As Elon Musk ramps up his $1 million-a-day support for Donald Trump, what appears to be a record of progressive harassment of his many companies may explain how the world’s richest man went all-in for Republicans.
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Between safety and reliability issues, as well as a dearth of charging stations, electric vehicle owners have been having quite a bit of buyer’s remorse, and now they may have another reason to go back to gas cars — EVs are rapidly depreciating.
Rental company Hertz announced in 2021 it would buy 100,000 EVs from Tesla, only to find lackluster interest from renters. In January, the Hertz announced it was selling off 20,000 of the vehicles, with prices as low as $25,000. Vehicle depreciation cost the company $588 million in the first quarter of this year compared to the last quarter of 2023.
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Tesla and SpaceX CEO Elon Musk says news reports that he is contributing $45 million a month to a pro-Donald Trump political action committee are false.
“What’s been reported in the media is simply not true. I’m not donating $45 million a month to Trump,” Musk said during an interview Monday with Jordan Peterson, a conservative Canadian psychologist and YouTube star.
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Tesla disclosed a shaky earnings report to the public on Tuesday in the latest sign of weakness in the U.S. electric vehicle (EV) market.
The EV maker’s revenue for the first quarter of this year came in nearly 10 percent below its revenue for the first quarter of 2023, marking the largest decline the company has seen since 2012, according to its quarterly report and CNBC. Tesla’s net income also fell by about 55 percent relative to 2023, and the company warned investors that “volume growth rate may be notably lower than the growth rate achieved in 2023.”
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Electric vehicle (EV) manufacturer Rivian announced its second round of layoffs just this year on Wednesday as consumer demand for EVs stalls.
The layoffs at Rivian will affect around 1 percent of the company’s staff as they continue to look for ways to cut costs to bolster struggling profits due to less-than-expected EV sales, the company confirmed to the Daily Caller News Foundation. Rivian announced in February that it was laying off 10 percent of its workforce after it released its 2024 production forecast, which was well below analyst expectations, according to Reuters.
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Electric vehicle (EV) maker Tesla sent an internal memo notifying staff that the company would be laying off more than 10 percent of its global workforce, Reuters reported Monday.
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Growth in sales for electric vehicles (EV) slowed in the first quarter of the year as consumers remained wary of the product even though growth in sales of new vehicles remained strong, leading to a drop in EV market share, according to The Associated Press.
Sales for new vehicles grew 5 percent in the first three months of the year, but EV sales grew only 2.7 percent as more consumers chose traditional vehicles due to cost and product concerns, according to the AP. The average sales price declined 3.6 percent year-over-year to $44,186 in March as dealers looked to offload built-up inventory.
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The Insurance Institute for Highway Safety says automakers should incorporate new rating programs into their partial driving automation systems to reduce traffic deaths.
The new IIHS ratings aim to encourage safeguards that can help reduce intentional misuse and prolonged attention lapses.
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Detroit placed the U.S. on wheels but if Motor City wants to go electric it faces fierce global competition.
Chinese electric vehicle maker BYD outsold Tesla in the fourth quarter of 2023. The foreign automaker said it produced more than 3 million new energy vehicles in 2023 compared to Tesla’s 1.8 million.
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Tesla is reportedly recalling over 2 million vehicles due to issues with warning lights on instrument panels, according to news reports.
The issue is expected to be resolved with “over-the-air” software, according to The Wall Street Journal. That means owners will not have to take their vehicles to a dealership to resolve the matter.
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A Chinese Communist Party (CCP)-tied electric vehicle maker dethroned Tesla as the worldwide industry leader in the last quarter of 2023, according to stock exchange filings.
BYD and Tesla both posted record sales for battery electric vehicles in the final quarter, according to the filings. BYD sold 526,409 vehicles in the quarter while Tesla sold 484,507, with the Chinese company achieving its highest-ever car sales in 2023, according to The Wall Street Journal.
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Electric vehicle manufacturer Tesla filed a safety recall for over 2 million vehicles with federal regulators following a two-year investigation into the company’s autopilot feature, according to an announcement from the National Highway Traffic Safety Administration (NHTSA) on Wednesday.
The Tesla recall covers 2.03 million vehicles, including the Model 3, Model Y, Model X and Model S, made between Oct. 5, 2012 and Dec. 7, 2023, over concerns with their autopilot feature enabling driver misuse through a lack of engagement while operating the vehicle, according to a document from the NHTSA. The recall covers nearly all Tesla vehicles in the U.S. and is one of many actions taken by the NHTSA around Tesla’s autopilot feature, with the agency contending that the feature’s name is misleading as drivers still have to be engaged during its use, according to The Associated Press.
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The Mozilla Foundation recently investigated the privacy practices of 25 major car brands through its ongoing series, *Privacy Not Included. The research uncovered the automotive industry as the worst category the group has looked into yet when it comes to protecting consumer privacy. Across all manufacturers reviewed, excessive collection and…
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Video didn’t kill the radio star. But auto manufacturers might, as they consider eliminating AM radio from new vehicles in their transition from gas- to electric-powered fleets.
Manufacturers such as BMW, Mazda, Tesla, and Volkswagen are taking AM radio out of new electric vehicles over concerns their engines will interfere with how AM stations sound, according to The Washington Post.
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Elon Musk told Fox News host Tucker Carlson Monday that it was “absolutely” possible for artificial intelligence to take control of civilization and make decisions for people.
“That’s real? It is conceivable that AI could take control and reach a point where you couldn’t turn it off and it would be making the decisions for people?” Carlson, a co-founder of the Daily Caller and Daily Caller News Foundation, asked Musk during an interview that aired Monday.
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Construction and mining equipment giant Caterpillar Inc. announced Tuesday it will move its global headquarters from its current location in Deerfield, Illinois, to the company’s existing office in Irving, Texas.
“We believe it’s in the best strategic interest of the company to make this move, which supports Caterpillar’s strategy for profitable growth as we help our customers build a better, more sustainable world,” said Chairman and CEO Jim Umpleby in a press release.
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New research reveals that Microsoft founder Bill Gates, formerly the world’s wealthiest man, has been donating hundreds of millions of dollars to dark money groups that have been publicly attacking Tesla and SpaceX CEO Elon Musk, the current wealthiest man in the world.
As reported by Breitbart, Gates’ foundation donated to 11 of the 26 organizations that signed onto an open letter last month demanding a boycott of Twitter by its advertisers over Musk’s recent purchase of the company. The report comes from the Foundation for Freedom Online (FFO), which traced the money from the signatories of the letter back to the Bill and Melinda Gates Foundation.
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Tesla CEO Elon Musk, who has questioned Twitter’s commitment to free speech, has taken a 9% stake in the social media platform, making him its largest shareholder.
Musk bought 73.5 million shares worth $2.9 billion, based on the closing price Friday, the Associated Press reported Monday.
However, what Musk intends to do as a result of the purchase remains unclear.
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House Speaker Nancy Pelosi’s husband purchased 2,500 shares of Tesla stock amid Democrats’ push for increased green energy spending.
Paul Pelosi, the Democratic House leader’s millionaire husband, purchased the tranche of Tesla stock on Thursday, when the company’s share price reached about $872 per share by the end of day, according to congressional filings published Monday. Pelosi bought the shares, worth roughly $2.18 million at the time, at a strike price of $500 per share.
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Tesla recalled nearly 600,000 vehicles on Thursday, the electric car maker’s fifth major recall in the past several months.
The recall, which affects all 2020-2022 Tesla Model S, X and Y cars and as well as certain 2017–2022 Tesla Model 3s, a total of 578,607 vehicles, is due to safety issues raised by the vehicles’ “Boombox” feature that plays music outside the vehicle, according to Bloomberg. The Boombox feature impairs the vehicles’ “pedestrian warning system,” an auditory feature that alerts pedestrians to the vehicles’ presence.
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Tesla issued recalls for nearly half a million Model S and Model 3 vehicles over potential safety concerns resulting from malfunctioning trunk technology, Barron’s reported.
The recalls, submitted on Dec. 21 to the National Highway Traffic Safety Administration (NHTSA), are for issues related to opening and closing the trunk in around 355,000 Model 3 cars and for a misaligned front trunk latch assembly in roughly 120,000 Model S vehicles, Barron’s reported.
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A major nickel mine in a Philippines rainforest has continued to expand, mowing down acres of trees as global demand for minerals essential for electric vehicle manufacturing surges.
The Rio Tuba mine in the region of Palawan supplies an important mineral for electric vehicle batteries in Tesla and Toyota cars, but the mine is nearing an expansion that would cause it to grow from four square miles to 14 square miles, according to an NBC News investigation. The growth of the mine would cause massive deforestation of the land which environmentalists warn could destroy the area’s ecosystem.
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Investment bank JP Morgan filed a complaint against Tesla late Monday alleging the electric car company owes the firm over $162 million.
The complaint centers on stock warrants, financial instruments allowing a buyer to purchase shares at a set price within a certain length of time, that JP Morgan bought from Tesla in 2014. The two firms agreed to a “strike price” at the time of purchase, and they agreed that if Tesla’s share price exceeded the strike price within the agreed-upon length of time, the electric car company would have to give JP Morgan stock or cash equivalent to the difference in prices, JP Morgan said in the complaint.
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Tesla CEO Elon Musk announced on Thursday that the company will be moving its headquarters out of California and into Texas, according to CNN.
“I’m excited to announce that we’re moving our headquarters to Austin, Texas,” Musk announced to a shareholders’ meeting on Thursday. The company, which specializes in electric vehicles, had been based out of California since its foundation in San Carlos, with its first factory built in Fremont and its current headquarters located in Palo Alto.
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In a highly orchestrated and publicized White House gathering this month, President Biden presented a detailed plan for the development of a U.S. fleet of clean, high-mileage electric automobiles that would reduce reliance on gasoline and generate thousands of good union jobs. It’s a new, government-encouraged, taxpayer-subsidized auto world. The plan calls for U.S. auto production to become 50% electric by 2030. Today, the electric share stands at a paltry 2%.
Top leaders from Ford, GM, and Stellantis (formerly Fiat-Chrysler), along with environmentalists and governors, were prominently invited to share in the announcement. Yet the absence of any non-union, America-located auto producers was glaring. There were no representatives from Hyundai, Nissan, or Toyota – companies that have long produced popular vehicles within our borders and recently expressed some support for Biden’s goal. Also striking was the absence of Tesla’s Elon Musk, the world’s acknowledged leader in the electric car and battery revolution. Tesla is an American firm, but it is not unionized.
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There is a growing push in the U.S. and throughout much of the developed world to convert transportation from a primary reliance on fossil fuels to an almost-exclusive use of renewable energy (wind and solar). With this goal come promises of unlimited clean and free energy, the creation of millions of green jobs, and the benefit of helping save the planet from an imminent climate catastrophe.
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Electric-powered cars are now the rage. Tesla’s market capitalization is seven times larger than that of General Motors and fourteen times larger than Ford’s, though it builds a fraction of the vehicles that those companies do. Many politicians are even considering banning gasoline-powered cars within a few years in favor of electric vehicles (EVs), all in the name of saving the planet.
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