Musk's xAI seeks to raise $6.6b in further PE funding
Elon Musk's artificial intelligence startup xAI is in talks to raise $US4.3 billion ($6.6 billion) through an equity investment on top of the $US5 billion it has recently been trying to borrow from debt investors, according to information the company shared with investors who asked not to be identified because it is private.
Musk's company, which is responsible for the AI chatbot Grok, needs the new money, in part, because it has already spent most of what it previously raised, the materials shared with investors indicate.
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News.com.au
9 hours ago
- News.com.au
Tesla launches long-discussed robotaxi service
Tesla began offering robotaxi services Sunday in the US city of Austin, Texas, an initial step that Elon Musk's backers believe could lead to the company's next growth wave. "Super congratulations to the @Tesla_AI software & chip design teams on a successful @Robotaxi launch!!" Musk posted on the X platform that he owns. "Culmination of a decade of hard work." The kickoff -- which comes as Musk refocuses on his business ventures following a contentious stint in Donald Trump's administration -- will employ the Model Y sport utility vehicle rather than Tesla's much-touted Cybercab, which is still under development. The long-awaited launch follows the dramatic meltdown earlier this month in relations between the US president and the world's richest person, which saw a cascade of bitter attacks from both men. Since then, Musk has publicly expressed regret for some of his statements, while his company's Texas operation has readied the Austin push -- part of a major drive on autonomous technology and artificial intelligence that Tesla believes will yield huge profits. Wedbush analyst Daniel Ives said autonomous technology could be a catalyst for potentially $1 trillion or more in additional market value. "There are countless skeptics of the Tesla robotaxi vision with many bears thinking this day would never come," said Ives, who predicted Trump's administration would clear roadblocks for Tesla and pivot from the recent "soap opera." - Business-friendly Texas - One of the robotaxi's self-described first users was Tesla fan Herbert Ong, who livestreamed his ride Sunday in a red vehicle that included a person in the passenger seat monitoring the trip for operational safety. The unveiling in the Texas state capital comes amid questions about how Tesla will try to overcome criticism of Musk's activities for Trump. Tesla saw profits plunge 71 percent in the first quarter following poor sales in several markets. In picking Austin for the debut of the autonomous vehicle (AV) service, Musk is opting for a US state known for its business-friendly approach to regulation. "Texas law allows for AV testing and operations on Texas roadways as long as they meet the same safety and insurance requirements as every other vehicle on the road," the Texas Department of Transportation told AFP. The Texas legislature this year passed a bill requiring prior authorization from the state's Department of Motor Vehicles before companies can operate on a public street without human drivers, a group of Democratic lawmakers said in a June 18 letter to Tesla. Citing the enhanced system, the lawmakers asked Tesla to delay testing until after the law takes effect on September 1. The lawmakers asked for "detailed information demonstrating that Tesla will be compliant with the new law" should the company choose to proceed. - Starting slow - Musk had initially planned the launch for June 12, before pushing back, saying he was being "super paranoid" about safety. "We want to deliberately take it slow," Musk said May 20 on CNBC, telling the network that Tesla would probably only operate 10 autonomous vehicles the first week. But that number will rise to perhaps 1,000 "within a few months," Musk added. "And then we will expand to other cities... San Francisco, Los Angeles, San Antonio." The service will be offered from 6:00 am until midnight and will be available to "early access" users on an invitation-only basis in a geofenced area, Sawyer Merritt, who owns a Tesla, said Friday on X. He added that the company had given him permission to release the information. Musk last fall unveiled the Cybercab, which has no steering wheel or pedals. Its production is not expected to begin until 2026. Tesla's robotaxi launch comes well after Waymo's offering of commercial robotaxi service. The US National Highway Traffic Safety Administration (NHTSA) in October 2024 opened a probe into Tesla's Full Self-Driving software after receiving four reports of crashes. Last month the agency asked Tesla for additional information on its technology in light of the Austin launch. But the NHTSA told AFP it does not "pre-approve" new technologies. "Rather, manufacturers certify that each vehicle meets NHTSA's rigorous safety standards," it said.
The Advertiser
10 hours ago
- The Advertiser
Why we've announced the first CarExpert Choice awards
The idea of a 'car of the year' has been around as long as car experts have been reviewing cars. For a lot of everyday people who need to buy a new car every three to five years but are not passionately obsessed about the details or don't have the time to spend testing driving and researching the options, knowing that a group of experts have given an award to a particular car is a great tick of approval. After many years of resisting the rollout of such an award, both at CarExpert and previously at CarAdvice, we decided to change our mind. The reason? You. We get a ton of emails from new car buyers every day and the overarching question is simple: 'what car should I buy in this category?' Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Going back 10-15 years ago, the choices were far fewer and the options more obvious, but when it comes to buying a new car in 2025, there have never been more competitors to choose from. Australia is the most competitive new car market in the Western world. We have a completely open market when it comes to car companies entering and selling their vehicles here. There are few tariffs and not many hurdles, and given you can cover roughly 80 per cent of Australia's population by setting up dealers in a handful of major cities, the barrier to entry is very low and the potential profits very high. This has seen an explosion of new brands over the last 10 years, and there are dozens and dozens more still to come. As such, we decided to institute a simple award system – called CarExpert Choice – based on categories that make sense. As a business, we collectively test over 1000 different cars per year across Australia and the world, from Australia's most affordable cars to hypercars. We have an incredible array of knowledge and experience across the business that is on top of not only all new cars in the market but also known issues, post-purchase experiences and more. The premise for these awards to our in-house car experts was simple: in our chosen categories, which car would you buy for yourself or recommend to your friends and family? We catalogued every available choice and sat around a table and argued for an extensive period before we all voted and agreed on our winners and finalists. You will notice we did not pick an overall 'car of the year' winner, because we felt that made limited sense and it can't actually be done properly without months of back-to-back testing. The vehicles that have won CarExpert Choice awards are the absolute best in their categories and would be our top pick in the CarExpert office when it comes to recommendation and personal preference. The finalists are also excellent choices and should be considered too. You will see cars like the Tesla Model Y have won an award; this doesn't mean we all love Elon Musk (although some of us do). It just means that it's the best car in its segment. On that same note, these awards are entirely editorially driven and decided only by our expert journalists, who spend their life reviewing cars and creating the amazing content that makes CarExpert what it is today. Thank you for using CarExpert and we hope these awards help you or your family and friends feel more confident about purchasing your next new car. To see all the CarExpert Choice winners click here. Content originally sourced from: The idea of a 'car of the year' has been around as long as car experts have been reviewing cars. For a lot of everyday people who need to buy a new car every three to five years but are not passionately obsessed about the details or don't have the time to spend testing driving and researching the options, knowing that a group of experts have given an award to a particular car is a great tick of approval. After many years of resisting the rollout of such an award, both at CarExpert and previously at CarAdvice, we decided to change our mind. The reason? You. We get a ton of emails from new car buyers every day and the overarching question is simple: 'what car should I buy in this category?' Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Going back 10-15 years ago, the choices were far fewer and the options more obvious, but when it comes to buying a new car in 2025, there have never been more competitors to choose from. Australia is the most competitive new car market in the Western world. We have a completely open market when it comes to car companies entering and selling their vehicles here. There are few tariffs and not many hurdles, and given you can cover roughly 80 per cent of Australia's population by setting up dealers in a handful of major cities, the barrier to entry is very low and the potential profits very high. This has seen an explosion of new brands over the last 10 years, and there are dozens and dozens more still to come. As such, we decided to institute a simple award system – called CarExpert Choice – based on categories that make sense. As a business, we collectively test over 1000 different cars per year across Australia and the world, from Australia's most affordable cars to hypercars. We have an incredible array of knowledge and experience across the business that is on top of not only all new cars in the market but also known issues, post-purchase experiences and more. The premise for these awards to our in-house car experts was simple: in our chosen categories, which car would you buy for yourself or recommend to your friends and family? We catalogued every available choice and sat around a table and argued for an extensive period before we all voted and agreed on our winners and finalists. You will notice we did not pick an overall 'car of the year' winner, because we felt that made limited sense and it can't actually be done properly without months of back-to-back testing. The vehicles that have won CarExpert Choice awards are the absolute best in their categories and would be our top pick in the CarExpert office when it comes to recommendation and personal preference. The finalists are also excellent choices and should be considered too. You will see cars like the Tesla Model Y have won an award; this doesn't mean we all love Elon Musk (although some of us do). It just means that it's the best car in its segment. On that same note, these awards are entirely editorially driven and decided only by our expert journalists, who spend their life reviewing cars and creating the amazing content that makes CarExpert what it is today. Thank you for using CarExpert and we hope these awards help you or your family and friends feel more confident about purchasing your next new car. To see all the CarExpert Choice winners click here. Content originally sourced from: The idea of a 'car of the year' has been around as long as car experts have been reviewing cars. For a lot of everyday people who need to buy a new car every three to five years but are not passionately obsessed about the details or don't have the time to spend testing driving and researching the options, knowing that a group of experts have given an award to a particular car is a great tick of approval. After many years of resisting the rollout of such an award, both at CarExpert and previously at CarAdvice, we decided to change our mind. The reason? You. We get a ton of emails from new car buyers every day and the overarching question is simple: 'what car should I buy in this category?' Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Going back 10-15 years ago, the choices were far fewer and the options more obvious, but when it comes to buying a new car in 2025, there have never been more competitors to choose from. Australia is the most competitive new car market in the Western world. We have a completely open market when it comes to car companies entering and selling their vehicles here. There are few tariffs and not many hurdles, and given you can cover roughly 80 per cent of Australia's population by setting up dealers in a handful of major cities, the barrier to entry is very low and the potential profits very high. This has seen an explosion of new brands over the last 10 years, and there are dozens and dozens more still to come. As such, we decided to institute a simple award system – called CarExpert Choice – based on categories that make sense. As a business, we collectively test over 1000 different cars per year across Australia and the world, from Australia's most affordable cars to hypercars. We have an incredible array of knowledge and experience across the business that is on top of not only all new cars in the market but also known issues, post-purchase experiences and more. The premise for these awards to our in-house car experts was simple: in our chosen categories, which car would you buy for yourself or recommend to your friends and family? We catalogued every available choice and sat around a table and argued for an extensive period before we all voted and agreed on our winners and finalists. You will notice we did not pick an overall 'car of the year' winner, because we felt that made limited sense and it can't actually be done properly without months of back-to-back testing. The vehicles that have won CarExpert Choice awards are the absolute best in their categories and would be our top pick in the CarExpert office when it comes to recommendation and personal preference. The finalists are also excellent choices and should be considered too. You will see cars like the Tesla Model Y have won an award; this doesn't mean we all love Elon Musk (although some of us do). It just means that it's the best car in its segment. On that same note, these awards are entirely editorially driven and decided only by our expert journalists, who spend their life reviewing cars and creating the amazing content that makes CarExpert what it is today. Thank you for using CarExpert and we hope these awards help you or your family and friends feel more confident about purchasing your next new car. To see all the CarExpert Choice winners click here. Content originally sourced from: The idea of a 'car of the year' has been around as long as car experts have been reviewing cars. For a lot of everyday people who need to buy a new car every three to five years but are not passionately obsessed about the details or don't have the time to spend testing driving and researching the options, knowing that a group of experts have given an award to a particular car is a great tick of approval. After many years of resisting the rollout of such an award, both at CarExpert and previously at CarAdvice, we decided to change our mind. The reason? You. We get a ton of emails from new car buyers every day and the overarching question is simple: 'what car should I buy in this category?' Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Going back 10-15 years ago, the choices were far fewer and the options more obvious, but when it comes to buying a new car in 2025, there have never been more competitors to choose from. Australia is the most competitive new car market in the Western world. We have a completely open market when it comes to car companies entering and selling their vehicles here. There are few tariffs and not many hurdles, and given you can cover roughly 80 per cent of Australia's population by setting up dealers in a handful of major cities, the barrier to entry is very low and the potential profits very high. This has seen an explosion of new brands over the last 10 years, and there are dozens and dozens more still to come. As such, we decided to institute a simple award system – called CarExpert Choice – based on categories that make sense. As a business, we collectively test over 1000 different cars per year across Australia and the world, from Australia's most affordable cars to hypercars. We have an incredible array of knowledge and experience across the business that is on top of not only all new cars in the market but also known issues, post-purchase experiences and more. The premise for these awards to our in-house car experts was simple: in our chosen categories, which car would you buy for yourself or recommend to your friends and family? We catalogued every available choice and sat around a table and argued for an extensive period before we all voted and agreed on our winners and finalists. You will notice we did not pick an overall 'car of the year' winner, because we felt that made limited sense and it can't actually be done properly without months of back-to-back testing. The vehicles that have won CarExpert Choice awards are the absolute best in their categories and would be our top pick in the CarExpert office when it comes to recommendation and personal preference. The finalists are also excellent choices and should be considered too. You will see cars like the Tesla Model Y have won an award; this doesn't mean we all love Elon Musk (although some of us do). It just means that it's the best car in its segment. On that same note, these awards are entirely editorially driven and decided only by our expert journalists, who spend their life reviewing cars and creating the amazing content that makes CarExpert what it is today. Thank you for using CarExpert and we hope these awards help you or your family and friends feel more confident about purchasing your next new car. To see all the CarExpert Choice winners click here. Content originally sourced from:
The Advertiser
10 hours ago
- The Advertiser
Tesla launches self-driving robotaxis in Austin, Texas
Tesla has deployed a small group of self-driving taxis picking up paying passengers in Texas, with chief Elon Musk announcing the "robotaxi launch" and social media influencers posting videos of their first rides. Musk called the moment the "culmination of a decade of hard work" in a post on his social media platform X and noted "the AI chip and software teams were built from scratch within Tesla". Teslas were spotted in an Austin neighbourhood called South Congress with no one in the driver's seat but one person in the passenger seat. The automaker planned a small trial with about 10 vehicles and front-seat riders acting as "safety monitors", though it remained unclear how much control they had over the vehicles. In recent days, the automaker sent invites to a select group of influencers for a carefully monitored robotaxi trial in a limited zone. The rides are being offered for a flat fee of $US4.20 ($A6.50), Musk said on X. Tesla investor and social media personality Sawyer Merritt posted videos on X showing him ordering, getting picked up and taking a ride to a nearby bar and restaurant using a Tesla robotaxi app. If Tesla succeeds with the small deployment, it still faces major challenges in delivering on Musk's promises to scale up quickly in Austin and other cities, industry experts say. It could take years or decades for Tesla and self-driving rivals, such as Alphabet's Waymo, to fully develop a robotaxi industry, said Philip Koopman, a Carnegie Mellon University computer-engineering professor with expertise in autonomous-vehicle technology. A successful Austin trial for Tesla, he said, would be "the end of the beginning - not the beginning of the end". Most of Tesla's sky-high stock value now rests on its ability to deliver robotaxis and humanoid robots, according to many industry analysts. Tesla is by far the world's most valuable automaker. The Tesla robotaxi rollout comes after more than a decade of Musk's unfulfilled promises to deliver self-driving Teslas. Musk has said Tesla would be "super paranoid" about robotaxi safety in Austin, including operating in limited areas. The service in Austin will have other restrictions as well. Tesla plans to avoid bad weather, difficult intersections, and will not carry anyone below age 18. Tesla has deployed a small group of self-driving taxis picking up paying passengers in Texas, with chief Elon Musk announcing the "robotaxi launch" and social media influencers posting videos of their first rides. Musk called the moment the "culmination of a decade of hard work" in a post on his social media platform X and noted "the AI chip and software teams were built from scratch within Tesla". Teslas were spotted in an Austin neighbourhood called South Congress with no one in the driver's seat but one person in the passenger seat. The automaker planned a small trial with about 10 vehicles and front-seat riders acting as "safety monitors", though it remained unclear how much control they had over the vehicles. In recent days, the automaker sent invites to a select group of influencers for a carefully monitored robotaxi trial in a limited zone. The rides are being offered for a flat fee of $US4.20 ($A6.50), Musk said on X. Tesla investor and social media personality Sawyer Merritt posted videos on X showing him ordering, getting picked up and taking a ride to a nearby bar and restaurant using a Tesla robotaxi app. If Tesla succeeds with the small deployment, it still faces major challenges in delivering on Musk's promises to scale up quickly in Austin and other cities, industry experts say. It could take years or decades for Tesla and self-driving rivals, such as Alphabet's Waymo, to fully develop a robotaxi industry, said Philip Koopman, a Carnegie Mellon University computer-engineering professor with expertise in autonomous-vehicle technology. A successful Austin trial for Tesla, he said, would be "the end of the beginning - not the beginning of the end". Most of Tesla's sky-high stock value now rests on its ability to deliver robotaxis and humanoid robots, according to many industry analysts. Tesla is by far the world's most valuable automaker. The Tesla robotaxi rollout comes after more than a decade of Musk's unfulfilled promises to deliver self-driving Teslas. Musk has said Tesla would be "super paranoid" about robotaxi safety in Austin, including operating in limited areas. The service in Austin will have other restrictions as well. Tesla plans to avoid bad weather, difficult intersections, and will not carry anyone below age 18. Tesla has deployed a small group of self-driving taxis picking up paying passengers in Texas, with chief Elon Musk announcing the "robotaxi launch" and social media influencers posting videos of their first rides. Musk called the moment the "culmination of a decade of hard work" in a post on his social media platform X and noted "the AI chip and software teams were built from scratch within Tesla". Teslas were spotted in an Austin neighbourhood called South Congress with no one in the driver's seat but one person in the passenger seat. The automaker planned a small trial with about 10 vehicles and front-seat riders acting as "safety monitors", though it remained unclear how much control they had over the vehicles. In recent days, the automaker sent invites to a select group of influencers for a carefully monitored robotaxi trial in a limited zone. The rides are being offered for a flat fee of $US4.20 ($A6.50), Musk said on X. Tesla investor and social media personality Sawyer Merritt posted videos on X showing him ordering, getting picked up and taking a ride to a nearby bar and restaurant using a Tesla robotaxi app. If Tesla succeeds with the small deployment, it still faces major challenges in delivering on Musk's promises to scale up quickly in Austin and other cities, industry experts say. It could take years or decades for Tesla and self-driving rivals, such as Alphabet's Waymo, to fully develop a robotaxi industry, said Philip Koopman, a Carnegie Mellon University computer-engineering professor with expertise in autonomous-vehicle technology. A successful Austin trial for Tesla, he said, would be "the end of the beginning - not the beginning of the end". Most of Tesla's sky-high stock value now rests on its ability to deliver robotaxis and humanoid robots, according to many industry analysts. Tesla is by far the world's most valuable automaker. The Tesla robotaxi rollout comes after more than a decade of Musk's unfulfilled promises to deliver self-driving Teslas. Musk has said Tesla would be "super paranoid" about robotaxi safety in Austin, including operating in limited areas. The service in Austin will have other restrictions as well. Tesla plans to avoid bad weather, difficult intersections, and will not carry anyone below age 18. Tesla has deployed a small group of self-driving taxis picking up paying passengers in Texas, with chief Elon Musk announcing the "robotaxi launch" and social media influencers posting videos of their first rides. Musk called the moment the "culmination of a decade of hard work" in a post on his social media platform X and noted "the AI chip and software teams were built from scratch within Tesla". Teslas were spotted in an Austin neighbourhood called South Congress with no one in the driver's seat but one person in the passenger seat. The automaker planned a small trial with about 10 vehicles and front-seat riders acting as "safety monitors", though it remained unclear how much control they had over the vehicles. In recent days, the automaker sent invites to a select group of influencers for a carefully monitored robotaxi trial in a limited zone. The rides are being offered for a flat fee of $US4.20 ($A6.50), Musk said on X. Tesla investor and social media personality Sawyer Merritt posted videos on X showing him ordering, getting picked up and taking a ride to a nearby bar and restaurant using a Tesla robotaxi app. If Tesla succeeds with the small deployment, it still faces major challenges in delivering on Musk's promises to scale up quickly in Austin and other cities, industry experts say. It could take years or decades for Tesla and self-driving rivals, such as Alphabet's Waymo, to fully develop a robotaxi industry, said Philip Koopman, a Carnegie Mellon University computer-engineering professor with expertise in autonomous-vehicle technology. A successful Austin trial for Tesla, he said, would be "the end of the beginning - not the beginning of the end". Most of Tesla's sky-high stock value now rests on its ability to deliver robotaxis and humanoid robots, according to many industry analysts. Tesla is by far the world's most valuable automaker. The Tesla robotaxi rollout comes after more than a decade of Musk's unfulfilled promises to deliver self-driving Teslas. Musk has said Tesla would be "super paranoid" about robotaxi safety in Austin, including operating in limited areas. The service in Austin will have other restrictions as well. Tesla plans to avoid bad weather, difficult intersections, and will not carry anyone below age 18.
