Tesla competitor Rivian backs bill to open up Washington to electric vehicle direct sales Michael Goldberg February 11, 2021
Rivian, a Tesla competitor, is backing legislation that would allow “direct sales” of electric vehicles (EVs) in Washington State. This would mean that HB 1388, sponsored by Rep. Shelley Kloba (D – Kirkland), would permit Rivian and other EV manufactures to sell vehicles directly to customers without working through franchise auto dealerships. Current state law prohibits Rivian from doing so.
Rivian, which is backed by the Ford Motor Company and Amazon, was valued at $27.6 billion at its latest funding round in January. Bloomberg reported this week that the electric-vehicle startup may go public as soon as September at a valuation of about $50 billion.
Tesla Motors Q4 Profit Miss Street View; Shares Down 5%
WASHINGTON (dpa-AFX) - Shares of Tesla Motors Inc. (TSLA) slipped 5% in extended trading session on Wednesday after the luxury electric car maker reported a profit for the fourth quarter that fell short of Wall Street analysts estimates.
Palo Alto, California-based Tesla reported fourth-quarter profit of $270 million or $0.24 per share, compared to last year s profit of $105 million or $0.11 per share.
Excluding items, adjusted earnings for the quarter were $0.80 per share, compared to $0.41 per share last year. On average, 17 analysts polled by Thomson Reuters expected earnings of $1.01 per share for the quarter.
Tesla s revenues for the quarter surged 46% to $10.74 billion from $7.38 billion last year. Analysts had a consensus revenue estimate of $10.32 billion.
Elon Musk s Tesla to take tax-friendly jurisdiction route to enter India
Tesla has incorporated a company in Bengaluru - Tesla India Motors and Energy Private Ltd - with a paid-up capital of Rs 1 lakh and three directors. Its registered address is in the heart of the city, barely a kilometre from the high profile UB City complex
BusinessToday.In | January 18, 2021 | Updated 12:59 IST
Tesla CEO Elon Musk
As US-based electric car maker Tesla Inc plans its India entry this year, it has taken a tax-friendly jurisdiction route. The route taken by Elon Musk-led Tesla will allow it to avail benefits on capital gains and dividend payments. Also, the European country s strong intellectual property (IP) framework will allow Tesla to bring the latest technology to the country.
During typical sessions of the state Legislature, business lobbying groups expect to spend the bulk of their time advocating for tax policies, regulatory relief and other initiatives aimed at coaxing a few more RPMs out of what in recent years has been a booming Texas economic engine.
The 2021 session that got underway Tuesday will be anything but typical.
Amid elevated unemployment, lackluster job growth and depressed levels of commerce statewide all of which are symptoms of the devastating financial fallout triggered by the ongoing coronavirus pandemic the task this year may be more akin to a medical practitioner trying to get a patient back on its feet.