The week was a rollercoaster for the auto industry, with President Donald Trump hinting at potential tariffs on automobiles, and Tesla Inc. TSLA shares taking a hit. Meanwhile, Uber Technologies Inc. UBER CEO Dara Khosrowshahi expressed optimism for a partnership with Tesla, and Elon Musk’s Boring Company announced plans for a Dubai Loop. Lastly, Musk’s SpaceX Starbase facility is on its way to becoming an official city. Here’s a closer look at these stories.
Trump Eyes Auto Industry for Next Tariff Move
President Donald Trump suggested the possibility of imposing tariffs on automobiles, hinting at a move as early as April 2. This continues his aggressive trade policy, with the auto industry being his next target.
Tesla’s Stock Takes a Dive
Tesla’s stock has plunged over 25% from its December peak, and analysts, including Fundstrat’s Mark Newton, believe it hasn’t bottomed out yet. Newton predicts another downward move in the next one or two weeks, potentially tumbling 12% below current levels.
Uber CEO Hints at Tesla Partnership
Uber CEO Khosrowshahi expressed optimism for a potential partnership with Tesla, where Tesla would deploy its autonomous vehicles on Uber’s platform. Khosrowshahi stated that he does not wish to compete against Tesla or Musk, if possible.
Musk’s Boring Company to Build Dubai Loop
The Boring Company has entered into a Memorandum of Understanding with the Roads and Transport Authority of Dubai to build a loop system in Dubai. The project, dubbed Dubai Loop, will initially be capable of transporting over 20,000 passengers per hour.
SpaceX’s Starbase to Become a New City
SpaceX’s Starbase facility will “soon” be an official new city, according to CEO Musk. This follows Cameron County Judge Eddie Treviño, Jr.’s order for an election for the incorporation of Starbase as a Type-C municipality.
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This story was generated using Benzinga Neuro and edited by Rounak Jain
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