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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

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A battery startup is aiming to be the first company in the world to mass produce electric vehicle batteries with a range of 1,000km – roughly double the current standard. China-based Gotion High Tech, which is a supplier to Volkswagen, unveiled its new L600 LMFP Astroinno battery at its annual technology conference, claiming that mass production will begin in 2024. The lithium-manganese-iron-phosphate (LMFP) battery has already passed all necessary safety tests, the company said, and has a life cycle of 4,000 charge-discharge cycles – making it suitable for everyday electric cars. The 1,000km range from a single charge gives the battery a potential lifetime range of 4 million kilometres, far exceeding the average lifespan of a car. Its single-charge range is also equivalent to records set by customised electric prototypes, such as the Mercedes-Benz Vision EQXX that broke a range record by travelling from Germany to the UK on a single charge last year. It took 10 years of in-house research to make the technology commercially viable, using new electrolyte additives and state-of-the-art technology to overcome previous issues with this type of battery. Until now, LMFP materials have suffered low conductivity, low compaction density and manganese dissolution at high temperatures, meaning they were too inefficient and unwieldy to use in EVs. Despite these challenges, the enormous potential of the technology has drawn the attention of researchers and industry watchers. “In recent years, lithium iron phosphate (LFP) technology has regained the recognition of the market with market share continuing to increase,” said Dr Cheng Qian, executive president of the International Business Unit of Gotion High-Tech. “Meanwhile, the energy density growth of mass-produced LFP batteries has encountered bottlenecks, and further improvement requires an upgrade of the chemical system, so [our system] was developed.” The company also made other breakthroughs with the battery’s design, which reduced the number of structural parts by 45 per cent and lowered their weight by nearly a third. Wiring for the battery pack has also dropped from 303 metres to just 80 metres thanks to the innovative design. It is not clear which vehicles the battery will first appear in, though Gotion High Tech is planning a $2.3 billion battery factory in the US. Read More Solar panel efficiency to increase 50% with first production of ‘miracle’ tandem cells Apple is making a ‘mixed reality’ headset. Here’s what that future might look like WhatsApp will let people change messages after they are sent ‘RIP photoshop’: New AI can alter any photo with the click of a mouse