Tesla is in trouble again!
The US Equal Employment Opportunity Commission (EEOC) has filed a lawsuit against Tesla. So, what happened?
Meanwhile, three U.S. financial institutions are also in trouble. The Commodity Futures Trading Commission (CFTC) said it ordered Goldman Sachs, Bank of America and jpmorgan Chase to pay a total of $53 million to settle allegations of misreporting swaps and other violations.
Global chip giant Intel also has new developments. Intel said on September 30 that it plans to build two new cutting-edge chip factories in Ohio, the United States, with an investment of more than $20 billion, about 146 billion yuan.
Electric car giant Tesla is being sued
On September 28, the US Equal Employment Opportunity Commission (EEOC) filed a lawsuit against Tesla Inc, accusing the electric car maker of racially motivated harassment. A year and a half ago, the state of California filed a similar lawsuit against Elon Musk's company.
The EEOC said in a statement that Tesla had "tolerated widespread and ongoing racial harassment of its black employees and subjected some of those workers to retaliation for resisting the harassment, thereby violating federal law."
According to the lawsuit filed in San Francisco, "since at least 2015," black employees at Tesla's factory in Fremont, California, were routinely subjected to insults such as "monkey," "boy" (a derogatory term used by white people for black adult men) and "nigger." "These slurs are used casually in crowded areas," the statement noted, "and black employees often encounter graffiti, including variations of the 'N' (N is the initial of an insulting term), swastikas, threats, and noose designs, on their desks and other equipment, in toilets, in elevators, and even on new cars coming off the production line."
The EEOC said it had tried unsuccessfully to reach an agreement with Tesla. The agency is now seeking damages, back pay and an order for Tesla to change its practices.
However, Tesla has had some good news recently. According to Shanghai Securities News, the rear floor assembly system of the Tesla Model Y produced by the Tesla Gigafactory in Pudong Lingang, Shanghai, has successfully adopted integrated die casting technology to achieve rapid casting. It is reported that the cost of the rear floor assembly system of the car has been reduced by 40% after adopting an integrated die casting method.
Three financial institutions were fined $53 million
On September 29, the U.S. Commodity Futures Trading Commission (CFTC) said it ordered Goldman Sachs, Bank of America and jpmorgan Chase to pay a total of $53 million in penalties to settle allegations of misreporting swaps and other violations. The CFTC said jpmorgan Chase, Bank of America and Goldman Sachs will pay fines of $15 million, $8 million and $30 million, respectively.
On the same day, the CFTC issued orders to simultaneously file and settle charges against affiliates of the three financial institutions for various swap dealer activities, including failures related to the reporting of swap data and, in one case, the disclosure of pre-trade middle market marking (PTMMM).
Among other things, Goldman's failure to carefully monitor the extensive activities of its swap dealers, as well as its unprecedented failures in swap data reporting and PTMMM disclosure, violated multiple sections of the Commodity Exchange Act (CEA) and CFTC regulations. The order provides for a $30 million civil penalty, which includes Goldman taking steps to develop a written remedy plan and hiring a consultant to advise and evaluate its remedy plan.
Jpmorgan Chase (JP Morgan Chase Bank, JP Morgan Securities LLC and JP Morgan Securities Inc.) (JPM) violated swap reporting rules. The order provides for a $15 million civil penalty and other commitments.
Bank of America and Merrill Lynch International (MLI) failed to carefully monitor swap reporting and failed to comply with swap reporting obligations. The order provides for $8 million in civil penalties and other commitments.
Chip giant to build $146 billion factory

Global chip giant Intel said on September 30 that it plans to build two new cutting-edge chip factories in Ohio, the United States, with an investment of more than $20 billion.
Some analysts pointed out that Intel's huge investment is related to the "Chip and Science Act" launched in the United States a year ago, and the company can obtain semiconductor subsidy funds from the U.S. government through the above investment. In August this year, the Chip and Science Act was a year old, and on August 9, President Biden issued a statement saying that in the past year, the bill provided $52.7 billion in subsidies for semiconductor production, research and development and workforce development in the United States, and large chip companies have announced investments of $166 billion in semiconductor and electronic product manufacturing. The US Department of Commerce also said on the same day that more than 470 companies have expressed their desire to receive semiconductor subsidy funds from the US government.
Last August, US President Joe Biden signed the Chip and Science Act, which pushes chip manufacturing back to the US through huge industry subsidies and overbearing provisions that stifle competition. In this regard, on August 10 last year, Foreign Ministry spokesman Wang Wenbin responded that the US bill claims to be "aimed at improving the competitiveness of the US technology and chip industry", but it provides huge subsidies to the US local chip industry, carries out differentiated industrial support policies, and contains some provisions restricting the normal investment and economic and trade activities of relevant enterprises in China and normal scientific and technological cooperation between China and the US. It will distort the global semiconductor supply chain and disrupt international trade. China is firmly opposed to this.
It is worth noting that Intel has been in constant news recently. Intel said on Sept. 29 that it has started mass production using extreme ultraviolet (EUV) lithography machines at its $18.5 billion plant in Ireland, calling it a "landmark" moment in its quest to regain its position as a competitor. ON September 20, Intel held the "ON Technology Innovation Summit", where Core Ultra processors, AI computing chips Gaudi2 and Gaudi3, fifth-generation Xeon processors, advanced process processes and advanced packaging technology progress were publicly unveiled. On Aug. 28, Intel said a new data center chip to be launched next year will more than double the amount of computing work it can handle per watt of power, part of an industry-wide effort to reduce power consumption.
In addition, on September 22, the European Commission announced that it had again fined Intel about 376.36 million euros (about 2.9 billion yuan) for abusing its dominant position in the market for computer chips called x86 central processors. Intel violated EU antitrust rules by engaging in a series of anti-competitive practices designed to exclude competitors from relevant markets.
In the first half of this year, Intel's revenue was 24.664 billion US dollars (about 178.8 billion yuan), down 26.76% year-on-year; Net profit attributable to the parent was a loss of 1.277 billion US dollars (about 9.26 billion yuan), down 116.67% year-on-year. As of Friday's close, Intel's U.S. stock price was $35.55, with a market value of $148.9 billion, or about 1.09 trillion yuan.