In his speech after being nominated as the Republican presidential candidate, Trump threatened to end Biden's electric vehicle policy on his first day in office if elected. The media reported that due to an IT system outage caused by the CrowdStrike software, Tesla temporarily shut down some of its production lines in Texas and Nevada.
On the one hand, Trump threatened to repeal the bullish policy for the electric vehicle industry, and on the other hand, cybersecurity companies caused the biggest IT system outage in history due to software bugs. $CrowdStrike (CRWD.US)$Tesla temporarily shut down production lines in Texas and Nevada due to a global IT system outage caused by software bugs. $Tesla (TSLA.US)$Encountering "Black Friday", the stock price fell nearly 5% during the intraday trading on Friday, wiping out most of the previous gains this month and hitting a new low in about 72 days after a slight rebound on Thursday.
Other EV shares also fell on Friday. The stock price of XXXX, which had dropped by nearly 3% during trading, fell by about 0.9% and XXXX, which had fallen by over 3% during trading, fell by almost 2%. $Rivian Automotive (RIVN.US)$XXXX fell by nearly 2% during trading on Friday. $Lucid Group (LCID.US)$XXXX fell by 11.6%. XXXX, which operates EV charging networks, fell by nearly 8% and XXXX fell by over 6% during trading and fell by 4.6% and nearly 2.5%, respectively. Among the Chinese-made new energy vehicles listed in the United States, XXXX fell by over 1%, while XXXX, which had fallen by nearly 3% on Thursday, rebounded by nearly 0.4%. $Workhorse (WKHS.US)$$EVGO.US$, which operates EV charging networks$ChargePoint (CHPT.US)$,$EVgo Inc (EVGO.US)$Tesla's shares fell the day before other electric vehicle shares. On the evening of Thursday, July 18 EST, former US President Trump officially accepted the Republican presidential nomination and delivered a speech to expound his policy proposals. Some media outlets noticed the bearish message on electric vehicles he conveyed in his speech. $ZEEKR (ZK.US)$Dropped more than 3%, $Li Auto (LI.US)$It fell more than 2%.$NIO Inc (NIO.US)$According to Xinhua News, Trump promised in his speech that if he returns to the White House, he will promote a new round of tax cuts, strengthen border security, and restore the dominance of traditional energy. He vowed that if elected president, he would end Biden's electric vehicle policy on the first day in office, revitalize the US domestic auto manufacturing industry, and threaten to impose high tariffs on imported cars. He also said he would strengthen US oil and gas drilling and abandon the new energy policy of the Biden administration. $XPeng (XPEV.US)$Trump fiercely criticized the policies of the Biden administration, pointing directly to issues such as soaring inflation, illegal immigration, and chaotic international situations. He said that Americans "are facing an inflation crisis that is making life unbearable, and it is affecting the income of the working class and low-income families in ways that have never been seen before." He accused illegal immigrants of "destroying our country" and said he would close the border and continue to build a wall on the US-Mexico border to end the "illegal immigration crisis."
Interestingly, Tesla's stock price had also benefited from CEO Musk's support for Trump in the past. This week, Wall Street News quoted analysts as saying that Musk's support for Trump also played a role in driving up Tesla's stock price. Trump has been critical of electric vehicles in the past, and Musk's support may help Tesla gain more recognition among conservative groups. A recent poll showed that about two-thirds of conservative voters would not consider buying an electric vehicle, while about two-thirds of liberal voters would do so.
On the same day that Tesla's stock price fell, Friday, Musk revealed on his social media X, "We have removed CrowdStrike (software) from all our systems," but did not specify which of his companies took action or how his companies were affected by the IT system outage.
However, some media outlets claimed on Friday that some of Tesla's production lines in Texas and Nevada were temporarily shut down due to a global IT system outage. Other media sources cited internal Tesla emails saying Tesla notified employees on Friday morning, EST: "The Windows host, server, laptop and manufacturing equipment are currently down and users are seeing blue screens on their devices."
Satirically, Tesla's stock price had once benefited from CEO Musk's support for Trump. This week, Wall Street News quoted analysts as saying that Musk's support for Trump also played a role in driving up Tesla's stock price. Trump has been critical of electric vehicles in the past, and Musk's support may help Tesla gain more recognition among conservative groups. A recent poll showed that about two-thirds of conservative voters would not consider buying an electric vehicle, while about two-thirds of liberal voters would do so.
On the day Tesla's stock price fell, Musk revealed on his social media X that "we have removed CrowdStrike (software) from all our systems," but did not specify which of his companies had taken action or how his companies were affected by the IT system outage.
However, some media outlets claimed on Friday that some of Tesla's production lines in Texas and Nevada were temporarily shut down due to a global IT system outage. Other media sources cited internal Tesla emails saying Tesla notified employees on Friday morning, EST: "The Windows host, server, laptop and manufacturing equipment are currently down and users are seeing blue screens on their devices."
On Friday, Microsoft CEO Nadella posted on X, saying that the software update released by CrowdStrike on Thursday affected IT systems worldwide, and Microsoft was working closely with the industry to restore the systems to normal operation. In response to the post, Musk warned that the IT system outage had caused a "global automotive supply chain paralysis."
Editor/Somer