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Trump’s US Commerce Secretary, Howard Lutnick, who indirectly owns Tesla (TSLA) stocks through his firm, has publicly recommended buying Tesla stocks today.

This is likely the first time that a sitting US Commerce Secretary publicly recommends to buy a specific stock.

The circumstances in which this first is happening are genuinely astonishing.

Lutnick is known for his multi-billion-dollar stake and long-time leadership at the investment bank Cantor Fitzgerald.

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Starting in 2022, Cantor Fitzgerald began to buy Tesla stocks and significantly increased its investment in the automaker in 2024 during a bull run:

After Trump won the election last year with the help of a $250 million political donation from Elon Musk, the Tesla CEO started to recommend Lutnick for the significant role of Secretary of the Treasury. He tweeted:

My view fwiw is that Bessent is a business-as-usual choice, whereas Howard Lutnick will actually enact change. Business-as-usual is driving America bankrupt, so we need change one way or another,”

Trump ended up going for Bessent, but Lutnick still managed to land the role of Secretary of Commerce – with the help of Musk’s push.

After being nominated by Trump, Lutnick said that he would be divesting from his holdings, which are mainly linked to Cantor Fitzgerald, within 90 days.

The 90 days are not up yet, but there is no update on whether he has started divesting yet.

Today, he went on Fox News and recommended viewers buy Tesla stocks:

“I think if you want to learn something on this show tonight, buy Tesla. It’s unbelievable that this guy’s stock is this cheap. It’ll never be this cheap again,”

Here’s the video:

The blatant stock pump comes after Tesla’s stock lost more than 40% of its value so far this year.

Musk uses 238 million Tesla shares worth over $55 billion as collateral for personal loans. If Tesla’s stock goes too low, he could potentially be forced to sell his shares to cover the debt.

Furthermore, on the analyst side, Cantor Fitzgerald just upgraded Tesla’s stock to a buy earlier this week – raising their price target to $425 a share. Tesla’s stock closed at $235.86 today.

Howard Lutnick’s son, Brandon, is now in charge of Cantor Fitzgerald as Chairman.

Here’s a summary of Cantor Fitzgerald’s Tesla holdings:

  • Early 2022: The firm held a very small position (only ~8,400 Tesla shares in Q1 2022)​ but rapidly increased to about 297,000 shares by Q3 2022 (worth ~$79 million at the time)​. This large buy-in during mid-2022 marked a significant ramp-up in their Tesla exposure.
  • Late 2022: By the end of 2022, Cantor dramatically cut back its stake – holding roughly 72,000 shares in Q4 2022​. This reduction from nearly 300k shares the prior quarter coincided with a steep drop in Tesla’s stock price in late 2022 (shares fell by roughly 50% during Q4 2022).
  • 2023: Throughout 2023, Cantor Fitzgerald kept a modest Tesla position, fluctuating in the tens of thousands of shares. For example, they reported ~44,000 shares in Q1 2023, increased to 91,000 by Q2 2023, then adjusted to 56,000 in Q3 2023 and 83,000 by Q4 2023​.
  • These moves suggest active trading around Tesla’s short-term moves, with no huge long-only stake during 2023. Notably, it appears Cantor completely exited Tesla in early 2024 – Tesla was not listed in their Q1–Q2 2024 13F filings, implying they sold off the remaining shares during that period (when Tesla’s price rallied to local highs).
  • Re-entry in 2024: In the second half of 2024, Cantor Fitzgerald made a bold re-entry into Tesla. Their holdings surged to about 1.2 million shares in Q3 2024 (valued ~$307 million as of September 30, 2024). This coincided with a mid-2024 pullback in Tesla’s stock price, suggesting Cantor bought the dip. By the end of 2024, they trimmed the position down to ~740,000 shares (from 1.2M), likely taking profits after Tesla’s price rallied late in the year​.

Electrek’s Take

I mean, wow. This is something else.

The fact alone that a US secretary would recommend buying a specific stock is despicable, but it’s even more insane when it is the stock behind the fortune of Elon Musk, who has a relationship with Lutnick.

Lutnick’s Cantor invests in Tesla -> Musk invests in Trump -> Trump appoints Lutnick at Musk’s recommendation -> Tesla’s stock crash –> Trump recommends buying Tesla cars –> Lutnicks recommends buying Tesla stocks.

I’m no lawyer so I’m not going to claim whether this is legal or not, but it’s certainly not ethical.

Tesla must be really struggling if that’s what they are doing now: using US officials to promote Tesla’s stocks.

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Tesla announces Cybertruck expansion into South Korea

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Tesla announces Cybertruck expansion into South Korea

Tesla has announced that it is launching Cybertruck in South Korea, only the fourth market where the electric pickup truck becomes available and the first outside North America.

While Tesla took reservations worldwide when unveiling the Cybertruck in 2019, the automaker never confirmed plans to launch the vehicle outside North America.

The Cybertruck is currently only available in the US, Canada, and Mexico.

By any metric, it has been a total commercial flop.

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Tesla had accumulated over 1 million reservations for the vehicle and planned for a production capacity of 250,000 units per year, with CEO Elon Musk saying that it could be increased to 500,000 units.

After Tesla unveiled the production version for a much higher price than announced initially and a significantly shorter range, demand fell off a cliff, and now Tesla now has issues selling the truck at a rate of 25,000 units per year.

This quarter is expected to be better due to the end of the tax credit in the US pulling demand forward, but it could prove extremely difficult to move the Cybertruck in North America starting in October.

Tesla is now turning to South Korea to try to sell some Cybertrucks.

The American automaker has told South Korea reservation holders to confirm their orders over the next week, as it will start converting reservations into orders – something it hasn’t done since expanding into Canada and Mexico last year.

The announcement was made via X:

South Korea might sound like a strange, relatively small, distant market for the first expansion of the Cybertruck outside North America, but Tesla is extremely popular in South Korea.

In July, it sold a record number of more than 7,000 vehicles in a single month.

Tesla also has an extremely strong shareholder base in the country.

However, in South Korea, the Cybertruck is going to start at 145 million South Korean won, which is approximately $104,000 USD – making the Cybertruck about $24,000 more expensive than in the US.

It should not be easy to sell in significant volumes despite Tesla’s popularity in the market.

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Hyundai is plowing billions into building more cars in the US, including a new robot-run plant

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Hyundai is plowing billions into building more cars in the US, including a new robot-run plant

Hyundai wants to sell more vehicles in the US. The South Korean auto giant is investing an additional $5 billion to ramp up production. With billions more on the table, Hyundai will build a new robotics facility while ramping up production of Hyundai and Kia vehicles in the US. Here’s what’s coming next.

How Hyundai’s $26 billion investment will boost US sales

Have you noticed more Hyundai, Kia, and Genesis vehicles on the road lately? Over the past few years, the South Korean automakers have grown significantly in the US.

In the first half of 2025, Hyundai and Kia sold more vehicles than in any first half since entering the US market nearly 40 years ago.

Hyundai has no plans of slowing down after announcing another $5 billion investment on Tuesday, “significantly expanding the Group’s footprint in the US market.” The new funds will be used for several new projects, including a new state-of-the-art robotics facility and steel plant in Louisiana.

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The new funding is in addition to the $21 billion investment Hyundai announced just a few months ago, bringing the company’s total to a whopping $26 billion.

Hyundai-IONIQ-5
2025 Hyundai IONIQ 5 at a Tesla Supercharger (Source: Hyundai)

Hyundai will use the investment over the next three years (2025 – 2028) to boost production, including Kia and Genesis vehicles.

It’s also building a new robotics innovation hub to design, manufacture, and deploy vehicles. Hyundai expects the advanced new facility will create about 25,000 jobs in the US over the next four years. It will have an annual production capacity of 30,000 units.

Hyundai-IONIQ-9
2026 Hyundai IONIQ 9 (Source: Hyundai)

EVs and hybrids are driving growth

The new investment comes after Hyundai and Kia hit a milestone, selling a combined 1.5 million “eco-friendly” vehicles cumulatively in the US this week.

Hyundai’s Tucson Hybrid and the Kia Niro Hybrid are the brand’s top-selling eco-friendly cars. Meanwhile, the all-electric Hyundai IONIQ 5 remains one of the top-selling EVs in the US and is the brand’s fourth most popular eco-friendly vehicle.

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Hyundai and Kia eco-friendly car sales in the US since 2011, including EV, hybrid, PHEV, and FCEV (Source: Hyundai)

With leases starting as low as $159 per month, the 2025 Hyundai IONIQ 5 is one of the most affordable, efficient EVs on the market. Hyundai has upgraded its best-selling EV with more range (now up to 318 miles), a fresh new style, and a built-in NACS port, allowing you to recharge at Tesla Superchargers.

Hyundai-IONIQ-5-lease
2025 Hyundai IONIQ 5 Limited (Source: Hyundai)

Hyundai’s new three-row IONIQ 9 is listed for lease as low as $299 per month, and that’s for a nearly $60,000 SUV.

Both the IONIQ 5 and IONIQ 9 are built at the massive new Hyundai Motor Group Metaplant America (HMGMA) in Georgia. Kia’s EV6 and EV9 are assembled at a separate plant in Georgia.

Looking to check one out for yourself? We can help you find vehicles in your area. You can use our links below to view Hyundai and Kia models near you.

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Major e-bike maker hits pause on US imports after new tariffs

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Major e-bike maker hits pause on US imports after new tariffs

In a move that underscores the growing instability in international e-bike trade, premium electric bike maker Riese & Müller has paused all e-bike shipments to the United States, citing unpredictable steel tariffs as the final straw.

The German brand, known for its high-end urban and cargo e-bikes, informed US dealers this week that it is halting exports for the foreseeable future. While the company pointed to the recent reinstatement of a 50% tariff on certain steel components from overseas, including Germany, the broader issue here seems to be the chaotic and ever-shifting tariff landscape surrounding e-bike imports.

“We need to take a few days to carefully evaluate this situation and its implications before proceeding with further steps,” explained the company in an email to its dealers in the US, according to Bicycle Retailer.

This isn’t the first time tariffs have disrupted the flow of electric two-wheelers into the US. The Trump administration’s Section 301 tariffs targeting Chinese goods initially shook up the industry during the administration’s first term, hitting Chinese-made e-bikes and components with 25% duties before being temporarily suspended. Those tariffs whipped back and forth as exclusions came and went, then became a double whammy after the Trump administration’s “reciprocal” tariffs added even more hardships to e-bike importers in the US. And now, as of July 1, additional steel tariffs have expanded the uncertainty.

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What’s unusual in Riese & Müller’s case is that most e-bikes – even expensive ones – use relatively little steel compared to aluminum. Frames, forks, wheels, and most structural components are increasingly made from aluminum alloys or carbon fiber. But with the tariff code system as vague and inconsistently enforced as it is, it seems R&M simply doesn’t want to take the risk of unexpected import costs – or the administrative mess that comes with it, including having to account for how much of a bike is produced from steel components and what the value of those components proves to be.

The impact on the US market will likely be minor in volume; Riese & Müller is a premium but somewhat boutique brand with a loyal yet small customer base. Still, this is a canary in the coal mine. If even premium brands are choosing to step away from the US market over tariff unpredictability, what happens when larger, mass-market brands start running into similar issues?

For now, dealers in the US are being told to sell through existing stock and not take additional orders until the company can determine whether it will be able to continue importing e-bikes into the US. But if the trade war tariffs contineu, this may not be the last premium brand to throw in the towel – at least temporarily.

Electrek’s Take

This isn’t just about one German e-bike brand putting things on pause – it’s a red flag for the industry. While Riese & Müller may be small in terms of US volume, their decision shows how unpredictable tariffs, even on seemingly minor components, can create enough uncertainty to shut down an entire market channel. Most e-bikes are made primarily from aluminum, not steel, but when customs enforcement can interpret tariff codes in vague or inconsistent ways, no brand wants to gamble on a five-figure shipment getting hit with a surprise 25-50% fee.

What’s more concerning is that this adds to a growing stack of trade policy hurdles facing e-bike makers: China-focused tariffs, broader “reciprocal” tariffs, battery import duties, and now steel restrictions hitting European brands too. There’s no coherent strategy here, just a patchwork of protectionist measures that hurt importers, confuse dealers, and raise prices for consumers. If the US wants to promote micromobility and clean transportation, it’s going to need smarter policies than this.

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