Wednesday’s Headlines: Tesla Becomes Most Valuable U.S. Car Company Ever
1. Tesla shares hit an all-time high yesterday evening following positivity over the opening of the company's Shanghai Gigafactory. The first public orders from the factory went out yesterday, as the new Chinese base reportedly assembles 1,000 models per week, which will increase to 3,000 this year, helping to build on last quarters record 112,000 global deliveries. Musk announced at a ceremony in the factory yesterday that Tesla hopes to create an ‘original car’ in its Shanghai factory, while also producing Model Y’s. "Ultimately the Model Y will have more demand than probably all of the other cars of Tesla combined," he said. Get the full story here.
2. Boeing stock could be hit hard today following the tragic news last night that a Boeing 737 crashed. The passenger jet operated by a Ukrainian airline crashed minutes after take-off from Tehran on Wednesday morning, killing all 176 occupants on board. The plane was a Boeing 737-800, not the Max model that was grounded almost a year ago after two crashes. The cause of the incident remains unknown. Catch the full report here.
3. The FBI and Apple are poised for another disagreement over whether law enforcement should be able to count on tech makers to provide them access to the devices of criminal suspects. The FBI wants access to the phone of Mohammad Alshamrani, who is suspected of killing three people in a shooting spree on a Naval base in Pensacola, Florida, on December 6. Apple has responded by saying it is working with officials on the matter, but it sparks a long-simmering debate between authorities and Big Tech, with Apple in the past citing that FBI access to its encrypted messages would be a breach of privacy. Read here for a full update.