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No matter the outcome of the auto labor disputes, Tesla seems poised to come out on top.
Amidst the turbulence of labor disputes shaking the auto sector, one name sails smoothly ahead: Elon Musk's Tesla. This electric car pioneer isn't just skirting the storm; it's leveraging the chaos to its advantage.
Efficiency Over Tradition:
While heavyweights like GM, Stellantis, and Ford grapple with hourly labor costs around $66, Tesla operates at a sleek $45. A potential UAW strike could drive Detroit's Big Three labor costs to a staggering $136 per hour, making Tesla's edge even sharper.
Playing It Smart:
With their cost benefits, Tesla has tactically slashed vehicle prices, further enticing consumers. The result? A 20% jump in Q2 profits, despite price cuts, solidifying its market share in the EV segment.
UAW's Stance
Source: Morning Brew
#BigThree CEO"s need to settle with the @UAW and set about leveling the playing field with Tesla, not take it out on their work force @RBReich. If #BigThree CEO's cause the unionization of Tesla's operations, they create a level playing field, one in which they can compete. https://t.co/MlUX1xu4xX
— jthomascrowne.com: The View From Here (@40ford2) September 20, 2023
Nikola Corporation, once valued at $30 billion and hailed as the future of EV trucking, has filed for Chapter 11 bankruptcy. The company’s stock plummeted 40% today, marking a staggering 99% decline from its 2020 peak of $1,977 per share to just $0.45.
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