CNBC’s Phil LeBeau takes a look at how Elon Musk is changing the way consumers buy cars and the auto industry finances vehicles.
Since the financial crisis, Warren Buffett's Berkshire Hathaway has had significant exposure to financial stocks in its portfolio. Q1 2021 hedge fund letters, conferences and more At the end of March this year, Bank of America accounted for nearly 15% of the conglomerate's vast equity portfolio. Until very recently, Wells Fargo was also a prominent Read More
of elon musk. i want to be in the middle of a battle. he’s challenging conventional wisdom, showing the world cars can go electric. he has brought to the american consciousness a thought that, in fact, electric vehicles can exist. not only exist, but sell in big numbers. more than 20,000 this year, attracting buyers with unique styling and the allure of almost 300 miles on a single charge. in some respects, tesla is the equivalent of the moon shot, where really he and tesla are pushing the paradigms of the industry in terms of how they develop the vehicle. interestingingly enough, the industry is learning some lessons. tesla has earned a profit by charging a premium. tesla is building a recharging network coast to coast. and critics said tesla is a one-trick pony, but musk has lined up orders for the model crossover utility vehicle coming next year. whether or not he’s going to be successful within i don’t know. i personally believe he’s going to run out of money. i personally believe he needs more product. now musk is changing how cars are sold. for decades, automakers have gone through dealers, but tel tesla is cussing them out, opening stores in malls. auto dealers have been fighting musk saying he’s a threat to their companies. and in some cases, they’ve won, blocking tesla from selling directly to customers in certain states. but just a few yrs after many considered musk a zant story, musk is making many of those people think twice. coming up, two entrepreneurs disrupting the world of retail