Today’s top stories for Tesla Inc. (NASDAQ: TSLA) encompass competition, legal, and regulatory news.
Competition News: Tesla’s lawsuit against Rivian Automotive Inc (NASDAQ: RIVN) over alleged trade secret violations is set to proceed to trial, as a California state court tentatively denied requests for a summary adjudication ruling.
The lawsuit, filed by Tesla in 2020, accuses Rivian of hiring former Tesla employees who allegedly shared sensitive trade secret information. Tesla expanded the lawsuit in 2021, accusing Rivian of stealing core technology related to its next-gen batteries.
Despite a recent partnership between the two companies, the legal battle continues, posing a competition risk for Tesla as Rivian emerges as a significant player in the electric vehicle industry, Zenger News reports.
Legal News: Tesla is facing a class action lawsuit in California for allegedly misleading consumers about the estimated driving ranges of its vehicles.
The lawsuit claims that Tesla inflated the ranges, leading consumers to pay more for their vehicles or purchase them when they otherwise would not have.
This legal battle could have significant implications for Tesla’s reputation and financials, especially considering it would cover all Tesla drivers in California who bought a Model 3, S, X, or Y.
Earlier this year, Tesla was fined $2.2 million in South Korea for failing to disclose how ranges are affected by cold weather, Futurism reports.
Regulatory News: India’s commerce minister, Piyush Goyal, recently held a private meeting with senior Tesla executives to discuss the possibility of setting up a manufacturing plant in India.
This meeting follows Tesla CEO Elon Musk’s meeting with Prime Minister Narendra Modi in June, where Musk expressed his interest in making substantial investments in India.
Tesla has previously shown interest in building a factory in India to produce a low-cost electric vehicle for both the domestic market and potential exports.
Produced in association with Benzinga
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