Musk unveils ‘Cybercab’ but no word on budget Tesla

Good morning. In today’s news:

• Atomic bomb survivors’ group wins Nobel Peace Prize

• Kamala Harris’s rise through the incestuous world of San Francisco politics

• A new, environmentally sustainable cruise liner

In the past few hours Elon Musk has shown off his new “Cybercab” at an eagerly anticipated event at Warner Bros Studios in Los Angeles.

The Tesla chief executive said the self-driving taxi could be in production by 2026 and would cost under $30,000, with the caveat that the service needed regulatory approval. Musk described the development of affordable automated transport as a shift to “individualised mass transit” as he also unveiled the prototype for a 20-person autonomous vehicle called the “Robovan”.

But the presentation, which started an hour late and lasted less than 30 minutes, was thin on details. For investors, the biggest omission was the failure to announce the launch of a new affordable electric vehicle, known unofficially as the Model 2 and which will be priced at $25,000, to revive Tesla’s ageing product portfolio. Here’s more details from Tesla’s “robotaxi day”, including humanoid robots dancing in what looked like a giant fish tank.

And here’s what else I’m keeping tabs on today:

• Results: US bank reporting season kicks off this morning, headlined by JPMorgan Chase, Wells Fargo and BNY. Here’s what to expect from the top banks’ results.

• Economic data: The producer price index, which tracks wholesale price inflation, is released a day after consumer price inflation exceeded expectations. Statistics Canada will publish Canada’s jobless number, net job additions and the rate of growth of wages.

• US election: Donald Trump holds rallies in Aurora, Colorado, and in Reno, Nevada, today before moving on to southern California and Chicago in the coming days.

• Chinese economy: A press briefing due tomorrow with China’s finance minister has fuelled investor expectations that the government in Beijing will announce further stimulus measures.

How well did you keep up with the news this week? Take our quiz.

Five more top stories

1. The Nobel Peace Prize has been awarded to Nihon Hidankyo, a Japanese organisation of atomic bomb survivors from the 1945 attacks on Hiroshima and Nagasaki. The prize comes against the backdrop of rising nuclear rhetoric from figures including Russian President Vladimir Putin. Here’s more on the Nobel committee’s decision.

• Ukraine war: Kyiv has accused Russia of routing its missiles to fly over nuclear power plants “every day”, a military tactic that heightens the risk of atomic accidents.

• Middle East threat: A senior adviser to Iran’s supreme leader has warned that Tehran could change its nuclear doctrine if Israel targets the Islamic Republic’s atomic facilities.

2. Barack Obama has said Black men’s support for Donald Trump is “not acceptable”, suggesting they were uncomfortable with a female candidate as the former Democratic president hit the campaign trail for Kamala Harris. Obama’s intervention comes less than a month before the election and marks a new effort to boost Harris. Here’s the latest on the tightest White House race in decades.

3. Israeli air strikes hit the heart of Beirut for the second time in less than two weeks, killing at least 22 people and sending panic across the Lebanese capital. The strikes came a day after Israeli forces fired a tank shell at the UN peacekeepers’ headquarters in southern Lebanon, prompting an outcry from countries contributing to the peacekeeping force.

4. Rescue operations are under way in Florida as officials seek to assess the damage inflicted by Hurricane Milton as it crossed the state overnight, triggering widespread flooding and leaving millions without power. At least 10 people have been killed by the storm. Here’s more on what we know about the storm’s impact.

5. The Canada Pension Plan Investment Board has been criticised by a London judge after it sacked a “high earner” employee who put thousands of pounds in personal expenditure on a corporate credit card because his wallet was stolen. The UK-based CPPIB managing director has been awarded £25,000 in damages. Read the full story.

The Big Read

In American politics “San Francisco liberal” has been a reliable insult for decades. But most Americans misunderstand the city’s one-party politics. Incestuous, internecine and brimming with political talent — it was in this hot house that a young Kamala Harris learnt her craft and thickened her skin. Josh Chaffin digs into the rivalries and politics that shaped the vice-president.

We’re also reading . . . 

• Gaza ceasefire talks: Three mediators thought they were on the cusp of a deal to prevent the Middle East conflict spreading. They were mistaken.

• Gucci’s new CEO: Stefano Cantino, a former Louis Vuitton and Prada executive, must execute one of the biggest and most complex turnarounds in a sector hitting tougher times.

• Pfizer vs Starboard: A seemingly misfired email has embroiled the drugmaker’s chief executive Albert Bourla in a high-stakes activist campaign.

Chart of the day

On both sides of the Atlantic, one of the oldest patterns in electoral demographics has started to break down, writes John Burn-Murdoch. More importantly, the shift highlights something that has always been true but often ignored: ethnic minority voters are not a homogenous bloc.

Take a break from the news

Can a cruise ship be sustainable? Meet the captain hoping to pioneer a more environmentally friendly way to see the polar regions — using rigid sails and solar power.

Additional contributions from Tee Zhuo and Benjamin Wilhelm