Elon Musk to participate in Wall Street Journal’s CEO Council Summit

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Tesla, SpaceX, and Twitter CEO Elon Musk is expected to kick off The Wall Street Journal’s CEO Council Summit in London on Tuesday at 2 p.m. ET. He is expected to attend the event virtually.

At the event, Musk is expected to face questions about his leadership of several companies, from EV leader Tesla to social media platform Twitter. His insights would be quite interesting considering that he has been extremely busy over the past months, particularly as he attempts to turn Twitter into a profitable business.

Musk’s upcoming virtual appearance comes less than two weeks after he disclosed plans to step down from his role as Twitter’s CEO. He will be replaced by NBCUniversal’s former head of advertising, Linda Yaccarino, an industry veteran. At the WSJ event, Musk is expected to be asked about his plans for the social media platform, among other topics.

Musk’s involvement with Twitter has had a mixed reception from investors and analysts. Some have praised his willingness to shake up the company, while others, including longtime TSLA bulls, have expressed concern that he is spreading himself too thin. Based on Musk’s comments, however, it would appear that he is making some headway toward his goals for his companies.

For example, Musk has noted that Twitter is now on track to break even. And with Yaccarino as its new CEO, the social media platform might have a shot at becoming profitable, a feat that Twitter has not been able to accomplish since 2019. Over at Tesla, Musk has also gained some approval from the company’s shareholders following the successful 2023 Cyber Roundup, the EV maker’s annual shareholder meeting.

During the event, Musk noted that Tesla would be implementing third-party audits on its battery suppliers to ensure that the materials used for the company’s car batteries do not use child or forced labor. He also confirmed that Tesla has two products in its portfolio that have the potential to see an output of 5 million units per year together. More importantly, Musk also noted that Tesla would start advertising to reach a broader consumer base.

Apart from Musk, The Wall Street Journal’s CEO event is expected to host a number of other key personalities. These include Treasury Secretary Janet Yellen, Bank of England Governor Andrew Bailey, UBS Chairman Colm Kelleher, and former Google CEO Eric Schmidt, among others. 

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

Elon Musk to participate in Wall Street Journal’s CEO Council Summit

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Tesla ships more vehicles from China to North America

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Tesla is shipping another batch of vehicles from China to North America as a second ship packed with all-electric cars built at Gigafactory Shanghai is on its way to Canada.

It is a move that further solidifies Tesla’s strategy to send vehicles from Shanghai to the North American market, and it may be indicative of further shipments from China to Canada.

In late April, Reuters reported that Shanghai-built Tesla units would make their way to Canada, a switch up from CEO Elon Musk’s response to parallel rumors last year. Musk, when hearing about the initial reports last November, said it was “false” in a Tweeted response.

However, the April reports were proven to be accurate as both Model 3 and Model Y vehicles made their way to a port in Washington State on May 1.

Tesla Model 3 appears to join Model Y in export from China to Canada

Logistics records showed the vehicles came from a port in Shanghai, and images shared by ship tracker Morten Lund revealed both all-electric mass-market Tesla cars were present.

Now, Lund has confirmed that a second ship carrying Tesla vehicles has left Shanghai and is on its way to Canada, packed with vehicles that were built at the Chinese factory.

The reasons for Tesla shipping these vehicles from China to Canada ultimately catalyzes plenty of room for speculation, but it is likely that the tax credit rules from the Inflation Reduction Act have a lot to do with it.

Tesla is likely keeping U.S.-produced vehicles within the border and selling them to U.S.-based customers to take advantage of the tax credits that make the cars more affordable.

U.S.-produced EVs receive an additional bit of money off through tax credits, which means Tesla is prone to ship vehicles from China to Canada to handle demand there.

Canada also has a $5,000 incentive through the iZEV program, and it does not favor local production for consumers to receive it. Instead, it is given to any person who buys an EV, regardless of where it is built.

A second ship heading to Canada from China seems to indicate Tesla is planning to use this strategy more often.

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Tesla ships more vehicles from China to North America

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Alleged Tesla “sudden acceleration” incident was due to driver error: police

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Back in January, the West Vancouver Police announced that they were investigating an incident involving a Tesla Model 3 that crashed into a BC Ferries ramp at Horseshoe Bay terminal. The Tesla reportedly “suddenly accelerated” into a gate, destroying the vehicle and damaging the structure. 

The crash was quite severe, with the Tesla breaking in two because of the impact. The ferry structure also incurred damage. The driver of the Tesla and a passenger were both taken to the hospital for non-life-threatening injuries. 

Police at the time noted that alcohol did not seem to be involved at all, and they would be investigating whether the incident was caused by driver error or a mechanical issue. 

As per a recent report from North Shore News, the investigation into the incident has now been completed. Based on the findings of the investigators, the crash was caused by the vehicle’s driver, not a “sudden acceleration” issue with the Tesla. 

“Following an analysis of the vehicle data, the investigators determined the collision to be human-caused,” said West Vancouver Police Department spokesperson Sgt. Mark McLean.

The West Vancouver Police Department spokesperson also noted that the driver of the Tesla involved in the crash, a 68-year-old Vancouver man, received a ticket for driving without due care and attention under the Motor Vehicle Act.

Other details of the incident were updated by authorities. At the time of the collision, McLean estimated that the damage to the ferry structure from the Tesla crash would exceed $30,000. However, in recent statements, BC Ferries noted that the damage from the incident was “in the thousands.”

Tesla has consistently maintained that there is no such thing as “unintended acceleration” in its vehicles. And while claims of “sudden acceleration” in Teslas have been brought forward in the past, there has yet to be an incident where such claims have been proven. The National Highway Traffic Safety Administration (NHTSA) alone conducted investigations into over 200 crashes involving Teslas, but the agency ultimately concluded that the incidents were due to user error.

“While accidents caused by a mistaken press of the accelerator pedal have been alleged for nearly every make/model of vehicle on the road, the accelerator pedals in Model S, X, and 3 vehicles have two independent position sensors. If there is any error, the system defaults to cut off motor torque. Likewise, applying the brake pedal simultaneously with the accelerator pedal will override the accelerator pedal input and cut off motor torque. Regardless of the torque, sustained braking will stop the car,” Tesla noted.

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads-up.

Alleged Tesla “sudden acceleration” incident in Canada was due to driver error: police

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