Good morning! It is Monday, October 14, 2024 and this is The morning shiftYour daily roundup of the biggest automotive headlines from around the world, in one place. Here are the important stories you need to know.

1st Gear: Tesla shares and Elon Musk's fortune collapse

Tesla should be in full swing right now, the electric car manufacturer right now introduced the promising autonomous car for years, has reinvented the bus and promised bring humanoid robots onto the market at the low price of $30,000. However, that's not it, and Instead, the share price suffered a crash and its CEO's massive fortune drops by a staggering $15 billion.

Tesla unveiled the Cybercab and Robovan concepts last weekwith Big Boss Elon Musk saying so Cybercab could go on sale before 2027 for around $30,000. However, none of that was enough to satisfy Tesla shareholders, and many wished Musk had provided more concrete details about what it would take to build the cars, when they might come to market, and how Tesla would use its technology for will actually make self-driving cars work.

Therefore, the electric car maker's shares began to fall quickly after the event. In pre-trading on Friday, analysts said Tesla shares fell five percent and were down nine percent at the end of the day. Reports Business Insider. This sharp decline in Tesla's stock price has not had a positive impact on Musk's net worth:

Musk's net worth – which is partially tied to Tesla as he owns about 13% of the company's stock – fluctuates with the company's value. And on Friday, Tesla shares fell more than 9% from $238.77 to $217.80 per share.

Musk's net worth fell by $15 billion, according to the Bloomberg Billionaires Index, updated after the close of trading in New York. With a total net worth of $240 billion, Musk remains the richest man in the world.

Forbes reported in July that Musk suffered a similar financial hit after the “We, Robot” event was postponed from its original August date and Tesla shares fell about 7%. The company's stock value continued its downward trend through early August and then rebounded in September, allowing Musk's net worth to surpass that of McDonald's and Pepsi. However, Tesla shares had not yet reached the yearly high they reached in July before the stock plunged again this week.

Tesla's stock price is now around $217 per share, compared to the $240 at which the stock was valued before Musk began showing off his autonomous creations. Despite the sharp decline in Tesla's valuation, Musk currently remains the richest person in the world. At the time of writing, his net worth is estimated at more than $245 billion. reports Forbes.

Hopes for a rise in Tesla's stock price now depend on what creations Musk has unveiled and how quickly he can bring them to market. The Tesla CEO has a history of overpromise and underdeliver When it comes to new products, the real test of its management will come if the automaker can actually bring a self-driving car to market by 2027, but we won't hold our breath for that.

2nd gear: Boeing cuts 17,000 jobs due to strikes

Boeing has had a pretty terrible year so far. The company had a number of High-profile mechanical failures with his planes, that was The subject of a federal investigation that uncovered All possible shortcuts were taken and aircraft deliveries almost came to a standstill. Now the American aerospace giant is in the middle of a crisis huge strike among its workers.

More than 30,000 Boeing workers quit their jobs on September 13thwhich brought production to a standstill at some Boeing plants. Now the American company is moving to cut jobs, will delay new products and has reported a multibillion-dollar loss due to the strike. reports Reuters:

CEO Kelly Ortberg said in a message to employees that the significant workforce cuts were necessary “to align with our financial reality” after an ongoing strike by 33,000 workers on the U.S. West Coast halted production of the 737 MAX, 767 and 777 jets had set.

“We have adjusted our staffing levels to align with our financial reality and to focus on a more focused set of priorities. In the coming months, we plan to reduce the number of our total workforce by around 10%. These cuts affect executives, managers and employees,” Ortberg’s statement said.

The job cuts will affect 17,000 workers at Boeing factories around the world and are one of the first major ones Changes CEO Kelly Ortberg has made since taking on the role in August. In addition to the job cuts, Boeing has also announced that production of its next-generation aircraft, the 777X jet, will be delayed by a year.

This includes job cuts and delays broader problems at the troubled aircraft makerwhich is expected to report losses of $5 billion in the third quarter of 2024, Reuters adds. The company expects revenue of $17.8 billion in the period, which would translate into a loss per share of $9.97.

3rd Gear: Polestar believes dealer sales can prevent falling deliveries

Boeing isn't the only company having a tough time right now The Swedish electric vehicle manufacturer Polestar also had problems in the last few months. After the departure of CEO Thomas Ingenlath at the beginning of the yearThe automaker has now announced that sales fell by 15 percent in the third quarter of 2024.

Luckily, the electric vehicle maker has a clever plan up its sleeve to turn things around: It will start selling cars through dealers. Reports Bloomberg. The automaker has historically sold cars only through its online retail platform. A limited number of showrooms around the world offer customers the opportunity to view its cars in person before ordering online:

Although until recently customers could test tires and take test drives at the Swedish manufacturer's showrooms, they had to go to the company's website to purchase the cars.

According to a statement on Friday, CEO Michael Lohscheller said he had initiated a review of operations and strategy under which Polestar would move “from displaying to actively selling cars.”

His comments came as Polestar reported a 15% drop in third-quarter deliveries to 11,900, joining a number of European manufacturers that reported sharp sales declines in the recent period.

The company said it expects sales this year to be similar to 2023. It reiterated its goal of achieving cash flow breakeven by the end of next year, but with lower volumes than previously targeted.

The Swedish automaker's drop in sales was blamed on delays in introducing new models the Polestar 3 SUV be pushed back and the Polestar 4 is still around the corner Owner's driveways here in the USA

As a result of the automaker's worrying decline in deliveries and revenue, Polestar shares reportedly fell as much as 12.5 percent, having already lost more than a third of their value so far this year.

4th Gear: Fisker agrees to bankruptcy deal

To conclude our roundup of bad news for Company in trouble is Fiskerwhich finally agreed to an insolvency plan Months after going out of business. The failed electric vehicle maker reportedly closed the deal after agreeing to technical support terms for the sale of its remaining inventory of Ocean electric SUVs. Reports Automotive News.

Electric vehicle maker Fisker received approval for its bankruptcy plan on Friday after making last-minute changes to preserve the plan Selling 3,000 Ocean SUVs worth 3,000 units Reportedly around $46 million Automotive News. The deal almost fell through after American Lease, which will acquire the remaining shares, recognized Fisker's intellectual property needed to maintain and keep the Oceans running:

Fisker ultimately decided to liquidate its business in bankruptcy, selling its remaining vehicle fleet to buyer American Lease and transferring its intellectual property to creditors.

The sale of the vehicle fleet hit a last-minute stall this week after American Lease realized that Fisker would not be able to transfer essential data and support services to new servers run by the buyer.

Without data transfer, the vehicle fleet would be cut off from essential services such as updating vehicle software, checking diagnostic data and allowing drivers to remotely access their vehicles.

American Lease resolved the dispute by agreeing to pay an additional $2.5 million over five years for future technical support services. The deal also benefits other Fisker Ocean owners who had also expressed concerns about what would happen to their vehicles if Fisker's servers were shut down, lawyers said in court Friday.

The deal was approved by U.S. Bankruptcy Judge Thomas Horan last week after a court hearing in Wilmington, Delaware. The move paves the way for Fisker begins repaying its creditors with his remaining assets.

Fisker filed for bankruptcy in Juneafter failing to sell its cars worldwide due to negative response from buyers and reviewers. The company tried to reach a partnership with Nissan for the production of its electric vehicles, but an agreement was never reached and Fisker instead praised employees and stopped production.

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