WEBVTT - Tesla Delivers, Harvard's President to Step Down

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<v Speaker 1>Good morning. I'm Doug Krisner. Here are the stories we're

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<v Speaker 1>following today. We begin now by looking at what's happening

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<v Speaker 1>in the electric vehicle space. Tesla delivering more evs than

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<v Speaker 1>expected in the fourth quarter. However, that wasn't enough for

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<v Speaker 1>the company to stay ahead of its Chinese rival BYD

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<v Speaker 1>in global EV's sales. Here is Bloomberg's ed ludlow.

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<v Speaker 2>In the fourth quarter four hundred and eighty four thousand,

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<v Speaker 2>five hundred and seven evs delivered by Tesla. That was

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<v Speaker 2>ahead of estimates, and it does mean that Tesla exceeded

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<v Speaker 2>its target of one point eight million vehicles in twenty

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<v Speaker 2>twenty three. Go back to a year ago January twenty

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<v Speaker 2>twenty three, the first earning score of the year, where

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<v Speaker 2>Elon Musk said that two million units would be possible

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<v Speaker 2>in the full year. So they beat the one point

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<v Speaker 2>eight million official guidance, but it fell short of that

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<v Speaker 2>kind of higher bound target that Elon Musket outlined.

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<v Speaker 1>That is Bloomberg's ed Ludlow. So now BYD is the

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<v Speaker 1>new number one in EV's globally, driven mainly by the

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<v Speaker 1>company's much broader lineup of cheaper models in China, Incidentally,

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<v Speaker 1>we're going to be taking a closer look at the

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<v Speaker 1>Tesla story with Bloomberg's David Welsh. That's coming up. Tesla

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<v Speaker 1>shares were down today by just two tents one percent, Paul,

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<v Speaker 1>and it was.

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<v Speaker 3>A disappointing final quarter for another one of America's largest

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<v Speaker 3>electric vehicle makers, Bloomberg's Tom Busby has.

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<v Speaker 4>More despite ramping up production over the past year. The

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<v Speaker 4>Los Angeles area based electric engine vehicle maker Rivian Automotive

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<v Speaker 4>Source shares tumble on Tuesday after missing deliveries for the

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<v Speaker 4>fourth quarter only by about one hundred and forty vehicles.

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<v Speaker 4>Rivian makes an ev pickup truck and a sport utility

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<v Speaker 4>vehicle for consumers, but also a battery electric delivery van

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<v Speaker 4>for Amazon, the etail giant. Its biggest single shareholder, Tom

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<v Speaker 4>Busby Bloomberg Radio.

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<v Speaker 1>We moved to Apple next. The company shares were down

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<v Speaker 1>more than three and a half percent today, the biggest

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<v Speaker 1>drop we've seen since September. This is after analyst over

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<v Speaker 1>at Barclay said they are expecting softer demand for the iPhone,

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<v Speaker 1>so they have downgraded Apple stock as a result. By

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<v Speaker 1>the way, it's the first time Barclay's cut Apple to

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<v Speaker 1>underweight since twenty nineteen. But as Bloomberg's Man Deep Sing

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<v Speaker 1>tells us, don't count Apple out. As artificial intelligence gains traction.

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<v Speaker 5>We are going through a massive refresh cycle and cloud

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<v Speaker 5>companies are the major beneficiaries of that. We still don't

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<v Speaker 5>know when that will happen, but we.

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<v Speaker 3>Know it will happen. It's a matter of time.

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<v Speaker 5>The large anglid models, the technology, the copilots will run

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<v Speaker 5>on your phones, and right now there is no alternative

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<v Speaker 5>device except for your Apple ecosystem, whether it's your phones

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<v Speaker 5>or your PCs.

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<v Speaker 1>That is Bloomberg's Man Deep Sing. Now it's not clear

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<v Speaker 1>exactly when Apple will become the big beneficiary of artificial intelligence.

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<v Speaker 3>Paul, the president of Havard, is stepping down. We've got

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<v Speaker 3>more from Bloomberg's and kites.

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<v Speaker 6>Clouding Gay's exit. NDS are brief and tumultuous tenure, marked

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<v Speaker 6>by allegations of plagiarism and a campus controversy over antisemitism

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<v Speaker 6>following the October seventh attack by Hamas on Israel. She

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<v Speaker 6>got her start in July as Harvard's first black president

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<v Speaker 6>and had the backing of the university's governing Council as

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<v Speaker 6>recently as mid December. Since then, new questions have surfaced,

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<v Speaker 6>a batter academic work, and a donor revolt has worsened

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<v Speaker 6>over criticism of Harvard for not speaking out after more

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<v Speaker 6>than thirty student groups blamed Israel solely for the violence

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<v Speaker 6>in Washington and Kates Bloomberg Radio, we.

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<v Speaker 1>Go to China next, where the Central Bank has injected

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<v Speaker 1>nearly fifty billion dollars into policy oriented banks as a

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<v Speaker 1>way of stimulating the economy. The story from Bloomberg's Juan

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<v Speaker 1>Wong In Hong Kong.

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<v Speaker 7>The fifty billion dollars worse of low cost funds is

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<v Speaker 7>the largest increase via the Central Bank's Pledged Supplemental Lending program.

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<v Speaker 7>This takes the outstanding amount of the PSL program to

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<v Speaker 7>four hundred and fifty six billion dollars. The program is

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<v Speaker 7>seen as an important tool for Beijing to shore up

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<v Speaker 7>the property sector and stabilized growth this year. Markets have

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<v Speaker 7>been expecting the central banks to use the money to

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<v Speaker 7>drive construction of public housing to alleviate a property slum

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<v Speaker 7>that's hammered consumer confidence in Hong Kong. Joanne Wong, Bloomberg Radio.

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<v Speaker 1>Let's move on to Global news next, and we have

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<v Speaker 1>Hamas saying that Israel has killed a senior leader in Beirut.

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<v Speaker 1>At Baxter has more from the Bloomberg newsroom.

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<v Speaker 8>Mattie, all right, thank you, Douglas.

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<v Speaker 9>Yeah.

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<v Speaker 8>The leader sale Al Arori, saying that to have been

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<v Speaker 8>a mastermind behind the militant arm in the West Bank,

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<v Speaker 8>the Israeli attack and a parent drone strike in beirut

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<v Speaker 8>southern suburbs, the first such attack on the Lebanese capital

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<v Speaker 8>of nearly two decades. Lebanon's caretaker Prime Minister Najeeb Mataki

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<v Speaker 8>says that mccatti says that the attack is a new

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<v Speaker 8>Israel crime and that aims to drag Lebanon into a

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<v Speaker 8>new phase of confrontations. Hager Shanali, Greenwich Media CEO, says, actually,

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<v Speaker 8>the action was pretty predictable.

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<v Speaker 10>You saw today, for example in Beirut. Is not totally surprising,

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<v Speaker 10>and I don't expect to explode into some kind of

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<v Speaker 10>full scale war. And the reason for that is that

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<v Speaker 10>that strike was specifically to hit as a Hamas leader,

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<v Speaker 10>in particular Salruri, who has funded and directed operations in

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<v Speaker 10>the West Bank and who has been tied to kidnappings

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<v Speaker 10>hijackings and other terrorist.

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<v Speaker 8>Attacks nationally on Bloomberg's A balance of Power. There's been

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<v Speaker 8>no official comment from Israel. Harvard University President Claudine Gay

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<v Speaker 8>has resigned today, involved in two issues that she says

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<v Speaker 8>made her a distraction. The first when she was called

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<v Speaker 8>before Congress in December to testify about Harvard's anti Semitism policies.

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<v Speaker 8>This was in December.

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<v Speaker 11>We embrace a commitment to free expression, even of views

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<v Speaker 11>that are objectionable, offensive, hateful. It's when that speech crosses

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<v Speaker 11>into conduct that violates our policies against bullying.

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<v Speaker 6>Does that speech not cost that barrier?

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<v Speaker 9>There?

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<v Speaker 8>With congress Woman Elaine Stefanic and Bloomberg's David Weston says.

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<v Speaker 8>The second issue accusation of plagiarism.

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<v Speaker 12>About some of the work that President Gay had done

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<v Speaker 12>for her dissertation for her PhD, and allegations that she

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<v Speaker 12>had improperly used sources that she did not identify. Initially,

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<v Speaker 12>the Corporation of Harvard, which is what they call the

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<v Speaker 12>Board of Trustees of corporation, said there'd be an investigation

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<v Speaker 12>and they had totally exonerated her. There was no problem,

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<v Speaker 12>But now she said she slipped on it.

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<v Speaker 8>And David says he takes out a word distraction. We'll

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<v Speaker 8>have more on this in just a few minutes. Donald

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<v Speaker 8>Trump has filed a lawsuit seeking to restore his name

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<v Speaker 8>to Mainz presidential primary after the state disqualify because of

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<v Speaker 8>attempt to reverse the twenty twenty election. Politically, Bloomberg's Gregory

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<v Speaker 8>Corte says, any activity like this always helps his polling.

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<v Speaker 13>And look, every time an issue like this has popped up,

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<v Speaker 13>at least in the short term, former President Trump gets

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<v Speaker 13>a little bit of a blip in the polls among

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<v Speaker 13>Republican likely voters. It's not a permanent blip. It always

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<v Speaker 13>just sort of reverts back to the mean. But there

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<v Speaker 13>is sort of a rallying around Trump effect that happens

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<v Speaker 13>every time that Republicans feel like he's being picked on.

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<v Speaker 8>Trump's stud allegias Secretary of State of Shenna Bellows is

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<v Speaker 8>a biased decision maker. Horrific airline collision in Japan's Saneda

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<v Speaker 8>Airport has left five people crew members of the Japan

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<v Speaker 8>Airlines Airbus sc three point fifty nine hundred. They all

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<v Speaker 8>got out. The crew of japan Airlines Airbus is being

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<v Speaker 8>characterized as heroes today because all three hundred and seventy

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<v Speaker 8>nine passengers managed to escape after their plane hit the

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<v Speaker 8>japan Coast Guard plane on the runway. Now, five of

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<v Speaker 8>the six crew members on the Coastguard crew were killed.

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<v Speaker 8>Authority say the jial was cleared to take off, they kept.

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<v Speaker 14>Going on down the runway. The airplane eventually came to

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<v Speaker 14>a stop, skid into a stop. You can see at

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<v Speaker 14>least the right engine is still turning. The deployed the

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<v Speaker 14>emergency evacuation slides and everybody got off safely. But that

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<v Speaker 14>wouldn't have happened if that Japanese Coastguard aircraft had hit.

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<v Speaker 1>Just a few feet closer in towards the fuselaw.

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<v Speaker 9>That is ABC.

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<v Speaker 8>Steve Kanyard has heard here on Bloomberg and Global News

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<v Speaker 8>twenty four hours a day and whenever you want to.

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<v Speaker 8>With Bloomberg News Now in San Francisco, I met Baxter.

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<v Speaker 8>This is Bloomberg Daybreak Asia.

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<v Speaker 1>We're about eleven minutes past the hour as we take

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<v Speaker 1>a closer look now at Tesla with Bloomberg's David Weldshe

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<v Speaker 1>is our Detroit bureau chief.

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<v Speaker 9>David.

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<v Speaker 1>It's always a pleasure. Thanks for being with us. Was

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<v Speaker 1>this really a surprise that Tesla kind of fell behind BYD.

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<v Speaker 9>Not really, Tesla's growth rates have been slowing. Still a

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<v Speaker 9>growth company, but it's really come way down. And BYD

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<v Speaker 9>just keeps building sales all the time. It's kind of

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<v Speaker 9>a hot company right now. I think it's d I

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<v Speaker 9>D relies on the Chinese market for sales growth. In China,

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<v Speaker 9>EV sales are not only growing faster just because the

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<v Speaker 9>market's bigger and it's really the thing there, but the

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<v Speaker 9>government mandates this. Practically, you can't even get new vehicle

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<v Speaker 9>registrations in some of the big cities lessons an electric vehicle.

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<v Speaker 9>They are heavy incentives for it. It is the EV

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<v Speaker 9>market in the world. So if you're the dominant EV

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<v Speaker 9>player in the Chinese market and you're a Chinese domestic brand, also,

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<v Speaker 9>how right now you're going to keep growing. Tesla's relying

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<v Speaker 9>in significant degree in the US market or EV sales

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<v Speaker 9>aren't doing that well. They're still growing in the I

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<v Speaker 9>don't this myth that they're going in reverse is not

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<v Speaker 9>really true, but they're not growing as fast.

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<v Speaker 3>So it sounds like you're describing a new normal for Tesla.

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<v Speaker 3>What does the future look like for this company?

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<v Speaker 9>Again? Tesla is still growing, but the idea that they

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<v Speaker 9>were going to hit two million vehicle sales, they're probably

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<v Speaker 9>not going to reach that. It sounds like from what

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<v Speaker 9>they were saying with the sales report, that they're looking

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<v Speaker 9>at sales growth rates at twenty percent range. It wasn't

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<v Speaker 9>that long ago. Twelve eighteen months ago they were still

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<v Speaker 9>talking about fifty percent growth rates. Last journings call, Elon

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<v Speaker 9>Musk said they can't grow at fifty percent anymore. They've

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<v Speaker 9>given up the ghost on that, but I think it's

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<v Speaker 9>still significantly less. In fairness, one of the reasons the

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<v Speaker 9>stock didn't do too badly today is because you know

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<v Speaker 9>what the car company's growing at eighteen twenty percent, and

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<v Speaker 9>if that's the projected growth rate for Tesla, it could

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<v Speaker 9>still be better than that. With the cyber truck. That's

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<v Speaker 9>still very good. It's just not the meteoric growth company

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<v Speaker 9>that it has been for years.

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<v Speaker 1>David, I'm wondering about the overall market for evs given

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<v Speaker 1>the fact that yesterday in the US, that would be

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<v Speaker 1>January first, the government issued some new rules for a

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<v Speaker 1>seventy five hundred dollars consumer tax credit, and now the

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<v Speaker 1>total number of vehicles eligible is only thirteen. That's down

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<v Speaker 1>from about two dozen earlier. What is this going to

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<v Speaker 1>mean for not just Tesla but the overall market.

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<v Speaker 9>It's going to make it tougher. We sort of thought,

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<v Speaker 9>I think six months ago, eight months ago, that every

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<v Speaker 9>vehicle out there would be getting these seventy five hundred

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<v Speaker 9>dollars credits. Some of these vehicles will in the very

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<v Speaker 9>in near future be added to that list. General Motors

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<v Speaker 9>said some of its vehicles they're in the process of

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<v Speaker 9>resourcing some of the battery ingredients for those vehicles and

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<v Speaker 9>they will be qualified, they said, sometime in the first quarter,

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<v Speaker 9>maybe second quarter. So you're looking at a few months

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<v Speaker 9>where some of the GM vehicles, Cadillac Lyric, I think

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<v Speaker 9>the Blazer and Silverado won't get the credits, but in

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<v Speaker 9>a few months they will. But still, we really thought

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<v Speaker 9>this was going to be the big shot on the

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<v Speaker 9>arm and it's something that all the companies are going

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<v Speaker 9>to have to work harder to get that money for

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<v Speaker 9>their EV buyers. So that's not going to you know,

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<v Speaker 9>that's not automatic, and we're going to need to get

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<v Speaker 9>that momentum. And I think in the US we're still

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<v Speaker 9>in this issue where luxury buyers, early adopters have the revs,

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<v Speaker 9>and now we're kind of moving into the mass market.

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<v Speaker 9>And even consumers who spend a pretty good amount of

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<v Speaker 9>money on new vehicles, they're not convinced the charging network

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<v Speaker 9>is there. They're not convinced that they need to spend

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<v Speaker 9>fifty eight thousand dollars on a Chevy Blazer with a

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<v Speaker 9>battery in it when they can get one with an

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<v Speaker 9>engine in it that costs thirty five or forty thousand dollars.

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<v Speaker 9>Still a lot more money to spend on some of

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<v Speaker 9>these vehicles and consumers. Eaveis have captured the imagination, they

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<v Speaker 9>just haven't captured the wallet yet in the mass market.

0:11:46.600 --> 0:11:49.360
<v Speaker 3>Yeah, and to your point, I mean Tesla has been

0:11:50.040 --> 0:11:52.760
<v Speaker 3>heading that high niche market. I mean here in Australia.

0:11:52.840 --> 0:11:56.439
<v Speaker 3>It's certainly not a cheap car and attracts luxury car tax.

0:11:56.559 --> 0:12:00.440
<v Speaker 3>In fact, is Tesla working on the future models? Cheap

0:12:00.440 --> 0:12:03.760
<v Speaker 3>the models and that smaller models they are.

0:12:04.640 --> 0:12:08.160
<v Speaker 9>But the thing with Tesla is Elon Musk always promised

0:12:08.280 --> 0:12:10.840
<v Speaker 9>is a very low sales place and they usually don't

0:12:10.880 --> 0:12:14.320
<v Speaker 9>quite hit it. We're supposed to have a cyber truck

0:12:14.400 --> 0:12:18.240
<v Speaker 9>under forty thousand, and it's considerably more than that. The

0:12:18.320 --> 0:12:20.439
<v Speaker 9>cheap vehicle is the model too, which is supposed to

0:12:20.520 --> 0:12:22.839
<v Speaker 9>be well under thirty thousand dollars. We'll see when that

0:12:22.960 --> 0:12:25.400
<v Speaker 9>comes out and where he ends up pricing it, because

0:12:26.080 --> 0:12:28.520
<v Speaker 9>that vehicle could be like a lot of other Teslas,

0:12:28.520 --> 0:12:31.320
<v Speaker 9>where not only is it not on time, the cyber

0:12:31.360 --> 0:12:33.600
<v Speaker 9>truck was at least a year late. It ends up

0:12:33.600 --> 0:12:35.880
<v Speaker 9>being priced more than they say. You know, General Motors

0:12:36.040 --> 0:12:37.719
<v Speaker 9>had the Chevy Equinox. They said it was going to

0:12:37.760 --> 0:12:40.240
<v Speaker 9>be priced at thirty thousand dollars. Coming in at thirty

0:12:40.280 --> 0:12:42.520
<v Speaker 9>five thousand to start, that's still a pretty good price

0:12:42.600 --> 0:12:45.640
<v Speaker 9>considering where new vehicles sell in the US market today,

0:12:45.920 --> 0:12:49.400
<v Speaker 9>and that thirty five thousand dollars Blazer gets three hundred

0:12:49.400 --> 0:12:51.200
<v Speaker 9>and twenty miles of range instead of the two hundred

0:12:51.200 --> 0:12:53.080
<v Speaker 9>and fifty that they were talking about with a thirty

0:12:53.080 --> 0:12:55.920
<v Speaker 9>thousand dollars model. But you see what I'm saying. Every

0:12:55.920 --> 0:12:57.840
<v Speaker 9>time we knew EV comes out, it's more expensive than

0:12:57.880 --> 0:12:59.319
<v Speaker 9>they told us it was going to be a year ago.

0:13:00.120 --> 0:13:01.520
<v Speaker 9>And Pricematics, well.

0:13:01.480 --> 0:13:03.760
<v Speaker 1>You mentioned the Tesla cyber truck. How does it go

0:13:03.960 --> 0:13:06.880
<v Speaker 1>head to head with Ford's F one fifty lightning that

0:13:07.040 --> 0:13:07.800
<v Speaker 1>ev pickup.

0:13:09.559 --> 0:13:10.960
<v Speaker 5>I think you know.

0:13:11.120 --> 0:13:13.880
<v Speaker 9>GM's Silverado V is in the process of coming out

0:13:13.960 --> 0:13:19.559
<v Speaker 9>right now. I think for those buyers you're talking about,

0:13:19.960 --> 0:13:23.079
<v Speaker 9>these are two different calculations. I mean GM and the

0:13:23.240 --> 0:13:25.840
<v Speaker 9>Chevy and Ford truck buyers. Some of them will use

0:13:25.920 --> 0:13:28.480
<v Speaker 9>this thing as a work vehicle. For those who buy

0:13:28.559 --> 0:13:30.800
<v Speaker 9>it as kind of a statement or a fun vehicle,

0:13:31.040 --> 0:13:34.360
<v Speaker 9>the cyber truck really could be a competitor, But I

0:13:34.400 --> 0:13:36.360
<v Speaker 9>would see the cyber truck going more head to head

0:13:36.440 --> 0:13:39.720
<v Speaker 9>with Rivian's pickup because neither one is a work truck.

0:13:39.760 --> 0:13:43.080
<v Speaker 9>They're both of fashion statements in a way, very very

0:13:43.120 --> 0:13:45.599
<v Speaker 9>different fashion statements, mind you, but they're more of a

0:13:45.720 --> 0:13:48.720
<v Speaker 9>recreational fashion truck for somebody who's not going to use

0:13:48.760 --> 0:13:50.880
<v Speaker 9>the bed that much and isn't going to be towing

0:13:50.920 --> 0:13:52.000
<v Speaker 9>and hauling a lot of stuff.

0:13:52.960 --> 0:13:55.880
<v Speaker 3>Is this why we didn't see cyber truck numbers included

0:13:55.920 --> 0:13:57.200
<v Speaker 3>in the release of this quota.

0:13:57.720 --> 0:13:59.640
<v Speaker 9>Well, look, this is Tessa. I think we didn't see

0:13:59.640 --> 0:14:02.280
<v Speaker 9>cyber truck numbers because they were very low. You can

0:14:02.320 --> 0:14:04.600
<v Speaker 9>bet when, if and when the numbers are very good,

0:14:04.679 --> 0:14:07.360
<v Speaker 9>they'll be headlining the Cyberstar sales number.

0:14:07.520 --> 0:14:10.520
<v Speaker 1>We'll leave it there. David Always pleasure. David Welsh, Bloomberg's

0:14:10.520 --> 0:14:14.520
<v Speaker 1>Detroit bureau chief. This is Bloomberg day Break Asia, your

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<v Speaker 5>Mm hmm