Technology Roundup – Tesla launches its Indian unit in Bengaluru; names three directors; Alibaba and Foxconn the latest to charge into the electric vehicle world

科技精选——特斯拉在班加罗尔成立印度分部;阿里巴巴和富士康加入电动车大战 特斯拉在班加罗尔成立印度分部
Published on: January 13, 2021
Author: Amy Liu

Tesla launches its Indian unit in Bengaluru; names three directors

Tesla (NASDAQ:TSLA) has registered its Indian entity in the name of Tesla India Motors And Energy Private Limited in Bengaluru, Karnataka.

ETAuto broke the news about Tesla’s entry and launch plans of Model 3 on December 26, 2020, with tentative launch in June 2021.

The company was incorporated on January 8, 2021 and is classified as a private subsidiary of a foreign company, with authorized share capital of ₹1.5M and total paid-up capital of ₹0.1M.

According to the Ministry of Corporate Affairs, the company has currently appointed three directors – David Jon Feinstein, Vaibhav Taneja and Venkatrangam Sreeram.

It is reported that Tesla is also looking to set-up its R&D base in India.

ARK Investment Management said yesterday that Tesla took a page out of Apple’s book in cementing its position in self-driving.

Alibaba and Foxconn the latest to charge into the electric vehicle world

The news out of the electric vehicle world is as electrifying as ever,

Alibaba (BABA +3.0%) is launching an electric sedan with wireless charging under a new brand formed together with state-owned SAIC Motor, according to Nikkei.

The sedan unveiled under the brand name IM for “intelligence in motion” features a new solid-state battery from Contemporary Amperex Technology, China’s largest battery maker and chips from Nvidia (NVDA +0.5%). The new EV will be able to park itself and has various smartphone functions. Preorders are expected to start in April during the annual Shanghai auto show.

Alibaba is already an investor in XPeng (XPEV -6.3%).

Also in the EV world, Taiwanese iPhone assembler Foxconn Technology Group (OTC:FXCOF) announced its own 50-50 joint venture with Zhejiang Geely (OTCPK:GELYF) to make cars for other companies. Geely is already working with Baidu (BIDU -0.6%) on EVs.

The backdrop for EVs also has Apple (AAPL +1.6%) likely to look for more partners beyond Hyundai, General Motors (GM +1.7%) doubling down this week on its commercial electric van goals and Tesla (TSLA -1.4%) having a decent size head start on the whole lot.

Intel gains 10% as CEO Bob Swan will step down; AMD drops 3%

Intel (NASDAQ:INTC) rose 10% after the company confirmed that CEO Bob Swan will step down as CEO on Feb. 15 after CNBC earlier reported the news.

VMWare (NYSE:VMW) CEO Pat Gelsinger will replace Swan as CEO of Intel.

VMWare fell 5.6%. Intel competitor AMD (NASDAQ:AMD) is down 3%.

Earlier this month, in a move that generally indicates that a company is under pressure, Intel’s CEO Bob Swan had a call with an activist investor.

Recall that on Dec. 29, Intel shares soared 6% as activist hedge fund Third Point pushed for strategic alternatives.

Update 9:30: Third Point’s Dan Loeb tweeted: “Swan is a class act and did the right thing for all stake holders stepping aside for Gelsinger.”

VMWare has gained 72% since Gelsinger took the reigns as CEO of VMWare in September 2012. Gelsinger’s exit comes as Dell (NYSE:DELL) (down 4.8% today) has been exploring a spin-off of its VMware stake. No spin-off would happen prior to September 2021 due to tax implications.

Electric Cars Technology