Happy birthday Chrysler! Brand celebrates 100 years with Belle Isle jaunt
Chrysler marked its 100th anniversary on Wednesday by taking some historic cars out for a spin on scenic Belle Isle in Detroit. The CBC's Michael Evans was there to check it out.
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CTV News
8 hours ago
- CTV News
Musk could lose billions of dollars depending on how spat with Trump unfolds
Republican presidential nominee former President Donald Trump, left, claps as Tesla and SpaceX CEO Elon Musk prepares to depart after a campaign event at the Butler Farm Show on Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon, File) NEW YORK — The world's richest man could lose billions in his fight with world's most powerful politician. The feud between Elon Musk and Donald Trump could mean Tesla's plans for self-driving cars hit a roadblock, SpaceX flies fewer missions for NASA, Starlink gets fewer overseas satellite contracts and the social media platform X loses advertisers. Maybe, that is. It all depends on Trump's appetite for revenge and how the dispute unfolds. Joked Telemetry Insight auto analyst Sam Abuelsamid, 'Since Trump has no history of retaliating against perceived adversaries, he'll probably just let this pass.' Turning serious, he sees trouble ahead for Musk. 'For someone that rants so much about government pork, all of Elon's businesses are extremely dependent on government largesse, which makes him vulnerable.' Trump and the federal government also stand to lose from a long-running dispute, but not as much as Musk. Tesla robotaxis The dispute comes just a week before a planned test of Tesla's driverless taxis in Austin, Texas, a major event for the company because sales of its EVs are lagging in many markets, and Musk needs a win. Trump can mess things up for Tesla by encouraging federal safety regulators to step in at any sign of trouble for the robotaxis. Even before the war of words broke out on Thursday, the National Highway Transportation Safety Administration requested data on how Musk's driverless, autonomous taxis will perform in low-visibility conditions. That request follows an investigation last year into 2.4 million Teslas equipped with full self-driving software after several accidents, including one that killed a pedestrian. A spokesman for NHTSA said the probe was ongoing and that the agency 'will take any necessary actions to protect road safety.' The Department of Justice has also probed the safety of Tesla cars, but the status of that investigation is unclear. The DOJ did not respond immediately to requests for comment. The promise of a self-driving future led by Tesla inspired shareholders to boost the stock by 50% in the weeks after Musk confirmed the Austin rollout. But on Thursday, the stock plunged more than 14% amid the Trump-Musk standoff. On Friday, it recovered a bit, bouncing back nearly 4%. 'Tesla's recent rise was almost entirely driven by robotaxi enthusiasm,' said Morningstar analyst Seth Goldstein. 'Elon's feud with Trump could be a negative.' Carbon credits business One often-overlooked but important part of Tesla's business that could take a hit is its sales of carbon credits. As Musk and Trump were slugging it out Thursday, Republican senators inserted new language into Trump's budget bill that would eliminate fines for gas-powered cars that fall short of fuel economy standards. Tesla has a thriving side business selling 'regulatory credits' to other automakers to make up for their shortfalls. Musk has downplayed the importance of the credits business, but the changes would hurt Tesla as it reels from boycotts of its cars tied to Musk's time working for Trump. Credit sales jumped by a third to US$595 million in the first three months of the year even as total revenue slumped. Reviving sales Musk's foray into right-wing politics cost Tesla sales among the environmentally minded consumers who embraced electric cars and led to boycotts of Tesla showrooms. If Musk has indeed ended his close association with Trump, those buyers could come back, but that's far from certain. Meanwhile, one analyst speculated earlier this year that Trump voters in so-called red counties could buy Teslas 'in a meaningful way.' But he's now less hopeful. 'There are more questions than answers following Thursday developments,' TD Cowen's Itay Michaeli wrote in his latest report, 'and it's still too early to determine any lasting impacts.' Michaeli's stock target for Tesla earlier this year was $388. He has since lowered it to $330. Tesla was trading Friday at $300. Tesla did not respond to requests for comment. Moonshot mess Trump said Thursday that he could cut government contracts to Musk's rocket company, SpaceX, a massive threat to a company that has received billions of federal dollars. The privately held company that is reportedly worth $350 billion provides launches, sends astronauts into space for NASA and has a contract to send a team from the space agency to the moon next year. But if Musk has a lot to lose, so does the U.S. SpaceX is the only U.S. company capable of transporting crews to and from the space station, using its four-person Dragon capsules. The other alternative is politically dicey: depending wholly on Russia's Soyuz capsules. Musk knew all this when he shot back at Trump that SpaceX would begin decommissioning its Dragon spacecraft. But it is unclear how serious his threat was. Several hours later — in a reply to another X user — he said he wouldn't do it. Starlink impact? A subsidiary of SpaceX, the satellite internet company Starlink, appears to also have benefited from Musk's once-close relationship with the president. Musk announced that Saudi Arabia had approved Starlink for some services during a trip with Trump in the Middle East last month. The company has also won a string of other recent deals in Bangladesh, Pakistan, India and elsewhere as Trump has threatened tariffs. It's not clear how much politics played a role, and how much is pure business. On Friday, The Associated Press confirmed that India had approved a key license to Starlink. At least 40% of India's more than 1.4 billion people have no access to the internet. Ad revival interrupted? Big advertisers that fled X after Musk welcomed all manner of conspiracy theories to the social media platform have started to trickle back in recent months, possibly out of fear of a conservative backlash. Musk has called their decision to leave an 'illegal boycott' and sued them, and the Trump administration recently weighed in with a Federal Trade Commission probe into possible coordination among them. Now advertisers may have to worry about a different danger. If Trump sours on X, 'there's a risk that it could again become politically radioactive for major brands,' said Sarah Kreps, a political scientist at Cornell University. She added, though, that an 'exodus isn't obvious, and it would depend heavily on how the conflict escalates, how long it lasts and how it ends.' Bernard Condon, The Associated Press Associated Press Writer Barbara Ortutay in San Francisco contributed to this report.
Globe and Mail
10 hours ago
- Globe and Mail
Why Tesla Stock Is Bouncing Higher Today
After a big sell-off yesterday, Tesla (NASDAQ: TSLA) stock is seeing rebound momentum in Friday's trading. The company's share price was up 5.6% as of 3 p.m. ET. Meanwhile, the S&P 500 index was up 1.1%, and the Nasdaq Composite index was up 1.3%. Tesla's stock gains today primarily stem from two sources. For starters, the broader market is seeing bullish momentum thanks to new employment data that is easing inflation concerns. The stock is also getting a boost from indications that a recent flare up in tensions and disagreements between CEO Elon Musk could be moderating. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Tesla stock sees some recovery after yesterday's big sell-off Tesla's share price fell 14.3% in Thursday's trading after Elon Musk ramped up his criticism of President Trump and his budget bill. Musk had previously been a vocal supporter of Trump and headed up the Department of Government Efficiency (DOGE) initiative before departing from the role at the end of last month. Tesla had previously seen bullish valuation momentum in conjunction with expectations that Musk's relationship with Trump could help open up and accelerate growth avenues, and investors reacted negatively to the intensifying feud. But today brought indications that the schism and war of words may be de-escalating, and this helped power some recovery for the stock. Are the latest U.S. employment numbers good for Tesla stock? Bureau of Labor Statistics (BLS) revealed that the U.S. economy added 139,000 non-farm jobs in May -- ahead of the 125,000 additions called for in estimates. On the other hand, additions for April and May were revised downward by 30,000 and 65,000, respectively. While there are multiple indicators in the BLS report that should be viewed in the broader context, investors are generally betting that the employment data supports the potential for the Federal Reserve to deliver an interest rate cut this year. Investors have been hoping that the Fed will cut rates and create a more favorable trading backdrop for stocks, but concerns about tariffs, inflation, and the overall state of the economy have prompted the central banking authority to take a cautious approach. Along with the rollout of its robotaxi service and vehicle sales, macroeconomic dynamics will be a top catalyst for Tesla stock this year. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $363,030!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $38,088!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $674,395!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon. *Stock Advisor returns as of June 2, 2025
CTV News
14 hours ago
- CTV News
Tesla shares clawed back from steep losses after Trump-Musk war of words
A war of words is beginning to emerge between U.S. President Trump and Elon Musk following the billionaire's White House exit. Joy Malbon has the details. Tesla shares clawed back from steep losses as a war of words between CEO Elon Musk and U.S. President Donald Trump appeared to cool, easing investor worries about the likely political fallout on the electric automaker. Shares rose about five per cent in early trading. Politico had reported Musk and Trump were expected to speak on Friday, but a White House official told Reuters there were no plans for a call. Musk signalled on his X social media platform he was open to easing tensions with Trump, agreeing with comments from hedge fund manager Bill Ackman calling for a detente. The spat between the world's most powerful man and its richest erased more than US$150 billion from Tesla's market value on Thursday, the company's biggest drop in one session. Short-sellers, or investors betting against the stock, pocketed nearly $4 billion from the drop, the second-biggest single-day of profit on record, according to data from Ortex. Tensions escalated after Musk stepped up criticism of Trump's sweeping tax and spending bill, which proposes largely ending the popular $7,500 EV tax incentive by the end of 2025. In response, Trump suggested cuts to the government's contracts with Musk's companies, including rocket maker SpaceX. 'It might be a bit too hopeful to think their relationship will ever go back to what it once was, but if cooler heads prevail and the tension eases, that would definitely be a big improvement for Tesla,' said Tesla shareholder Matthew Britzman, who is an analyst at Hargreaves Lansdown. Lofty stock valuation An open clash with Trump could pose multiple hurdles for Tesla and the rest of Musk's sprawling business empire. The U.S. Transportation Department regulates vehicle design standards and would have a big say in whether Tesla can mass-produce robotaxis without pedals and steering wheels. Tesla did not immediately respond to a request for comment on the call. Tesla stock is down 29.5 per cent this year after a 14 per cent drop on Thursday. Still, the shares trade at 120 times expected earnings, a lofty multiple compared to other automakers and even tech giants such as Nvidia. The shares have been on a turbulent ride since last July when Musk backed Trump's White House bid. They surged initially as investors bet on less regulatory pressure for robotaxis, but tumbled due to soft sales and brand fallout from Musk's political stance. Some analysts said the rift was likely to blow over as it would be detrimental to both the president and his biggest backer. 'Those are obviously threats that are unlikely to come into fruition,' said City Index analyst Fiona Cincotta. 'I don't expect this to blow out into anything more serious than a war of words for a couple of days.' (Reporting by Akash Sriram and Shashwat Chauhan in Bengaluru, Amanda Cooper and Samuel Indyk in London; Additional reporting by Purvi Agarwal; Editing by Sherry Jacob-Phillips, Tomasz Janowski and Arun Koyyur)
