Hyundai Motor India Limited, the company’s subsidiary in the country, received approval for its initial public offering (IPO) from the Securities and Exchange Board of India (SEBI).
The South Korean legacy automaker submitted its Draft Red Herring Prospectus (DRHP) in June 2024.
The official red herring prospectus for the IPO will reportedly be filed this week, followed by its launch. Fortune India reported that Hyundai’s IPO will hit Dalal Street before Diwali on Friday, November 1, 2024.
Hyundai’s IPO in India is expected to be the biggest in the country yet. It is estimated to raise $3 billion.
“The market is abyss with excitement as Hyundai remains one of the strongest players in the Indian car market, consistently increasing its market share. We can expect Hyundai to receive a higher evaluation compared to its peers like Maruti, which currently trades at a price-to-earnings (P/E) ratio of 23 for FY25.
“Strong demand is anticipated for the IPO, with robust liquidity in the market. However, there are concerns that this could lead to a potential drying up of liquidity in the secondary market. Additionally, the recent buzz in the grey market has slightly tapered off in the past couple of days,” said Santosh Meena, Head of Research at Swastika Investmart Ltd.
As part of the IPO, Hyundai Motor Company will sell 142 million shares out of 812 million shares from its India Limited subsidiary. It aims to reach a valuation of $30 billion.
With the funds it raises, Hyundai hopes to expand operations in India—the third-largest car market in the world. The South Korean legacy automaker is India’s second-best-selling automaker after Maruti Suzuki.
If you have any tips, contact me at maria@teslarati.com or via X @Writer_0100110.
Elon Musk
Elon Musk says xAI has a chance to reach AGI with Grok 5
The comment came after Grok 4 posted strong results on the ARC-AGI benchmark.

Elon Musk suggested this week that his artificial intelligence startup xAI has the potential to reach artificial general intelligence (AGI) with the next version of its large language model, Grok 5.
The comment came after Grok 4 posted strong results on the ARC-AGI benchmark, which tests reasoning and problem-solving ability.
Musk sees Grok 5 as AGI candidate
In a post on X, user @amXFreeze shared the latest results of the ARC-AGI leaderboard, which showed Grok 4 outpacing rival systems such as OpenAI’s ChatGPT in problem-solving and open program synthesis tasks.
Musk reacted to the performance by stating that “I now think xAI has a chance of reaching AGI with Grok 5. Never thought that before.”
Artificial General Intelligence (AGI) refers to an AI system that is capable of matching or surpassing human-level intelligence across tasks such as thinking, reasoning, and other domains by a notable margin, as noted in a report from Benzinga. AI companies today are actively pursuing AGI.
xAI’s speed
While xAI was only established in March 2023, the startup has grown aggressively. Since its founding, it has rapidly risen in the AI segment and its Grok large language model has become a mainstream option for everyday users, especially on social media platform X. The company is still growing aggressively, and it is currently expanding its Colossus supercomputer cluster in Memphis.
During xAI’s Engineering Open House event in San Francisco in its early days, Elon Musk highlighted that speed would be the company’s primary competitive edge. To highlight this, Musk stated that “No SR-71 Blackbird was ever shot down and it only had one strategy: to accelerate.” So far, xAI is definitely playing this role very well.
News
Tesla lands new partnership with Uber as Semi takes center stage
Tesla and Uber will work together, using the company’s all-electric Semi, to make sustainable Class 8 electric trucks more affordable with three main strategies: Subsidized Pricing, Predictable Growth, and Optimization of Utilization.

The Tesla Semi has led to a new partnership between the company and Uber, as the two are launching a program that aims to revolutionize logistics by making sustainable commercial vehicles more accessible.
Uber announced on Tuesday that it was planning to launch the Dedicated EV Fleet Accelerator Program in a new partnership with Tesla. Uber’s Freight division is mainly responsible for the new program, which it calls a “first-of-its-kind buyer’s program designed to make electric freight more affordable and accessible by addressing key adoption barriers.”
Tesla and Uber will work together, using the company’s all-electric Semi, to make sustainable Class 8 electric trucks more affordable with three main strategies: Subsidized Pricing, Predictable Growth, and Optimization of Utilization.
- Subsidized Price: Fleets purchasing Tesla Semis through this program will receive a subsidy on the purchase price.
- Predictable Growth: Fleets will integrate their Tesla Semis into Uber Freight’s dedicated solutions for shippers for a pre-determined period. This creates an opportunity for carriers to forecast revenue with confidence, while shippers gain consistent access to reliable, zero-emission capacity.
- Optimize Utilization: Uber Freight taps into its extensive freight network to match carriers with consistent, high-quality freight from our strong shipper base—helping ensure the addition of these Tesla Semis stay fully utilized and carriers see dedicated, real, measurable returns from the start
Tesla will work directly with interested companies to iron out technical details about the Semi, as well as its cost of ownership based on the tailored needs of their business. Fleets can expect savings on the first day, Uber says, as they will avoid diesel fuel costs and reduced maintenance, a widely known advantage of EVs.
Uber announced that it had partnered with select carriers to pilot the Dedicated EV Fleet Accelerator Program prior to its launch:
“During the 2-month pilot program, the Tesla Semis showcased both reliability and efficiency for Uber Freight’s shipper network. Over 394 hours of drive time, carriers covered 12,377 miles. With an average net energy consumption of just 1.72 kWh per mile and only 60 hours of total charge time, these results highlight the operational viability of Tesla Semis on demanding freight lanes. “
In its press release launching the program, Uber effectively highlights how the use of the Semi can impact a company’s margins and profitability through fuel savings, reduced maintenance costs, and lower total cost of ownership.
This is something that turns so many people away from gas cars and toward EVs, so it’s no surprise that Uber wanted to emphasize this point on a larger scale with a company that utilizes a fleet of vehicles.
Tesla Semi shows strong results in ArcBest’s real-world freight trial
Tesla has been experimenting with a select group of companies, as well. It partnered with PepsiCo. several years ago, in an effort to launch a pilot program for the Semi. It had excellent results, showing higher efficiency, lower costs, and an exceptional ability to handle long runs.
Drivers have had a lot of positive things to say:
The Semi will enter mass production next year, but we anticipate that some companies will commit to Uber’s new platform well before then.
Energy
Tesla recalls Powerwall 2 units in Australia

Tesla will recall Powerwall 2 units in Australia after a handful of property owners reported fires that caused “minor property damage.” The fires were attributed to cells used by Tesla in the Powerwall 2.
Tesla Powerwall is a battery storage unit that retains energy from solar panels and is used by homeowners and businesses to maintain power in the event of an outage. It also helps alleviate the need to rely on the grid, which can help stabilize power locally.
Powerwall owners can also enroll in the Virtual Power Plant (VPP) program, which allows them to sell energy back to the grid, helping to reduce energy bills. Tesla revealed last year that over 100,000 Powerwalls were participating in the program.
Tesla announces 100k Powerwalls are participating in Virtual Power Plants
The Australia Competition and Consumer Commission said in a filing that it received several reports from owners of fires that led to minor damage. The Australian government agency did not disclose the number of units impacted by the recall.
The issue is related to the cells, which Tesla sources from a third-party company.
Anyone whose Powerwall 2 unit is impacted by the recall will be notified through the Tesla app, the company said.
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