List of All Articles with Tag 'tec'

Nokia Oyj plans to cut as many as 14,000 jobs, or 16% of its workforce, as reduced investment

Electric car maker Tesla’s profits took a dive in the third quarter, according to an earnings call on Wednesday in which the company’s chief Elon Musk blamed staff working from home for being “detached from reality”. Tesla’s profits in Q3 of 2023 have plunged by over 40 per cent compared to the gains it made in the same period last year after the company slashed its car prices by around 25 per cent in an attempt to compete with other EV makers. The EV manufacturer reported a net profit of about $1.9bn for the time between July through September, which is a 44 percent drop from the $3.3bn it made in the same three-month period last year. While the company has seen a small increase in overall revenue of about $23bn from the $21bn the same time last year, the figures are still lower than Wall Street expectations. Mr Musk also dampened hopes of the company’s anticipated Cybertruck reviving profits in the near future, announcing that it would take at least 18 months for the truck to become profitable as it could go on sale only by the end of November. “There will be enormous challenges in reaching volume production with Cybertruck and making the Cybertruck cash flow positive,” the Tesla titan told investors and analysts in the earnings call. “The blood, sweat and tears that will be required to achieve that is just staggering,” he added. Over the last year, Tesla has slashed the prices of its cars by quarter to boost sales. Growing competition with the introduction of EVs by other car makers in the US, including BMW, Toyota, Mercedes, GM and Hyundai, has also coincided with Tesla’s share of vehicles in the EV market reducing in the last quarter. In the earnings call, Mr Musk also said staff working from home are taking advantage of those who cannot work from home. “Like... what about all the people that have to come to the factory and build the cars?” he asked. “Why did I sleep in the factory so many times? Because it mattered,” the Tesla chief said. Mr Musk echoed the statements he made in an interview with CNN earlier this year in which he called remote work “morally wrong”, arguing that it is unfair to those who cannot have the option. “Get off the goddamn moral high horse with the work-from-home bullshit,” he said. Tesla also pointed fingers at its reduction in production while it upgraded its factories as one of the factors behind the profit slump. It said it has also been making big investments in AI and “commissioned one of the world’s largest supercomputers.” “We have more than doubled the size of our AI training compute, accommodating for both our growing data set & Optimus, which is currently being trained for simple tasks through AI rather than hardcoded software, while its hardware continues to improve,” Tesla said. But all is not gloomy as the company says the first deliveries of its Cybertruck are scheduled for 30 November and Tesla’s Model Y remains the “best-selling vehicle of any kind” in Europe. Read More X begins charging new users to post as part of trial EU asks Elon Musk to ‘walk the talk’ on X/Twitter disinformation over Hamas attack AOC wants to ‘trade in’ her Tesla for union-made electric vehicle amid historic auto workers strike Amazon to start dropping packages into people’s gardens using drones in the UK Facebook has stopped working Facial recognition firm Clearview AI overturns UK data privacy fine

Nokia will slash up to 14,000 jobs in a major cost-cutting drive, it said in a statement on Thursday.

Renault SA’s third-quarter sales climbed 7.6% as demand remained strong for the French carmaker’s new model lineup such

(Reuters) -Business software maker SAP on Wednesday reaffirmed its full-year outlook for its key cloud business revenue after slightly missing

By Supantha Mukherjee STOCKHOLM (Reuters) -Finnish telecom gear group Nokia on Thursday said it will cut up to 14,000 jobs

The Bank of Korea flagged heightened uncertainty stemming from the Israel-Hamas conflict as it stood pat on policy

Honda Motor Co. will start a self-driving taxi service in Tokyo in early 2026, in a move that

South Korean authorities arrested Kakao Corp.’s chief investment officer for alleged stock price manipulation in a high-profile takeover

By Hyunjoo Jin, Akash Sriram and Joseph White (Reuters) -Tesla CEO Elon Musk said on Wednesday that he was concerned

Elon Musk, owner of social media platform X, is considering removing the service formerly called Twitter from Europe

ChatGPT creator OpenAI is in talks to sell existing employees' shares at an $86 billion valuation, Bloomberg News