Tesla CEO Elon Musk with Secretary of Commerce Howard Lutnick
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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The all-new 2025 Q6 e-tron is Audi‘s latest addition to the e-tron model line-up, which currently includes the Q4 e-tron and e-tron GT. The Audi Q6 e-tron is expected to arrive this summer and will include one year of free Electrify America charging with Plug&Charge capabilities.
Audi Q6 e-tron owners have a year from the date of purchase to use the free Electrify America charging. Owners can enroll to activate the charging benefit via the myAudi App. Drivers can use the app or in-vehicle navigation to locate nearby charging stations, verify charger availability, and navigate to the charging stations.
Electrify America is the first open DC fast-charging network to enable Plug&Charge technology at all its charging stations. To activate Plug&Charge, drivers just need to enroll their EV in Electrify America’s charging plan.
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Rivian (RIVN) is off to a strong start in 2025. The company’s sales surged in February, with the R1S breaking into the top five best-selling EVs in the US. The electric SUV is once again a fan favorite.
Rivian R1S was the fifth top-selling EV in February
Rivian is cementing its status as a true luxury EV brand. After delivering over 51,500 vehicles last year, the company is charging into 2025 with strong momentum.
Although Rivian may not share monthly sales figures, new data from Cox Automotive’sFebruary EV Market Monitor reveals a big win.
According to the report, Rivian’s sales jumped 34% from last February, with over 4,000 vehicles sold. The Rivian R1S was the fifth best-selling EV by sales volume, trailing only the Tesla Model Y, Model 3, Ford Mustang Mach-E, and Honda Prologue.
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Tesla’s sales dipped 10%, with the Cybertruck (-32.5%) and Model 3 (-17.5%) seeing the biggest drops from last year. The Model Y held up better, slipping just 3.1%.
In total, 95,692 EVs were sold last month. Although that’s down 5.9% from January, it was the highest volume for the month of February, up 10.5% from last year.
Rank
Model
1
Tesla Model Y
2
Tesla Model 3
3
Ford Mustang Mach-E
4
Honda Prologue
5
Rivian R1S
Top five best-selling EVs in the US February 2025 (Source: Cox Automotive)
Just this week, the Palo Alto Police Department unveiled the first R1S police cruiser, a big milestone as the electric SUV expands into law enforcement.
Rivian expects deliveries to remain about flat this year at around 46,000 to 51,000. However, it’s not because of less demand. The company is shutting down its Normal, IL manufacturing plant in the second half of the year as it prepares to launch the midsize R2.
The company’s CFO, Claire McDonough, confirmed earlier this month that Rivian is “working around the clock” to prepare the facility for R2 production.
We got a sneak peek of it earlier this week as it nears production after CEO RJ Scaringe posted a photo of the R2 body with production dies.
The R2 will open a new market for Rivian, with prices starting at around $45,000, or about half the cost of its current R1S ($77,700) and R1T ( $71,700). Although it will be significantly cheaper, the company promises it won’t be half the vehicle with the “Rivian essence” still included.
After cutting R1S lease prices by over $200 per month in February, the Rivian’s electric SUV may be an even better deal than the Model Y. Will it continue closing the gap this year?
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Kia is gearing up to launch its smallest, most affordable EV yet. Despite its small size, Kia promises the EV2 has “a big personality” with its latest tech, features, and sleek new design. Here’s our first look at the Kia EV2 after it was spotted in public testing for the first time.
Kia EV2 spotted testing in Korea for the first time
The EV2 is Kia’s upcoming entry-level electric SUV, slated to sit below the EV3. We got our first look at it last month after Kia unveiled the EV2 concept, a preview of the upcoming production model.
It was showcased alongside the EV4 and PV5 as part of Kia’s rapidly expanding EV lineup. Kia wants to offer “EVs for all,” with prices ranging from under $30,000 to upwards of $80,000.
According to Kia, the EV2 is designed to make “electric vehicles truly accessible for everyone.” It features the brand’s updated styling, including its signature vertical daytime running lights (DRLs) and Star Map lightning.
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Although it’s Kia’s smallest electric SUV, the EV2s upright stance, wide wheel arches, and rugged bumpers give it a more premium feel, almost like the three-row EV9.
Kia didn’t stop here. With folding second-row seats, you can slide the front seat back as far as possible, providing a comfortable space when parked. Kia says it’s enough to stretch your legs or even “sit on the vehicle’s flat floor to enjoy a meal.”
The entry-level electric SUV will be loaded with advanced software, connectivity, and other tech, including vehicle-to-load (V2L) capabilities to power up electronics or home appliances. With OTA updates, the EV2 will only get smarter and more functional over time.
Kia EV2 spotted on the road testing in Korea for the first time (Source: HealerTV)
Ahead of its official launch, the compact electric SUV was spotted in Korea on the road testing for the first time. The video from HealerTV gives us our closest look at the EV2 as it nears production.
Like its other EV concepts, the EV2 will look almost identical to the concept when it arrives in production form. From the side, it almost looks like the Kia Soul with a boxy silhouette. Despite the camouflage, the rear gives the same impression with similar proportions to the concept.
The EV2 will also likely include Kia’s new ccNC infotainment system, which features dual 12.3″ driver display and navigation screens.
Kia plans to launch the EV2 in Europe “and other regions” in 2026. Although prices and specs will be revealed closer to launch, the electric SUV, based on Hyundai’s E-GMP platform, is expected to feature at least 300 miles (605 km) WLTP range.
Kia’s CEO told Autocar it aims to launch the EV2 at around £25,000 ($32,000) in the UK. However, that was in 2023. With battery advancements and more, prices could be even lower now.
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