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04/27/2022

Tesla bill opponent in CT: ‘I don’t see the need to advance Elon Musk, who is already ruler of the world’

On Tuesday, April 26, the opposition to legislation that would allow direct sales of electric vehicles discussed the ongoing efforts to pass the so-called “Tesla bill” in Connecticut.

The proposed bill would conflict with Connecticut’s franchise law which requires car manufacturers to sell their products through third-party dealerships. The United Auto Workers (UAW) union, CT car dealers, and Senator Julie Kushner presented their arguments against the Tesla bill at the conference.

“I’m really a strong believer that we need to move to electric vehicles, and I think we’re doing that on many levels in the state, and I see the car manufacturers are moving in that direction as well,” said Sen. Kushner, a Danbury Democrat.

“I don’t see the need to do a Tesla bill. I don’t see the need to advance Elon Musk, who is already, you know, ruler of the world,” the Senator added.

Despite its nickname, the bill would allow any vehicle manufacturers without an existing presence in the state to sell vehicles directly to customers. Most automakers who would benefit from the dubbed Tesla bill would be EV manufacturers, like Tesla and Rivian.

Opponents of the Tesla bill also argued that it would undermine Connecticut’s consumer protection laws. Plus, they pointed out that direct sales could affect the jobs of nearly 14,000 employees in car dealerships, alluding to Tesla’s aversion to unions.

Tesla Fremont Factory employees are not unionized, which has received criticism in the past. However, in April, Elon Musk showed he was not opposed to unions. He invited the UAW to hold a union vote, adding: “Tesla will do nothing to stop them.”

The President of UAW Local 259, Brian Schneck, highlighted that franchise laws have been in place for decades across the United States. Connecticut’s franchise law has been around since 1972. Schneck argued that EV manufacturers like Tesla could simply choose to follow franchise laws rather than push for direct sales in each state.

Rivian explained why the franchise dealer system would not work with its business model.

“The franchise dealer system simply will not work for Rivian’s business model, where vehicles are made-to-order and we’re ramping our production,” Rivian spokesperson Leslie Hayward told CT Insider.

“As a company, we are innovating on not just the product, but also the customer experience. Furthermore, we know that the vast majority of the EVs sold in the United States are via direct sales — this is no coincidence,” Hayward added.

04/25/2022

The US government is investigating reports of Tesla cars braking unexpectedly on motorways.
The so-called "phantom braking" problem is being looked at by US regulator the National Highway Traffic Safety Administration (NHTSA).
It received 354 complaints in the past nine months and its investigation will cover approximately 416,000 Tesla Model 3 and Model Y vehicles from 2021-22.
Drivers say the issue occurs using the Autopilot driver assistance system.
The feature gives the vehicle control over some elements of braking and steering when driving, although it is not a substitute for a human driver.
Despite the name, Tesla recommends drivers remain vigilant and supervise their vehicle, noting the Autopilot ADAS system "does not make the vehicle autonomous".
Tesla is currently under investigation by the NHTSA over two other matters.
In December 2021, it disabled its Passenger Play feature that allowed games to be played on its touchscreen while the car is in motion, leading to an open investigation covering an estimated 580,000 vehicles.
And last August, the NHTSA started to look into the role of the Autopilot system in 11 crashes involving emergency vehicles, covering approximately 765,000 Tesla cars.
The NHTSA's Office of Defects Investigation (ODI) has begun a "preliminary evaluation" into Tesla over the complaints. This is the stage before the agency could officially issue a recall of the vehicles.
It says there have been no crashes, injuries or fatalities as a result of the incidents.
"The complaints allege that while utilising the ADAS features including adaptive cruise control, the vehicle unexpectedly applies its brakes while driving at highway speeds," the report says.
"Complainants report that the rapid deceleration can occur without warning, at random, and often repeatedly in a single drive cycle.
"ODI is opening this preliminary evaluation to determine the scope and severity of the potential problem and to fully assess the potential safety-related issues."
The NHTSA makes customer complaints publicly available on its website, so consumers can compare vehicle safety.
In one complaint from 11 February 2022, the driver says: "Heavy braking occurs for no apparent reason and with no warning, resulting in several near misses for rear end collisions... this issue has occurred dozens of times during my five months and 10,000-mile ownership."
In another dated 3 February 2022, the user complains of "phantom braking for no apparent reason", stating that their car suddenly decelerated from 73mph down to 59mph "in two seconds".
The BBC has approached Tesla for comment.

04/25/2022

Tesla boss Elon Musk has offered to buy Twitter, saying he is the right person to "unlock" the social media platform's "extraordinary potential".
In a surprise announcement, Mr Musk said he would pay $54.20 a share for Twitter, valuing it at about $40bn.
It recently emerged that Mr Musk was Twitter's biggest shareholder after he built up a large stake in the firm.
He said that if his offer was not accepted: "I would need to reconsider my position as a shareholder".
Mr Musk also said that if the board of directors at Twitter chose to reject the offer, it would be "utterly indefensible not to put this offer to a shareholder vote".
"They own the company, not the board of directors," he wrote in a tweet.
Twitter's share price rose jumped by 5.3% to $48.32 in early trading, before falling back to more than $46.20 later on.
A filing with the US financial regulator appeared to show text and/or voice messages from Mr Musk to Twitter's board, showing that he had raised the idea at the weekend that the business should go private.
Mr Musk had been invited to join the board, but Twitter announced on Sunday he had decided against it.

04/25/2022

Tesla boss Elon Musk has admitted he is "not sure" his takeover bid for social media firm Twitter will be successful.
He made the comments at a conference just hours after revealing that he had offered to buy the company for $54.20 a share, valuing the firm at $43bn.
Also on Thursday, Twitter's chief executive told employees that the company was evaluating the approach.
Parag Agrawal reportedly said at the staff meeting that the company was not being "held hostage" by the offer.
Speaking at the TED2022 conference in Vancouver, Mr Musk said: "I am not sure that I will actually be able to acquire it."
He added that he had a "Plan B" if his bid for Twitter was rejected, but gave no further details of what that could mean.
Mr Musk also said at the event that Twitter should be more open and transparent. "I think it's very important for there to be an inclusive arena for free speech," he said.
Elon Musk makes offer to buy Twitter
NFT of Jack Dorsey's first tweet struggles to sell
On Thursday, he revealed his offer to buy all the shares in Twitter that he does not already own.
In an official filing to US regulators, Mr Musk said he was the right person to "unlock" the company's "extraordinary potential" and that if his offer was not accepted, "I would need to reconsider my position as a shareholder."
He also said that if Twitter's board of directors chose to reject the offer, it would be "utterly indefensible not to put this offer to a shareholder vote".
Saudi Arabia's Prince Alwaleed bin Talal shunned the bid, tweeting: "I don't believe that the proposed offer by Elon Musk comes close to the intrinsic value of Twitter given its growth prospects."
The billionaire claimed that he has a stake in Twitter through his investment firm Kingdom Holding Company. However, Mr Musk immediately replied asking how many Twitter shares Prince Alwaleed's firm owns, adding: "What are the Kingdom's views on journalist freedom of speech?"

04/25/2022

Tesla has been raising prices - but that hasn't seemed to dent demand for its electric cars.
Despite the firm facing higher costs, profits at Elon Musk's electric car company soared to $3.3bn (£2.5bn) in the first three months of the year, as customers proved willing to pay more.
The firm's deliveries were up 68% - and would have been higher if not for supply chain shortages, the firm said.
Its Shanghai factory was also recently forced shut due to Covid restrictions.
As the plant reopens this month, staff will be required to sleep at the factory in an effort to avoid further lockdowns, Bloomberg has reported.
"Although limited production has recently restarted, we continue to monitor the situation closely," Tesla said as it shared quarterly results with investors.
Tesla has been pushing to expand, opening new factories in Texas and Germany in recent weeks.
The firm delivered more than 310,000 cars in the first three months of the year and in a conference call, chief executive Elon Musk predicted the company would produce 60% more cars during the year as a whole compared to last year.
Tesla doesn't advertise its products, but attracts frequent headlines, often related to controversial comments made by Mr Musk.
But the firm said that it had also seen spikes in orders following increased marketing from rival electric car makers.
What are Elon Musk's plans for Twitter?
The man who sent his sports car into space
Mr Musk said Tesla expects to mass produce a robotaxi with no steering wheel or pedals by 2024.
While Tesla shares rose more than 5% in after-hours trade, following the strong results, some investors worry Mr Musk may be distracted from his focus on the electric carmaker as it expands.
Mr Musk, known for his sometimes erratic musings on Twitter, recently made an unsolicited offer to buy the social media platform for $43bn.
The rise in Tesla's stock market value in recent years has made Mr Musk the world's richest man, with an estimated net worth of more than $260bn.
That is nearly $100bn more than his closest rival, Amazon founder Jeff Bezos.

04/25/2022

Twitter board meets Musk to discuss bid, reports say
Twitter's board reportedly met Elon Musk over the weekend to explore his $43bn (£33.6bn) takeover offer for the social media platform.
After the Tesla boss first revealed his bid, Twitter's management announced a so-called "poison pill" strategy to fend off a potential hostile buyout.
Mr Musk plans to finance his bid with the backing of US lender Morgan Stanley and other financial institutions.
A spokesperson for Twitter declined to comment on the reports.
Details of how Mr Musk intended to finance his offer, which were disclosed to US regulators on Thursday, made Twitter's 11-member board seriously consider a possible deal, according to Reuters, the New York Times and Bloomberg - citing anonymous sources.
Mr Musk, who owns a more than 9% stake in Twitter, has lined up a $46.5bn financing package for his bid, according to a regulatory filing.
The funding will come from a mixture of his own assets and the backing of Wall Street banking giant Morgan Stanley and other firms.
A number of Twitter shareholders reportedly contacted the company after Mr Musk announced the financing plan and urged it not to miss the opportunity for a potential deal.
Twitter board takes action to fight Musk bid
Elon Musk 'not sure' his Twitter bid will succeed
Dan Ives, an analyst at investment firm Wedbush Securities, said many investors will view the discussions "as the beginning of the end for Twitter as a public company, with Musk likely now on a path to acquire the company unless a second bidder comes into the mix".
A hostile takeover attempt by Mr Musk, who is the world's richest person, would put "further pressure on the board with their backs against the wall in this Game of Thrones battle for Twitter," Mr Ives added.
Earlier this month, Mr Musk refused a seat on Twitter's board, which would have limited the shares he was allowed to own. He then made made an unsolicited offer for the company on 14 April.
The next day, Twitter's board announced a plan to protect itself against a potential hostile takeover by adopting what is known as a "limited-duration shareholder rights plan", also known as a "poison pill".
The move deters anyone from having more than a 15% stake in the company. It does this by allowing others to buy additional shares in the firm at a discount.
A takeover bid is considered to be hostile when a person or business tries to take over another company against the wishes of the target firm's management.

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