Elon Musk speaks at the Tesla Giga Texas factory grand opening party in Austin, Texas, in April last year. AFP
Elon Musk speaks at the Tesla Giga Texas factory grand opening party in Austin, Texas, in April last year. AFP
Elon Musk speaks at the Tesla Giga Texas factory grand opening party in Austin, Texas, in April last year. AFP
Elon Musk speaks at the Tesla Giga Texas factory grand opening party in Austin, Texas, in April last year. AFP

Tesla Investor Day: Elon Musk hints at new Teslas and unveils 'renewable future' plan


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Elon Musk on Wednesday spoke to stakeholders about his "master plan" towards a "sustainable energy future" at Tesla Investor Day in Austin, Texas, while hinting at new Tesla vehicles for the year ahead.

"Earth can and will move to a sustainable energy economy and will do so in your lifetime," Mr Musk said.

He laid out ways to make the transition including renewable power, electric vehicles, switching to heat pumps and sustainable fuel for planes.

Mr Musk revealed a presentation slide with two disguised future models, and executives said the Cybertruck pickup was also coming this year.

Tesla has become the world's most valuable car company by far, and the billionaire chief executive has aspirations of cracking the mass market and turning the EV maker into a company that can create a more climate-friendly world.

Mr Musk said two years ago he hoped to introduce a $25,000 Tesla, making the vehicle accessible to millions of drivers.

But he said last year that has been put on hold as he has not yet figured out the battery technology that would make producing the third-generation model possible.

Mr Musk also recently teased the idea of a robotaxi — a fully autonomous vehicle. And he predicted that production of an autonomous vehicle would start next year, The Verge reported.

He has floated the ability of Tesla drivers to make money by turning their vehicles into robotaxis when they are not using them.

On Wednesday, executives spoke about technology for Tesla owners to "share" their vehicles with others through texts and the Tesla app.

Mr Musk's latest master plan follows two others previously unveiled, the ambitions of which — such as “true self-driving” — remain unachieved.

  • Tesla chief executive Elon Musk speaks during the opening day of the Tesla Gigafactory in Gruenheide, Germany. EPA
    Tesla chief executive Elon Musk speaks during the opening day of the Tesla Gigafactory in Gruenheide, Germany. EPA
  • Musk speaks next to German Chancellor Olaf Scholz and the prime minister of Brandenburg state, Dietmar Woidke, during the opening ceremony. AFP
    Musk speaks next to German Chancellor Olaf Scholz and the prime minister of Brandenburg state, Dietmar Woidke, during the opening ceremony. AFP
  • The Tesla chief, right, was cheered as he oversaw the handover of the car maker's first German-made cars at the Gruenheide plant. EPA
    The Tesla chief, right, was cheered as he oversaw the handover of the car maker's first German-made cars at the Gruenheide plant. EPA
  • Musk described the opening as "another step in the direction of a sustainable future". EPA
    Musk described the opening as "another step in the direction of a sustainable future". EPA
  • Tesla is likely to launch a test version of its new "full self-driving" software in Europe, possibly next year, the chief executive said. EPA
    Tesla is likely to launch a test version of its new "full self-driving" software in Europe, possibly next year, the chief executive said. EPA
  • Musk dances as he hands over the first Teslas from the new factory. Getty Images
    Musk dances as he hands over the first Teslas from the new factory. Getty Images
  • Musk said battery production will be a "challenge" next year and a "limiting factor" in the coming years. Reuters
    Musk said battery production will be a "challenge" next year and a "limiting factor" in the coming years. Reuters
  • Tesla cars are parked at the site of the new Tesla Gigafactory in Gruenheide, Germany. Reuters
    Tesla cars are parked at the site of the new Tesla Gigafactory in Gruenheide, Germany. Reuters
  • Tesla was handing over the first Model Y cars made at its €5 billion Gruenheide plant to clients on March 22, the company said. Getty Images
    Tesla was handing over the first Model Y cars made at its €5 billion Gruenheide plant to clients on March 22, the company said. Getty Images
  • The new Tesla Gigafactory is the company's first European production centre. Getty Images
    The new Tesla Gigafactory is the company's first European production centre. Getty Images
  • Newly completed Tesla Model Y electric cars parked at the site near Gruenheide. Getty Images
    Newly completed Tesla Model Y electric cars parked at the site near Gruenheide. Getty Images
  • The new factory is the largest investment in a German car factory in recent history. Getty Images
    The new factory is the largest investment in a German car factory in recent history. Getty Images
  • A road sign reading 'water protection area' next to the Tesla logo at the site of the Tesla factory. EPA
    A road sign reading 'water protection area' next to the Tesla logo at the site of the Tesla factory. EPA
  • A road sign reading 'Tesla Street' at the new plant. EPA
    A road sign reading 'Tesla Street' at the new plant. EPA
  • A building under construction at the Tesla factory. EPA
    A building under construction at the Tesla factory. EPA
  • At full capacity, the factory will produce 500,000 cars annually. EPA
    At full capacity, the factory will produce 500,000 cars annually. EPA
  • Tesla plans to hire 12,000 workers at the plant. Bloomberg
    Tesla plans to hire 12,000 workers at the plant. Bloomberg

He also set a goal of selling 20 million electric vehicles annually by 2030, but the company's four factories only produce 1.9 million a year.

Tesla has four car factories, in Texas, California, China and Germany. On Tuesday, Mexican President Andres Manuel Lopez Obrador said Tesla would build a new plant in the city of Monterrey

The company also invested $3.6 billion to produce its “first high-volume Semi factory” in Reno, Nevada.

Indonesia's President Joko Widodo said his administration has been in talks with Tesla over a factory as well.

Mr Musk briefly discussed AI and the prospect of humanoid robots after showing a video of his highly anticipated Tesla Optimus. He claimed Tesla had the most advanced real world AI.

"I think we might exceed a one-to-one ratio of humanoid robots to humans," he said.

  • Tesla's AI Day 2022 livestream introduced the humanoid robot Optimus as it walks on stage in Palo Alto, California. All photos: AFP
    Tesla's AI Day 2022 livestream introduced the humanoid robot Optimus as it walks on stage in Palo Alto, California. All photos: AFP
  • Optimus waves to guests at Tesla's AI Day in Calfornia.
    Optimus waves to guests at Tesla's AI Day in Calfornia.
  • Humanoid robot Optimus was on stage as Tesla set out its plans for an AI future.
    Humanoid robot Optimus was on stage as Tesla set out its plans for an AI future.
  • Tesla chief executive Elon Musk explains how the Optimus humanoid robot project will evolve.
    Tesla chief executive Elon Musk explains how the Optimus humanoid robot project will evolve.
  • The event took place in Tesla's office in Palo Alto, California.
    The event took place in Tesla's office in Palo Alto, California.
  • “There's still a lot of work to be done to refine Optimus and prove it,” Mr Musk told guests at the event.
    “There's still a lot of work to be done to refine Optimus and prove it,” Mr Musk told guests at the event.
  • Elon Musk said Optimus would be an 'extremely capable robot' that Tesla would aim to produce in the millions and perhaps cost less than $20,000 per unit.
    Elon Musk said Optimus would be an 'extremely capable robot' that Tesla would aim to produce in the millions and perhaps cost less than $20,000 per unit.

Agencies contributed to this report

RESULTS
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

Persuasion
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarrie%20Cracknell%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EDakota%20Johnson%2C%20Cosmo%20Jarvis%2C%20Richard%20E%20Grant%2C%20Henry%20Golding%20and%20Nikki%20Amuka-Bird%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%201.5%2F5%3C%2Fp%3E%0A
Company profile

Company name: Dharma

Date started: 2018

Founders: Charaf El Mansouri, Nisma Benani, Leah Howe

Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A 

Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs

Bio:

Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour

Favourite Hobby: Serving poor people 

Favourite Book: The Alchemist by Paulo Coelho

Favourite food: Fish and vegetables

Favourite place to visit: London

The biog

Name: Timothy Husband

Nationality: New Zealand

Education: Degree in zoology at The University of Sydney

Favourite book: Lemurs of Madagascar by Russell A Mittermeier

Favourite music: Billy Joel

Weekends and holidays: Talking about animals or visiting his farm in Australia

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