Tesla confirms it will end Model S and Model X production as BYD's rapid rise reshapes the global electric vehicle market.

Musk said on Wednesday that the company is looking to discontinue the production of the company’s more premium Model X and Model S cars in the coming quarter. ・The company’s Fremont factory will now be transitioned into Optimus lines,

Shares of Tesla Inc. rose slightly in after-hours trading today after the company beat expectations in its fiscal fourth quarter and Chief Executive Officer Elon Musk announced major changes that will shift Tesla’s identity beyond car manufacturing.

Tesla is looking back on a weak year. Deliveries fell by nine per cent to around 1.6 million vehicles. For the first time in its history, the electric car

The company is also currently facing a 30-day suspension of its manufacturing and dealer licenses in California for deceptive marketing about Autopilot's capabilities.

Following the announcement that Tesla’s Full Self-Driving (FSD) system would be offered exclusively via a monthly subscription, the EV maker discontinued Autopilot in the U.S., leaving Traffic-Aware Cruise Control (TACC) as the sole standard advanced driver assistance feature.

Online insurance firm Lemonade said it would offer a policy designed specifically for self-driving cars, starting with Tesla.