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Trump says he wants Musk and his companies to thrive in US
President Donald Trump said on Thursday he would not destroy Elon Musk's companies by taking away federal subsidies and that he wants the billionaire tech-entrepreneur's businesses to thrive. "Everyone is stating that I will destroy Elon's companies by taking away some, if not all, of the large scale subsidies he receives from the U.S. Government. This is not so!," Trump said in a social media post. "I want Elon, and all businesses within our Country, to THRIVE." Trump's statement follows a public clash with his former close ally on June 5 over his tax bill. Musk warned Tesla investors on Wednesday that U.S. government cuts in support for electric vehicle makers could lead to a "few rough quarters" for the company. A week after the spat in June, Reuters reported the White House had directed the Defense Department and NASA to gather details on billions of dollars in SpaceX contracts to ready possible retaliation against the businessman and his companies. Musk spent more than a quarter of a billion dollars to help Trump win November's presidential election and led the Department of Government Efficiency's chaotic effort to slash the budget and cut the federal workforce. The Tesla CEO left the administration in late May to refocus on his tech empire. Trump and Musk fell out shortly afterward when Musk openly denounced the Republican president's tax-cut and spending bill, leading to threats by Trump to cancel billions of dollars worth of federal government contracts with Musk's companies. Musk's SpaceX had been considered a frontrunner to build out Trump's $175 billion Golden Dome missile defense shield and remains a natural choice for key elements of the project. But sources familiar with the matter told Reuters earlier this week that the administration is expanding its search for partners to build Golden Dome as tensions with Musk threaten SpaceX's dominance in the program. (Reporting by Bhargav Acharya in Toronto; Editing by Doina Chiacu and Philippa Fletcher)


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Tesla shares fall 8% after reporting profit drop
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China's BYD to assemble EVs in Pakistan from 2026
Chinese electric vehicle giant BYD plans to roll out its first car assembled in Pakistan by July or August 2026 to capture growing demand for electric and plug-in hybrid vehicles in the region, a company executive said on Wednesday. BYD, the world's top EV maker, has been expanding rapidly outside its home market, where it is in a strong price war. The Pakistan plant addresses rising demand from emerging markets and allows the company to take advantage of incentives offered by the Pakistani government. The plant has been under construction since April near Karachi in a partnership between BYD and Mega Motor Company, a subsidiary of Pakistani utility Hub Power, Danish Khaliq, vice president of sales and strategy at BYD Pakistan, told Reuters. It would initially have the capacity to produce 25,000 units a year on a double shift, he said. He did not elaborate on when the plant would achieve full capacity or say when mass production would begin there. The plant will start by assembling imported parts, with some local production of non-electric components, Khaliq said, adding it would initially produce vehicles for the domestic market, with potential to export to right-hand drive countries in the region depending on freight costs and business economics. 'We do not foresee excess capacity in our system as demand in Pakistan will catch up,' he said. BYD started delivering imported EVs in Pakistan in March. Khaliq did not give an exact sales number but said the sales of a few hundred cars had exceeded internal targets by 30%. Khaliq said he expected the market size of EVs and plug-in hybrid cars in Pakistan to grow three to four times in 2025 from around 1,000 total units in 2024. BYD is targeting a 30-35% share of the segment, Khaliq said. Based on a HUBCO filing, BYD Pakistan made around 444 million rupees ($1.56 million) in profit in the 2025 March quarter. BYD will launch its Shark 6 plug-in hybrid pickup truck in Pakistan on Friday. China's MG already sells a PHEV SUV, while rival Haval is set to join the segment soon. Plug-in hybrids offer a more practical option in Pakistan as the country faces a lack of charging stations for all-electric vehicles. The government slashed power tariffs for chargers by 45 per cent in January to encourage EV uptake and private charging stations. Reuters