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Electric Flying Taxi Industry Faces Turbulence Amid Financial and Technical Challenges

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The promise of electric vertical take-off and landing (eVTOL) aircraft transforming urban mobility has hit significant hurdles, as leading innovators struggle with funding and technical setbacks. Germany’s Volocopter, which aimed to showcase its VoloCity air taxi at the Paris Olympics, failed to launch passenger services and is now relying on a potential $95 million investment from China’s Geely, which could shift manufacturing to China. Similarly, German eVTOL pioneer Lilium has entered insolvency proceedings after failing to secure crucial loans, casting doubt on its ambitious plans to build radical electric jets.

In the UK, Vertical Aerospace has made progress with its VX4 aircraft, including recent piloted tests. However, financial instability has led to a $50 million rescue investment by US-based Mudrick Capital, leaving the creditor with a 70% stake in the company. Meanwhile, Airbus’s CityAirbus NextGen appears more stable, with its four-seater design progressing as a technology project backed by ample funding and expertise.

Despite enthusiasm for the industry’s potential, concerns remain over profitability, particularly due to operational costs like pilot wages and battery replacements. While startups like Joby and Archer in the US continue to push forward, the sector faces a long road before proving its commercial viability, with investors hoping to emulate the success of transformative companies like Tesla.

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VW to invest up to $5bn in Tesla rival Rivian

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Volkswagen (VW), the German automotive giant, has announced an investment of up to $5 billion (£3.94 billion) in Rivian, a competitor to Tesla. This partnership forms a joint venture allowing both VW and the US-based electric vehicle (EV) manufacturer to share technology. Following the announcement, Rivian’s stock surged nearly 50%.

The collaboration comes amid increasing competition among EV manufacturers and the imposition of tariffs on Chinese imports by Western nations. VW will start with an initial $1 billion investment in Rivian, with an additional $4 billion planned by 2026.

Founded in 2009, Rivian has yet to achieve a quarterly profit, reporting a net loss of over $1.4 billion in the first quarter of 2024. VW, facing pressure from competitors like Tesla and China’s BYD, is working to transition from fossil fuel-powered vehicles to EVs.

The partnership provides VW with immediate access to Rivian’s software, which it can integrate into its vehicles. The deal also comes as Chinese EV manufacturers expand globally, increasing competition. The European Union (EU) recently announced plans to raise tariffs on Chinese EV imports by up to 38%, following an investigation that found Chinese EV companies had been unfairly subsidized. China criticized these tariffs as violating international trade rules and labeled the investigation as protectionist.

The tariff increase by the EU follows the United States’ decision to raise import duties on Chinese EVs from 25% to 100%. Canada is also considering similar measures to align with its allies.

Separately, Tesla announced a recall of over 11,000 Cybertrucks sold in the US due to issues with windscreen wipers and exterior trim. The Cybertrucks were first released at the end of November last year.

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Tesla factory in Germany halts production after suspected arson

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Tesla’s car factory in Berlin came to a standstill on Tuesday following a suspected arson attack in the vicinity. The incident occurred when an electricity pylon near the plant caught fire, resulting in power disruptions within the factory premises and neighboring towns. Despite ongoing protests by environmental activists against the factory’s expansion, they denied any involvement in the fire incident.

Although the fire did not reach Tesla’s factory itself, it caused damage to the electricity pylon and high-voltage wires nearby. The company took precautions by sending its workers home, ensuring the safety of its building. Authorities, including Brandenburg’s Interior Minister, emphasized the seriousness of the act of sabotage but urged against premature speculation regarding the perpetrators.

The situation has escalated against the backdrop of environmental concerns, with around 100 activists camping in the adjacent forest to protest against the factory’s expansion plans. Their primary objection revolves around the potential deforestation required for the expansion project. Despite assertions from environmental groups like Robin Wood denying any involvement in the fire, tensions remain high.

Tesla’s ambition to double the size of its only European plant is met with resistance from environmental activists. Currently, the factory produces approximately 500,000 cars annually, with plans for expansion aimed at doubling this output. However, the disruption caused by the recent incident has left production in limbo, with uncertainty surrounding when operations will resume.

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Elon Musk advertises a Tesla job on Twitter, and the response is hilarious

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Elon Musk, the CEO of SpaceX and Tesla, recently posted a job advertisement on Twitter, and internet users couldn’t help but troll him.
Elon Musk announced on Twitter a day after sexual harassment allegations against him surfaced, which he denounced as “completely false,” that his company would be forming a “hardcore litigation department” to “directly initiate and execute lawsuits,” with the team reporting to him.

“My commitment: we will never seek victory in a just case against us, even if we will probably win [and] we will never surrender/settle an unjust case against us, even if we will probably lose,” Mr Musk said in a Twitter threat. “I’m looking for hardcore streetfighters, not white-shoe lawyers,” he continued, adding that “there will be blood.”

Mr Musk requested that applicants submit three to five bullet points demonstrating “evidence of exceptional ability.” As a result, Twitter users decided to have some fun, with some mocking Mr Musk for using social media to find the best legal minds in the world, while others pitched hilarious points, just as the Tesla CEO had requested.”Because if I wanted to assemble a team of the world’s best legal minds, the first place I would go would absolutely be Twitter,” one user wrote. Another shared three bullet points: “1. I drank 69 beers in one day in July 2017 2. I know everything there is to know about Arizona dive bars 3. A Tier 1 law school awarded me Magna Cum Laude. These are ranked from most important to least important.” Another user claimed to have “a lot of experience stealing coffee from Harvard Law.”

Meanwhile, according to Business Insider, SpaceX paid $250,000 in 2018 to settle a sexual harassment claim filed by an unnamed private jet flight attendant who claimed Mr Musk exposed himself to her. According to the article, an anonymous source claimed to be a friend of the flight attendant.
Elon Musk, on the other hand, denounced the “completely false” claims the next day. “It never happened,” he said, and he challenged the anonymous person to describe something that isn’t widely known.

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It’s official: Elon Musk has paid $44 billion for Twitter

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Elon Musk, a billionaire, has taken control of Twitter in one of the biggest tech deals in history. Musk will pay approximately $44 billion for the social network, with shares valued at $54.20. On April 14, Musk announced his takeover bid, calling it his ‘best and final offer.’

“Free speech is the foundation of a functioning democracy, and Twitter is the digital town square where important issues affecting humanity’s future are discussed.” I also want to make Twitter better than it has ever been by adding new features, opening up the algorithms to increase trust, defeating spam bots, and authenticating all humans.However, Twitter initially put in place a “poison pill defence” against the hostile takeover. However, after Musk announced that he had secured funding, the Tesla board entered into negotiations with the co-founder of the company. Musk met “privately with several shareholders of the company to extol the virtues of his proposal” on Friday, according to the Wall Street Journal, and also made video calls to them to press his case.

“I hope that even my harshest critics remain on Twitter, because that is what free speech means,” Musk said earlier today on Twitter. It’s also worth noting that Musk sent out a rather obnoxious tweet about Microsoft co-founder Bill Gates on Saturday, ostensibly in response to Gates shorting Tesla. More than a million people have liked the tweet. He then joked that his tweet was being reviewed by the’shadow ban council.’

On the platform, he has been a staunch supporter of ‘free speech.’ “I invested in Twitter because I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk wrote in a filing to the US Securities and Exchange Commission. “Twitter has extraordinary potential,” he wrote in the filing. “I’ll get it unlocked.”

Musk has already floated the idea of privatising Twitter. “If our twitter bid succeeds, we will defeat the spam bots or die trying!” he tweeted recently. Then came another post in which he stated that all humans on the platform should be authenticated.

The Tesla co-founder has previously spoken about the need for a ‘Edit Button’ on the platform, and even held a poll in which he purposefully misspelt yes and no, presumably to emphasise the need for an edit button given the frequent typos that people make while tweeting. It’s worth noting that Twitter has already confirmed that an Edit button will be introduced.

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