Infineon Sees Current Quarter Sales Flat as Tariffs Impact Muted
The company forecasts revenue in the period that ends in September flat from a year earlier at about €3.9 billion ($4.5 billion), it said in a statement on Tuesday. That compares to an average analyst estimate of €4 billion, according to data compiled by Bloomberg.
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Gizmodo
a minute ago
- Gizmodo
Tesla and Elon Musk Sued by Shareholders Who Say Robotaxis Violate Traffic Laws
Tesla shareholders filed a lawsuit in federal court Monday against both the EV company and CEO Elon Musk, alleging they made 'materially false and misleading statements' about the safety of their robotaxis and the regulatory scrutiny that comes with launching autonomous vehicles. Tesla launched its Robotaxi service in Austin, Texas, on June 22, but there's a human 'safety monitor' in the passenger seat, and the robotic vehicles are geofenced to a relatively small area in the city. Despite the precautions from Tesla, there have been several videos posted online of scary incidents with the robotaxis acting erratically in Austin. The new lawsuit cites a Bloomberg article from June 23 titled 'Tesla Robotaxi Videos Show Speeding, Driving Into Wrong Lane,' to explain how the robotaxis were allegedly violating traffic laws from their very first day in operation. The lawsuit also cites an article from June 23 with the headline 'Tesla Robotaxi Incidents Draw Scrutiny From US Safety Agency,' about the National Highway Traffic Safety Administration (NHTSA) contacting Tesla about social media videos showing 'incidents' involving road safety. The suit notes that Tesla's stock fell on reports of issues in Austin with the robotaxis. Watch this Tesla supervised 'Robotaxi' go haywire and drive on the wrong side of the road on day one of its Austin launch. This dangerous and defective software should be banned. [image or embed] — Dan O'Dowd (@ June 23, 2025 at 9:10 AMThe suit also makes note of a Tesla earnings call in April where Musk said, 'The team and I are laser focused on bringing robotaxi to Austin in June.' That call was notable because it was just after Tesla reported a 71% drop in profits, but Musk kept promising that big things were coming. Musk has spent years promising that Teslas will soon be fully autonomous. In fact, there's an entire Wikipedia page devoted to Musk's failed predictions about when so-called full self-driving would allow for Tesla vehicles to safely drive people without any supervision from the driver. And Musk still promises that it will happen soon. In fact, he often claims they already do drive themselves, like on Aug. 3 when he wrote, 'Teslas can drive themselves!' The suit was filed by Pomerantz LLP in U.S. District Court, Western District of Texas, and is called Morand v. Tesla Inc. et al. Chief Financial Officer Vaibhav Taneja and Zachary Kirkhorn, who served as CFO of Tesla until 2023, are also listed as defendants along with Musk and Tesla. The shareholder suit alleges that Taneja and Kirkhorn 'enriched' themselves 'by engaging in insider sales of the Company's shares while those shares traded at artificially high prices.' Neither Taneja nor Kirkhorn immediately responded to questions emailed Tuesday. The lawsuit is seeking class action status. Tesla has been struggling with declining sales this year, largely tied to Musk's support of President Donald Trump, his role in destroying vital parts of the U.S. federal government, and those two Nazi-style salutes he gave on Jan. 20. And a jury in Miami ordered Tesla to pay $240 million in damages last week in a case involving its Autopilot technology. The Tesla Robotaxi is distinct from the more ambitious Cybercab vehicle that Musk unveiled in October of 2024. While the Cybercab is a concept for a purpose-built two-seater vehicle that lacks a steering wheel and pedals, the Robotaxi (a generic term that Musk has tried to own) is just a regular Tesla Model Y vehicle that anyone can buy. Musk has said the Cybercab will be available in 2-3 years, a claim that should obviously be taken with some skepticism, given the billionaire's rather optimistic timelines. Tesla has also reportedly launched its robotaxi service in San Francisco on July 31, though it's still unclear what's happening there. The California Public Utilities Commission told Wired that Tesla claims the initiative in question was an 'employee-only taxi service to friends and family of employees' along with 'select' members of the public, but Musk has been heavily suggesting on X that whatever they're doing in the Bay Area is a much wider launch. Tesla didn't immediately respond to questions emailed Tuesday. Gizmodo will update this post if we hear back, though the company abolished its PR department in 2020, and getting any kind of response seems unlikely. Musk is notoriously hostile to the media and set up an auto-responder shortly after he bought Twitter that just replied with a poop emoji to any journalist's questions.
Bloomberg
2 minutes ago
- Bloomberg
Trump Teases Tariffs on Chips, Pharmaceuticals
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News24
15 minutes ago
- News24
Brazil's economy looks ready to ride out Trump's 50% tariff
Brazilian goods imported by the United States will soon carry one of the highest tariffs imposed by US President Donald Trump, but that will not likely derail Latin America's largest economy, due to ample exemptions and stronger trade ties with China. The lower stakes for the Brazilian economy give President Luiz Inacio Lula da Silva more room to stand his ground against Trump than most Western leaders, after calling him an unwanted global "emperor" and comparing his tariff threats to blackmail. Lula has said he is open to negotiating a trade deal, but dismissed Trump's complaints about the trial of right-wing ally Jair Bolsonaro as a threat to Brazilian sovereignty and judicial independence. Brazil's Supreme Court is trying the ex-president for allegedly plotting to overturn the 2022 election he lost to Lula. Those tensions, stoked by Bolsonaro's house arrest on Monday, are likely to make negotiations about the 50% US tariff on Brazilian goods between Washington and Brasilia thorny and drawn out, even as the fallout for Brazil's economy looks limited. Unlike Mexico and Canada, which sell about three-quarters of their exports to the United States, Americans buy just 12% of Brazilian exports. By comparison, Brazil's exports to China have doubled in value over the past decade, now accounting for 28% of the country's total shipments. After exemptions laid out in Trump's executive order last week, including on aircraft, energy, and orange juice, the tariff taking effect on Wednesday will apply to just under 36% of Brazilian exports to the US by value, according to estimates in Brasilia. Many of the affected exports are commodities such as beef and coffee, which should find alternative markets at modest discounts, according to economists. "We were already expecting a limited impact, but it dropped further with the exemptions," said Luiza Pinese, an economist at XP, who halved her forecast for the tariff impact on Brazil's gross domestic product this year to 0.15 percentage points. Goldman Sachs maintained its projection for Brazil's economy to grow 2.3% this year in light of the "notable" exemptions, adding that government support for affected sectors, expected in the coming days, should further soften the economic blow. "Brazil depends on the United States, that's true, but also on BRICS countries, on Europe, on Mercosur," Planning Minister Simone Tebet said at a public event last week, referring to major developing nations such as China, India, and Russia and a South American trade bloc. She said almost half of Brazil's agribusiness trade, an engine for Brazil's economy in recent years, is concentrated in Asia, compared to just 10% with the United States. "When it comes to industry, the ratio is four to one — four times more to Asia than to the United States," she added. Brazil is far less open to trade than most major global economies, limiting fallout from trade disruptions. Exports and imports amounted to 36% of its GDP last year, less than half the share in Mexico and nearby Paraguay, and just a quarter of the level in trade-focused Asian economies such as Thailand and Malaysia, according to World Bank data. Much of Brazil's exports are commodities easily redirected to different markets over time, said Thiago Carlos, a PIMCO portfolio manager for emerging markets. In the short term, more domestic food supply may even help to bring down inflation, he added. "With inflation likely to trend lower, the central bank may find room to begin easing monetary policy sooner than expected," said Carlos, noting the benchmark rate at the current level of 15% keeps monetary policy extremely tight, dragging on growth. Analysts polled by Reuters estimated that even without a US trade deal and before exemptions, Brazil's growth outlook for 2026 would remain virtually unchanged from their consensus of 1.6%-1.7%. Still, Luis Otavio Leal, chief economist at asset manager G5 Partners, warned of potential knock-on effects if government aid is not well targeted to protect vulnerable sectors and jobs. "Exemptions applied to nearly 700 products — and Brazil exports about 4 000 different goods to the US," said Leal. "A large number of firms that sell to the US were not covered." Brazil's central bank said on Monday that US levies on Brazilian goods could have "significant" effects on specific sectors, but broader macroeconomic effects are uncertain and will depend on negotiations and market risk perceptions. Flavio Ataliba, a researcher at Brazilian university FGV, noted that the vast country's regional variety will result in uneven impacts. The Northeast region, in particular, could be hit harder due to its export base of low-value-added, labour-intensive goods such as fresh fruit, seafood, textiles, and footwear - all now subject to the full 50% tariff, he added.
