Latest news with #AECA
Yahoo
29-05-2025
- Automotive
- Yahoo
Elon Musk Just Got Some Horrible New Sales Data About Tesla
Tesla sales continue to crater in Europe, highlighting the sheer damage CEO Elon Musk has inflicted on the brand. According to new figures released by the European Automobile Manufacturers' Association (AECA), sales across the pond slid by almost 50 percent in April, as CBS News reports. That's despite the EV market growing substantially over the same period and region, with Chinese competitor BYD overtaking Tesla to sell more vehicles in Europe last month for the first time, according to research firm Jato Dynamics. "This is a watershed moment for Europe's car market, particularly when you consider that Tesla has led the European BEV market for years, while BYD only officially began operations beyond Norway and the Netherlands in late 2022," said Jato Dynamics global analyst Munoz in a recent statement. Chinese company SAIC, which owns several low-cost EV brands, saw sales shoot up 54 percent in Europe, according to AECA figures. The numbers paint a dire picture of the company's financials and massively slumping demand. April sales plunged a whopping 62 percent in the UK, per CNN, and 74 percent in the Netherlands. Sweden, once a key market for Tesla, saw a precipitous 81 percent drop as well. It's yet again more evidence that Musk's embrace of far-right ideals, his plundering of the US federal government, and intrusion into European politics have proven disastrous for the carmaker's brand. His actions have spawned an international anti-Tesla movement, with protesters gathering in huge numbers in front of showrooms. "2025 started off as a dark chapter for Musk and Tesla as Elon's role in the Trump Administration and DOGE created a life of its own which created brand damage and a black cloud over the story," longtime Tesla bull and Wedbush analyst Dan Ives wrote in a May 23 note, as quoted by CBS News. Instead of acknowledging the damage he has done, Musk has vowed to recommit himself to his ailing businesses, claiming that he was leaving the world of politics behind. Tesla investors saw it as a positive development, sending the company's shares soaring over the past month. However, critics have long pointed out that Tesla's stock has become "detached from reality," a divergence that has never been more on display than now. Compounding the issue is Tesla's aging model lineup. Instead of working on a more affordable "Model 2" vehicle, something investors have been begging for for years, Musk has instead bet the fate of the carmaker on the development of an autonomous "robotaxi" ride-hailing service. The billionaire has promised to show off an extremely limited demo of the service in Austin as soon as next month. The demo will reportedly feature a mere ten to 20 Model Y robotaxis, which are being supervised by human safety drivers. But even the company's own executives aren't convinced that autonomous robotaxis will be the carmaker's saving grace. Tesla's head of Autopilot and AI software, Ashok Elluswamy, admitted during a recent podcast appearance that the company is "maybe a couple of years" behind competitor Waymo. More on Tesla: You Can Suddenly Sense Elon Musk's Desperation
Yahoo
28-05-2025
- Automotive
- Yahoo
Elon Musk Just Got Some Horrible New Sales Data About Tesla
Tesla sales continue to crater in Europe, highlighting the sheer damage CEO Elon Musk has inflicted on the brand. According to new figures released by the European Automobile Manufacturers' Association (AECA), sales across the pond slid by almost 50 percent in April, as CBS News reports. That's despite the EV market growing substantially over the same period and region, with Chinese competitor BYD overtaking Tesla to sell more vehicles in Europe last month for the first time, according to research firm Jato Dynamics. "This is a watershed moment for Europe's car market, particularly when you consider that Tesla has led the European BEV market for years, while BYD only officially began operations beyond Norway and the Netherlands in late 2022," said Jato Dynamics global analyst Munoz in a recent statement. Chinese company SAIC, which owns several low-cost EV brands, saw sales shoot up 54 percent in Europe, according to AECA figures. The numbers paint a dire picture of the company's financials and massively slumping demand. April sales plunged a whopping 62 percent in the UK, per CNN, and 74 percent in the Netherlands. Sweden, once a key market for Tesla, saw a precipitous 81 percent drop as well. It's yet again more evidence that Musk's embrace of far-right ideals, his plundering of the US federal government, and intrusion into European politics have proven disastrous for the carmaker's brand. His actions have spawned an international anti-Tesla movement, with protesters gathering in huge numbers in front of showrooms. "2025 started off as a dark chapter for Musk and Tesla as Elon's role in the Trump Administration and DOGE created a life of its own which created brand damage and a black cloud over the story," longtime Tesla bull and Wedbush analyst Dan Ives wrote in a May 23 note, as quoted by CBS News. Instead of acknowledging the damage he has done, Musk has vowed to recommit himself to his ailing businesses, claiming that he was leaving the world of politics behind. Tesla investors saw it as a positive development, sending the company's shares soaring over the past month. However, critics have long pointed out that Tesla's stock has become "detached from reality," a divergence that has never been more on display than now. Compounding the issue is Tesla's aging model lineup. Instead of working on a more affordable "Model 2" vehicle, something investors have been begging for for years, Musk has instead bet the fate of the carmaker on the development of an autonomous "robotaxi" ride-hailing service. The billionaire has promised to show off an extremely limited demo of the service in Austin as soon as next month. The demo will reportedly feature a mere ten to 20 Model Y robotaxis, which are being supervised by human safety drivers. But even the company's own executives aren't convinced that autonomous robotaxis will be the carmaker's saving grace. Tesla's head of Autopilot and AI software, Ashok Elluswamy, admitted during a recent podcast appearance that the company is "maybe a couple of years" behind competitor Waymo. More on Tesla: You Can Suddenly Sense Elon Musk's Desperation
Yahoo
05-02-2025
- Business
- Yahoo
Meeks says he will greenlight arms sale to Israel ‘when I get my questions answered'
Rep. Gregory Meeks (D-N.Y.) said he will greenlight President Trump's request for a $1 billion arms sale to Israel when he is comfortable with answers the administration provides to his questions. Meeks, the ranking member of the House Foreign Affairs Committee, did not detail his concerns over the arms sale in a brief conversation with The Hill, saying such discussions are classified. But he said his concerns overrode the Trump administration's desire to have a $1 billion weapons package prepared during Israeli Prime Minister Benjamin Netanyahu's visit to Washington this week. 'This is not a situation — Biden, especially Trump — where a king comes in and says, 'This is what I want,' and you just do it automatically. … And in this case, because Prime Minister Netanyahu is here, you want to make it look like something,' Meeks said. 'No. I'm going to do the job that I took an oath to do. And what I have done, and continue to do, on a responsible manner — of reviewing … when I get my questions answered, then I'm fine.' Trump had readied a $1 billion weapons package for Israel ahead of Netanyahu's visit. The package includes 4,700 1,000-pound bombs, worth more than $700 million, as well as armored bulldozers built by Caterpillar, worth more than $300 million, The Wall Street Journal reported. Meeks holds unique power to delay the president from moving forward on arms sales over a certain dollar amount. It's long-standing practice for the State Department to informally notify the top four lawmakers of the Senate Foreign Relations and House Foreign Affairs committees of arms sales to other countries if the price tag exceeds a certain amount. For government to government sales, that number is $14 million. This is the first step in a two-step notification process to Congress. If one of the leaders of the Senate or House foreign committees raises questions, the State Department generally holds back on submitting a formal notification to Congress on the arms sale until the lawmaker is satisfied. 'The Department generally will not formally notify an arms transfer if a member of Congress raises significant concerns by placing a hold during the informal review stage,' the State Department's Office of Inspector General (OIG) wrote in an August 2020 report. Meeks didn't characterize his absence of a go-ahead on the arms sale as a 'hold,' although that term is used by lawmakers, congressional staff and U.S. officials. 'I am review[ing] and asking questions, and I want a response to my questions,' Meeks told The Hill when asked why he placed a hold. There's no timeline for Meeks to lift his hold. Still, Trump may have options to move forward. The OIG report said the State Department 'is not precluded from proceeding with an arms transfer subject to a congressional hold, the Department must still formally notify Congress of the proposed transfer, consistent with the requirements outlined in the AECA [Arms Export Control Act].' In 2019, Trump overrode a congressional hold on arms transfers to Saudi Arabia and the United Arab Emirates — the move that triggered the OIG review. The review found, in general, that the administration adhered to the law but did not assess fully the risks to human life or take appropriate mitigation measures. At that time, the U.S. weapons were being used by Saudi Arabia and the UAE in Yemen's civil war. The process of the review was mired in scandal. Trump fired the inspector general at the time, Steve Linick, as he was undertaking the review. Trump's appointed inspector general recused himself from the review, and the report was completed by Diana Shaw, acting inspector general. Last month, Trump fired multiple inspector generals, including Shaw. Mike Lillis contributed. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
05-02-2025
- Business
- The Hill
Meeks says he will greenlight arms sale to Israel ‘when I get my questions answered'
Rep. Gregory Meeks (D-N.Y.) said he will greenlight President Trump's request for a $1 billion arms sale to Israel when he is comfortable with answers the administration provides to his questions. Meeks, the ranking member of the House Foreign Affairs Committee, did not detail his concerns over the arms sale, in a brief conversation with The Hill, saying such discussions are classified. But he said that his concerns overrode the Trump administration's desire to have a $1 billion weapons package prepared during Israeli Prime Minister Benjamin Netanyahu's visit to Washington this week. 'This is not a situation – Biden, especially Trump – where a king comes in and says, 'This is what I want,' and you just do it automatically… And in this case, because Prime Minister Netanyahu is here, you want to make it look like something,' Meeks said. 'No. I'm going to do the job that I took an oath to do. And what I have done, and continue to do, on a responsible manner – of reviewing… when I get my questions answered, then I'm fine.' Trump had readied a $1 billion weapons package for Israel ahead of Netanyahu's visit. The package includes 4,700 1,000-pound bombs, worth more than $700 million, as well as armored bulldozers built by Caterpillar, worth more than $300 million, the Wall Street Journal reported. Meeks holds unique power to delay the president from moving forward on arms sales over a certain dollar amount. It's longstanding practice for the State Department to informally notify the top four lawmakers of the Senate Foreign Relations and House Foreign Affairs committees of arms sales to other countries if the price tag exceeds a certain amount. For government to government sales, that number is $14 million. This is the first step in a two-step notification process to Congress. If one of the leaders of the Senate or House foreign committees raises questions, the State Department generally holds back on submitting a formal notification to Congress on the arms sale, until the lawmaker is satisfied. 'The Department generally will not formally notify an arms transfer if a member of Congress raises significant concerns by placing a hold during the informal review stage,' the State Department's Office of Inspector General (OIG) wrote in an August 2020 report. Meeks didn't characterize his absence of a go-ahead on the arms sale as a 'hold,' although that term is used by lawmakers, congressional staff and U.S. officials. 'I am review[ing] and asking questions, and I want a response to my questions,' Meeks told The Hill when asked why he placed a hold. There's no timeline for Meeks to lift his hold. Still, Trump may have options to move forward. The OIG report said the State Department 'is not precluded from proceeding with an arms transfer subject to a congressional hold, the Department must still formally notify Congress of the proposed transfer, consistent with the requirements outlined in the AECA [Arms Export Control Act].' In 2019, Trump overrode a congressional hold on arms transfers to Saudi Arabia and the United Arab Emirates – the move triggering the OIG review. The review found, in general, that the administration adhered to the law but did not assess fully the risks to human life, and take appropriate mitigation measures. At that time, the U.S. weapons were being used by Saudi and the UAE in Yemen's civil war. The process of the review was mired in scandal. Trump fired the inspector general at the time, Steve Litnick, as he was undertaking the review. Trump's appointed IG recused himself from the review and the report was completed by Diana Shaw, acting Inspector General. On Jan. 27, Trump fired multiple inspector generals, including Shaw.
