BUSINESS

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Elon Musk's venture into artificial intelligence has reached a new pinnacle, with xAI securing a monumental $10 billion in combined debt and equity funding. This strategic move, led by Morgan Stanley, positions xAI at the forefront of the AI race, intensifying competition against rivals like OpenAI and Anthropic.

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Tesla's sales in Europe continued to decline last month, falling by 40.2% in May, even as the overall electric vehicle market in the region expanded. Industry figures released Wednesday indicated that growing competition and concerns over Elon Musk's political affiliations contributed to the drop, despite a 25% increase in battery-electric vehicle sales across Europe, according to ACEA, the European car manufacturers' trade association.

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In a significant development in the tech industry, the U.S. Department of Justice (DOJ), a committee has reached a settlement regarding Hewlett Packard Enterprise's (HPE) acquisition of Juniper Networks, which has been set for a staggering $14 billion. This settlement, disclosed in recent court filings, mandates key concessions from the merging companies to address antitrust concerns.

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Nissan has fired a direct shot at Toyota’s LandCruiser GR Sport with the reveal of its all-new 2026 Y63 Patrol Nismo – a road-focused performance SUV that brings power, presence, and precision to the full-size segment.

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Britain's competition regulator is taking aim at Google's dominance in online search, proposing measures that have already drawn a warning from the US tech giant. The Competition and Markets Authority (CMA) announced Tuesday it will designate Google with "strategic market status," subjecting it to specific requirements under new UK regulations. Google has cautioned that such "punitive regulations" could negatively affect the UK's economic growth.

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While much of the auto industry has pivoted hard toward electrification—often with unrealistic timelines and walk-backs—BMW has taken a different road. It never pledged to end combustion engine production and continues to view the internal combustion engine (ICE) as essential to its business. In a recent interview with Automobilwoche, Klaus von Moltke, head of BMW’s Steyr engine plant in Austria, summed it up clearly: “The combustion engine is our foundation and will also finance our future business.”

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Tesla's newly launched robotaxis are facing scrutiny from the U.S. NHTSA after footage emerged on social media that appears to show them breaking traffic laws during their debut test in Austin, Texas, on Sunday. The autonomous vehicles, central to CEO Elon Musk's vision for Tesla's future, were being tested on public roads with a safety driver present. The videos show instances where the cars drove erratically.