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Telstra to line up 6,000 jobs to cut by end of fiscal year

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Telstra releases HTC 5G Hub and Samsung S10 5G to be available May 28
Pricing to start from AU$70 a month for 10GB of base data.

Telstra has informed the ASX that “as a result of good progress” on its T22 plan, it will be bringing forward talks on job cuts. 

As a result, the company will flag 6,000 jobs to go by the end of the financial year.

“Telstra is also ahead of plan on the simplification of its structure and ways of working announced as part of T22, which as previously announced is expected to lead to a net reduction of around 8,000 employees over three years,” the company said on Wednesday.

“Telstra today commenced consultation with employees and representative unions on proposed job reductions previously expected to be announced in the first half of FY20.”

Consequently, the Australian telco said it would need to raise its FY19 restructuring costs from AU$600 million to AU$800 million, and would have AU$350 million in restructuring costs after its 2019 financial year.

“While impacted employees will not be leaving the organisation until early FY20, consultation is expected to conclude in mid-June and therefore the costs will be included in Telstra’s FY19 results,” Telstra said.

At the same time, Telstra said it would write down the value of its legacy IT assets by AU$500 million.

Telstra CEO Andy Penn said the company had a potential AU$50 million transition program for affected workers, and that by the end of the fiscal year, it would have completed 75% of its “direct workforce role reductions”.

“We will continue to see role reductions as we replace our legacy systems, digitise and simplify how we work, and respond to things like declining NBN and call volumes, but if a final decision is made on the proposal announced today we expect the majority of our T22 restructure will be behind us,” Penn said.

“Overall we are on track in relation to our T22 program.”

Under the T22 plan announced in June 2018, Telstra projected it would cut 9,500 jobs, remove 25% of executive and middle management roles, and create 1,500 new jobs largely in software and cybersecurity roles.

“This simplification is crucial to Telstra’s competitiveness, and we expect it to lead to a 30% reduction in our labour costs,” Penn said at the time.

Telstra’a long-promised simplified mobile plan structure is set to be announced next month.

Last week the telco announced it would charge AU$15 a month for 5G connectivity after customers are given the first 12 months free.

In December, Telstra announced new small business plans.

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2022 BMW M8 Competition range revealed with bigger screens and better lights

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German automaker BMW has updated its 2022 M8 Competition sport-luxury car. You can still get an M8 Competition in three body styles (2-door Coupe, 2-door Cabriolet, and 4-door Gran Coupe), sharing the same 4.4-liter twin-turbocharged V8 engine with 617 horsepower and 553 pound-feet of torque.

Images: BMW AG
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Tesla Cybertruck delayed again plus Elon Musk squashes $25k EV rumors

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Tesla closed out 2021 with a bumper year, besting Q4 estimates and pushing EV deliveries past 300,000, though Elon Musk tempered hopes for the arrival of the Cybertruck and more affordable models. Revenue in the year as a whole grew 71%, Tesla announced, describing 2021 as “a breakthrough year” for the automaker, but some of the most anticipated electric vehicles are still some way out.

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No Tesla Cybertruck until 2023

The most conspicuous project that Tesla has underway is undoubtedly the Cybertruck. The oddly-shaped all-electric pickup proved controversial when Elon Musk first revealed it, and glimpses of development prototypes in the intervening years haven’t dimmed its ability to polarize opinion. Undoubtedly the most frequently-asked question, however, is when Tesla actually might put the Cybertruck into production.

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Tesla’s investor deck continues with the same, vague timeline as has been stated in previous releases. “We are making progress on the industrialization of Cybertruck, which is currently planned for Austin production subsequent to Model Y,” the automaker says.

Speaking on the investor call, however, Musk confirmed that the Cybertruck wouldn’t go into production this year. The primary focus for Tesla, the CEO explained, would be ramping production of its existing models, like the popular Model 3 and Model Y. They’re still in strong demand, with orders for some configurations of Model Y not expected to be delivered until August 2022.

Tesla Cybertruck pricing

Tesla screenshot by SlashGear

For the Cybertruck, there are still technological hurdles to be worked through, Musk admitted. The automaker is also still trying to figure out how to make it affordable: there was widespread surprise when Tesla announced the full-size electric pickup would have a starting price of around $40,000 when it began taking reservations in late 2019. For the moment, Musk said, the hope is that production can begin sometime in 2023.

Don’t expect the Tesla Roadster any time soon, either

What goes for the Cybertruck, also goes for Tesla’s rebooted Roadster. Also the spur of no shortage of reservation deposits – or the full $250,000 apiece in advance for those wanting one of the first 1,000 “Founder’s Series” cars – the Roadster was originally intended to go into production in mid to late 2021. That was delayed to 2022, and then to 2023.

Tesla Roadster

Tesla

The good news is that it’s still, apparently, on track for that timescale, though as Tesla feels the impact of the supply chain issues affecting the whole auto industry that could still change in the meantime. Chip constraints were name-checked by Musk as being a primary bottleneck for 2021 production of its cars, arguing that if Tesla tried to introduce new models in 2022 it would only have the overall impact of cutting total production output. The need to assign resources to new models would take away from the ability to build cars like the Model 3 and Model Y, he pointed out.

Engineering and tooling-up for the upcoming Tesla models may still begin in 2022. However they won’t go into production until 2023 at the earliest.

The $25,000 Tesla isn’t happening

Tesla line-up

Tesla

Though Tesla hasn’t been affected by the “market adjustments” that have seen dealers of other brands add thousands or even tens of thousands to the sticker price of a new car, it’s clear that the EV-maker is still focused on the trims with the biggest profit margins. Despite previous chatter of a $25,000 Tesla that could undercut even the most affordable Model 3, Musk says that’s simply not on the cards.

“We have too much on our plate,” the CEO said during the investor call.

The reality is, while Tesla has been surprisingly well placed for dealing with the supply chain crunch – including making admirable use of existing chip supplies by reprogramming its software to suit – like most car companies it can’t build as many as it would like to. Focusing on maximizing the return on each vehicle is the inevitable result, not only by prioritizing the more expensive configurations, but on post-sale software enhancements too. Indeed, “over time, we expect our hardware-related profits to be accompanied with an acceleration of software-related profits,” the investor deck points out.

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This carbon 3D-printed Rolls-Royce Cullinan is a $500,000 upgrade

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The Cullinan is the Rolls-Royce of SUVs, so what does this make 1016 Industries’ carbon-fiber, 3D-printed Cullinan? You can call it anything you like, but it is indeed a dignified way to go sporty. We highly prefer it over the quirky Mansory Rolls-Royce Cullinan unveiled last year for the 50th founding anniversary of the United Arab Emirates, and it’s all thanks to the crafty use of 3D printing for the details.

Images: 1016 Industries
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