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Tom Zhu of Tesla takes over sales, service, and deliveries in North America

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According to people who are familiar with the situation, Tom Zhu, Tesla’s global vice president and CEO for the Greater China region, assumed responsibility for sales, service, and deliveries in North America. The publication noted that Zhu has been added to the North American sales service and delivery organization chart, despite the fact that his title remains vice president in charge of Asia/Pacific.

Zhu, a veteran at Tesla who joined the electric vehicle manufacturer in 2014, was in charge of Gigafactory Shanghai’s construction and operation. Through Zhu’s leadership, Tesla has grown in China from the construction of Gigafactory Shanghai to its position as a significant export hub. He has assisted Tesla in expanding its Supercharger network, and earlier reports from China indicated that he was tasked with overseeing the company’s operations in Asia and the Pacific.

In August, Tesla saw the production of its one millionth made-in-China electric vehicle, which occurred shortly after Teslarati reported on a significant shipment of vehicles that Tesla China was preparing to ship.

In October, Tesla delivered 71,704 vehicles in China, which was undeniably lower than the record it set in September with 83,135 conveyances. Tesla China shipped more than 100,000 vehicles in November.

Zhu was reportedly with a Chinese engineering team in December at Tesla’s Gigafactory in Texas to assist with the ramp-up of Tesla’s newest Gigafactory. Zhu went on the trip with a group that included Song Gang, employees of Tesla’s Shanghai Gigafactory. manager for Tesla’s Texas and California plants.

According to information provided by a Chinese company called Qichacha, Zhu was still the chairman of Tesla Shanghai Co. Ltd., despite no longer being the company’s legal representative. The position was filled by Tesla China general manager Wang Hao. According to unnamed sources, a Chinese tech publication called PingWest claimed that Zhu would take over for Elon Musk as CEO.

It is important to note that PingWest was found guilty of spreading false information about Tesla in China, despite the fact that that report was widely circulated. Public confession and financial retribution were required of the publication. Whether Elon Musk intends to make Zhu his substitution is not yet clear.

However, a member of Tesla’s board of directors testified that the CEO had identified a potential successor in recent months. Elon Musk stated in a May interview with Financial Times that he would remain with Tesla “as long as I can be useful.”

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Austal, a startup, has Raised $43 Million to Build a Massive sailing cargo trimaran

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Austal will use the €40 million ($43 million) fundraising round that VELA, a French firm that was founded in November 2022, has completed to construct the largest sailing cargo trimaran in the world. The company’s goal is to offer a sustainable cargo service for goods including pharmaceuticals, industrial parts, medical equipment, and cosmetics that are transported across the Atlantic.

11th Hour Racing, Crédit Mutuel Impact, and BPI—the French Public Investment Bank—led the funding round. The corporation claims that the Franco-American partners are as committed to promoting more sustainable transportation as it is. They think the Trimaran design will also provide a quick fix, particularly for businesses who don’t want to keep their inventory “on the water” for transit.

With the help of Austal’s distinctive design and technology from offshore racing, VELA anticipates being able to operate entirely under sail and give a transit time of fewer than 15 days from loading to crossing the ocean and unloading. They argue that the same service takes at least 20 days for huge containerships. In addition, the trimaran’s cargo holds will be kept at a regulated temperature to guarantee “the safety and integrity of high-value-added transported goods.”

A vessel with dimensions of 220 feet (67 meters), an air draft of 200 feet (61 meters), and a width of 82 feet (25 meters) is required by the design. The aluminum hull will be constructed with Austal’s industry expertise. Carbon will be used for the masts.

In addition to two hydro-generators, the ship will include more than 3,230 square feet of solar panels. 51 shipping containers’ worth of cargo will fit inside it.

Austal, which is renowned for its proficiency in multihull and aluminum constructions, was chosen by VELA following an international tender in which over thirty shipyards took part, according to VELA, with assistance from BRS Shipbrokers. Austal’s experience will be advantageous to the first VELA Trimaran, which will also use the sailing systems of the offshore racing team MerConcept.

Austal Philippines will build the ship in Balamban, Cebu, and it is expected to be delivered in the second half of 2026. Furthermore, according to VELA, 30 percent of the construction will be completed by French firms, including rigging, sails, and hydro-generators, thereby enhancing the quality and expertise of the country’s sailing sector. The ship will have a French registration.

“Austal is excited to partner with VELA on this groundbreaking project. Our expertise in multihull design and aluminum shipbuilding, combined with VELA’s innovative vision, will create a revolutionary sailing cargo trimaran,” stated Paddy Gregg, CEO of Austal. “This vessel will set new speed, reliability, and sustainability standards for transatlantic shipping.”

The company claims that the funds from the latest round will enable VELA to formally begin construction of its first vessel. Additionally, they intend to use the funding to bolster their operations and sales teams in the US and France.

VELA intends to run between the east coast of the United States and the Atlantic coast of France. They anticipate starting operations in the second half of 2026, joining the increasing number of cargo ships powered by sail that French companies are launching for the Atlantic. At least four more ships are expected to be in operation by 2027 or 2028, according to VELA. Reaching one departure each week and increasing departure frequency are the objectives.

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Startup Talks of a $9 billion valuation are confusing AI search

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Perplexity AI Inc., an artificial intelligence startup developing a search engine to take on Google, is in early talks with investors to raise capital at a $9 billion valuation, according to a source familiar with the situation.

The insider, who wished to remain anonymous while discussing personal matters, stated that the corporation is looking to raise over $500 million in the investment round.

The company may increase its prior valuation of $3 billion from a capital round earlier this year, which includes the money the company would raise. It’s very early in the talks, so things might change or the conversation could break down. The business refused to comment.

The recent surge in Perplexity’s valuation is indicative of the keen interest of venture capitalists in supporting AI startups. As late as April of this year, the business had a $1 billion valuation. Large sums have also been raised by its competitors and colleagues, such as OpenAI, which earlier this month closed a $6.6 billion financing round at a valuation of $157 billion.

The source claimed that Perplexity’s most recent finance discussions happened as a result of investors reaching out to the business, not because the startup was looking to acquire further funds.

Apart from the commercial and free versions of its search tool, Perplexity provides various other services. It recently unveiled additional tools for searches connected to finance, such as stock prices and firm earnings data, and released a platform that enables businesses to search internal information in addition to the internet.

In addition, the business has started a number of revenue-sharing agreements with large publishers, while being accused of plagiarism by certain news organizations.

Among the company’s investors are Nvidia Corp. and Jeff Bezos, the founder of Amazon.com Inc. and a partner of SoftBank Group Corp.

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Microsoft and OpenAI are at odds about the tech behemoth’s ownership of the business

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Even while Microsoft and OpenAI are developing a distinctly novel technology, they are arguing about a well-known economic issue: how much stock should I receive in return for my investment?

According to the Wall Street Journal, the two businesses engaged investment banks to assist in determining how Microsoft’s about $13.75 billion in investments in OpenAI since 2019 will be interpreted after the firm transforms from a nonprofit to a for-profit business.

Microsoft called in Morgan Stanley, and OpenAI recruited Goldman Sachs to counsel it throughout the process, according to the Journal. The two prestigious banks will now need to guide their closely connected clients through a complex financial decision regarding Microsoft’s ownership stake in OpenAI.

Microsoft’s ownership interest is being negotiated at a time when OpenAI’s value has skyrocketed.

The ChatGPT developer finished a funding round earlier this month, valuing the company at $157 billion. The chipmaker Nvidia, the venture capital firm Thrive Capital, and Masayoshi Son’s SoftBank were among the investors in that round. A few months after ChatGPT-3 was released in November 2022, in January 2023, Microsoft made a huge $10 billion investment in OpenAI, valuing the business at $86 billion.

Despite $3.7 billion in income, OpenAI is still losing money and expects to lose $5 billion this year. However, based on internal business forecasts obtained by the New York Times, OpenAI anticipates phenomenal growth, with its top line expected to soar to $11.6 billion next year.

Because of OpenAI’s nonprofit status, Microsoft’s investment entitles it to a share of the revenues made by the company’s board-managed for-profit subsidiary. The original structure of the for-profit subsidiary placed a cap on the amount of earnings it could make. There was a cap on Microsoft’s share of the cap as well.

It was reported in September that OpenAI plans to reorganize as a for-profit public benefit business. This special status would enable it to dedicate itself to objectives aimed at improving society in addition to providing a profit to shareholders.

Though it won’t be the organization that runs the new for-profit OpenAI version, the charity will still be around. The new for-profit corporation will nonetheless have a minority ownership held by the nonprofit. The action was taken in an attempt to increase the company’s appeal to potential investors, who are probably already lining up to offer money for a share in the business that is synonymous with the AI revolution.

OpenAI is reorganizing and will grant CEO Sam Altman shares in the business. In an earlier statement, Altman alluded to his “tiny bit of exposure via the YC investment,” which was the renowned startup incubator Y Combinator, of which he served as president. As is customary for executives, Altman and other leaders in this freshly established company would probably receive a far higher portion.

After earlier reports suggested that he would acquire as much as 7% of OpenAI, Altman stated during a company-wide meeting in September that there were no plans for him to receive a “giant equity stake” in the company. During the same meeting, investors expressed worries about Altman’s lack of ownership in the firm he was heading, according to Altman and OpenAI CFO Sarah Friar.

It is probable that Microsoft will endeavor to bargain for the scope of its governance privileges in OpenAI. Despite Microsoft’s significant investments in OpenAI, CEO Satya Nadella was taken aback when Altman was momentarily dismissed by the OpenAI board in November 2023. After Altman was reinstated, Nadella made a number of public appearances where he reaffirmed Microsoft’s support for OpenAI while making hints that he would like more control over the company’s corporate governance.

“At this point, I think it’s very clear that something has to change around the governance,”Nadella told  in November 2023, as Altman’s ouster was unfolding..

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