The podcast discusses the impact of EU tariffs on Chinese EVs, Keir Starmer's tax plans in the UK manifesto, and a scandal involving Toyota. It explores how Chinese EV makers are navigating tariffs, the implications for Toyota's chairman, and Japan's carmakers facing a testing scandal.
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Chinese EV makers expected to withstand EU tariffs, Toyota faces safety scandal scrutiny.
Deep dives
Tesla Shareholders Approve Musk's Pay Package
Tesla shareholders recently re-approved Elon Musk's controversial $56 billion pay package during the company's annual meeting. Despite earlier legal challenges citing excessive compensation without broad shareholder support, the vote marked a significant victory for Musk. The relocation of Tesla's incorporation from Delaware to Texas also signals positive developments for the company.
EU Imposes Tariffs on Chinese EVs
The European Union has imposed tariffs on imported Chinese electric vehicles, with rates as high as 48% for specific manufacturers. This move stems from long-standing concerns regarding Chinese industrial policies and alleged illegal state support. While these tariffs may temporarily impact prices and sales of Chinese vehicles in Europe, experts believe Chinese companies will continue to target the European EV market.
Toyota Faces Safety Scandal
Toyota, among other Japanese carmakers, is under scrutiny for a safety scandal related to data and testing practices. Issues with safety test data have led to the suspension of certain car models. Despite similarities to previous automotive scandals, such as Volkswagen's emissions case, the current situation is not deemed as severe. Toyota's response and market performance indicate that the safety concerns have not significantly deterred consumers or investors.
Chinese electric vehicle makers look like they will survive the latest tariffs the EU announced this week, and UK Labour leader Sir Keir Starmer laid out his party’s manifesto. Plus, Toyota is caught up in a scandal. Will it matter during next week’s shareholder meeting?
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Ethan Plotkin, Michela Tindera, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Our intern is Prakriti Panwar. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.