Musk: Chip And Ship Shortages Main Threats To Tesla Sales Growth


InsideEVs 11 October, 2021 - 03:25pm 2 views

Austin cheers Tesla's headquarters move, but local home buyers left on edge

Yahoo! Voices 11 October, 2021 - 09:03pm

AUSTIN, Texas (Reuters) - Austin prides itself on "keeping it weird," but the city's success at luring more big companies such as Tesla Inc has some residents wary of getting priced out of their unique culture.

Tesla's CEO, Elon Musk, said on Thursday the electric car maker will move its headquarters from Palo Alto, California, to Austin, Texas.

Housing prices in the Austin metro area have skyrocketed in recent years, with large tech firms including Apple Inc, Alphabet Inc's Google and Oracle Corp building new campuses in and around the city.

"I'm really happy for all the jobs this will create, but my family is already unable to buy a house right now, and it will only get worse with Tesla," Trish Webb, 47, a resident of South Austin, said on Friday while on her lunch break from her job as a hospital administrative assistant.

Median prices for Austin houses have risen some 40% over the last two years, with the median price for a house around $549,000 in September, according to real estate brokerage Redfin.

Frequent reports of out-of-state buyers, particularly Californians, purchasing houses in cash at double the asking price have frustrated many Austinites. Over the summer, nearly three in every four houses sold in the city went for above the asking price, Redfin data showed.

Even before Musk's relocation announcement, the electric vehicle maker planned to bring some 10,000 workers to an imposing new factory east of the city center. It is unclear how many corporate workers Tesla will relocate from California, or hire in Texas.

"All these Californians coming here is also changing the culture, and I'm worried it will become too much," said Reed Chorry, 26, who moved to Austin from Houston several years ago and works in sales.

The city's unofficial motto - "Keep Austin Weird" - has given rise to a quirky, bohemian cultural scene that has turned local music festivals like Austin City Limits and South by Southwest into national attractions.

"It will be hard to keep that up when Austin becomes bigger and bigger," said Ryan Baker, 32, who works at a restaurant in East Austin.

Austin Mayor Steve Adler welcomed Tesla's decision and said the company fits right in with Austin's strong innovative, entrepreneurial and environmentally focused culture. His office did not respond to questions about housing affordability.

Austin's rapid growth is also expected to exacerbate the city's congestion problems, with three out of four residents driving to work alone in their car.

While Austin is working to improve its public transit network, Tesla's factory is located in a transit desert.

The city may evaluate transit options to the plant, but it expects most of Tesla's workers to drive to the plant, Austin Transportation Director Rob Spillar said. Austin hopes an increase in housing, stores and medical clinics will attract workers to live close to the plant, Spillar said.

Roberts Communities, a developer for affordable manufactured housing, is hoping to benefit. The company has bought large plots of land just minutes from the Tesla factory and sells houses at around $80,000.

Tesla factory workers will receive an average annual salary of $47,000, an income considered low by Travis County's health and human services division.

"All those workers will want to live somewhere nice, clean and affordable with their families," said Brandon Long, a Roberts Communities sales manager at the local Oak Ranch site.

(Reporting by Tina Bellon in Austin, Texas; Editing by Joe White and Matthew Lewis)

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The pandemic-era move from California to other parts of the country has inflated home prices in the smaller markets, creating new housing crunches in the process.

Tesla (NASDAQ: TSLA) shares soared 743% last year. Tesla recently reported third-quarter deliveries ahead of the full earnings report. In the second quarter, the EV giant reported more than $1 billion in GAAP net income for the first time ever.

Elon Musk said last month he plans to send Jeff Bezos a second-place trophy after his net worth surpassed the Amazon founder's.

Britain's new aircraft carrier the HMS Queen Elizabeth made a stop in Singapore on Monday, part of a move to reassert itself globally and boost its military presence in Asia amid rising competition among major powers. The Queen Elizabeth led a British carrier strike group in exercises with Singapore's military at the weekend, including naval manoeuvres and simulated combat training with F-35B stealth fighters and F-16 jets. Britain plans to permanently deploy two warships in Asian waters, where the United States and Western allies are trying to contain China's militarisation and island-building in seas vital to the movement of trillions of dollars of global trade.

Vensy Krishna was among the millions of desperate Indians who scoured their towns for a hospital bed a few months ago. Fresh from her trauma, she put her knowledge of no-code tools to create Hyd COVID Resources to help others in the city.

The California startup Lucid Motors is on a roll, with its first EV, the Air, expected soon. Here's what planned for its next act.

Edward Snowden recently took to Twitter to weigh in on the hypothetical central bank digital currency (CBDC) issued by the US Federal Reserve

Forcing businesses to accept a particular cryptocurrency goes against the the ideals of freedom important to crypto, the ethereum co-founder said.

The first-in-the-nation rule applies to retailers with 500 or more workers in the state, and goes into effect in 2024.

The Tesla Model S is a strong economic choice for today's consumers, but the price and cache demand a second look at the costs and benefits of owning.

Supermodel and actress Cindy Bishop will host the show, joined by a panel of experts and judges including Yu Tsai, Hanli Hoefer, Ase Wan and Catriona Gray.

Big wave surfer Laird Hamilton, 57, shares with Men's Health how extreme heat or cold exposure first thing in the morning helps to "boost" his system.

Oracle could end up acquiring nine acres adjacent to its headquarters campus in a land swap with the city of Austin.

Investors need to pay close attention to Tesla (TSLA) stock based on the movements in the options market lately.

Those figures are up from the 400,669,422 vaccine doses the CDC said had been administered by Friday out of 485,713,525 doses delivered. The CDC tally includes the two-dose vaccines from Moderna and Pfizer/BioNTech, as well as Johnson & Johnson's one-shot vaccine. Roughly 7.8 million people have received a booster dose of either Pfizer or Moderna's vaccine since Aug. 13, when the United States authorized a third dose of the vaccines for people with compromised immune systems who are likely to have weaker protection from the two-dose regimens.

Limited inventory has been a problem in today's housing market, and it could remain sluggish for one big reason.

PM away for a week in southern Spain

In today’s frenzied real estate market, many Los Angeles homes are apt to give you sticker shock. But few can do it quite like this Brentwood mansion, which has popped up for sale with a scalding $64.5 million ask. Should the property sell for anywhere near the listing price, it will rank as one of […]

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autoevolution 11 October, 2021 - 09:03pm

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