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Elon Musk is being investigated as a gang boss

The face of a man who has everything completely, completely, under control

The face of a man who has everything completely, completely, under control
image: ANGELA WEISS / AFP (beautiful pictures)

Elon Musk’s Crypto woes are on the rise, more countries are expressing their concerns about Biden Inflation Reduction Actand Tesla is making things happen in China. All that and more in Morning shift for Thursday, September 8, 2022.

First gear: Elon, Tesla and SpaceX are under the is RICO Gun

Back in the 1970s, the US government decided to do something about this whole “Mafia” situation. But how do you take down an entire organization based on the crimes of a few different members, none of whom have ever held a leadership role? Well, you draw something called Racketeer Corruption and Affected Organization Act (RICO), which allows prosecutors to establish a pattern of behavior that flags a business as criminal – then fines anyone involved in that business. Fifty-two years later, that law is still on the books, and it’s now being used for investigation Silicon Valley’s favorite racist emerald branch, Elon Musk.

Musk, Tesla, SpaceX, The Boring Company and more are accused of scams surrounding the Dogecoin cryptocurrency. 258 billion Australian dollars The lawsuit claims that Musk, his companies, and other associates used cryptocurrencycurrency for a pump and dumping scheme, artificially increasing its value for investors then cashing out before the value of the cryptocurrency dropped. Are from Reuters:

The US$258 billion lawsuit accusing Elon Musk of running a pyramid scheme to support the Dogecoin cryptocurrency has been expanded, adding seven new investor plaintiffs and six new defendants including tunnel construction enterprise Boring Co.

According to the revised complaint filed Tuesday night in Manhattan federal court, Musk, his electric car maker Tesla Inc (TSLA.O), space tourism company SpaceX, Boring and others deliberately pushed the price of Dogecoin up 36,000% over two years and then let it crash.

In doing so, the defendants “gained tens of billions of dollars” at the expense of other Dogecoin investors, while all knowing that the coin had no intrinsic value and no value to it. “depends only on marketing,” the lawsuit said.

To qualify for RICO, one first needs a “criminal enterprise” — here, seemingly the association between Musk and his companies. Next, you need two separate criminal acts occurring within the course of a decade. The suit alleges that various counts of fraud, wire fraud, negligence, false advertising, deceptive practices, illegal gambling (on the currency itself), and more fit that bill. Whether the court agrees is anyone’s guess, but the suit brings eight separate complaints — which means it might not be hard to prove the necessary two.

2nd Gear: Japan Claims the New U.S. EV Tax Credits Violate Trade Laws

As soon as the United States passed the updated EV tax credits included in the Inflation Reduction Act, Hyundai and the Korean government have started again, claiming protected language violates international law. Now, another US ally has stepped in with the same claim: Japan. Are from Automotive News:

Japan’s Industry Minister Yasutoshi Nishimura expressed concern to his US counterpart that the new US law on tax credits for electric vehicles could violate international law, the Nikkei newspaper reported on Thursday.

The Ministry of Economy, Trade and Industry confirmed that Nishimura expressed concerns about the law when he met with US Secretary of Commerce Gina Raimondo in Los Angeles on Wednesday, while Nishimura was participating in Economic Framework negotiations. Indo-Pacific, but did not give further details.

The law restricts tax credits to electric vehicles assembled in North America.

The Japan Automobile Manufacturers Association, a major Japanese auto lobbying body, said last month it was concerned about the law and would closely monitor developments.

It seems like the entire international EV community is not happy with the US right now. After we cleared our tram credits to appease a particular fossil fuel tycoonWho can blame them?

3rd gear: Tesla near Triple output at Shanghai factory

July hasn’t been a great month for Tesla in China. Its Shangai factory has been largely closed for upgrades, and deliveries have slowed accordingly. Luckily for Tesla, though, it looks like those upgrades have worked – boosting the factory’s August output by nearly three times compared to July. Reuters:

Tesla (TSLA.O) sold 76,965 Chinese-made vehicles in August, nearly tripling sales from a month ago, as delivery sales accelerated after increasing output at its Shanghai factory Sea.

The China Passenger Car Association (CPCA) said the US automaker exported 42,463 Model 3 and Model Y vehicles from China last month. In July, the company sold 28,217 vehicles and shipped 19,756 vehicles.

After a scheduled upgrade that disrupted most of its production in July, Tesla increased production at its Shanghai factory in August, despite heat waves and COVID restrictions affecting manufacturers. its supply in the southwest region.

Look at it, Tesla hit a new production high without forcing employees to live in a factory and work twelve-hour shifts. It’s amazing how it works.

4th gear: BYD is expanding further, this time to Thailand

In the US, we don’t think much of BYD, for the simple reason that you can’t go to a dealership and buy one of the company’s cars. Sure, it sells buses here, but your average consumer rarely thinks about branding when they send their kids to school. But the company seems to understand that commuter cars bring brand awareness, and they’re making moves to win that consideration. Are from Reuters:

Chinese electric vehicle (EV) maker BYD (002594.SZ) on Thursday announced it will set up a facility in Thailand to start producing 150,000 passenger cars a year from 2024.

BYD announced in a joint statement with Thai industrial developer WHA Group (WHA.BK) that a purchase agreement has been signed for 96 hectares (237 acres) of land in Rayong province in the country’s east. This is for the factory.

China’s largest electric vehicle maker aims to sell 10,000 units in Thailand and export to Southeast Asian countries and Europe.

The plant in Thailand, the latest of more than 30 in the US, Brazil and India, will produce the all-electric Atto 3, Asia-Pacific General Manager Sales of BYD Liu Xueliang told reporters, adding that the company is also reviewing batteries and parts depending on demand.

Thailand is still far from the US [citation needed], but it’s a big step forward for BYD. Who knows, maybe we’ll be next on the list.

5th gear: Dealer owners are losing sleep over the economy

Agency relationship can be record profits, but the specter of a global recession still haunts their restless dreams and waking nightmares. Will they experience suffering like 2008, when most (not all) of them have seen a marked drop in profits (doesn’t go too far pass away money)? The owners aren’t sure, but they’re not optimistic. Are from Automotive News:

Cox Automotive’s top economist said economic concerns overshadowed franchisees’ views on the third-quarter market and their expectations for the future.

Franchisees who polled this summer on Cox’s third-quarter Dealer Sentiment Index rate their market as still favorable but worse than 90 days earlier or at the same time. in 2021. And dealer respondents predict conditions will continue to decline in the last few months of the year.

“The economy is a source of anxiety and I think…why the outlook is dimmer,” Cox Automotive Chief Economist Jonathan Smoke told Automotive News on Wednesday. “Overall, costs are rising, the new car market remains tight and sales are growing significantly so far. It’s more about uncertainty about the future and the economy that I think is framing the outlook lower. “

Overall, the industry as a whole, franchisees and independents, scored the market for the third quarter in a negative 45/100 on Cox’s index, which Smoke describes as “another one” ominous signal”.

Poor, lousy dealership owners. With the economy in such a mess, they may have to pause the installation of a fourth swimming pool at their Friday motel. However will they manage?

Reverse: Who has the power?

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