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China central bank vows crackdown on cryptocurrency trading
China central bank vows crackdown on cryptocurrency trading

SHANGHAI (Reuters) - China's central bank vowed on Friday to crack down on illegal activities of cryptocurrency trading, banning overseas exchanges from providing services to mainland investors via Internet.

Bitcoin rises as Dutch football club PSV announces support
Bitcoin rises as Dutch football club PSV announces support

Cryptocurrencies were back up on Thursday, after being hammered in the past week, as acceptance by mainstream companies continues.

UK public sector borrowing sees second highest August on record FTSE rises
UK public sector borrowing sees second highest August on record FTSE rises

European stocks recovered some of yesterday's losses on Tuesday morning in London, as new data from the Office for National Statistics showed the UK's public sector borrowing had seen its second highest August on record.

pNetwork hacked - Over 12M USD worth of Bitcoin stolen!
pNetwork hacked - Over 12M USD worth of Bitcoin stolen!

Cross-chain DeFi platform pNetwork has been hacked on Binance Smart Chain to the tune of approximately $12.7 million worth of Bitcoin.

Tesla's Rumoured $25,000 Model 2 For China Could Be Unveiled In Late 2021

Tesla Inc (NASDAQ: TSLA) appears to be a step closer to bringing a more affordably-priced car to the Chinese market.


What Happened: Chinese outlet Sina recently reported that a required Environmental Impact Assessment is underway for Tesla's Model 2 EV.

According to Sina, the battery life of the Model 2 is estimated to be between 350-450 kilometers, or around 220-280 miles. The Model 2’s smaller battery and reduced platform will allow for lower prices. The report indicated a $25,000-$35,000 price range for the vehicle.

The report goes on to say the budget Model 2 could be revealed at the Guangzhou Auto Show, usually held in November or December.

Three main takeaways from the Sina report:

Tesla's internal EIA process has begun for the Model 2.

It is estimated that the first batch of cars will be tested on the road soon.

The Model 2 is expected to be unveiled in the second half of this year.

Why It Matters: China is a hot market for Tesla and a big driver of the company's share price, and a cheaper model has been rumored for a while.

The company started production of the Model Y at Gigafactory Shanghai in December. It currently sells Model 3 vehicles in China and production has been ramped up to 5,000 Model 3 cars per week in the country.

Tesla delivered nearly 500,000 vehicles worldwide in fiscal 2020. Revenue increased 46% year-over-year to $10.74 billion for Tesla in the fourth quarter. That beat the consensus of $10.32 billion and was the highest in company history. Full fiscal 2020 revenue of $31.54 billion was up 28% year-over-year.


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