Tesla's Chinese made EVs sale slump continues
A decline in Tesla's China-made electric vehicle sales extended to an eighth month in May, as the US automaker's
sales woes
were compounded by brutal price wars in the world's largest auto market.
Deliveries of China-made Model 3 and Model Y vehicles, including both domestic sales and exports to Europe and other markets, fell 15 per cent in May from a year earlier to 61,662 vehicles, after a 6 per cent fall in April, data from the China Passenger Car Association showed on Wednesday.
Its China-made EV deliveries were up 5.5 per cent from April.
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Musk committed to Tesla for next five years
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New Tesla pay deal for Elon Musk?
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Tesla's
EV sales rout
also continued across much of Europe last month, as its ageing model line-up and chief executive Elon Musk's political activities deterred buyers.
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To spur sales in China, its largest market in the first quarter, Tesla last week offered smart assisted driving capability transfers to new vehicles in the country through the end of June.
Model 3 and Model Y vehicles were also added to a Chinese government-backed campaign to promote EV sales in rural areas for the first time this year.
The US EV specialist, which ignited a price war in China in 2023 that has since pulled in more than 40 brands and is showing no signs of abating, is under pressure from new lower-priced but still high-performance models in the market.
China has urged a halt to bruising price wars, after BYD offered fresh incentives on more than 20 models in late May, prompting Geely Auto and Chery to follow suit.
Global passenger vehicle
sales at BYD
, Tesla's biggest rival, rose 14.1 per cent year-on-year to 376,930 units in May, slowing from April's 19.4 per cent.
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The Irish Sun
3 hours ago
- The Irish Sun
Elon Musk hints at new ‘America Party' as Trump fumes billionaire has ‘lost his mind' after bitter bromance break-up
ELON Musk has hinted at launching a new political force just days after a spectacular public falling-out with President Donald Trump. In a string of posts on X, the tech mogul asked his 220 million followers whether it was 'time to create a new political party in America that actually represents the 80% in the middle.' 6 Elon Musk is considering a new 'America Party' in his latest jab at Trump Credit: AFP 6 The pair had been showing off their political bromance until their public fall-out Credit: AFP 6 The feud erupted over Trump's 'big, beautiful bill,' which proposed stripping billions in government subsidies from Tesla Credit: AFP By Friday, after 80 per cent of the 5,6million responders backed the idea, Musk declared: "This is fate." He later endorsed a supporter's suggestion to name it the America Party. It echoes the name of Musk's America PAC - the vehicle he used to pour $239million into backing Trump and GOP candidates in 2024. But the former allies are now locked in an escalating war of words, with Trump telling ABC News, 'You mean the man who has lost his mind?' when asked about a possible call with Musk. Read more on Trump & Musk 'Not particularly,' he added when pressed on whether he planned to speak to the billionaire. The rift appears rooted in Trump's prized One Big Beautiful Bill Act, a sweeping domestic spending package Musk has called a 'disgusting abomination.' The president has hit back, reportedly threatening to strip Musk's companies of federal subsidies. Musk also called for Trump's impeachment earlier this week, adding fuel to the feud by promoting baseless claims linking the president to the Jeffrey Epstein case — claims which GOP lawmakers quickly rejected. Most read in The US Sun Political fallout Musk may not be serious about launching a new party — he also responded 'Hmm' to a suggestion he reform the GOP from within — but his comments have added fresh uncertainty to an already divided political landscape. Launching a viable third party would require navigating complex state-by-state ballot access laws. Elon Musk's craziest moments, as Tesla CEO leaves White House after 130 days of drama: from chainsaw to double hats and billionaire has ALREADY turned on Trump 6 And unlike his super PAC, direct party donations are capped under federal election rules. Still, the fallout from the split is spreading. House Speaker Mike Johnson — a key Trump ally — waved off Musk's criticism and threw his support behind the bill that triggered the clash. 'The American people are concerned about things that really matter,' Johnson said Thursday. 'That is making their taxes low, making their economy work, making the border secure, making energy dominance a big thing again.' Vice President 6 Trump is now reportedly considering to sell his Tesla or give it away Credit: AP 6 Vice President JD Vance blasted Musk's 'ridiculous' claims Credit: AP Tesla out, Mars off-limits The bromance breakup has even reached the White House garage. Trump, who bought a red Tesla Model S in March in a show of support for Musk, now plans to sell or give it away, administration officials said. Republican lawmakers and influencers appear divided. Some, like Rep. Thomas Massie, acknowledged Musk's frustrations but urged caution. Others, including members of Trump's youth advisory board, declared their loyalty firmly with the president. Meanwhile, Musk's allies hinted at deeper tensions, with MAGA influencers joking that Trump's 'not invited to Mars anymore.' Hedge fund manager Bill Ackman called for reconciliation, but hopes of a peace deal faded quickly as Trump doubled down Friday morning. Musk, for his part, says he'll be around for '40+ years.' Whether that includes a third-party bid or a return to GOP primaries remains unclear. How did Musk and Trump's relationship crumble? ELON Musk and Donald Trump spent Thursday launching insults on social media as their relationship quickly went sour. The Tesla owner called for Trump's impeachment as the president hit back and warned the government could end all federal contracts with Musk's companies. Here's how it went down: On Tuesday, Musk tweeted that Trump's signature "big beautiful" spending bill was a "disgusting abomination" that would add billions to the federal deficit On Thursday in the Oval Office, Trump addressed Musk's criticism of the bill and accused Musk of trying to kill it because the bill ends federal subsidies for electric vehicles Musk responded by live-posting on X as Trump spoke, initially shrugging off the president's assessment with an unbothered "Whatever," before tearing into the bill's other spending provisions Trump escalated the feud after the Oval Office meeting with multiple posts on Truth Social, saying he told Musk to leave the White House instead of continuing to work with Doge and threatening to dump Musk's federal contracts, which are worth billions Musk fired back on X by saying he was "decommissioning" the Dragon spacecraft made by SpaceX that brought the stranded Nasa astronauts back from the International Space Station in March Musk also escalated the war of words by reposting and replying "Yes" to a tweet claiming that Trump should be impeached and replaced by Vice President JD Vance Musk further fanned the flames by claiming that Trump is named in the infamous "Epstein files" and making unfounded accusations that its the reason they haven't been released to the public.
Irish Examiner
4 hours ago
- Irish Examiner
Trump says he has no plans to speak to Musk as feud persists
US President Donald Trump said on Friday that he has no plans to speak with Elon Musk, signalling the president and his former ally might not resolve their feud over a sweeping tax-cut bill anytime soon. Addressing reporters aboard Air Force One, Trump said he wasn't "thinking about" the Tesla CEO. "I hope he does well with Tesla," Trump said. However, Trump said a review of Musk's extensive contracts with the federal government was in order. "We'll take a look at everything," the president said. "It's a lot of money." Trump may get rid of the red Tesla Model S that he bought in March after showcasing Musk's electric cars on the White House lawn, a White House official said, speaking on condition of anonymity. Musk, for his part, did not directly address Trump but kept up his criticism of the massive Republican tax and spending bill that contains much of Trump's domestic agenda. On his social-media platform X, Musk amplified remarks made by others that Trump's "big beautiful bill" would hurt Republicans politically and add to the nation's $36.2 trillion debt. He replied "exactly" to a post by another X user that said Musk had criticised Congress, and Trump had responded by criticising Musk personally. Musk also declared it was time for a new political party in the United States "to represent the 80% in the middle!" People who have spoken to Musk said his anger has begun to recede, and they think he will want to repair his relationship with Trump, according to one person who has spoken to Musk's entourage. Elon Musk listens as President Donald Trump speaks during a news conference in the Oval Office of the White House, in May, in Washington. Picture: AP Photo/Evan Vucci The White House statements came one day after the two men battled openly in an extraordinary display of hostilities that marked a stark end to a close alliance. Tesla stock rose on Friday, clawing back some losses from Thursday's session, when it dropped 14% and lost $150 billion in value, the largest single-day decline in the company's history. Musk's high-profile allies have largely stayed silent during the feud. However, one investor, James Fishback, called on Musk to apologise. "President Trump has shown grace and patience at a time when Elon's behaviour is disappointing and frankly downright disturbing," Fishback said in a statement. Musk, the world's richest man, bankrolled a large part of Trump's 2024 presidential campaign. Trump named Musk to head a controversial effort to downsize the federal workforce and slash spending. Trump feted Musk at the White House a week ago as he wrapped up his role as head of the Department of Government Efficiency. Musk cut only about half of 1% of total spending, far short of his brash plans to axe $2 trillion from the federal budget. Since then, Musk has denounced Trump's tax-cut and spending bill as a "disgusting abomination." His opposition is complicating efforts to pass the bill in Congress, where Republicans hold a slim majority. Trump's bill narrowly passed the House of Representatives last month and is now before the Senate, where Republicans say they will make further changes. Nonpartisan analysts say the measure would add $2.4 trillion in debt over 10 years. House Speaker Mike Johnson said he has been texting with Musk and hopes the dispute is resolved quickly. "I don't argue with him about how to build rockets, and I wish he wouldn't argue with me about how to craft legislation and pass it," Johnson said on CNBC. President Donald Trump Picture: AP Photo/Evan Vucci 'VERY DISAPPOINTED' Trump had initially stayed quiet while Musk campaigned to torpedo the bill, but broke his silence on Thursday, telling reporters he was "very disappointed" in Musk. Musk, who spent nearly $300 million in last year's elections, said Trump would have lost without his support and suggested he should be impeached. Trump suggested he would terminate government contracts with Musk's businesses, which include rocket company SpaceX and its satellite unit Starlink. The billionaire then threatened to decommission SpaceX's Dragon spacecraft, the only US spacecraft capable of sending astronauts to the International Space Station. Musk later backed off that threat. Musk had been angered when Trump over the weekend revoked his nomination of Musk ally Jared Isaacman to head the US National Aeronautics and Space Administration. Two sources with direct knowledge of the dispute said White House personnel director Sergio Gor had helped turn Trump against Isaacman by highlighting his past donations to Democrats. Musk and Gor had been at odds since the billionaire criticised Gor's pace of hiring at a March cabinet meeting, the two sources said. A White House spokesperson, Steven Cheung, praised Gor's efforts to staff the administration but did not address his relationship with Musk. A prolonged feud could make it harder for Republicans to keep control of Congress in next year's midterm elections if Musk withholds financial support or other major Silicon Valley business leaders distance themselves from Trump. Musk had already said he planned to curtail his political spending, and on Tuesday, he called for "all politicians who betrayed the American people" to be fired next year. His involvement with the Trump administration has provoked widespread protests at Tesla sites, driving down sales while investors fretted that Musk's attention was too divided. -Reuters Read More Elon Musk signals he may back down in public row with Donald Trump
RTÉ News
5 hours ago
- RTÉ News
It's been one big beautiful bust-up for Trump and Musk
There were many tensions in the relationship between Elon Musk and Donald Trump. Some had been clearly visible; others were well concealed. Their relationship was widely considered the most consequential in current US politics. The proximate cause of its end was the bill that will probably be Donald Trump's most consequential piece of legislation. The one big beautiful bill has caused one big beautiful bust-up. The United States has a budget problem, and a big one. Simply put, the US government spends more than it takes in taxes and uses borrowings to cover the gap. The borrowings have mounted up over the decades and now stand just north of $36 trillion. Elon Musk was touted (mostly by himself) as the man who was going to fix it. During the election campaign last year it was Musk who first raised the idea of a "Department of Government Efficiency" (DOGE) in a podcast he did with candidate Trump in the middle of August. Musk said he would be willing to serve in the administration, leading DOGE. Because he was - and remains - very worried about the Federal debt and is convinced of the urgent need to reduce it. The DOGE plan was to use the techniques of Silicon Valley start-ups on the fusty world of government accounting and slash and burn its way quickly to big savings that would help to close out the tax and spend gap. Cutting the deficit was the strategic goal, and Trump campaigned on the idea. As long as lenders - foreign and domestic - are happy to lend money to the US government for an interest rate it can afford, and the economy is growing fast enough, borrowing to make up a shortfall for a few years shouldn't be a problem. And the US market for government bonds is the world's deepest and most liquid, so lenders don't look for high interest rates because they can get their money out any time they want, and make a reasonable return lending to Uncle Sam. Right up until the moment they don't - and then $36 trillion becomes a very big problem. We have seen this up close and personal in Ireland during the financial crisis. And although the US is a long way from Ireland's financial woes, when interest rates start to rise (the famous 'yield' on government bonds goes up) governments get worried. This is exactly what happened in the US recently over the president's tariff policy. Such was the disruption to trade and commerce, investors rethought their strategy and demanded higher interest rates for lending money to the government. The so called "bond market vigilantes" didn't like the Trump tariffs, and put pressure on the government in ways ordinary voters cannot. They did for former UK prime minister Liz Truss three years ago, and wreaked havoc among the PIIGS 15 years ago (Portugal, Ireland, Italy, Greece and Spain - all doing a lot better than the Euro area average these days, thank you for asking). So Trump already has the vigilantes on his back over trade. But he promised the voters tariffs, and said the money raised from them would help balance the government books. Trump slammed Biden for his deficit spending (6.5% of GDP last year - the Maastricht Treaty limit in Europe is 3%, and an "excessive deficit" ruling requires governments to set up a plan to get the deficit back in range - ideally balanced over a number of years). In America they have a debt limit - an effort by Congress to rein in the constant deficit spending. Every so often - these days with increasing frequency - the Congress has to raise the debt limit, so the government can borrow more to fund day-to-day activities. If not, the government starts to shut down. This has actually happened in the past. There have been three last minute raises in the debt limit in the past year, as the anti-borrowing members of Congress engaged in brinkmanship to try and bring a runaway budget under control. Enter the man with a chainsaw and baseball cap. I watched from the back of the hall in a convention centre hotel in National Harbour, Maryland, as Musk took to the stage at the C-PAC annual DC gathering of Conservative political activists. The chainsaw was a gift from Argentina's President Javier Milei, who presented it to him on stage. During that August podcast with Trump, Musk cited Milei as an example the US should follow, as did Trump himself - "the new head of a place called Argentina, he's a big MAGA fan: he ran on MAGA and he took it to extremes, and I hear he's doing really a terrific really cut and I'm hearing they are starting to do really well". Musk concurred, saying Milei was cutting government spending, simplifying regulations and doing things "that make sense". He said Argentina was a lesson for the US in what can go bad - a country that used to be very wealthy but which had gone way off course by poor policy choices. Musk tried earnestly to tell Trump his belief that government over-spending causes inflation, that "if the government spends far more than it brings in, that increases the money supply, and if the money supply increases faster than the rate of goods and services - that's inflation", he told a clearly bored Trump, who started talking about how he had rebuilt the US military in his first term in office, before getting the message at the third time of asking: "I think it would be great to just have a government efficiency commission that takes a look at these things and just ensures that the taxpayers' money is spent in a good way. And I'd be happy to help out on such a commission," said Elon Musk. "I'd love it", said Donald Trump, finally. "You're the greatest cutter", he said laying on the praise for Musk's record in business. "You walk into a company, they want to go on strike, you say that's OK - you're all gone. You're all gone. So every one of you is gone. So you are the greatest." It was the beginning of the bromance, as Musk invested his hopes in the candidate, and Trump strapped on the booster rocket of Elon's fame and prestige. That, and the hundreds of millions of dollars Musk threw at the Trump election campaign, including paying voters to register to vote, with the chance of winning a million-dollar jackpot in battleground states like Pennsylvania and Wisconsin. And there was the undeniable star power of Musk himself - tech zillionaire, car maker, rocketship maker, owner of a social media platform, paymaster to Neuralink (a genuinely useful company) and Starlink, the satellite internet company. Truly Musk was and remains a rockstar of the digital age. He brought new, hard to reach voters into the Trump rallies and their more important TV audiences, adding even more energy to the already high-wattage Trump himself brought to bear. He was particularly important in cementing the coalition of 'tech and crypto bros', and the 'manosphere' of podcasters that brought a significant lump of younger male voters over to Trump. In a tight election, it made a difference - possibly the difference. He had the mission, he had the means, he had a sort of a mandate from the voters, and most of all he had permission from Trump - permission to try and cut government spending, abolish departments, fire civil servants - engage in all the fast, simple, direct action many of the MAGA faithful wanted to see: if it inflicted pain on the hated Washington DC and its Deep State denizens, even better. So Musk moved fast and broke things and predictably ran into trouble with the actual cabinet members - the ones who actually are in charge of government departments, the ones who actually had to appear before Congress and do hearings to see if they were suitable for the job and would adhere to the constitution and all that. The first report of a screaming match at a cabinet gathering was not long in coming. More followed as February progressed. Still the cult of Elon Musk grew in the outside world, even as the reality of DOGE was slowly revealed as it attempted to smash the granite edifice of the federal government and its two and a half centuries of political deal-making and legal fortifications. A revolution was afoot in Washington, I wrote in early February, in a piece casting Musk as the Robespierre of this revolt. It was a not so subtle nod to the widely held view in DC that Musk would not last long in government, that his way of cutting just wasn't sustainable. Nor would it result in enough savings. It would just annoy people. And so it did, not just cabinet secretaries, but more importantly, Trump himself. "Elon was wearing thin", he posted on his social media platform Truth Social on Thursday. "I asked him to leave, I took away his EV (electric vehicle) Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!" He followed it up with another post, touching on the big conflict of interest that always dogged Musk's government work: "The easiest way to save in our budget, Billions and Billions of Dollars, is to terminate Elon's governmental Subsidies and Contracts. I was always surprised Biden didn't do it." In his meeting with the German Chancellor Friedrich Merz (who skillfully said almost nothing, apart from a well aimed dart on Ukraine), Trump rose to a reporter's bait and spoke out against Musk over his attack on the One Big Beautiful Bill: "I'm very disappointed, because Elon knew the inner workings of this bill better than almost anybody sitting here, better than you people. "He knew everything about it. He had no problem with it. All of a sudden he had a problem, and he only developed the problem when he found out that we're going to have to cut the EV mandate, because that's billions and billions of dollars, and it really is unfair. "We want to have cars of all types, electric. We want to have electric, but we want to have a gasoline combustion. We want to have hybrids. We want to be able to sell everything. "And when that was cut, and Congress wanted to cut it, he became a little bit different, and I can understand that, but he knew every aspect of this bill. He knew it better than almost anybody, and he never had a problem until right after he left. "And if you saw the statements he made about me, which I'm sure you can get very easily, it's very fresh on tape, he said the most beautiful things about me, and he hasn't said bad about me personally, but I'm sure that'll be next. But I'm very disappointed in Elon. I've helped Elon a lot." Asked by a reporter in the Oval Office if Musk had raised his concerns about the tax and spend bill privately, and if Trump's own comments were just sour grapes, the President replied: "No, he worked hard and he did a good job, and I'll be honest, I think he misses the place. I think he got out there and all of a sudden he wasn't in this beautiful Oval Office, and he's got nice offices too - but there's something about this, it's just a special place. "World War One, it started and it ended here, and World War Two and so many other things. Everything big comes right from this, this beautiful space. It's now much more beautiful than it was six months ago. A lot of good things are happening in this room. "And I'll tell you, he's not the first: people leave my administration, and they love us. And then at some point they miss it so badly, and some of them embrace it, and some of them actually become hostile. I don't know what it is. It's sort of Trump derangement syndrome, I guess they call it, but we have it with others too. "They leave, and they wake up in the morning, and the glamour is gone. The whole world is different, and they become hostile. I don't know what it is. Someday you'll write a book about it, and you'll let us know." Musk's responses to his monstering on live TV - about 80 posts on his X social media platform in which he exhibited the full range of political skills of the average moody 16-year-old - veered from threatening to immediately decommission SpaceX's fleet of Dragon spaceships, used by NASA to ferry supplies and astronauts to the International Space Station, to claiming that the reason the Trump administration hasn't fulfilled its promise to publish the Epstein files is that Trump features in them. It is a matter of public record - i.e. newspaper articles, videos, photographs - that Donald Trump and Jeffrey Epstein knew each other and attended social events together, including parties at Epstein's Manhattan mansion. These were mostly in the 1980s and 90s, when Trump would attend the opening of an envelope if it would get him a mention in the New York Post. They are not the smoking gun Mr Musk thinks they are. They are barely the smoke. The row that had been coming for months was now on full public display. The gloves were off, and what used to be called a Twitter fight was under way, the richest man in the world and the president of the United States behaving in an undignified manner for the entertainment of the masses. Rarely has the popcorn emoji on mobile phones been so thoroughly overused. But Trump is the winner here. Musk is simply the latest meal for the apex predator of American politics. Like the nature films where the young buck tries to take on the old alpha and is seen off, so Musk is away with his tail between his legs. His excursion into the swamp of DC politics ended in pain, humiliation and considerable financial loss. The share price of Tesla, Musk's main source of wealth, are down 30% since the start of the year, as enough consumers reacted with a boycott of the electric carmakers products that it caused a crisis at the company that required his full-time attention to fix. And his full-time keeping quiet on the national political stage. His personal loss of fortune since joining the Trump administration was estimated at $27bn dollars. The Irish banking crisis cost €31bn. Once Tesla reported its first quarter results, the clock was ticking very fast for Elon Musk's tenure in the US government. That's when it became generally known that he was on a 130-day contract that would finish at the end of May. Then he was said to be in wind-down mode, withdrawing from government having established the core DOGE team (featuring a precocious 19-year-old known as "big balls"). Both sides tried to handle the departure with grace and formality. But then once he had his US equivalent of a P45 in his hand, Musk launched a blistering attack on Trump's One Big Beautiful Bill (OBBB), calling it "disgusting" and "pork-filled" earlier this week. "I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it," Musk wrote on X on Tuesday night. Was the whole DOGE thing just a distraction, something to create the kind of instability that Trump thrives in so that he could get his real priorities through the system - a system he knew far more about than Musk? Was Musk just used by Trump? Will Musk seek revenge by funding primary challengers to vulnerable Republicans in next year's mid-term elections? California Democrat Ro Khanna says the party should embrace Elon Musk. Musk himself is now musing on starting a third party "that actually represents the 80% of Americans in the middle". Will any of this come to pass? Who knows. All that is sure is that the OBBB is still facing the fundamental arithmetic problem we started off with. The bill as it stands would make the tax cuts that Trump introduced in 2017 permanent. They are currently due to expire next year. Trump likes to call them the biggest tax cut ever: if they do expire, Americans will accordingly face the biggest tax hike ever. Obviously no sitting politicians wants that on their record. So Trump must have those tax cuts made permanent. And that will cost money. Which this bill does not prove for. According to the Congressional Budget Office, the bill as approved by the House of Representatives and now before the Senate contains $3.7bn in tax cuts. Offsetting this is $1.3 trillion in proposed spending cuts. That leaves a $2.4 trillion dollar hole in the accounts, to be filled by more borrowing. Trump disputes the CBO figures, saying they don't take sufficient account of the economic growth he says will come from extending the tax cuts and the investment flowing from his 'America First' trade and tariff policy. There will also be some additional revenue from tariffs, he argues - but nowhere near enough to close the gap. But $2.4 trillion is a lot of hope value. Musk said at the outset he hoped to cut a trillion off government spending through DOGE. The current estimates say DOGE has at best achieved about a fifth of that, probably less. And now Elon is gone. Maybe "Big Balls" and his chums can do it - but again there is a lot of hope value in the proposition. Meanwhile the bond market vigilantes are poised, and the balanced budget fundamentalists in the Senate are talking up a last stand. There are two of them - Rand Paul and Ron Johnson. Trump could lose these two and still carry the day in the Senate, where the Republicans have a 53-47 majority. Four other Republican senators talk a good game on the Federal debt, but are swayable, and will probably be swayed by Trump - especially now he has dispatched the richest man in the world with brutality and cunning. In this he was aided by Steve Bannon, the godfather of MAGA, who despises Musk and the entire Silicon Valley set, regarding them as tech plutocrats intent on robbing Americans of their money and their liberty - especially the latter. He has also called for an investigation into Musk's immigration status, dubbing him an illegal immigrant from Africa. And he urged Trump to seize control of Starlink. Musk called Bannon "a Communist retard". MAGA probably won't miss Musk. But don't rule out a reconciliation, especially if it suits Trump. Plenty of Trump supporters have been calling for a healing of the rift. Former Russian President Dimitry Medvedev jokingly offered Russian mediation to end the hostilities between Trump and Musk - for a fee. In the meantime, all of Trump's domestic energy will be focused on getting the OBBB across the line in the Senate. He wants it ready to sign by 4 July, of course.
