Tesla’s second-quarter profits fell 23 per cent as sales of its electric vehicles continued to slide, private equity firms made record use of a controversial tactic to cash out their clients this year, and McKinsey has stopped its China business from undertaking some generative artificial intelligence work. Plus, Taiwan will hold a recall election this weekend and the outcome could mean a lot for its relationship with China.

Mentioned in this podcast:

Elon Musk warns ‘rough quarters’ ahead for Tesla after Trump cancels EV incentives

Private equity firms flip assets to themselves in record numbers

McKinsey bars China practice from generative AI work amid geopolitical tensions

Taiwan’s once-dominant KMT falls ‘out of step’ with the electorate

Taiwan launches unity drive as China threat looms

Email Swamp Notes your questions: marc.filippino@ft.com

Today’s FT News Briefing was produced by Henry Larson, Sonja Hutson, and Marc Filippino. Additional help from Blake Maples and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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