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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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Forbidden fruit: new Volkswagen Passat eHybrid Match and Black Editions

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Forbidden fruit: new Volkswagen Passat eHybrid Match and Black Editions

Wagons don’t get a lot of love Stateside, with American buyers choosing SUVs over – well, pretty much every other type of vehicle imaginable. That’s our loss, as the latest plug in hybrid versions of the Volkswagen Passat are here to prove.

The latest Passat Variant eHybrid (or, in some markets, Vario, which is what the Europeans like to call wagons) is different from the version we get in the US. Unlike the domestic version which is based on a low-cost platform specific to the US and China, the Euro-market version is built on the MQB platform that underpins VW’s flagship Arteon four-door coupe and both VW‘s and Audi’s entry-luxe SUVs.

That might seem weird, since VW has sold more than 34 million units sold worldwide and the Passat is the second top-selling Volkswagen of all time (behind the Golf and ahead of the Beetle). It’s understandable, then, that the European execs are pretty proud of their Passat.

The latest evolutionary stage of the modular transverse matrix (MQB evo)forms the highly innovative technical basis of the ninth Passat generation. Thanks to the significant economies of scale of the MQB evo, Volkswagen has again democratised numerous high-tech developments and made them available for hundreds of thousands of drivers. The two completely newly developed plug-in hybrid drives (eHybrid) are a perfect example of this. In combination with a new battery, they make all-electric ranges of around 100 km possible. This distance turns the new Passat Variant into an electric vehicle for everyday life – this is additionally ensured by short charging times as the battery can now be charged at AC charge points with 11 kW instead of the previous 3.6 kW. The Passat Variant eHybrid can even be charged with up to 50 kW at DC fast charging stations. In addition, the combination of electric drive motor and new economical turbocharged petrol engine provides overall ranges of around 1,000 km.

KAI GRÜNITZ
Member of the Brand Board of Management, VW

In case the jealous American wago-philes reading this aren’t jealous enough, Volkswagen has announced new Passat eHybrid Match and Black Editions that add nearly £5k of options for the new model year effectively for free.

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“Match is better equipped than the outgoing Life, with additional features including metallic paint, VW’s IQ.Light LED matrix headlights, tinted rear windows and an ‘assistance pack’ which adds area view and emergency assist,” reports Alastair Crooks, from the UK car site AutoExpress. “The new Black Edition comes with metallic paint, 19-inch alloy wheels, a panoramic sunroof, tinted rear windows (darker than the Match’s), heated front and rear seats, a head-up display, a 15-inch central touchscreen and the same assistance pack as the Match.”

The entry-level Match replaces the previous Life trim, but costs the same £45,555 (about $60,500), while the Black Edition costs the same as the outgoing R-Line, from £48,900 (about $64,950). The order books open 14 August.

You can take a look at some of the VW press photos of the European Passat wagon Variant, below, then let us know if you’d rather have this for $60K or the discount American version in the comments.


SOURCE | IMAGES: VW, via AutoExpress.


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E-quipment highlight: Wirtgen Vögele launches new electric MINI pavers

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E-quipment highlight: Wirtgen Vögele launches new electric MINI pavers

Wirtgen Vögele recently revealed the battery-powered MINI 500e and the MINI 502e electric pavers. With an electrically heated screed, a range of paving widths, and zero-emission operations, they’re paving a greener, cleaner path.

Co-developed by Wirtgen Vögele and Italian road equipment manufacturer C. M. S.r.l., the new electric pavers will enable contractors to bid on construction projects that are subject to even the strictest noise and emission limits – but the company is quick to point out that they’re capable enough to serve on conventional job sites.

“These pavers excel on small-scale construction projects and jobs covering a small area – the type of work for which paving crews would not previously have been able to use machines,” reads the official Wirtgen Vögele copy. “Thanks to their elimination of manual labor, among other benefits, the new MINI pavers improve the efficiency and quality of asphalt paving, particularly in the construction of sidewalks and drains, as well as in tight downtown locations.”

The new Wirtgen MINI 502e (the one with wheels) and the MINI 500e (the one with crawler tracks) offer pave widths from 0.25 to 1.8 m, feature a battery-electric drive outputting 22.8 kW (30 hp), and your choice of either a 15 kWh or 22 kWh 48V li-ion battery – good enough battery capacity for up to 16 hours of continuing paving. Both versions can be fully charged on a conventional 110/120 “L1” power socket in about eight hours.

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Electrek’s Take


Wirtgen Vögele MINI 500e; via Wirtgen.

At the end of the day, it doesn’t matter what the federal EV incentives are or even what the guys on your crew want to operate. What matters is that construction noise upsets Mrs. Clancik’s terrier, and she will force the town council to keep the noise down all by herself.

If your construction company wants to bid on any municipal work, that means you’re gonna have to stay quiet. Maybe even keep the smells to a minimum, too. Buying electric equipment means you can do both.

SOURCE | IMAGES: Wirtgen, via Construction Equipment International.


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Is this Hyundai IONIQ the safest affordable EV you can buy?

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Is this Hyundai IONIQ the safest affordable EV you can buy?

Car brands like Volvo, Mercedes-Benz, and Tesla have built up solid reputations for safety, but their ultra-safe vehicles often come with a premium price tag. The good news for car buyers looking for a deal, but still prize safety, is that there’s an all-electric Hyundai for under $40K that scores top marks on the IIHS’ toughest new safety tests.

SKIP THE STORY: take me to the deals.

Last Februray, the Insurance Institute for Highway Safety (IIHS) established new benchmark criteria that included stricter side-impact and moderate overlap crash safety standards, improved safety for back seat passengers, and a stronger emphasis on pedestrian detection in low light.

“We followed the tougher requirements we introduced last year with another major update to the award criteria,” explains IIHS President David Harkey. “(The 2024) winners are true standouts, offering the highest level of protection for both vehicle occupants and other vulnerable road users.”

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The Insurance Institute for Highway Safety is making it harder to earn its Top Safety Pick and Top Safety Pick+ awards from 2024, challenging manufacturers to offer better protection for back seat passengers and improve their pedestrian crash avoidance systems.

IIHS

We’ve covered a few of the standout performers already over the past year-plus since the new safety standards were awarded, including the Rivian R1T (the only electric pickup to earn the coveted Top Safety Pick+ award), Audi Q6 e-tron, and the Tesla Model Y … but what we haven’t written about was the fact that the Hyundai IONIQ 6 was the only electric sedan to get a Top Safety Pick+, as well.

Why it matters, now


Hyundai-free-charger-EVs-IONIQ-6
Hyundai IONIQ 6 Limited, via Hyundai.

With the average transaction price of a new car at $48,907 and the looming demise of the $7,500 Federal tax credit accelerating demand for EVs (even for those that may not qualify), new EV buyers looking for a dependable commuter with long-range chops, ultra-fast charging capabilities, and the latest infotainment tech for under $40,000 have precious few options. And, if that Top Safety Pick+ rating is a must have? They only have one.

The good news is that it’s an excellent option. The 2024 version was named Car and Driver‘s 2023 EV of the Year, and led our own Scooter Doll to ask, “is any other automaker delivering more value in high-tech EVs right now?” and Nigel Evans over at CarBuzz to write, “Comparing the Ioniq 6 to its rivals is also an interesting exercise. For example, the Tesla Model 3 RWD now costs more than $40,000, with questionable interior design and layout and no Top Safety Pick+ from the IIHS. You can’t get the Chevrolet Bolt or Bolt EUV anymore in the budget EV sector, but they also lacked fast-charging capability.”

With up to 342 miles of range and a starting MSRP of $37,850 with all trims eligible for $7,500 in Retail Bonus Cash through Labor Day plus dealer discounts (if you can get them) bringing the price down even further, there’s a nonzero chance car buyers will be able to score a 2025 Hyundai IONIQ 6 for a sub-30K transaction price. Other featured deals include 0% interest financing for up to 48 months on any 2025 IONIQ 5 models in dealer inventory for well-qualified buyers, while lease buyers able to get a new SE model for $199/mo. with $3,999 down.

SOURCE | IMAGES: Hyundai, IIHS; via CarBuzz.


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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