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FX.co ★ Trump for Tesla

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Forex Analysis:::2020-05-13T06:06:40

Trump for Tesla

 Trump for Tesla

US President Donald Trump supported Tesla CEO Elon Musk's proposal to reopen the Tesla factory in California, going against the district officials who ordered it closed.

"California should let Tesla open a business right now. This can be done safely and instantly !," Trump wrote in a tweet.

CEO Elon Musk said that production is already resuming at the US factory, completely ignoring the order to stop production. He said that if someone really needs to be arrested, it should be him.

Over the years, Trump has collaborated with California on a number of issues, including immigration, vehicle fuel efficiency standards, financing of high-speed rail, and numerous environmental issues. Trump met with Musk several times during his presidency.

California Governor Gavin Newsome said that he spoke with Musk a few days ago, and mentioned that the fearlessness of the Tesla CEO helped the state to begin a phased production launch last week.

Musk announced on Twitter that the company will soon be reopened.

On Monday night, police and health officials in Alameda County said that they already knew that Tesla had gone beyond the required limits during the blocking period, and informed the company that it would not be able to operate without an approved district plan.

Musk replied that if necessary, he would relocate the factory to another US state to resume production.

Officials from Texas, Utah, Georgia, and Nevada, where Tesla already has a battery assembly plant, contacted him and suggested options for transferring to their jurisdictions.

In defense, Trump said that Musk is "one of our great geniuses, and we must protect our geniuses."

US Treasury Secretary Steven Mnuchin said that California "needs to be prioritized" to help Tesla open again, because it is one of the largest manufacturing enterprises in the state, providing a huge population with jobs.

Tesla also has a car factory in Shanghai, which opened last year, and another in construction outside of Berlin.

Tesla said it delivered around 88,400 cars in the first quarter of 2020, including joint deliveries of 76,200 Model 3 sedans and Model Y SUVs, and joint deliveries of 12,200 older and more expensive S and X models.

The revenue of Tesla from car sales gained to $ 5.1 billion in the first quarter, and regulatory loans accounted for nearly 7% of this volume. The loans helped the company increase its gross margin, which is currently 25.5%.

Analyst InstaForex
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