
India grants license to Musk's Starlink
The launch of Starlink, which provides high-speed Internet access to remote locations using low Earth orbit satellites, has sparked fierce debate in India over issues ranging from predatory pricing to spectrum allocation.
Communications minister Jyotiraditya Scindia said he held a 'productive meeting' with Gwynne Shotwell, president and chief operating officer of Starlink owner SpaceX.
Shotwell 'appreciated the license granted to Starlink, calling it a great start to the journey,' the minister said late Tuesday on Musk-owned social media platform X.
It follows two of India's biggest telecom service providers – Jio Platforms and its rival Bharti Airtel – in March announcing deals with SpaceX to offer Starlink Internet to their customers.
SpaceX owner Musk has butted heads with Asia's richest man and Jio Platforms owner Mukesh Ambani over how the satellite spectrum should be awarded.
While Musk's business interests in India are currently limited to X, the tech mogul's electric vehicle maker Tesla is preparing its entry into the country.
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Arab News
2 hours ago
- Arab News
Tesla profit plunges in latest quarter as Musk's turn to politics continues to keep buyers away
NEW YORK: The fallout from Elon Musk's plunge into politics a year ago is still hammering his Tesla business as both sales and profits dropped sharply again in the latest quarter. The car company that has faced boycotts for months said Wednesday that revenue dropped 12 percent and profits slumped 16 percent in the three months through June as buyers continued to stay away. 'The perception of Elon Musk, its chief executive, has rubbed the sheen right out of what once was a darling and soaring automotive brand,' wrote Forrester analyst Dipanjan Chatterjee in an email. Tesla is 'a toxic brand that is inseparable from its leader.' Quarterly profits at the electric vehicle, battery and robotics company fell to $1.17 billion, or 33 cents a share, from $1.4 billion, or 40 cents a share. That was the third quarter in a row that profit dropped. On an adjusted basis, the company said it earned 40 cents a share, matching Wall Street estimates. Revenue fell from $25.5 billion to $22.5 billion in the April through June period, slightly above Wall Street's forecast. Tesla shares were little changed in after-hours trading as investors wait to hear from Musk on the company's earnings call later in the afternoon. Musk, who helped elect President Donald Trump with a massive campaign donation and then headed his DOGE cost-cutting program, has been pinning the future of the company less on car sales and more on robotaxis, automated driving software and robotics. But those businesses are yet to take off, and the gap between promise and profits was apparent in the second quarter. A big challenge is that potential buyers not just in the US but Europe are still balking at buying Teslas. Musk alienated many in the market for cars in Great Britain, France, Germany and elsewhere by embracing far-right candidates for office on the continent. And rival electric vehicle makers such as China's BYD and German's Volkswagen have pounced on the weakness, stealing market share. Tesla began a rollout of its paid pickup robotaxi service in Austin, Texas, and hopes to introduce the driverless cabs in several other cities soon. Musk has said he expects to have hundreds of thousands of the cabs on US roads by the end of next year. In a conference call after the results were announced, Musk said the service will be available to probably 'half of the population of the US by the end of the year — that's at least our goal, subject to regulatory approvals.' He added, 'We are being very cautious. We don't want to take any chances.' The test run in Austin has mostly gone off without a hitch, though there have been a few alarming incidents, such as when a robotaxi went down a lane meant for opposing traffic. With driverless taxis, though, the billionaire who upended the space race and the EV manufacturing faces tough competition. The dominant provider now, Waymo, is already in several cities and recently logged its ten-millionth paid trip. Meanwhile other threats loom. The new federal budget just passed by Congress eliminates a credit worth as much as $7,500 for buying an electric car. It also wipes out penalties for car makers to exceeding carbon emission standards. That threatens Tesla's business of selling its 'carbon credits' to traditional car companies that regularly fall short of emission standards. Tesla generated $439 million from credit sales, down sharply from $890 million a year ago. One way to boost sales that Musk has long promised: A cheaper model. The company now is planning to introduce that to the market in the last three months of the year. Tesla had previously said that was going to happen by June this year. 'It appears management's focus will now shift to robotaxis and away from deliveries growth,' said Morningstar analyst Seth Goldstein, referring to the car sales. 'If Tesla continues to execute well with vehicle autonomy and humanoid robot autonomy,' Musk said in his remarks, 'it will be the most valuable company in the world.' Musk also said he expected regulatory approval to introduce its so-called Full Self-Driving software in some parts of Europe by the end of the year. Musk had previously expected that to happen by March of this year. The feature, which is available in the US, is a misnomer because it is only a driver assistance feature. Gross margins for the quarter, a measure of earnings for each dollar of revenue, fell to 17.2 percent from 18 percent a year earlier. A highlight from the quarter was from something far removed from cars and robots: the company's investment in bitcoin. That bet generated a $284 million paper gain, compared with a loss the previous quarter.


Al Arabiya
5 hours ago
- Al Arabiya
Tesla profit plunges in latest quarter as musk's turn to politics continues to keep buyers away
The fallout from Elon Musk's plunge into politics a year ago is still hammering his Tesla business as both sales and profits dropped sharply again in the latest quarter. The car company that has faced boycotts for months said Wednesday that revenue dropped 12 percent and profits slumped 16 percent in the three months through June as buyers continued to stay away. 'The perception of Elon Musk its chief executive has rubbed the sheen right out of what once was a darling and soaring automotive brand,' wrote Forrester analyst Dipanjan Chatterjee in an email. 'Tesla is a toxic brand that is inseparable from its leader.' Quarterly profits at the electric vehicle battery and robotics company fell to $1.17 billion or 33 cents a share from $1.4 billion or 40 cents a share. That was the third quarter in a row that profit dropped. On an adjusted basis, the company said it earned 40 cents a share, matching Wall Street estimates. Revenue fell from $25.5 billion to $22.5 billion in the April through June period, slightly above Wall Street's forecast. Tesla shares were little changed in after-hours trading as investors wait to hear from Musk on the company's earnings call later in the afternoon. Musk, who helped elect President Donald Trump with a massive campaign donation and then headed his DOGE cost-cutting program, has been pinning the future of the company less on car sales and more on robotaxis, automated driving software, and robotics. But those businesses are yet to take off, and the gap between promise and profits was apparent in the second quarter. A big challenge is that potential buyers, not just in the US but Europe, are still balking at buying Teslas. Musk alienated many in the market for cars in Great Britain, France, Germany, and elsewhere by embracing far-right candidates for office on the continent. And rival electric vehicle makers such as China's BYD and Germany's Volkswagen have pounced on the weakness, stealing market share. Tesla began a rollout of its paid pickup robotaxi service in Austin, Texas, and hopes to introduce the driverless cabs in several other cities soon.


ArabGT
11 hours ago
- ArabGT
Xiaomi's Bold Journey from Phones to the Fast Lane of Automotive
It's not every day a smartphone mogul shifts gears—literally—and finds success building cars. But that's exactly what Lei Jun, founder and CEO of Xiaomi, is doing. A decade ago, he was shattering records by selling millions of phones online in a single day. Today, he's making headlines in the automotive world for something much bolder: selling electric vehicles faster than most legacy carmakers could dream of. In just three minutes last month, over 200,000 people snapped up Xiaomi's sleek new U7 electric sedan. That's the company's second EV, following the Su7 sports car launched just last year. And while other tech giants like Apple abandoned their car ambitions after years of R&D and billions in losses, Xiaomi is doing what many thought impossible—making it work. 300,000 EVs, 15 Months, and a Long Line of Buyers It's hard to overstate what Xiaomi has pulled off in such a short time. Since announcing its EV push in 2021, the company has delivered more than 300,000 electric vehicles across China. Buyers are lining up—some for over a year—just to get behind the wheel. And although Xiaomi's car division isn't yet profitable, Lei Jun has gone on record predicting a turnaround before the year ends. That kind of confidence isn't unfounded. China's manufacturing speed and scale are unmatched, making it easier to launch EVs quickly. But insiders say there's more to the story. Unlike many executives who delegate, Lei Jun rolled up his sleeves and led the EV program himself. It's that personal commitment, they argue, that made the difference. No More Outsourcing—Xiaomi Is Now Building Its Own World Before venturing into EVs, Xiaomi didn't build anything itself. Like Apple, it relied on outside factories. But cars changed the equation. Lei Jun decided to bring manufacturing in-house, opening a dedicated car factory in Beijing and laying the foundation for more. That thinking is now reshaping other areas of the business. Xiaomi started building its own smartphones last year and is constructing a new factory in Wuhan to produce smart home gadgets, starting with air conditioners. The message is clear: Xiaomi wants full control—from design to delivery. Tragedy, Resilience, and a Fanbase Like No Other Every great brand has its moment of reckoning. For Xiaomi, that came in March, when a fatal accident involving a U7 under autonomous driving mode took the lives of three university students. It was a gut-wrenching moment, and the backlash was swift—at least at first. But something surprising happened. The fans—called 'Mi Fans'—stayed. Despite the tragedy and a brief market dip, enthusiasm didn't wane. When the U7 officially launched just three months later, demand was as high as ever. Analysts say it's proof of Xiaomi's emotional connection with its audience—something that can't be engineered, only earned. From Pocket Screens to Driveways With over 700 million monthly active users globally and nearly half its profits coming from digital ads and mobile games, Xiaomi is uniquely positioned. Its users are loyal, familiar with the brand, and already shopping through its ecosystem. That makes cross-selling—like phones to cars—a natural progression. And timing couldn't be better. Many of Xiaomi's earliest phone buyers are now in their thirties, reaching the stage of life where cars become a bigger priority. Lei Jun seems to know this—and is betting on it. For now, Xiaomi sells just 20,000 cars a month, a fraction of what EV leader BYD moves. But make no mistake—Lei Jun isn't chasing quick wins. He's playing the long game, with marketing muscle, tech credibility, and a fanbase that keeps showing up. And that may be all he needs to quietly change the rules—again.