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<ul class="summary-list"><li>China's EV giants left their European rivals in the dust at the continent's biggest auto show.</li><li>BYD, Xpeng, and Leapmotor unveiled new models at the Paris Motor Show despite looming tariffs.</li></ul>Automakers flocked to Paris for Europe's largest motor show this week — and China's EV giants were the star attraction.BYD, Xpeng, and Leapmotor showcased new vehicles at the Paris Motor Show, even as <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">the European Union prepares to impose punishing tariffs</a> on Chinese electric vehicles.BYD unveiled the Sealion 7, a stylish electric SUV that the company says can charge from 10% to 80% in just 24 minutes. The company plans to launch the EV in Europe later this year.The automaker, which aims to become Europe's largest electric carmaker by 2030, showed off seven vehicles at its booth in Paris.Crowds quickly formed around the high-tech Yangwang U8, an imposing hybrid SUV that BYD says is capable of floating on water for up to 30 minutes and turning on the spot like a tank.The U8, which was making its European debut but is currently only sold in China, also comes with a drone that allows passengers to scout the road ahead.The Chinese focus on technologically advanced features and smart cars was also apparent elsewhere at the motor show. The booth of Chinese EV firm Xpeng was dominated by <a target="_blank" class="" href="https://www.businessinsider.com/xpeng-tesla-rival-flying-car-prototype-drone-evtol-2022-11">the company's flying car prototype</a>, which hung from the ceiling.<div type="image" title="Xpeng flying car at the Paris auto show" height="1875" width="2500" msid="114288549" hostid="261" sizebytes="398130"></div>CEO He Xiaopeng and co-president Brian Gu revealed the P7+ with camera-powered partially autonomous driving.Executives also discussed the company's investments in humanoid robots, flying cars, and AI hardware.Speaking to reporters, Gu said that although the tariffs, which could see <a target="_blank" class="" href="https://www.businessinsider.com/bmw-stellantis-renault-auto-giants-on-chinese-ev-competition-2024-10">manufacturers face extra levies as high as 35%</a>, would put pressure on Xpeng's business model, the company was not backing down from its European expansion plans."We have a long-term and strong commitment to Europe, which is a region that we think is a core to our business. We will do whatever is necessary to be competitive," he said.<h2 id="995c4927-3f48-4827-9f84-774f4931eb8f">European automakers despair</h2>Among the local automakers at the event, the atmosphere was less positive.<a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">Stuttering EV sales across the continent</a> have meant some European manufacturers have scaled back their EV plans and are <a target="_blank" class="" href="https://www.businessinsider.com/bmw-ceo-2035-gasoline-vehicle-ban-eu-more-reliant-china-2024-10">lobbying the EU to rethink emissions targets</a> they say will cost them billions in fines.Speaking at a summit on the sidelines of the motor show, BMW CEO Oliver Zipse said the mood in Europe's auto industry was "trending toward pessimism."He warned that a planned 2035 ban on gasoline vehicles in Europe could "threaten the European automotive industry in its heart," while the CEO of French automaker Renault said that it was clear that Chinese automakers had accelerated beyond their Western rivals."Europe is not the leader anymore. No one can put heads in the sand anymore — the center of gravity is now in China," said Renault boss Luca de Meo, speaking at the same event.Nowhere was that more apparent than at the booth occupied by Chinese EV maker Leapmotor.<div type="image" title="Zhu Jiangming founder of Leapmotor and Carlos Tavares CEO of Stellantis at Paris Motor Show" height="4016" width="6016" msid="114288547" hostid="261" sizebytes="2561190"></div>After launching <a target="_blank" class="" href="https://www.stellantis.com/en/news/press-releases/2024/september/leapmotor-international-opens-orders-in-europe-for-affordable-high-tech-t03-city-car-and-c10-suv-electric-vehicles">two new models in Europe</a> last month, the EV startup <a target="_blank" class="" href="https://www.media.stellantis.com/em-en/leapmotor/press/leapmotor-b10-makes-global-debut-at-the-paris-motor-show">unveiled the B10</a>, an electric vehicle it is planning to sell globally from next year and which could cost 100,000 RMB ($14,000) in China.While unveiling the new model, Leapmotor CEO Zhu Jiangming was joined by Carlos Tavares, the CEO of Jeep, Ram, and Fiat maker Stellantis.The European automaker <a target="_blank" class="" href="https://www.stellantis.com/en/news/press-releases/2024/may/leapmotor-international-begins-operations-to-expand-global-electric-vehicle-sales-starting-september-2024-in-nine-european-countries-followed-by-other-key-growth-regions">struck a deal with Leapmotor</a> earlier this year to invest in the company and gained exclusive rights to sell its affordable EVs outside China.Speaking at the automotive summit on Tuesday, Tavares said European automakers needed to accept the "harsh reality" that Chinese companies were now capable of making EVs for far cheaper than their European rivals.He added that the Leapmotor partnership had been necessary for Stellantis to compete with the country's electric vehicle giants."For us, the best way to compete immediately with the Chinese was to hop on their train, rather than letting it run us over," Tavares said.

China's EV giants shine at Europe's largest auto show while local rivals despair

<ul class="summary-list"><li>A massive IT outage linked to a CrowdStrike update has disrupted the global economy.</li><li>Major airlines, fast-food chains, and Microsoft Windows systems have faced significant issues.</li></ul>A <a target="_blank" class="" href="https://www.businessinsider.com/major-disruptions-airline-bank-london-stock-exchange-microsoft-outage-2024-7">massive IT outage</a> disrupted <a target="_blank" href="https://www.businessinsider.com/major-disruptions-airline-bank-london-stock-exchange-microsoft-outage-2024-7">the global economy</a> after CrowdStrike, the cybersecurity giant, issued a faulty update.Over the past several hours, major airlines have grappled with spotty communication systems. <a target="_blank" href="https://www.businessinsider.com/mass-it-outage-companies-operations-airlines-affected-microsoft-crowdstrike-2024-7">Fast-food restaurants, grocery stores, and major retailers</a> have struggled with faulty cash registers. Since CrowdStrike also provides services to Microsoft, any machines running on Microsoft's Windows operating system also crashed due to the update.Meanwhile, online, IT professionals are moaning about the simple way this all could have been avoided: Turn off auto-updates."Every IT person learns this lesson the hard way…once. I just posted a comment a day earlier trying to explain why auto-updating infrastructure was a bad idea, now I've gone back and added this as an example," one all-knowing IT person wrote on Reddit.Several X users echoed that sentiment."Sometimes you tell yourself that there are adults in the room and that people are not making things up as they go," wrote one X user. "Then basically every major airlines/airports, hospitals, emergency systems, banks, etc. go down because they all run kernel level junk that auto updates."Another X account dedicated to cryptocurrency trading posted the disclaimer: "Auto-updates introduce systemic risk."Cybersecurity experts said that auto-updates typically help companies react quickly to global threats."Of course, not having auto-updates on in this case would have saved companies, but the auto-update is there for a reason — to respond as fast as possible to new threats and exploits worldwide," Nadir Izrael, the cofounder and chief technical officer of cybersecurity company Armis, told Business Insider. "Clearly, in this case, there was a catastrophic failure in that, and it will likely impact how tools do auto updates in the foreseeable future."Izrael said Armis itself doesn't use auto-updates and instead has people on call to review and roll out updates. "However, for a large-scale enterprise, that might not be a feasible process," he said.Whether this outage will prompt cybersecurity companies to reevaluate their approach to auto-updates isn't yet clear. However, it's best for companies using these tools to enable more than one line of defense, according to Andrius Minkevičius, the cofounder of CyberUpgrade, which specializes in cybersecurity solutions."This incident is a stark reminder that relying solely on technological defenses is insufficient. Organizations must implement multiple control mechanisms and security measures for each potential attack vector," he told BI by email.

Global IT outage shows why you should be wary of turning on auto-updates

<ul class="summary-list"><li>Local and Western carmakers have flocked to the Beijing Auto Show.</li><li>Highlights include Zeekr's transforming minivan and a flying car built by Xpeng. </li></ul>If you need more evidence that <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">China's EV market is booming</a>, just look at the country's biggest car show.<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-23/vw-bmw-out-to-prove-they-re-not-a-spent-force-at-china-car-show">Around 117 new cars</a> debuted at the Beijing auto show, which began April 25 and runs until May 4, as dozens of local manufacturers jostled for space with foreign imports like Volkswagen and Mercedes in <a target="_blank" href="https://www.businessinsider.com/china-tesla-electric-vehicle-market-dominance-competition-byd-aion-wuling-2024-4">China's brutally competitive automobile sector</a>.The likes of <a target="_blank" href="https://www.businessinsider.com/china-byd-electric-car-ev-why-not-coming-to-us-2024-3">BYD</a>, Zeekr, and Xiaomi all showed off new models — here are some of the most interesting vehicles on offer.<h2>The Zeekr Mix</h2><div type="image" title="Zeekr Mix" height="1666" width="2500" msid="109839618" hostid="261" sizebytes="214718"></div>Zeekr might be only three years old, but the company has made a name for itself with its<a target="_blank" href="https://www.businessinsider.com/ev-electric-vehicle-china-brands-byd-nio-wuling-zeekr-geely-2023-5#4-geelys-zeekr-is-just-2-years-old-but-it-already-has-international-ambitions-5"> quirky EVs</a>.At the auto show, the EV firm unveiled the Zeekr Mix, an electric multi-purpose vehicle with swiveling chairs that allow it to <a target="_blank" href="https://www.forbes.com/sites/jamesmorris/2024/04/28/auto-china-2024-zeekr-mix-is-much-more-than-just-a-novel-mpv/?sh=129c8e2a2ac8">transform into a small room</a> when parked.The company, owned by Chinese auto giant Geely, <a target="_blank" href="https://electrek.co/2024/02/27/zeekr-launches-001-refresh-improved-specs-lower-prices/">recently released</a> its all-new Zeekr 001 model, equipped with battery technology that can go from <a target="_blank" href="https://insideevs.com/news/715042/2024-zeekr-001-charging-speed/">10% to 80% charged in just 11 minutes</a>.<h2>BYD targets high-end customers</h2><div type="image" title="BYD Yangwang U8" height="1663" width="2500" msid="109839622" hostid="261" sizebytes="447414"></div>By far the biggest name in China's EV market is BYD, the Warren Buffett-backed firm that is probably giving Elon Musk sleepless nights.The EV upstart has become known for its cheap vehicles, such as the <a target="_blank" href="https://www.businessinsider.com/byd-seagull-cheap-ev-electric-car-tesla-china-2023-4">$11,000 Seagull</a>, but the company was showing off its more high-end models in Beijing.That includes the Yangwang U8, the latest version of which, the <a target="_blank" href="https://cnevpost.com/2024/04/25/byds-yangwang-launches-new-variant-u8-gives-u7-debut/">Off-road Master Edition</a>, was unveiled in Beijing.This 1.1 million yuan ($150,000) SUV is capable of <a target="_blank" href="https://www.autoevolution.com/news/meet-the-car-that-floats-byd-s-yangwang-u8-suv-comes-with-an-emergency-floating-mode-221628.html">floating for up to 30 minutes</a> and turning 360 degrees on the spot <a target="_blank" href="https://www.youtube.com/watch?v=dkROmU9Bxbw">like a tank</a> — and customers can even add a <a target="_blank" href="https://www.wired.com/story/evs-with-built-in-camera-drones-have-already-landed-in-china/">built-in drone</a> for an <a target="_blank" href="https://apnews.com/article/china-beijing-auto-show-ev-8ee415e956b818be6d363367c8180b4f">extra 100,000 yuan</a> ($14,000). BYD also announced a new cheap electric hatchback as it looks to squeeze Tesla even further. The <a target="_blank" href="https://electrek.co/2024/04/26/byd-unveils-sleek-new-electric-hatch-1000-hp-z9-gt-ev/">Ocean-M</a> hatchback will be released later this year and will cost between 150,000 yuan to 200,000 yuan ($20,00 to $27,000).<h2>Xiaomi brings its Tesla rival</h2><div type="image" title="Xiaomi SU7" height="1663" width="2500" msid="109839625" hostid="261" sizebytes="189460"></div>One of the biggest draws of the auto show was the SU7, an electric SUV built by <a target="_blank" href="https://www.businessinsider.com/china-xiaomi-launch-electric-car-apple-failed-tesla-2024-3">smartphone maker Xiaomi</a>.The EV promises to offer <a target="_blank" href="https://www.businessinsider.com/xiaomi-su7-ev-photos-specs-features-tesla-rival-2023-12">a range of 500 miles</a> and a battery that can be fully charged within 15 minutes, according to Xiaomi, and drivers will have access to the company's <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-full-self-driving-technology-china-local-competition-2024-4">next-gen autonomous driving features</a> — all for a price point that starts at<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-28/xiaomi-unveils-ambitious-pricing-for-entry-in-cutthroat-ev-race"> 215,900 yuan ($30,00)</a>.It's not surprising that the EV <a target="_blank" href="https://www.reddit.com/r/electricvehicles/comments/1cf9vuo/people_queue_hours_to_see_xiaomi_su7_closer_at/">appeared to attract huge queues</a> when it went on display at the Beijing conference. Xiaomi has said that the company has already <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-25/xiaomi-says-su7-ev-orders-reach-75-723-since-march-launch">received more than 75,000 orders</a> for the SUV, with deliveries beginning in March.<h2>European automakers join the party</h2><div type="image" title="VW ID-Code" height="1663" width="2500" msid="109839628" hostid="261" sizebytes="266854"></div>Not to be outdone by their Chinese counterparts, Western automakers also had a large presence at the Beijing auto show.Volkswagen, once China's largest car brand before being <a target="_blank" href="https://fortune.com/europe/2024/01/23/volkswagen-top-car-seller-china-byd-warren-buffett-berkshire-hathaway/">overtaken by local rivals</a>, showed off its <a target="_blank" href="https://www.volkswagen-newsroom.com/en/the-new-id-code-world-premiere-18343">ID.Code 01 concept EV</a>, which features a <a target="_blank" href="https://www.volkswagen-newsroom.com/en/the-new-id-code-world-premiere-18343/the-design-and-technologies-of-the-interior-in-detail-18348">built-in robot that vacuums the car</a> when it's not being used.German firm Mercedes, meanwhile, unveiled an electric version of its <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-24/electric-g-wagon-pricing-performance-for-new-mercedes-benz-suv">iconic G-Wagon off-roader</a>, which the company said would launch in China <a target="_blank" href="https://www.reuters.com/business/autos-transportation/mercedes-benz-shows-off-electric-line-up-beijing-autoshow-not-giving-up-2024-04-25/">later this year</a>.<h2>Xpeng shows off its flying car</h2><div type="image" title="Xpeng flying car" height="1667" width="2500" msid="109839631" hostid="261" sizebytes="292698"></div>The number of companies trying to make it in China's EV market — <a target="_blank" href="https://www.businessinsider.com/china-tesla-electric-vehicle-market-dominance-competition-byd-aion-wuling-2024-4">at least 123</a>, according to one auto consultant — has seen some firms branch out in unexpected directions.One is Chinese EV maker Xpeng with its AeroHT flying car prototype that went on <a target="_blank" href="https://electrek.co/2024/04/25/xpeng-2k-pure-visual-adas-neural-network-fast-charging-ai-ev-sub-brand-beijing/">display in Beijing</a>.The AeorHT has been in development for a decade, and the affiliate company behind it is reportedly <a target="_blank" href="https://www.scmp.com/business/china-business/article/3260577/xpengs-flying-car-affiliate-aeroht-closes-airworthiness-certification-chinese-ev-maker-targets">close to receiving regulatory approval to fly</a> — but no price or release date has been announced yet, so may be a while before the AeroHT dominates China's skies.

These are the wildest EVs unveiled at China's biggest auto show

The <keyword id="23021375" type="General" weightage="20" keywordseo="domestic-passenger-vehicle-industry" source="keywords">domestic passenger vehicle industry</keyword> volumes declined by low single digit in August 2024 as compared with August 2023, because of weak retail demand trends and higher <keyword id="21396778" type="General" weightage="20" keywordseo="inventory-levels" source="keywords">inventory levels</keyword> at the dealerships according to Kotak Institutional Equities. The report suggests that the major reason for the sluggishness in sales of tractors is the uneven spatial distribution of rainfall, particularly in northern and eastern regions. It also highlights that growth will pick up in the coming months on the back of <keyword id="23021373" type="General" weightage="20" keywordseo="improved-monsoon" source="keywords">improved monsoon</keyword> conditions. The upcoming festive season will also improve the situation as traditionally it is a peak period for auto sales. Strong festive demand could help offset some of the losses experienced in the first half of the fiscal year. The weak wholesale figures in August were driven by private vehicles (PV), commercial vehicles (CV) and tractor original equipment manufacturers (OEM). Retail sales declined in single digits (yoy) for most of the companies. The PV segment saw a low single-digit decline in domestic wholesale volumes year-on-year (YoY) in August 2024, driven by weak retail demand and elevated inventory levels at dealerships, which stood at approximately 70 days. The retail sales fell by mid-single digits YoY during the month. Maruti Suzuki India Limited (MSIL), the largest player in the segment, reported a 4 per cent YoY drop in total volumes, including a 5 per cent decline in domestic sales but it was partially offset by a 6 per cent rise in the export volumes. MSIL's wholesale market share is estimated to have slipped by 250 basis points YoY to approximately 40.5-4 per cent says the report. Other major players also faced challenges in sales. Tata Motors recorded a 3 per cent YoY decrease in PV volumes, while Hyundai Motors reported an 8 per cent drop. However, Mahindra &amp; Mahindra (M&amp;M) bucked the trend with a 16 per cent YoY increase in PV volumes, and Toyota India posted a significant 37 per cent YoY growth on low volumes. Kia and MG Motors also experienced an uptick in sales. The two-wheeler (2W) segment showed resilience with high single-digit YoY growth in domestic wholesale volumes, largely driven by channel filling ahead of the festive season. Retail sales of the internal combustion engine (ICE) two-wheelers grew by mid-single digits YoY, while electric two-wheeler (EV 2W) sales surged by 41 per cent YoY, propelled by new mass-market EV launches and attractive discounts. Among the key players, Hero MotoCorp (HMCL) saw a 5 per cent YoY rise in volumes, and TVS Motor reported a robust 14 per cent YoY increase, with growth in both domestic and export segments. Bajaj Auto's volumes grew by 18 per cent YoY, driven primarily by domestic sales. However, Royal Enfield faced a 5 per cent YoY decline in volumes. Going forward, the report highlighted that the Commercial Vehicle (CV) segment underperformed during the month, with domestic volumes declining by low double digits YoY, primarily due to weakness in the Medium and Heavy Commercial Vehicle (MHCV) truck and Light Commercial Vehicle (LCV) segments. Tata Motors experienced a 15 per cent YoY drop in domestic CV volumes, with sharp declines in Small Commercial Vehicle (SCV) cargo (down 23 per cent) and MHCV trucks (down 15 per cent). Ashok Leyland also reported a 7 per cent YoY decline in CV volumes, while VE Commercial Vehicles (VECV) managed a modest 1 per cent YoY increase. In August, the domestic tractor segment remained flat YoY with volumes coming in 5-6 per cent. During this period, M&amp;M's tractor volumes grew by 1 per cent YoY, while Escort Kubota's volumes remained unchanged compared to the same period last year. The report says that strong festive demand could help offset some of the losses experienced in the first half of the fiscal year, particularly if economic conditions and consumer sentiment improve.

Auto Industry sales to surge on the back of improved monsoon, festive season demands: Report

<ul class="summary-list"><li>Morgan Stanley analysts' bull case for Tesla would see the stock soar to $500 a share. </li><li>They said Tesla's autonomous technology could be the "great unlock" that turns it into an AI giant.</li></ul>Tesla shares have a path to big upside ahead if the electric car company can expand beyond autos and if CEO Elon Musk flexes newfound political muscle in a second Donal Trump presidency, Morgan Stanley analysts said on Tuesday. The analysts, led by Adam Jonas, forecast a rise to $500 a share in their most bullish scenario, a gain of about 50% from prices on Tuesday afternoon. The stock was trading around $332.45 at 1:58 p.m. ET. They said that Tesla, with 80% of its year-to-date revenues coming from vehicle sales, is frequently excluded from the enthusiasm surrounding artificial intelligence, datacenters, renewable energy, robotics, and on-shoring. However, they think that could change in the coming years if Tesla can successfully implement some of its initiatives outside the core car business. "Tesla is a car company. That is a fact. However, we also view Tesla as a collection of call options," the analysts said in a Monday note. "Many of these call options have exercise dates far out into the future. Many may not be exercised at all. Others may be starting to move into the money right now."The analysts point in particular to its energy sector, which is already showing huge growth even though few investors cared about it just a few quarters ago. Last year, Tesla's storage deployments more than doubled, and are on track to do so again this year, the analysts say.That means it's no longer controversial to suggest Tesla's energy business could soon be more valuable than its auto business, they wrote.They also see the potential for its autonomous driving capabilities to be the "great unlock" that transforms Tesla into an AI giant."In our opinion, the winners in autonomy (whether in cars or other form factors) will be those firms who can combine capabilities in data, robotics, energy, AI, manufacturing and downstream infrastructure," the analysts said. "We believe Tesla has the capability to benefit from this theme over time."The emergence of other themes will be helped by Musk's potentially greater political influence in coming years, the analysts say.Since the election, investors seem to be betting that Musk—and his companies—will benefit from his close ties to the President-elect. Musk became a key Trump ally in the final months of the campaign, <a target="_blank" href="https://www.businessinsider.com/elon-musk-trump-gop-spending-130-million-2024-10">donating millions</a> and voicing his support in key swing states like <a target="_blank" href="https://www.businessinsider.com/elon-musk-pennsylvania-america-pac-donald-trump-harris-2024-11">Pennsylvania</a>.The analysts said it is clear that Musk has gained considerable political influence. If he applies that influence to advance policies to advance EVs, robotics, and renewables, it could accelerate Tesla's journey beyond being just a carmaker."Setting the United States on a course for EV/AV/Robotics/Renewable independence is going to involve government and industrial partnership on a scale some have compared to the Manhattan Project, US Highway Act or the Apollo Missions. Elon Musk's emergence from a political 'outsider' to having a voice in potential policies may, at some level, accelerate Tesla's journey beyond autos," the analysts say.Musk said he would be interested in <a target="_blank" rel="" class="" href="https://www.businessinsider.com/donald-trump-rally-elon-musk-save-department-government-efficiency-2024-10">running a new "Department of Government Efficiency"</a> to slash costs and reduce the federal budget. Morgan Stanley's bullish call comes as Tesla's stock has seen <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11?_gl=1*1exg2qk*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTQyNzQ0OS4zOTQuMC4xNzMxNDI3NDU3LjUyLjAuMA..">huge inflows</a> amid a broader <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-election-win-stock-market-today-record-high-sp500-dow-2024-11">post-election rally</a>. The stock has risen 34% since the election outcome was called, and has continued trading around a two-year high.

Tesla stock could soar 50% as it broadens beyond autos and as Musk exerts more political influence, Morgan Stanley says 

<ul class="summary-list"><li>Tesla investors will be closely watching profit margins when the company reports earnings on Wednesday.</li><li>Tesla stock is down 13% this year compared to the S&amp;P 500's 22% gain.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/TSLA-stock">Tesla</a> will report third-quarter earnings results after the market close on Wednesday, and Wall Street will be hyper-focused on the company's core auto business.That's a shift from <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-cybercar-analysts-self-driving-fleet-ai-2024-10">the recent hype surrounding Tesla's robotaxi,</a> which is still years away from hitting the market. At the end of the day, Tesla gets the bulk of its revenue and profits from selling cars, and Wall Street wants to see the company return to growth mode in its core auto business.The company is on track to deliver about the same number of cars this year as it did in 2023, and it has seen a steady deterioration in its profit margins due to aggressive price cuts earlier this year.Tesla stock is down 13% year-to-date, compared to a 22% gain for the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> over the same time period.However, some analysts on Wall Street expect the upcoming third-quarter earnings print will be a sign that the worst is behind Tesla.Here's what Wall Street expects from Tesla's upcoming earnings report.<h3 id="c6cb087f-2fb6-4381-a552-4a20fa42e990">Barclays: 'Back to fundamentals'</h3>"With Tesla's Robotaxi Day passed, we believe the focus for Tesla at least for now shifts back to fundamentals," Barclays analyst Dan Levy said in a note last week.Levy expects Tesla to beat earnings estimates, with estimated earnings per share of 68 cents versus consensus of about 60 cents."After a run of sharply negative revisions to earnings estimates, Tesla estimates have largely stabilized. Volumes are expected to be flat y/y, margins have troughed and are set to improve, reg credit revenue can be a solid boost as other OEMs rely on Tesla to achieve compliance, Tesla Energy is generating solid growth, and opex may trend lower for now as Tesla realizes the cost saves of headcount reductions," Levy said.Those points, along with the fact that Tesla stock sold off after its robotaxi event, give Levy confidence that the company's third-quarter earnings will be a positive catalyst for the stock.Aside from Tesla discussing the earnings results and guidance on its conference call, Levy said any commentary about plans for a lower cost vehicle could move the stock."We also wouldn't dismiss the notion that Tesla could forgo a 'Model 2.5,' instead focusing its resources on rolling out the [autonomous vehicle] strategy — such a move would likely be treated quite negatively by the stock," Levy said.Barclays rates Tesla at "Equal Weight" with a $220 price target.<h3 id="55b61526-09a2-4615-8aee-89c3f03d9563">Wells Fargo: 'Volumes now, margin pain later"'</h3>After Tesla reported "disappointing" <a target="_blank" class="" href="https://www.businessinsider.com/tesla-q3-deliveries-sales-stock-price-2024-10">third-quarter deliveries earlier this month</a>, Wells Fargo expects the company to make up for the shortfall in sales by offering "aggressive finance promos globally," analyst Colin Langan said in a note last week."We est. the Q3 promotions are equivalent to ~8% lower effective px cut," Langan said, adding that he expects the company to miss Wall Street's third-quarter earnings estimates.Langan estimates that Tesla's automotive gross margin excluding credits will be 13.6% in the third quarter, down from 14.6% in the previous quarter.Wells Fargo rates Tesla at "Underweight" with a $120 price target.<h3 id="33c229bf-f9ee-44cc-ab57-9c97d0ce38bb">Wedbush: 'Margins will be a key focus'</h3>Wedbush analyst Dan Ives is staying bullish on Tesla stock, arguing that the company should show a return to growth in its third-quarter earnings call and forward guidance."We expect generally in-line 3Q headline numbers with some slight upside likely on the margins front showing a bottoming on this key metric," Ives said in a recent note.Ives said Tesla should be able to deliver 1.8 million vehicles in 2024, and that should rise to more than 2 million vehicles in 2025.But perhaps more important than vehicle deliveries for Wall Street is Tesla's profit margins."Margins will be a key focus on the conference call"," Ives said.He added that investors will want to see this key metric trending in the high teens for the third and fourth quarters and heading toward 20% in 2025. That should soothe fears about further price cuts and convince investors that better days are ahead, Ives said. Wedbush rates Tesla at "Outperform" with a $300 price target.<h3 id="bbd2143e-2db9-4747-b579-3bcc60b4465c">Bloomberg Intelligence: 'More pain to come'</h3>Tesla's aggressive price cuts of 20% over the past year, combined with a plunge in trade-in values for Tesla vehicles, suggests that there's "more pain to come."That's according to Bloomberg Intelligence director of credit Research Joel Levington, who said in a Tuesday note that Tesla's price declines are putting its luxury brand identity at risk.Additionally, Levington said that with Tesla facing more competition, it needs to release a lower-cost vehicle."Tesla is poised to give up share as rivals from Acura to Volvo create a tsunami of new EV products that will flood the markets, making the lower-cost Model 2 and updates of its data product line critical," Levington said.

Wall Street shifts focus back to Tesla's core auto business ahead of earnings as robotaxi hype fades

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Watch anything good over the weekend? True-crime shows remain all the rage over at Netflix, but they come with some legal risks. <a target="_blank" href="https://www.businessinsider.com/why-netflix-keeps-seeking-true-crime-shows-despite-lawsuits-2024-10">That's not stopping the streaming giant</a>, though.In today's big story, America loves its cars. So what do all the different makes and models <a target="_blank" href="https://www.businessinsider.com/united-states-car-models-interactive-guide-politics-color-brand-location-2024-10">say about the people driving them</a>?What's on deck:<ul><li>Markets: A way to invest that <a target="_blank" href="https://www.businessinsider.com/how-to-invest-election-strategy-trump-harris-stock-market-outlook-2024-10">won't suffer regardless of the election's outcome</a>.</li><li>Tech: Breaking down the <a target="_blank" href="https://www.businessinsider.com/venture-capital-us-election-data-contributions-2024-10">war of campaign donations between VCs</a>.</li><li>Business: Prepare for a new "<a target="_blank" href="https://www.businessinsider.com/america-new-economic-supercycle-growth-inflation-stock-market-global-chaos-2024-10">economic supercycle</a>" that'll mean big changes for everyone.</li></ul>But first, here in my car.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">United States of Automobiles</h2><div type="image" title="Cars like American Flag" height="960" width="1920" msid="114431276" hostid="261" sizebytes="137134"></div>A picture says a thousand words, but what about the car you drive?Your choice of automobile offers some interesting insights into the type of person you are, and we've got the data to prove it.Business Insider embarked on a massive project, combing through 1.7 million listings of different makes and models in the US to <a target="_blank" href="https://www.businessinsider.com/united-states-car-models-interactive-guide-politics-color-brand-location-2024-10">better understand what the cars we drive say about us</a>.(Here's a full <a target="_blank" href="https://www.businessinsider.com/methodology-for-car-database-united-states-of-automobiles-2024-10">breakdown of our methodology</a>.)Part of our analysis included figuring out the <a target="_blank" href="https://www.businessinsider.com/america-most-popular-car-models-state-city-county-geography-2024-10">most popular cars in neighborhoods</a> by comparing the vehicle's local popularity to its national average.Some insights weren't surprising. In Palm Beach County, Florida, home to "Wall Street South," Lamborghinis, Porsches, and Bentleys top the list.Others are a bit more unique. Residents of Cadillac, Michigan, take their city's name seriously. The Cadillac DeVille is one of the county's favorite cars. (They also might just be fans of big, luxury cars; the Lincoln Continental ranks high there, too.)Cars also provide a glimpse into <a target="_blank" href="https://www.businessinsider.com/car-models-owned-by-republicans-democrats-american-politics-jeep-2024-10">how their drivers might vote next month</a>.Chevy Silverado and Ford F-150 drivers are more likely to back former President Donald Trump, while Toyota Prius and Audi A4 owners will probably vote for Vice President Kamala Harris. (It's not a one-size-fits-all rule, so please don't email me if you're a Harris-loving Silverado owner or you have a MAGA sticker on your Prius.)But if someone drives a Jeep, your guess is as good as mine. That's the purplest carmaker in America, according to the data, as it has the widest range on the red-blue spectrum.Speaking of colors, <a target="_blank" href="https://www.businessinsider.com/why-car-colors-boring-black-white-gray-cost-cutting-2024-10">cars have also become noticeably less diverse</a>. Instead of a rainbow, America's fleet is mostly black, white, or some shade in between.<div type="image" title="Cars and roads like GPS" height="1000" width="2000" msid="114431278" hostid="261" sizebytes="114016"></div>America's obsession with cars comes with downsides.For one, we have to put them all somewhere. Parking lots <a target="_blank" href="https://www.businessinsider.com/america-parking-lot-spaces-addiction-economy-housing-costs-inflation-2023-4">take up lots of space and aren't cheap</a>.One builder estimates parking stalls in the US cost $27,900 to build. According to some calculations, the US has about 2 billion parking spots in total, which means there are six spots for every registered car.That's despite many Americans wanting to live where they don't necessarily need a car. Homebuyers are willing to pay a premium — <a target="_blank" href="https://www.businessinsider.com/millennials-priced-out-of-cities-into-suburbs-housing-crisis-2024-1">34% more, according to one study</a> — to live in a walkable neighborhood.And for good reason. Living in an area with pedestrian-friendly streets and easy access to shops, restaurants, and parks was <a target="_blank" href="https://www.businessinsider.com/loneliness-happiness-cure-coffee-shops-dense-housing-parks-walkable-neighborhoods-2024-2">positively correlated to well-being and happiness</a>. Car-centric neighborhoods lacking public space <a target="_blank" href="https://www.businessinsider.com/millennials-gen-z-blame-loneliness-on-housing-affordability-crisis-2023-4">can also make people feel lonelier</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Trump cooks fries at McDonald's as he attempts to cast doubt on Harris' <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-harris-mcdonalds-fry-cook-economy-election-2024-10">earlier employment at the chain</a>.</li><li>Social media's favorite fake rich kid opens up about his online persona — <a target="_blank" href="https://www.businessinsider.com/the-european-kid-louis-fake-rich-aris-yeager-profile-storytime-2024-10">and his new real-life job</a>.</li><li>Why a hedge fund <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/elliott-podcast-southwest-airlines-activism-communication-reach-retail-investors-directors-2024-10">made a podcast</a> about a shake-up it's pushing for at Southwest Airlines.</li><li>Elon Musk is flexing his wealth and political power<a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-trump-superpac-donations-politics-2024-10"> unlike any of the richest men before him</a>.</li><li>Netflix keeps getting sued over true-crime shows. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/why-netflix-keeps-seeking-true-crime-shows-despite-lawsuits-2024-10">It's thirsty for more</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Silhouette of Donald Trump" height="3813" width="5720" msid="114431274" hostid="261" sizebytes="158652"></div><ol><li>The curious case of the presidential betting markets. Most polls have the race between Donald Trump and Kamala Harris as a dead heat. But the prediction markets have moved decisively in the former president's favor since the start of the month. Some have speculated a series of bets totaling $30 million <a target="_blank" href="https://www.businessinsider.com/trump-election-odds-polymarket-whale-kamala-harris-polls-betting-markets-2024-10">was meant to tip the scales in Trump's favor</a>.</li><li>Building an election-proof portfolio. With just over two weeks away from the big day, investors are covering all the angles. National debt, economic growth, and immigration reform are <a target="_blank" href="https://www.businessinsider.com/election-investing-prepare-your-portfolio-top-concerns-risks-trump-harris-2024-10">among the top concerns of money managers</a>. And a technical strategist shared <a target="_blank" href="https://www.businessinsider.com/how-to-invest-election-strategy-trump-harris-stock-market-outlook-2024-10">how to set up your portfolio for success</a> regardless of who wins.</li><li>Wall Street remains unimpressed with China's stimulus. The latest measure is focused on the country's struggling property market, including quicker access to credit for developers and renovations in run-down urban areas. But, experts said the plan <a target="_blank" href="https://www.businessinsider.com/china-economy-housing-property-stimulus-economic-growth-goldman-sachs-2024-10">lacks details and doesn't address broad market issues</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Keith Rabois, Vinod Khosla, Marc Andreessen, Reid Hoffman" height="1500" width="2000" msid="114431280" hostid="261" sizebytes="441370"></div><ol><li>Venture Capital is going to war over the election. VCs have plowed tens of millions of dollars into this election cycle, according to FEC data. We broke down <a target="_blank" href="https://www.businessinsider.com/venture-capital-us-election-data-contributions-2024-10">who is donating and where it's headed</a>.</li><li>Constant job cuts are Big Tech's new normal. After major layoffs in 2022 and 2023, Meta reorganized some of its biggest businesses last week, cutting staff in the process. It's a move that signals <a target="_blank" href="https://www.businessinsider.com/meta-job-cuts-indicate-tech-companies-like-recurring-layoffs-2024-10">Big Tech companies are more willing to make recurring cutbacks</a> — and one that could hurt worker morale in the long run.</li><li>America can't get free from subscriptions. Companies are good at trapping customers on the treadmill of recurring charges as things have gotten more digitized. A new rule from the FTC is meant to address the issue, but it might not be enough. The result is Americans <a target="_blank" href="https://www.businessinsider.com/america-subscriptions-nightmare-recurring-payments-cancellation-company-tricks-trap-customers-2024-10">paying more for products and services they don't use</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Quarter that is spinning" height="960" width="1920" msid="114431282" hostid="261" sizebytes="124792"></div><ol><li>Welcome to a new economic era. The staples of the past 15 years were weak demand and low interest rates. But going forward the new "economic supercycle" will keep <a target="_blank" href="https://www.businessinsider.com/america-new-economic-supercycle-growth-inflation-stock-market-global-chaos-2024-10">growth, inflation, and geopolitical instability high</a>. In the chaotic new environment, investors, lenders, and entrepreneurs must adapt or risk falling behind.</li><li>A networking group for executive women just cut some staff. Chief, which was valued at $1.1 billion in 2022, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/chief-layoffs-networking-organization-executive-women-restructuring-2024-10">cut staff across the company</a> amid a restructuring. A spokesperson for Chief told BI the layoffs will give the company "more agility" moving forward.</li><li>Pharmacies are disappearing. Last week, Walgreens announced it'd be shuttering 1,200 stores over the next three years, making it the latest pharmacy to cut down on retail locations. External factors, like the rise of e-commerce and the convoluted way American pay for healthcare, are forcing them to close shop — and <a target="_blank" rel="noopener" href="https://www.businessinsider.com/pharmacy-cvs-walgreens-problems-desert-7-eleven-convenience-store-2024-10">turning the country into a shopping wasteland</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Trial begins with jury selection for Daniel Penny, who was charged with manslaughter for fatally choking New York subway rider Jordan Neely.</li><li>Microsoft CEO Satya Nadella speaks at Microsoft UK AI Tour London event.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Milan Sehmbi, fellow, in London.

Your car reflects your personality, and data proves it. But America's auto obsession brings hidden downsides.

New Delhi [India], July 12 (ANI): The <keyword id="20025828" type="General" weightage="20" keywordseo="two-wheeler-sales" source="keywords">two-wheeler sales</keyword> in India in June registered a growth of 21.3 per cent year-on-year (Y-o-Y), highlights the sales data released by the <keyword id="20163832" type="General" weightage="20" keywordseo="society-of-indian-automobile" source="keywords">Society of Indian Automobile</keyword> Manufacturers (SIAM) on Friday. The data highlighted that in June the total sales of the two wheelers were recorded at 16,14,154 units which is a 21.3 per cent increase from 13,30,826 two wheeler sold in June 2023. The sales of the scooters also surged to a record 42 per cent Y-o-Y in June to 5.4 lakhs, last year in June it was at 3.8 lakhs. The sales of Bikes also registered two-fold growth with sales increased by 11 per cent in June to 10.3 lakhs as compared to 9.1 lakh last year during the same period. The <keyword id="20028264" type="General" weightage="20" keywordseo="passenger-vehicle-sales" source="keywords">passenger vehicle sales</keyword> also registered a growth of 3 per cent Y-o-Y in June. The total passenger vehicle sales during June stands at 3,37,757 units, it was 3,27,788 units during June 2023. The sales of <keyword id="20412606" type="General" weightage="20" keywordseo="three-wheelers" source="keywords">three-wheelers</keyword> surged twofold by an increase of 12.3 per cent, according to the data total 59, 544 units of three wheelers were sold in June 2024 as against 53, 025 units sold in June 2023. The sales data for June demonstrates a positive outlook for the Indian <keyword id="20081560" type="General" weightage="20" keywordseo="automobile-industry" source="keywords">automobile industry</keyword>. The substantial growth in two-wheeler sales, particularly scooters and motorcycles, along with the steady increase in passenger and three-wheeler sales, reflects a resilient and expanding automobile market in India. Earlier in May, the sales of passenger cars dropped by over 11 per cent, according to the data by the Society of Indian Automobile Manufacturers (SIAM). The domestic sales of passenger cars also slipped 11 per cent from 1,20,364 units in May 2023 to 1,06,952 units in May 2024. The auto companies also reduced the production of passenger cars by 13 per cent, from 1,63,619 units in May 2023 to 1,42,367 units 2024. Export of passenger cars too saw a drop of about 20 per cent from 35,806 units in May 2023 to 28,802 units in May 2024. However, the sales number of June showed the positive signs of growth in the automobile industry.

Auto sales see a positive trend in June, two-wheeler sales register 21% annual growth: SIAM data

<ul class="summary-list"><li>European car CEOs criticize EU tariffs on Chinese EVs, urging learning from rivals.</li><li>EU plans tariffs up to 35% on Chinese EVs, fearing market disruption by cheap imports.</li></ul>European car bosses have a solution to <a target="_blank" class="" href="https://www.businessinsider.com/chinese-car-companies-europe-expansion-threatens-mercedes-volkswagen-2023-9">the Chinese EV invasion</a> — if you can't beat them, at least learn from them. Speaking at the Paris Motor Show on Tuesday, the bosses of European auto giants such as BMW and Stellantis attacked the EU's proposed tariffs on Chinese EVs, and urged struggling European automakers to learn from the success of their Chinese rivals to kick-start the continent's sluggish EV sales.The European Union <a target="_blank" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">voted to impose tariffs of up to 35% on Chinese EV makers this month</a> amid fears that a wave of cheap, subsidized Chinese electric vehicles could upend the European auto market.The CEOs of BMW and Stellantis attacked the <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">proposed tariffs</a>, saying they would be ineffective and might backfire on consumers."We should not be so afraid of everything. It is not so easy to sell non-European cars in Europe," BMW CEO Oliver Zipse said at the motor show.He said that the tariffs would "inflict" damage on BMW, which imports cars from China, and harm its European consumers as a result."We shouldn't give up before the race has even started. We don't need protection, we need fair trade rules," he added.The decision to impose tariffs was not unanimous. Several nations are believed to have voted against the move, including Germany, which had been lobbied by automakers such as BMW and Mercedes, fearful that China might retaliate and target their businesses there.It comes as <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">EV sales in Europe plunge</a>, with registrations falling by 44% in August compared to last year. Stagnating demand has led some automakers to pump the brakes on their EV plans, and others to push for the EU to reconsider looming emissions targets that could leave them facing billions in fines.Meanwhile, their Chinese rivals continue to make inroads into the continent despite trade barriers.<h2 id="e971d3c0-847b-41b4-a2d0-29d9cd3054c7">Europe's EV dilemma</h2>Tesla rivals BYD and <a target="_blank" class="" href="https://www.businessinsider.com/chinese-tesla-rival-xpeng-welcomes-competition-from-elon-musk-2024-10">Xpeng</a> both unveiled new models this week at the Paris Motor Show, one of Europe's biggest auto events.Luca de Meo, the CEO of French automaker Renault, said European automakers had a golden opportunity to learn from their Chinese counterparts, who he said were now developing new cars in as little as two years."There is an opportunity that we have no right to miss, and that is to learn from our competitors," de Meo said, speaking at the summit in Paris."This is what Europeans like Fiat, Citroen, and Renault did a century ago in the United States when Henry Ford revolutionized manufacturing, and it's what the Chinese automakers did with us," he added.In an <a target="_blank" href="https://www.bloomberg.com/news/audio/2024-10-14/bloomberg-talks-renault-ceo-luca-de-meo-podcast">interview with Bloomberg</a> on Monday, de Meo declined to comment on the EU's prospective tariffs on Chinese automakers. However, he said that ramping up "electrification" in Europe would be difficult "without good cooperation" with China, given its dominant role in the EV battery and materials market. Stellantis CEO Carlos Tavares said it was "a dream" to believe that tariffs would effectively protect Western auto industries."These short-term actions will have negative mid and long-term implications. The only way to protect ourselves is to compete with the newcomers and raise ourselves to their game," said the boss of the Jeep and Ram maker.Stellantis has partnered with Chinese EV firm Leapmotor, which has given it exclusive rights to sell Leapmotor's EVs outside of China.Tavares said the company had decided that the best way to compete with China was to partner with one of their automakers, and "hop on their train instead of letting it run us over.""We need to understand where the Chinese automakers are strong, and through our investment in Leapmotor we have a perfect transparent understanding of what makes the difference. That is very helpful," said Tavares.BMW, Stellantis, and Renault did not respond to a request for comment from Business Insider, sent outside normal working hours.

We should be learning from Chinese EV players, not shutting them out of Europe — auto bosses say

The <keyword id="21572647" type="General" weightage="20" keywordseo="Indian-auto-retail-sector" source="keywords">Indian auto retail sector</keyword> recorded a robust 27 per cent year-on-year (YoY) growth for April 2024, according to Federation of Automobile Dealers Associations (<keyword id="20108734" type="General" weightage="20" keywordseo="FADA" source="keywords">FADA</keyword>) <keyword id="21572648" type="General" weightage="20" keywordseo="vehicle-retail-data" source="keywords">Vehicle Retail Data</keyword>. The report highlights positive market sentiments, driven by stable fuel prices, a positive monsoon outlook, festive demand, and the marriage season. According to FADA President Manish Raj Singhania, the <keyword id="19948209" type="General" weightage="20" keywordseo="two-wheeler" source="keywords">two-wheeler</keyword> (2W), three-wheeler (3W), <keyword id="20163833" type="General" weightage="20" keywordseo="passenger-vehicle" source="keywords">passenger vehicle</keyword> (PV), tractor (Trac), and <keyword id="20032571" type="General" weightage="20" keywordseo="commercial-vehicle" source="keywords">commercial vehicle</keyword> (CV) segments witnessed growth. Singhania said, "In April 2024, the Indian <keyword id="21572646" type="General" weightage="20" keywordseo="auto-retail-sector" source="keywords">Auto Retail sector</keyword> achieved a robust 27 per cent YoY growth. The two-wheeler (2W), three-wheeler (3W), passenger vehicle (PV), tractor (Trac) and commercial vehicle (CV) segments grew by 33 per cent, 9 per cent, 16 per cent, 1 per cent, and 2 per cent, respectively. While some attribute this growth to the shift in Navratri to April instead of March last year, the overall increase was significant. Comparing combined March and April 2024 with the same period last year shows a 14 per cent YoY growth for the entire industry." Singhania attributed this growth partly to the shift in Navratri to April from March last year, but noted that the overall increase was significant. When comparing combined March and April 2024 with the same period last year, the industry recorded a 14 per cent YoY growth. In the two-wheeler segment, significant growth was driven by improved supply and increasing demand for 125cc models. Positive market sentiments, supported by stable fuel prices and a favorable monsoon outlook, contributed to this rise. New model launches also played a role in driving growth, despite some delays in supply. The passenger vehicle category experienced double-digit YoY growth, aided by enhanced model availability and positive market sentiments, particularly around festive events like Navratri and Gudi Padwa. Despite strong bookings and customer flow, challenges such as high competition, excess supply, and discounting posed hurdles for sustained growth. Additionally, the lack of new models in some portfolios impacted market traction. The commercial vehicle segment showed a modest 2 per cent YoY growth and a 0.6 per cent month-on-month (MoM) decline, indicating varied market conditions. Positive momentum was found in bulk and corporate deals, as well as school bus demand, although elections dampened sentiment, leading customers to delay expansion plans. Limited finance options and regional challenges, such as water scarcity, further impacted performance. Looking ahead to May 2024, several positive indicators are shaping the near-term outlook. Improved vehicle supply and strategic planning in the two-wheeler segment have led to rising customer bookings and better market sentiment. In the passenger vehicle segment, new model launches and favorable monsoon forecasts are expected to stimulate customer interest. Challenges remain, with election uncertainty affecting market sentiment and financial constraints posing growth hurdles. Extreme temperatures and overcapacity in the commercial vehicle segment could further slow growth. Despite these challenges, the auto industry remains cautiously optimistic, with market opportunities arising from rising customer interest in new models. Monitoring election-related uncertainty and financial constraints will be crucial for navigating the evolving market effectively. 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Tesla attracts millions of job seekers annually. The few who receive offers typically face a calculated gamble: Accept lower base pay up front for the chance of a potentially lucrative future payout.Business Insider secured access to an internal Tesla pay database, covering nearly 100,000 employees as of December 2021. That data, along with public filings and interviews with people who have worked for the automaker, reveal the company's pay strategy. Tesla offers lower base salaries than its tech and automotive peers but offers substantial stock grants.Even Tesla's top earners must bet on the company. This high-risk, high-reward system is coupled with a selective hiring process that has in the past included <a target="_blank" href="https://www.businessinsider.com/elon-musk-email-tesla-approve-new-hires-2023-5">Elon Musk's sign-off for every hire</a>.Using Tesla's internal salary database, BI looked at median base pay for the roughly 13,000 full-time, salaried, US-based employees across the internal job categories that Tesla uses to define workers in business units, such as engineering, manufacturing, or data management. (BI excluded pay for hourly workers, many of whom work in manufacturing, as it was not possible to accurately calculate their median annual pay based on hourly payroll data.)BI further broke down the data to look at median base pay by job title, analyzing the numbers for full-time, US-based, salaried roles with at least five employees.The base pay for these titles, which include directors of engineering and managers who work in Tesla's service centers fixing vehicles, ranges from about $35,000 to $324,000, according to the data.Nine current and former workers told BI the pay structure has largely remained in place since December 2021 and is ultimately part of Musk's quest to hire only the most <a target="_blank" href="https://www.businessinsider.com/elon-musk-tells-twitter-tesla-staff-be-hardcore-old-email-2022-11">"hardcore" workers</a>."The whole system is set up to find the fanatics," a current Tesla worker with knowledge of the company's hiring process said. "They could get better pay somewhere else, but we want the people who are die-hard Tesla."A former Tesla recruiter who worked with the company until 2024 said the automaker's <a target="_blank" href="https://www.businessinsider.com/how-to-get-hired-at-tesla-job-interview-process">interview process</a> for engineers — which typically entails at least nine interviews and can take months — and the company's pay structure are designed to weed out workers who are looking to just "clock in and clock out.""It's a culture thing," the former recruiter said. "It's not even about how smart you are or how much you know. They're looking for a willingness to learn and put in the extra hours."Tesla, Musk, and the company's board of directors did not respond to requests for comment.In a December 2023 <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.sec.gov/Archives/edgar/data/1318605/000162828024002390/tsla-20231231.htm">regulatory filing</a>, Tesla reported it employed more than 140,000 people worldwide. In April, Tesla told staff it planned to <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/elon-musk-sent-tesla-employees-email-announcing-layoffs-read-memo-2024-4">cut more than 10% of its workforce</a>. A June <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.cnbc.com/2024/06/21/tesla-has-downsized-by-at-least-14percent-this-year-internal-number-shows.html#:~:text=Tesla%20internal%20records%20viewed%20by,includes%20hourly%20and%20salaried%20workers.">estimate</a> from CNBC placed Tesla's headcount at just over 120,000.Using separate data from the Securities and Exchange Commission, BI compared the company's median base pay with that of traditional automakers and the six largest tech firms by market cap. Tesla lags behind all of them except Amazon. While there are a variety of factors that can affect a company's median salary — for example, Amazon's large warehouse workforce or Apple's large retail workforce — the data is consistent with what four current and former Tesla employees say: Tesla's base salaries are generally less than competitors'.Nvidia, Ford, Meta, and Amazon declined to comment on their employee compensation packages. Apple, Microsoft, and Alphabet did not respond to a request for comment. GM said it has doubled its staff in Silicon Valley over the past six months and is competitive in hiring talent away from tech firms.Nine current and former people in engineering and sales said that Tesla's stock grants make it easier to accept lower base salaries. Tesla stock could make them rich, if only on paper. On November 8, the automaker's stock surged more 8% in the wake of Donald Trump's re-election, hitting a market cap of $1 trillion.Some Tesla employees can receive millions of dollars in stock. In 2020 and 2021, 44 US-based employees were offered stock worth more than $1 million, according to the database.To get a sense of which employees were more likely to take home large grants, BI broke up stock grants based on job category. The data show that most workers in engineering received stock grants above $25,000. The value of the stock is based on the value of the shares at the time they were granted, but it's subject to change based on Tesla's share price.Of the stock offerings at Tesla, about 75% were restricted stock units, or RSUs, while nonqualified stock options made up 21%, and were given exclusively as merit-based compensation, according to BI's analysis of US-based, full-time workers. Only 4% of employees — including many executives and other high-level workers — received the stock as incentive stock options, or ISOs.Zaheer Mohiuddin, the cofounder of <a target="_blank" href="http://Levels.fyi">Levels.fyi</a>, said RSUs are very common in tech, while incentive stock options are typically reserved for longtime high-level employees or nonpublic companies. RSUs are typically included in standard compensation packages, while nonqualified stock options and ISOs are often used as additional incentives.RSUs give employees actual shares that vest over time, while ISOs simply provide the right to purchase stock at a preset price before expiration — which is potentially profitable if the stock price rises above that level, but also requires the employee to have money on hand to pay for the stock in the first place.Outside of one person within Tesla's executive job category who had no stock amount listed, Tesla executives received stock offerings worth between $950,000 and $20 million, according to the database, which displayed the latest stock amount for each employee as of December 2021. All but one of the executives' offerings were ISOs.Tesla is far from the first company to enhance base pay with stock grants. Companies like Meta, Google, and Amazon have been known to offer employees healthy stock grants. Employee survey data from 2024 from the compensation-benchmarking company <a target="_blank" href="http://Levels.fyi">Levels.fyi</a> found that Tesla's median base pay and stock grants for US-based software engineers are slightly lower than that of US-based software engineers at Meta, Amazon, Apple, Netflix, and Alphabet, collectively.Over the past five years, Tesla's stock has spiked well over 1,000%; that performance potentially makes those grants attractive.Greg Selker, a managing director at the executive recruitment firm Stanton Chase, told BI that while other Big Tech companies might have higher base pay and equity grants to match, Tesla's strength also lies in its image."There's a mission-driven element to it that allows Tesla to get away with paying less," Selker said. "These people are working to bring about the decarbonization of the planet."Musk has previously described what the stock options can do for employees. "We give everyone stock options; we've made many people who are just working the line — who didn't even know what stocks were — we've made them millionaires," he <a target="_blank" href="https://fortune.com/2023/11/30/tesla-elon-mus-unionize-staff-millionaires-stock-options/">said</a> last year.BI examined the median stock grants and the percentage of employees who received grants for each job category and found that a majority of workers in nearly every category received some type of stock grant.Tesla's pay strategy has more in common with other Silicon Valley companies like Google or Meta than it does with traditional automakers, Harley Shaiken, an auto industry and labor expert, told BI. Traditional automakers like GM or Ford rely on higher base pay while companies like Tesla, which has seen higher stock returns over the past five years, can attract talent through stock grants, Shaiken said."Tech workers are looking for the opportunity for a big payday, not just an incremental salary bump," he said.One former sales manager said Tesla's stock offerings initially attracted him to the role, but he compared them to "golden handcuffs.""The stock is the major hook. You might be unhappy in your role, but you just decide, 'I'm going to keep my head down and wait a few months longer until I vest,'" he said.Tesla's stock offerings have given some workers opportunities for major paydays. Drew Baglino, Tesla's former senior vice president of powertrain and energy engineering, and Zachary Kirkhorn, the former CFO, were awarded $20 million each.Other executives, including Musk's right-hand man Omead Afshar, received $10 million in stock offerings, according to the database."It's part of the benefit of taking a chance on a company like Tesla," one engineer who joined the company in 2015 told BI. "You might have to deal with the aches and pains of a startup — the long hours, some of the uncertainty — but there can also be a significant payoff."Aaron Greenspan, a vocal critic of Musk and the founder of PlainSite, an organization that provides access to legal documents and advocates for legal transparency, first referenced Afshar's stock grant in a lawsuit filed against defendants including Musk and Tesla, accusing them of defamation, among other claims. Lawyers for Musk and Tesla have called his claims "largely unintelligible allegations." The lawsuit is ongoing.Tesla awards stock grants with promotions and annual reviews and bases them on the company's performance, according to the salary database and conversations with four current employees. Last year, the company cut back on merit-based stock awards for staff, <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-12-19/tesla-skips-merit-based-stock-awards-squeezing-compensation">Bloomberg reported</a> and the four employees told BI. In June, Musk told staff he planned to award <a target="_blank" href="https://www.businessinsider.com/tesla-stock-option-grants-awards-elon-musk-email-2024-6#:~:text=Tesla%20will%20reward%20employees%20for,at%20Tesla%20earlier%20this%20year.">additional stock grants for "exceptional performance."</a> During annual performance reviews in July, managers were limited to recommending no more than 20% of their team to be considered for the extra award, two people with knowledge said. Tesla typically awards employees restricted stock units that vest over a period of four years, the data show.Selker said historically Tesla workers have been able to count on their stock continuing to grow."It's a bet they have to make," he said. So far, stock grants have "proven to be better than cash in your pocket.""Now, if the stock were to become inconsistent or halve, then Tesla will have to change its strategy," he added.Tesla's stock has experienced significant volatility this year, slumping as low as 44% in mid-April from its price at the start of the year. Following Donald Trump's re-election, it's up nearly 30% overall year to date.At least one longtime Tesla staffer worries about new hires."I feel lucky that I got in early, but I see a lot of younger engineers expecting to reap the same benefits," they said. "And I'm not sure they will."Do you work for Tesla or have a tip? Reach out to the reporter via a non-work email and device at <a target="_blank" href="mailto:gkay@businessinsider.com">gkay@businessinsider.com</a> or <a target="_blank" rel="noopener noreferrer nofollow" class="c-link">248-894-6012</a>.

Internal Tesla salary database shows Elon Musk's strategy: Lower salaries, bigger stock grants

<ul class="summary-list"><li>Bond yields surged after Trump's reelection, which could impact the rate borrowers get on loans. </li><li>The 10-year Treasury yield rose 18 basis points, and the 30-year bond yield saw its biggest jump since March 2020. </li></ul>Bond yields are soaring after <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">Donald Trump's reelection,</a> suggesting that US borrowers might not get the relief they've been hoping for as Trump's policies have the potential to complicate the Federal Reserve's interest rate plans. The 10-year US Treasury yield surged 18 basis points on Wednesday morning to 4.477%, representing the highest level since July 1. It's surged 76 basis points since <a target="_blank" class="" href="https://www.businessinsider.com/mortgage-rate-increase-since-federal-reserve-cut-interest-rates-housing-2024-10">the Fed launched its first interest rate cut</a> of the cycle in mid-September.Longer-term yields also spiked, with the 30-year US Treasury yield jumping as much as 24 basis points for its biggest move higher since March 2020.Treasury yields influence the pricing of consumer and corporate debt, and the latest moves higher <a target="_blank" class="" href="https://www.businessinsider.com/mortgage-rates-influence-when-we-pay-off-mortgage-2024-11">will put pressure on consumer borrowers</a> who want to take out a mortgage to buy a house or an auto loan to buy a car. The average 30-year fixed mortgage rate — which closely tracks the 10-year Treasury yield — <a target="_blank" class="" href="https://www.businessinsider.com/todays-mortgage-rates-wednesday-6-2024-11">has been creeping up toward 7%</a> and is likely to eclipse that level if Wednesday's yield surge holds. That would send mortgage rates back to the levels they were at this summer, dimming hopes for potential home buyers to see some improvement in affordability. The surge in bond yields is being <a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">driven by the expectation that Trump's policy proposals,</a> like broad tariffs, tax cuts, and the deportation of millions of immigrants, would be inflationary, driving up prices and wage growth. That would cause the Fed to change its road map for further interest rate cuts as prices and wage growth once again creep up. "The Federal Reserve may take the view that if fiscal policy is going to be loosened relative to their previous baseline forecast then it needs to run monetary policy tighter, implying a higher neutral interest rate to keep inflation at its 2% target," James Knightley, an economist at ING Economics, said.While markets expect the Fed to proceed with a 25 basis point interest rate cut at its meeting on Thursday, the chances of another 25 basis point rate cut in December dropped to 66% on Wednesday from 77% on Tuesday, according to the CME's FedWatch Tool.Economist Derek Tang of LH Meyer/Monetary Policy Analytics said the Fed could already be recalibrating monetary policy to adapt to the expectations of a second Trump term."Their psychology might be, 'By cutting a little bit more slowly, that gives us a little bit more time to observe what's actually happening with inflation expectations and the labor market,'" <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-11-06/trump-victory-raises-big-uncertainties-for-the-federal-reserve">Tang said.</a>Trump himself strongly advocated for the Fed to cut interest rates aggressively during his first term as President, and also said during his campaign that the President should have a say in monetary policy.With Fed Chairman Jerome Powell's term set to end in May 2026, the nomination of a new Fed chair who is open to lowering interest rates despite the potential for higher inflation could occur."President Trump has an easy pathway to nominating and installing a candidate that is more willing to accommodate his views on interest rate policy," ING's Knightley said.

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