in California due to

The California Department of Motor Vehicles has filed a complaint with the Office of Administrative Hearings against Tesla for incorrect advertising of an electric vehicle autonomous driving system. Lawyers representing the department believe that the word and phrase “autopilot” and “fully autonomous driving” used by the company in advertising materials mislead potential buyers and give them a false idea of ​​\u200b\u200bsafety.

Tesla electric cars may be banned in California due to incorrect advertising of the autopilot

In a statement, the California Department of Motor Vehicles is requiring Tesla to change the description and positioning of the features mentioned above when advertising and selling electric vehicles in California. In particular, the department asks the company to communicate in promotional materials about the limitations of these options in the same way as they are reported on the official Tesla website. Otherwise, the agency will insist on revoking Tesla’s license to sell cars in the state. It is noted that in this case, the restrictions will not affect the owners of already sold cars.

Tesla has 15 days to defend its rights in court. The company has not yet commented on the situation.

The US is not the first country where Tesla has been targeted by the authorities for misleading ads for autonomous driving. In the summer of 2020, a Munich court for the same reasons banned Elon Musk’s company from using the word “autopilot” in advertising for Tesla electric vehicles.

Meanwhile, Elon Musk announced the release of a new beta version of Tesla Autopilot: FSD Beta 10.69 will be released in the US on August 20.

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Electric Cars

Ford has set a new record for the U.S. electric vehicle market. The company is second in the market after Tesla

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Ford has set a new record for the US electric

In the U.S. battery electric vehicle (BEV) market, Ford is number two, behind only Tesla.

Ford has set a new record for the U.S. electric vehicle market.  The company is second in the market after Tesla

In July this year, the total sales of Ford and Lincoln cars in the domestic market increased by 36.6% in annual terms and amounted to 163,942 cars. At the same time, Ford sales increased by 35.5% to 156,975 units, while Lincoln sales increased by 64.5% to 6,968 units.

Domestic sales of all-electric Ford vehicles hit a new record. In July of this year, the company sold 7,669 such vehicles, which is 169% more than a year earlier. In the structure of Ford sales in the US car market, such cars accounted for 4.9%, which is also a new record for the automaker.

The company notes that the growth rate of sales of Ford electric vehicles is ahead of the dynamics of the entire market, and in terms of the number of cars sold, the automaker is in second place, second only to Tesla.

Ford’s EV share is growing fast, the company said in a statement. — In July, Ford took a nearly 11 percent share in this segment of the car market, which was the highest figure in the history of the company.“.

In total, in July this year, Ford sold 2,173 Ford F-150 Lightning electric pickups, 4,970 Ford Mustang Mach-E vehicles, and 526 Ford E-Transit vans.

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Electric Cars

Geely electric vehicles move to Huawei platform

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Geely electric vehicles move to Huawei platform

Geely, through its official page on the Weibo social network, announced that Geometry brand vehicles (and these are exclusively electric vehicles) are moving to the Huawei platform. Huawei has both hardware and software platforms for electric vehicles, in this case we are talking about the second.

Geely electric vehicles move to Huawei platform

In the teaser, Geely showed the interior of a promising electric car – the first with the Huawei HarmonyOS Smart Cockpit system. Geely has three models under the Geometry brand – A, C and E. The picture, apparently, appears on the fourth. She will receive a large touch screen on the front panel and a large projection display.

Geely electric vehicles move to Huawei platform

There are no more details about Geely’s upcoming electric car, but as far as the HarmonyOS Smart Cockpit is concerned, it’s a pretty smart system. So, for example, it automatically turns on the dark theme of the media system design depending on the time of day, and also automatically turns on air recirculation at the entrance to the tunnel. The tight integration of HarmonyOS Smart Cockpit allows you to display the navigation running on your phone anywhere – even on the projection screen, even on the dashboard, even on the central display of the media system. And this, of course, is far from all its possibilities.

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