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U.S. Treasury Secretary Scott Bessent adjusts his glasses during a meeting with U.S. President Donald Trump and President of Argentina Javier Milei in the Cabinet Room at the White House on Oct. 14, 2025 in Washington, DC.

Kevin Dietsch | Getty Images

China has been using its dominance in the rare earth industry to slash prices, driving foreign competitors out, U.S. Treasury Secretary Scott Bessent told CNBC on Wednesday stateside in an exclusive interview. He characterized the country as having “a nonmarket economy.”

In response, the Trump administration will “exercise industrial policy” to set price floors in a range of industries. Price floors are a limit of how low suppliers can charge for goods or services. They are typically set above the market rate and are essentially a form of government price control.

Meanwhile, Bank of America and Morgan Stanley reported blockbuster second-quarter earnings that shot way past analyst expectations. They joined other major U.S. banks, such as JPMorgan Chase and Goldman Sachs, in ihaving a blowout quarter that was turbocharged by robust dealmaking and stock market highs.

And despite U.S. President Donald Trump’s continued saber-rattling at China on the trade front, traders don’t seem ready to let go of equities. On Wednesday stateside, the S&P 500 and Nasdaq Composite rose, and the Russell 2000 hit a fresh record. After all, earnings reports are indicating that the economy isn’t yet faltering, despite firms already experiencing higher costs because of tariffs, according to the U.S. Federal Reserve’s Beige Book.

Whether traders continue pushing equities to new highs amid fractious trade relations with China will depend, in part, on the earnings of major technology companies such as Tesla and Intel due next week.

What you need to know today

And finally…

A Chinese flag flutters on top of the Great Hall of the People ahead of the opening ceremony of the Belt and Road Forum (BRF), to mark 10th anniversary of the Belt and Road Initiative, in Beijing, China October 18, 2023.

Edgar Su | Reuters

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Tesla Chair says no one talking about people they are hiring, but can’t name any

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Tesla Chair says no one talking about people they are hiring, but can't name any

Tesla’s Chairwoman Robyn Denholm complains that everyone is talking about the high-profile departures at the automaker, but no one is talking about the people they are hiring.

Can she name one? Literally, name just one.

At Electrek, we have been closely reporting on the talent exodus at Tesla.

The issue has been ongoing for a few years, but it clearly accelerated following a significant wave of layoffs in April 2024.

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To name a few:

  • Omead Afshar, Vice President of Sales and Manufacturing for North America and Europe, departed in June 2025. Afshar was a close confidante of CEO Elon Musk and was instrumental in the ramp-up of Gigafactory Texas.
  • Milan Kovac, head of the Optimus humanoid robot program, announced his departure in June 2025.
  • Drew Baglino, Senior Vice President of Powertrain and Energy Engineering, left the company in April 2025. A long-time Tesla veteran, Baglino was a key figure in the development of Tesla’s battery and powertrain technology.
  • Rohan Patel, Vice President of Public Policy and Business Development, also departed in April 2025. Patel was the face of Tesla’s government relations and policy efforts.
  • Rebecca Tinucci, Senior Director of the Supercharger business, left in April 2025. Tinucci oversaw the significant expansion of Tesla’s global charging network.
  • David Lau, Vice President of Software Engineering, departed in April 2025. Lau played a crucial role in the development of Tesla’s vehicle software and its Autopilot and Full Self-Driving features.
  • Troy Jones, Vice President of North American Sales and Service, left in July 2025. Jones was a long-serving executive responsible for a significant portion of Tesla’s sales and delivery operations.
  • Pete Bannon, Vice President of Hardware Engineering, who was involved in the development of Tesla’s custom chips, including the Dojo supercomputer, left in August 2025.

Recently, the Financial Times released a report highlighting the talent exodus at Tesla and Chairwoman, Robyn Denholm, complained that the media only focuses on the departures and not the people “joining” Tesla, which she described as “still a magnet for talent”:

“There are always headlines about people leaving, but I don’t see the headlines about people joining. Our bench strength is outstanding . . . we actually develop people really well at Tesla and we are still a magnet for talent.”

However, she couldn’t name a single one.

To be clear, we primarily report on higher-profile and senior-level departures (directors and above), but we track all of them.

Just for example, here are a dozen people at important but not senior roles at Tesla who departed over the last month but were never reported:

Basil Sobchak

  • Time at Tesla: 10 years, 6 months
  • General Role: Vehicle Service Lead

Patrick Barr

  • Time at Tesla: 8 years, 7 months
  • General Role: Facilities Maintenance Lead

Luke Sanders

  • Time at Tesla: 7 years, 1 month
  • General Role: Production Management (Model Y – Fremont)

Indra K Vijay

  • Time at Tesla: 6 years, 1 month
  • General Role: Software Engineering Management

Logan Roy

  • Time at Tesla: 5 years, 3 months
  • General Role: Mechanical Engineering (Battery Structures)

Lexi Hayden

  • Time at Tesla: 4 years, 4 months
  • General Role: Technical Program Management (Semi Validation)

Francisco Fernández

  • Time at Tesla: 4 years, 3 months
  • General Role: Supply Chain Management

Andrew Wells

  • Time at Tesla: 3 years, 8 months
  • General Role: Construction Management (Gigafactory Texas)

Aleksi V.

  • Time at Tesla: 3 years, 3 months
  • General Role: Production Management (Drive Unit & Battery)

Page Bailey

  • Time at Tesla: 2 years, 1 month
  • General Role: Engineering (Production & Components)

Sam Thorpe

  • Time at Tesla: 2 years, 1 month
  • General Role: Technical Program Management (Lithium Refinery)

Harika Kasula

  • Time at Tesla: 1 year, 7 months
  • General Role: Manufacturing Controls Engineering (Cybertruck)

However, we cannot produce the same thing about new hires, not only for the last month, but for the last year.

With all the departures, Tesla almost exclusively promotes internally to fill the position, and the vast majority of new hires are at the intern and junior levels.

There is one part of Denholm’s statement that is accurate: Tesla is still able to attract talent, but only from recent graduates, and even then, there’s room to worry.

In 2020, Tesla ranked number one in places where engineering students want to work.

Tesla has now slipped into 9th place this year, according to Universum:

This is obviously still good, but it is on a pronounced downtrend.

Electrek’s Take

Look, turnover in large companies is absolutely normal, but the story is much bigger than that.

First off, Denholm remains a joke. She is complaining about the media not reporting on new Tesla hires, but the company hasn’t announced any new hires in years, and I literally can’t find any.

If she is going to claim that, she should at least name a few. Is she capable of doing that, or is her entire job about trying to secure increasingly more ridiculous compensation packages for Elon Musk?

On the other hand, I can find dozens of critical veteran Tesla employees leaving over the last year and hundreds of experienced employees.

The talent exodus is real, and the fact that Tesla’s chairwoman is dismissing it should be worrying.

We are referring to many of the individuals responsible for the company’s success, who are being replaced by juniors and interns.

Now, I’m the first to admit that this is not all bad. Fresh eyes and young talent can do a lot, but it doesn’t dismiss the fact that there’s a talent exodus at Tesla.

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Kia is working on a secret new EV

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Kia is working on a secret new EV

Kia plans to introduce a new electric vehicle, codenamed CB, to its growing lineup. The new EV is part of an agreement that Kia reached with its union this week.

Kia agrees to build a new EV in Korea

While many automakers are scaling back, Kia is doubling down on electric vehicles, batteries, and other EV technology.

After reaching an agreement with its labor union on Tuesday, we are learning Kia has another EV in the pipeline, and it’s not the EV2, EV3, EV4, EV5, EV6, or EV9. So, what is the “secret” new electric car?

Okay, so it’s not exactly a secret, at least not anymore, but more of a new development. According to local sources (via KEDGlobal), little is known about the model. Since it’s still in the early stages of development, Kia has yet to determine exactly how big it will be or what segment it will launch.

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Kia will begin producing the new EV, codenamed CB, at its Hwaseong Plant 2 in South Korea by 2030. The electric vehicle was just one of several new projects Kia agreed to with its labor union.

Kia-secret-new-EV
Kia EV4 models during safety testing in Europe (Source: Kia UK)

The company also confirmed plans to begin building its second electric van, the PV7, at its dedicated Hwaseong EVO plant, starting in 2027. Kia currently produces the mid-size PV5 van at the facility, marking the first model in its Platform Beyond Vehicle (PBV) lineup.

The PV7 will measure 5.9 meters in length, slightly longer than the PV5, which is up to 4.7 meters (Long Wheelbase version).

Kia-secret-new-EV
Kia PV5 Tech Day event (Source: Kia)

Kia’s agreement comes as the company looks to take a lead in electrification over the next few years. It also outlined plans to advance battery packs, power electronics (PE) modules, and other core EV components to help establish a domestic supply chain.

In Europe, Kia plans to nearly triple EV production within the next two years. Kia’s CEO, Ho Sun Song, told Automotive News Europe earlier this month that the company plans to build about 100,000 EV2 models, its smallest electric car, at its Zilina plant in Slovakia in 2027.

Kia-new-EV
Kia unveils EV4 sedan and hatchback, PV5 electric van, and EV2 Concept at 2025 Kia EV Day (Source: Kia)

Kia expects to build an additional over 80,000 EV4 models, its first electric hatch, at the facility by 2027. Combined with EV4 Fastback, or the sedan version, which is produced in South Korea, Song said that “the EV4’s combined global production is expected to reach approximately 100,000 units.”

The first EV4 rolled off the assembly line at the Zilina plant in August, marking a milestone as the first electric vehicle Kia built in Europe.

Kia-new-EV
Kia starts EV4 hatchback production in Europe, its first EV built in Europe (Source: Kia UK)

Kia is already gaining traction in the region. Through August, Kia sold 71,179 electric vehicles in Europe, marking a 56% increase compared to the same period in 2024.

The EV3 has been Kia’s biggest hit, ranking as its second-best-selling vehicle behind the Sportage. It’s the seventh top-selling EV in Europe, behind the Tesla Model Y, Model 3, and Volkswagen’s ID.3, ID.4, and ID.7. Through the first eight months of the year, Kia sold over 45,000 EV3s in Europe.

With the EV4 and EV5 rolling out and the EV2 set to launch in 2026, Kia expects to gain an even bigger share of the market.

Electrek’s Take

Kia already offers, or plans to offer, an electric vehicle in nearly every segment with the EV2, EV3, EV4 (hatchback and sedan), EV5, EV6, and EV9.

The new EV, codenamed CB, could be an even smaller EV1 entry-level model as Kia doubles down on affordability. On the other hand, it could also be a possible EV7 or EV8, something to sit in between the EV6 and the three-row EV9.

Since it’s still in the early stages of development, it could be just about anything: an electric pickup, off-roader, luxury car, etc.

What do you think (or hope) it will be? We should learn more about it as it gets closer to launch. Stay tuned.

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Sidecar e-bikes: The fun-loving electric bike style everyone forgets about

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Sidecar e-bikes: The fun-loving electric bike style everyone forgets about

When most folks think of electric trikes, they picture big cargo haulers or mobility-style cruisers with two wheels in the back and a basket full of groceries. But there’s another category of three-wheeled electric bikes that’s more fun, more niche, and undeniably cooler: sidecar e-bikes.

Yep, they actually exist. And they’re awesome.

Sidecar electric bikes are just what they sound like: an electric bike with a third wheel off to the side, usually supporting a passenger-sized pod or platform. They’re the bicycle version of the old-school sidecar motorcycles.

Unlike traditional trikes, where the third wheel adds stability or cargo capacity behind the rider (or occasionally in front of the rider in the case of “tadpole” trikes), sidecar e-bikes carry their payload beside you, often evoking that vintage motorcycle vibe. They’re rare, quirky, and a guaranteed head-turner.

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So why don’t we see more of them?

For starters, sidecar e-bikes are usually custom-built or smaller-batch productions, which means they come with a higher price tag than your typical two-wheeler or three-wheeler. And while they can definitely carry a kid, a dog, or even big cargo, they’re not quite as nimble or efficient as your average e-bike.

While there are retail options like the Mod Easy Sidecar e-bike (which the Austin, Texas-based company modified below as part of a promotion with a local distillery), the number of retail sidecar e-bike options pales in comparison to traditional electric trikes.

But what they lack in practicality, they make up for in pure fun. There’s just something inherently joyful about cruising around town with your doggo (or kiddo) riding shotgun in a sidecar. It turns a boring commute into a joyride and transforms everyday errands into rolling adventures. I’ve test-ridden a few over the years, and every time I do, I feel like I’m starring in my own two-wheeled road trip movie.

From a usability standpoint, sidecar e-bikes offer a unique middle ground between a cargo bike and a passenger trike. You get added capacity, sure, but you also get separation – whether that’s space for a wiggly toddler, a hyper dog, or just a bag of ice you don’t want melting on your lap. They also provide a lower center of gravity than a rear-mounted child seat or rack, which can make for a smoother, more balanced ride, especially when turning.

But despite that separation, they can actually be more fun to ride together. Parents can keep an eye on their kids in the sidecar instead of being blind to whatever they’re doing in the back of the trike. The same goes for a pup, which the owner can watch to see if they’re having a good time or ready to arrive at the dog park already.

Many models even offer the ability to remove the sidecar entirely, converting back into a typical two-wheeled e-bike, a neat trick not found on most other e-trikes.

But there are drawbacks. The first major one is the higher price than a typical e-trike due to the lower volume production.

Storage can be awkward, too, since the added width makes it tough to fit through tight doorways or narrow bike paths. Handling also takes some getting used to, since the asymmetrical design can pull a bit to one side, especially during acceleration or on uneven pavement.

Still, for those looking to stand out and haul their precious cargo with style, sidecar e-bikes are an underappreciated gem in the micromobility world. They’re not for everyone, but that’s kind of the point. If you want a bike that puts smiles before specs, you might just be a sidecar kind of person.

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