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A12 TECHNOLOGY
Friday 25 September 2020

Tesla CEO Elon Musk's next big bet rides on better batteries

By MICHAEL LIEDTKE and has caused Tesla's stock
TOM KRISHER price to soar by fivefold so
AP Business Writers far this year and boost the
SAN RAMON, Calif. (AP) — company's market value to
Tesla is working on new bat- nearly $400 billion.
tery technology that CEO No one has benefited more
Elon Musk says will enable from the run-up than Musk,
the company within the who has seen his estimated
next three years to make wealth climbed to $89 bil-
sleeker, more affordable lion — the fifth-largest for-
cars that can travel dra- tune in the world, based on
matically longer distances estimates by Forbes maga-
on a single charge. zine.
But the battery break- "What happens when com-
throughs that Musk unveiled panies get bigger is things
Tuesday at a highly antici- tend to slow down. We are
pated event didn't impress going to speed up," Musk
investors. They were hoping said Tuesday.
Tesla's technology would He said he believes Tesla
mark an even bigger leap will remain a step ahead of
forward and propel the its competition in the elec-
company's soaring stock to tric vehicle market and
even greater heights. persuade more consumers
Tesla's shares shed more In this March 9, 2020, file photo, Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the to abandon gas-combus-
than 6% in extended trad- SATELLITE Conference and Exhibition in Washington. tion cars with its new bat-
ing after Musk's presen- Associated Press tery technology. The break-
tation. That deepened a throughs that he outlined
downturn that began dur- starts at $35,000 but usu- meters) or more on a single annual meeting of share- Tuesday involve some high-
ing Tuesday's regular trad- ally ends up costing buyers charge, surpassing the dis- holders. ly technical changes to the
ing session as investors be- more than $40,000. tance many gas-combus- But the shareholders in composition and design of
gan to brace for a poten- "We don't have a truly af- tion cars can traverse be- attendance frequently batteries, along with new
tial letdown. Musk raised fordable car and that is fore needing to refuel. beeped their horns to pro- manufacturing processes.
those worries with a series something we want in the Musk took the stage before vide a different form of ap- Even as Tesla tries to set
of tweets Monday warn- future," Musk said during a mostly online audience, plause as Musk rattled off new standards in batteries,
ing that Tesla's new battery an event shaped by the although there was a small Tesla's accomplishments Musk made it clear that the
technology might not be restrictions imposed by a group of shareholders who since the company held company will also continue
ready for high-volume pro- pandemic that requires won a lottery for the right to its last annual meeting 15 to rely on Panasonic and
duction until 2022. people to keep their dis- sit in Tesla vehicles parked months ago. other suppliers.
Musk reiterated that time- tance. in a lot near the company's Since then, Tesla has post- Musk has a history of being
table during Tuesday's Besides lowering the price, Fremont, California, fac- ed four consecutive quar- too ambitious in his promis-
showcase and then added Musk promised the new tory located about 40 miles ters of profits to reverse a es. For instance, 17 months
it might take up to three battery technology would (64 kilometers) southeast of long history of losses, while ago, he bragged that Tesla
years before the battery help Tesla reduce the size San Francisco. boosting its production and was on the verge of break-
technology translates into of its vehicles by about 10% "It is a little hard to read laying the groundwork for throughs in autonomous
a new Tesla model selling and extend their range by the room with everyone in future expansion by open- driving technology that
for $25,000. That would be 56%. That projection implies cars," Musk joked as he be- ing or beginning work on would enable the com-
a dramatic markdown from the Tesla cars using the gan his presentation during three more factories in pany to deploy a fleet of
Tesla's cheapest car now, new batteries will be able an early phase of the event Shanghai, Berlin and Aus- robotic taxis by the end of
the Model 3, a sedan that to travel 500 miles (800 kilo- that was devoted to Tesla's tin, Texas. All that progress this year. q
Apple's smaller rivals unite to fight iPhone app store rules

WASHINGTON (AP) — Spo- from smaller rivals adds to on its radar. Both compa-
tify and the makers of Fort- scrutiny the tech giants are nies this summer dropped
nite and Tinder are taking facing from U.S. and Euro- the popular game Fortnite
on Apple and Google as pean regulators and law- from their app stores after
part of a newly formed co- makers. the game's developer in-
alition calling for "fair treat- The group aims to be the troduced a direct payment
ment" in the way the tech "voice of app and game plan that bypasses their
giants run their app stores. developers in the effort to platforms.
The Coalition for App Fair- protect consumer choice Apple and Google both
ness, a Washington-based and create a level playing take a 30% cut from in-app
nonprofit, launched Thurs- field for all," said a state- revenue purchases, which
day and will advocate ment from Horacio Gutier- has long been a sore spot
for legal and regulatory rez, head of global affairs with developers.
changes, such as measures and chief legal officer for Lawmakers and consumer
that could block Apple and music-streaming pioneer advocates accuse Google
Google from favoring their Spotify. of abusing its dominance in
In this July 5, 2015, file photo, a man uses the dating app Tinder
in New Delhi. own apps in the iPhone and Apple is the group's main online search and advertis-
Associated Press Android operating systems target, though Google's ing to stifle competition and
they control. The activism app store policies are also boost its profits.q