Elon Musk has confirmed selling $6.9 billion worth of shares in his car company, saying he is covering the risk that a US court forces him to takeover the social media platform.

The carmaker sold 28,217 Chinese-made vehicles in July – nearly two-thirds less than its sales in June – while its factory in Shanghai was being upgraded to boost its output

The news, announced by Investment Affairs Minister Luhut Pandjaitan on Monday, follows a meeting between Tesla chief Elon Musk and President Joko Widodo in Texas in May

Elon Musk, its chief executive, has demanded the company ramp up battery production, especially of its so-called 4680, denoting the diameter (46mm) and height (80mm)

Tesla’s second-quarter net profit fell 32% to $2.26 billion compared with the previous quarter. Total revenue fell to $16.93 billion from $18.76 billion in the previous quarter

The departure of Karpathy, who provided no reason for leaving, comes at a critical time as Tesla chief executive Elon Musk races to achieve full self-driving capability

The launch comes after Hyundai announced plans to build EV plants both at home and the US, where the Ioniq 5 and Kia's EV 6 SUV together became the second-best selling EVs

Tesla's ties to Chinese government officials were a key factor in its production recovery from crippling Covid-related lockdowns, Nikkei Asia reported

The Warren Buffett-backed auto firm’s rise underscores China’s growing prowess in electric vehicle manufacturing and renewable energy, the FT said....

Tesla has bounced back from the Shanghai lockdown in June, selling more than double the amount of locally-made vehicles it did in May and 135% more than it did a year ago, a China car group said

Tesla has been asking employees to agree to release it of all claims, in exchange for a severance of just one or two weeks' pay and benefits

The Warren Buffett-backed auto firm's rise underscores China's growing prowess in electric vehicle manufacturing and renewable energy, the FT said.