WEBVTT - Tesla’s $1 Trillion Bet on Elon Musk’s Leadership

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<v Speaker 1>Bloomberg Audio, Studios, podcasts, radio news.

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<v Speaker 2>This morning news broke that Tesla CEO Elon Musk, the

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<v Speaker 2>world's richest man, recently bought about one billion dollars worth

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<v Speaker 2>of Tesla stock, and the company's share price jumped. Tesla's

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<v Speaker 2>shares are getting a boost from their ceo. The stock

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<v Speaker 2>rose more than three and a half percent in regular trading.

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<v Speaker 2>The world learned about that purchase in a regulatory filing

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<v Speaker 2>on Monday, but Musk actually bought those shares on Friday,

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<v Speaker 2>September twelfth, indirectly through a revocable trust that was the

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<v Speaker 2>same day. Robin Denholm, the chair of Tesla's board, told

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<v Speaker 2>Bloomberg TV how optimistic she is about Tesla's future with

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<v Speaker 2>Musk in the driver's seat.

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<v Speaker 3>He's a generational leader. There aren't any other people out

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<v Speaker 3>there like Elon who can actually lead the company over

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<v Speaker 3>this next decade or so.

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<v Speaker 2>That interview came on the heels of a big announcement

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<v Speaker 2>earlier this month that Tesla's board wants to offer Musk

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<v Speaker 2>an unprecedented compensation package valued at one trillion dollars.

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<v Speaker 4>Well, he's already one of the world's richest people, but

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<v Speaker 4>Elon Musk could become the first ever trillionaire. It's all

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<v Speaker 4>possible under Tesla's new pay package.

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<v Speaker 2>But behind these headlines, these eye popping numbers are some

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<v Speaker 2>serious challenges Tesla's facing.

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<v Speaker 1>Elon Musk warning that the cuts to evs and other

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<v Speaker 1>clean energy credits would be incredibly destructive to the country.

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<v Speaker 4>When Tesla's lose power, crashes can turn into deadly races

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<v Speaker 4>against time. Reporting by Bloomberg News has found that regulators

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<v Speaker 4>have been slow to act, and complaints about Tesla's doors

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<v Speaker 4>have piled up.

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<v Speaker 1>I think this is a matter of being able to

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<v Speaker 1>sort of in your head, think this guy has done

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<v Speaker 1>it before, maybe he can do it again.

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<v Speaker 2>Craig Trudell oversees Bloomberg's coverage of the auto industry. These

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<v Speaker 2>covered Elon Musk and Tesla for years. Craig says, what's

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<v Speaker 2>really reassuring them and Tesla's board is having Musk out

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<v Speaker 2>of government with a new financial incentive to focus more

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<v Speaker 2>on the company.

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<v Speaker 1>There's a sort of concerted effort to message on the

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<v Speaker 1>part of this company that you know, Musk is coming back.

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<v Speaker 1>He's putting his head back down, he's putting politics aside.

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<v Speaker 1>He's left the White House, he's gonna hunker back down

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<v Speaker 1>and get down to business, and people are even using

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<v Speaker 1>really sort of over the top language like a wartime CEO.

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<v Speaker 2>But what's unclear is if Musk himself has gotten that

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<v Speaker 2>message and if that one trillion dollar pay package, provided

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<v Speaker 2>it's approved by shareholders, will work. I'm David Gura, and

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<v Speaker 2>this is the big take from Bloomberg News today. On

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<v Speaker 2>the show, what could have been a bad year for

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<v Speaker 2>Tesla isn't looking so bad to Tesla's investors and board,

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<v Speaker 2>who are convinced that with more of Elon Musk's attention,

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<v Speaker 2>the company will be back on track. Twenty twenty five

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<v Speaker 2>has been tumultuous for Tesla. After years of remarkable growth.

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<v Speaker 2>It shares plunged because of lackluster sales and increased competition,

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<v Speaker 2>along with concern over Elon Musk's politics. But in the

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<v Speaker 2>month since, Tesla's stock has been trending higher, and this

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<v Speaker 2>month it's all but erased those losses. Bloomberg's Craig Trudell

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<v Speaker 2>says it's been vibes as much as fundamentals driving the

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<v Speaker 2>company's share price.

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<v Speaker 1>This is a company that you know all of it's

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<v Speaker 1>here and now fundamentals are sort of flashing red, and

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<v Speaker 1>yet you have Musk talking up this future of humanoid robots,

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<v Speaker 1>and this is of course, you know, sort of running

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<v Speaker 1>contrary to these years of efforts on the part of

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<v Speaker 1>other very valuable companies with really smart engineers who have

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<v Speaker 1>tried to sort of make humanoid robots a thing and

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<v Speaker 1>really struggle doing so. The other sort of half of

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<v Speaker 1>the reason for optimism, I would say, would be robotaxis,

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<v Speaker 1>and you know, there's maybe more tangible signs of real

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<v Speaker 1>progress on that front for Tesla to a degree in

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<v Speaker 1>that they have launched this very limited service in Austin, Texas,

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<v Speaker 1>where they're headquartered. But it's really important to sort of

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<v Speaker 1>keep in mind that there are still humans in the

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<v Speaker 1>front row of those vehicles that are sort of keeping

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<v Speaker 1>an eye on things. And this was you know, far

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<v Speaker 1>from a sort of auspicious start for these vehicles, where

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<v Speaker 1>from day one when they launched this service, you had

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<v Speaker 1>cars driving in the wrong lane and in sort of

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<v Speaker 1>the wrong direction, and the National Highway Traffic Safety Administration

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<v Speaker 1>coming right out and telling us at Bloomberg, yeah, we're watching,

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<v Speaker 1>we're noticing these things, and we're in touch with the

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<v Speaker 1>company so you know, have they figured out robotaxis and

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<v Speaker 1>gotten their cars to a point where they can safely

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<v Speaker 1>navigate the streets without anyone behind the wheel or in

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<v Speaker 1>the passenger seat. Even Tesla, I think, by its actions,

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<v Speaker 1>can be judged to be saying no.

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<v Speaker 2>For so long the narrative was that Elon Musk was

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<v Speaker 2>distracted by the role that he was playing Trump administration

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<v Speaker 2>at the helm of Doge. He wasn't paying attention to this,

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<v Speaker 2>to this company and others that he runs. It did

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<v Speaker 2>seem like Tesla's board wanted to limit Elon Musk's political activity,

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<v Speaker 2>and then it seemed to walk that back. This is

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<v Speaker 2>what Robin Denholm said on Bloomberg TV.

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<v Speaker 3>What he does from a personal perspective in terms of

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<v Speaker 3>his political motivations, etc. Is up to him. I mean

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<v Speaker 3>clearly from our perspective as a board, we're measuring him

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<v Speaker 3>on results and measuring him on what he does as

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<v Speaker 3>a CEO of TESLAT.

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<v Speaker 2>What is the board's position on Elon Musk and politics.

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<v Speaker 1>Yeah, our colleagues Ed Ludlow and Caroline Hyde really sort

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<v Speaker 1>of pressed and holme on this on Friday to really

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<v Speaker 1>sort of get a hard and fast sense of what

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<v Speaker 1>do we mean by winding down as political activities, because

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<v Speaker 1>there was some language within the proxy to that end

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<v Speaker 1>that Musk had made some assurances, and we really did

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<v Speaker 1>not get firm answers from Denholm. I think, you know,

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<v Speaker 1>just reading between the lines, as though we've already gotten

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<v Speaker 1>to the point where they're happy. Where he's you know,

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<v Speaker 1>left Dough, he's left the White House, he's no longer

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<v Speaker 1>a special government employee, and yet there doesn't seem to

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<v Speaker 1>be any limits placed on you know, he's thrown out

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<v Speaker 1>this idea of maybe starting a political party in the US.

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<v Speaker 1>There's also been real substantial weighing in on UK politics,

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<v Speaker 1>on German politics, and there doesn't seem to be any

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<v Speaker 1>sort of line being drawn by the board, at least

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<v Speaker 1>publicly in terms of what's okay and not okay for

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<v Speaker 1>him going forward.

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<v Speaker 2>And as you look at your remit the car companies

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<v Speaker 2>that you cover, how different is this board, the Tesla board,

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<v Speaker 2>from say the board at Forward or the board at GM.

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<v Speaker 1>They have a really difficult job, I will give them that, right.

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<v Speaker 1>You know, you don't have another CEO who's pulling the

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<v Speaker 1>kind of stunts that he is on a day to

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<v Speaker 1>day and you have heard Robin Denholmes sort of speak

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<v Speaker 1>to this idea that she wishes that he wasn't quite

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<v Speaker 1>the way he is on Twitter. This is a board

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<v Speaker 1>that really has its hands full. And yet also on

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<v Speaker 1>the other side of that coin is they it is

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<v Speaker 1>true that this is a generational leader from the perspective

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<v Speaker 1>of we haven't seen somebody, you know, turn a car

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<v Speaker 1>company into a trillion dollar enterprise. We haven't seen a

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<v Speaker 1>car company even come close to that. And you know,

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<v Speaker 1>we can sort of debate until the cows come home

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<v Speaker 1>whether or not Tesla is worthy of that valuation, But

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<v Speaker 1>the sort of hard and fast truth is that, you know,

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<v Speaker 1>he is convinced enough people that it is worth that.

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<v Speaker 1>And even if this is more than just a car

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<v Speaker 1>company by any metric, you know, in terms of where

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<v Speaker 1>they're valued on a sort of fundamental basis, a price

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<v Speaker 1>earnings ratio going forward, this is a really rich stock.

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<v Speaker 1>And if Musk were to be sort of out of

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<v Speaker 1>the picture or in any way perceived as as sort

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<v Speaker 1>of stepping back from Tesla, we've seen over the last

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<v Speaker 1>few years that that can be hugely destructive to this

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<v Speaker 1>company's valuation.

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<v Speaker 2>Elon Musk's plans for Tesla go beyond cars. They include

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<v Speaker 2>robots and AI. But musk stream of turning Tesla into

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<v Speaker 2>the most valuable company in the world won't be easy.

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<v Speaker 2>The challenges facing Musk and Tesla after the break. When

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<v Speaker 2>Tesla posted its quarterly earnings back in July, a big

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<v Speaker 2>headline was a twelve percent drop in revenue compared to

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<v Speaker 2>a year earlier. On a call with investors, Tesla leadership

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<v Speaker 2>didn't comment much on that decline, but CEO Elon Musk

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<v Speaker 2>did acknowledge the next few months are likely to be rough.

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<v Speaker 3>I mean, does that mean like we could have a

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<v Speaker 3>few rough quarters. Yeah, we probably could have a few

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<v Speaker 3>rough quarters.

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<v Speaker 2>I asked Bloomberg's Craig Trudell what that admission tells us

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<v Speaker 2>about Musk's vision for the company and what's to come.

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<v Speaker 1>Yeah. I think it's going to be the case that

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<v Speaker 1>this quarter is going to be boosted by the fact

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<v Speaker 1>that in the US you have a phasing out of

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<v Speaker 1>electric vehicle tax credits. There's going to be a pull

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<v Speaker 1>ahead of people who are maybe considering buying an EV

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<v Speaker 1>that are going to accelerate that decision to take advantage

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<v Speaker 1>of the fact that they could be eligible for a

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<v Speaker 1>seventy five hundred dollars tax credit. The real concern is

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<v Speaker 1>that after those tax credits go away, that Tesla and

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<v Speaker 1>everyone else selling EV's is really going to have a

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<v Speaker 1>hard time for months to come. On top of that,

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<v Speaker 1>you also have a deregulation agenda on the part of

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<v Speaker 1>the Trump administration to take away penalties for fuel economy

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<v Speaker 1>standards and for emission standards that Tesla for years has

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<v Speaker 1>really benefited from more than twelve billion dollars worth of

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<v Speaker 1>regulatory credits. You have byd going from strength to strength

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<v Speaker 1>in terms of continuing to outsell everybody.

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<v Speaker 3>There.

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<v Speaker 1>You have Jaumi, China's version of Apple making a real

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<v Speaker 1>concerted effort to go into the EV space. And then

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<v Speaker 1>here in Europe a sort of falling apart of Tesla's

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<v Speaker 1>position in really major markets including Germany, France, and so

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<v Speaker 1>cross the globe, we're seeing real weakness in Tesla's core

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<v Speaker 1>car business. And I should also mention too, just to

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<v Speaker 1>go along with that, this is a company with an

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<v Speaker 1>energy business that sells storage batteries for utilities, that too

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<v Speaker 1>is going to be hit by the fact that the

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<v Speaker 1>Republicans have got it a lot of what was in IRA.

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<v Speaker 2>During the throws of the early days of Trump's second term,

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<v Speaker 2>we saw Tesla sales decline. How much of that decline

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<v Speaker 2>is attributable to politics, and how does he change that

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<v Speaker 2>part of Tesla story that sales have been dropping and

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<v Speaker 2>they really haven't recovered.

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<v Speaker 1>It's a really good question, and it's something we've struggled with.

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<v Speaker 1>Right there are very clear signs that Musk is at

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<v Speaker 1>least a major contributing factor to the challenges that this

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<v Speaker 1>company has had all year long, really, and some of

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<v Speaker 1>those signs are that early in the year the company

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<v Speaker 1>was kind of using this excuse that seemed to have

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<v Speaker 1>some merit that they were changing over their most important product,

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<v Speaker 1>the Model WHY, to a new design. They were making

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<v Speaker 1>it better in a lot of respects, upgrading the design,

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<v Speaker 1>and in order to sort of change over to that

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<v Speaker 1>new vehicle, they needed to temporarily shut down production at

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<v Speaker 1>factories around the world. But what we've seen is that

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<v Speaker 1>since the new Model Y has arrived in showrooms that

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<v Speaker 1>we've not seen a recovery in this company's sales. I

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<v Speaker 1>would say, particularly here in Europe, things have just continued

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<v Speaker 1>to be really weak, But in the US as well,

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<v Speaker 1>I think the sales numbers that we see in California

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<v Speaker 1>sort of liberal bastion in a place where Tesla has

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<v Speaker 1>dominated for so long. They have fallen from a position

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<v Speaker 1>of extreme strength to it's now a much more competitive

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<v Speaker 1>space with a lot more alternatives, Craig.

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<v Speaker 2>Another set of challenges have to do with the vehicles

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<v Speaker 2>themselves and how they're designed. And your team has done

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<v Speaker 2>some incredible investigations of the doors on Tesla models. For instance,

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<v Speaker 2>I think anybody who's bought one, or rented one or

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<v Speaker 2>ridden one has to figure out how to open a

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<v Speaker 2>car door on a test that's even more complicated on

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<v Speaker 2>a cyber truck. This has actually proven to be hugely

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<v Speaker 2>problematic when there are car accidents, and these stores are

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<v Speaker 2>incredibly difficult to open if the car no longer has power.

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<v Speaker 2>What did Bloomberg learn over the course of that investigation,

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<v Speaker 2>and how have federal regulators responded to that problem?

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<v Speaker 1>Yeah, this all started actually internally with one of our

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<v Speaker 1>colleagues having read about and heard about a crash involving

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<v Speaker 1>four college students who were in a cyber truck around

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<v Speaker 1>the time of Thanksgiving last year. And these students were

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<v Speaker 1>in a crash where only one was pulled out of

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<v Speaker 1>the vehicle, and the three others did not survive the

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<v Speaker 1>fire that followed this crash. All three of the young

0:12:34.480 --> 0:12:37.800
<v Speaker 1>people who died in this incident survived the initial crash,

0:12:37.880 --> 0:12:41.120
<v Speaker 1>but died of thermal injuries and smoke inhalation because they

0:12:41.160 --> 0:12:43.439
<v Speaker 1>were unable to get out of the vehicle. And this

0:12:43.679 --> 0:12:47.520
<v Speaker 1>really sort of big questions for us of a simple

0:12:47.600 --> 0:12:50.880
<v Speaker 1>question of why couldn't they get out? And this is

0:12:51.080 --> 0:12:54.120
<v Speaker 1>an issue that has been raised for years, going back

0:12:54.120 --> 0:12:57.319
<v Speaker 1>to the Model S, the first vehicle that Tessa built

0:12:57.400 --> 0:13:01.360
<v Speaker 1>itself from the ground up, where they designed their doors

0:13:01.440 --> 0:13:04.040
<v Speaker 1>externally to have flush door handles. I think, you know,

0:13:04.240 --> 0:13:10.240
<v Speaker 1>it was for understandable reasons of improve aerodynamics, reduce wind noise,

0:13:10.360 --> 0:13:13.120
<v Speaker 1>and also just a sort of cool factor. And yet

0:13:13.240 --> 0:13:16.480
<v Speaker 1>from the beginning there were real issues with how these

0:13:16.480 --> 0:13:19.680
<v Speaker 1>door handles worked, both from the outside and from the inside.

0:13:19.679 --> 0:13:22.520
<v Speaker 1>Where some of the pushback that we've gotten for this

0:13:22.559 --> 0:13:25.800
<v Speaker 1>piece is, well, you know they have mechanical releases to

0:13:25.840 --> 0:13:29.400
<v Speaker 1>get out of these vehicles, they're also very difficult to find.

0:13:29.559 --> 0:13:32.480
<v Speaker 1>There's also differences from model to model as to whether

0:13:32.559 --> 0:13:35.560
<v Speaker 1>or not there's mechanical releases in the back seat, which

0:13:35.600 --> 0:13:38.280
<v Speaker 1>is obviously hugely problematic if you happen to be in

0:13:38.320 --> 0:13:41.600
<v Speaker 1>the back seat in an instance where your Tesla has

0:13:41.640 --> 0:13:45.440
<v Speaker 1>lost power, and particularly if your Tesla has lost power

0:13:45.480 --> 0:13:48.280
<v Speaker 1>and it is on fire. And also I just should

0:13:48.320 --> 0:13:51.560
<v Speaker 1>point out from the outside of Tesla's you know, they

0:13:51.920 --> 0:13:55.640
<v Speaker 1>advise within their sort of rescue tip sheets for first responders,

0:13:56.120 --> 0:13:58.360
<v Speaker 1>the doors just don't work from the outside. If the

0:13:58.440 --> 0:14:00.320
<v Speaker 1>vehicle doesn't have any power, you're going to have to

0:14:00.720 --> 0:14:03.280
<v Speaker 1>bash the window and or cut the doors open to

0:14:03.280 --> 0:14:03.920
<v Speaker 1>get to people.

0:14:04.440 --> 0:14:08.480
<v Speaker 2>Musk and other Tesla executives didn't respond to Bloomberg's inquiries

0:14:08.480 --> 0:14:11.680
<v Speaker 2>about the doors or to Bloomberg's requests for comment.

0:14:11.600 --> 0:14:15.760
<v Speaker 1>And we found incidents of people complaining to the National

0:14:15.840 --> 0:14:19.720
<v Speaker 1>Highway Traffic Safety Administration about their doors not working for

0:14:19.760 --> 0:14:23.240
<v Speaker 1>them that NISA says it's aware of not only those complaints,

0:14:23.240 --> 0:14:25.680
<v Speaker 1>but also the incidents that we wrote about last week,

0:14:26.080 --> 0:14:29.000
<v Speaker 1>and they're considering whether or not a full investigation of

0:14:29.040 --> 0:14:30.200
<v Speaker 1>this issue is warranted.

0:14:30.480 --> 0:14:35.600
<v Speaker 2>It highlights this tension between Elon Musk's Tesla and regulators,

0:14:35.840 --> 0:14:39.440
<v Speaker 2>and you can hear this on quarterly calls. He often

0:14:39.480 --> 0:14:42.120
<v Speaker 2>says that the engineering is up to snuff, or they've

0:14:42.520 --> 0:14:44.680
<v Speaker 2>developed something or it's ready to go, they're just waiting

0:14:44.680 --> 0:14:47.600
<v Speaker 2>for regulatory approval. I think about this in the context

0:14:47.600 --> 0:14:51.080
<v Speaker 2>of another investigation that Bloomberg did about the self driving

0:14:51.120 --> 0:14:54.400
<v Speaker 2>system on his cars, which operate differently than other car

0:14:54.400 --> 0:14:58.480
<v Speaker 2>companies self driving apparatuses. Help me understand how that is

0:14:58.560 --> 0:15:02.640
<v Speaker 2>kind of framing elon Musk's timeline for the advancements he

0:15:02.680 --> 0:15:05.160
<v Speaker 2>says are coming. So I think of, for instance, the

0:15:05.240 --> 0:15:07.480
<v Speaker 2>robotaxis he's talked about, as you mentioned, have been in

0:15:07.520 --> 0:15:09.960
<v Speaker 2>Austin where Tesla's based, a few other cities as well.

0:15:10.240 --> 0:15:12.760
<v Speaker 2>He's very eager to expand it. How realistic is that

0:15:13.000 --> 0:15:15.560
<v Speaker 2>in light of that tension I just mentioned between what

0:15:15.640 --> 0:15:18.280
<v Speaker 2>regulators are thinking and allowing versus what Tesla says it's

0:15:18.280 --> 0:15:18.680
<v Speaker 2>able to do.

0:15:18.920 --> 0:15:22.480
<v Speaker 1>Yeah, it's interesting. NITSA has clearly demonstrated that they're paying

0:15:22.480 --> 0:15:25.560
<v Speaker 1>attention in terms of just how much they've really stood

0:15:25.600 --> 0:15:27.840
<v Speaker 1>in the way of this company. I guess there's not

0:15:27.880 --> 0:15:31.760
<v Speaker 1>necessarily huge issues in terms of the ways in which

0:15:31.840 --> 0:15:34.560
<v Speaker 1>they could be sort of perceived as holding Tesla back.

0:15:35.040 --> 0:15:37.120
<v Speaker 1>Musk has referred to them as the fun police, I

0:15:37.120 --> 0:15:40.320
<v Speaker 1>should note, And yet this is also an agency that

0:15:40.560 --> 0:15:44.480
<v Speaker 1>is not particularly well resourced, not particularly well staffed, and

0:15:44.480 --> 0:15:47.000
<v Speaker 1>that was before DOGE came in and did what it

0:15:47.000 --> 0:15:50.360
<v Speaker 1>did across the US government. And we've also just taken

0:15:50.560 --> 0:15:54.000
<v Speaker 1>an approach in the US of allowing and being more

0:15:54.080 --> 0:15:57.200
<v Speaker 1>permissive of this technology on the grounds that it has

0:15:57.240 --> 0:16:00.640
<v Speaker 1>this potential to bring down the roughly forty and traffic

0:16:00.680 --> 0:16:03.760
<v Speaker 1>fatalities that we see on US roads every year. There's

0:16:03.800 --> 0:16:07.640
<v Speaker 1>been this concern going back to the Obama administration of

0:16:07.960 --> 0:16:11.280
<v Speaker 1>we shouldn't be too prescriptive or too tough on this

0:16:11.520 --> 0:16:15.200
<v Speaker 1>technology or set hard and fast rules. We should allow

0:16:15.240 --> 0:16:18.040
<v Speaker 1>this to sort of proceed and sort of set guidelines

0:16:18.080 --> 0:16:20.880
<v Speaker 1>and come in afterward. And to the extent that issues

0:16:20.920 --> 0:16:24.600
<v Speaker 1>come up, we'll do defect investigations, will subject to these

0:16:24.640 --> 0:16:27.160
<v Speaker 1>companies to scrutiny, but we're not really going to stand

0:16:27.160 --> 0:16:29.720
<v Speaker 1>in the way. Whereas in Europe it's a very different story.

0:16:29.760 --> 0:16:32.760
<v Speaker 1>You have not seen Tesla be allowed to put what

0:16:32.840 --> 0:16:35.920
<v Speaker 1>it refers to as FSD on the roads, and even

0:16:35.960 --> 0:16:38.640
<v Speaker 1>in China there was a sort of limited ability to

0:16:38.760 --> 0:16:41.400
<v Speaker 1>sort of start to pilot that earlier this year. That

0:16:41.400 --> 0:16:44.880
<v Speaker 1>didn't last particularly long, and there's been real concerns about

0:16:44.920 --> 0:16:48.760
<v Speaker 1>Tesla and its competitors, just how sort of ready that

0:16:48.760 --> 0:16:52.480
<v Speaker 1>that technology is and the extent to which companies perhaps

0:16:52.560 --> 0:16:55.200
<v Speaker 1>have maybe oversold the capability of this technology.

0:16:56.400 --> 0:16:59.760
<v Speaker 2>Just lastly, here to recap, Tesla has issues with sales

0:16:59.760 --> 0:17:04.000
<v Speaker 2>being down, the sunsetting of these electric vehicle incentives by

0:17:04.000 --> 0:17:07.800
<v Speaker 2>the US government, problems with safety that have come to

0:17:07.880 --> 0:17:12.240
<v Speaker 2>light in the media. Given all of that, how is

0:17:12.280 --> 0:17:15.800
<v Speaker 2>it that Tesla investors retain the level of optimism we've

0:17:15.800 --> 0:17:16.280
<v Speaker 2>seen them have.

0:17:16.720 --> 0:17:20.080
<v Speaker 1>I think Musk has this uncanny ability to sort of

0:17:20.320 --> 0:17:25.520
<v Speaker 1>set agendas and command narratives, and his ability to sort

0:17:25.520 --> 0:17:28.880
<v Speaker 1>of talk about the future in this really exciting way

0:17:29.440 --> 0:17:33.359
<v Speaker 1>and put out these indications that everything's going to change.

0:17:33.400 --> 0:17:36.879
<v Speaker 1>He's going to deliver something that we've never seen before,

0:17:37.480 --> 0:17:39.800
<v Speaker 1>and we've seen him sort of make good on a

0:17:39.800 --> 0:17:41.600
<v Speaker 1>lot of those things. Right, This is a guy who

0:17:42.040 --> 0:17:44.679
<v Speaker 1>shoots rockets off into space and lands them back on

0:17:44.760 --> 0:17:45.399
<v Speaker 1>bard ships.

0:17:45.480 --> 0:17:45.640
<v Speaker 4>Right.

0:17:46.160 --> 0:17:50.240
<v Speaker 1>His ability to leverage that as don't worry about the

0:17:50.320 --> 0:17:53.080
<v Speaker 1>here and now, forget about the challenges that I'm having.

0:17:53.680 --> 0:17:55.359
<v Speaker 1>I've done it before, and I can do it again.

0:17:55.920 --> 0:17:59.360
<v Speaker 1>And it has proven to be really sort of sticky

0:17:59.400 --> 0:18:02.280
<v Speaker 1>and effective, even in spite of the damage that he

0:18:02.359 --> 0:18:04.760
<v Speaker 1>himself has been doing to his own company.

0:18:10.280 --> 0:18:12.720
<v Speaker 2>This is the Big Take from Bloomberg News. I'm David Gura.

0:18:13.040 --> 0:18:15.520
<v Speaker 2>To get more from The Big Take and unlimited access

0:18:15.560 --> 0:18:18.800
<v Speaker 2>to all of Bloomberg dot com, subscribe today at Bloomberg

0:18:18.880 --> 0:18:22.400
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0:18:22.480 --> 0:18:24.520
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0:18:24.560 --> 0:18:26.920
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0:18:27.359 --> 0:18:29.280
<v Speaker 2>Thanks for listening. We'll be back tomorrow.