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<keyword id="146847" type="General" weightage="20" keywordseo="Mankind-Pharma" source="Orion">Mankind Pharma</keyword> on Wednesday said it has inked a pact with Dr Reddy's Laboratories to acquire two brands -- <keyword id="13185092" type="General" weightage="80" keywordseo="combihale" source="Orion">Combihale</keyword> and <keyword id="13185091" type="General" weightage="80" keywordseo="daffy" source="Orion">Daffy</keyword>. While Combihale is used for the treatment of asthma and chronic obstructive pulmonary disease, Daffy is a soap-free moisturising bar for infants.<br /><br />Mankind <keyword id="6363818" type="General" weightage="100" keywordseo="pharma" source="Orion">Pharma</keyword> said the market for Combihale is valued at Rs 900 crore growing at 14 per cent.<br /><br />The acquisition of the product is expected to strengthen the company's presence in the inhalation respiratory market segment, Mankind Pharma said in a statement.<br /><br />The total market for Daffy is valued at Rs 1,000 crore growing at 18 per cent, he added.<br /><br />"We believe these brands have adequate potential to grow in the Indian market and the best part of the acquisition is that both these brands perfectly fit in our portfolio, and provides us an opportunity to grow and build the respiratory and dermatology business further," Mankind Pharma President <keyword id="13185093" type="General" weightage="20" keywordseo="Atish-Majumdar" source="Orion">Atish Majumdar</keyword> noted.<br /><br />As per the terms of the definitive agreement executed between the companies, Mankind Pharma will take over the manufacturing, marketing and distribution of both the products in India.<br /><br />The entire integration and transition of the brands is expected to be completed by March 2022.<br /><br /><strong>SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/check-out-top-10-stocks-that-minted-good-money-to-investors-when-the-whole-market-fell/slidelist/89612860.cms">10 stocks that minted good money for investors when the whole market was falling apart</a><br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/virgin-galactic-opens-ticket-sales-for-space-tourism-flights/articleshow/89611012.cms"><strong>You can now purchase tickets to take a trip to space through Virgin Galactic’s space plane</strong></a><br />

Mankind Pharma to acquire Dr Reddy's Laboratories's brand Combihale and Daffy

<ul class="summary-list"><li><strong>Warning: Major spoilers ahead for "<keyword id="1937558" type="ENTERTAINMENT" weightage="60" keywordseo="Space-Jam">Space Jam</keyword>: A New Legacy."</strong></li><li><strong>The "Space Jam" sequel, out Friday on <a href="https://trk.hbomax.com/aff_c?offer_id=5&amp;aff_id=10121012" rel="nofollow sponsored">HBO Max</a> and in theaters, has a funny cameo fans will love.</strong></li><li><strong>The Looney Tunes hype up <keyword id="56589" type="PERSON" weightage="60" keywordseo="Michael-Jordan">Michael Jordan</keyword>'s appearance in a pivotal scene, but there's a twist.</strong></li></ul><p><strong>Warning: Major spoilers ahead for "Space Jam: A New Legacy."</strong></p><p><a href="https://www.insider.com/how-michael-jordan-spends-his-money-2015-3">Michael Jordan</a> makes a surprising appearance in the long-awaited "Space Jam" sequel, "Space Jam: A New Legacy." But not <em>that</em> Michael Jordan.</p><p>The hilarious cameo comes at a crucial moment where sequel star LeBron James and the Looney Tunes cartoons face off against the evil Al-G Rhythm (played by Don Cheadle) in a basketball game. As the Tunes squad is down by 1000 points, they're in dire need of a miracle to win the game.</p><p>Sylvester (voiced by Jeff Bergman) offers a solution - or so he thinks. </p><p>"I don't know if this counts a miracle, but I found Michael Jordan," Sylvester tells his teammates, referencing the star of the original 1996 film. "He was in the audience, I know he can help."</p><p>The movie hypes up Jordan's first appearance on-screen by having Daffy Duck (voiced by Eric Bauza) rattle off popular trivia about the NBA legend, <a href="https://www.insider.com/last-dance-1997-98-chicago-bulls-where-are-they-now-2020-4">like Jordan's Chicago Bulls jersey number</a> and his <a href="https://www.insider.com/michael-jordan-1982-unc-tar-heels-ncaa-champions-2018-3">very successful college basketball career at the University of North Carolina</a>. </p><p>Unfortunately, despite dramatic music and close-ups of Jordan's shoes, a confused-looking <keyword id="921897" type="PERSON" weightage="60" keywordseo="Michael-B-Jordan">Michael B. Jordan</keyword> shows up on-screen instead.</p><div type="image" title="Michael B. Jordan cameo in &quot;Space Jam: A New Legacy&quot;" height="971" width="1294" msid="84487304" hostid="261"></div><p>The "Black Panther" actor is as confused by his appearance in the locker room as the rest of the Looney Tunes characters and the audience.</p><p>"I was just getting some popcorn and this cat grabbed me," Michael B. says about Sylvester in the scene. </p><p>Sylvester, in turn, defends himself by saying that because "it's been 25 years" since the first "Space Jam" was released, the cartoon cat thought Jordan had just "aged gracefully."</p><p>"A New Legacy" producer Sev Ohanian called Michael B.'s cameo "the perfect, looniest addition to the film."</p><p>"Look, if you're gonna have a Michael Jordan in your movie, you're gonna want Michael A. Jordan, right? <em>The</em> Jordan," producer Sev Ohanian <a href="https://www.etonline.com/how-space-jam-2-scored-that-michael-jordan-cameo-exclusive-168917">told Entertainment Tonight</a> in an interview published on Friday. "But if you have the opportunity to have this incredible joke that's 25-plus years in the making, how could you not?"</p><div type="image" title="Elsa:Getty michael jordan" height="800" width="1066" msid="84487305" hostid="261"></div><p>Michael B. <a href="https://www.businessinsider.com/michael-b-jordan-not-easy-sharing-name-with-a-celebrity-2013-7">previously said</a> that it is a "little bit" annoying to share a name with the iconic basketball star during an appearance on "Jimmy Kimmel Live" in 2013.</p><p>The actor also told "Good Morning America" several years later that the shared name is responsible for his competitive nature. </p><p>"Honestly [it] gave me a competitive chip on my shoulder," Michael B. <a href="https://abcnews.go.com/GMA/Culture/michael-jordan-opens-sharing-nba-legend-dishes-movie/story?id=54982343">told "GMA" in 2018</a>. "And made me want to compete at anything I did and create my own lane and have my own legacy."</p>

The new 'Space Jam' movie has a priceless, unexpected cameo from 'Michael Jordan'

<p>Inhaling helium and talking like Daffy Duck is a classic party trick. But not many know how helium works. Helium is much lighter than air, so sound waves move much faster through the gas. This amplifies the higher frequencies in your voice. The gas sulfur hexafluoride works in the opposite way. <span style="font-weight: 400;">The following is a transcript of the video.</span><span style="font-weight: 400;"></span></p><p><span style="font-weight: 400;">It's a classic party trick- suck down a balloon and you'll sound like Daffy Duck every time. But helium isn't the only gas that'll change the way you talk. So what's going on here? </span></p><p><span style="font-weight: 400;">Your voice is as unique as your fingerprint. Janice didn't inhale a balloon full of helium. That's just her "normal" voice. So, let's take a look at how that's even possible. The sound of your voice starts in your voice box, or larynx. It's a two-inch piece of cartilage at the top of your throat. In the box are two stretchy strands of tissue, your vocal cords. Which vibrate against each other at a specific frequency when you talk. </span></p><p><span style="font-weight: 400;">Women generally have thinner, shorter, tighter vocal cords than men. So, their vocal cords vibrate faster which generates a higher pitched voice. That sound is called the fundamental frequency of your voice. On its own it just sounds like a simple buzzing. But when it reaches your vocal tract, the sound waves start bouncing around. Those reflections interfere with each other. Which creates a mix of other frequencies, that you can detect with a spectrogram. So even though your voice starts out as one frequency, it ends up as a mix of multiple ones. </span></p><p><span style="font-weight: 400;">And that's where helium comes into play. Helium is lighter than air. Which means sound moves faster through helium than through air - nearly 3 times faster, in fact. So the sound waves bounce around faster in your vocal tract, which amplifies the higher frequencies in your voice. It's sort of like how speeding up your voice makes it sound higher. </span></p><p><span style="font-weight: 400;">But hold on a sec. These people aren't inhaling helium. They're sucking down sulfur hexafluoride, which is six times heavier than air. So sound waves move slower through it, which amplifies the lower frequencies in your voice. But here's the fascinating thing. The pitch of your voice hasn't changed when you inhale either gas, because your vocal cords move at the same rate no matter what gas you're breathing. So your fundamental frequency stays, well fundamental. </span></p><p><span style="font-weight: 400;">Regardless of whether you want to sound like Daffy Duck or James Earl Jones, keep in mind that inhaling anything but air can be dangerous. Especially when the gas is denser than air, because it will sink to the bottom of your lungs. And you may have to get it out like this. What questions do you have about the human body? Let us know in the comments and thanks for watching.</span></p>

The fascinating way helium changes your voice

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Netflix</span></p></div><p></p></div></div></p><ul class="summary-list"><li>Netflix's new show "Russian Doll" has a 100% Rotten Tomatoes critic score, and critics have praised co-creator and star Natasha Lyonne's performance.</li><li>The show follows Lyonne's character, Nadia, as she keeps dying and returning on the same day.</li><li>Co-creator Leslye Headland told Indiewire that they have pitched multiple seasons to Netflix.</li></ul><p>Netflix's latest hit show, "Russian Doll," premiered on Friday and has a 100% Rotten Tomatoes critics score.</p><p>The show was created by Amy Poehler, Leslye Headland, and star Natahsa Lyonne, who also stars on another Netflix hit, "Orange Is the New Black," as Nicky. The "Groundhog Day"-style plot finds Lyonne's character, Nadia, continuously dying and returning on the same day.</p><p>Here's how <a href="https://www.netflix.com/title/80211627" target="_blank" rel="noopener">Netflix</a> describes it: "<span>Nadia keeps dying and reliving her 36th birthday party. She's trapped in a surreal time loop - and staring down the barrel of her mortality."</span></p><p><span><em><strong>READ MORE</strong>: <a href="https://www.businessinsider.com/why-netflix-fuller-house-was-canceled-analysis-of-viewership-2019-2" data-analytics-position="2">Netflix has canceled 'Fuller House' after 5 seasons, but most viewers abandoned it after season one</a></em></span></p><p>Headland <a href="https://www.indiewire.com/2019/02/russian-doll-season-2-natasha-lyonne-leslye-headland-interview-1202040661/">told Indiewire</a> that they have already pitched Netflix on "multiple seasons" of the show, but are waiting to see what the response to the first season is like.</p><p><span>"That's what I love about Netflix, too, is that you get the experience, in real time, of the audience reaction," she said.</span></p><p><span>The show has received widespread acclaim from critics, primarily for Lyonne's performance.</span></p><p><span>"It's a performance where the actor understands the character so well, down to every little gesture she makes, every twitch of her face, that it's startling, at times, to remember she's fictional," Linda Holmes wrote for <a href="https://www.npr.org/2019/02/01/690276468/natasha-lyonne-anchors-the-riveting-russian-doll" target="_blank" rel="noopener">NPR</a>.</span></p><p><span>"More than anything else, Russian Doll is a showcase for Lyonne, who bites into this role like ripe fruit, baring her teeth," Rachel Syme wrote for <a href="https://newrepublic.com/article/152996/russian-doll-spiky-comedy-self-destruction" target="_blank" rel="noopener">The New Republic</a>. "She's scrappy, daffy, mischievous, and magnetic."</span></p><p><span>Lyonne is one of a handful of actors to take on multiple projects with Netflix.</span></p><p><span>Others include Amy Sedaris, who voices Princess Carolyn on "BoJack Horseman" and plays Mimi on "Unbreakable Kimmy Schmidt"; Julia Garner, who starred in "Ozark" and "Maniac"; Will Arnett, who voices the title role of "BoJack Horseman," returned to "Arrested Development" for its revival on Netflix, and anchored Netflix original "Flaked"; and Michaela Coel, who stars in "Black Earth Rising" and "Been So Long," a 2018 Netflix original movie.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/babies-cry-movies-tv-hollywood-baby-wrangler-kids-2019-1">Here's how they make babies cry in TV and movies</a></h3>        <div>                    </div>    </div>

Netflix's 'Russian Doll' has a 100% score on Rotten Tomatoes, and the creators have already pitched multiple seasons

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Chris Hemsworth's vacation to the Himalayas turned into a near-death experience.<p>The actor, who is currently promoting "The Huntsman: Winter's War," stopped by "Jimmy Kimmel Live!" and told the host about his bout of altitude sickness.</p><p>When climbing at such high altitudes, standard procedure dictates taking a break at certain heights to help bodies adjust to the low oxygen levels, but Hemsworth's body wasn't adjusting.&#xa0;</p><p>"We went to 2,000 meters, then 3,000, and I honestly started to kind of lose my mind," Hemsworth said. "Just completely irrational, overly sensitive to the most trivial sort of silly things."</p><p>Hemsworth's wife, Elsa Pataky, began to notice that something was off, but Hemsworth said he kept denying it.&#xa0;</p><p>After getting to 4,000 meters, Hemsworth was struggling.</p><p>"My breathing is getting worse, like Darth Vader meets Daffy Duck," Hemsworth said. "She eventually ignores me, runs and tells the guides. They come in, take one look at me and say 'get him off the mountain.'"</p><p>He was given an oxygen mask and was flown down the mountain via helicopter. While he's okay now, it was nearly a deadly experience for the actor.&#xa0;</p><p>"Apparently the oxygen in my lungs, the next day would've been oxygen in my brain, and then goodnight," Hemsworth said. "We wouldn't be sitting here."</p><p>"Maybe it's because you're so handsome," Kimmel joked. "You're not meant to be up in the mountains away from others, you're meant to be down amongst the people, bringing joy to their eyes."</p><p>Watch the interview below:</p><p><div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-expensive-movies-titanic-avatar-pirates-caribbean-2016-3">These are the most expensive movies ever made</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="txdmRjMjE6ZJCJzZmrCTClbgmlMP6mFB" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Chris Hemsworth reveals how he almost died in the Himalayas

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>FREDERIC J. BROWN/AFP via Getty Images</span></p><p class="caption">Say hello to Tesla's halo car.</p></div><p></p></div></div></p><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/tesla">Tesla</a> revealed its <a href="https://www.businessinsider.com/tesla-cybertruck-pickup-truck-pictures-info-details-price-2019-11">long-awaited Cybertruck pickup</a> on Thursday night near Los Angeles, and the reaction was a mixture of stunned dismay and concern that Elon Musk might have lost his mind.</li><li>Elon Musk is the greatest car salesman who has ever lived, and Cybertruck is a flamboyant effort to create a <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> "halo" vehicle that resets the company's story and helps it to escape from its current design rut.</li><li>As a pickup, the Cybertruck actually has staggeringly impressive specs.</li><li>Rather than carping about how weird the Cybertruck looks, we should appreciate Tesla's bold attempt to enliven electric-car design, which has gotten desperately dull.</li><li><a href="http://newsletter.businessinsider.com/join/4np/shiftinggears">Sign up for Business Insider's transportation newsletter, Shifting Gears, to get more stories like this in your inbox</a>.</li></ul><ul class="summary-list"><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>Tesla and Elon Musk are very good at overcompensating.</p><p>After a tepid reveal of its Model Y crossover earlier this year, Musk clearly decided that low-key wasn't the way to go and attempted to blow some minds and reconquer some hearts with the company's much-anticipated pickup truck.</p><p>The Cybertruck, however, invited an immediate deluge of negativity. At a splashy event near Los Angeles on Thursday night, Musk rolled out a freaky-deaky Frankensteining Tesla-fied interpretation of the Great American Pickup Truck that sent truck fans reeling and caused the Teslarati to question whether Musk might legitimately have lost it.</p><p>The Cybertruck's design was the inciting incident. It's an unholy mashup of DMC DeLorean, Lotus Esprit S1, Triumph TR7 ("the shape of things to come"), first-generation Honda Ridgeline, Chevy Avalanche/Cadillac EXT, Ark II (look it up), F-117 Stealth Fighter, and, regrettably, Pontiac Aztek. That whole concoction rendered in stainless steel is either an omen or some sort of sly reference to the DMC DeLorean, the last notable vehicle from a new car brand that used the material. It didn't end well.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Delorean</span></p><p class="caption">The DMC DeLorean.</p></div><p></p></div></div></p><p>We know that Musk has at least feigned pot-smoking in the past, but the Cybertruck is so trippy that you have to wonder if he and Tesla design head Franz von Holzhausen - previously noted for elegant visual restraint - got their hands on something a little stronger and went on a vision quest together in the desert.</p><p>I was personally looking forward to something a bit more William Gibson-y, to live up to the cyberpunk pregame. Perhaps shimmering bronze Teslamino, or a Gigerian concatenation of flamboyant organic shapes and weird, threatening curves.</p><p>A Tesla-spun Ford F-150, I felt safe in assuming, wasn't on the agenda.</p><h2>The Cybertruck is just what Tesla needs: A "halo" vehicle</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Tesla</span></p><p class="caption">The Model Y. A bit boring?</p></div><p></p></div></div></p><p>But Tesla went even farther than I anticipated. The company's many supporters were shocked - that was the point. And in fact, what Tesla has delivered with the Cybertruck is exactly what it and the auto industry needs right now: a "halo" vehicle that's also a mad, mad, mad concept car you might at some point in the future be able to buy (for a $100 deposit, you can claim a place in line).</p><p>The actual specs, as pickups go, are staggering. You can examine them <a href="https://www.tesla.com/cybertruck">here</a>. I don't expect Tesla to sell many of these to the ranchers and contractors of the world, but that's not the strategy.</p><p>The point is that Tesla has been in a product rut, and the Model Y wasn't going to change that. The company has signaled that it can't or doesn't want to redesign its aging Model S and Model X vehicles, and while the Model 3 is a lovely car, it's essentially a normal four-door with an electric powertrain. The Model Y is more of the same. Following this aesthetic line would ultimately turn Tesla into the electric Toyota. All well and good if you're selling 500,000 cars a year. But far too boring for Elon Musk.</p><p>For the record, Musk isn't insane. He knows that even a Cybertruck with Porsche-like performance and F-150-beating towing capacity isn't going to get pickup customers to defect from the Detroit Big Three or even think twice about the second-tier (Toyota and Nissan). </p><p>What he does know is that the USA is pickup-truck crazy, and therefore a wild sci-fi pickup from Tesla is just what the company needs to reset its narrative and be not a mass-market purveyor of <keyword id="34991" type="ORGANIZATION" weightage="60" keywordseo="transportation">transportation</keyword> appliances but a bringing of excitement.</p><h2>Tesla has restored the bold tradition of Dream Machines</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>GM</span></p><p class="caption">GM's legendary design head, Harley Earl, with some of his dream cars.</p></div><p></p></div></div></p><p>For what it's worth, it's not like every other major carmaker on Earth hasn't rolled out a daffy concept from time to time. Detroit once did this routinely, and it was one of the main reasons the public went to car shows. Dream Machines had tremendous advertising value. Have a gander at GM styling genius Harley Earl's whackadoodle jet cars above.</p><p>The industry rarely built them, but they served a purpose, and often, assorted out-there design ideas made it into production cars. It's to Tesla's credit that their Dream (or Nightmare, take your pick) Truck is actually, sort of, for sale. Pickups are a lot of fun, and I don't see any reason why buyers who might covet an electric Hummer wouldn't consider Tesla's post-apocalyptic, mission-to-Mars half-ton. </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>VW</span></p><p class="caption">The VW ID. Space Vizzion concept.</p></div><p></p></div></div></p><p>As electrification and autonomy have come to dominate the story around transportation, car design has fallen into a crisis. For the most part, electric-vehicle design has been incredibly dull, and every time a I see some automaker's vision of a fully self-driving vehicle, I think of soulless "Star Trek" sofas on wheels. At least the Tesla Cybertruck strives to evoke some of the truly futuristic vehicle designs of the past, rather than turning the automobile into a four-wheeled robot with lots of strange lights and an instrument cluster best operated by Mr. Data.</p><p>I mean, look at the VW ID. Space Vizzion concept (above), revealed this week at the LA auto show, next to the Cybertruck. I know which vehicle I think is cooler.</p><p>In other words, although the Cybertruck might be cyberfreaky, it at least looks like <em>something.</em></p><p>We're talking about it, aren't we? That, ladies and gentlemen and visitors from distant galaxies, is what Musk wanted.</p><p class="tagline"><a href="https://www.businessinsider.com/intelligence/future-of-retail?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=tesla&amp;itm_campaign=future-of-retail-2"></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/tesla-model-y-unveiled-mid-size-suv-elon-musk-2019-3">Tesla unveiled its Model Y - here are the best features of the $39,000 SUV</a></h3>        <div>                    </div>    </div>

Before we decide that Tesla has lost its mind with a zany Cybertruck, remember that it's a 'halo' vehicle that resets the Tesla story

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters / Mike Blake</span></p><p class="caption">Tesla and SpaceX CEO Elon Musk.</p></div><p></p></div></div></p><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/tesla">Tesla</a> finally decided to do a capital raise, and it should bring in about $400 million more than the company originally planned.</li><li>The <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> capital raise - a combination of equity and debt - will intensify CEO Elon Musk's pivoting of Tesla from an electric car company to a robotaxi service.</li><li>That might make for a more profitable business, but it will also turn Tesla from the most interesting company on Earth to one of the most boring.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p><br />Last week, Tesla finally faced up to the realities of its business and decided to raise some more money by selling stock and issuing debt. What started out as a $2.3 billion prospectus rapidly became a $2.7 billion offering. With only about $2 billion in cash on hand before the raise, Tesla should now be able to comfortably ride out the year.</p><p>Sharp surprise seized the #TSLAQ bankruptcy-cheerleading online naysayers. Tesla stock shot above $250, the level at which the company has raised money in the past. The end times have been delayed. Tesla isn't Theranos.</p><p>That's not to say Elon Musk is happy about the victory. He likely didn't want to raise any more money from Wall Street. But business reality in the auto industry can't be denied: carmakers are capital gluttons. Maybe Musk should have stuck with a mission to Mars and taken a pass on the electric-vehicle revolution.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/tesla-is-finally-raising-capital-and-its-about-time-2019-5">Tesla is finally raising capital - and it's about time</a></em></p><p>Musk is now entitled to laugh all the way to the bank, as the inhabitants of the #TSLAQ fever swamp were counting to a certain extent on Tesla losing access to financing sources. That's what many professional short-sellers have been betting on, and if Tesla had been shut out of capital raising, it would indeed be in a pickle.</p><p>But that was never going to happen, and while Musk likely knew that, I'd bet he earnestly wanted Tesla to prove that it could be sustainably profitable after two straight quarters in the black to end 2018. It's the CEO's fault that Tesla couldn't live up to his own expectations; his determination to reinvent manufacturing hurt the rollout of Tesla's Model 3. The vehicle's production ramp was 12 months behind what a proper 21st-century automaker would have been able to achieve with minimal drama.</p><p>But hey, water under the bridge!</p><h2>Risk for Tesla bears - and bulls</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Hollis Johnson/Business Insider</span></p><p class="caption">Please don't make me a taxi, Elon.</p></div><p></p></div></div></p><p>The risk now is that although Tesla's critics will have to comfort themselves with their own grumbling counsel, the company's boosters will probably feel empowered to resume their daffy predictions about Tesla's magnificent future. With 2019's cash-crunch averted, Tesla can now execute a titanic pivot away from being the world's most exciting car company to being a ... taxi service?</p><p>Yes, you read that right. It now sounds as if Musk has been captivated by the kind of money that Cruise, Waymo, and perhaps Uber are angling to rake in with autonomous ride-hailing. Tesla is talking about a million robotaxis on the road, with profit margins that would shame the traditional car business. </p><p>OK, the profit thing is a legitimate consideration. Robotaxis could yield 30% margins, versus 10% for a solid mass-market automaker. There's a reason why a lot of players are entering the space.</p><p>But is there anything less sexy than robot taxis? Tesla made its name by producing the coolest electric cars <em>ever. </em>Before Tesla, EVs were glorified golf carts. Post-Tesla, they were guided missiles on four wheels. Tesla was the Ferrari of electrification.</p><h2>Could Musk become so bored he steps down as CEO?</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Associated Press</span></p><p class="caption">Space is cooler than taxis.</p></div><p></p></div></div></p><p>Musk now seems to want it to be a cyborg reboot of a <a href="https://www.youtube.com/watch?v=U9QscGB9LV4">beloved 1970's sitcom</a> (What did Judd Hirsch know from Ludicrous Mode?). I've been covering Tesla for over a decade, and this latest Muskian move is downright depressing. It's also understandable; Musk is a quick study, and more than ten years at the helm of a carmaker has shown him that ... it's hard to make Silicon Valley money in the car business. He's good at math, and he may see many more trips back to Wall Street with hat in hand to ask for money to build ever more cars that might post narrow margins.</p><p>(I have nothing against robotaxi services, by the way - but Cruise and Waymo aren't pitching themselves as being sexy-cool undertakings, preferring to consider themselves massive, complicated engineering efforts, requiring immense human brainpower. In other words, the ultimate science projects.)</p><p>On the more encouraging side, if Tesla does pivot to being a robotaxi firm, Musk would be so bored out of his mind that he might, just might, turn over the operation to the constitutional bean counters who will be better at it than he is and step down as CEO, focusing his efforts of SpaceX and that aforementioned mission to Mars. </p><p>If that's the endgame here, then the great robotaxi capital raise of 2019 would not just be the most boring $2.7 billion Tesla ever brought in, but the beginning of an Elon Musk renaissance that could allow him to make his own wish come true and retire on the red planet.</p><p class="tagline">Get the latest Tesla stock price<a href="http://markets.businessinsider.com/stock/TSLA-Quote"> <strong>here.</strong></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-app-make-money-repurposing-cars-autonomous-2019-4">Elon Musk says Tesla owners could make up to $30,000 a year turning their cars into 'robotaxis'</a></h3>        <div>                    </div>    </div>

Elon Musk is grimacing all the way to the bank as Tesla finally raises more money

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><p class="source"><span>David Slotnick/Business Insider</span></p></div><p></p></div></div><ul class="summary-list"><li>Traffic at New York's LaGuardia Airport has been particularly severe this summer, alongside worse-than-normal waits at security and delays and cancellations caused by relentless thunderstorms.</li><li>The airport is three years into a massive renovation program. The project hit "peak construction" this summer, coinciding with one of its busiest-ever summer travel periods.</li><li>Last Thursday, travelers were seen abandoning buses and taxis to walk to the airport along the highway.</li><li>Business Insider has taken several trips to the airport in recent weeks and confirmed that traffic delays easily add up to 30-45 minutes - even once you're already on the airport's grounds - and that waits at security have been severe. Keep reading for more on what's behind this summer's meltdown.</li><li><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</strong></li></ul><p>LaGuardia Airport has been a traffic nightmare for years, with the former Vice President Joe Biden famously referring to it as "Third World."</p><p>But frequent flyers, business travelers, and summer vacationers have all noticed that for the past few months, things at one of the nation's most crucial airports have been significantly worse than normal.</p><p>"It's just a disaster here, I've never seen anything like this," a traveler named Erica told <a href="https://gothamist.com/2019/08/08/laguardia_airport_traffic_fubar.php">Gothamist</a>, a New York City news blog.</p><p>While the airport is smaller in terms of annual passengers than nearby JFK or Newark, it is still the <a href="https://www.bts.gov/airport-rankings-2018">21st busiest</a> in the nation, and sees a significant share of domestic and business travel. It's the 13th busiest in terms of number of originating airports, meaning passengers that start their journeys at the airport rather than connecting through it.&#xa0;</p><p>In recent weeks, travelers have routinely seen it take 30 to 45 minutes to drive between terminals at the airport, and traffic backing up to the highway that runs by it.</p><p>On Thursday afternoon, traffic at the airport was so bad that some travelers got out of their Ubers and taxis and chose to walk on the highway, weaving in and out among motionless cars on the hot asphalt.</p><p>Traffic hasn't been the only pain point at the airport. Occasional security backups have added to the overall time it takes for passengers to get to their gates.&#xa0;</p><p>On one Thursday evening in July, for instance, Business Insider noted passengers at Terminal C - which houses Delta Air Lines - complaining about missing flights due to the amount of time it was taking to get through security. While passengers with imminent flights were being allowed to skip to the front of the line, this was not communicated unless passengers specifically asked.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><p class="source"><span>David Slotnick/Business Insider</span></p></div><p></p></div></div><p>A <keyword id="34991" type="ORGANIZATION" weightage="100" keywordseo="transportation">Transportation</keyword> Security Administration screening officer, who did not give his name, said that the delays were due to staffing shortages.</p><p>A spokesperson for the TSA told Business Insider that it has "been incredibly busy all summer at all three NY-area airports."</p><p>LaGuardia is owned and operated by the Port Authority of New York and New Jersey, but according to Danny Pearlstein, a representative from the transit advocacy organization Riders' Alliance, part of the issue is that a wide variety of agencies and authorities oversee the infrastructure surrounding the airport.</p><p>&#xa0;</p><p>"There's a confluence of problems here," he told Gothamist. "The Port Authority is running the airport, you have the DOT running the roads around it, and you have the MTA running public transportation. There needs to be more coordination."</p><p>A renovation and reconstruction program began in 2016, one year after it was first announced. The program will essentially replace the current airport in phases, and redesign access roads and transit within the property.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/ryanair-strikes-british-airways-balpa-chaos-2019-8" data-analytics-position="6">Chaos is looming for air travel in Britain as pilots from 2 airlines prepare to go on strike</a></em></p><p>It was initially scheduled to continue until 2021, although construction to move the airport closer to the highway - creating more space for planes to taxi - is now expected to continue until 2022, with Delta's work on its terminal buildings projected to finish in 2025.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><p>Traffic in and around the airport was expected to be severe this summer as the redevelopment program reached "<a href="https://www.panynj.gov/press-room/press-item.cfm?headLine_id=3145">peak construction</a>." The Port Authority advises travelers to use public transit where possible and arrive at the airport early, and the MTA has waived fares on the Q70 "LaGuardia Link" bus for the summer.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><p>However, 90% of people traveling to and from the airport <a href="http://www.ridersny.org/wp-content/uploads/2015/11/LGA-report-web-version.pdf">still use</a> private cars, taxis, and ride-hailing services. Although buses to subway stations are available, there are no dedicated bus lanes, meaning they end up sitting in traffic along with the rest of the cars.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><p>There's also been higher travel volume than normal - Thursday, August 8, was the second-busiest day ever at the airport. On several recent summer Thursdays, Business Insider also saw buses that were so crowded that some passengers had to wait for the next one.</p><p>Complicating the problem, July and August 2019 have seen frequent strong thunderstorms around the country, causing air-traffic delays and ground stops. Additionally, LaGuardia had to temporarily close one of its runways for a short period on a Friday and Saturday in July due to unspecified emergency repairs - a spokesperson for the Port Authority categorized the repair work as having a minimal impact on flight operations.</p><p>New York Gov. Andrew Cuomo, who oversees the Port Authority, described the traffic as "unavoidable" in an interview on radio station <a href="https://www.wnyc.org/story/governor-cuomo-gun-control-mass-shootings/">WNYC</a>.</p><p>"LaGuardia is one of the smallest airports in the country, it's tiny," he said in the interview. "So the challenge is to operate an airport, rebuild the airport at the same time, and then manage the traffic on the highest volume days."</p><p>In the meantime, the Port Authority continues to advise travelers to leave plenty of extra time to get to the airport - especially on anticipated peak travel days - while Gov. Cuomo said that the pain will be ultimately worth it.</p><p>"The good news is the whole project will be about two years," he said in the WNYC interview, "and then New Yorkers are going to have the first new airport in 25 years in the United States of America."</p><div></div><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/nascar-banked-turns-help-drivers-safe-faster-race-cars-2019-7">How NASCAR's banked turns help cars go faster</a></h3>        <div>                    </div>    </div>

A summer meltdown at New York's LaGuardia Airport has travelers walking on the highway to get to their flights

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Disney</span></p><p class="caption">Make up your mind, Tony!</p></div><p></p></div></div></p><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/tesla">Tesla</a> announced <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-plans-to-raise-2-billion-by-selling-stock-and-debt-2019-5-1028161489">plans to raise $2 billion in new funding</a>.</li><li><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> telegraphed the funding raise after it reported disappointing Q1 earnings - and investors might wonder why the company has held out so long.</li><li>The raise will invite new dismay from Tesla's critics, but it could drive the market value of the company higher.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul><p><br />If you've seen "Avengers: Endgame" -<strong> spoilers ahead for anyone who hasn't seen it yet</strong> - then you know that Tony Stark's Iron Man vacillates over whether he should invent a time machine to undo the tragedy of the previous installment in the superhero series.</p><p>Stark eventually goes all in with Earth's Mightiest Heroes, ending Robert Downey, Jr.'s brief crack at playing Hamlet. The Stark character, a billionaire technologist, was based on Tesla and SpaceX CEO Elon Musk - and Musk has been going through his own version of the Elsinore vacillation for over a year, as Tesla has burned a mountain of cash with no money raising in sight.</p><p>The carmaker, after a rough first quarter when it lost $700 million, is now down to about $2 billion in cash. That's uncomfortable, and so Tesla has finally decided to sell some more equity and issue some additional debt. In a filing Thursday, it revealed plans to raise another $2 billion.</p><p>That's still pretty skinny for an automaker with a $40 billion market cap; Ford has $24 billion in cash, with an extra $35 billion available through various other liquidity financing channels. That's enough to ride out several years' worth of recessions. Tesla, meanwhile, has enough scratch to keep the lights on for about 12 months.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/criticism-of-tesla-selling-emission-credits-proves-analysts-dont-understand-its-business-2019-5">The criticism around Tesla selling emission credits proves that analysts don't understand the company's business</a></em></p><p>Musk had obviously hoped to keep Tesla on a lean cash diet, avoiding the humiliation of returning yet again, hat in hand, to Wall Street. But there's no shame, really, in being in the car business and raising money. It's a capital-gobbling industry, and for a century bankers have arranged for its ongoing funding.</p><h2>Tesla remains a risky investment</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Mike Blake/Reuters</span></p><p class="caption">Finally!</p></div><p></p></div></div></p><p>Tesla is actually unique in that, until quite recently when companies such as General Motors started developing lines of business that could attract outside investment (its Cruise unit is now worth about $15 billion, after infusions from SoftBank and Honda), automakers had to issue debt rather than sell equity to fund operations. Tesla's stock price, though depressed from historic highs, is still well above $200 per share and a useful form of super currency.</p><p>Musk, of course, might now wish that he could invent a time machine to go back to a point when Tesla shares were higher than $300 and its market cap surpassed GM's. But a raise at current levels should be popular; the markets have justifiably discounted Tesla, and shares spiked 5% on Thursday morning when the funding raise was announced. Investors might sense a good deal, and for the record, $250 is around where Tesla has sold equity before.</p><p>The debt piece of the raise is larger: $1.35 billion. Tesla's most recent issuance was high-yield, oversubscribed, and as the company's financial waters have gotten choppier, the quality of these bonds has declined. Tesla's next issue will be convertible notes, due in 2024 (it has sold convertible debt in the past, but earlier this year the notes failed to meet their share-price bar and Tesla's had to pay out in cash). </p><p>The upshot is that while the rest of the auto industry is loading up on cash, Tesla's balance sheet is going to contain more debt. No one talks much about this, but for Tesla to ramp up a car company in 2019 means that its cost are in 21st-century money, while competitors that have been around for over 100 years can enjoy having built factories in the 1920s, or 1950s, and 1980s. </p><h2>The reality of Tesla's business</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Benjamin Zhang/Business Insider</span></p><p class="caption">Not for sale at the Apple Store.</p></div><p></p></div></div></p><p>The reason no one talks about it - and by "no one" I mean the delusional Tesla bulls who analyze the company as though it were a Silicon Valley startup with 20 laptops and a cold-brew tap - is because it's an inconvenient truth of Tesla's actual business. The company, for example, operates a gigantic hydraulic press that takes sheets of aluminum and smashes them into the panels that make up automobiles. You can't buy one of those at the Apple Store.</p><p>The Ark Invests of the world will see this raise as the first of many to fund a transformation of Tesla's 15-year existence: electric cars are so 2010 - the action now is with robotaxis! I'm sort of with them here, even though I'm baffled by their daffy "analysis" of Tesla's future opportunities. In fact, it's been challenging to figure out why Tesla hasn't capitalized on its lofty stock price to put the financing risk to bed earlier. </p><p>Bears will view a raise as desperate capitulation rather than good industrial logic. But they've been serially wrong about Tesla for so long now that it feels like nothing short of bankruptcy liquidation for the firm and jail time for Musk would make them happy. Weirdly, they probably knew that fundraising was inevitable and are going to devise interesting new ways to style their dismay as Tesla effortlessly rakes in a couple more billion. </p><p>They might be wishing they could invent a time machine of their own. Profiting from Tesla's decline requires 25 hours a day, eight days a week. Meanwhile, anybody who just, you know, bought the stock in 2010 is up 810%. Musk might be able to vacillate longer than some of his critics can remain solvent.</p> <p class="tagline">Get the latest Tesla stock price<a href="http://markets.businessinsider.com/stock/TSLA-Quote"> <strong>here.</strong></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/tesla-model-y-unveiled-mid-size-suv-elon-musk-2019-3">Tesla unveiled its Model Y - here are the best features of the $39,000 SUV</a></h3>        <div>                    </div>    </div>

Tesla is finally raising capital - and it's about time

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><span style="line-height: 1.5em;">The late, great Robin Williams was often known to go off script and improvise like no other.&#xa0;</span><p>It was his attitude that often contributed to the film veering off script during rehearsals and production.</p><p>"He was constantly improvising," co-star Stellan Skarsgard said during a <a href="https://tribecafilm.com/filmguide/good-will-hunting-2015">panel</a> at the Tribeca Film Festival on Wednesday, "And I liked that because if you prepare properly, it is trashed totally by somebody else improvising. And that's really good, because you usually get a little stiff, too skillful, and too elegant if your performance doesn't get f---ed by someone."</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><span style="line-height: 1.5em;">But Williams wouldn't just improvise his lines. He would go completely out of character. According to Skarsgard and director Gus Van Sant, Williams would typically do all of his lines while impersonating different celebrities.</span><p>"Every time, the first take, I came in and it wasn't him ... Jack Nicholson was standing there. He'd behave like Jack Nicholson," Skarsgard said.&#xa0;</p><p>"Then we had to do it again and he was James Cagney. I think it was five or six takes with a different person every time," he continued. "And then gradually he did something more and more like the character."</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><span style="line-height: 1.5em;">Clearly, the other actors enjoyed improvising with him. Much of the improvisation took place in Sean's (Williams) office. According to Van Sant, Williams did an entire scene as Janet Reno, while Matt Damon played along with him as Daffy Duck. Another time, Williams did all of his lines as Frankenstein.</span><p>At one point, Van Sant asked Damon, "Isn't this fun?" To which Damon responded, "No! It's exhausting!"</p><p>Williams' performance in "Good Will Hunting" earned him his first and only Oscar. His acting method sounds atypical, especially when compared to how other Oscar winners typically prepare. It doesn't sound like Robert De Niro, for instance, who gained a <a href="http://www.imdb.com/title/tt0081398/trivia?item=tr0772341">record amount</a> of <a href="http://www.imdb.com/title/tt0081398/trivia?item=tr0762180">weight</a> for his Oscar-winning performance as boxer Jake La Motta in "Raging Bull."</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><span style="line-height: 1.5em;">Either way, this seemed to work for him. And it led to some of the film's funniest and most touching scenes like this one, where he tells a story about his wife:</span><div><span style="line-height: 1.5em; color: #222222;">&#xa0;</span><div></div></div><p><span style="line-height: 1.5em;">And the final line in the film, which was his idea:</span></p><div><span style="line-height: 1.5em; color: #222222;">&#xa0;</span><div></div></div><p><span style="line-height: 1.5em;">Unfortunately, these great moments were not captured on camera. But Robin Williams was always somebody who just wanted to make people laugh, whether or not the cameras were rolling.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/lego-batman-v-superman-trailer-dawn-of-justice-2015-4">This Lego version of the 'Batman v. Superman' trailer is absolute gold</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xlMzRudDrPpcn4CpqKepYCVBbT_X-eEG" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Robin Williams spent most of 'Good Will Hunting' reading his lines in different celebrities' voices

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Matthew DeBord/Business Insider</span></p><p class="caption">Look mate, no top!</p></div><p></p></div></div>Into the category of things people don't generally don't need, you can include boomerangs, pet lions, and personal submarines.</p><p>You might think you could easily add "convertible SUV," but then you wouldn't be Jaguar Land Rover, which on Wednesday unveiled its Range Rover Evoque Convertible at the LA Auto Show.</p><p>This wasn't a vehicle that was greeted with overwhelmingly good vibes when it was first announced earlier this year, despite the superb track record of the Evoque, a midsized crossover that has sold well for JLR. The hangover from the ill-fated Nissan Murano CrossCabriolet, which arrived in 2011 and will soon depart, leaving the Evoque Convertible as the only off-road ragtop in the market.</p><p>Everyone thought the CrossCabriolet was daffy, according the boomerangs-lions-submarines analysis. It follows that the Evoque cabrio would fall prey to its inherent illogic. The <em>other </em>car that JLR revealed in LA is quite logical: the Jaguar F-Pace ultra-luxury SUV. Brilliant! SUVs and luxury cars in many ways define the current US auto market, and Jag didn't have one.</p><p>The Evoque Convertible is a different story, by design. And JLR admits that it isn't likely to see very many, although they think its could be a hit in LA, where anything that can lower its roof has a shot at success. The car's designer, Gerry McGovern, didn't express particular grand ambitions for the car when asked about it by Business Insider. But he did stress that it's capitalizing on an opportunity in the market.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Matthew DeBord/Business Insider</span></p><p class="caption">The dapper Gerry McGovern discusses his topless creation.</p></div><p></p></div></div></p><p>When the vehicle as revealed, he didn't back down from celebrating its rugged bona fides. This is, according to JLR, every bit a Range Rover. "It can wade through 20 inches of deep water," McGovern enthused. </p><p>It's an "all-season" convertible, he said, as comfortable on a sunsplashed LA boulevard as at an Alpine ski resort. In other words, it's a legit off-roader. You don't have to put it away when the weather would have you retiring most drop-tops.</p><p>"It can tackle challenges without compromise," McGovern said, speaking as a Englishman who doesn't mind motoring through sunshine, downpour, and everything in between, with nothing between him and heavens but sky.</p><p>A big challenge, of course, will be convincing customers that a convertible SUV is something worth wanting. A cynic might say that a booming car market in which a luxury automaker feels confident enough in the upward trajectory of sales to debut an SUV that comes with its own sunburn-delivering system is a market that has topped out. Indeed, we may look back at November 2015, as the US auto market surges toward an annual sales tally of 18 million new vehicles and the Range Rover Evoque Convertible landed, as the official beginning of a downturn.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Matthew DeBord/Business Insider</span></p><p class="caption">No top, but still a Range Rover.</p></div><p></p></div></div></p><p>But maybe not. In person, the Evoque Convertible is rather impressive. It looks like it makes sense, as an open-air off-roader. McGovern had spoken in the past of how folks outside JLR told him he was nuts to create the Evoque in the first place. Obviously, he wasn't.</p><p>Nobody thought the world needed a little Range Rover. They were wrong. Perhaps the notion that the Evoque can't possible lose its roof is just as mistaken.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/france-fighting-isis-with-giant-aircraft-carrier-2015-11">France just dispatched the largest aircraft carrier in the EU to help fight ISIS</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="FvcWJ4eDrYHng7i8UIY8gAyn3hICOw5-" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Against all odds, Range Rover has created a convertible SUV

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>AP</span></p><p class="caption">The right man for Apple?</p></div><p></p></div></div>Last week, rumors circulated that Apple was investigating an investment in or an acquisition of British supercar maker and Formula 1 powerhouse McLaren. </p><p>McLaren said that <a href="http://www.businessinsider.com/mclaren-apple-takeover-talks-completely-untrue-2016-9">the reporting was off the mark</a>, but it's obvious to anyone paying attention that <em>something </em>is going on with Apple and its interest in <keyword id="34991" type="ORGANIZATION" weightage="60" keywordseo="transportation">transportation</keyword>.</p><p>Earlier this year, the Cupertino colossus invested $1 billion of its $200-plus-billion cash hoard in Didi Chuxing, a Chinese ride-hailing service.</p><p>Then of course there's the mysterious "Project Titan," Apple car experiment that is either going to remake mobility as we know it - or is falling apart at the seams.</p><p>My take is that Apple is gradually turning itself into a sort of stealth holding company; it can't figure out what to do will all that excess moolah, so like a person with a bulging bank account, it's going on a shopping spree and will sort it all out later. Drop $3 billion on Beats in 2014, throw a billion at Didi, pick up McLaren for something in the same pricing ballpark - the synergies will eventually appear.</p><h2>Buy Tesla?</h2><p>The McLaren news also revived an idea that's often been bandied about: Apple should buy Tesla. The notion, <a href="http://www.businessinsider.com/apple-should-not-buy-tesla-2015-3">daffy as I think it is</a>, makes more sense than getting mixed up with a manufacturer of high-tech sports cars. The tech world is very attracted to an Apple-Tesla tie-up because it would combine two of the most beloved brands that Silicon Valley has yet produced. For many, Tesla CEO Elon Musk is the new Steve Jobs.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Justin Sullivan/Getty Images</span></p><p class="caption">Like Musk, a visionary.</p></div><p></p></div></div></p><p>But that's the problem. Apple has grown so large that it's become a company that's less about innovation and more about managing its achievements, which are considerable. In commenting on the Apple-should-buy-Tesla argument in the past, I've usually asked why Apple isn't yet doing a stand-alone TV, the best opportunity to completely reinvent the user experience for a familiar product. I think it's because they've talked themselves out of it, something that wouldn't have happened when innovation was on the ascent at the company, before Jobs' death.</p><p>For all its stumbles and growing pains, Tesla is rapidly innovating. Just last week, the automaker released <a href="http://www.businessinsider.com/tesla-software-update-8-features-2016-9" target="_blank">a major software update</a> for its vehicles that contains at least one totally new technology for cars: <a href="http://www.businessinsider.com/tesla-software-update-temperature-control-2016-9">Cabin Overheat Protection</a>, which enables a Tesla to use its large battery packs to cool itself off when the car isn't on, making the interior safer for small children and pets.</p><p>Apple, meanwhile, is busy <a href="http://www.businessinsider.com/im-not-optimistic-about-apples-new-earpods-or-airpods-2016-9">screwing up EarPods</a> and the headphone port on the new iPhone 7, telling customers that should be courageous about these needless tweaks to a product that's getting long in the tooth.</p><h2>Project Titan</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.youtube.com/watch?v=zWQnfLLHyKo&amp;feature=youtu.be&amp;t=19">BI Screenshot/Motor Trend Channel</a></span></p><p class="caption">Not gonna happen.</p></div><p></p></div></div></p><p>There is some logic to Apple buying Tesla. <a href="http://www.businessinsider.com/theory-about-the-apple-car-2016-9">Project Titan appears rudderless</a> - Is it a real car? An in-car interface? A self-driving technology? - so at least by acquiring Tesla, Apple would center the undertaking.</p><p>But then Apple would need to figure out what to do with Elon Musk. And therein would lie the challenge, as <a href="http://www.businessinsider.com/problem-apple-should-buy-tesla-2016-5">Musk and Apple CEO Tim Cook are the two most un-alike leaders in modern business</a>: mercurial visionary versus a modest caretaker. Cook inherited a world that Apple had already changed, while Musk is in the thick of trying to change it again.</p><p>Additionally, even if Apple figured that it could swallow Tesla's $30-billion-ish market cap without developing managerial heartburn, it would be adding the Palo Alto car maker as Musk and his team are headed into a deeply challenging period.</p><p>It would be one thing if the only major objective to achieve were Musk's goal of delivering 500,000 vehicles annually by 2018, or launching the Model 3 mass-market vehicle on time in 2017. But there's so much more: complete an acquisition of struggling solar-panel leaser and installer SolarCity; get the Nevada Gigafactory up and running and cranking out lithium-ion battery cells in huge numbers; establish Tesla Energy as a viable power-storage business; continue to expand the Supercharger network, especially in China; grapple with the blowback from a spate of Autopilot accidents, one of them fatal; hit up Wall Street for another capital raise; and execute the post-Model 3 agenda, which includes developing an electric semi-truck, a compact SUV, and maybe even a pickup.</p><p>That's a lot of problems to buy for a lot of money, even by Apple's standards.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Bill Pugliano/Getty Images</span></p><p class="caption">GM debuts the Chevy Bolt.</p></div><p></p></div></div></p><h2>The limits of tech</h2><p>Finally, it's worth thinking about whether tech companies, generally speaking, are really equipped to play a role in the transformation of mobility. We have this idea that Apple and Google, simply because they're Apple and Google, can use their brainpower and cash-mountains to deliver earth-shattering, insanely great progress.</p><p>But so far, the only tech company that's had a massive impact on transportation is Uber, and that's because its always been in the mobility business. Sure, Tesla has made its contribution, but on balance the overall effect has been marginal; the vast majority of cars on the road are still powered by gas engines, and in any case, Tesla is increasingly becoming a hybrid of a technology company and an old-school automaker.</p><p>The companies that are starting to move the needle are actually the traditional car makers. They have the scale to get new products into the market quite rapidly, as GM has done with its <a href="http://www.businessinsider.com/chevrolet-bolts-killer-features-2016-9" target="_blank">Chevy Bolt electric car</a>. Optimistically, GM could sell as many Bolts in the next two years - production starts next month - as Tesla has sold in its entire existence, around 150,000 vehicles.</p><p>So maybe Apple should forget about the Teslas and McLarens of the world. If it really wants to do something with cars, Detroit could be the place to go for its shopping spree.</p>     <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/mclaren-report-apple-buying-supercar-maker-completely-untrue-acquisition-2016-9">McLaren: Report saying Apple is considering buying the supercar maker is 'completely untrue' </a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="MzcGIxNjE6g5vMQ--YIGpX4DNBF2E18H" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Apple may be shopping for car companies, but Tesla shouldn't be on its list

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Ruben Sprich/Reuters</span></p><p class="caption">GM CEO Mary Barra.</p></div><p></p></div></div><strong>• Morgan Stanley analyst Adam Jonas has the most out-there ideas on Wall Street when it comes to the future of <keyword id="34991" type="UNKNOWN" weightage="60" keywordseo="transportation">transportation</keyword>.</strong></p><p><strong>• He's enthusiastic about FCA CEO Sergio Marchionne's efforts to spin off assets.</strong></p><p><strong>• He says GM should follow the Sergio playbook.</strong></p><p>It's perfectly reasonable for equity analysts to offer various business strategies and investment ideas to get companies to do things that might require the services of investment banks - sometimes the investment banks that those analysts work for.</p><p>This isn't a violation of the infamous "Chinese wall" that's supposed to separate the bankers from the researchers. What's unethical and actually illegal is publishing research that actively seeks to sell the stocks of companies in order to generate banking fees.</p><p>Morgan Stanley's Adam Jonas isn't breaking any rules, but he is pushing his luck with his rather out-there notions for what <a href="http://markets.businessinsider.com/stock/GM-Quote">General Motors</a> should do to liberate stockholder value that's currently locked up in shares that have massively underperformed the broader markets.</p><p>In a note published Thursday, Jonas wrote that "[a]t a high level, we see GM shifting away from incremental moves and towards a more profound and long-lasting reassessment of its diverse business portfolio."</p><p>Jonas them hedged a bit: "If we are wrong here (and we very well could be) we think the next 3 to 6 months will go a long way towards providing important clues and setting the tone that will determine the position of the company through the middle of the next decade."</p><h2>Everybody loves Sergio</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">FCA CEO Sergio Marchionne.</p></div><p></p></div></div></p><p>Like much of the rest of Wall Street, Jonas has become infatuated with the very banker-friendly moves that Fiat Chrysler Automobiles CEO Sergio Marchionne has made over the past few years, with an IPO of FCA after the Chrysler part was acquired out of bankruptcy in 2009 and another IPO of Ferrari in 2015.</p><p>Ferrari has surged in 2017, with the stock outperforming everything else in the sector, including Tesla. In fact, Jonas recently trimmed back his expectations for Ferrari, arguing that the upside has already been captured.</p><p>Marchionne spent a decent chunk of time in 2015 trying unsuccessfully to get FCA merged with another major automaker, with GM as his main, hopeful suitor. More recently, he's been sending signals that before he retires in 2019, he intends to repeat the Ferrari maneuver,<a href="http://www.businessinsider.com/fiat-chrysler-may-spin-off-maserati-alfa-romeo-2017-8" target="_blank" rel="noopener noreferrer"> probably with Maserati or Alfa Romeo (or both)</a>. It's also emerged that FCA could be talking to the Chinese about buying the most storied FCA brand, Jeep.</p><p>None of this should surprise anybody. Word on the street for some time has been that Marchionne's overriding goal is to get the Agnelli family, which controls FCA, out of the car business. </p><p>Jonas has been providing ample opportunity for Marchionne to discuss these moves during quarterly earnings calls. And it certainly looks like FCA's remaining Italian luxury brands and Jeep could be destined for value unlocking before Marchionne steps down.</p><h2>The race for "Auto 2.0"</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Cruise</span></p><p class="caption">GM acquired Cruise Automation and is preparing to build fully driverless vehicles.</p></div><p></p></div></div></p><p>But Jonas has now pressed a similar case on GM, yoking it to one of his larger ideas - "Auto 2.0," a catchall term for electrification, ride-sharing, and autonomous mobility - and closely linking GM's fortunes with its strong China business (which makes a lot of sense).</p><p>Here he is, laying down the bottom line:</p><p>It's worth noting that the Chevy Bolt's reception hasn't been lackluster; it was <a href="http://www.businessinsider.com/motor-trend-chevy-bolt-car-of-the-year-2017-2016-11" target="_blank" rel="noopener noreferrer">Motor Trend's Car of the Year for 2017</a>, it's selling better than GM expected, and at Business Insider, <a href="http://www.businessinsider.com/2017-chevy-bolt-review-photos-2017-4">we thought it was terrific</a>. Not for nothing did it beat the Tesla Model 3 to market by a year.</p><p>On everything else, Jonas makes good points, but he makes them far too boldly, given the guiding philosophy of GM's management team. CEO Mary Barra has made a return on invested capital, which has been the company's priority. Since emerging from Chapter 11 in 2009 and staging an IPO in 2010, GM has posted steady profits, piled up cash, and enjoyed two years of record US sales (17.5 million in 2015, 17.55 million in 2016) that have rewarded the carmaker for its lineup of pickup trucks and SUVs.</p><h2>Break GM up?</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">Tesla is influencing everybody's thinking. And not always for the better.</p></div><p></p></div></div></p><p>Jonas wants GM to do as Marchionne is doing, however.</p><p>"Our $50 bull case is underpinned by unlocking sum of parts value," he wrote. </p><p>"Implied in this scenario are strategic moves to seed a separate auto tech portfolio and a fundamental repositioning of Cadillac as a 'captive Tesla.' The remaining businesses could generate substantial cash flow that could be used to restructure/exit loss-making passenger car operations."</p><p>And Jonas isn't patient on the execution front. He thinks GM needs to get on this by the end of the year.</p><p>The Cadillac-as-Tesla idea is just daffy, given that GM's electrification strategy is concentrated on the Chevy brand. It also doesn't make sense to spin Caddy off, given that it remains integrated with GM's traditional brand ladder, which although winnowed by Chapter 11 continues to start with Chevy, moving up to Buick, and ending with Cadillac (you used to have Oldsmobile and Pontiac in the mix).</p><p>The remainder of Jonas' contemplated game plan is animated by two factors.</p><p>The first is the auto sales cycle in the US, which is beginning to show signs of a modest downturn in the next year or two. The sales pace for 2017 likely won't match 2016's record and could come in below 16.5 million, although the replacement of vehicles lost in hurricanes Harvey and Irma could provide a fourth-quarter boost. When the downturn hits, GM isn't going to be thinking about unlocking value; it's going to be thinking about preserving it, or enhancing what it already has by using its strong balance sheet to acquire market share from weaker competitors.</p><p>The second is the collective hallucination that the tech and investment industries have jointly engineered around "disruptions" in mobility. Central to this is the notion that the traditional auto industry is about to be overwhelmed by electric cars, ride-hailing/de-ownership, big-spending on transportation by Silicon Valley mega-firms, and self-driving tech.</p><h2>Just a story</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">Greenlight Capital founder David Einhorn. He tried to get GM to split its stock into two categories.</p></div><p></p></div></div></p><p>It's a great story, and it has led to a $60-billion market cap for Tesla, a company that still hasn't sold 100,000 vehicles in a year. It's led to a more-than-$60-billion valuation for Uber.</p><p>But it's just a story. Electric cars make up only 1% of global sales (and estimates of their growth from back in 2010 have missed wildly). Uber is in a full-on management crisis. Millennials weren't supposed to buy cars, but now they are - so much so that they'll probably be one of the biggest ownership groups in history. Apple isn't building a car. And self-driving cars generally, while showing promise, are a long way from displacing human drivers.</p><p>We shouldn't begrudge Jonas the opportunity to tell this story. He's doing it better than anybody else on Wall Street, and he's doing it in a way that's ethical and lawful. He also appears to be immensely enjoying telling the story. </p><p>But when he goes off the deep end, it's important to point out that he has taken the plunge. GM has been under enormous pressure due to the lagging stock price. At Ford, a worse relative market performance cost CEO Mark Fields his job. Mary Barra is the best CEO GM has ever had, making tough calls - such as selling off historically cash-sucking Opel after GM owned the brand for almost a century - investing in new technologies like Lyft and Cruise Automation, and fending off activist investors, most recently David Einhorn and Greenlight Capital.</p><p>It would be unfortunate if she followed Fields because her story doesn't sound like what Wall Street wants to hear.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/gene-munster-tesla-stock-exciting-2017-7">GENE MUNSTER: Tesla is the 'most exciting story to watch'</a></h3>        <div>                    </div>    </div>

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