** Tesla (TSLA) reported mixed second quarter results after the bell on Tuesday, though the EV maker did say it was on track for production of new vehicles, likely a cheaper EV, in the first half of 2025. Tesla also said its growth rate in 2024 would be “notably lower” than what it achieved in 2023.
** Automotive testing website Edmunds took ownership of its long-term Tesla Cybertruck a little over a month ago and it’s already had a major fault. More specifically, the nearly brand new truck has suffered a “critical steering issue,” which doesn’t sound ideal.
** Electric car maker Rivian Automotive (RIVN) will go on trial over allegations that it encouraged its employees who defected from Elon Musk‘s Tesla (TSLA) to steal trade secrets, according to a tentative ruling issued by a California judge.
** General Motors reported higher profits Tuesday behind another round of strong North American auto sales, with executives vowing a flexible approach to electric vehicle (EV) investment while demand growth ebbs.
** Nearly half of California’s Republican congressional delegation sent a letter Tuesday warning Gov. Gavin Newsom‘s stringent fossil fuel policies endanger national security in part due to the Golden State’s military prominence.
World
** China’s BYD (BYDDY) widened its sales lead over Tesla (TSLA) in Singapore in the first half of this year, government data showed, highlighting the challenge facing the world’s biggest electric vehicle maker by sales from Chinese rivals.
** Activists are asking Europe’s top rights court to fault Russia for creating a “climate catastrophe”, saying Moscow’s war on Ukraine is contributing to a spike in its greenhouse gas emissions.
** Luxury carmaker Porsche expects the transition to electric vehicles to take longer than it thought, it said on Monday, having previously said its aim was for 80% of sales to be all-electric by 2030.
