Arvind's Newsletter

1.Elon Musk's Tesla may launch its most affordable car in India after Germany, reported Moneycontrol

Billionaire Elon Musk's electric car-making firm Tesla's most affordable model – a two-door car – will be launched in Germany. As per a report by Moneycontrol, the same electric car will also be launched in India subsequently.

Though Musk's Tesla is yet to make an official announcement on its India foray, the firm is all set to commence imports of some of its models from 2024 onwards. However, Tesla hasn't revealed any more details or the name of the model yet.According to the report, which cited sources, Model Y Crossover will be the first model to be available in the country.

The Model Y is a battery electric mid-size crossover SUV built by Tesla in 2020 and is based on the Model 3 sedan platform. The Tesla Model Y is expected to fill a less expensive segment than the mid-sized Tesla Model X and would offer optional third-row seats for a seven-passenger seating capacity.

According to Economic Times, an announcement could come in Vibrant Gujarat Global Summit in January. The states of Gujarat, which is Prime Minister Narendra Modi’s home base, Maharashtra and Tamil Nadu are under consideration because they already have well-established ecosystems for electric vehicles and exports.Tesla would commit an initial minimum investment in any plant of around $2 billion, one person said, and would look to increase purchases of auto parts from the nation to as much as $15 billion.

Trade Minister Piyush Goyal, who visited Tesla’s plant in Fremont, California earlier this month, said in September that Tesla is planning to almost double purchases of auto parts from India to $1.9 billion this year. The electric carmaker sourced parts worth $1 billion from the nation last year, he said at an event in New Delhi at the time.

2.Israel and Hamas agreed on a four-day ceasefire in exchange for the release of 50 hostages held by the militant group, reported New York Times.

Israel and Hamas agreed to a brief ceasefire in Gaza to allow for the release of 50 hostages captured by Hamas last month. Hamas said Israel would release 150 Palestinians prisoners held in Israeli prisons.

The pause would also allow for more deliveries of fuel and aid for civilians in Gaza , according to Qatar, the country leading mediations.

The deal would pause fighting for at least four days, with each side releasing a portion of the captives each day. The hostages would not be released until Thursday at the earliest to allow Israeli judges to review potential legal challenges, according to an Israeli official.

Israeli Prime Minister Benjamin Netanyahu reiterated yesterday Israel doesn't intend to stop fighting until Hamas is dismantled and all hostages are freed. 

The conflict still appeared at risk of metastasising as the U.S. said it was considering designating Yemen’s Houthis, who have carried out missile and drone attacks on Israel in recent weeks, a terrorist group, and warned that Iran and Russia were increasing their military co-operation against Israel.

3.Sam Altman Returns As OpenAI CEO In Chaotic Win For Microsoft, reported BloombergQuint.

Sam Altman will return to lead OpenAI less than five days after he was pushed out of one of the world’s most valuable startups, setting off a shock back-and-forth drama that transfixed Silicon Valley and the global AI industry. Altman is returning as chief executive officer and the initial board will be led by Bret Taylor, a former co-CEO of Salesforce Inc.

 The other directors are Larry Summers, the former US Treasury Secretary, and existing member Adam D’Angelo, the co-founder and CEO of Quora Inc. OpenAI is now working “to figure out the details,” the company said in a post on X, formerly Twitter.

The decision to restore him to the world’s best-known AI startup marks a significant victory for Microsoft Corp., which worked with fellow investors to reverse Altman’s firing. CEO Satya Nadella publicly supported Altman throughout the turmoil and briefly agreed to hire him at Microsoft to start a new in-house research group.

The reworked OpenAI board will not be final: its main priority is to select up to nine new directors. Board composition proved to be a major sticking point in negotiations for Altman’s return after his shocking ouster on Friday.

Altman agreed not to take a board seat initially in order to get the deal done, said the person. It’s likely he’ll join the board eventually. He also agreed to an internal investigation into the conduct that led to his dismissal, another person said.

Read more at: https://www.bqprime.com/business/sam-altman-to-return-as-openai-ceo-with-a-new-board

4.Sodium-ion batteries are coming closer to commercial deployment, reported the Financial Times

Sodium is widely available, while lithium — presently the basis for most battery technology — can only be mined in a few places. But sodium batteries have lagged behind on energy storage. The Swedish industrial startup Northvolt announced it had made a sodium battery that stored almost as much energy as a lithium one, aiming to reduce supply-chain dependence on China. Meanwhile, China’s own BYD has had similar ideas: It announced plans to build a multi-billion dollar sodium battery plant, the world’s first, hoping to sidestep the volatility in global lithium prices.

5.The other oil India needs to worry about

India’s edible oil imports have risen almost 1.5 times and more than doubled in rupee value terms during the last 10 years, reported Indian Express.

As per the government, palm oil accounts for 56% of the total imports of edible oil. It’s predominantly used by restaurants and the packaged food industry. A rise in dining out and the consumption of ultra-processed foods is fuelling palm oil demand, stoking public health concerns.

Over-reliance on imports can cause supply and price volatility problems. Taking cognisance, the Centre has launched the National Mission on Edible Oils.