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The Autonomous Car

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Bloomberg
Trump Aides Say He Has Power to Force Companies From China
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Two top White House officials said President Donald Trump has the authority to force American companies to leave China -- as he claims, and which trade experts question -- yet whether he invokes those powers is a another question. Treasury Secretary Steven Mnuchin, speaking on “Fox News Sunday” from the Group of Seven meeting in Biarritz, France, said Trump would have the ability under the International Emergency Economic Powers Act, if he declared an emergency. White House economic director Larry Kudlow agreed, in an interview on CNN’s “State of the Union,” but said “there’s nothing right now in the cards” to do so.Trump cited the 1977 measure in a tweet late Friday, saying it gave him the power and declaring, “Case closed!”Some China hardliners in the Trump administration have been urging the president to invoke the law on a number of fronts over the past two years. Using it as a way to curb U.S. investment into China would be extreme, though, and take aim at operations of American businesses ranging from automakers General Motors Co. and Tesla Inc., to industrial companies such as Caterpillar Inc. and retail giants including Walmart Inc.Experts say applying the law, known as IEEPA, in this fashion was never the intent of the legislation, but it wouldn’t be the first time the administration has looked into it. Trump cited the power when he threatened in May to place levies on Mexican goods as a way to force curbs on the flow of undocumented immigrants across the U.S.-Mexican border.Mnuchin and Kudlow fielded questions Sunday after a series of tweets from Trump on Friday, in which he “hereby ordered” American companies to seek alternatives to business in China, including moving operations “home and making your products in the USA.”The president’s comments were followed hours later by tweets declaring that the U.S. would increase the rate of existing and impending tariffs on Chinese goods. Trump’s moves were in response to an earlier announcement Friday that China was planning to impose tariffs on $75 billion of U.S. imports.Trump’s warning on Twitter Friday reflected the possibility of a long trade war, Mnuchin said.“What he was saying is he’s ordering companies to start looking, because he wants to make sure to the extent we are in an extended trade war that companies don’t have these issues and move out of China,” he said.Read more: Corporate America Sounds Alarm on Trump’s Threats Over ChinaKudlow echoed the point, while emphasizing that the president wasn’t currently making an order.“There’s no emergency powers being invoked right now,” Kudlow said. “Ultimately, we do have such authority, but it is not going to be exercised presently. What he is suggesting to American businesses -- and it’s something he has said to many companies, in many different forms, on many different occasions -- you ought to think about -- to the companies -- you ought to think about moving your operations and your supply chains away from China.”While at the G-7 meeting in France, Trump also answered questions about his reasoning around IEEPA, and why it would be appropriate to invoke it.“In many ways it’s an emergency. I have no plan right now,” the president said. “Actually we’re getting along very well with China right now. We’re talking. I think they want to make a deal much more than I do.” President’s PowerTrade experts have questioned Trump’s authority to impose tariffs under IEEPA. The act’s been used primarily to sanction countries in national security threats, such as Iran during the hostage crisis in 1979-1981. It would allow Trump to bypass Congress to “investigate, regulate or prohibit” everything from foreign-exchange transactions to transfers of credit, and freeze assets.Trump would have to first declare an emergency to invoke IEEPA. Some legal experts said he likely has the authority to do so given the administration’s repeated efforts to highlight China’s theft of intellectual property and other trade and security concerns.“I’m not saying it’s an easy case to make, but I don’t think it’s laughable,” said Raj Bhala, a specialist in international trade law at the University of Kansas School of Law.If Trump did invoke IEEPA, he would have to craft a remedy that’s proportional to the threat, Bhala said. Thus, a complete ban on doing business in China probably wouldn’t stand, but restrictions on companies dealing with sensitive intellectual property might, he said.Any such effort would be litigated, and while there’s disagreement about what IEEPA permits, it probably allows Trump to block imports or exports, freeze Chinese assets, and exclude Chinese institutions from the U.S. financial system, said Bill Reinsch of the Center for Strategic and International Studies in Washington. “It is not what Congress intended, but that does not necessarily mean he wouldn’t be able to do it,” Reinsch said.Bhala said legal challenges probably wouldn’t have great odds for success, given the deference courts have given to a president’s authority on national security matters. Tech-Industry ReactionThe Information Technology Industry Council, which represents companies such as Amazon.com Inc. and Facebook Inc., responded Saturday with alarm.“Like tariffs, using emergency national security powers to compel U.S. companies to exit China would continue to create economic uncertainty, raise costs for consumers, and chill the business environment in the United States,” ITIC’s Chief Executive Officer Jason Oxman said.Tariffs and the uncertainty around Trump’s trade policies has already slowed business investment, muddled supply chains and weighed on the U.S. manufacturing sector. Federal Reserve officials explained repeatedly at last week’s gathering in Jackson Hole, Wyoming, that trade disputes are poisoning the global economy and making it difficult for the central bank to keep the economy humming.In Trump’s announcement Friday of another wave of higher tariffs, he said existing 25% tariffs on some $250 billion in imports from China would rise to 30% come Oct. 1, the 70th anniversary of the founding of the People’s Republic of China. Planned 10% tariffs on a further $300 billion in Chinese goods will be taxed at 15% instead of 10% starting with the first tranche on Sept. 1.The intensifying trade battle between the world’s two largest economies, and the potential for Trump to push the limits of presidential authority, has roiled markets. The Dow Jones Industrial Average fell 623 points, or 2.4%, on Friday, trimming its 2019 gains to below 10%, and pushing it lower on a year-over-year basis.(Updates with comments from legal analysts starting in 15th paragraph.)\--With assistance from Jennifer Jacobs.To contact the reporters on this story: Reade Pickert in Washington at epickert@bloomberg.net;Shawn Donnan in Washington at sdonnan@bloomberg.net;Mark Niquette in Columbus at mniquette@bloomberg.netTo contact the editors responsible for this story: Scott Lanman at slanman@bloomberg.net, Ros Krasny, Steve GeimannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Motley Fool
Is Tesla a Buy?
Elon Musk's electric-car maker has big plans, but can it outperform?
FX Empire
AUD/USD and NZD/USD Fundamental Weekly Forecast – Will Be Pressured if China Retaliates on New U.S. Tariffs
U.S. Preliminary GDP is expected to come in at 2.0%, down from the first estimate of 2.1%. This is the major report in my opinion because this will let investors know how much closer the economy has moved toward a recession. Remember, the classic definition of a recession calls for 2 consecutive quarters of negative economic activity.
Motley Fool
Better Robotaxi Stock: Alphabet or Tesla?
Both are among the leaders in self-driving cars, but they are taking entirely different routes to their destinations.
Motley Fool
How I Beat the Market -- Tripled It, in Fact -- Over the Past Decade
Three simple criteria have helped me pick successful investments.
Financial Times
Leaner WPP prepares for a new era of advertising
It had been a tumultuous period for the company. A few months earlier WPP was rocked by the departure of Martin Sorrell who, over three decades, transformed the group from a maker of wire shopping carts into a global advertising and marketing powerhouse. The company has disposed of more than 40 of its businesses for about £3.6bn since Sir Martin stood down in April 2018, including Mr Read’s boldest move yet, last month’s sale of WPP’s $3.1bn majority stake in market research business Kantar.
FX Empire
The Week Ahead: Trade, Stats and the G7 Summit to Drive the Majors
It’s a particularly busy week ahead. The markets will need to monitor updates from the G7 summit, chatter on trade, Brexit and the stats.
FX Empire
RBA’s Philip Lowe: ‘Political Shocks are Turning into Economic Shocks’
RBA Governor Dr. Philip Lowe finished his speech by saying ending the political uncertainty would also bring benefits. “With these three levers stuck, the challenge we face is monetary policy is carrying too much of a burden.”
FX Empire
Safe-Haven Buying Boosts Yen; Kiwi Underpinned by Central Bank Comments
The U.S. Dollar weakened against the Japanese Yen and Australian and New Zealand Dollars after President Donald Trump ordered U.S. companies to start looking for an alternative to China. RBA Monetary Policy Minutes showed policymakers were willing to “wait and see” how the economy does after a pair of rate cuts in July and August. RBNZ Governor Adrian Orr said he was “pleased” with where interest rates were.
Motley Fool
Tesla's "Relaunch" of Solar Is Another Swing and Miss
There are some fatal flaws in Tesla's latest moves in solar energy.
Bloomberg
Amazon Joins Walmart in Saying Tesla Solar Panel Caught Fire
(Bloomberg) -- Walmart Inc. isn’t the only corporation that has seen its Tesla Inc. solar panels catch fire.On Friday, Amazon.com Inc. said a June 2018 blaze on the roof of one of its warehouses in Redlands, California, involved a solar panel system that Tesla’s SolarCity division had installed. The Seattle-based retail giant said by email that it has since taken steps to protect its facilities and has no plans to install more Tesla systems.Tesla also said in a statement it worked with Amazon following the “isolated event” last year that occurred in an inverter at one of the sites. “Tesla worked collaboratively with Amazon to root cause the event and remediate,” it said. “We also performed inspections at the other sites, which confirmed the integrity of the systems,” adding that all 11 Amazon sites are generating energy and are monitored and maintained.News of the Amazon fire comes just three days after Walmart dropped a bombshell lawsuit against Tesla, accusing it of shoddy panel installations that led to fires at more than a half-dozen stores. The claims threaten to further erode Tesla’s solar business at a time when the company is fighting to gain back market share.Walmart and Tesla issued a joint statement late Thursday, saying they were in discussions to resolve their issues. “Both companies want each and every system to operate reliably, efficiently, and safely,” they said. Tesla fell 0.8% in after-hours trading on Friday to $209.75.In the complaint filed Tuesday, Walmart said it had leased or licensed roof space at more than 240 stores to Tesla’s energy unit. Two of the Walmart fires occurred in May 2018. Amazon said it has a very small number of solar systems installed by Tesla.More widely known for its electric cars, Tesla bought panel installer SolarCity three years ago in a $2 billion deal that proved highly controversial. SolarCity’s chief executive officer at the time is the cousin of Tesla CEO Elon Musk, and Musk was the chairman of SolarCity’s board.Also this week, Business Insider reported that Tesla launched an effort to replace a faulty part used in some of its solar panel systems last year. It was unclear whether issues with the component known as a “connector” affected Walmart or Amazon installations.Tesla said in response to the Business Insider story that some connectors manufactured by Amphenol Corp. “experienced failures and disconnections at a higher rate than our standards allow.” Over the past year, the company said, less than 1% of sites with these connectors exhibited abnormal behavior.Amphenol did not respond to a request for comment.(Updates with Tesla’s response in third and fourth paragraphs.)\--With assistance from Brian Eckhouse.To contact the reporters on this story: Dana Hull in San Francisco at dhull12@bloomberg.net;Matt Day in Seattle at mday63@bloomberg.netTo contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Kara WetzelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Motley Fool
Here's Why Ford's Defense Contractor Acquisition Is Brilliant
Ford's recent acquisition could be just what the doctor ordered to attract the future talent it needs as the auto industry rapidly evolves.
Market Realist
Why Is Expansion into India a Big Deal for PayPal?
PayPal takes on India’s digital payments market as it looks to international markets for growth. India presents a $1.0 trillion opportunity for the company.
Bloomberg
Drama in Biarritz, Biden’s Weak Spot, Dead Bees: Weekend Reads
(Bloomberg) -- Group of Seven leaders are just beginning to gather in the French resort town of Biarritz, and their host – French President Emmanuel Macron – has already gone off script. The European G-7 contingent is supposed to be holding the line over Brexit, pushing for tougher action on climate change and addressing the trade tensions threatening global growth without provoking U.S. President Donald Trump. Now they are going to be distracted by a rift between Macron and Germany’s Angela Merkel over how to tackle the environmental threat facing Brazil.Trump has weighed in, days after a rift with another NATO ally prompted him to cancel a planned trip to Denmark. Follow Bloomberg Politics on Twitter and Facebook throughout the weekend for all the latest from France. And catch up on some of Bloomberg’s other longer political reads from the past week below. Biden’s Lead Is Wider Than Ever, But It Won’t Necessarily LastFormer U.S. Vice President Joe Biden has a commanding lead over the rest of the Democratic field. But as Joshua Green reports, he’s got an Achilles heel: If the perception about his electability changes or voters hone in on policy issues, his advantage can evaporate. Trump's Ties to Carmakers Get Testy Again, This Time on MileageTensions between Trump and major automakers erupted this week over a plan to gut Obama-era fuel standards. Ryan Beene explains how Trump’s latest dust-up with big producers shows some companies are getting comfortable opposing him. China, Vietnam Spar on High Seas Over $2.5 Trillion in EnergyWhen a Chinese state-owned survey vessel sailed into waters off Vietnam’s coast in early July, it unleashed a high-seas standoff with trillions of dollars at stake that risks drawing in Russia and the U.S. Philip J. Heijmans takes a closer look. Hong Kong’s Hopeless Generation Has a Long List of Grievances“Citizens are willing to sacrifice the economy to fight,” says Billy Tung, a 28-year-old accountant in Hong Kong. As Kari Soo Lindberg, Shawna Kwan and Enda Curran report, his generation’s economic struggles are helping fuel protests in the financial hub. When the Sun Sets in Libya, Two U.S. Allies Get Down to WarThe worst-kept secret of Libya’s civil war: Opponents face a stalemate on the ground, as their backers in Turkey and the United Arab Emirates are engaged in a proxy war. Samer Khalil Al-Atrush takes a closer look. Bees Are Dropping Dead in Brazil and Sending a Message to HumansAround half a billion bees died in four of Brazil’s southern states earlier this year. Bruce Douglas and Tatiana Freitas write that it’s raising questions about whether an ocean of pesticides is washing through to Brazil’s human food supply.Russian Nuclear Blast Theories Hint at No-Holds-Barred Arms RaceThe deadly blast that caused a radiation spike at a Russian military site made one thing clear: The new arms race is going full speed. Jake Rudnitsky and Ilya Arkhipov report about the growing rivalry between Trump and Russian President Vladimir Putin. Jonathan Tirone explains how the shroud of mystery surrounding the accident will become increasingly difficult to maintain once the data starts to roll in.Disbelief, Joy and Resistance as Saudi Women Get First PassportsFor decades, Saudi women have needed a man’s permission to get a passport or leave the country. Read this account from Vivian Nereim and Sarah Algethami as one of the first women obtains a passport after the kingdom eased its so-called guardianship system.And finally … As India’s economic climate becomes more complicated, so have the messages from monetary policy makers. Anirban Nag reports how economists were left scrambling for their dictionaries and Google searches after central bankers began peppering speeches and comments with words including “floccinaucinihilipilification” and “Panglossian” in giving guidance on the economy. To contact the author of this story: Michael Winfrey in Prague at mwinfrey@bloomberg.netTo contact the editor responsible for this story: Karl Maier at kmaier2@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Motley Fool
Bill Gates Says This Type of AI Will Be Worth “10 Microsofts”
Artificial Intelligence is set to change the world according to several billionaires. Here are seven stocks riding the AI wave.
Bloomberg
Activists Protest DNC Snub of Climate Debate: Campaign Update
(Bloomberg) -- A progressive climate group that is behind the Green New Deal held a large protest inside the hotel hosting the Democratic National Committee’s summer meeting Friday in response to the party’s rejection of a debate focused on climate change.Lining the halls of the Hilton San Francisco Union Square hotel, protesters loudly cheered and sang as delegates and staff walked by. On Thursday, the DNC’s resolutions committee rejected a proposal to let candidates appear simultaneously in a debate on climate issues. DNC Chairman Tom Perez has also expressed opposition to any single-issue debates."In the coming days and months, we’ll keep fighting to make sure the DNC and Tom Perez treat the climate crisis like the emergency that it is, and give it the airtime and attention that it deserves,” Sunrise Movement spokesperson Sofie Karasek said in a statement.Ad Buying Frenzy Paused for Some 2020 Democrats (4:15 P.M.)Meeting the Democratic National Committee’s debate qualification rules has halted a social-media ad-buying frenzy -- for now.Some of the leading 2020 Democratic candidates who’ve secured a slot for the third debate in Houston on Sept. 12 have scaled back their spending on social media advertising this past week. Facebook and Google advertisements have become one of the most popular tools used among candidates looking to reach the 130,000 donor threshold and push up polling numbers to win coveted debate spots.Between Aug. 11 and Aug. 17, front-runner Joe Biden spent about $19,000 on Facebook and Google ads, down from $99,000 the week before, according to data by Acronym, a progressive nonprofit organization. Andrew Yang spent around $15,000, down from $67,000 a week earlier, and Beto O’Rourke spent $26,000, down from $80,000.With less than a week left to meet the 130,000 donor and 2% polling threshold, other candidates have upped their spending. Billionaire businessman Tom Steyer, a late entrant to the Democratic field who’s yet to qualify, was the top spender among his rivals this month, buying more than $2 million worth of Facebook and Google advertisements just in the past two weeks, in his push to make it on stage in Houston.President Donald Trump still remains the highest spender on social media ads, having spent a total of $16.7 million since November.Trump Blames Dow Drop on Exiting 2020 Candidate (3:34 P.M.)President Donald Trump made light of a plummeting stock market on Friday by blaming it on the Democratic congressman who quit the presidential race earlier in the day.“The Dow is down 573 points perhaps on the news that Representative Seth Moulton, whoever that may be, has dropped out of the 2020 Presidential Race!” Trump tweeted.Seconds later, Moulton responded.“I’m glad he thinks that I have more influence over Wall Street than he does," he told reporters as he prepared to formally announce to DNC members in San Francisco his departure from the race. "He’s probably thrilled that I’m out.”Market watchers said it was Trump’s earlier tweets -- in which he purported to order U.S. companies to leave China after Beijing’s retaliatory tariffs -- that escalated trade fears and triggered to the hard sell-off. -- Sahil Kapur and Gregory KorteMichael Bennet Rips Into Democrats’ 2020 Rules (2:47 P.M.)Struggling Democratic presidential hopeful Michael Bennet says the party’s being unfair to candidates who aren’t celebrities, billionaires or veterans of the campaign trail.Bennet, a U.S. senator from Colorado, is seeking to gain traction in the crowded but rapidly shrinking field. He lit into rules for the 2020 presidential primary while speaking at the Democratic National Committee’s summer meeting in San Francisco.“The DNC process is stifling debate at a time when we need it most. We’re rewarding celebrity candidates with millions of Twitter followers, billionaires who buy their way onto the debate stage, and candidates who have been running for president for years,” he said.Bennet, 54, said he won’t be on the stage for the third debate, arguing that the rules encourage candidates to spend heavily on platforms like Facebook to qualify for debates. Candidates must have 130,000 donors and register at least 2% in four qualifying polls to earn a spot on the debate stage. So they are under tremendous pressure to get a lot of small donors and must spend heavily on social media ads to meet the qualifications.“If we wanted to be the party that excluded people, we’d be Republicans,” he said. “These rules have created exactly the wrong outcomes and they will not help us beat Donald Trump.”Bennet hasn’t qualified under the fundraising and polling requirements for the September debates. -- Sahil KapurProgressives Cry Foul Over Party Favoritism (12:13 P.M.)Democratic leaders want to winnow down the crowded field of presidential contenders and get some of them to run for state or congressional seats.But there are still those stinging from 2016, when the Democratic National Committee seemed to favor establishment candidate Hillary Clinton over Bernie Sanders.Case in point: former Colorado Governor John Hickenlooper, who dropped out of the presidential field and announced Thursday he would instead run for Senate.The problem? There are already 11 candidates in the primary race, and they have been unwilling to clear the field for Hickenlooper, who earlier this year said, “I’m not cut out to be a senator.”So when the Democratic Senatorial Campaign Committee came out in support of Hickenlooper Friday, the progressive wing cried foul.“This is a moment of decision,” tweeted Andrew Romanoff, former Colorado House speaker and one of the candidates. “Do we want DC to dictate our choice and buy this election before any ballots are even cast — or do we believe voters still matter?”The move could have repercussions back up to the national race, further dividing moderates and the party’s left flank. David Sirota, Sanders’s top speechwriter who lives in Denver and is married to a state representative, accused the DSCC of trying to block a contested primary “to create a coronation for the candidate who opposes a Green New Deal and Medicare for All.”The Democratic nominee will face incumbent Republican Senator Cory Gardner. -- Gregory KorteBannon Aims to Embolden Trump With Huawei Film (5:30 A.M.)Donald Trump’s re-election could hinge on the outcome of his trade war with China. As markets wobble and central bankers gather in Jackson Hole, Wyoming, to consider the fallout, a familiar combatant is about to lob a bomb designed to fire up the president and intensify his focus on China.Trump’s former chief strategist Steve Bannon, never one for subtlety, has produced a new film called “Claws of the Red Dragon” attacking Huawei Technologies Co., the Chinese telecommunications giant Trump has forbidden U.S. companies from doing business with over concerns about its ties to the Chinese government.Bannon’s goal is to steel Trump’s resolve to confront China — a resolve that seemed to weaken when markets plunged in early August and the administration granted Huawei a 90-day reprieve. Bannon hopes “Claws of the Red Dragon” is sufficiently alarmist that Trump puts off worries about a recession and presses ahead with tariffs.“The central issue in the 2020 presidential campaign is going to be the economic war with China: manufacturing jobs, currency, capital markets and technology,” Bannon said in an interview. “Huawei is a key part of that, and this film will highlight why it must be shut down.Unlike Bannon’s earlier films — high-intensity right-wing documentaries — “Claws of the Red Dragon” is a moody action-drama with professional actors “inspired by the 2018 arrest of Meng Wanzhou, the chief financial officer and daughter of the founder of Huawei Technologies,” according to a press release.The movie follows fictional Chinese-Canadian journalist Jane Li, whose reporting exposes her to what Bannon and the filmmakers allege to be Huawei’s countless perfidies, including ties to the Chinese Communist Party and the country’s military.Meng remains under house arrest in Canada as her lawyers fight attempts by the U.S. to extradite her in a sanctions case. Both she and the company deny wrongdoing. After her arrest, China detained two Canadian citizens, who are still in custody.While anyone can watch the official trailer, Bannon’s project appears aimed mainly at an audience of one.“One of my objectives is to get a screening for President Trump at the White House,” he said.The film will first appear on Canadian television in mid-September. It was released by New Tang Dynasty Television. Bannon is working to arrange U.S. distribution.Coming Up:The Democratic National Committee meets until Saturday in San Francisco. Most of the top presidential candidates -- except Joe Biden and Pete Buttigieg -- will speak to members on Friday.\--With assistance from Joshua Green, Sahil Kapur, Gregory Korte and Misyrlena Egkolfopoulou.To contact the reporter on this story: Tyler Pager in Washington at tpager1@bloomberg.netTo contact the editors responsible for this story: Wendy Benjaminson at wbenjaminson@bloomberg.net, Ros Krasny, Steve GeimannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Market Realist
Can Knewz by News Corp Challenge Google’s Ad Business?
News Corp (NWSA), a longtime Google (GOOGL) critic, wants to take Google on in the online news distribution space. Here's how.
Market Realist
Ford, GM, Tesla Slump as US-China Trade War Escalates
Today, the S&P; 500 Index opened 0.5% lower amid reports that China would impose tariffs on $75 billion of US goods—intensifying the US-China trade war.
TechCrunch
Watch a Waymo self-driving car test its sensors in a haboob
Waymo, the self-driving car company under Alphabet, has been testing in thesuburbs of Phoenix for several years now
Yahoo Finance
David Einhorn demands Elon Musk resign over solar panel flap
A billionaire short-seller called for Elon Musk to step down amid a fight with Walmart over Tesla's solar panels.
Market Realist
David Einhorn: Elon Musk Should Resign over Solar Fires
Greenlight Capital’s (GLRE) David Einhorn has called for Elon Musk to resign from Tesla (TSLA) in the wake of Walmart's solar panel fire lawsuit.
FX Empire
AUD/USD Weekly Price Forecast – Australian dollar continues to grind lower
The Australian dollar continues to show a bit of weakness, as the US/China trade situation does not seem to be getting any better. If that’s going to be the case, then there’s no reason to think that the Australian dollar will be able to pick it up.
FX Empire
AUD/USD Price Forecast – Australian dollar continues to consolidate with negative tilt
The Australian dollar went back and forth during trading on Friday yet again, as we are still stuck in a bit of a consolidative rut. However, the biggest problem this market has comes from other countries, not Australia itself.
Bloomberg
Tesla Critic David Einhorn Wants Elon Musk to Resign Over Solar Controversy
(Bloomberg) -- It only took 12 hours for hedge fund investor David Einhorn, a well-known Tesla Inc. critic, to wade into the controversy over the company’s solar systems.He called on Tesla Chief Executive Officer Elon Musk to resign after a Business Insider report overnight showed the company tried to replace faulty parts in its rooftop solar panel systems as part of an effort known as Project Titan. Earlier this week, Walmart Inc. sued Tesla, saying panels that the company’s energy unit installed caught fire on at least seven of its stores.“How many solar panels are still defective and could cause fires?” Einhorn said in a tweet Friday. “A recall should have happened long ago.”Tesla has proactively implemented a “remediation effort” to limit the impact a part known as a connector may have had, it said in an emailed statement. The company is unaware of any equipment manufacturer or regulator which has determined that substantial hazards exist. Over the past year, less than 1% of sites with such connectors have exhibited abnormal behavior, it said.Its efforts include “replacing any faulty H4 connector at sites or adding failure detection hardware, and issuing a software update to ensure systems are turned off in case of failure,” Tesla said.Einhorn’s tweet isn’t all that surprising given his short position in the company and how much his fund has profited from it. In April, he said “the wheels are falling off” for Tesla and has blasted the company’s electric-car business too.Late Thursday, Walmart said it and Tesla are in discussions to address the solar-system issue.(Updates with Tesla comment in fourth paragraph.)To contact the reporter on this story: Brian Eckhouse in New York at beckhouse@bloomberg.netTo contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Pratish Narayanan, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.