Wednesday June 19, 2019
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Tesla To Retire Lowest-Range Versions of its Model S, X Vehicles

The price for a new Model S will start at $94,000 and the starting price for a Model X will be $97,000 from next week, according to Musk's tweet-announcement

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Tesla, board
Tesla to lay-off 7% full-time staff amid China dreams. Pixabay

Tesla will stop selling the lowest-range versions of its Model S sedans and Model X SUVs from Monday, the electric car maker’s CEO Elon Musk said. “Starting on Monday, Tesla will no longer be taking orders for the 75 kWh version of the Model S & X,” Musk revealed in a tweet on Wednesday, while asking people interested in buying those vehicles to place their orders latest by Sunday.

Higher-end versions of the S and X, equipped with a 100 kWh battery, will still be made and sold by Tesla, but at a higher price, CNBC reported, adding that Tesla did not respond to inquires as to why the S and X offerings were pared back.

Tesla CEO Elon musk, board
Musk lays foundation of first Tesla plant in China. (VOA)

The price for a new Model S will start at $94,000 and the starting price for a Model X will be $97,000 from next week, according to Musk’s tweet-announcement. The Model S and X are Tesla’s second and third major lines of electric vehicles, and are higher-priced lines compared to its newest Model 3, the report said. Tesla is taking steps to start Model 3 production in China.

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Earlier this week, Musk laid the foundation of a Tesla Gigafactory in Shanghai — the first-ever outside the US — that is expected to produce 500,000 electric vehicles per year and double the production capacity of Tesla. “Aiming to finish initial construction this summer, start Model 3 production end of year & reach high volume production next year,” Musk had tweeted, adding that “Shanghai Giga production of Model 3/Y will serve greater China region”. (IANS)

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Elon Musk Says He Earned Nothing in Terms of Income From Tesla in 2018

Musk was not paid any performance-based compensation from Tesla

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SIAM, Government, Electric Vehicles
The Society of Indian Automobile Manufacturers (SIAM) on Sunday said the government should adopt a practical approach towards adoption of EVs. Pixabay

While his electric vehicle (EV) company Tesla struggles to make profit, tech mogul Elon Musk denied reports that claimed he had earned $2.3 billion in stock options in 2018. Instead, Musk said he had pocketed nothing at all.

A Tesla fanpage took to Twitter slamming a news report from last week that said Musk made more in 2018 than the next 65 highest-paid CEOs combined, making him the highest-paid executive among 200 CEOs of large publicly traded companies, Observer.com reported on Thursday.

Contradicting the story, the fanpage called Tesla4Everman argued that Musk was not paid any performance-based compensation from Tesla, instead he only “made the state mandated minimum wage,” which he later donated.

Siding by Tesla4Everman, Musk wrote: “I paid most of my Tesla-related expenses too. Tesla last year was actually net negative comp (compensation) for me.”

Elon Musk, Income, Tesla, 2018
Tech mogul Elon Musk denied reports that claimed he had earned $2.3 billion in stock options in 2018. Pixabay

According to Observer.com, however, the $2.3 billion amount mentioned in the Business Insider article was not a cash or equity payout, but a compensation plan Tesla’s board approved last year that has yet to materialise.

The plan promises to compensate Musk with $2.3 billion worth of Tesla stock in 12 slices over a 10-year period on the condition that Tesla achieves a market capitalisation of $650 billion, in addition to hitting 12 operational milestones.

Amid the ongoing US-China trade war, Tesla’s current market cap stands at only $33 billion.

“Yeah, the fear, uncertainty and doubt propaganda campaign being pushed by those betting against Tesla has reached new heights,” Musk later tweeted.

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Earlier in May, Musk announced to his employees that he would personally be examining and reviewing every expenditure at Tesla, no matter how small, alongside Zach Kirkhorn, the company’s Chief Financial Officer (CFO), the media reported.

The new cost-cutting initiative has been implemented after the automaker suffered a loss of $702 million and involves Musk examining every payment, including parts, salary, travel expenses and rent. (IANS)