Daily News Digest: Tesla Stock Jumps 8% on Trump Administration Plan To Relax Self-Driving Car Rules

November 19, 2024 -- Today’s top stories: Tesla stock jumps 8% on Trump administration plan to relax self-driving car rules, Xiaomi Q3 revenue soars 30.5% as sales of its first electric car surge, Phobos Ransomware Administrator Extradited from South Korea to Face Cybercrime Charges

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By CommonWealth Magazine
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2024-11-19

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Tesla stock jumps 8% on Trump administration plan to relax self-driving car rules

Shares of Tesla surged by over 8% on Monday after Bloomberg reported that President-elect Donald Trump's transition team is Prioritizing the creation of a Federal framework for fully autonomous vehicles for the Transportation Department.

The streamlined regulatory system would greatly benefit Tesla founder Elon musk, helping Tesla deliver on its longtime promise to release a fleet of fully Self-Driving cars.

The Trump team is also reportedly searching for policy minds to think up a way to regulate Self-Driving vehicles.

The current Federal rules are strict about car manufacturers selling large quantities of vehicles without steering wheels or foot pedals.

Tesla has staked its future on launching fully autonomous electric vehicles in the coming years. last month, musk criticized the State-By-State approval process required for Self-Driving vehicles, calling it "incredibly burdensome." the report comes days after Mr. Trump named the automaker's chief executive, Elon musk, as co-head of the incoming administration's government efficiency Department.

Mr. Trump's team is seeking policy appointees for the Transportation Department to develop a federal regulatory framework, the report said, citing people familiar with the matter.

Tesla's market cap is $1.1 trillion, and Wedbush analyst Dan Ives thinks that's just the start of a rally that will eventually send the valuation to $2 trillion.

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Xiaomi Q3 revenue soars 30.5% as sales of its first electric car surge

Chinese electronics maker Xiaomi Corp has reported a 30.5% increase in Q3 revenue, boosted by the launch of its first electric vehicle, the Su7 sedan.

The car, which draws styling cues from Porsche, was launched in March, entering a crowded China Ev market with an Attention-Grabbing price tag.

Xiaomi raised its sales target on Monday and is now aiming for sales of 130,000 this year, far more than an initial goal of 76,000. to keep up with demand, Xiaomi has doubled production shifts since June and launched the premium Su7 ultra model priced at more than $110,000.

Revenue came in at 92.5 billion yuan ($12.77 billion) for the quarter ended Sept. 30, beating an Lseg consensus estimate from 15 analysts of 91.1 billion yuan.

Huatai Securities has forecast Xiaomi will deliver 400,000 Evs in 2025 when electric cars will grow to account for roughly a fifth of revenue compared with 8 million in 2020.

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Phobos Ransomware Administrator Extradited from South Korea to Face Cybercrime Charges

(Source: Shutterstock)

Evgenii Ptitsyn, a 42-Year-Old Russian national, has been Extradited from South Korea to the US to face charges in connection with a Ransomware gang that allegedly extorted more than $16 million from victims around the world.

Ptitsyn is accused of administering the sale, distribution, and operation of Phobos Ransomware, a type of Ransomware that has been used in more than 1,000 Ransomware attacks on public and private organizations. victims of the Ransomware include government agencies, health care facilities, and schools.

The news is a win for the FBI, which typically has to wait until alleged Ransomware kingpins leave Russia to try to arrest them because the us and Russia do not have an Extradition treaty.

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The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.

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