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Elon Musk leads the newly established Department of Government Efficiency (DOGE), aiming to cut $2 trillion from the federal budget by modernizing technology and software. Key figures include Steve Davis and Brad Smith, while venture capitalists like Marc Andreessen and Shaun Maguire provide advisory support. An influx of young engineers, dubbed the "nerd squad," is also instrumental in transforming various government agencies.
Elon Musk's visibility in the Trump administration has led to a significant decline in Tesla's stock, which has dropped 40% since its peak, reflecting investor concerns over his polarizing role and competition in the EV market. Sales of Tesla vehicles are plummeting globally, with a 50% drop in Europe and a 29% decline in China, while loyalty among buyers in blue states is waning. Despite these challenges, some investors remain optimistic about Tesla's future, particularly regarding its autonomous vehicle ambitions.
Protests against Elon Musk's leadership and his role in federal workforce cuts have emerged, with demonstrators targeting Tesla as a symbol of Trump's policies. Activists are calling for actions to tarnish the Tesla brand and impact Musk financially, while some Tesla owners face backlash for their vehicle choices. The movement reflects growing discontent among Democrats regarding the administration's drastic measures.
Lawmakers are racing to prevent a government shutdown, with bipartisan support for maintaining funding. However, Elon Musk's indifference to the situation poses a challenge, as he previously disrupted Republican plans and could influence the outcome if they fail to secure his backing.
Tesla's U.K. sales rose nearly 21% in February, with almost 4,000 new electric cars registered, contrasting sharply with a 76% drop in Germany and a significant decline in the EU. Analysts suggest that Elon Musk's controversial ties to political figures may be impacting sales, despite overall growth in the electric vehicle market. The automaker's global deliveries fell by 1% in 2024, reflecting broader challenges, including a 49% slump in China.
Warren Buffett, the fifth-wealthiest American, has publicly criticized President Trump's tariff policies, warning they could lead to inflation, contrasting with other billionaires who have aligned with the administration. While Buffett advocates for responsible tax use and economic stability, figures like Elon Musk and Jeff Bezos have shifted their stances to foster better relations with Trump. Buffett's remarks suggest he is cautious about the potential impacts on his investments during Trump's second term.
Elon Musk has called for the privatization of the United States Postal Service (USPS), suggesting that the government should privatize entities like the Post Office and Amtrak to foster improvement through competition. Despite being a well-liked agency, USPS has faced significant financial challenges, reporting a $9.5 billion loss for the fiscal year ending September 2024, largely due to fixed costs. Any move to privatize would require congressional approval, as the USPS is mandated to provide universal service regardless of profitability.
Sajjan Jindal, chairman of JSW Group, expressed skepticism about Tesla's success in India, emphasizing the stronghold of domestic manufacturers Tata Motors and Mahindra & Mahindra. As Tesla prepares to enter the market with a showroom in Mumbai, high import duties and local production challenges remain significant hurdles. Meanwhile, Tata Motors and Mahindra are bolstering their positions in anticipation of increased competition.
Elon Musk's Tesla faces high import duties in India, reaching up to 110%, which has previously hindered its market entry. The Trump administration is advocating for zero tariffs on automobile imports in trade negotiations, while India is considering potential reductions after consulting domestic stakeholders. Both nations aim to resolve tariff disputes and enhance bilateral trade, targeting $500 billion by 2030.
Australian Tesla sales have plummeted by 72% in February, with Model 3 sales down 81%, as owners distance themselves from Elon Musk's controversial political stance. Many are offloading their vehicles or using bumper stickers to express their discontent, reflecting a broader trend of frustration among Tesla owners globally.
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