- Watch Tony Iommi make a surprise appearance to play Paranoid at the opening night of the Black Sabbath ballet in Birmingham, which also had Geezer Butler, Sharon Osbourne, Robert Plant and Bev Bevan in attendance Louder
- Watch: TONY IOMMI Makes Surprise Appearance On Stage At BLACK SABBATH Ballet Premiere BLABBERMOUTH.NET
- Heavy Metal, on Pointe, in ‘Black Sabbath: The Ballet’ The New York Times
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- Watch Tony Iommi make surprise appearance at Black Sabbath ballet premiere NME
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LeBron’s return to action spoiled by Pat Bev & the Bulls | Get Up – ESPN
- LeBron’s return to action spoiled by Pat Bev & the Bulls | Get Up ESPN
- Patrick Beverley helps lead Bulls to win, trolls LeBron James in first game against Lakers since trade CBS Sports
- ‘He’s too small’: Patrick Beverley on his antics with LeBron James Yahoo News
- Patrick Beverley: ‘We’re not construction workers… It’s all about having fun’ Hoops Hype
- “The Lakers, you know, I was a spoon and they used me as a fork” – Patrick Beverley takes a shot at the LA Lakers while praising the Chicago Bulls Basketball Network
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U.S. FTC probes Pepsi, Coca-Cola over price discrimination – Politico
Jan 9 (Reuters) – Beverage giants Coca-Cola Co (KO.N) and PepsiCo Inc (PEP.O) are under preliminary investigation by the U.S. Federal Trade Commission (FTC) over potential price discrimination in the soft drink market, Politico reported on Monday citing sources.
The pricing strategies of both companies are being scrutinized under the Robinson-Patman Act, the report said.
The U.S. antitrust law prevents large franchises and chains from engaging in price discrimination against small businesses.
The FTC reached out to large retailers, including Walmart Inc (WMT.N), for at least a month seeking data and other information on how they purchase and price soft drinks, two of the sources told Politico. Walmart is currently not a target in the investigation, according to the report.
FTC, Coca-Cola, Pepsi and Walmart did not immediately respond to Reuters’ request for comments.
Reporting by Shivani Tanna in Bengaluru; Editing by Sherry Jacob-Phillips
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Exclusive: PepsiCo to roll out 100 Tesla Semis in 2023, exec says
NEW YORK/SAN FRANCISCO, Dec 16 (Reuters) – PepsiCo plans to roll out 100 heavy-duty Tesla Semis in 2023, when it will start using the electric trucks to make deliveries to customers like Walmart and Kroger, the soda maker’s top fleet official told Reuters on Friday.
PepsiCo Inc (PEP.O), which ordered the big trucks in 2017, is purchasing them “outright” and is also upgrading its plants, including installing four 750-kilowatt Tesla Inc (TSLA.O) charging stalls at both its Modesto and Sacramento locations in California, PepsiCo Vice President Mike O’Connell said in an interview. A $15.4 million state grant and $40,000 federal subsidy per vehicle helps offset part of the costs.
“It’s a great starting point to electrify,” said O’Connell, who oversees the company’s fleet of vehicles.
“Like any early technology, the incentives help us build out the program,” he said, adding that there were “lots” of development and infrastructure costs.
PepsiCo is the first company to experiment with the battery-powered Tesla Semis as a way of cutting its environmental impact. read more
United Parcel Service Inc (UPS.N) and food delivery company Sysco Corp (SYY.N) have also reserved the trucks, while retailer Walmart Inc (WMT.N) is testing alternatives.
PepsiCo’s plans to use the Semis have been reported, but O’Connell provided new details on how the company is using them and its timeline for deploying them. Tesla Chief Executive Elon Musk initially said the trucks would be in production by 2019, but that was delayed due to battery constraints.
PepsiCo said it plans to deploy 15 trucks from Modesto and 21 from Sacramento. It is unclear where the others will be based but O’Connell said the firm is targeting rolling out the Semis in the central United States next, and then the East Coast.
The company’s Frito-Lay division sells lightweight food products, making it a good candidate for electric trucks, which have heavy batteries that could limit cargo capacity.
The Semis will haul Frito-Lay food products for around 425 miles (684 km), but for heavier loads of sodas, the trucks will initially do shorter trips of around 100 miles (160 km), O’Connell said. PepsiCo then will also use the Semis to haul beverages in the “400 to 500 mile range as well,” O’Connell said.
“Dragging a trailer full of chips around is not the most intense, tough ask,” said Oliver Dixon, senior analyst at consultancy Guidehouse.
“I still believe that Tesla has an awful lot to prove to the broader commercial vehicle marketplace,” Dixon said, citing Tesla’s unwillingness to offer information on payload and pricing.
PepsiCo has earmarked some of the trucks planned for the Sacramento location to make deliveries to Walmart and grocers such as Kroger Co (KR.N) and Albertsons Cos Inc (ACI.N). The trucks at the Modesto Frito-Lay plant have just gone to PepsiCo distribution centers, O’Connell said.
All of the Semis going to PepsiCo will have a 500-mile (805-km) range. O’Connell added that he is not aware of when Tesla will start deploying 300-mile (480-km) trucks. When Tesla starts building them, PepsiCo “will rotate those up” into its fleet, he said.
PepsiCo declined to share details on the price of the trucks, a figure that Tesla has kept quiet. Competing vehicles sell for $230,000 to $240,000, said Mark Barrott of consulting firm Plante Moran. He added that the 500-mile range Tesla Semi could be priced higher because its 1,000-kilowatt-hour (kWh) battery pack is about twice the size of many of its rivals.
“We keep the trucks for a million miles, seven years,” O’Connell said. “The operating costs over time will pay back.”
The Gatorade maker declined to share specifics on the weight of the trucks, another closely guarded secret by Tesla.
He said Tesla did not help pay for the trucks’ megachargers but provided design and engineering services for the facilities, which come with solar and battery storage systems.
O’Connell said that a 425-mile (684-km) trip carrying Frito-Lay products brings the Semi’s battery down to roughly 20%, and recharging it takes around 35 to 45 minutes.
Reporting by Jessica DiNapoli in New York and Hyun Joo Jin in San Francisco; additional reporting by Joe White and Siddharth Cavale; Editing by Jonathan Oatis and Rosalba O’Brien
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Elon Musk briefly loses title as world’s richest person to LVMH’s Arnault – Forbes
Dec 7 (Reuters) – Twitter owner and Tesla (TSLA.O) boss Elon Musk briefly lost his title as the world’s richest person on Wednesday, according to Forbes, following a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm.
Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH (LVMH.PA), and his family briefly took the title as the world’s richest, but were back at No. 2 with a personal wealth of $185.3 billion, according to Forbes.
Musk, who has held the top spot on the Forbes list since September 2021, has a net worth of $185.7 billion. Musk took over the title from Amazon.com (AMZN.O) founder Jeff Bezos.
[1/2] Tesla CEO Elon Musk gestures as he visits the construction site of Tesla’s Gigafactory in Gruenheide near Berlin, Germany, August 13, 2021. Patrick Pleul/Pool via Reuters – RC2B4P9PCFBM/File Photo
Tesla shares, which have lost more than 47% in value since Musk made his offer to buy Twitter earlier this year, were down 2.7%.
Musk’s net worth dropped below $200 billion earlier on Nov. 8 as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter.
Tesla has lost nearly half its market value and Musk’s net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.
Besides Tesla, Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.
Reporting by Akriti Sharma and Chavi Mehta in Bengaluru; Editing by Shounak Dasgupta
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Musk delivers first Tesla truck, but no update on output, pricing
Dec 1 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Elon Musk delivered the company’s first heavy-duty Semi on Thursday to PepsiCo (PEP.O) without offering updated forecasts for the truck’s pricing, production plans or how much cargo it could haul.
Musk, who appeared onstage at an event at Tesla’s Nevada plant, said the battery-powered, long-haul truck would reduce highway emissions, outperform existing diesel models on power and safety and spin-off a fast-charging technology Tesla would use in its upcoming Cybertruck pickup.
“If you’re a trucker and you want the most badass rig on the road, this is it,” Musk said, noting that it was five years since Tesla had announced it was developing the all-electric truck. Still, industry experts remain skeptical that battery electric trucks can take the strain of hauling hefty loads for hundreds of miles economically.
At Musk’s first Tesla reveal since taking over Twitter – an acquisition some investors worry has become a distraction – the company did not announce pricing for the Semi, provide details on variants of the truck it had initially projected or supply a forecast for deliveries to PepsiCo or other customers. Tesla said it would begin using the Semi to ship parts to its plant in Fremont, California.
In 2017, Tesla had said the 300-mile range version of the Semi would cost $150,000, and the 500-mile version $180,000, but Tesla’s passenger electric vehicle prices have increased sharply since then.
Robyn Denholm, chair of Tesla, recently said the automaker might produce 100 Semis this year. Musk has said Tesla would aim to produce 50,000 of the trucks in 2024.
PepsiCo, which completed its first cargo run with the Tesla truck to deliver snacks for those attending the Nevada launch event, had ordered 100 trucks in 2017.
Brewer Anheuser-Busch (ABI.BR), United Parcel Service Inc (UPS.N) and Walmart Inc (WMT.N) were among other companies that had reserved the Semi. Tesla did not provide details on orders or deliveries to customers, nor an estimate on what the total cost of ownership for future buyers would be compared to diesel alternatives.
‘NOT IMPRESSIVE’
Musk said the Semi has been doing test runs between Tesla’s Sparks, Nevada factory and its plant in Fremont, California. Tesla said it had completed a 500-mile drive on a single charge, with the Semi and cargo weighing in at 81,000 pounds in total.
Tesla did not disclose the weight of an unloaded Semi, one key specification analysts had hoped to learn and an important consideration for the efficiency of electric trucks.
Musk has spoken in the past about the prospect of fully autonomous trucks. Tesla did not provide details on how Tesla’s driver assistance systems would function in the Semi it unveiled on Thursday or future versions.
[1/5] Tesla Chief Executive Elon Musk waves near Tesla Semi electric trucks during a live-streamed unveiling in Nevada, U.S. December 1, 2022, in this still image taken from video. Tesla/Handout via REUTERS
The Semi delivery presentation ended without Musk taking questions, as he often does at Tesla events.
“Not very impressive – moving a cargo of chips (average weight per pack 52 grams) cannot in any way be said to be definitive proof of concept,” said Oliver Dixon, senior analyst at consultancy Guidehouse.
Tesla had initially set a production target for 2019 for the Semi, which was first unveiled in 2017. In the years since, rivals have begun to sell battery-powered trucks of their own.
Daimler’s (MBGn.DE) Freightliner, Volvo (VOLVb.ST), startup Nikola (NKLA.O) and Renault (RENA.PA) are among Tesla’s competitors in developing alternatives to combustion-engine trucks.
Walmart (WMT.N), for instance, has said it has been testing Freightliner’s eCascadia and Nikola’s Tre BEV trucks in California.
‘LIKE A CHEETAH’
The Semi is capable of charging at 1 megawatt and has liquid-cooling technology in the charging cable in an updated version of Tesla’s Supercharger that will be made available to the Cybertruck, Musk said. The Cybertruck is scheduled to go into production in 2023.
Trucks in Semi’s category represent just 1% of U.S. vehicle sales but 20% of overall vehicle emissions, Tesla said.
Tesla said other, future vehicles would use powertrain technology developed for the Semi without providing details. The Semi uses three electric motors developed for Tesla’s performance version of its Model S, with only one of them engaged at highway speed and two in reserve for when the truck needs to accelerate, a feature that makes the truck more energy-efficient, Musk said.
“This thing has crazy power relative to a diesel truck,” Musk said. “Basically it’s like an elephant moving like a cheetah.”
In a slide displayed as part of Musk’s presentation, Tesla showed an image of a future “robotaxi” in development with a mock-up of the future car covered under a tarp.
The presentation took place after Tesla shares closed at $194.70. The stock has fallen about 45% so far this year, losing about $500 billion in market capitalisation, down to about $615 billion.
Among factors cited by investors have been Musk’s sales of Tesla shares to finance his takeover of Twitter, signs that a slowing global economy has started to cut into demand for Tesla’s premium-priced cars, and a warning by the company that it might not meet its target to grow deliveries by 50% this year.
Reporting by Akash Sriram in Bengaluru and Hyunjoo Jin in San Francisco; Editing by Kenneth Maxwell
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No alcohol sales permitted at Qatar’s World Cup stadium sites
DOHA Nov 18 (Reuters) – Alcoholic beer will not be sold at Qatar’s World Cup stadiums, world soccer governing body FIFA said on Friday, a last minute reversal which raised questions among some supporters about the host country’s ability to deliver on promises to fans.
The announcement comes two days before Sunday’s kickoff of the World Cup, the first to be held in a conservative Muslim country with strict controls on alcohol, the consumption of which is banned in public.
“Following discussions between host country authorities and FIFA, a decision has been made to focus the sale of alcoholic beverages on the FIFA Fan Festival, other fan destinations and licensed venues, removing sales points of beer from Qatar’s FIFA World Cup 2022 stadium perimeters,” a FIFA spokesperson said in a statement.
England’s Football Supporters’ Association said the decision raises concerns about Qatar’s ability to fulfil its promises to visiting fans on “accommodation, transport or cultural issues.”
For years, Qatar’s tournament organisers have said that alcohol would be widely accessible to fans at the tournament.
“Some fans like a beer at the match, and some don’t, but the real issue is the last-minute U-turn which speaks to a wider problem — the total lack of communication and clarity from the organising committee towards supporters,” the association said in a statement on Twitter.
Qatar, the smallest country to host a World Cup, is bracing for the expected arrival of 1.2 million fans during the month long tournament, more than a third of the Gulf Arab state’s 3 million population.
Budweiser, a major World Cup sponsor, owned by beer maker AB InBev, was to exclusively sell alcoholic beer within the ticketed perimeter surrounding each of the eight stadiums three hours before and one hour after each game.
“Some of the planned stadium activations cannot move forward due to circumstances beyond our control,” AB InBev said in a statement.
Someone at the company had summed the situation up in a pithier fashion. “Well, this is awkward…” read a post on Budweiser’s official Twitter account. The comment, subsequently deleted, was broadcast as a screengrab by the BBC.
Budweiser has been a World Cup sponsor since 1985, the year before the event was held in Mexico. For 2022, it has launched its biggest ever campaign, with activities for Budweiser and other brands in more than 70 markets and at 1.2 million bars, restaurants and retail outlets.
The World Cup typically boosts beer consumption and the Belgium-based maker of brands such as Stella Artois and Corona clearly want to profit from the millions of dollars it pays to be a sponsor.
[1/3] Soccer Football – FIFA World Cup Qatar 2022 – Abdullah bin Khalifa Stadium, Doha, Qatar – November 18, 2022 Budweiser tents are pictured outside the stadium ahead of the FIFA World Cup Qatar 2022 REUTERS/Hannah Mckay
However, it has said those profits will come less from consumption at the event’s location but from fans watching on television.
“Tournament organisers appreciate AB InBev’s understanding and continuous support to our joint commitment to cater for everyone during the FIFA World Cup,” the statement said.
LONG-TERM NEGOTIATIONS
The stadium reversal comes after long-term negotiations between FIFA president Gianni Infantino, Budweiser, and executives from Qatar’s Supreme Committee for Delivery and Legacy (SC), which is organising the World Cup, a source with knowledge of the negotiations told Reuters on condition of anonymity.
The SC did not respond to Reuters’ request for comment and FIFA did not confirm Infantino’s involvement.
“A larger number of fans are attending from across the Middle East and South Asia, where alcohol doesn’t play such a large role in the culture,” the source said.
“The thinking was that, for many fans, the presence of alcohol would not create an enjoyable experience.”
Alcohol will continue to flow freely inside stadium VIP suites, which FIFA’s website advertises as offering a selection of beers, Champagne, sommelier-selected wines, and premium spirits.
Budweiser will sell its non-alcoholic beer throughout the stadium precincts for $8.25 per half-litre, the statement said.
Questions have swirled around the role alcohol would play at this year’s World Cup since Qatar won hosting rights in 2010. While not a “dry” state like neighbouring Saudi Arabia, consuming alcohol in public places is illegal in Qatar.
Visitors cannot bring alcohol into Qatar, even from the airport’s duty free section, and most cannot buy alcohol at the country’s only liquor store. Alcohol is sold in bars at some hotels, where beer costs around $15 per half-litre.
Budweiser will still sell alcoholic beer at the main FIFA Fan Fest in central Doha, the source said, where it is offered for about $14 per half-litre. Alcohol will also be sold in some other fan zones whereas others are alcohol-free.
“Fans can decide where they want to go without feeling uncomfortable. At stadiums, this was previously not the case,” the source said.
Reporting by Andrew Mills in Doha with contributions from Philip Blenkinsop in Brussels and Manasi Pathak in Doha; Writing by Andrew Mills; Editing by Jan Harvey and Christian Radnedge
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Buffett’s Berkshire discloses $4.1 bln TSMC stake
Nov 14 (Reuters) – Berkshire Hathaway Inc (BRKa.N) said it bought more than $4.1 billion of stock in Taiwan Semiconductor Manufacturing (2330.TW), , a rare significant foray into the technology sector by billionaire Warren Buffett’s conglomerate.
The news sent shares in TSMC up more than 6% in Taiwan on Tuesday, as it boosted investor sentiment for the world’s largest contract chipmaker, which saw its shares hit a two-year low last month due to a sharp slowdown in global chip demand.
In a Monday regulatory filing describing its U.S.-listed equity investments as of Sept. 30, Berkshire said it owned about 60.1 million American depositary shares of TSMC.
Berkshire also disclosed new stakes of $297 million in building materials company Louisiana-Pacific Corp (LPX.N) and $13 million in Jefferies Financial Group Inc (JEF.N). It exited an investment in Store Capital Corp (STOR.N), a real estate company that agreed in September to be taken private.
The filing did not specify whether Buffett or his portfolio managers Todd Combs and Ted Weschler made specific purchases and sales. Investors often try to piggy back on what Berkshire buys. Larger investments are normally Buffett’s.
While Berkshire does not normally make big technology bets, it often prefers companies it perceives to have competitive advantages, often through their size.
TSMC, which makes chips for the likes of Apple Inc (AAPL.O), Qulacomm (QCOM.O) and Nvidia Corp (NVDA.O), posted an 80% jump in quarterly profit last month, but struck a more cautious note than usual on upcoming demand.
“I suspect Berkshire has a belief that the world cannot do without the products manufactured by Taiwan Semi,” said Tom Russo, a partner at Gardner, Russo & Quinn in Lancaster, Pennsylvania, which owns Berkshire shares.
“Only a small number of companies that can amass the capital to deliver semiconductors, which are increasingly central to people’s lives,” he added.
Berkshire has had mixed success in technology.
Its more than six-year wager during the last decade in IBM Corp (IBM.N) did not pan out, but Berkshire is sitting on huge unrealized gains on its $126.5 billion stake in Apple, which Buffett views more as a consumer products company.
Apple is by far the largest investment in Berkshire’s $306.2 billion equity portfolio.
Berkshire disclosed the TSMC stake about 2-1/2 months after it began reducing a decade-old, multi-billion dollar stake in BYD Co (002594.SZ), China’s largest electric car company.
In the third quarter, Berkshire added to its stakes in Chevron Corp (CVX.N), Occidental Petroleum Corp (OXY.N), Celanese Corp (CE.N), Paramount Global (PARA.O) and RH (RH.N).
It also sold shares of Activision Blizzard Inc (ATVI.O), Bank of New York Mellon Corp (BK.N), General Motors Co (GM.N), Kroger Co (KR.N) and US Bancorp (USB.N).
Buffett, 92, has run Berkshire since 1965. The Omaha, Nebraska-based company also owns dozens of businesses such as the BNSF railroad, the Geico auto insurer, several energy and industrial companies, Fruit of the Loom and Dairy Queen.
Reporting by Jonathan Stempel in New York; Editing by David Gregorio and Bradley Perrett
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Twitter lays off staff as Musk blames activists for ‘massive’ ad revenue drop
Nov 4 (Reuters) – Twitter Inc started a major round of layoffs on Friday, alerting employees of their job status by email after barring the entrances to offices and cutting off workers’ access to internal systems overnight.
The move follows a week of chaos and uncertainty about the company’s future under new owner Elon Musk, the world’s richest person, who tweeted on Friday that the service was experiencing a “massive drop in revenue” as advertisers pulled spending.
Musk blamed the losses on a coalition of civil rights groups that has been pressing Twitter’s top advertisers to take action if he did not protect content moderation. The groups said on Friday they are escalating their pressure and demanding brands pull their Twitter ads globally.
“In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday,” Twitter said in an email to staff on Thursday evening announcing the cuts that came on Friday, which was seen by Reuters.
The company was silent about the depth of the cuts, although internal plans reviewed by Reuters this week indicated Musk was looking to cut around 3,700 Twitter staff, or about half the workforce.
Staff who worked in engineering, communications, product, content curation and machine learning ethics were among those impacted by the layoffs, according to tweets from Twitter staff.
Shannon Raj Singh, an attorney who was Twitter’s acting head of human rights, tweeted on Friday that the entire human rights team at the company had been cut.
Musk has promised to restore free speech while preventing Twitter from descending into a “hellscape.” However, his reassurances have failed to calm major advertisers, which have expressed apprehension about his takeover for months.
Volkswagen AG (VOWG_p.DE) recommended its brands pause paid advertising on Twitter until further notice in the wake of Musk’s takeover, it said on Friday. Its comments echoed similar remarks from other companies, including General Motors Co (GM.N) and General Mills Inc (GIS.N).
Angelo Carusone, president of Media Matters for America, which is part of the civil rights coalition, said he knew of two more major advertisers that were preparing to announce that they would pause ads on the platform.
Musk tweeted that his team had made no changes to content moderation and done “everything we could” to appease the groups. “Extremely messed up! They’re (civil right groups) trying to destroy free speech in America.”
Speaking at an investors conference in New York on Friday, Musk called the activist pressure “an attack on the First Amendment.”
Twitter did not immediately respond to a request for comment.
ACCESS TO SYSTEMS CUT
Dozens of staffers tweeted they lost access to work email and Slack channels before receiving an official notice, which they took as a sign they had been laid off.
[1/9] Owner and CEO of Twitter, Inc. Elon Musk arrives at the 29th Annual Baron Investment Conference in Manhattan in New York City, New York, U.S., November 4, 2022. REUTERS/Andrew Kelly
They tweeted blue hearts and salute emojis expressing support for one another, using the hashtags #OneTeam and #LoveWhereYouWorked, a past-tense version of a slogan employees had used for years to celebrate the company’s work culture.
Twitter’s curation team, which is responsible for “highlighting and contextualizing the best events and stories that unfold on Twitter,” had been axed, employees said on the platform. The company’s communications team in India has also been laid off, according to a Twitter executive in Asia.
A team that focused on research into how Twitter employed algorithms, an issue that was a priority for Musk, was also eliminated, according to a tweet from a former senior manager at Twitter.
Senior executives including Vice President of Engineering Arnaud Weber also said their goodbyes on Twitter on Friday: “Twitter still has a lot of unlocked potential but I’m proud of what we accomplished,” he tweeted.
Employees of Twitter Blue, the premium subscription service that Musk is bolstering, were also let go. An employee with the handle “SillyRobin” who had indicated they were laid off, quote-tweeted Musk’s previous tweet saying Twitter Blue would include “paywall bypass” for certain publishers.
“Just to be clear, he fired the team working on this,” the employee said.
Twitter’s head of Safety & Integrity, Yoel Roth, appeared to have kept his job, as did Vice President of Product Keith Coleman, who launched a tool called Birdwatch for users to write notes on tweets they identify as misleading.
Last week, Musk endorsed Roth, citing his “high integrity” after Roth was called out over tweets critical of former U.S. President Donald Trump years earlier. Musk has also tweeted that he likes Birdwatch.
Roth and Coleman did not respond to requests for comment.
DOORS LOCKED
Twitter said in its email to staffers that offices would be temporarily closed and badge access suspended in order “to help ensure the safety of each employee as well as Twitter systems and customer data.”
Offices in London and Dublin appeared deserted on Friday, with no employees in sight. At the London office, any evidence Twitter had once occupied the building was erased.
A receptionist at Twitter’s San Francisco headquarters said a few people had trickled in and were working in the floors above despite the notice to stay away.
A class action was filed on Thursday against Twitter by its employees, who argued the company was conducting mass layoffs without providing the required 60-day advance notice, in violation of federal and California law.
The lawsuit also asked the San Francisco federal court to issue an order to restrict Twitter from soliciting employees being laid off to sign documents without informing them of the pendency of the case.
Reporting by Sheila Dang in Dallas, Katie Paul in Palo Alto, Calif., and Paresh Dave in Oakland, Calif.
Additional reporting by Fanny Potkin, Rusharti Mukherjee, Aditya Kalra, Martin Coulter, Hyunjoo Jin, Supantha Mukherjee and Arriana McLymore
Writing by Matt Scuffham
Editing by Kenneth Li, Jason Neely and Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles.
Exclusive: Tesla plans mass production start for Cybertruck at end of 2023
Nov 1 (Reuters) – Tesla (TSLA.O) aims to start mass production of its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck Chief Executive Elon Musk unveiled in 2019, two people with knowledge of the plans told Reuters.
Tesla said last month that it was working on readying its Austin, Texas plant to build the new model with “early production” set to start in the middle of 2023. “We’re in the final lap for Cybertruck,” Musk told a conference call with financial analysts.
A gradual ramp in the second half of next year to full output for the sharp-angled electric truck would mean that Tesla would not be recording revenue until early 2024 for a full-quarter of production on a new model seen as key to its growth.
It would also mean a wait of another year for the estimated hundreds of thousands of potential buyers who have paid $100 to reserve a Cybertruck in one of the most highly anticipated, and closely tracked electric vehicle launches ever.
Tesla did not immediately respond to a request to comment.
It has not announced final pricing on the Cybertruck, showed the production version of the vehicle or specified how it will manage the battery supply for the new model.
In 2019, Tesla had projected an initial price of under $40,000, but prices for new vehicles have shot higher since then and Tesla has raised prices across its lineup.
CRACKED WINDOWS
Musk introduced Cybertruck in a 2019 reveal where the vehicle’s designer cracked the vehicle’s supposedly unbreakable “armor glass” windows. The company has pushed back production timing three times since: from late 2021 to late 2022, then to early 2023 and most recently to the mid-2023 target for initial production.
The launch of the Cybertruck will give Tesla an EV entrant in one of the most profitable segments of the U.S. market and a competitor to electric pickups from the likes of Ford Motor Co (F.N) and Rivian Automotive (RIVN.O), both of which have launched models in still-limited numbers.
In January, Musk had cited shortages in sourcing components as the reason for pushing the launch of Cybertruck into 2023.
In May, Tesla stopped taking orders for the Cybertruck outside North America. Musk said then the company had “more orders of the first Cybertrucks than we could possibly fulfill for three years after the start of production.”
Automakers often ramp production slowly for an all-new model like the Cybertruck.
Analysts have also cautioned that a weakening global economy will start to weigh on sales for Tesla, which has so far been able to sell every car it makes. Musk has said he expected a coming recession would last “probably until Spring of ’24.”
IDRA Group, the Italian company making the Giga Press that will be used for die casting parts for the Cybertruck, said in a LinkedIn post last week that the 9,000-ton machine for truck part production was packed and ready to be shipped.
The post did not name Tesla. Tesla has been using the Giga Press to cut the cost and complexity of production of its Model Y, an innovation other automakers, including Toyota, have studied.
Reporting by Hyunjoo Jin in San Francisco, Zhang Yan in Shanghai; Writing by Kevin Krolicki; Editing by Muralikumar Anantharaman
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