Tag: electric vehicles
Musk's Extremism Driving Tesla Finances Into 'A Disaster On Every Metric'

Musk's Extremism Driving Tesla Finances Into 'A Disaster On Every Metric'

Elon Musk, the world’s wealthiest man and a terrible parent, was handed another loss on Wednesday, after his electric vehicle company Tesla released its first quarter sales report. The news wasn’t good. The EV maker reported its lowest quarter sales since 2022, well below the modest predictions analysts had forecasted.

Tesla shares fluctuated, beginning Wednesday with a six percent drop, before rebounding, possibly due to talk that Musk would be leaving his Department of Government Efficiency. And even Tesla cheerleaders, like Wedbush Securities analyst Dan Ives, were having a hard time turning this lemon into lemonade, as he expressed on X.

Musk’s latest setback comes just a week after reports that Tesla’s sales in Europe had dropped 40 percent in February, even as Europe’s EV market was enjoying an upswing in sales. Tesla’s losses in Europe can be partly attributed to Musk’s full-throated support of Germany’s far-right, neo-Nazi-affiliated Alternative for Germany party.

“In addition to Elon Musk’s increasingly active role in politics and the increased competition it is facing within the EV market, the brand is phasing out the existing version of the Model Y—its best-selling vehicle,” Felipe Munoz, global analyst at Jato Dynamics told the Financial Times.

Tesla’s brand has taken hits on top of Musk’s embrace of right-wing extremism. Nearly all of Tesla’s Cybertrucks were recalled in March due to issues stemming from the glue used to hold the stainless steel facade detaching, creating possible dangerous road hazards.

While Tesla faces increased competition in the market, the biggest problem the company faces is Musk’s politics and personality. Musk and DOGE’s unconstitutional attack on government agencies has cost tens of thousands of Americans their jobs and threatened their economic security.

His damage control efforts have been pathetic, undermined by his continued attacks on democracy, such as his unsuccessful yet transparent attempt to buy the Wisconsin Supreme Court election.

The Trump administration has clearly been ordered to cravenly prop up the billionaire’s nosediving reputation. But promising to throw people in jail if they protest against Tesla, holding an informercial in front of the White House, and having the entire Trump administration hawk Tesla stock during their television appearances has clearly not been the recipe for success they hoped for.

And now, Musk’s toxicity has become so great that even Donald Trump’s most loyal parasites are trying to find the right way to distance the GOP leader from his top donor. Whether or not Trump and friends can quit Musk’s hundreds of billions of dollars remains to be seen.

Reprinted with permission from Daily Kos.

Musk's Infamy Is Sinking Tesla Sales - And Its Stock Price

Musk's Infamy Is Sinking Tesla Sales - And Its Stock Price

Stocks for the electric vehicle company Tesla just wrapped its worst month since 2022, and it’s all because of its certifiably insane CEO, Elon Musk.

In February, Tesla shares plummeted 28%, signaling their worst month since a 37% drop in December 2022. The stock fell by an additional 3% on Monday alone.

And after Trump announced he would enact his disastrous tariff policy, it could bottleneck Tesla’s manufacturing, fracturing it even more.

“We note that potential tariffs on Mexico and Canada pose significant risk to our [North American] production estimates and could create a supply shock similar to COVID,” Bank of America analyst John Murphy said to CNBC on Tuesday. He also highlighted that “sentiment on the brand [is] potentially souring.”

This comes after the six weeks of Musk meddling in the federal government via his so-called Department of Government Efficiency, which is gutting federal agencies, firing thousands of federal employees, and generally wreaking havoc on Americans.

In addition to Musk poisoning his brand’s supposed coolness, Bloomberg reported on Tuesday that the company’s sales in China have slowed by a staggering 49% in February compared with the previous year at that time.

“I don’t even want to drive it,” one Tesla owner told the Associated Press. “He’s destroying the brand with his politics.”

Tesla sales are dropping all across Europe. As Daily Kos’ Markos Moulitsas reported in January, the decline in Tesla sales has largely tracked with Musk’s entrance into politics last year.

Americans are angry over Musk’s hand in the government and have taken to protesting nationwide at Tesla dealerships or allegedly setting Tesla charging stations on fire. And those who were thinking about purchasing Teslas have gone on a “buyers strike,” while many of those who have already bought them are communicating their buyer's remorse with bumper stickers, such as one reading, “We bought this car before we knew.”

Meanwhile, Musk is seemingly enriching himself through the government. Earlier this month, he reportedly hid the State Department’s plan to pay out $400 million to Tesla for armored vehicles—a contract the administration says it’s abandoning after it came to light.

Americans are pissed at Musk’s corruption, and they are telling him in the only way he understands: money.

Reprinted with permission from Daily Kos.

Why Is Trump Sabotaging The US Auto Industry?

Why Is Trump Sabotaging The US Auto Industry?

If Chinese leader Xi Jinping wanted to take down the U.S. auto industry — and he probably does — he couldn't have a better helper than Donald Trump. The American president's tireless efforts to slow America's shift to electricity-run transportation is a dream come true for China as it leads the world in that transition.

Electric vehicles are the cars and trucks of the future. In some parts of the world, that future is here. Norway now has more fully electric cars on its roads than the gas-powered kind.

China has put enormous resources behind the development and manufacture of EVs. The U.S. was on the case when Joe Biden was president. Trump is taking away those subsidies, thus messing with U.S. automakers' big plans to compete in this growing market.

The politics of it are also wild. About 80% of the Biden-era clean energy investments are in red states (or if they are rescinded, were).

In North Carolina, Toyota just unveiled a $13.9 billion battery plant in the small town of Liberty. Another maker of cutting-edge batteries will soon open near Raleigh, not far from a factory that builds charging infrastructure.

Trump also wants to take away money Congress appropriated for EV charging stations. That appears to be illegal, but Republicans in Congress seem more afraid of Trump than voters who could lose jobs.

But one Republican, Alabama's Gov. Kay Ivey, defends that funding. "Having strategic electric vehicle charging stations across Alabama not only benefits EV drivers, but it also benefits those companies that produce electric vehicles, including many of them right here in Alabama, resulting in more high-paying jobs for Alabamians."

All true.

Some observers surmise that Elon Musk sees a personal gain in slowing down the growth of charging stations. His Tesla currently has the largest network of fast chargers in the country. Adding chargers could help sales of EVs other than Elon's.

Potentially hurting the American automakers are the 25% tariffs Trump wants to slap on the parts they get from Canada and Mexico. This shared production arrangement makes U.S. cars more price-competitive on world markets, thus protecting the jobs of American workers.

But get this: Musk is now suing the European Union over its decision to put hefty tariffs on EVs made in China. Tesla, you see, makes more than half its EVs in China.

MAGA has been brainwashed to see evil behind efforts to direct American drivers away from fossil fuels. As a self-pitying Arizonan told The Wall Street Journal, EVs are "being pushed down our throats."

A Morning Consult poll taken last spring found that 4 in 10 Americans have unfavorable views of EVs. And 38% of those respondents said their political views were a factor.

One must ask: What mean man is forcing Americans to buy electric vehicles? No one is stopping you or me from going to an auto showroom or used car lot and driving off with a 100% gas-powered machine.

Having the U.S. government help a new domestic industry is what we call economic policy. When Henry Ford's first Model T rolled out of the factory in 1908, America had almost no paved roads beyond the cities.

Ford was a strong advocate for the kinds of roads his new cars needed to run on. He became the first chairman of the Wayne County Road Commission. The Federal-Aid Road Act was passed in 1916 and the Federal-Aid Highway Act in 1921.

Back to the present, sales of Chinese-made EVs rose 40% last year alone. China also has the world's largest network of charging stations.

Something tells us President Xi Jinping likes the way things are going in the age of Trump.

Reprinted with permission from Creators.

Biden's Latest Investment In Electric Vehicles To Create 11,000 Union Jobs

Biden's Latest Investment In Electric Vehicles To Create 11,000 Union Jobs

The Department of Energy announced on Monday that it had finalized a $2.5 billion loan to Ultium Cells LLC, a joint venture of General Motors and LG Energy Solutions. The company plans to build factories in Ohio, Michigan, and Tennessee for construction of lithium-ion battery cells for electric vehicles.

"This loan will jumpstart the domestic battery cell production needed to reduce our reliance on other countries to meet increased demand and support President Biden's goals of widespread EV adoption and cutting carbon pollution produced by gas-powered vehicles," Energy Secretary Jennifer Granholm said in a statement.

The federal dollars will be added to the billions in private funds that GM and LG are investing in the projects. The venture, which is expected to create over 11,000 new jobs, includes an Ohio plant with more than 700 workers who recently voted to unionize.

According to the department, the Ultium project is expected to require 6,000 construction jobs in building the facilities and 5,100 jobs for their operation.

On Dec. 9, workers at Ultium's facility in Lordstown, Ohio, voted 710-16 in favor of joining the United Auto Workers union. President Joe Biden released a statement praising the decision, saying, "American and union workers can and will lead the world in manufacturing once again."

The Energy Department also said that investment in the Ultium project aligns with Biden's goal of having the United States achieve net-zero emissions by 2050, which means reducing greenhouse gas emissions released into the atmosphere as much as possible to fight global climate change, according to the United Nations.

Reducing emissions is also a part of the Paris Agreement on reducing global temperature rise. The United States withdrew from the agreement under former President Donald Trump, but rejoined in February 2021 under Biden.

In December 2021, Biden signed an executive order directing the federal government to work toward achieving net-zero emissions by 2050, in part by mandating the transition of the government vehicle pool, consisting of 600,000 cars and trucks, to zero-emission vehicles.

Biden has also prioritized federal investments in U.S.-based manufacturing of batteries, such as the Ultium project, to create a supply chain of parts for electric vehicles that are manufactured domestically, without reliance on foreign production of most of the components.

In a statement announcing the investment program in October, the White House noted: "China currently controls much of the critical mineral supply chain and the lack of mining, processing, and recycling capacity in the U.S. could hinder electric vehicle development and adoption, leaving the U.S. dependent on unreliable foreign supply chains."

The Biden administration has made strategic investments to initiate production of those components within the United States. The recently passed Inflation Reduction Act includes tax credits for consumers purchasing electric vehicles made with American-produced components.

Reprinted with permission from American Independent.

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