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☆ Lucid CEO says Chinese automakers are still 'years and years behind' Elon Musk's Tesla
▼ + stars: | 2024-05-10 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Read previewChinese EV makers are challenging Tesla — but one of the company's rivals still thinks they're years away from overtaking Elon Musk's firm in one respect. Lucid CEO Peter Rawlinson said that despite their success, Chinese automakers are still some distance behind Tesla when it comes to the underlying technology that powers EVs — but warned that they could catch up quickly. Related storiesHowever, Rawlinson warned that Western car makers must not "underestimate" the ability of their Chinese rivals to quickly catch up on core EV technology. After once laughing off Tesla's Chinese rivals, Musk now seems a lot more worried, telling investors that Chinese EVs are likely to "demolish" the competition if trade barriers aren't put in place. The company has slashed prices on its high-end Lucid Air sedan to compete with Tesla, and produced less than 10,000 vehicles last year.

Persons: —, Elon Musk's, Peter Rawlinson, EVs, they're, Tesla, Rawlinson, they've, They're, Warren Buffett Organizations: Service, Elon, Business, Financial Times, Geneva, Tesla, Saudi Public Investment Fund Locations: London, China

☆ 2 Chinese EV companies seem to be ganging up on Elon Musk's Tesla
▼ + stars: | 2024-05-08 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

EV company Nio is launching a new affordable EV brand in China. The alliance between the two companies will likely intensify pressure on Tesla in China. BYD will reportedly provide a small battery pack for one version of the Onvo EV, with Chinese battery maker CALB supplying a larger 85-kilowatt-hour battery pack. AdvertisementThe alliance between Nio and BYD will likely intensify pressure on Elon Musk in China, where Tesla sales have slumped amid brutal competition for EVs. Once again, however, he is likely to face stiff competition from BYD and Nio, who are developing their own driving assistance software.

Persons: —, Elon, BYD, confirmeded, Nio, didn't, Musk Organizations: Nio, Service, Tesla's, Elon Musk, Reuters, Business, EV, Elon, EVs, China's Passenger Car Association, Bloomberg, Baidu Locations: China, Europe, Nio, Tesla's Shanghai, Beijing, BYD

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTesla's big gamble: Full Self-Driving in the wildFull Self-Driving, or FSD, is one of the most controversial parts of Elon Musk's Tesla strategy, with regulators calling the branding misleading and dangerous. But love it or hate it, Tesla has unleashed FSD, with a free trial for millions of U.S. drivers. That means more data -- an essential component to any company trying to develop autonomous driving. Tesla's approach to gathering all that data could prove all of Musk's naysayers wrong, or leave it continuing to play catch up with more advanced self-driving tech. This week on TechCheck, Tesla's big FSD gamble.

Persons: Elon Musk's Tesla, Tesla, Musk's Locations: Elon, U.S

☆ Tesla is blaming struggling EV sales on hybrid craze
▼ + stars: | 2024-04-23 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

Tesla is blaming hybrids for stealing EV sales. Inexpensive hybrid cars have become a popular choice for green-car shoppers. That's a real problem for Tesla, which doesn't sell hybrids. In the opening page of its first-quarter earnings presentation Tuesday, Tesla blamed an industry-wide prioritization of these partially battery-powered cars for putting pressure on global EV sales and — by extension — Tesla's sales. After years of wealthy early adopters clamoring for expensive new technology, today's EV shopper is more frugal and practical — and more interested in hybrid models that fit their everyday needs.

Persons: Tesla, —, Elon Musk's Tesla, Tesla's Organizations: Service, Toyota, Musk's EV

☆ Elon Musk cancels trip to India as Tesla struggles at home
▼ + stars: | 2024-04-20 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +3 min

AdvertisementElon Musk has postponed his trip to India amid the ongoing chaos at Tesla. The Tesla CEO was expected to visit India early next week to meet with Prime Minister Narendra Modi. Musk wants to build a new factory in India, where the EV market is tiny but gaining steam, thet outlet reported. BI reported in early April that Musk's Tesla has struggled to compete in China's EV market as rival companies make "aggressive price cuts." Musk wrote on X that Tesla was unaware of any "injuries or accidents" related to the problem.

Persons: Elon, Tesla, Cybertruck, —, Elon Musk, Narendra Modi, Musk, Antonio Masiello, Musk's Tesla, Justin Sullivan Organizations: Service, Getty, Reuters, EV, Business Locations: India, China

☆ This Chinese company may be emulating Elon Musk's Tesla playbook
▼ + stars: | 2024-04-09 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Read previewAt the start of the year, Elon Musk issued a clear warning about who he thought posed the biggest challenge to Tesla's electric vehicle ambitions: Chinese EV makers. Kyle Chan, a postdoctoral research associate at Princeton, recently drew attention to how Xiaomi's EVs have been made with machines similar to the "giga press" machines Tesla uses in its die-casting process. AdvertisementWhen Tesla entered China, it helped Chinese firm LK Group develop the world’s largest casting machines to make Tesla parts. Later, LK sold similar casting machines to 6 Chinese firms, likely automakers. However, LK's die-casting expertise was no longer limited to Tesla after 2022, as the company was reported to have struck deals with six other Chinese companies to supply casting machines to them.

Persons: —, Elon Musk, Tesla, Musk's, Lei Jun, Xiaomi, Kyle Chan, Chan, LK, pWQsy2KC7d — Kyle Chan, Liu Siong, Tesla's, LK's, there's Organizations: Service, Business, EV, Xiaomi, Princeton, Group, New York Times, Tesla, LK Group, giga Locations: Beijing, China

☆ Elon Musk is taking on Brazil — but there's one country he won't dare oppose
▼ + stars: | 2024-04-09 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Read previewElon Musk's free speech clash with Brazil's government is intensifying. On Sunday, the country's Supreme Court described his defiance of an order to take down several accounts on X as a "flagrant" obstruction. The accounts are believed to be linked to digital militias that have spread fake news and threats against Brazil's supreme court during the administration of President Jair Bolsonaro, The Associated Press reported . Brazilian Supreme Court judge, Justice Alexandre de Moraes, said Musk had launched a disinformation campaign against the Supreme Court, and that he should be investigated. When it comes to potentially aggravating China, it seems that Musk's commitment to free speech may be less absolute than he claims.

Persons: —, Elon, Brazil's, Jair Bolsonaro, Alexandre de Moraes, Musk, Tesla Organizations: Service, Associated Press, Business, Supreme, Communist, The New York Times, Musk's, Monday Locations: Brazil, China, Shanghai

☆ A wiser Greg Coffey, Elliott's Etsy love, and a return to fundamentals: A rundown of the hedge-fund industry's annual best-pitch conference
▼ + stars: | 2024-04-04 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe smart money gathered in Manhattan on Wednesday didn't spend their time pitching artificial-intelligence venture bets or bitcoin-linked trading products. At this year's Sohn conference, some of the biggest names in hedge funds — such as Greenlight's David Einhorn, Elliott's Jesse Cohn, and Kirkoswald's Greg Coffey — preached fundamentals and restraint. Even hedge funds that are constantly stirring the pot, such as Bridgewater and Paul Singer's Elliott Management, were even-keeled. The activist investor, who's become a recurring nightmare for anxious CEOs across the country, is not looking to burn anything down or start an M&A spree.

Persons: —, year's Sohn, Greenlight's David Einhorn, Jesse Cohn, Greg Coffey —, Einhorn, Elon Musk's Tesla, Greg Coffey, Oz, Moore —, Coffey, Paul Singer's Elliott, Ray Dalio, Karen Karniol, Elliott, Marc Steinberg, who's, You've, you've Organizations: Service, Business, Solvay, Paul Singer's Elliott Management, Bridgewater Locations: Manhattan, Belgium, Belgian, GLG, London, New York, Bridgewater, China

☆ Elon Musk's Tesla looks set to regain its crown as the world's biggest electric carmaker as BYD sales tumble
▼ + stars: | 2024-04-02 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

It looks like Tesla is about to regain its title as the world's top electric car maker. China's BYD reported on Monday that sales plummeted more than 40% for the first three months of 2024. Elon Musk's company is set to reveal its own quarterly delivery numbers on Wednesday. The slide has caused some to question whether Musk's company deserves its spot in the "Magnificent Seven" group of mega-cap tech stocks. A drop in deliveries would cap a "nightmare quarter for Tesla," said Wedbush analysts in a research note last week.

Persons: Tesla, China's BYD, Elon, —, It's, That's, BYD, Wells Fargo, Bernstein, Warren Buffett Organizations: Elon Musk's, Service, Shenzhen Stock Exchange, BYD, Visible Alpha, Wedbush Securities, Tesla Locations: Shenzhen, Texas, Wells, Hong Kong

☆ Detroit went all-in on big, expensive EVs nobody wants. Here's what the data shows they'd rather buy.
▼ + stars: | 2024-03-31 | by ( Nora Naughton | ) www.businessinsider.com time to read: +5 min

Read previewWhen the automotive industry started looking toward an electrified future, Detroit automakers decided to throw their hat in the ring with what they do best: Pickup trucks. Electric pickup truck pioneer Rivian has also warned of slowing growth, and Elon Musk's Tesla already appears to be offering some purchase incentives for the Cybertruck. Only four EVs sell in that range at the moment, according to Edmunds, and none of them are sold by Detroit automakers. On average, EVs sold for around $61,700 last year, $14,250 more expensive than the typical price paid for non-electric vehicles, Edmunds said. AdvertisementGM is taking another approach, pulling back on EV production as the company plans to bring more hybrids (a segment that has seen demand increase while EV demand wanes) to the North American market later this year.

Persons: —, Ford, Rivian, Elon Musk's Tesla, Edmunds, Jessica Caldwell, EVs, BCG, Jim Farley Organizations: Service, Detroit, Ford, Business, GMC, EV, Associated Press, Edmunds, Detroit automakers, Leaf, Fiat 500e, Hyundai Kona Electric, Boston Consulting Group, Bloomberg, North Locations: Detroit, Edmunds

☆ Ford's secret weapon in the fight against Tesla: hybrids
▼ + stars: | 2024-03-08 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Ford's hybrids are bringing new customers to the brand amid the EV sales slowdown. Ford's middle-of-the-road approach to hybrids and EVs is paying off for now. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElectric vehicle sales aren't going the way Ford expected when CEO Jim Farley took direct aim at Elon Musk's Tesla in 2022. This story is available exclusively to Business Insider subscribers.

Persons: —, Jim Farley, Elon Musk's Tesla, Elon Musk, Ford Organizations: Ford, Service, Elon, Business

☆ Elon Musk has a unique plan to solve Twitter's ad problems
▼ + stars: | 2024-03-05 | by ( Peter Kafka | ) www.businessinsider.com time to read: +1 min

Elon Musk owns X, formerly Twitter, which has an advertising problem. AdvertisementThe company formerly known as Twitter has a well-known advertising problem: It is owned by Elon Musk, who does his best to repel advertisers. So look at a (very partial) solution to Twitter's advertising problem: Elon Musk! More specifically, Elon Musk's Tesla, which is advertising on the company formerly known as Twitter:This new? Model Y starts at $36,490 after Federal Tax Credit for eligible buyersBook a Demo Drive to try it https://t.co/McJ7TwPy4c — Tesla (@Tesla) February 29, 2024Beyond the novelty, a couple of other ideas:

Persons: Elon Musk, —, Elon, Elon Musk's Tesla, uM6X0cQnKL — Jay Yarow, Tesla, Jay, — Tesla Organizations: Elon, Service, Twitter, YouTube, Federal Tax

Alphabet's Waymo robotaxi unit won approval from the California Public Utilities Commission to expand service to parts of Los Angeles and the Bay Area, according to a notice posted to the regulator's website on Friday. "Waymo may begin fared driverless passenger service operations in the specified areas of Los Angeles and the San Francisco Peninsula, effective today," the release said. In mid-February, Waymo initiated a voluntary recall filing notice with the National Highway Traffic Safety Administration, saying it would fix software issues. The latest notice applies to the commercial ride-sharing service Waymo One. WATCH: Crowd burns Waymo in San Francisco

Persons: Alphabet's, Waymo, Apple, Elon Musk's Tesla, Cruise robotaxis Organizations: California Public Utilities Commission, San, National, Traffic Safety Administration, California Department of Motor Vehicles, General Motors, Cruise, Palo Locations: Los Angeles, San Francisco Peninsula, Phoenix, California, Palo Alto, San Mateo County, San Francisco

☆ The Apple car is the latest casualty in the brutal EV market
▼ + stars: | 2024-02-28 | by ( Hayley Peterson | Nora Naughton | ) www.businessinsider.com time to read: +2 min

Read previewThe Apple car is dead (apparently). The scrapped plans would be a grim sign for the EV market in the US, which has suffered from flagging demand. As BI reported earlier this month, car companies are rethinking EV plans in response to softening demand for pure electric cars. Apple's "Project Titan" car was also supposed to be an autonomous, expensive technology that most car companies have already put on the back burner. Automakers shift EV plansLike Apple, US auto companies have been shifting plans to account for softer EV demand.

Persons: —, Apple's, BYD, We're, Stella Li, Li, Mary Barra, Elon Musk's Tesla, Musk, Harald Wilhelm, Mercedes Organizations: Service, EV, Apple, Bloomberg, Business, Yahoo Finance, General, Volvo, Polestar, Benz Locations: North America

☆ The Apple car's apparent death is another grim sign for EVs
▼ + stars: | 2024-02-28 | by ( Hayley Peterson | Nora Naughton | ) www.businessinsider.com time to read: +3 min

Apple appears to be tapping out as car companies scramble to adjust EV plans. AdvertisementThe Apple car is dead (apparently). The scrapped plans would be a grim sign for the EV market in the US, which has suffered from flagging demand. As BI reported earlier this month, car companies are rethinking EV plans in response to softening demand for pure electric cars. Automakers shift EV plansLike Apple, US auto companies have been shifting plans to account for softer EV demand.

Persons: —, Apple's, BYD, We're, Stella Li, Li, Mary Barra, Elon Musk's Tesla, Musk, Harald Wilhelm, Mercedes Organizations: Apple, Service, EV, Bloomberg, Yahoo Finance, General, Volvo, Polestar, Benz Locations: North America

☆ The auto industry owes Toyota an apology on hybrids
▼ + stars: | 2024-02-28 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Toyota, the originator of the hybrid car craze in the early 2000s, is poised to reclaim its crown as the king of green cars. This, paired with the success of Tesla and overall investor enthusiasm for EV technology, left Toyota looking like a laggard. AdvertisementDespite years of criticism, it appears that Toyota might have had the right idea after all. Shoppers in the market for a hybrid are also much more likely to pony up more cash for these cars. Toyota has spent the last several years releasing more hybrids and plug-in hybrids, while refusing to give up on the nascent hydrogen fuel cell technology that many of its competitors have largely abandoned.

Persons: Elon Musk's Tesla, Jeremy Korst, Korst, Akio Toyoda, Toyoda, Tesla, Toyota's, Mary Barra Organizations: Toyota, Business, EV, Elon, Ford, EV technology, Cox Automotive, Cox, Shoppers, Companies, GM Locations: Detroit, North America

☆ The boss of a takeaway called Tesla Chicken & Pizza loses trademark dispute against Elon Musk's EV company
▼ + stars: | 2024-02-07 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

A UK chicken shop owner has lost a lengthy legal dispute with Elon Musk's Tesla. The two have been fighting over a trademark for a takeaway called Tesla Chicken & Pizza. AdvertisementA chicken shop owner in Northern England has lost a lengthy legal dispute with Elon Musk's Tesla. Amanj Ali's takeaway in Bury, Greater Manchester, called Tesla Chicken & Pizza, was at the center of a trademark dispute with the EV company. AdvertisementIn October last year, Meta's Threads ran into issues with a small UK software company called Threads Software Limited.

Persons: Elon Musk's Tesla, Amanj Ali, Tesla, —, Ali, Nikola Tesla, Meta Organizations: Elon, Service, EV, BBC, Business, Software, British Locations: Northern England, Bury , Greater Manchester

☆ Meta warns investors that Mark Zuckerberg's love of extreme sports could kill him
▼ + stars: | 2024-02-02 | by ( Peter Kafka | ) www.businessinsider.com time to read: +3 min

Meta CEO Mark Zuckerberg loves extreme sports and other high-risk activities. Now Meta is warning investors that Zuckerberg's risk tolerance could be a problem for the company. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Meta is presumably referring to Zuckerberg's well-documented embrace of all kinds of brotastic fun, including mixed martial arts, hydrofoiling and CrossFit. AdvertisementSo while Meta does take Zuckerberg's well-being very seriously — in 2022 it spent $15 million on personal security for him and his family — it's unlikely they think he's really going to get really, really hurt.

Persons: Mark Zuckerberg, —, Zuckerberg, Meta, Elon Musk, who's, Musk's Tesla, Tesla, he's, Peers, I've Organizations: Service, Meta, SEC, Big Tech, SpaceX, Microsoft, Apple

☆ Why Elon Musk's battle with Delaware is about more than a $55 billion pay package
▼ + stars: | 2024-01-31 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +7 min

Musk's Tesla pay was structured without a salary to involve 12 stock option awards that would only be given once performance goals for each of them were met. Though Musk can appeal the decision, there are signs that this battle is about more than just the massive pay package that has propelled him to a $205 billion fortune. The carmaker is currently worth $600 billion, up from roughly $50 billion in 2018, when Musk received his pay plan. So it's reasonable to take Musk at face value when he says his Tesla pay, as McCormick put it, is a "means of bankrolling that mission." Closer to home, Musk's legal battle could trigger a rethink of where Corporate America goes to do business.

Persons: —, Elon, Thomas Jefferson, Tesla, Richard Tornetta —, Musk, Judge Kathaleen McCormick, Musk's Tesla, Chandan Khanna, …, Judge McCormick, McCormick, DealBook, that's Organizations: Service, The, The Diamond State, Business, SpaceX, Toyota, Delaware Inc, Corporate America Locations: Delaware, The Diamond, Tesla, Mars, America's, America, Nevada, Texas

☆ Race for China’s EV market could last 3 years, BYD says, claiming it wants to work with Tesla
▼ + stars: | 2024-01-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese automaker BYD had one of the biggest stands at the IAA show in Munich, Germany in 2023. BEIJING — Competition for China's electric car market will continue to heat up in the next two to three years, according BYD , which claimed it wants to work with Tesla to grow the market. Chinese battery and electric car maker BYD has grown rapidly in recent years, with total vehicle production in 2023 surpassing that of Elon Musk's Tesla. Fierce competition in China's electric car market in the last two years has resulted in the lowest prices for the vehicles globally, Yunfei Li, general manager of branding and public relations at BYD, told reporters Monday. Government subsidies and license plate restrictions have helped boost new energy car sales, while startups and traditional automakers have incorporated flashy new tech to attract buyers.

Persons: BYD, Tesla, Elon Musk's Tesla, Li Organizations: IAA, BEIJING —, CNBC Locations: Munich, Germany, BYD, China

☆ CNBC Daily Open: Fed rate cut timing in focus
▼ + stars: | 2024-01-30 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

A trader reacts as a screen displays the Fed rate announcement on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 13, 2023. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. [PRO] SK Hynix analysts' top callSouth Korea's SK Hynix, the world's second-largest memory chipmaker, is getting a lot of attention. Analysts are bullish on the stock and expect SK Hynix to drive the next generation of AI growth.

Persons: Dow, Elon Musk's Tesla, Erek Barron Organizations: New York Stock Exchange, CNBC, CSI, Big Tech, Nasdaq, China EV, DOJ, SEC, of Justice, Securities and Exchange Commission, SK Hynix, South Korea's SK Hynix Locations: New York City, U.S, Hong Kong, Asia, China, Maryland

☆ Elon Musk plans to build a new content moderation center for X in Austin
▼ + stars: | 2024-01-27 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

X aims to hire 100 full-time workers for a new content moderation headquarters in Austin, the company's head of business operations, Joe Benarroch, told Bloomberg. Since he took control of X in October 2022, users have criticized Musk for his no-guardrails approach to the platform's trust and safety operations. After taking over, he quickly axed hundreds of content moderators and employees on the content moderation team — even as advertisers worried about a rise in hate speech on the platform. The plans for the new center also come after Musk tried to prevent a California law that regulates online content moderation. With the lack of content moderation and the rise of questionable posts, X has struggled to grow its advertising revenue.

Persons: —, Elon Musk, Joe Benarroch, Musk's Tesla, hasn't, Benarroch, Musk Organizations: Service, Business, Bloomberg, Austin Locations: Austin, California

☆ Despite the bad press, half of America is still considering an EV or hybrid car — they just want them to be cheaper
▼ + stars: | 2024-01-25 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

"These are not the same kind of customers who created the initial EV market," GBK President Jeremy Korst told Business Insider in an interview. A new wave of EV shoppers is hitting the market, and the industry appears to be unprepared to meet their needs. Among the group of EV considerers surveyed, Toyota was the most considered brand, with 47% showing a preference for the Japanese automaker compared to 41% favoring Elon Musk's Tesla. Plug-in hybrids ranked very high on EV considerer's preference lists in GBK's study. GBK's study found that EV considerers are willing to pay $7,650 more on average for an EV than a gas-powered car with similar features.

Persons: —, Jeremy Korst, they're, Korst, Tesla, Elon Musk's Tesla, GBK Organizations: Service, GBK, Business, EV, Toyota, EV considerers, Elon, Ford, considerers

☆ How 4 'disgusting' short bets changed David Einhorn's hedge fund's year from 'great' to just 'very good'
▼ + stars: | 2024-01-25 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

This story is available exclusively to Business Insider subscribers. In a letter to investors seen by Business Insider, he said his short bets against companies he believed were overvalued went haywire. Einhorn did not name the four short positions in the letter that helped drag the entire short book down 25.6% last year but called the performance "disgusting." The short positions were not new ones. The firm declined to identify the four positions when asked by Business Insider or offer any additional comment on the letter.

Persons: David Einhorn's, Einhorn, ruing, overvalued, Elon Musk's Tesla, Tesla Organizations: Greenlight Capital, Business, Industry

☆ The White House unveils new rules to try and keep China out of the US EV market
▼ + stars: | 2023-12-04 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

It comes as the US aims to break China's stranglehold over the global electric battery supply chain. Key US automakers like Tesla and Ford are still using Chinese technology in their electric cars. AdvertisementChina is well and truly winning the EV race — and now the White House has unveiled new rules to try and keep Chinese companies out of the US electric car market. The new restrictions could be a headache for US auto manufacturers, which have traditionally relied on China for their battery technology . The American EV market, meanwhile, has stuttered in recent months , with legacy automakers slashing investment and cutting back targets.

Persons: —, Morgan Stanley, Elon Musk's Tesla Organizations: Ford, Service, White, American EV Locations: China, Russia, Iran, North Korea, Michigan

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