Charged: Tesla rolls out FSD software update, GM sets 'bold' targets

Tesla moving headquarters from Silicon Valley to Austin
Welcome to The Fly's latest edition of "Charged," where we look back at some recent analysts' notes, news and activity in the electric vehicle and clean energy space.

MOVING HEADQUARTERS: Tesla (TSLA) CEO Elon Musk confirmed that the car maker is moving its headquarters from Fremont, California to Austin, Texas, where the company has been constructing a new factory for a little over a year, The Verge's Sean O'Kane reported. The CEO said the company will continue to operate its electric vehicle factory in Silicon Valley and that he even intends to attempt to boost production there by 50%, the author noted.

Meanwhile, Musk said via Twitter that Tesla's FSD Beta 10.2 software update is "now rolling out to cars with 100/100 safety score over 100 miles" after delays due to "a few last minute concerns."

TRADE SECRETS: Tesla has accused Rivian of stealing trade secrets and poaching staff even after Tesla filed a lawsuit in 2020, Bloomberg's Peter Blumberg reported. According to the court filing, Tesla is accusing rival EV-maker Rivian, which is backed by Amazon (AMZN) and Ford (F), of stealing "highly proprietary" battery technology this summer, saying that in one instance, Tesla defectors were "caught red-handed" stealing the core technology for its next-generation batteries, "the most essential element for any electric vehicle."

GM'S TARGETS: General Motors (GM) plans to double annual revenues by the end of the decade while growing EBIT-adjusted margins "as it transitions to an all-electric future." GM noted that it has already announced plans to invest $35B through 2025 in all-electric and autonomous vehicles and launch more than 30 new EVs globally. The company is also planning "to reach leadership in EV market share in the U.S. while growing its profits from internal combustion engine, or ICE, vehicles. GM's growth will be driven by the Ultium modular EV platform the company developed to launch a broad portfolio of highly desirable EVs using common, scalable components. The array of Ultium-powered EVs will include high-volume entries, including a Chevrolet crossover priced around $30,000, Buick crossovers, trucks from Chevrolet, GMC and HUMMER EV, as well as exquisitely crafted Cadillac EVs such as the upcoming LYRIQ and CELESTIQ."
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