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☆ Retiring early is a dream for many. In reality, some regret it.
▼ + stars: | 2024-03-03 | by ( Matt Turner | Jordan Parker Erb | ) www.businessinsider.com time to read: +4 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But when Nupur Dave walked away from corporate life at 40, becoming part of the FIRE (financial independence, retire early) movement, she soon came to regret it . Many of the early retirees who've spoken with BI in the past have shared the challenges that come with quitting work altogether. And there are many more striving to make early retirement a reality .

Persons: —, Nupur Dave, Dave, FIREgret, Dave's, who've, Rebecca Zisser, it's, Jenny Chang, Rodriguez, Alyssa Powell, Steve Pemberton, there's, Pemberton, Robert L, Johnson, America's, Matt Turner, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Business, Service, Microsoft, Google, Wall, Getty, Walgreens, Toyota, BET Locations: New York

☆ How to get hired at Tesla: Engineers can face up to 9 interviews, a 6-hour panel, and a letter to Elon Musk
▼ + stars: | 2024-03-03 | by ( Grace Kay | ) www.businessinsider.com time to read: +7 min

Tesla's hiring process can involve up to 9 interviews, a presentation, and sometimes a letter to Elon Musk. 10 Tesla engineers broke down the process and gave tips for getting a job at Musk's company. But engineers at Tesla say it's no small feat to land a role at Elon Musk's most well-known company. Business Insider spoke with 10 current Tesla engineers about what it takes to work at the company. AdvertisementSome Tesla engineers said they spent over 40 hours preparing for the presentation over the course of several weeks.

Persons: Tesla, Elon Musk, —, Elon Musk's, Musk, who've, Justin Sullivan, it's, JOHN THYS, who'd Organizations: Service, Elon, Business, BI, Tesla

☆ Lawyers who voided Elon Musk's pay as excessive want $6 bln fee
▼ + stars: | 2024-03-02 | by ( ) www.cnbc.com time to read: +1 min

The lawyers who voided Elon Musk's $56 billion compensation as excessive on Friday sought a record a $6 billion legal fee, payable in the electric car maker's stock. Musk blasted the request as "criminal," posting on his X platform that "the lawyers who did nothing but damage Tesla want $6 billion." The company would pay the lawyers who represented Richard Tornetta, a shareholder who sued Musk in 2018 over the pay package, which a Delaware judge nixed in January. The electric vehicle maker is being asked to pay the fee because it benefited from the return of Musk's pay package, which the legal team said will result in the return to the carmaker of 266 million shares. Judge Kathaleen McCormick, who is overseeing the case and will decide on the fee, called Musk's pay "unfathomable" in her ruling.

Persons: Elon Musk, Tesla, Elon, Musk, Richard Tornetta, nixed, Kathaleen McCormick Organizations: Elon Musk's Locations: Krakow, Poland, Delaware

☆ Is Tesla's Cybertruck the new status car?
▼ + stars: | 2024-03-01 | by ( Grace Kay | Madeline Berg | ) www.businessinsider.com time to read: +8 min

Tesla's Cybertruck isn't the kind of car that goes unnoticed. The Cybertruck isn't your average pickupMusk has been hyping up the Cybertruck since it was announced in 2019. AdvertisementFrom the start, it's been clear the Cybertruck isn't geared toward your traditional pickup truck market. But it's not exactly your typical luxury status car, eitherWhile the Cybertruck isn't a traditional pickup, it's not exactly a luxury car. "The finance geeks are just, they're beside themselves of how much they admire" Musk, Chesterfield said.

Persons: Tesla's Cybertruck, Kim Kardashian, Pharrell Williams, Jay, Hayley, Justin Beiber, Wiz Khalifa, Ivan Drury, Edmunds, it's, Tesla, Elon, Winston Chesterfield, Barton, It's, Chesterfield, it's Tesla's, hasn't, Ford, Jim Farley, Brian Moody, Mercedes, Ben Affleck, Cameron Diaz, Will Smith, Oprah Winfrey, Morgan Freeman, Steven Spielberg, Drury, Musk, it'll, Moody, Kyle Conner Organizations: Business, Ford, Royce, Twitter, YouTube Locations: Instagram, London

☆ Daimler Truck CEO sees cost pressures ahead following bumper earnings
▼ + stars: | 2024-03-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDaimler Truck CEO sees cost pressures ahead following bumper earningsDaimler Truck CEO Martin Daum said that further cost pressures can be expected in 2024, even after the carmaker posted bumper full-year earnings. He added that share buyback plans highlight the company's "healthy" position.

Persons: Martin Daum Organizations: Daimler

☆ A Tesla Cybertruck was resold for more than twice its price
▼ + stars: | 2024-03-01 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

A Foundation series Cybertruck was sold at an auction for $244,500 on Wednesday — over $130,000 more than its sticker price. AdvertisementSince Tesla started deliveries of the Cybertruck on November 30, Give Me The Vin has received dozens of offers from Cybertruck owners, Wolfe said. It's not the first time Tesla owners have attempted to flip their cars. In 2022, some Tesla owners made up to $7,000 reselling their EVs. However, the resale market has been difficult for Tesla owners in recent years due to the company's recent series of price cuts.

Persons: —, Elon Musk, John Clay Wolfe, Tesla, Wolfe, We've, he's, GiveMeTheVin, Rolls Royce, It's Organizations: Service, Porsche, Cox Automotive's, Business, South Orlando, Elon, Tesla, Rolls Locations: Cox Automotive's Manheim, Dallas , Texas

☆ Maserati reveals first GranCabrio convertible sports car since 2019
▼ + stars: | 2024-02-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

At launch, the Maserati GranCabrio is available in the Trofeo trim level. It includes a 3.0 liter twin-turbo V6 engine. The sports car is based off the Maserati GranTurismo Trofeo sedan that's currently on sale starting at $190,000 with the same 3.0 liter twin-turbo V6 engine. Maserati, which is owned by Stellantis , said the price of the convertible model will be announced closer to when the vehicle is available to customers. The 2024 GranCabrio could assist Maserati in growing its profits and sales this year.

Persons: carmaker Organizations: Maserati, Stellantis Locations: U.S

☆ Apple cancels work on an electric car, reports say
▼ + stars: | 2024-02-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Apple has abandoned decade-long efforts to build a self-driving electric car, according to multiple media reports, calling time on a project that some saw as potentially transformative for the auto industry. The news comes as electric vehicle (EV) sales have disappointed, prompting several major manufacturers to pull back on investments. Apple had been hiring automotive executives since at least 2014 and, in April 2017, it received a permit from the California Department of Motor Vehicles to test self-driving vehicles. Two years later, it acquired Drive.ai, a self-driving car startup. In 2020, Morgan Stanley analysts said an Apple car had the potential to be “a transformative event” for the automobile and mobility industry in the coming decades, much as the iPhone disrupted the mobile phone industry.

Persons: London CNN —, Morgan Stanley Organizations: London CNN, London CNN — Apple, Bloomberg, CNN, Apple, California Department of Motor Vehicles, BMW

☆ A Chinese EV maker just revealed a 1,300 horsepower supercar
▼ + stars: | 2024-02-26 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —BYD is a Chinese carmaker that recently unseated Tesla as the world’s leading seller of electric vehicles. Its new all-electric Yangwang U9 has nearly 1,300 horspower and is designed to compete directly with Lamborghini and Ferrari. As an electric supercar, the Yangwang U9 combines power and performance similar to a 1,800-horsepower, $2 million Rimac Nevera, but in a package costing less than gasoline-powered cars from the famous Italian automakers. Tesla chief executive Elon Musk has said that Chinese EV makers like BYD could “demolish” other automakers as the industry transitions to electric vehicles. ]”A rear view of the BYD Yangwang U9 electric car in Shenzhen, China, earlier this year.

Persons: Tesla, BYD, Elon Musk, ” Carlos Tavares, Stellantis, Qilai Shen, Stephan Winkelmann, CNN’s Shawn Feng Organizations: CNN, Lamborghini, Ferrari, Dolphin, Elon, Jeep, Fiat, Bloomberg, Getty Locations: Chinese, Europe, New York, Shenzhen, China

☆ China, Xi Jinping Plan to Crush Elon Musk, Tesla, and the US EV Industry
▼ + stars: | 2024-02-25 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

If China EV Inc. were allowed to enter the US today or next year, the legacies would be gutted." The year Musk tittered at the idea of Chinese EVs overtaking Tesla, the country produced only 5,000 electric cars. It has more trade barrier protection from a China Auto Inc. onslaught, but it may not work forever. AdvertisementWe want to maintain an auto industry in the US — that's essential for jobs, national security, and for other sectors of the economy. Sure, Chinese EV makers are lean and mean, but they've never had to deal with international markets before.

Persons: Elon Musk, Warren Buffett, Le, haven't, carmakers, Jim Farley, Tesla, Xi, Andy Wong, Xi Jinping, Li Auto, BYD, Trump, Mary Lovely, Joe Biden's, Biden, it's, Lovely, they've Organizations: Tesla, Bloomberg TV, America's, GM, Ford, Sino, EV, China EV Inc, ascendance, Chery, US, Chinese Communist Party, CCP, Companies, SAIC, Energy Department, China Auto Inc, Peterson Institute, United Auto Workers, White, Auto Locations: Chinese, China, Beijing, Japan, Europe, North America, Brussels, Washington, Hungary, Mexico, Canada, America

☆ Mercedes Benz ditches plan to sell only EVs by 2030
▼ + stars: | 2024-02-23 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

In 2021, the German carmaker announced plans only to sell electric vehicles — "where market conditions allow" — by 2030. And, as of Thursday's release, it expects its overall EV sales to reach just 50% by the time 2030 rolls around. During a September interview at the Munich car show, Mercedes CEO Ola Källenius first hinted at a more narrow outlook for the EV market. AdvertisementMercedes expects its EV sales to account for about 19% to 21% of new car sales this year. Mercedes isn't the only automaker that is reevaluating its EV plans.

Persons: Mercedes, Ola Källenius, It's, Mercedes isn't, Harald Wilhelm Organizations: Benz, carmaker, EV, Mercedes, Reuters Locations: Munich

☆ Toyota recalls 280,000 vehicles because they may ‘creep forward’ in neutral
▼ + stars: | 2024-02-22 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN —Toyota is recalling about 280,000 pickups and SUVs in the United States because the engine may not disengage entirely when in neutral. The recall includes certain Toyota Tundra, Sequoia and Lexus LX 600 vehicles manufactured between 2022-2024. The company will inform the owners of recalled vehicles by late April and update the software for the transmission, Toyota said. The recall is one of three in the United States that the company announced Wednesday. The recall involves 15 Toyota and Lexus models from 2020 and 2021, including the Toyota Camry, Rav4, Sienna and the Lexus RX350 and ES350.

Organizations: New, New Delhi CNN, Toyota, Sequoia, Lexus, Lexus LS, Toyota Camry, Camry, Rav4, Daihatsu Locations: New Delhi, United States, North America, Sienna

☆ Mercedes-Benz shares climb 5% on share buyback, despite 'exceptional' uncertainty ahead
▼ + stars: | 2024-02-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Mercedes-Benz shares gained around 5% on Thursday morning after the German carmaker beat fourth-quarter earnings expectations and announced a new share buyback program, despite warning of "exceptional" risks in the year ahead. Fourth-quarter earnings before interest and taxation (EBIT) came in at 4.33 billion euros ($4.7 billion), slightly ahead of consensus expectations, taking the full-year figure to 19.66 billion euros. Revenues rose 2% in 2023 to 153.2 billion euros from 150 billion the previous year. The group also announced an additional share buyback program worth up to 3 billion euros, with the repurchased shares subsequently canceled. Automotive analysts at Jefferies said in a reactive note Thursday that although there were no major surprises in the earnings, the cash return policy was "a sign of confidence and consistent with the premium/luxury positioning, with buyback set to keep EPS (earnings per share) growing."

Persons: Jefferies, buyback Organizations: Mercedes, Benz, Automotive Locations: Russia, Ukraine, Middle, China

☆ Rivian employees have to wait overnight to hear if they're being laid off. HR experts say the tactic has few benefits.
▼ + stars: | 2024-02-22 | by ( Shubhangi Goel | Sawdah Bhaimiya | ) www.businessinsider.com time to read: +5 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementKeeping the attention focusedOne HR professional told Business Insider that the staggered announcements might be the company's way of keeping its attention focused. "The benefit is the next day the entire focus of communication and support is dedicated to the separating employees," Varelas told BI. Drawbacks to making employees wait overnight to hear if they've been laid offHowever, it is a less than ideal way to conduct layoffs because it worries both retained and separated employees, Varelas said.

Persons: —, RJ Scaringe, Elaine Varelas, Varelas, Rob Smedley, Freeths, Smedley, they'd, they've, Gearalt Fahy, Womble Bond Dickinson, Fahy, Michael Doolin, Dooley, Rivian Organizations: Service, Business, Keystone Partners, Google, Clover Locations: Southern California

☆ Mercedes-Benz is working through supply chain challenges, CEO says
▼ + stars: | 2024-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMercedes-Benz is working through supply chain challenges, CEO saysMercedes-Benz CEO Ola Källenius discusses the German carmaker's full-year 2023 earnings report and explains how the company is navigating "exceptional levels of uncertainty."

Persons: Ola Källenius Organizations: Mercedes, Benz

☆ Rivian workers won't be getting much sleep tonight
▼ + stars: | 2024-02-22 | by ( Grace Kay | Grace Eliza Goodwin | ) 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 previewRivian left thousands of its workers in limbo after announcing it was laying off 10% of its salaried staff on Wednesday. AdvertisementIn an email to BI, Rivian did not specify exactly how many salaried staff members would be cut, but said that it has 16,700 total employees, including both salaried and hourly workers. High interest rates, slowing demand, and pressure from Tesla's pricing strategy have put pressure on the US electric car market. "Most notably the impact of historically high interest rates which has negatively impacted demand."

Persons: —, RJ Scaringe, they'd, Scaringe, Rivian, didn't Organizations: Service, Business, Ford, General Motors

☆ Rivian is slashing 10% of staff. Read the email it sent to its workers.
▼ + stars: | 2024-02-21 | by ( Grace Eliza Goodwin | Grace Kay | ) www.businessinsider.com time to read: +5 min

Despite doubling its EV deliveries in 2023, Rivian reported a $5.4 billion loss for the year. In an email to Business Insider, Rivian did not specify exactly how many salaried staff members would be cut, but said that it has 16,700 total employees, including both salaried and hourly workers. Here's the full email that Rivian CEO RJ Scaringe sent out to staff on Wednesday, announcing that layoffs would be coming on Thursday. Tomorrow, we're reducing our salaried employees by approximately 10% along with a limited number of non-manufacturing hourly employees. Also, anyone impacted tomorrow will still be eligible for our FY'23 bonus.

Persons: Rivian, Claire McDonough, Jacob Bourne, Bourne, Tesla, Scaringe, RJ Scaringe Organizations: Bloomberg, Business, Intelligence, Ford, General Motors, Dealers

☆ Volkswagen Leans on Electric Vehicles and Nostalgia to Grow in U.S.
▼ + stars: | 2024-02-20 | by ( Jack Ewing | ) www.nytimes.com time to read: +1 min

Probably only Americans of a certain age remember when the Volkswagen Beetle was the best-selling imported car in the United States and the hippest ride to a Grateful Dead concert was a Volkswagen Microbus. Volkswagen is trying to tap some of that nostalgia in its latest push to regain the status and sales it enjoyed in the United States during the Beetle’s and Microbus’s heydays in the 1960s. But this time it hopes its top models will be electric. The German carmaker is second only to Toyota globally but is a niche player in the United States. Part of its plan to revive its fortunes here is to lean on a new electric model that resembles the Microbus, the ID.Buzz, and to revive the Scout brand with a line of electric pickups and sport utility vehicles.

Organizations: Volkswagen, Toyota Locations: United States, Columbia

☆ Tesla's design chief leads workouts in the company parking lot
▼ + stars: | 2024-02-19 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Tesla's design chief, Franz von Holzhausen, conducts fitness sessions at the company's parking lot. Von Holzhausen leads a team of around 300 at a converted airplane hangar in Los Angeles. AdvertisementTesla's design chief Franz von Holzhausen isn't all work and no play — at least according to a new profile of the Cybertruck designer. Von Holzhausen, who has worked closely with Tesla CEO Elon Musk, likes to lead fitness training in the company parking lot, The Wall Street Journal reported on Friday. Though, von Holzhausen told the publication the billionaire is still "very involved" and sometimes shares design ideas from social media.

Persons: Franz von Holzhausen, Von Holzhausen, Elon Musk, —, Franz von Holzhausen isn't, von Holzhausen, Von Holzhausen didn't, Tesla, Walter Isaacson's, Musk, who've, Von Holzhausen's, Holzhausen, Jay Leno's Organizations: Service, Tesla, Street, Business, Volkswagen, General Motors, Mazda, Twitter, Apple, Jay Leno's YouTube Locations: Los Angeles

☆ SpaceX Is Now Incorporated in Texas, Elon Musk Says
▼ + stars: | 2024-02-15 | by ( Mike Ives | More About Mike Ives | ) www.nytimes.com time to read: +1 min

The private rocket company SpaceX has switched where it is incorporated to Texas from Delaware, its founder, Elon Musk, said on Wednesday, weeks after a Delaware judge voided his pay package at Tesla, another company he owns. A spokeswoman for Ms. Nelson’s office did not immediately respond to a request for comment. Mr. Musk, a billionaire who lives in Texas and also runs the carmaker Tesla, has had issues with Delaware. Last month, a judge there voided the pay package that had helped to make him the world’s wealthiest person. The judge ultimately ruled that Mr. Musk had effectively overseen his own compensation plan, valued at more than $50 billion last month, with the help of compliant board members.

Persons: Elon Musk, Jane Nelson, Musk Organizations: SpaceX, Tesla Locations: Texas, Delaware

☆ Renault shares up 7% as carmaker plans dividend hike
▼ + stars: | 2024-02-15 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Shares of Renault climbed in morning trade on Thursday, after the French carmaker said it would propose raising its dividend per share to 1.85 euros ($1.99) for the financial year, up from 0.25 euros previously. The company on Wednesday reported a full-year group operating margin of 7.9%, which comes in towards the top end of its prior guidance. Group revenue rose 13% to 52.4 billion euros, while net profit was slightly below forecasts, Reuters reported. The automaker is targeting a group operating margin at or above 7.5% and free cash flow of at least 2.5 billion euros in 2024, down from 3 billion euros in 2023. The company said its focus will be on its "unprecedented" 10 upcoming vehicle launches, on optimizing cost structure and on accelerating its electric vehicle (EV) and software strategy.

Persons: carmaker Organizations: Renault, Reuters Locations: Paris, London

Full-year profit rose 11% to 18.6 billion euros . Stellantis' North American revenues, accounting for nearly half of the carmaker’s total, dropped 5.6% in the second half of the year to 40.5 billion euros from 43 billion euros on lower shipments that eroded its market share. Stellantis’ European revenues were flat in the second half of the year at 31.7 billion euros. Stellantis paid shareholders 6.6 billion euros last year through dividends and buybacks, up 53% from 2022. The carmaker said it plans to increase dividend payments by 16% this year, to 1.55 euros per share, and buy back another 3 billion euros in shares.

Persons: Stellantis, Natalie Knight Organizations: MILAN, Peugeot PSA, FCA, Detroit, South, Pacific Locations: North America, South America, China, India

☆ Your next Tesla could be made by China
▼ + stars: | 2024-02-14 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Elon Musk invited the suppliers to Mexico as part of plans for cheaper Teslas, Bloomberg reported. That move could be stoking concerns among US officials and EV makers over China's influence. China has a "highly organized, highly efficient supply chain," Venkatesh Prasad, chief innovation officer at the Center for Automotive Research, told Bloomberg. AdvertisementTesla, which also makes cars in the US, and other US-based EV makers may also be feeling the heat from competitors. Mary Lovely, a senior fellow at the Peterson Institute for International Economics, told Bloomberg.

Persons: Elon Musk, —, Tesla's, Venkatesh Prasad, Tesla, stoke, Katherine Tai, Tai, Biden, EVs, China's, Tesla's Musk, Mary Lovely Organizations: Bloomberg, Service, Center for Automotive Research, Business, Trump, Chinese Communist Party, US Trade Rep, Nikkei, EV, Peterson Institute for International Economics Locations: Mexico, Monterrey, Shanghai, Mexican, Nuevo Leon, Austin, China, Beijing, Washington, DC, United States

☆ What it's like to take the Cybertruck camping
▼ + stars: | 2024-02-10 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Tesla owner Ben Levin went camping in Texas with the company's newest EV, the Cybertruck. AdvertisementTesla's rough-and-tumble Cybertruck might be perfect for camping, at least according to one owner, but it's missing one key feature — enough heat in the truck's bed for chilly nights. Levin identified several Cybertruck features that made it ideal for camping, including the spacious design of the truck. Cybertruck owner bought a truck tent to go camping. AdvertisementTo combat the cooler temperatures, Levin said he'd recommend Cybertruck owners consider bringing a heated blanket or portable heater for camping trips in colder weather.

Persons: Ben Levin, Levin, —, It's, VoyageATX, Elon Musk, Tesla, he'd Organizations: Service, Tesla, Campers Locations: Texas, Pace, Spicewood , Texas, Mode

☆ Tesla workers still make less than those at Ford and GM, despite recent raises
▼ + stars: | 2024-02-09 | by ( Nora Naughton | Grace Kay | ) www.businessinsider.com time to read: +5 min

Even with a raise, Tesla workers don't make as much as union-represented workers. AdvertisementTesla recently gave some of its factory workers raises, but union-represented workers at Detroit’s Big Three will still make a lot more per hour. According to internal documents reviewed by Business Insider, new pay guidelines for Tesla workers were implemented on January 8. Why some Tesla workers aren’t focused on UAW payDespite the pay discrepancy, some Tesla workers previously told BI they’d be hesitant to join a union. But the German union IG Metall said last year that some Tesla workers at the company's Brandenburg plant had joined its union.

Persons: —, Tesla, Stellantis, aren’t, Elon, “ It’s, Musk, Metall Organizations: unionizing, UAW, NEW, Service, Business, United Auto Workers, Ford, GM, EV, National Labor Relations Board, NLRB Locations: Buffalo , New York, rehire, company's Brandenburg

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