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“Written by Ford, UAW lobbyists”: Tesla, Toyota fire back on EV tax



Those buying union-manufactured vehicles are the winners, but not in the eyes of those who are against the tax bill.

Elon Musk’s Tesla stands with Toyota against new tax bill

Automotive companies Tesla and Toyota are at odds with Ford and the United Auto Workers (UAW) Union over a new proposal to award union-made electric vehicles (EV) with a pricey tax incentive. 

The 3.5 trillion dollar bill will benefit those whose vehicles are assembled in UAW represented plants, providing them with a $4,500 tax reduction.

General Motors, Ford and Chrysler’s parent-company Stellantis NV will reap the benefits of the bill, which is set to be taken up by the House Ways and Means Committee on Tuesday.

Under the proposal, some buyers may be eligible for $12,500 in maximum tax credit, which includes $500 for using batteries manufactured in the United States.

Additionally, tax credits will be phased out after car and truck manufactures hit 200,000 in EV sales.

Not good news for everyone

However, Toyota says the plan discriminates against American auto workers who don’t belong to a union and awards wealthy buyers with huge tax breaks. 

Tesla, along with international automakers, are also among the automotive companies that don’t have unions – they too in protest of the bill.

Elon Musk, Tesla Chief Executive took to Twitter to express his concern, adding to growing number of auto manufacturers unimpressed with the proposal.

“This is written by Ford/UAW lobbyists, as they make their electric car in Mexico. Not obvious how this serves American taxpayers.”

His response comes after Electric Vehicle news channel Whole Mars Catalog, asked for the CEO’s thoughts on the “already ridiculous” rule.

“My [jaw] was on the floor when they expanded it to $4,500 for unions and reduced the American-made to only $500,” the news blog tweeted. “They are clearly targeting one company here.”

“American-made should be the top priority! We need to be making cars of the future here, not losing our auto industry to Mexico and China.”

Written by Rebecca Borg


This move is set to boost Australia’s crypto gains



Coinbase is coming down under, in a major boost for the country’s crypto gains

The crypto platform is calling the country “a priority market”.

It will add its local payments platform so Australians can transfer dollars into their Coinbase account.

There will also be advanced trading tools and better pricing.

Users will also receive 24 hour support, where they can ask all about their accounts and concerns.

The exchange is registered with a local regulator to provide its digital currency exchange services.

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TikTok’s parent company loses $7bn



TikTok’s Parent company sees losses grow as it tries to outplay Facebook, Instagram and YouTube

TikTok’s parent company, ByteDance, has experienced a loss of more than $7 billion dollars in operating costs, tripling last year’s records.

The company attributes the huge loss to its massive investment in global growth. It detailed the results in a financial report which was provided to internal stakeholders.

In the first quarter of 2022, the company recorded a profit in its operating costs, with the company’s revenue expanding by more than 80% to $61.7 billion in 2021.

But expenses that are focused on expanding its products worldwide continue to swell at a rapid rate.

While TikTok is one of ByteDance’s most successful and well-known products, the company owns a wide range of digital platforms including: Douyin, Toutiao, Vigo Video, Helo, Lark and BytePlus. In total, it attracts hundreds of millions of users in China alone and 1 billion TikTok users worldwide.

The internal report was emailed to all ByteDance’s 130,000 employees. In a note of assurance, company execs “remain confident in the strength of our business and organisation.”

The ability for ByteDance to continue to invest in the company’s growth is clearly a strong advantage the company has over its competitors in the market.

A new report found Australians spent more time on TikTok in the last 12 months than on Facebook, a leader for many years in the space.

With other platforms such as Facebook, Instagram and YouTube scrambling to compete with TikTok, it seems ByteDance must have a long-term expansion strategy in mind.

The company is evidently trying to arrive at a place where such massive losses relating to operating will be a distant memory.

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How to score one of 500,000 free airline tickets up for grabs



Virgin Atlantic has made the controversial decision to stop operating in Hong Kong

It says the war in Ukraine and restricted air space are the reasons behind the change.

Customers will be offered a refund if they wish.

The war in Ukraine has caused many airlines to pause routes because of safety concerns.

It comes as Hong Kong is set to give away 500,000 airline tickets as it looks to bring tourists back after the pandemic.

The major deal is part of the city’s push to bring life back to the city, which has been under strict COVID measures for much of the last two years.

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