Tesla's China-made EV sales fall 15% y/y in May
BEIJING: US automaker Tesla's China-made electric vehicle sales fell 15% in May from a year earlier to 61,662 vehicles, data from the China Passenger Car Association (CPCA) showed on Wednesday.
Deliveries of China-made Model 3 and Model Y vehicles were up 5.5% from the previous month.
Tesla to build battery plant in Shanghai
Chinese rival BYD , with its Ocean and Dynasty EV and plug-in hybrid series, saw passenger vehicle sales rise 14.1% year-on-year to 376,930 units last month.
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Express Tribune
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Elon Musk's net worth slumps by $27 billion after feud with Trump: report
Listen to article Elon Musk faced a significant financial setback on Thursday, losing approximately $27 billion from his net worth after a dramatic plunge in Tesla's stock, according to a report by the Wall Street Journal. Shares of Tesla (TSLA.O) dropped 14% overnight, erasing $150 billion in market value, following a public feud between Musk and Trump. Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate. — Elon Musk (@elonmusk) June 5, 2025 In the aftermath, Trump threatened to cut off government contracts to Musk's companies, escalating tensions between the two. False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it! — Elon Musk (@elonmusk) June 5, 2025 However, Tesla shares saw a slight rebound, bouncing 0.8% in after-hours trading. Read more: Musk accuses Trump of being named in Epstein files Despite the loss, Musk remains the world's richest individual, with an estimated net worth of $388 billion, according to the Forbes Real-Time Billionaires List. The Tesla and SpaceX CEO's wealth remains substantially ahead of the second-ranked Mark Zuckerberg, whose net worth stands at $236 billion. Meanwhile, President Donald Trump, whose net worth is estimated at $5.4 billion, is at No. 689 on the Forbes ranking. Also read: Trump, Musk feud explodes with threats of cutting contracts, backing impeachment
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Trump-Musk feud sparks impeachment threats, hits Tesla, govt contracts
U.S. President Donald Trump and Elon Musk attend a press conference in the Oval Office of the White House in Washington, D.C., U.S., May 30, 2025. Photo:REUTER Listen to article President Donald Trump threatened on Thursday to cut off government contracts with billionaire Elon Musk's companies, while Musk suggested Trump should be impeached, turning their bromance into an all-out brawl on social media. The hostilities began when Trump criticized Tesla CEO Musk in the Oval Office. Within hours, the once-close relationship had disintegrated in full public view, as the world's most powerful man and its richest launched personal barbs at one another on Trump's Truth Social and Musk's X. "The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts," Trump posted on Truth Social. Wall Street traders dumped shares of Musk's electric vehicle maker and Tesla closed down 14.3%, losing about $150 billion in market value. It was Tesla's largest single-day decline in value in its history. Minutes after the closing bell, Musk replied, "Yes," to a post on X saying Trump should be impeached. Trump's Republicans hold majorities in both chambers of Congress and are highly unlikely to impeach him. The trouble between the two started brewing days ago, when Musk denounced Trump's sweeping tax-cut and spending bill. The president initially held his tongue while Musk campaigned to torpedo the bill, saying it would add too much to the nation's $36.2 trillion in debt. Trump broke his silence on Thursday, telling reporters in the Oval Office he was "very disappointed" in Musk. "Look, Elon and I had a great relationship. I don't know if we will anymore," Trump said. While Trump spoke, Musk responded with increasingly acerbic posts on X. "Without me, Trump would have lost the election," wrote Musk, who spent nearly $300 million backing Trump and other Republicans in last year's election. "Such ingratitude." In another post, Musk asserted that Trump's signature tariffs would push the U.S. into a recession later this year. Besides Tesla, Musk's businesses include rocket company and government contractor SpaceX and its satellite unit Starlink. Musk, whose space business plays a critical role in the US government's space program, said that as a result of Trump's threats he would begin decommissioning SpaceX's Dragon spacecraft. Dragon is the only US spacecraft currently capable of sending astronauts to the International Space Station. Hours later, Musk appeared to reverse that move. Responding to a follower on X urging Musk and Trump to "cool off and take a step back for a couple of days," Musk wrote: "Good advice. Ok, we won't decommission Dragon." In another possible sign of de-escalation on Thursday evening, Musk separately posted, "You're not wrong," in response to hedge fund manager Bill Ackman saying Trump and Musk should make peace. In light of the President's statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately — Elon Musk (@elonmusk) June 5, 2025 Pugilistic pair The feud was not entirely unexpected. Trump and Musk are both political pugilists with sizable egos and a penchant for using social media to punch back against their perceived enemies, and many observers had predicted an eventual falling out. Even before Musk's departure from the administration last week, his influence had waned following a series of clashes with cabinet members over his cuts to their agencies. For Trump, the fight was the first major rift he has had with a top adviser since taking office for a second time, after his first term was marked by numerous blow-ups. 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Business Recorder
3 hours ago
- Business Recorder
China's exports likely slowed in May amid trade uncertainties
BEIJING: Growth in China's exports likely slowed in May despite a lowering of U.S. tariffs on Chinese goods, as the fallout from the still-unresolved trade war and uncertainties in Sino-U.S. ties weighed on shipments. Outbound shipments are projected to have risen 5.0% year-on-year in value terms last month, according to the median forecasts of 20 economists polled by Reuters. That compares with an 8.1% jump in April. Imports are forecast to drop 0.9% in May from the previous year in value terms, widening from a 0.2% dip in April. The global trade war and the swings in China-U.S. trade ties have in the past two months sent Chinese exporters, along with their business partners across the Pacific, on a roller coaster ride. An hour-and-a-half-long phone call between U.S. President Donald Trump and Chinese leader Xi Jinping late Thursday kept the lid on tensions but left key trade issues such as Beijing's control on rare earth exports and Washington's curbs on chip-related exports to further talks. In mid-May, China and the United States struck a 90-day truce in their bruising tariff war and walked back most of the triple-digit levies they heaped on each other's goods, which had taken effect in early April. Those tariffs, as well as uncertainties surrounding the global trade order after the Trump administration ordered a 90-day pause to its 'reciprocal tariffs' on other trade partners, had accelerated China's exports in March and April, as factories rushed out shipments to the U.S. and overseas manufacturers. The lowering of U.S. tariffs on China, however temporary, was welcome news to China's policymakers as they seek to shore up an economy reliant on exports and beset by lacklustre domestic demand and sagging prices. Economists polled by Reuters appear divided on how the turnabout from the Geneva trade talks would impact China's overall exports last month, with estimates ranging from a 9.3% growth to a 2.5% drop. South Korea exports fall as tariffs hit US, China shipments The tariff truce might trigger a new round of frontloading and reduce the urgency for the Chinese government to 'roll out a sizable stimulus package and start some necessary structural reforms', Nomura analysts wrote in a report on May 23. The Nomura analysts estimate that average U.S. tariffs on Chinese imports could remain 'hefty at about 42%' even without further hikes, and expect China's export growth to slow down sharply in the second half of the year. China's first-quarter economic growth beat expectations, but any cheer was overridden by persistent strains in China-U.S. ties. Factory activity data for May shows Chinese manufacturers may have already felt the tariff pains. The official manufacturing purchasing managers' index (PMI) shrank for a second month in May, while the gauge in a private-sector survey shrank for the first time in eight months. The central bank last month cut benchmark lending rates to lessen the impact of the trade war on the economy, and lowered the ceiling for deposit rates to offset margin pressure on banks and prompt savers to spend or invest more. China's May trade surplus is forecast at $101.3 billion, up from $96.18 billion in April.
