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Elon Musk's Tesla and California's Tax Rebates
Elon Musk's Tesla might find itself on the sidelines when it comes to lucrative tax rebates in California. The Democratic governor, Gavin Newsom, has proposed measures that could potentially exclude larger companies like Tesla. These proposals are part of Newsom's broader strategy to shield California from the potential rollback of green subsidies by President-elect Donald Trump. If Trump follows through on his pledge to eliminate the federal EV tax credit, which can be worth up to $7,500 for purchased or leased vehicles, California is ready to set up its own scheme. As Newsom said, "We're not turning back on a clean transportation future — we're going to make it more affordable for people to drive vehicles that don't pollute."
Newsom's spokesperson revealed that the proposals would include a "market cap" element. This could potentially exclude Tesla, despite the fact that Tesla is the only company manufacturing its EVs in California. Musk took to his social media platform X to express his disbelief, writing "Even though Tesla is the only company who manufactures their EVs in California! This is insane."
Newsom and Musk's Past Clashes
Newsom and Musk have had their fair share of conflicts on X. In July, the world's richest man vowed to relocate two of his companies, SpaceX and X, from California to Texas in response to a law that prohibits school districts in the state from notifying parents about a child's gender identification change. In 2021, Musk had already moved Tesla's headquarters out of California to Austin, Texas, citing frustrations with California's Covid-19 policies and high housing costs as reasons for the move.
Despite these past disputes, Tesla remains a significant player in California. The Tesla Model Y holds the top spot as the best-selling vehicle in the state, with 105,693 registered in the first nine months of 2024 and a 11% market share. The Toyota RAV4 comes in second with 49,810 sales. Tesla's Model 3 sedan is also a popular choice, being the second-best selling electric or hybrid vehicle after the Model Y. However, this year, Tesla's sales in California have fallen by almost 13%, despite a slight increase in total EV sales. This has led to a decrease in Tesla's market share from 63% in 2023 to 55%.
Dealers suggest that Musk's increasingly outspoken and divisive political views on social media have had an impact on demand in the predominantly liberal state. Combined with his support for Trump in the election, it seems to have affected Tesla's sales.
Tesla's Stock Performance
Tesla shares took a hit on Monday, falling by 4%. However, since Trump's re-election on November 5, Tesla's shares have still surged by about 40%. This shows the complex relationship between Tesla and the political landscape.
As we continue to monitor these developments, it's clear that the intersection of climate change, business, markets, and politics is a crucial area to keep an eye on. Stay tuned for more updates from the FT's Climate Capital section.
From Rusty Shell to Priceless Beauty
At the age of 12, Hope spotted a tarnished 1960 VW bug on Craigslist and purchased it for $960. It was a rusty, incomplete shell with no motor or interior, but she saw its potential. With the help of her family, especially her dad David who taught her about restoration, she set to work. Over the years, she learned various skills such as body work, installing seat kits and glass, shooting paint, and welding. The car had endured years of exposure to rain and snow in a three-sided barn, leaving it severely rusted. Yet, Hope's determination prevailed. She put in about $4,500 of her own money earned through babysitting, mowing, and working around the house. Today, the car is worth approximately $15,000, a testament to her hard work.Recognition in the Classic Car Circuit
Hope's efforts did not go unnoticed. She earned two honors at the annual Muscle Car and Corvette Nationals in Chicago. The Leading Lady Award from MK Insurance and the Shining Star Award recognized her abilities and perseverance. In early June, she attended the five-day Hot Rod Power Tour and was asked to display her bug in the Continental Tires vendor booth at Bowling Green, Kentucky. There, she met Bob Ashton, who was passionate about seeing the younger generation work on cars and invited her to the nationals. Alongside her cousin Owen and his restored 1948 F-1 Ford truck, they added their vehicles to a row of cars fixed up by kids their age and participated in a questions-and-answers panel.Young and Female in a Male-Dominated Field
Being so young and female meant Hope received a lot of attention at the nationals. People stopped by to watch her and David assemble a new motor for her car live at the show, which is not common. This experience led to an interview for an upcoming podcast. Her dad's words, "She accomplished a goal that many people start and never finish. Let your kids dream their dreams and work hard for it," resonate with her. Although she enjoys restoring cars and might take on another Volkswagen someday, she sees it more as a hobby than a career. Currently, she is interested in attending Cedarville University to pursue a degree in biblical counseling.Unraveling the Importance of Location Elements
State: A Defining Feature
The state is a significant geographical and administrative division. It provides a broad framework within which various activities take place. For example, different states have their own unique cultures, laws, and economic landscapes. This diversity adds to the rich tapestry of the country. In terms of governance, each state has its own set of regulations and policies that govern the local population. It also helps in organizing and managing resources at a regional level.
Moreover, the state often serves as a basis for regional planning and development. It helps in identifying areas that require specific attention and resources. For instance, in areas with high population density, state authorities might focus on infrastructure development to meet the needs of the people. On the other hand, in less populated regions, the focus might be on preserving the natural environment and promoting sustainable development.
Zip Code: The Pinpoint Identifier
Zip code is a crucial element in the postal system. It acts as a unique identifier that helps in sorting and delivering mail accurately. A zip code typically represents a specific geographical area and helps in routing mail to the correct destination. It reduces the chances of misdelivery and ensures that mail reaches its intended recipient in a timely manner.
From a business perspective, zip code also plays a significant role. It helps in targeting specific customer segments and delivering marketing materials effectively. For example, a company might focus its marketing efforts on a particular zip code based on the demographics and purchasing power of the residents. This targeted approach can lead to higher conversion rates and better return on investment.
Country: The Global Identity
The country is the largest geographical and political unit. It represents a nation with its own unique identity, history, and culture. A country's borders define its territorial limits and play a crucial role in international relations. It helps in establishing diplomatic ties with other countries and participating in global affairs.
Each country has its own set of laws, regulations, and customs that govern the behavior of its citizens and visitors. These differences add to the diversity of the world and make each country a unique place to explore. In terms of economy, countries have their own industries and trade patterns that contribute to the global economy. For example, some countries are known for their manufacturing capabilities, while others are leaders in the service sector.