China doesn’t want US cars like Ford and General Motors. That’s a big problem for their futures.
Good morning, readers. I'm Diamond Naga Siu, and I feel pretty behind compared to my peers.
A new study found that more than 30% of Gen Zers owned a home at age 25. This is much higher than the rates for millennials and Gen Xers at the same age. And my colleague Alcynna Lloyd breaks down how this homeownership phenomenon happened.
Before I go cry over my rent for next month, let's dive into today's tech.
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1. America has a problem: China — the world's largest car market — doesn't want its vehicles. In 2022, data shows Ford and General Motors' car sales in China each dropped more than 20% from the year before. Paired with a rise in EV demand, the US carmakers are in an alarming position.
- "It's pretty much the consensus belief that the US automakers are increasingly irrelevant" in China, one analyst told Insider. Plus, Chinese automakers are rapidly filling in the market share that US automakers are losing.
- Other than Tesla, popular US auto brands lost major ground in China last year. Ford's CEO even acknowledged that the most successful luxury car companies there only sell EVs.
- My colleagues Alexa St. John and Nora Naughton break down how the future of US automakers hinges on China.
Race over for the full picture here.
In other news:
2. "I used AI to create my professional headshots." Some were "comically awful." Others gave my careers colleague Rebecca Knight a self-esteem boost. Check out the headshots AI generated for her here.
3. The student who tracks Elon Musk's private jet said his Facebook page was taken down. Jack Sweeney said Facebook cited "impersonation" for the decision. More on the social media scuffle here.
4. Mark Zuckerberg was grilled by angry employees. His company just went through another round of layoffs last week. And employees questioned why execs still received massive bonuses amid poor company performance. Check out Zuck's "shallow" and "patronizing" responses here.
5. It's a bird, it's a plane — it's a fleet of flying cars. Although Google founder Larry Page's flying car company Kittyhawk majorly flopped, it left us with some interesting vehicles. Hop aboard to see all the funky flying car models here.
6. The CEO of Snap said he would love a US TikTok ban. Evan Spiegel thinks the ban would benefit Snap in the short term. But he's also worried about what the ban could mean for the future of tech. More on his complex feelings here.
7. Expired Chromebooks create "piles of electronic waste." Many schools purchased Chromebooks for students when the pandemic started. But three years later, the laptops are reaching their expiration dates. Welcome to the Chromebook graveyard here.
8. Spotify's mystery song. It's a 53-second tune. But the audio was uploaded at least 49 times to Spotify, each with a different name, artist, writing credit, and cover art. Users immediately started to investigate what was happening. More on the musical mystery here.
Odds and ends:
9. The bleak motive behind Saudi Arabia's futuristic desert city. The Line is a 100-mile "mega-city" developed by Crown Prince Mohammed bin Salman (here's everything you need to know about it, by the way). But recent deals with China reveal a dystopian vision. More on the hidden plans here.
10. An inside look at India's 15,000 abandoned mansions. Spice and gem tycoons built them from around 1850 to when World War II started. The average mansion is 40,000 to 50,000 square feet and has 50 rooms. Many are now left to decay. Get the full tour here.
What we're watching today:
- Investment banking company Piper Sandler is hosting an invite-only Cybersecurity CEO Summit in San Francisco.
- BloombergNEF (also known as Bloomberg New Energy and Finance) kicks off its two-day summit. The event features leaders from Google, Chevron, Bank of America, and other major companies.
- Happy birthday, Kehlani. Hope all the Good Things head your way.
Curated by Diamond Naga Siu in San Diego. (Feedback or tips? Email dsiu@insider.com or tweet @diamondnagasiu) Edited by Hallam Bullock (tweet @hallam_bullock) in London.