Tesla Slides After Cybercab Unveil; Bank Earnings Kick Off

Bloomberg Audio Studios, Podcasts, radio news. 0:00:09.760 --> 0:00:11.520 Good morning. I'm Nathan Hager. 0:00:11.440 --> 0:00:14.640 And I'm Karen Moscow. Here are the stories we're following today. 0:00:14.760 --> 0:00:17.119 Karen will have much more markets in a minute. First, 0:00:17.120 --> 0:00:19.000 we want to get the latest on the aftermath of 0:00:19.079 --> 0:00:23.079 Hurricane Milton. Bloomberg's John Tucker is following that and joins 0:00:23.160 --> 0:00:25.599 us now. Good morning, John, Good morning Nathan. It could 0:00:25.760 --> 0:00:28.600 cake days to assess the full extent of the damages. 0:00:28.720 --> 0:00:32.040 So far, ten people are dead, millions are without power, 0:00:32.200 --> 0:00:34.360 but it could have been a lot worse. Florida Governor 0:00:34.400 --> 0:00:36.000 Ron DeSantis. 0:00:35.520 --> 0:00:39.879 The storm was significant, but thankfully this was not the 0:00:39.960 --> 0:00:43.040 worst case scenario. The storm did weaken before landfall. 0:00:43.240 --> 0:00:45.960 Much of the worst damage came from wind rather than water. 0:00:46.400 --> 0:00:49.400 There or at least thirty eight reports of tornadoes. Milton's 0:00:49.400 --> 0:00:52.080 one hundred and twenty mile an hour winds tossed a 0:00:52.159 --> 0:00:55.680 crane into a Saint Petersburg building. The roof of Tropicana 0:00:55.680 --> 0:00:59.160 Field was shredded. President Biden called on Congress to return 0:00:59.200 --> 0:01:02.360 to Washington and immediately to pass additional funding for disaster 0:01:02.480 --> 0:01:05.480 rate and made a vow to the people of Florida. 0:01:06.000 --> 0:01:09.160 I promise you you have to pick up the pieces still. 0:01:09.200 --> 0:01:11.480 I want you to know everything on our power to 0:01:11.520 --> 0:01:13.160 help you put pieces back together. 0:01:13.400 --> 0:01:16.480 A disaster modeler with NK Research says the damage could 0:01:16.560 --> 0:01:19.399 cost seventy five billion dollars. About two and a half 0:01:19.400 --> 0:01:24.240 million homes and businesses remain without electricity. Well Disney World 0:01:24.240 --> 0:01:26.880 and Comcast Orlando theme parks. They say they plan to 0:01:27.000 --> 0:01:29.919 reopen today. I'm John Tucker, Bloomberg Radio. 0:01:30.319 --> 0:01:32.040 All right, John, thank you. Now we want to get 0:01:32.040 --> 0:01:35.360 the latest from the campaign trail. Former President Trump is 0:01:35.400 --> 0:01:37.800 making a bid to boost the auto industry, and a 0:01:37.840 --> 0:01:40.360 speech at the Economic Club of Detroit, he promised to 0:01:40.400 --> 0:01:43.160 make interest on car loans tax deductible. 0:01:43.560 --> 0:01:47.560 This will stimulate massive domestic auto production and make car 0:01:47.640 --> 0:01:51.640 ownership dramatically more affordable for millions and millions of working 0:01:51.720 --> 0:01:52.800 American families. 0:01:53.120 --> 0:01:56.880 Donald Trump also promised to renegotiate the US Mexico Canada 0:01:56.960 --> 0:02:00.240 trade agreement to prevent Chinese cars made in Mexic go 0:02:00.280 --> 0:02:03.000 from crossing the border, and he took a swipe at 0:02:03.040 --> 0:02:05.600 his host city, saying the whole country will end up 0:02:05.680 --> 0:02:09.079 like Detroit if Kamala Harris is elected president. The vice 0:02:09.120 --> 0:02:11.040 president seized on that remark. 0:02:11.160 --> 0:02:14.839 My opponent, Donald Trump, yet again has trashed another great 0:02:14.880 --> 0:02:17.840 American city when he was in Detroit, which is just 0:02:18.760 --> 0:02:21.200 a further piece of evidence on a very long list 0:02:21.240 --> 0:02:24.360 of why he is unfit to be president of the 0:02:24.440 --> 0:02:25.240 United States. 0:02:25.600 --> 0:02:28.079 Kamala Harris spoken her way to a rally in Arizona 0:02:28.160 --> 0:02:30.560 last night. The Vice president also appeared at a town 0:02:30.600 --> 0:02:32.880 hall in Las Vegas with Univision and a bid to 0:02:32.919 --> 0:02:35.440 shore up the Latino vote. She defended her record on 0:02:35.480 --> 0:02:39.160 immigration and took questions from voters frustrated by rising grocery 0:02:39.200 --> 0:02:42.799 prices and health services that have become difficult to procure. 0:02:43.040 --> 0:02:45.120 Now, Karen, let's get to the latest from the Middle East. 0:02:45.160 --> 0:02:47.400 Israel has stepped up strikes on Bay Route in its 0:02:47.440 --> 0:02:50.600 campaign against Hesbola. That's as it continues to decide how 0:02:50.639 --> 0:02:54.600 to retaliate against Iran for its ballistic missile attack last week. 0:02:55.000 --> 0:02:57.720 Israel's security cabinet held a meeting last night, but an 0:02:57.760 --> 0:03:01.200 Israeli official tells Bloomberg it ended with no decision made. 0:03:01.360 --> 0:03:04.600 Bloomberg Stewart Livingston Wallace says that should not be taken 0:03:04.639 --> 0:03:05.760 as a surprise. 0:03:05.600 --> 0:03:08.359 And I think it's just standard procedure and I don't 0:03:08.360 --> 0:03:10.480 think we should read anything more into it than that, 0:03:11.320 --> 0:03:13.240 And they came out of it saying that the final 0:03:13.280 --> 0:03:14.919 decision is going to be taken by the Prime Minister 0:03:14.960 --> 0:03:18.200 and the Defense Minister, which again is pretty standard. 0:03:17.840 --> 0:03:21.320 Bloomberg Stewart Livingston Wallace reports President Biden warned Israeli Prime 0:03:21.320 --> 0:03:25.400 Minister Benjamin Netanyahu against targeting Iran's oil and nuclear sites 0:03:25.440 --> 0:03:27.519 a day before the Security Cabinet meeting. 0:03:28.000 --> 0:03:32.000 Well Nathan Elon Musk has unveiled the long awaited prototype 0:03:32.040 --> 0:03:35.360 of Tesla's cyberg Cab at an event in Burbank, California, 0:03:35.440 --> 0:03:38.320 last night. The billionaire said production may start in twenty 0:03:38.360 --> 0:03:42.120 twenty six, with a vehicle priced under thirty thousand dollars. 0:03:42.640 --> 0:03:45.520 You can think of it like individualized mass transit. The 0:03:45.560 --> 0:03:48.200 average cost of a bus per mile for a city 0:03:48.360 --> 0:03:50.080 not to take a price because that is subsidized, but 0:03:50.080 --> 0:03:52.880 the average price is about a dollar a mile, whereas 0:03:53.160 --> 0:03:57.840 the cost of Cybercab we think probably over time from 0:03:58.440 --> 0:04:01.440 the operating cost is probably be around twenty cents a mile. 0:04:02.000 --> 0:04:05.520 And Musk also showcased a robovan concept, which he says 0:04:05.520 --> 0:04:09.360 could transport twenty people at once. Analy say Musk's presentation 0:04:09.520 --> 0:04:12.920 lack technical details and gloss over topics, including regulation on 0:04:12.960 --> 0:04:15.440 whether the company will own and operate its own fleet 0:04:15.480 --> 0:04:19.080 of cyber caps. Shares of Tesla are down almost six 0:04:19.120 --> 0:04:20.479 percent this morning. 0:04:20.320 --> 0:04:23.839 And Karen investors are gearing up to watch shares of 0:04:23.920 --> 0:04:27.760 big banks. We get earnings from two of them this morning, 0:04:27.839 --> 0:04:30.200 and we get a preview now from Bloomberg Wall Street 0:04:30.200 --> 0:04:31.520 correspondent Schanelie Bassik. 0:04:31.960 --> 0:04:35.400 JP Morgan and Wells Fargo kick off an earning season 0:04:35.480 --> 0:04:37.520 for the big banks, and it's the first one since 0:04:37.560 --> 0:04:41.040 the Federal Reserve cut interest rates for the first time 0:04:41.160 --> 0:04:45.120 after its historic rate hiking cycle. Now what's unclear is 0:04:45.120 --> 0:04:49.200 how that will unlock lending as interest rates become lower 0:04:49.480 --> 0:04:52.400 eventually across different credit products. 0:04:52.640 --> 0:04:54.280 The yield curve has also. 0:04:54.080 --> 0:04:56.800 Been steepening, which is generally good for banks, but it's 0:04:56.839 --> 0:05:00.200 been fluctuating, and JP Morgan and Wells Fargo's outlook will 0:05:00.200 --> 0:05:03.360 be just as important as the numbers themselves. In New York, 0:05:03.440 --> 0:05:05.320 I'm Shinali Bask for Bloomberg Radio. 0:05:05.760 --> 0:05:08.360 Right, Janali, thank you well. Also out this morning, another 0:05:08.400 --> 0:05:10.960 key reading on inflation. Producer prices for the month of 0:05:11.000 --> 0:05:14.080 September forecast to arisen a tenth of upper sut We 0:05:14.200 --> 0:05:16.480 get a preview from Bloomberg's Michael McKee. 0:05:16.720 --> 0:05:19.880 The upside surprise from CPI is not expected to carry 0:05:19.880 --> 0:05:23.760 over to the prices producers are charging. The consensus forecast 0:05:23.839 --> 0:05:25.800 is for a tenth of a percentage point drop in 0:05:25.839 --> 0:05:29.800 the rates of both headline and court inflation. If verified, 0:05:29.880 --> 0:05:32.520 that would give FED officials and investors more hope that 0:05:32.560 --> 0:05:35.800 the September rise in consumer prices was a one off. 0:05:36.080 --> 0:05:40.480 One thing to watch prices for trade services, essentially retailer 0:05:40.520 --> 0:05:44.480 and wholesaler margins, was the September CPI bump at effort 0:05:44.480 --> 0:05:47.720 by companies to protect those margins at a time when 0:05:47.760 --> 0:05:51.839 the cost of labor continues to rise. Michael McKee, Bloomberg Radio. 0:05:51.680 --> 0:05:55.160 All Right, Mike Thanks. Fed policymaker Austin Golsby is praising 0:05:55.240 --> 0:05:58.880 progress on inflation and the labor market. Speaking with Bloomberg's 0:05:58.880 --> 0:06:02.359 Odd Lots podcast before the latest consumer price index, the 0:06:02.520 --> 0:06:06.080 Chicago Fed president said he does not see convincing evidence 0:06:06.120 --> 0:06:10.120 the economy is overheating. Despite the stronger September jobs report, 0:06:10.200 --> 0:06:10.840 all of. 0:06:10.760 --> 0:06:14.400 The measures broadly have been showing a labor market that 0:06:14.520 --> 0:06:19.039 is cooling from a white hot level to something like 0:06:19.120 --> 0:06:24.719 sustainable full employment. I haven't seen anything that is yet 0:06:24.800 --> 0:06:28.520 convincing that there's a new trend that we're not stabilizing 0:06:28.520 --> 0:06:29.360 at full employment. 0:06:30.720 --> 0:06:33.840 Chicago Fed President Austin Golsby. To hear the full conversation, 0:06:34.040 --> 0:06:36.680 head over to the Bloomberg Odd Lots podcast. 0:06:37.160 --> 0:06:39.560 Well, Ever, in Europe, Nathan, the UK economy return to 0:06:39.600 --> 0:06:42.760 growth in August, putting Prime Minister Keir Starmer on track 0:06:42.800 --> 0:06:46.200 for a modest recovery before worries about his first budget 0:06:46.240 --> 0:06:49.440 began to weigh on sentiment. Gross domestic product rose two 0:06:49.480 --> 0:06:52.240 tenths of percent from July, and that's in line with 0:06:52.279 --> 0:06:53.360 economist estimates. 0:06:53.560 --> 0:06:56.039 And back in the US, Karen Boeing is taking a 0:06:56.080 --> 0:06:59.480 harder line with union representatives as the strike hits the 0:06:59.520 --> 0:07:03.839 one mark. The Planemaker has filed unfair labor practice charges, 0:07:04.160 --> 0:07:06.520 saying the other side has bargained in bad faith and 0:07:06.640 --> 0:07:09.679 undermined its own deal. The union has said it's willing 0:07:09.720 --> 0:07:12.680 to talk, though Boeing quote needs to meet us at 0:07:12.720 --> 0:07:13.160 the table. 0:07:16.800 --> 0:07:18.000 Time now for a look at some of the other 0:07:18.120 --> 0:07:20.280 stories making news in New York and around the world, 0:07:20.360 --> 0:07:22.640 and for that we're joined by Bloomberg's Michael Barr. 0:07:22.800 --> 0:07:26.840 Michael, good morning, Good morning, Karen. Breaking news. A Japanese 0:07:26.880 --> 0:07:30.800 group of atomic bomb survivors has just won the Nobel 0:07:30.840 --> 0:07:35.840 Peace Prize. Nihan Haidankiyo is the only national organization of 0:07:35.880 --> 0:07:40.000 A bomb survivors of Hiroshima and Nagasaki in Japan. It 0:07:40.080 --> 0:07:44.960 was formed by organizations. It was also founded in August 0:07:45.000 --> 0:07:49.200 of nineteen fifty six during the second World Conference against 0:07:49.320 --> 0:07:51.920 A and H bombs. Of course, we'll have more on 0:07:51.960 --> 0:07:55.560 this story throughout the entire day. A deadly incident at 0:07:55.600 --> 0:08:00.000 a tourist attraction west of Colorado Springs, Colorado's governor says 0:08:00.080 --> 0:08:02.600 he's relieved that twelve people who were trapped in the 0:08:03.080 --> 0:08:07.520 Molly Kathleen mine in Cripple Creek have been rescued. However, 0:08:07.600 --> 0:08:10.720 one person died and four were injured when the trolley 0:08:10.800 --> 0:08:15.360 car that goes down the elevator at the tourist attraction malfunctioned. 0:08:15.840 --> 0:08:17.760 Teller County Sheriff Jason. 0:08:17.440 --> 0:08:20.600 Mike Sell, it's going to take a full investigation and 0:08:20.640 --> 0:08:21.720 know what really went wrong. 0:08:23.160 --> 0:08:25.600 Accidents happen when you're dealing with this type of machinery. 0:08:26.440 --> 0:08:29.560 Sheriff Mike Sale says those stuck We're one thousand feet 0:08:29.600 --> 0:08:32.959 below ground for hours. No word on what caused the malfunction. 0:08:33.480 --> 0:08:36.800 Ethel Kennedy, who lost her husband, Robert F. Kennedy, to 0:08:36.840 --> 0:08:40.800 an assassination, has died. She was by her husband's side 0:08:40.840 --> 0:08:43.200 when the senator was killed while running for president in 0:08:43.280 --> 0:08:47.560 nineteen sixty eight. As a student at Manhattanville College in 0:08:47.600 --> 0:08:50.800 New York, she shared a room with Jean Kennedy. Ethel 0:08:50.960 --> 0:08:54.160 was seventeen when she met Jean's brother Robert, on a 0:08:54.240 --> 0:08:56.600 skiing vacation in nineteen forty five. 0:08:57.160 --> 0:09:00.520 He was standing in front of an open fire place 0:09:01.120 --> 0:09:03.079 and I just turned around. 0:09:03.840 --> 0:09:06.439 I worked in the turned to and so. 0:09:08.080 --> 0:09:12.520 That Ethel and Robert married in a lavish ceremony. Five 0:09:12.600 --> 0:09:15.840 years later. Former President Barack Obama called Ethel Kennedy a 0:09:15.880 --> 0:09:19.040 dear friend with a passion for justice. Ethel Kennedy was 0:09:19.160 --> 0:09:23.240 ninety six. Finally, yesterday was World Mental Health Day Day. 0:09:23.320 --> 0:09:26.679 People are asked to prioritize their own well being. Dozens 0:09:26.679 --> 0:09:29.199 of students at Penn State Scranton took the day off 0:09:29.240 --> 0:09:31.840 from school to do just that, including this student. 0:09:32.280 --> 0:09:35.600 I know that a lot of students are overwhelmed at 0:09:35.640 --> 0:09:37.960 this time of year because of midterms and all of 0:09:37.960 --> 0:09:39.400 our exams and everything. 0:09:40.080 --> 0:09:44.000 About sixty two percent of people globally report experiencing stress 0:09:44.360 --> 0:09:47.440 that affects their daily life. Global News twenty four hours 0:09:47.440 --> 0:09:49.640 a day, whenever you want it with Bloomberg News Now. 0:09:49.880 --> 0:09:52.079 I'm Michael Barran. This is Bloomberg Karen. 0:09:52.280 --> 0:09:58.839 All right, Michael Barr, thank you time now for the 0:09:58.880 --> 0:10:02.400 Bloomberg Sport brought to you by Try a State Audi. 0:10:02.480 --> 0:10:04.920 Here's John Stanshawer, John, good morning. 0:10:04.679 --> 0:10:07.199 Good morning Karen. Two teams have so far advanced of 0:10:07.200 --> 0:10:09.440 the league Championship series, and those teams are the Mets 0:10:09.720 --> 0:10:11.960 and the Yankees, who won three one of Kansas City 0:10:12.000 --> 0:10:13.920 won the series three to one. They started Game four 0:10:14.000 --> 0:10:16.920 quickly scoring before there was an out, Wan Soto, driving 0:10:16.920 --> 0:10:19.360 home Labor Torres, who then drove in a run in 0:10:19.440 --> 0:10:21.920 the fifth and ending later another run scoring hit for 0:10:22.000 --> 0:10:24.520 John Carlos Stanton, the hero of Game three. He pleaded 0:10:24.760 --> 0:10:27.520 Aaron Judge, who, as it was well documented, had a 0:10:27.600 --> 0:10:30.599 quiet series. But Judge doubled in that sixth inning and 0:10:30.640 --> 0:10:32.720 the Yankee captain now happy to be moving on. 0:10:33.160 --> 0:10:35.840 Well means everything you know we haven't since I've been 0:10:35.840 --> 0:10:38.640 here with the Yankees. We haven't secured a pennant, so 0:10:39.440 --> 0:10:42.240 you know the group that we have, how special this is, Like, 0:10:42.280 --> 0:10:45.679 there's excited for this opportunity. It's gonna be something special. 0:10:45.720 --> 0:10:50.199 And you know what a series for the boys. This 0:10:50.480 --> 0:10:54.200 this DS was against a good Royals team. So excited 0:10:54.240 --> 0:10:55.400 about the see us, that's for sure. 0:10:55.720 --> 0:10:57.800 Monday Night at the State in the host either Cleveland 0:10:57.920 --> 0:11:00.760 or Detroit. Guardian State Alive, winning five three, They'll host 0:11:00.840 --> 0:11:03.520 the Tigers the decisive game five Tomorrow night, Game five 0:11:03.559 --> 0:11:07.160 tonight and the NLDS Padres and Dodgers in LA and 0:11:07.200 --> 0:11:10.320 the winner then host the Mets Game one Sunday. Also 0:11:10.360 --> 0:11:12.600 for baseball, Minnesota Twins are for sale. They've only had 0:11:12.640 --> 0:11:15.840 two owners since nineteen nineteen when they were in Washington, 0:11:15.840 --> 0:11:18.200 the Griffith family and for the past forty years, the 0:11:18.320 --> 0:11:20.400 pole Ad family. The team has been valued at just 0:11:20.480 --> 0:11:23.559 under one point five billion. Week six began in the 0:11:23.679 --> 0:11:26.160 NFC Western Seattle forty nine Ers led all the way 0:11:26.240 --> 0:11:28.680 beat the Seahawks thirty six to twenty four, three touchdown 0:11:28.760 --> 0:11:31.800 passes for Brock perty two to George Kittle after a 0:11:31.880 --> 0:11:34.520 seventy six yarder to Deebo Samuel. Both teams are three 0:11:34.559 --> 0:11:37.600 and three wild start to the WNBA Finals, and broke them. 0:11:37.600 --> 0:11:40.520 The Liberty Blue n eighteen point lead, trailed by one 0:11:40.600 --> 0:11:43.160 with less than a second to go when Brianna Stewart 0:11:43.160 --> 0:11:45.720 got fouled. She made the first free throw but missed 0:11:45.720 --> 0:11:48.719 the second, and the Minnesota Links one Game one of 0:11:48.760 --> 0:11:51.880 the best of five in overtime ninety five ninety three 0:11:51.960 --> 0:11:55.360 Game two, Sunday afternoon, also at Barclay's. John Stashedward at 0:11:55.360 --> 0:11:56.160 Bloomberg Sports. 0:11:56.200 --> 0:12:03.040 Karennacom Coast to coast Bloomberg Radio nationwide on Sirius XM 0:12:03.240 --> 0:12:06.160 and around the world on Bloomberg dot Com and the 0:12:06.200 --> 0:12:10.360 Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm 0:12:10.400 --> 0:12:11.080 Nathan Hager. 0:12:11.120 --> 0:12:14.760 The weight is finally over for Tesla is self driving robotaxi, 0:12:14.840 --> 0:12:16.960 or at least to see what it looks like. Elon 0:12:17.080 --> 0:12:19.800 Musk has unveiled the prototype of what he is now 0:12:19.800 --> 0:12:23.720 calling cyber Cab, saying it could begin production in the 0:12:23.760 --> 0:12:24.640 next two years. 0:12:24.920 --> 0:12:30.880 Yes, and you will be able to buy one, and 0:12:32.120 --> 0:12:34.400 we expect the cost to be below thirty thousand dollars. 0:12:36.360 --> 0:12:39.720 Tesla CEO Elon Musk at the Wee Robot event in 0:12:39.760 --> 0:12:42.439 southern California last night. This morning, we were joined by 0:12:42.520 --> 0:12:46.200 Bloomberg's Kritty Gupta. Critty, good morning. We just heard the 0:12:46.240 --> 0:12:50.079 promises from Elon Musk about cyber cab production in the 0:12:50.120 --> 0:12:54.760 next two years. Maybe a price point under thirty thousand. Maybe, 0:12:55.080 --> 0:12:59.240 look at the stock reaction, Maybe isn't enough for investors apparently. 0:13:00.320 --> 0:13:00.960 Good morning, Nathan. 0:13:01.000 --> 0:13:02.640 I'm sure a lot of folks with thirty thousand dollars 0:13:02.679 --> 0:13:07.560 are looking at this cyber cab to throw that money at. 0:13:08.000 --> 0:13:10.080 But it's an interesting one in terms of that price point, 0:13:10.080 --> 0:13:11.839 because a lot of people were expecting in the lead 0:13:11.920 --> 0:13:14.760 up to this a much more expensive price point. I 0:13:14.760 --> 0:13:16.719 remember that's one of the key things that Tesla has 0:13:16.760 --> 0:13:19.400 struggled with in terms of pricing its evs. 0:13:19.440 --> 0:13:20.960 Specifically in the United States. 0:13:20.960 --> 0:13:23.920 The idea here simply being that Americans don't want to 0:13:23.960 --> 0:13:26.560 spend that much for an EV and if a gas 0:13:26.559 --> 0:13:29.199 guzzler is cheaper, they're going to go for the cheaper option. 0:13:29.480 --> 0:13:31.440 Now it looks like that something Tesla's addressing in some 0:13:31.480 --> 0:13:35.600 of their other products, which again, thirty thousand is quite 0:13:35.640 --> 0:13:38.200 an attractive price point as well. Nathan, It is not 0:13:38.320 --> 0:13:41.000 enough to impress the investor standpoint, though, or the investor 0:13:41.080 --> 0:13:42.880 or the stock I should say, the shares are dropping 0:13:42.920 --> 0:13:45.560 pre market by just shy of about six percent, so 0:13:45.600 --> 0:13:47.000 you are seeing it take a little bit of a beating. 0:13:47.040 --> 0:13:49.880 The idea here simply being how do you make money 0:13:49.880 --> 0:13:52.480 off of this? How viable is this in terms of 0:13:52.520 --> 0:13:54.079 helping your bottom line right now? 0:13:54.120 --> 0:13:55.440 It doesn't seem like that much. 0:13:55.559 --> 0:13:58.280 I'll add another little fun fact here, Nathan, in that 0:13:58.320 --> 0:14:02.160 Bloomberg Intelligence is fogging the point that there's still scrutiny 0:14:02.160 --> 0:14:04.720 around there's just still regulation around some of these self 0:14:04.760 --> 0:14:09.000 driving vehicles and the robotaxi in particular. The National Highway 0:14:09.080 --> 0:14:13.199 Traffic Safety Administration, according to Bloomberg Intelligence, has an annual 0:14:13.240 --> 0:14:17.640 production limit of twenty five hundred steering wheel free vehicles. 0:14:17.679 --> 0:14:19.680 So that's going to get in the way at the 0:14:19.720 --> 0:14:21.800 moment of mass production of this. 0:14:22.000 --> 0:14:25.400 And that gets to some of the unanswered questions that 0:14:25.560 --> 0:14:28.560 we're still waiting to hear answers for after this event, 0:14:28.720 --> 0:14:33.080 not only how Elon Musk and Tesla make the leap 0:14:33.200 --> 0:14:37.800 from assisted driving that they still haven't quite fully mastered, 0:14:38.200 --> 0:14:41.840 and to the price point when they haven't even put 0:14:41.880 --> 0:14:46.040 out a sub thirty thousand driveable vehicle. 0:14:46.760 --> 0:14:50.040 The timing is also another kind of volatile factor here, 0:14:50.080 --> 0:14:53.280 because yes, there are plenty of unveilings coming out of Tesla, 0:14:53.360 --> 0:14:57.080 but Elon Musk and his design team has a history 0:14:57.440 --> 0:15:00.840 of going far past the timemeline that they suggest. 0:15:00.840 --> 0:15:02.640 If he's talking about two short years, there's a lot 0:15:02.640 --> 0:15:03.240 of questions. 0:15:03.040 --> 0:15:04.680 About, well, can you actually get to those two years, 0:15:04.680 --> 0:15:06.640 not just in terms of the cybercab, but also in 0:15:06.720 --> 0:15:09.040 terms of the other product, which is the cyber van 0:15:09.200 --> 0:15:12.120 really looks like an Art Deco bus for those who've 0:15:12.160 --> 0:15:12.880 looked at that visual. 0:15:13.200 --> 0:15:16.120 Yeah, pretty soon the conversation is going to turn from 0:15:16.160 --> 0:15:20.520 the future of ev autonomy to the present of big banks. 0:15:20.600 --> 0:15:22.840 What are we expecting in our last minute here from JP, 0:15:22.960 --> 0:15:25.120 Morgan Chase and Wells Fargo. 0:15:24.760 --> 0:15:28.720 Today, Well, we're expecting some sort of gauge on the consumer. Look, 0:15:28.760 --> 0:15:30.800 we know that the IPO market isn't doing that well. 0:15:30.840 --> 0:15:33.440 We know that capital markets activity has kind of slowed down. 0:15:33.440 --> 0:15:35.200 We also know that a lot of these trading profits 0:15:35.200 --> 0:15:37.600 have come from the volatility that you're going to see 0:15:37.640 --> 0:15:39.440 that's not going to slow down going into the election. 0:15:39.560 --> 0:15:41.760 Nathan What is going to happen though, is a little 0:15:41.760 --> 0:15:42.720 bit more clarity on. 0:15:42.720 --> 0:15:45.680 The consumers, all eyes on what Jamie Diamond is going 0:15:45.720 --> 0:15:47.520 to be saying around that. Do you still see that 0:15:47.560 --> 0:15:50.840 consumer support or geopolitics going to be weighing. 0:15:50.680 --> 0:15:53.560 On that sentiment. That's I think what we're watching for 0:15:53.640 --> 0:15:54.080 this morning. 0:15:54.320 --> 0:15:57.720 This is Bloomberg Daybreak, your morning podcast on the stories 0:15:57.800 --> 0:16:00.840 making news from Wall Street to Washington and beyond. 0:16:01.080 --> 0:16:03.480 Look for us on your podcast feed by six am 0:16:03.520 --> 0:16:06.920 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:16:07.120 --> 0:16:10.000 You can also listen live each morning starting at five 0:16:10.040 --> 0:16:12.640 am Wall Street time on Bloomberg eleven three to zero 0:16:12.760 --> 0:16:15.640 in New York, Bloomberg in ninety nine to one in Washington, 0:16:15.720 --> 0:16:19.640 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:19.840 --> 0:16:21.400 XM Channel one twenty one. 0:16:21.800 --> 0:16:24.560 Plus listen coast to coast on the Bloomberg Business app 0:16:24.600 --> 0:16:27.400 Now with Apple CarPlay and Android Atto interfaces. 0:16:27.600 --> 0:16:30.640 And don't forget to subscribe to Bloomberg News Now. It's 0:16:30.640 --> 0:16:33.400 the latest news whenever you want it in five minutes 0:16:33.480 --> 0:16:36.600 or less. Search Bloomberg News Now on your favorite podcast 0:16:36.640 --> 0:16:38.840 platform to stay informed all day long. 0:16:39.160 --> 0:16:42.280 I'm Karen Moscow and I'm Nathan Hager. Join us again 0:16:42.320 --> 0:16:44.400 tomorrow morning for all the news you need to start 0:16:44.440 --> 0:16:46.360 your day right here on Bloomberg Day. 0:16:46.440 --> 0:16:46.600 Ray