Elon Musk’s increasingly mercurial behavior is having a substantial impact on the Texas-based EV maker. But it may also have a serious impact on the Tesla CEO himself as shareholder resistance grows to the $50 billion pay package the automaker wants to give Musk. A key investor, and former Musk “fanboy,” voting no.
President Joe Biden raised tariffs on an assortment of Chinese-made goods, including the battery-electric vehicles manufacturers like BYD, Geely and Great Wall have been hoping to start selling in the U.S. The threat of these inexpensive EVs – some starting at barely $10,000 – has sent shivers through the American auto industry, one trade group warning their arrival poses an “extinction-level event.” Headlight.News explains why.
Just days after firing the head of Tesla’s Supercharger operations – and dismissing her entire 500-person staff – CEO Elon Musk appeared to reverse course, announcing on his social media site X that the automaker still will invest “well over” $500 million on “new sites and expansions” of the public charging system. The apparent turnaround comes as Tesla comes under increasing pressure from Tesla investors, analysts, owners and other automakers who have done deals to gain access to the Supercharger network for their own EV customers.
Subaru’s only EV, the Solterra, is a product of a joint venture with Toyota – and the Japanese automaker plans to take the same approach with its next three battery-electric vehicles, all due out by 2026. Then it plans to bring out four more, developed in-house, by 2028, its CEO said Monday.
President Donald Trump outlined a series of changes he’ll make to the Biden administration’s policies on EVs and other environmental rules if he wins reelection next November. But the changes he promised during a meeting with oil industry CEOs carries a $1 billion quid pro quo in campaign funds.
EV maker Rivian reported first quarter earnings that were slightly better than its year-ago results but ended up falling short of analysts’ expectations. The company generated more revenue, but increased costs chewed up profits. Find out more about what happened at Headlight.News.
Nascent EV maker Lucid Motors reported its first quarter results, exceeding expectations in some areas while falling short in others. CEO Peter Rawlinson brushed aside concerns about shortcomings, noting the company was focused on growth, specifically the company’s second vehicle, the Gravity SUV. Get details at Headlight.News.
Tesla launched yet another round of layoffs this week as CEO Elon Musk struggles to compensate for slowing sales and a 55% drop in first-quarter earnings. The latest cuts mean Tesla will see total U.S. employment drop as much as 20%, according to one report, with some departments, including its Supercharger operations, eliminated entirely.
Months after settling a crippling strike at its North American automotive operations, Stellantis faces the threat of another walkout, workers at a critical stamping plant in suburban Detroit giving union leaders the okay to shut down the facility if no agreement can be reached over health and safety issues. A walkout would also shutter key Chrysler, Dodge, Jeep and Ram assembly lines.
Vice President Kamala Harris made a trip to Detroit bearing some big gifts on Monday, $100 million to help the Motor City’s automotive parts manufacturers upgrade operations to support the shift to battery-electric vehicles.
Stellantis has all but completely abandoned its Free2move ride-sharing service due to a variety of problems including thefts, damage and high operating costs. Free2move continues operating only in Washington, D.C. and could close its U.S. operations entirely.
Tesla delivered a shock this week when word leaked out CEO Elon Musk was effectively closing down several departments, including the one overseeing its Supercharger network. Set up in 2012, when the automaker launched its original Model S sedan, the charging system was meant to assure buyers they’d have a place to plug in. But with the Supercharger network now open to most competing EV manufacturers, the news has triggered concerns across the auto industry — and is leading Tesla rivals to put emphasis on the competing new Ionna charging network.