OIL PRICE DIVE DRIVES EV INNOVATION

Tesla boss sees bumpy road ahead for electric cars

January 26, 2016 (PhysOrg)

“Electric car manufacturers will have to design futuristic vehicles to entice buyers in order to ride out the challenge of plunging oil prices, Tesla co-founder Elon Musk said…The luxury all-electric US car maker, founded in 2003, rose to prominence as oil prices soared and made alternative energy vehicles more tempting…Now the fledgling industry is under pressure…[and Tesla] saw shares dive…Tesla is looking to recruit 1,600 software engineers to help develop ‘Autopilot,’ its autonomous car IT system…aims to have a fully self-driving car by 2018…[and] is taking orders for its new Model X…[which has]…some self-driving facilities…[Musk] predicted all cars would be autonomous within the next 15 years—with steering wheels eventually just a distant memory…Such promises have kept investors firmly behind the California company, even though it has continued to lose money while the big carmakers in Detroit rack up profits in the booming US auto market.” click here for more

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