Elon Musk has reportedly said that no new hires can be made at Tesla unless he personally approves them, including contractors. In an email to executives seen by Reuters, Musk instructed them to send him a weekly list of hiring requests and to “think carefully” before submitting such requests. The news comes after criticism of Musk’s management style and amidst financial concerns for the company.
Elon Musk has denied receiving financial advice from Jeffrey Epstein after a court ordered him to hand over evidence relating to alleged dealings between the two men. The US Virgin Islands has demanded that Musk provide documents or payment records concerning Epstein and investment bank JP Morgan, as well as any evidence he may have regarding Epstein’s sex trafficking. The jurisdiction has sued JP Morgan, accusing the bank of facilitating Epstein’s activities on Little St James by ignoring warnings about him. Musk also claimed that Tesla had no dealings with JP Morgan.
Elon Musk will face questions over the lack of a successor, weak demand and model delays at Tesla's shareholder meeting on Tuesday. Investors are expected to vote on publishing a report on “key-person risk” as some find that Musk is vital to the electric-car company, leading to succession concerns. Musk said he would devote more time to Tesla but has other ventures, including a new AI start-up, which are also a worry. Musk is expected to be asked about this start-up and whether or not he has hired someone to run it.
Elon Musk claims George Soros ‘hates humanity.’ The ADL says Musk’s attacks ‘will embolden extremists’
CNN
23-05-16 16:34
Tesla CEO, Elon Musk, has come under fire for baseless comments on Twitter that accused philanthropist George Soros of hating humanity and eroding the fabric of civilisation. Soros, a Holocaust survivor, is frequently targeted by conspiracy theorists and antisemites. Musk's remarks have been criticised by the Anti-Defamation League and others for potentially fueling further attacks on Soros. Recent data suggests that the volume of hate speech on Twitter has grown significantly under Musk's ownership of the social media network. Soros disclosed, shortly before Musk’s attack, that he had disposed of a modest stake in Tesla. Both men had been targets of short sellers.
Elon Musk said he must approve all hiring decisions at Tesla
CNN
23-05-16 14:23
Tesla CEO Elon Musk has said that he will personally approve any new hires at the company, according to an email seen by Reuters. Musk advised his executives to send him a weekly list of hiring requests, but also warned them to "think carefully" before submitting them. Tesla reported its lowest quarterly gross margin for two years in May 2022, which the company blamed on falling price points in the US and China as it sought to fend off increasing competition.
France has introduced green measures and tax credits aimed at attracting investment and boosting French industry. The stimulus includes incentives for electric cars tied to environmental restrictions that favour European manufacturers, with cars produced outside of Europe that were assembled in factories powered by coal among those excluded from benefits. The measures, which aim to unlock an additional €23bn ($27bn) of green investment by 2030 and create up to 40,000 jobs, could soon come under fire from foreign carmakers or affected countries.
Tesla CEO Elon Musk has been accused of sparking anti-Semitic sentiment after likening George Soros to the Jewish X-Men villain Magneto and alleging that the billionaire philanthropist "hates humanity". His comments attracted criticism, including from the Anti-Defamation League (ADL), which said Soros was often "held up by the far-right, using anti-Semitic tropes, as the source of the world’s problems”. Documents filed last week revealed that Soros Fund Management had sold its entire $16m allocation of Tesla shares in Q1 2023.
Japanese investment bank Nomura has hired two investment bankers to head its greentech unit’s coverage of mobility and automotive clients in the US and Europe. The company hopes to capitalise on the consolidation among older vehicle and equipment makers and newer rivals, many of whom were initially funded by SPACS, which have come to the fore on Wall Street this year. Nomura’s global co-head of Nomura Greentech, Duncan Williams, said venture-backed EV firms and low-emission vehicle producers will benefit from subsidies in many countries, but may face cash shortfalls as a result of higher borrowing and economic fears.
Koji Sato's ascension to the role of CEO of Toyota marks a considerable change of trajectory for the 53-year-old who only 10 years ago was a concept planner. He takes over from the long-serving Akio Toyoda, who brought the manufacturer through a period that included the 2010 crisis involving 8.5 million recalls and major accidents. This month, Sato has been present at the Spa Francorchamps circuit in Belgium cheering on his Gazoo Racing team to victory in the World Endurance Championship. One of the challenges ahead is to continue Toyota's commitment to hybrid technologies with the need to adopt direct battery-electric technologies which include Toyota's hydrogen-based fuel cells. There is the struggle to bridge the widening gulf in attitudes towards traditional combustion technologies versus the software-driven devices and EV start-ups that are seen as being more relevant to the future.
Lawyers for Tesla say an appeals court should reconsider a ruling that it breached labor law when CEO Elon Musk warned employees about the possible loss of stock options if they backed unionization. A tweet sent by Musk in 2018 included the statement "Nothing stopping Tesla team at our car plant from voting union. Could do so tmrw if they wanted. But why pay union dues and give up stock options for nothing?" The tweet breached the National Labor Relations Act's prohibition on threatening to retaliate against employees for union organizing.
Tesla's lawyers have asked a federal appeals court to reconsider its ruling that CEO Elon Musk unlawfully threatened employees with a loss of stock options in a 2018 Twitter post amid a union organizing effort at a Fremont, California, facility. Three judges had upheld a National Labor Relations Board ruling concerning the tweet. Tesla wants the full 17-member court to hear the case. The company also argues that the tweet was protected by free speech laws and that the fired Tesla employee was let go over providing false documentation concerning employee harassment.
Tesla will launch advertising for its electric vehicles for the first time, said CEO Elon Musk at the company’s investor day. Tesla has previously relied on word of mouth and incentivised referrals for marketing. Musk said that the Tesla ads would be aesthetically pleasing and informative. In a follow-up interview with CNBC’s David Faber, Musk also stated that Tesla’s “full self-driving” technology will allow for vehicle leasing within a robotaxi fleet in 2021. The Tesla founder also argued that remote working was “morally wrong” and that China needed to be taken at its word that it views Taiwan as integral to the country. He suggested that if China took Taiwan, it would harm all international businesses and companies that rely on the nation for manufacturing. Musk also noted that Twitter, which he acquired last year, had recently experienced a $40m loss due to ads being checked for accuracy and subsequently labelled “misleading”.
Tesla will advertise for the first time, according to CEO Elon Musk, following the rise in competition from major automakers and the company's decision to heavily discount its e-vehicle offerings alone. Tesla has previously not advertised, with Musk claiming that demand outstripped supply of the vehicles. However, greater competition is driving Tesla to devote more money to advertising its brand to maintain its lead in the market. Musk's purchase of Twitter may have also affected his decision following a decline in advertising revenues for the social media platform.
Tesla CEO Elon Musk has told shareholders at the company’s annual meeting that a self-driving upgrade for the company’s vehicles was getting close to being safer than human driving. He also told the meeting in Texas that the car and solar panel manufacturer would try some advertising. While relying on Musk to generate free publicity, Tesla has avoided paid advertising, a strategy Musk had once described as Apple's ‘graveyard’. The decision followed a call by one shareholder for the company to advertise, an idea, Musk indicated, had merit.
Carmaker Stellantis has warned the UK government that it may have to close its Ellesmere Port factory unless it renegotiates its Brexit deal with the EU to allow for the use of more non-UK parts in its vehicles and battery systems, according to a submission to parliament’s business committee. The company, which owns Vauxhall, faces additional costs as its electric vans will attract 10% tariffs when exported to the EU from next year because they will not contain enough locally sourced components.
Tesla CEO Elon Musk has warned of a difficult period over the next 12 months due to global economic challenges and has said the electric vehicle maker will shortly advertise its cars for the first time. Musk, speaking at Tesla's annual shareholder meeting in Texas, said he expected macroeconomic conditions to be challenging. Tesla has also been hit by falling sales, delays to new models and distractions created by Musk's social media presence. Musk has implemented a freeze on new hires and said he would conduct a third-party audit of cobalt mines supplying Tesla with materials for batteries.
Volkswagen is reportedly discussing using Huawei's software in its electric cars in China as it seeks to gain a greater share of the country's EV market. The German carmaker's own software division Cariad has faced problems that have delayed the launch of new models and necessitated the removal of many of its top executives. VW sells more cars than any other automotive company in China, but it ranks ninth for EV sales. It recently announced plans to win back ground by developing "In China, for China" products and upgrading its existing platform, offering advanced entertainment and driving assistance features.
Australia is experiencing a surge in take-up of electric vehicles after years of laggard behaviour, but experts warn the country is not yet equipped to cope with the boom. Australia has fewer than 30% of public charging points per EV in use globally, and there are concerns over delays with plugging stations into the grid, and shaky economics. Despite this, sales of EVs are rising, accounting for 8%of all vehicle sales in April. The Labour government elected in 2019 has also initiated a national EV strategy, and doubled funding for cleaner transport to AUD500m ($339m).
Stellantis, a major car manufacturer with brands including Vauxhall, Peugeot and Citroen, has warned it may close British factories unless the UK government renegotiates its Brexit agreement with the European Union. The carmaker has committed to making electric vehicles in the UK, but says it is impossible to source enough components locally to meet new rules requiring 45% of component value to originate from the UK or EU. The regulations are required to avoid a ten percent export tariff on EVs. The company warned manufacturing would become “unsustainable” if it could not secure competitive prices, potentially resulting in factory closures.
Experts have suggested that it would be challenging to find businesses that could meet the 45% local component requirements. The production of a battery alone typically represents 40% of an EV’s value. Sir Keir Starmer, leader of the opposition Labour Party, has described the threat as an “existential crisis” for the UK car industry, warning of “800,000 jobs” at risk. The head of the Society of Motor Manufacturers and Traders, Mike Hawes, has called for greater investment in battery production in the UK.
Other companies, including Nissan, have expressed concerns regarding local content regulations. Last year, Nissan and Tesla both warned of the increased costs they may face as a result of rules that will require them to relocate factories or double down on supply chain and procurement strategies to avoid punitive export tariffs.
Greenpeace has said that the UK relies too heavily on lithium battery manufacturing and argued that the move away from the low-carbon market would result in greater global reliance on a small handful of multimillion-dollar mining companies, “where the human and environmental costs are generally high”.
Chinese electric vehicle (EV) manufacturer BYD has launched a new division and begun hiring between 4,000 and 5,000 software engineers specialising in autonomous driving to address the company's perceived shortcomings in related technologies. BYD has also sought to close the gap by partnering with Horizon Robotics and NVidia to develop its Dynasty and Ocean series of cars. In the first quarter of this year, the company sold 510,000 pure EVs and plug-in hybrid cars in China, nearly four times more than Tesla.
