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Why Musk now needs China more than it needs him

Livemint

Livemint · 1y ago

Why Musk now needs China more than it needs him

Elon Musk's recent visit to Beijing highlighted the changing power dynamics between Tesla and the Chinese government. Despite facing tough competition from homegrown rivals, Musk secured assurances that Tesla can roll out its self-driving technology in China. The trip also allowed China to showcase its openness to American businesses and emphasize its tight regulatory controls over data. However, the meetings underscored that China now needs Tesla less to fuel its electric vehicle market. Analysts believe the visit was a win for Musk, but it remains to be seen if Tesla's declining fortunes in China can be reversed.

Related News

The case against Elon Musk’s $46 billion pay deal

Livemint

Livemint · 1y ago

The case against Elon Musk’s $46 billion pay deal

The upcoming annual general meeting at Tesla will see a vote on Elon Musk's controversial $46 billion pay deal. Critics argue that the deal is disproportionate, being nearly 300 times higher than the salary of America's highest-paid CEO. Furthermore, it is more than double Tesla's cumulative free cash flows and represents about 8% of the company's market value. Proponents argue that Musk deserves this compensation for his outstanding performance, and that denying it now would be biased hindsight. However, the focus on this issue highlights the governance problem at Tesla, where Musk dominates the board that is meant to oversee him.

Inside Elon Musk's mushrooming security apparatus

Economic Times

Economic Times · 1y ago

Inside Elon Musk's mushrooming security apparatus

Elon Musk has significantly increased his personal security in recent years, as he has become wealthier and more famous. Musk and his companies, Tesla and SpaceX, have paid millions of dollars for his protection, including the creation of his own security company, Foundation Security. He now travels with a team of up to 20 security professionals, carries guns, and has a medical professional on hand. Musk's growing fear for his safety has led to a more isolated lifestyle, with him rarely being without bodyguards. The threats against him have also prompted him to be more cautious and standoffish with the public.

It's pretty clear: Elon Musk's play for OpenAI was a desperate bid to save Tesla

Business Insider

Business Insider · 1y ago

It's pretty clear: Elon Musk's play for OpenAI was a desperate bid to save Tesla

Elon Musk's aggressive and desperate efforts to save Tesla in 2018 included attempting to take over OpenAI, an artificial-intelligence startup. Musk suggested that OpenAI raise $1 billion, merge with Tesla, and name him CEO. He saw OpenAI as a source of capital but also wanted to keep its technology a secret. OpenAI founders Greg Brockman and Sam Altman were pushed by Musk to raise more money than they felt necessary and merge with Tesla. Now, OpenAI is fighting with Musk, revealing the contentious nature of their earlier interactions. Tesla, meanwhile, faces challenges and a need for support.

Donald Trump's tariffs could help Tesla, by hurting its rivals more

Economic Times

Economic Times · 7m ago

Donald Trump's tariffs could help Tesla, by hurting its rivals more

Tesla, an electric vehicle company led by Elon Musk, may benefit from U.S.-imposed tariffs on Chinese goods, as it boasts largely self-sufficient supply chains in the United States and China. While these tariffs could hurt Tesla's competitors more, the company remains vulnerable if U.S.-China relations worsen, as China is its second-largest market. Despite challenges such as falling sales in China and competition from local manufacturers, Tesla's domestic production positions it to withstand tariff impacts better than competitors.

Elon Musk got special favors and access from China that could leave him exposed, report says

Business Insider

Business Insider · 1y ago

Elon Musk got special favors and access from China that could leave him exposed, report says

The New York Times reported that China granted special privileges to Elon Musk for setting up a Tesla plant in the country. However, this could make him vulnerable to leverage from the Chinese government. To establish the plant in Shanghai, Musk received concessions such as low-interest loans, emission credit benefits, and relaxed ownership rules. With the plant now contributing to a significant portion of Tesla's global deliveries, the company's reliance on China's low-cost production is growing. This raises concerns among US lawmakers regarding Musk's ties to China, especially considering his ownership of SpaceX, which has Pentagon contracts.

Elon Musk picks a lot of fights. Here's why so few CEOs fire back — even if they want to.

Business Insider

Business Insider · 1y ago

Elon Musk picks a lot of fights. Here's why so few CEOs fire back — even if they want to.

Elon Musk has gained a reputation for picking fights with business leaders and politicians. However, many executives and billionaires tend to tiptoe around him and avoid engaging in conflict. Despite Musk's confrontational behavior and controversial statements, many are hesitant to criticize him due to his influential platform and devoted fan base. Additionally, speaking out against Musk could potentially lead to reputational damage for CEOs of publicly traded companies. Overall, Musk's unpredictable nature and the risk of backlash make it challenging for others to respond in kind.

Elon Musk does not owe ex-Twitter staffers $500 million in severance, court rules

TechCrunch · 1y ago

Elon Musk does not owe ex-Twitter staffers $500 million in severance, court rules

Elon Musk has won a lawsuit that accused him of not providing promised severance pay to more than 6,000 former Twitter employees following his takeover of the company in 2022. The lawsuit claimed that these employees were owed more severance than they received, as stipulated in Twitter's Severance Plan. However, a federal judge ruled that the Employee Retirement Income Security Act (ERISA) protections did not apply in this case. This is not the only legal battle Musk faces over the mass firings, as other lawsuits from former executives and senior employees seek severance payments.

What does $48 billion get Tesla investors? A return of the old Elon Musk

Livemint

Livemint · 1y ago

What does $48 billion get Tesla investors? A return of the old Elon Musk

During Tesla's recent shareholder meeting, CEO Elon Musk expressed his excitement for the future, envisioning a world with billions of humanoid robots and a potential valuation of $30 trillion for Tesla. Shareholders voted to reauthorize Musk's $48 billion pay package, allowing him to regain his enthusiasm. However, concerns remain over Tesla's car business, with falling sales and emerging competition from China. Musk also faced lawsuits accusing him of wrongdoing and creating a separate AI company. Despite these challenges, Musk's vision of a robot-filled future and his ability to accelerate Tesla's growth resonated with shareholders.

What Elon Musk needs from China

Economic Times

Economic Times · 10m ago

What Elon Musk needs from China

Elon Musk, CEO of Tesla, has a complex relationship with China, a country that President-elect Donald Trump has vowed to confront with higher tariffs. Tesla makes half its cars in China and faces strong competition from Chinese automakers. Musk has personally appealed to China's premier for permission to proceed with Tesla's Full Self-Driving technology. Experts speculate that China may use Musk as an ally to persuade Trump to take a more conciliatory approach on trade. Musk's other companies also face formidable competition from Chinese businesses in the solar energy, battery, and space launch industries. However, Tesla remains at a disadvantage in China as it has not received approval for Full Self-Driving, while Chinese companies have introduced similar technologies. Moreover, Tesla faces potential political risks in China, as the Biden administration considers banning cars from China or Russia with connections to digital networks. It remains uncertain how long Musk's alliance with Trump can last and its impact on Sino-American commercial relations.

Elon Musk suggests late Twitter disclosure was a mistake, seeks to end lawsuit

Economic Times

Economic Times · 1y ago

Elon Musk suggests late Twitter disclosure was a mistake, seeks to end lawsuit

Elon Musk is seeking to have a lawsuit dismissed where former Twitter shareholders claimed he waited too long to disclose his large ownership stake in the company, causing them financial harm. Musk argues that it is implausible to believe he wanted to defraud shareholders and that his delay was unintentional. The investors allege that Musk and his wealth manager took advantage of a SEC disclosure rule, allowing him to buy more shares at lower prices and save over $200 million. Musk denies these claims and asserts that he misunderstood the rule. The case is ongoing.

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