Germany’s Infineon to supply parts for Tesla Model 3
German chipmaker Infineon has been selected to supply parts for Tesla Inc.’s upcoming Model 3 electric car, which is currently ramping up for mass production in 2018.
Infineon is a well-known supplier of chips that are used to control batteries and motors in nearly 80 per cent of the world's top selling e-vehicles.
Confirming the contract, Chief Executive Officer Reinhard Ploss said, “We do not comment on the individual models, but we will also be present in Model 3.”
Ploss announced the contract just after the company reported third-quarter operating profit, which slightly surpassed analysts’ consensus forecast.
The Tesla Model 3 costs $35,000 in the United States, and it has the potential to notably outsell the $60,000 Model S, which is currently he world’s top-selling electric car.
Tesla has already received more than 500,000 reservations for the Model 3 e-car. Customers who place orders now can expect to receive the eagerly-awaited e-vehicle by the end of 2018.
IBM is using blockchain for improving speed and security for cross-border transactions. The solution offered by IBM is focused on banking sector.
Tesla Motors has fired hundreds of employees after annual performance review. The company confirmed the move but the management hasn’t mentioned the exact number of employees fired during the current performance review.
Tesla Motors has announced recall of 11,000 Model X vehicles to fix a seat cable issue. The voluntary recall involves Model X SUVs manufactured between October 28, 2016 and August 16, 2017.
Norway is planning to add additional tax burden on consumers planning to buy electric cars.
German government has raised the growth outlook for 2017 to two percent from earlier estimate of 1.5 percent. The growth outlook for 2018 has been raised to1.9 percent from earlier estimate of 1.6 percent.
The International Monetary Fund (IMF) has raised growth outlook for global economy considering stronger growth and signs of recovery in many key markets. However, the IMF forecast has raised doubts over growth in India and the United Kingdom.