Is Detroit still the auto capital of the U.S.? That is the question, as Silicon Valley-based companies such as Tesla and Google have ramped up the focus on electric and driverless vehicle technology.
But Scott Evans, Editor at Motor Trend, argues that Detroit automakers are staking their own claim on the region.
“Once they realized that software was going to be the future of automobiles, they all opened up R&D shops in Silicon Valley,” he said. “They’ve got all sorts of tech centers. They’ve got thousands of people employed out there, working closely with all the tech companies to figure out how they can get the latest tech into vehicles faster than ever before.”
Many major car manufacturers are showing off that hot new tech this week at the Detroit Auto Show. But one company is noticeably absent: Tesla. Evans says the electric automaker, known for its cash-intensive business model, would rather allocate its resources elsewhere.
“Rather than renting space at a major auto show like this, which can be pretty expensive, they’re going with stick to word-of-mouth,” he said. “Everyone knows Tesla. Tesla is in the news all the time, they don’t feel like they need to advertise much at all. You never see Tesla TV commercials because they’re a household name already.”
For full interview [click here](https://cheddar.com/videos/the-detroit-auto-show-revs-up).
Stocks closed higher on Wall Street as investors grow more convinced the Federal Reserve will keep downshifting the size of its rate hikes and as several major companies prepare to report their latest results.
The number of businesses that see a 50 percent chance or higher of a recession in 2022 has fallen from around two-thirds of respondents in October to just over half this month, according to survey.
With inflationary woes and fears of recession sweeping the U.S., January has racked up the second most job cuts since the start of the pandemic. While losing a job can be daunting, there are steps employees can take to prepare for an uncertain future in their current positions.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Elon Musk has taken the stand Friday in a shareholder trial in California centering on a 2018 tweet that the billionaire sent about taking Tesla private and the funding secured to do so.
Google parent Alphabet reported quarterly results just shy of Wall Street estimates as the tech giant announced layoffs of about 12,000 workers. Cheddar News breaks down the latest numbers.