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☆ Opinion | Here’s Something Southern Republican Governors Are Afraid Of
▼ + stars: | 2024-04-19 | by ( Jamelle Bouie | ) www.nytimes.com time to read: +1 min

Last year, the United Auto Workers announced an ambitious plan to organize workers and unionize foreign-owned auto plants in the South. “When we return to the bargaining table in 2028, it won’t just be with the Big Three. is targeting 13 automakers — including Toyota, Hyundai, Honda, Nissan, Volvo and Tesla — employing around 150,000 workers in 36 nonunion plants across the South. The mere potential for union success was so threatening that the day before the vote began, several of the Southern Republican governors announced their opposition to the U.A.W. “We the governors of Alabama, Georgia, Mississippi, South Carolina, Tennessee and Texas are highly concerned about the unionization campaign driven by misinformation and scare tactics that the U.A.W.

Persons: ” Shawn Fain, ” Fain, it’s, “, ” Organizations: United Auto Workers, Ford, General Motors, Chrysler, Toyota, Hyundai, Honda, Nissan, Volvo, Tesla, Volkswagen, Southern Republican Locations: Chattanooga , Tenn, Alabama, Georgia , Mississippi, South Carolina , Tennessee, Texas

☆ VW workers in Tennessee vote to join UAW in historic win for Detroit union
▼ + stars: | 2024-04-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

According to results posted by the UAW's main lawyer, union organizing passed with 73% of the vote, or 2,628 workers, in support for the UAW, according to the post. A total of 3,620, or roughly 84%, of the more than 4,300 eligible VW workers voted in the election, the union said. "In a historic victory, an overwhelming majority of Volkswagen workers in Chattanooga, Tennessee, have voted to join the UAW," the union said in a release Friday night before official results were released by the NLRB. "While votes continue to be tallied, the outcome is clear: Volkswagen workers in Chattanooga are the first Southern autoworkers outside of the Big Three to win their union." VW confirmed the UAW's win in a release Friday night but offered little comment.

Organizations: United Auto Workers, UAW, VW, Volkswagen, NLRB, General Motors, Ford Motor, Chrysler Locations: Chattanooga , Tennessee, Detroit's, Chattanooga, Southern, U.S

☆ UAW union vote at Volkswagen could have big implications for US auto industry and labor’s strength in South
▼ + stars: | 2024-04-19 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

A whole lot of people who were anti-union in the past have switched.”The union vote at the Volkswagen plant will mean more than whether the 4,300 hourly workers in Chattanooga are members of the UAW or not. But he said he wants the better pay and benefits he sees workers at unionized auto plants are getting, in order to provide more for his family. Volkswagen staying neutralThe company said it is neutral in the election, only urging workers to vote however they want. That’s relatively rare in union representation elections, where management often lobbies workers to vote no at mandatory meetings, and sometimes takes action against union organizers. Bill Lee and five other Southern governors – from Alabama, Georgia, Mississippi, South Carolina and Texas – who have nonunion auto plants in their states.

Persons: Renee Berry, ”, they’re, Darrell Belcher, it’s, Berry, ” Berry, Kelcey Smith, ” Smith, “, Belcher, he’s, Mercedes –, Tesla, Wheaton, Bill Lee, –, Joe Biden, Corey Linn, Biden, He’s, ’ ” Berry Organizations: New, New York CNN, Volkswagen, United Auto Workers, UAW, unionize, ” UAW, GM, Ford, VW, “, Mercedes – BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, Cornell University’s Industrial, Labor Relations, Tennessee Republican Gov, Southern, ”, don’t Locations: New York, Chattanooga , Tennessee, Chattanooga, Tennessee, Michigan, Pennsylvania, Mexico, Germany, United States, Tuscaloosa , Alabama, Alabama , Georgia , Mississippi, South Carolina, Texas

☆ Here are Friday's biggest analyst calls: Nvidia, Netflix, Shopify, Dell, Microsoft, Meta, Coca-Cola, Amazon & more
▼ + stars: | 2024-04-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley reiterates Ford and General Motors at overweight Morgan Stanley remains bullish on both automakers. Loop initiates DoorDash as buy Loop said in its initiation of the stock that it has more earnings potential. We think that years of debate over viability and earnings potential of on-demand gig platforms has been settled." Morgan Stanley upgrades Shopify to overweight from equal weight Morgan Stanley said market share gains are increasing for Shopify. Morgan Stanley reiterates Microsoft at overweight Morgan Stanley said it's bullish heading into earnings next week. "

Persons: Oppenheimer, Morgan Stanley, Ford, Mizuho, Jefferies, Ulta, they've, Riley, we've, Wells, Sunnova, it's, we're, Edward Jones downgrades Hershey, Edward Jones, Hershey, Wolfe, Raymond James downgrades, Raymond James, Dell, Needham, Baird, COLM Organizations: Nvidia, General Motors, GM, Mizuho, Netflix, Bank of America, Lam Research, NOVA, " Bank of America, Meta, JPMorgan, Charlotte, Shopify, RBC, Inspire, Systems, Microsoft, UBS, Columbia Locations: U.S, Charlotte , North Carolina

☆ VW Workers in Tennessee Start Vote on U.A.W., Testing Union Ambitions
▼ + stars: | 2024-04-17 | by ( Neal E. Boudette | ) www.nytimes.com time to read: +1 min

Last fall the United Automobile Workers union won big pay increases from the Detroit automakers, and the impact rippled quickly through the nonunion auto plants scattered across the South. On production lines in Alabama, Tennessee, Kentucky and elsewhere, those pay increases have been referred to as the “U.A.W. bump.”Now 4,300 workers at Volkswagen’s plant in Chattanooga, Tenn., will test whether the union can achieve an even greater bump. On Wednesday, they begin voting on whether to join the U.A.W., and the prospects of a union victory appear high. About 70 percent of the workers pledged to vote yes before the union asked for a vote, according to the U.A.W.

Persons: Tesla, “, ”, Kelcey Smith Organizations: United Automobile Workers, Detroit automakers, Toyota, Honda, Volkswagen, Nissan, Hyundai, VW Locations: United States, Alabama , Tennessee , Kentucky, Chattanooga , Tenn

☆ Tesla is stuck in the mud
▼ + stars: | 2024-04-17 | by ( Graham Rapier | ) www.businessinsider.com time to read: +5 min

In all, Tesla said it would cut more than 10% of its workforce, amounting to more than 14,000 people. Tesla is also losing some key top executives: Drew Baglino and Rogan Patel announced this week they would leave the company. AdvertisementIt's unclear what, exactly, Tesla plans to show off in August as a self-driving, revenue-generating new product. He also reportedly said Tesla robotaxis would be able to do 100 hours of work a week for their owners. According to Reuters, Tesla has ended plans for another one of Musk's longtime pet projects: a truly affordable EV.

Persons: —, Elon Musk, Tesla, Drew Baglino, Rogan Patel, Baglino, Patel, Musk, Ryan Brinkman, Kelley, Adam Jonas Organizations: Service, Business, CNBC, Reuters, JPMorgan, US Locations: China, Europe, Asia, Mexico

☆ Elon Musk says Tesla needs a 'complete organizational overhaul' to get to 'the next level' amid mass layoffs at the company
▼ + stars: | 2024-04-17 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +2 min

Elon Musk says Tesla has to do a "complete organizational overhaul" every once in a while. Musk's remarks come after a round of mass layoffs at Tesla, where it cut more than 10% of staff. "That said, our executive tenure is unusually high at well over 10 years at Tesla," Musk wrote in a post on X, formerly Twitter. The Tesla layoffs come at a rough time for the company, which has been grappling with declining sales and increased competition from Chinese automakers like BYD. Advertisement"The Chinese car companies are the most competitive car companies in the world," Musk told investors during Tesla's earnings call in January.

Persons: Elon Musk, Tesla, Musk, —, Musk's, Drew Baglino, Rohan Patel, Patel Organizations: Tesla, Service, BI, Electrical

☆ China's BYD fires up its car offerings to compete with Tesla and Jeep at the same time
▼ + stars: | 2024-04-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BYD unveiled three new cars for its Fang Cheng Bao brand on April 16, 2024, in Shenzhen. SHENZHEN – Chinese electric car company BYD is rapidly expanding its lineup to include vehicles that compete with traditional automakers in the mass market, Tesla on the premium end and Jeep in the off-road segment. BYD on Tuesday unveiled three new cars for its Fang Cheng Bao brand: an off-road "Leopard 8" SUV, a "Super 3" SUV geared toward city driving and a "Super 9" sports car. BYD launched its Fang Cheng Bao brand last summer with a focus on "personalized needs of consumers," particularly in off-road vehicles and sports cars. The brand's first vehicle, a hybrid-powered off-road SUV called "Leopard 5," launched in November with a starting price of about 290,000 yuan ($40,845).

Persons: BYD, Fang Cheng Bao, Tesla Organizations: BYD Locations: Shenzhen, SHENZHEN, Beijing

☆ Tesla's US market share grows through the EV carnage
▼ + stars: | 2024-04-17 | by ( Alistair Barr | ) www.businessinsider.com time to read: +2 min

Tesla's US electric vehicle market share has grown to 51.3%, despite numerous challenges. Tesla's US market share actually grew in the first quarter. Related storySince the end of September, Tesla's share of the US EV market has grown by 1.3 percentage points to 51.3%. The next closest rival is Ford, with a meager 7.4% market share. These stats say more about the general sorry state of the US EV market.

Persons: Elon, —, Tesla, Elon Musk, Cox Automotive's Kelley, Tesla's, That's Organizations: Service, Cox, US, Hyundai, VW, BMW, Ford, Rivian Locations: Polestar, China

☆ GMC says its electric Sierra pickup will top Tesla's Cybertruck range by 100 miles
▼ + stars: | 2024-04-16 | by ( Camilo Fonseca | ) www.businessinsider.com time to read: +2 min

GMC increased the range for its upcoming Sierra EV Denali Edition 1 to 440 miles. That's one of the best numbers among electric pickups, including the Tesla Cybertruck. GMC announced the final specs for its new Sierra EV Denali Edition 1, including a range of about 440 miles — a 10% increase from the initial 400-mile estimate. That's also 100 miles more than the Cybertruck, its most high-profile competitor, which has an advertised range of 340 miles for its beefiest version. AdvertisementDenali Edition 1 deliveries are expected to begin this summer, starting at $99,495, GMC said, followed by other trim levels like the Sierra EV Elevation and the Sierra EV AT4.

Persons: Tesla, —, That's, Elon Musk, What's Organizations: GMC, EV, Service, Sierra EV, Ford, Silverado EV, GM, Sierra EV AT4

☆ Republican governors from six states condemn UAW campaigns, citing potential for layoffs
▼ + stars: | 2024-04-16 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT — Republican governors of six states on Tuesday condemned the United Auto Workers' push to organize automotive factories in the South, warning the union's efforts could lead to layoffs and fewer future investments. The joint statement — signed by governors in Alabama, Georgia, Mississippi, South Carolina, Tennessee and Texas — comes a day before Volkswagen workers in Chattanooga, Tennessee, begin voting on whether to join the UAW. The VW vote is part of an unprecedented labor organizing drive announced last year by UAW President Shawn Fain that targets 13 automakers operating in southern states and elsewhere. "We have worked tirelessly on behalf of our constituents to bring good-paying jobs to our states. Unionization would certainly put our states' jobs in jeopardy — in fact, in this year already, all of the UAW automakers have announced layoffs," read the statement.

Persons: —, Texas —, Shawn Fain, Bill Lee Organizations: DETROIT, United Auto Workers, UAW, VW, General Motors, Ford Motor, Chrysler, Tennessee Gov Locations: Alabama , Georgia , Mississippi, South Carolina , Tennessee, Texas, Chattanooga , Tennessee

☆ Volkswagen union vote in Tennessee to test UAW's power after victories in Detroit
▼ + stars: | 2024-04-16 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Elijah Nouvelage | Getty ImagesDETROIT — Volkswagen workers in Chattanooga, Tennessee, will vote this week on whether to organize with the United Auto Workers in a key test of the union's sway. More than 4,000 VW workers are eligible to vote, beginning Wednesday and ending at 8 p.m. EDT on Friday. The organizing vote, which is being overseen by the National Labor Relations Board, will need a simple majority to succeed. Volkswagen, which has union workers at non-U.S. plants, has said it will let its workers determine whether to organize. An aerial view of the Chattanooga Volkswagen factory in Chattanooga, Tennessee on April 10, 2024.

Persons: Elijah Nouvelage, Shawn Fain, Fain, Stephen Silvia, Southern, Silvia, Kevin Wurm, it's, we're, —, Isaac Meadows, Meadows Organizations: Volkswagen, Getty, DETROIT, United Auto Workers, UAW, General Motors, Ford Motor, Chrysler, Detroit, Tennessee VW, VW, National Labor Relations Board, Detroit automakers, Southern Gamble, Workers, Foreign, American University, Washington , D.C, Chattanooga Volkswagen, Washington Post, Ford Locations: Chattanooga , Tennessee, U.S, Detroit, Tennessee, Chattanooga, Washington ,

Tesla plans to lay off more than 10 percent of its work force in an effort to cut costs, Elon Musk, the automaker’s chief executive, told employees on Monday. The job cuts, amounting to about 14,000 people, come as the company faces increasing competition and declining sales. The email was earlier reported by Electrek, an online news site, and Handelsblatt, a German business newspaper. The move is the latest sign that Tesla may not be as unstoppable as it once seemed. The company’s sales are no longer growing at a rapid pace, and it has been slow to introduce new models.

Persons: Tesla, Elon Musk, Mr, Musk, ”, Electrek Organizations: Elon, The New York Times Locations: Asia, Europe

☆ BP's EV charging arm cuts jobs, reduces global ambitions: Reuters
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: +2 min

EV charging, however, remains one of BP's key growth engines. The changes at BP Pulse are "a step towards ensuring that we can execute our goals with even greater precision and effectiveness". BP Pulse has also stepped away from several bets it made since launching its energy transition strategy under previous group CEO Bernard Looney in 2020. BP last May also shut down its home EV charging business. The company says it expects returns from its EV charging and convenience stores operations to exceed 15% and create $1.5 billion in earnings before interest, taxes, depreciation, and amortization by 2025.

Persons: Murray, Tesla, Bernard Looney, Auchincloss Organizations: BP, Reuters, EV Locations: United States, Britain, Germany, China

☆ Tesla execs Drew Baglino and Rohan Patel depart as company announces steep layoffs
▼ + stars: | 2024-04-15 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Tesla executives Drew Baglino and Rohan Patel announced Monday they are leaving the electric vehicle maker and clean energy company. CEO Elon Musk thanked both departing execs on X, the social network he owns and runs as chief technology officer. Baglino had worked with Tesla since its early years, starting as a firmware and electrical engineer in 2006. Patel and Baglino had been deeply involved in battery and vehicle manufacturing, related policy, and turning Tesla into a multinational EV manufacturer. Baglino wrote in a post on X:"I made the difficult decision to move on from Tesla after 18 years yesterday.

Persons: Drew Baglino, Rohan Patel, Elon Musk, execs, Tesla, Baglino, Patel, Barack Obama, gratified, Musk Organizations: Tesla, Reuters Locations: London, England

As sales of Teslas drop and demand for electric vehicles cools — even as more models enter the market — an increasing number of automakers are competing for a slice of a shrinking pie. Nearly 269,000 electric vehicles were sold in the United States in the first three months of this year, according to Kelley Blue Book. And amid the quarter-to-quarter slowdown in the industry, Tesla’s market share has fallen from 62 percent at the start of 2023 to 51 percent now. Elon Musk told employees on Monday that Tesla would cut 10 percent of its work force. Investors, in turn, have been spooked: Tesla’s stock price has dropped over 30 percent this year, erasing billions of dollars in market capitalization.

Persons: Kelley, Elon Musk, Tesla Locations: United States

☆ Tesla to cut more than 10% of its global staff
▼ + stars: | 2024-04-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Tesla is reportedly cutting more than 10% of its global staff of 140,000. It did not mention anything about the slowdown in demand for electric vehicles or about Tesla sales. In the fourth quarter Tesla briefly lost its title for the leader in global EV sales to Chinese automaker BYD. It recaptured the EV sales title from BYD in the first quarter, despite the drop in sales. This is not the first time that Tesla has cut staff.

Persons: New York CNN — Tesla, Elon Musk, ”, Electrek, Tesla, Musk Organizations: New, New York CNN, Reuters, General Motors, Ford, EV, US, Tesla Locations: New York, BYD, Germany, Texas, Mexico, Friday’s

☆ Tesla is laying off more than 10% of its workforce, memo shows
▼ + stars: | 2024-04-15 | by ( Grace Kay | Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Tesla is reducing its workforce by more than 10%, per an internal memo seen by Business Insider. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Some Tesla employees lost access to their emails and Teams by Monday, two people with knowledge said. Related storiesBefore the layoffs, Tesla said it employed over 140,000 workers globally, including over 20,000 at its Fremont factory in California. Musk told staff in May that he must personally approve all new Tesla hires.

Persons: Tesla, —, Elon Musk, Musk, Tesla's Organizations: Business, Service, Bloomberg Locations: Berlin, Fremont, California, Buffalo , New York

☆ Tesla is headed to trial, where a jury will soon decide whether it's to blame for a 2-year-old crashing a model X into his pregnant mom
▼ + stars: | 2024-04-14 | by ( Natalie Musumeci | Grace Kay | ) www.businessinsider.com time to read: +9 min

Read previewIs Tesla to blame for a toddler crashing his family's Model X SUV into his pregnant mother, injuring her? California mom alleges that the Tesla Model X was 'defective'In 2019, California mother Mallory Harcourt filed a lawsuit against Tesla over the incident, accusing it of negligence, consumer fraud, and product liability. "In no uncertain terms, Ms. Harcourt's own actions caused her injuries, and not any defect in Model X's design," Tesla's attorneys wrote. AdvertisementHarcourt's son "pressed the accelerator pedal, and the Model X moved forward slowly," the lawyers said. The Model X, the lawyers wrote in the brief, "functioned exactly as designed and very likely saved Ms. Harcourt's life."

Persons: —, Elon, Mallory Harcourt, Tesla, Harcourt, Santa Barbara, Getty, Mallory, Ms, Harcourt negligently, Tesla's, Harcourt's, Barrett Riley, Riley Organizations: Service, Business, Tesla, Santa, Chicago Tribune Locations: California, Santa Clara, Park, Florida

☆ Ford stock can go higher by taking a page of out Detroit rival GM's playbook
▼ + stars: | 2024-04-12 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

General Motors is buying back a ton of stock; Ford, so far, not so much. Before the buyback disclosure late this year, Ford had been down 10%, which was less than GM's 14% decline. In 2023, Ford spent $5.33 billion on dividends and stock repurchases, with only 6.3% of that total on buybacks. In guidance alongside Q4 numbers, Ford said it expects warranty costs for full-year 2024 to be flat year over year. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Ford, Jim Cramer, General Motors, Adrian Yanoshik, Jim, Morgan Stanley, Adam Jonas, Jonas, BEV, John Lawler, Redburn's Yanoshik, Jim Cramer's, Paul Hennessy, LightRocket Organizations: General Motors, Ford, GM, CNBC, General, United Auto Workers, Capital, Renaissance, Getty

☆ A robotaxi isn't enough to fix Tesla's problems, analyst says. Here's what Elon Musk needs to do.
▼ + stars: | 2024-04-12 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

Related storiesTesla's Full Self-Driving software beta, or FSD, is currently classified as "level two" in an industry standard that goes up to six. Musk has also talked up the value of a more affordable TeslaMusk has also touted the importance of a cheaper Tesla model for years. "This has always been our dream, from the beginning of the company," Musk said during Tesla's "Battery Day" presentation in 2020. As the lack of low-cost options turns some customers off from making the switch to EV vehicles, Tesla has experienced decreased demand. With the ongoing issues surrounding Tesla's margins and demand, the analysts said Musk needs to "regain confidence in the eyes of the Street."

Persons: —, Elon Musk, Tesla, Musk, It's, Apple, Didi, Martin Eberhard, Eberhard Organizations: Service, Business, Reuters, Teslas, Baidu, Tesla, Tesla's Locations: Los Angeles, Bay, California, China

☆ US Steel’s future as an American company is about to come to a vote. It may not matter
▼ + stars: | 2024-04-12 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

“It is important that we maintain strong American steel companies powered by American steelworkers,” he said. “US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”Experts said opposition from Biden and other politicians — both Republican and Democrats — make it unlikely the deal will win approval. “Six weeks ago, the United States gave Mitsui, a Japanese company, a $20 billion deal to build a crane factory here in the United States and replace all our port cranes throughout the United States. “If the administration has concerns about the Nippon Steel deal, it must seriously consider alternative outcomes. US Steel products, supported by significant capital investments from Nippon Steel, will remain mined, melted and made in America,” the company said.

Persons: Joe Biden’s, Biden, ”, —, “ It’s, Michael Leiter, Skadden, “, Kishida Fumio, ‘, ’, It’s, JD Vance, Phil Gibbs, KeyBank, Gibbs, it’s, Jeff Roberson, Nucor, hasn’t, ” “ Organizations: New, New York CNN, US Steel, Japan’s Nippon Steel, Justice Department, Foreign Investment, Treasury, Commerce, Defense, State, Homeland Security, American steelworkers, Steel, ”, Republican, Democrats —, Japanese, United States, Mitsui, United Steelworkers, steelworkers, Ohio, Nippon, Cleveland Cliffs, Nippon Steel, Cleveland, US Steel Granite City Works, AP, US Locations: New York, United States, Japan, American, Slate, United, Cleveland, US Steel Granite City, Arkansas, America

☆ The famous Toyota 4Runner got a facelift for the first time in over a decade — see the new beefed-up version with a hybrid option
▼ + stars: | 2024-04-11 | by ( Camilo Fonseca | ) www.businessinsider.com time to read: +1 min

The new 2025 Toyota 4Runner includes several new features, including a new hybrid option. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementToyota recently unveiled its 2025 4Runner, the newest reimagining of its classic SUV design — and, for the first time, there's a hybrid option included. The 4Runner isn't the first Toyota off-roader to get the hybrid treatment; the company already offers hybrid variants of its Land Cruiser and Tacoma pickup truck, among several other models. The exact price range of the new 4Runner is unclear, but the previous model starts at around $41,000.

Persons: —, Dave Christ Organizations: Toyota, Service, Cruiser, Tacoma, Toyota North America

☆ Tesla's Musk to meet Modi in India and announce investment plans: Reuters
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: +2 min

Tesla chief Elon Musk will visit India this month to meet Prime Minister Narendra Modi and is expected to make an announcement on plans to invest and open a new factory in the country, two sources with direct knowledge said. Reuters is first to report details of Musk's planned India visit. Reuters has previously reported that Tesla officials are expected to visit India this month to look at sites for a manufacturing plant that would require an investment of about $2 billion. Musk said this week on X that "India should have electric cars like every other country has electric cars. It's a natural progression to provide Tesla electric vehicles in India".

Persons: Tesla, Elon Musk, Narendra Modi, Modi, Musk's, Musk, EVs Organizations: Reuters, Tata Motors Locations: India, New Delhi, New York, U.S

☆ 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

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