Elon Musk Expresses Dissatisfaction Over IRS Norms For EV Credits, Largest iPhone Plant In China Resumes 100% Production, US Republican Back TikTok Sale To US Entity: Top Stories Today


Elon Musk Says IRS Qualification Norms For EV Credits ‘Messed Up’ — Why He Finds It ‘Bizarre’

  • Ever since the IRS announced the qualifying criteria for availing of the electric vehicle tax credits allowed under the “Inflation Reduction Act Of 2022,” Tesla Inc (NASDAQ: TSLA) backers had expressed dissatisfaction about them.

  • A Tesla influencer pointed out that the electric vehicle maker’s Model Y SUV does not qualify as an SUV for the U.S. tax credit as its weight of 238 pounds is considered to be too light.

Hyundai Misses 2022 Global Vehicle Sales Target

  • Hyundai Motor Company (OTC: HYMTF) said its 2022 global sales totaled 3.94 million units, a 1.4% increase year-on-year.

  • The sales missed the target of 4.3 million set by the company at the beginning of 2022 due to inflation and supply disruptions.

  • Hyundai’s December 2022 sales rose 4% Y/Y to 347,340 vehicles.

Rheinmetall Clinches Quarter Billion Euro Order For New Type Of Contactors

  • German arms manufacturer Rheinmetall (OTC: RNMBY) has won a major order worth over a quarter billion euros in the electromobility domain from a premium German automaker.

  • Rheinmetall said it won the order amid stiff competition from Asia.

  • Rheinmetall will be equipping the new 900-volt generation of electrically powered vehicles with a new type of contactor.



Toyota India Cautions Against User Data Hack

  • Toyota Motor Corp’s (NYSE: TM) India business notified the relevant Indian authorities of a data breach at Toyota Kirloskar Motor, a joint venture with Indian conglomerate Kirloskar Group.

  • The data hack at Toyota Motor’s Indian business might have exposed some customers’ personal information.


Wall Street Journal

With GE Healthcare To Start Trading, Investors Turn Cautious On Power Business Spin-Off

  • As General Electric Company (NYSE: GE) enters 2023, it will split off its healthcare unit, completing a step in the breakup of the industrial giant. It will face questions about shedding its power businesses for the rest of the year.

  • The once profitable power-generation business produced losses and concerns about its future as the world moves toward greener energy sources.

  • The onshore wind-turbine business has struggled with cost inflation and supply-chain problems.

Southwest Airlines More Or Less Returns To Normal Schedule Amid Processing Refunds

  • Southwest Airlines Co (NYSE: LUV) restored to more-normal operations this weekend after a cascade of flight cancellations over the holidays.

  • The airline canceled a few flights on Saturday and Sunday—less than 1% of what it had scheduled each day.

  • While that storm created problems for all airlines, Southwest canceled far more flights, with 16,000 flights between December 22 – December 29, and was much slower than others to recover.



South Korea Fines Tesla $2.2M On Violating False Advertisement Law

  • South Korea’s antitrust body plans to press Tesla Inc (NASDAQ: TSLA) with a 2.8 billion won ($2.2 million) fine for advertising law violation.

  • The automotive giant, the watchdog said, had falsely exaggerated and advertised the charging speed and driving range of its electric vehicles.

Foxconn’s Largest iPhone Plant In China Nears Resuming 100% Production

  • Apple Inc’s crucial supplier Hon Hai Precision Industry Co Ltd (OTC: HNHPF), Foxconn Technology Group, has brought the largest iPhone plant to about 90% of anticipated peak capacity.

  • The update implied Apple’s biggest production partner had secured enough workers despite a Covid resurgence and recent staff uproar.

  • Foxconn doled out bonuses to attract new workers and convince those still there to stay on.


Financial Times

US Republican Supports Idea Of TikTok Sale To US Entity To Dodge Ban

  • Republican congressman Mike Gallagher who introduced legislation to ban TikTok in the U.S. welcomed the idea of selling the Chinese-owned video-sharing app to an American company.

  • Like the opioid, the platform was “addictive and destructive,” he said, and “ultimately goes back to the Chinese Communist party,” Gallagher said.

  • In December, the U.S. Senate voted unanimously to approve a bill barring federal employees from using TikTok on government devices. In December, FBI director Chris Wray warned against TikTok facilitating China’s spying against the U.S.

Shopify Could Emerge As Another Benefactor Of Apple’s Privacy Concerns

  • Shopify Inc (NYSE: SHOP) aimed to fill a promising gap in marketing data left by Apple Inc’s (NASDAQ: AAPL) privacy crackdown.

  • Shopify offered retailers a new way to target potential customers through prominent ad platforms.

  • The shift of focus came when the e-commerce industry slowdown forced Shopify to a cutback on other parts of its business.



Elon Musk’s SpaceX Raising $750M In Fresh Funding Round Led By a16z

  • Elon Musk-led SpaceX is reportedly raising $750 million in a fresh funding round that would value the company at $137 billion.

  • The latest funding round is likely to be led by Andreessen Horowitz.

  • In December, it was reported that SpaceX had priced its shares at $77 apiece in an insider sale — giving it a valuation of $140 billion. In July, the company was valued at $127 billion.

Photo: Fernandi Putra and Vitaliy Karimov on Shutterstock and Courtesy Photo on Wikimedia Commons

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