General Motors (GM) has shut down a manufacturing plant in Kansas and laid off the site’s roughly 2,000 workers after the automaker stated plans to do so last week. The news comes as the latest amidst strikes from the United Auto Workers (UAW) union targeting Ford, GM and Stellantis.
Following the UAW strikes at a GM assembly plant in Wentzville, Missouri last Friday, the automaker said on Wednesday that it doesn’t have work available for its Fairfax, Kansas workers, according to NBC News. GM has also said it won’t be able to offer unemployment benefits to the workers “due to the specific circumstances of this situation.”
“The fundamental reality is that the UAW’s demands can be described in one word — untenable,” wrote GM President Mark Reuss in an op-ed for Detroit Free Press on Wednesday. “As the past has clearly shown, nobody wins in a strike. We have delivered a record offer. That is a fact.”
Roughly 12,700 workers from GM, Ford and Stellantis walked off the job after previous union contracts expired last Thursday. The UAW strikes have targeted key manufacturing plants, asking workers to leave the premises without any notice to affect the automakers’ larger supply chains.
Jeep, Chrysler and Dodge owner Stellantis announced plans to lay off 68 workers at an Ohio facility, warning of another 300 layoffs in Indiana if the situation does not improve.
Additional layoffs are happening at a Stellantis machining plant in Perrysburg, Ohio, outside of Toledo, due to “storage constraints.” The company predicts a similar situation at a transmission and casting plant in Kokomo, Indiana.
Ford also laid off around 600 employees at a plant in Wayne, Michigan.
Tesla’s Elon Musk invites UAW to hold a union vote “at their convenience”
UAW President Shawn Fain has warned that the union will broaden strikes on Friday if the automakers don’t make “serious progress” on creating a new contract. Roughly 150,000 workers total are represented by the UAW.
Currently, the UAW is asking for pay increases of between 36 and 40 percent over a four-year period, a 32-hour work week, significant changes to the time it takes to earn top wages and more. The automakers have offered contracts featuring roughly 20 percent wage hikes over four years.
Strikes have so far hit GM’s full-size van and midsize truck plant in Wentzville, a Ford Bronco SUV and Ranger midsize truck plant in Wayne, Michigan, and a Stellantis plant in Toledo, Ohio, which produces the Jeep Wrangler and Gladiator.
According to Reuters, the three automakers remained in a negotiation stand-off with the UAW on Wednesday, ahead of the union’s plans to escalate strikes to other facilities. Analysts think that the next wave of strikes could target production facilities building more profitable pickups, such as the Chevy Silverado from GM and the Dodge Ram from Stellantis.
Ford reached a deal to prevent a mass walkout of Canadian workers on Tuesday after the union Unifor threatened a strike of its roughly 5,600 workers across three plants in the country.
The agreement has still yet to be ratified by Unifor, and Ford Canada said it wouldn’t disclose details about the deal. However, it reportedly included improved wages and pensions along with added support for transitioning to electric vehicles (EVs).
While EV manufacturer Tesla isn’t unionized and is not directly involved with the strikes, transitioning to EVs has been a main concern for the unions, as EV production requires fewer employees. As such, the UAW seeks to increase workers’ stability amidst the EV transition.
Tesla only builds EVs, so unlike the “Big 3,” the automaker won’t have to phase out gas car production. Some predict that the strikes could benefit the EV maker, while others argue that ripple effects from the strikes could turn out to be a negative across the auto industry.
You can watch UAW President Shawn Fain’s update below, posted on Tuesday, in which he warns of the upcoming Friday deadline.
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Tesla stock (NASDAQ: TSLA) endured one of its sharpest single-day declines in years on July 23, tumbling approximately 14.5 percent and closing near $320 after opening the session around $374. The drop erased more than $140 billion in market value amid heavy trading volume and left the shares at multi-week lows.
The sell-off followed the company’s second-quarter 2026 results, released the previous evening. Tesla reported record revenue of $28.2 billion, up 26 percent year over year, driven by a Q2-record 480,126 vehicle deliveries. Energy storage deployments also rose strongly.
Tesla (TSLA) Q2 2026 earnings results: miss on EPS, beat on revenue
Yet profitability disappointed sharply. Operating income fell 57 percent to $398 million, compressing the operating margin to just 1.4 percent. Non-GAAP earnings per share came in at $0.33, well below the roughly $0.53 analysts had expected. Free cash flow turned negative by $1.1 billion as capital expenditures surged 142 percent to $5.8 billion, largely tied to accelerated spending on artificial intelligence, robotics, and autonomous systems.
The losses on capex were expected, as Tesla said it would be spending heavily in 2026.
Investors also reacted to lingering uncertainty surrounding key product timelines. During the Earnings Call, management reiterated ambitions for Robotaxi deployment and the Optimus humanoid robot, but offered limited new concrete milestones, renewing questions about execution pace that have long accompanied Tesla’s ambitious roadmap.
The magnitude of the decline places it among Tesla’s more severe one-day percentage losses since its 2010 initial public offering. Historically, the two largest single-day drops (split-adjusted) remain September 8, 2020, when shares fell 21.1 percent amid broader market volatility and valuation concerns, and January 13, 2012, with a 19.3 percent plunge during the company’s early growth struggles.
Other notable declines include an 18.6 percent drop on March 16, 2020, at the onset of pandemic-related market turmoil. Thursday’s move ranks roughly ninth on the all-time list but stands out as the steepest in more than a year.
Despite the short-term pain, Tesla’s long-term trajectory has repeatedly recovered from such volatility. The latest results underscore both the strength of its core automotive and energy businesses and the near-term costs of heavy investment in next-generation technologies.
Elon Musk clapped back at France’s decision to withhold the approval for Tesla’s Full Self-Driving (FSD) Supervised system, projecting a clear and blunt message to French Transport Minister Phillippe Tabarot, after he publicly rejected the technology in its current form.
Tabarot outlines several concerns with Tesla Full Self-Driving in a detailed video statement, where he said, “The safety trade-offs are not yet sufficient to authorize it as it currently stands,” he said. He emphasized that FSD is not a true self-driving system and that the driver remains fully responsible.
Key issues Tabarot also brought up included allowing speeding when surrounding traffic exceeds limits and what he believes are insufficient guarantees of driver attention during complex urban maneuvers such as lane changes, intersections, and roundabouts.
Delaying the approval of FSD in France will cost lives
— Elon Musk (@elonmusk) July 22, 2026
While acknowledging technological progress and France’s support for autonomous innovation, Tabarot stressed that deployment must prioritize road safety. He noted ongoing technical discussions with Tesla, the Netherlands, and other European partners, with further ecosystem meetings planned for the fall.
Musk’s rebuke highlights the human cost of regulatory caution. Tesla’s latest safety reports provide compelling data supporting accelerated adoption. In the most recent 12-month period, vehicles using FSD (Supervised) recorded one major collision per approximately 5.1 million miles driven, dramatically better than the U.S. national average of one crash per 698,000 miles.
Even Tesla vehicles driven manually with active safety features outperform the average by a wide margin. These figures come from billions of real-world miles of telemetry, showing FSD vehicles involved in far fewer incidents than both manual Teslas and the broader U.S. fleet.
Critics argue Tesla’s comparisons require careful scrutiny regarding reporting thresholds and fleet demographics, yet the data consistently positions FSD as a potential lifesaver. With road fatalities remaining a leading cause of death worldwide, Musk contends that proven safer technology should not face prolonged bureaucratic hurdles.
France’s measured approach reflects the broader European regulatory caution, which many, especially Musk, have been critical of in the past. However, as autonomous systems from Tesla and competitors like Waymo demonstrate superior safety in independent studies, pressure is mounting for harmonized approvals.
Musk’s warning carries the belief that every month of delay may equate to avoidable tragedies on European roads.
In a striking revelation that underscores the lucrative crossover between Big Tech and space exploration, Alphabet Inc., Google’s parent company, disclosed a massive $94.1 billion equity stake in SpaceX following the rocket company’s blockbuster initial public offering earlier this year.
The disclosure came in Alphabet’s quarterly filing, marking the first time the long-held private investment has been publicly valued at market prices. Google was an early backer, investing alongside Fidelity in 2015 with roughly $500-900 million at a time when SpaceX was valued around $12 billion.
That bet has delivered extraordinary returns, roughly a hundredfold, transforming a strategic play on satellite internet and launch capabilities into one of Alphabet’s largest assets.
Google, $GOOGL, has said they hold $94 billion in SpaceX, $SPCX, shares after IPO.
— unusual_whales (@unusual_whales) July 23, 2026
Of the total holding, approximately $80 billion remains subject to short-term post-IPO lockup restrictions, preventing near-term sales. An additional $14.1 billion faces longer-term restrictions, extending into the third quarter of 2027. This structure limits immediate liquidity but protects against market volatility as SpaceX transitions into public trading.
The SpaceX position contributed significantly to gains in Alphabet’s broader investment portfolio, which also includes a major stake in AI leader Anthropic. Combined, these holdings helped drive nearly $100 billion in investment gains during the second quarter, providing a substantial boost to net income amid ongoing AI spending pressures.
Analysts view the disclosure as validation of Alphabet’s venture strategy beyond its core search and cloud businesses. The investment aligns with deeper ties, including reported multi-billion-dollar deals for AI computing capacity on SpaceX infrastructure. As SpaceX advances Starship flights, Starlink expansion, and ambitious Mars goals under Elon Musk, Google’s stake positions it to benefit from the commercialization of space.
For Alphabet, the windfall highlights how patient, forward-looking bets in transformative sectors can yield outsized rewards. While lockups temper short-term impact, the holding cements SpaceX as a cornerstone of Alphabet’s diversified portfolio in an era where aerospace, AI, and connectivity increasingly intersect. Investors will watch closely as restrictions lift and SpaceX’s public performance unfolds.
Tesla stock tumbles after earnings, one of its sharpest single-day declines
Elon Musk is not happy about this Tesla Full Self-Driving approval delay
