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Tesla Motors Inc Big New Rival Is a Model S Driver

Tesla Motors Inc (TSLA) Model X

Tesla Motors Inc budding rival – NextEV – has hired former Cisco exec – Padmasree Warrior – to take on Tesla in the US. Despite being a business rival, Warrior says she has a lot of respect for Tesla CEO Elon Musk.

Tesla Motors Inc Model X

NextEV planning major changes

 Warrior, who drives a Model S, told Emily Chang of Bloomberg West that the car delivers a great performance, and she is simply in love with the car. NextEV has not delivered its electric car as yet, but it is expected to arrive next year. As per NextEV, its first electric car will be a high-performance sports car just like the Model S with the capability of going from 0 to 60 mph in less than three seconds.

As per Warrior, several new kinds of apps and new kinds of services will come to the sports car EV market with the NextEV, and those will be of use not just to the driver, but to the people in the car as well. It will be all about the ‘mobile internet’ to be specific.

“Tesla, when Elon founded it, it was in 2004 and the mobile internet was really not even there,” she said. Warrior did not specify what those apps will exactly be, but said the firm will focus on improving things like the car’s power usage. NextEV will also better (than Tesla) serve those who do not have enough space in their garages for overnight charging.

Talks of subsidy push Tesla stock up

 Separately, Tesla Motors Inc shares rallied yesterday during the market hours despite few negative firm-specific reports. Along with Tesla’s stock, the whole green-energy industry was up Wednesday after the US House came up with an “omnibus spending bill,” which includes a five-year extension for the solar subsidy.

The bill enjoys the support from the Republicans, but is awaiting a green signal from the House of Representatives. The voting is expected to take place on Thursday, leading to Senate’s pending approval.

On Wednesday, Tesla Motors Inc stock closed up 6.07% at $234.51. Year to date, the stock is up over 5% while in the last one-month, it is up over 9%. The stock has a 52-week high of $286.65 and a 52-week low of $181.40.

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Aman is MBA (Finance) with an experience on both marketing and Finance side. He has work as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, playing PC games and cricket.

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