BYD sold more EVs in Europe than Tesla for the first time ever

Chinese automaker BYD sold more EVs in Europe than Tesla last month, the first time that’s happened, Reuters reports, citing JATO Dynamics.

Earlier this week, Musk told Bloomberg, “Europe is our weakest market. We’re strong everywhere else.” While the first part appears to be true, there’s not much evidence for the second.

Sales are also down so far this quarter in China, and leading indicators in the US aren’t looking so good.

Meanwhile, China’s BYD has been racing ahead of Tesla in deliveries and revenue.

China's BYD outsells Tesla in Europe for first time, report says

Sales are also down so far this quarter in China, and leading indicators in the US aren’t looking so good.

Meanwhile, China’s BYD has been racing ahead of Tesla in deliveries and revenue.

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Rani Molla57m

Tesla asks Trump not to repeal legal underpinning for carbon emissions rules

Electric vehicle company Tesla would prefer that the government didn’t roll back long-standing emissions rules, according to new comments from Tesla on a proposal to reconsider 2009 findings that said greenhouse gas emissions from motor vehicles contribute to air pollution and could endanger the public.

Tesla wrote:

The Endangerment Finding – and the vehicle emissions standards which flow from it – have provided a stable regulatory platform for Tesla’s extensive investments in product development and production. This clear regulatory structure has provided incentives for continued innovation in motor vehicle technology and is vital to continued global competitiveness by companies based in the United States.

Tesla relies heavily on regulatory credit revenues it receives from other automakers who don’t build enough electric vehicles. Trump’s Big Beautiful Bill signed this summer essentially eliminated the marketplace for such credits, which will cost the company about $255 million in revenue each quarter going forward. If the EPA proposal goes through, it would dismantle the foundation for tailpipe emissions rules in the first place.

Tesla urges Trump not to repeal vehicle emissions rules, climate finding

Tesla wrote:

The Endangerment Finding – and the vehicle emissions standards which flow from it – have provided a stable regulatory platform for Tesla’s extensive investments in product development and production. This clear regulatory structure has provided incentives for continued innovation in motor vehicle technology and is vital to continued global competitiveness by companies based in the United States.

$2.5B

Rani Molla4h

For $2.5 billion, Amazon has settled a case brought by the Federal Trade Commission in which the regulatory body alleged Amazon had tricked people into signing up for Prime and made it difficult to cancel. The sum includes $1.5 billion in redress to consumers, the Financial Times reports, and $1 billion in civil penalties — the most the organization has ever charged for violating its rules. However, it may be just a drop in the bucket to Amazon, which pulled in more than $12 billion in subscription revenue last quarter alone. Amazon will also have to alter its user interface to prevent mistaken sign-ups and to create an easier way to cancel. The stock doesn’t appear to be moving on the news.

Rani Molla6h

Cipher reverses course after Google deal, sinks 10%

After rising nearly 10% premarket on news that Google was taking a 5.4% equity stake in the company, Cipher Mining is now trading down about 10% after market open. It’s unclear why.

The stock is still up more than 90% for the month and more than 175% for the year.

Cipher Mining soars after Google takes stake as part of AI hosting deal

Rani Molla6h

Tesla slips as BYD outsells Tesla in Europe again

Chinese EV maker BYD outsold Tesla in the European Union again in August, according to new data from the European Automobile Manufacturers’ Association (ACEA).

Tesla’s stock is down nearly 3% today amid a broader sell-off of some tech-focused stocks, while BYD’s ADRs are up more than 2%.

BYD sold 9,130 vehicles last month versus Tesla’s 8,220, a feat BYD’s leadership has said it’s pulling off thanks to its wider array of offerings. Others have blamed Tesla’s declining sales in the region on CEO Elon Musk’s forays into European politics causing brand damage.

Tesla’s year-to-date sales have shrunk 43% in the EU compared with the same period last year, while BYD’s year-to-date sales grew 244%.

BYD began outselling Tesla in the region this April, but Tesla still has higher sales for the year, by nearly 20,000 units.

Jon Keegan

Musk’s xAI sues OpenAI, alleging theft of trade secrets

Following a recent lawsuit against a former employee over allegedly stealing trade secrets, Musk’s xAI is now suing the company that executive left to work for — OpenAI. The suit accuses OpenAI of “inducing” recruits that it poached to steal trade secrets from the company.

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