Technology
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Technology
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Tesla’s global sales of its electric vehicles (EV) fell more than 13 percent year-over-year in the second quarter, the company said Tuesday.
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© Aaron Favila, Associated Press
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The EV maker owned by Elon Musk said it delivered just more than 384,000 cars between April and June of this year, down from the nearly 444,000 cars it delivered during the same three-month period last year.
The sharp decline in global sales comes as Tesla has had a tumultuous year so far, with Musk’s involvement in the Trump administration weighing heavily on the company.
Tesla’s stock climbed in the wake of President Trump’s win last year, as investors anticipated that Musk’s close relationship with the president would boost his companies.
Musk’s role leading the Department of Government Efficiency proved highly controversial, as the cost-cutting effort sought to slash trillions of dollars in federal funding and trim the federal workforce.
Shares in Musk’s EV firm fell sharply, and the company became the focus of both peaceful and disruptive protests.
When Musk announced his plans to leave the administration, things began looking up for Tesla.
However, his public feud with Trump once again weighed on the company’s stock. The two have reignited their feud over the president’s tax and spending bill in recent days.
While Tesla’s global sales dropped markedly in the second quarter, the decline was largely in line with expectations. Investors appeared mostly upbeat Wednesday morning, with Tesla’s shares rising nearly 4 percent at the start of trading.
Check out the full report at TheHill.com.
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Welcome to The Hill’s Technology newsletter, I'm Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley.
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How policy will be impacting the tech sector now and in the future:
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Microsoft says it is laying off about 9,000 workers, its second mass layoff in months and its largest in more than two years. The tech giant began sending out layoff notices Wednesday that hit the company’s Xbox video game business and other divisions. Among those losing their jobs are 830 workers tied to Microsoft’s headquarters in Redmond, Washington, according to a notice sent to state officials Wednesday. Microsoft …
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Tech billionaire Elon Musk on Tuesday reflected on his decision to wield a chain saw on stage in February to tout government spending cuts, saying the move “lacked empathy.” Musk’s remark came in response to criticism from a social media user who pushed back on Musk’s claim that “Hitting the debt ceiling is the only thing that will actually force the government to cut waste and fraud.” “Maybe you shouldn’t have taken …
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Tech billionaire Elon Musk offered praise for President Trump’s international diplomacy efforts on Wednesday while navigating another rocky point in the duo’s on-and-off relationship that crumbled in a public meltdown last month over the president’s massive tax and spending bill. “Credit where credit is due,” Musk posted early Wednesday morning on his social platform X. “[Trump] has successfully …
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News we've flagged from the intersection of tech and other topics:
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California jury finds Google misused cellular data, must pay $314 million (Reuters)
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OpenAI expands Stargate deal with Oracle, renting additional computing power from data centers (Bloomberg)
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Ripple seeks national bank charter, Fed account
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Welcome to Crypto Corner, a daily feature focused on digital currency and its outlook in Washington.
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Crypto firm Ripple announced Wednesday that it is applying for a national bank charter, just days after stablecoin issuer Circle made a similar announcement.
"If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market," Ripple CEO Brad Garlinghouse said in a post on X.
The crypto firm also applied for a master account with the Federal Reserve earlier this week, which Garlinghouse said would allow Ripple to hold reserves of its stablecoin directly with the Fed and "provide an additional layer of security."
"Ripple always has and will continue to build trusted, battle-tested and secure infrastructure," he added. "In a $250B+ market, RLUSD stands out for putting regulation first, setting the standard that institutions expect."
The announcement comes two days after Circle announced it was applying for a national bank charter, underscoring that the move would help it meet requirements laid out in the GENIUS Act.
The bill, which cleared the Senate last month, seeks to create a regulatory framework for payment stablecoins. It has yet to clear the House, but President Trump has urged lawmakers to move quickly to pass the legislation.
House Majority Whip Tom Emmer (R-Minn.) said last Wednesday that Speaker Mike Johnson (R-La.) hopes to move crypto legislation to the floor next week.
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Branch out with other reads on The Hill:
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ICEBlock app allows users to report ICE sightings in their community
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(KTLA) — As President Trump’s immigration operations continue nationwide, a new app that allows users to report sightings of U.S. Immigration and Customs Enforcement (ICE) agents in their area is gaining attention and controversy. The platform, called ICEBlock, was launched in April in response to President Donald Trump’s crackdown on immigration and the mass protests that followed, according to the app’s creator, …
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Two key stories on The Hill right now:
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The House is in a holding pattern as GOP leaders lean on Republican holdouts to allow President Trump’s “big, beautiful bill” to … Read more
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House Republican leaders are delaying a key vote on the “big, beautiful bill” as top lawmakers work to lock down enough support to clear the procedural … Read more
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Opinion related to tech submitted to The Hill:
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You're all caught up. See you tomorrow!
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