emily: i'm emily chang in san francisco. this is "bloomberg technology." in the next hour, tesla sets its sights on china. they're going to build a factory that could turn out 500,000 vehicles a year. how will this work on the trade campaign against china? , theresa may triggers a resignation a multiple full -- multiple officials. what this means in the u.k..

will shoppers want deals on chicken or strawberries along with close on amazon prime day? why the tech giant is betting on groceries for his biggest promotional day of the year. story, tesla in china. they will become the first foreign automaker to open a factory in china and forgo a joint venture arrangement. electric carmaker are planning to build a factory that could produce 500,000 vehicles year. the deal is a huge blow to the tree campaign against china for president trump. they are planning to circumvent tariffs under the trade disputes. joining us now from new york is ivan. and also with us is matt who covers the company for us. matt, how big a blow is this to president trump or insult? >> i think tesla is probably hoping right now the president trump does not view it that way.

the difference between this and the harley davidson situation was that harley was manufacturing in the u.s. and made an announcement that it will move to manufacturing in europe. this is something that tesla has telegraphed. it must brought it up last year in november. this has been part of their plan. i think it is different. that said, we are in politically dangerous waters once you start talking about u.s. china trade right now. emily: ivan, tesla was hit by tariffs in china. this would avoid that. how big is the market for tesla in china? >> china is heavily focused on electric vehicles. they want to be all electric 2030. also, china is going to some point surpassed the u.s. in the world's largest car market. emily: what we know about the plant in china? howl -- how soon it how fast

will they be making their? we know tesla signed a memoranda of understanding in this is the first step to the plant. this is the is something that this will make the lower end mass-market cars. that will be the model three and a car that people are calling the model why which is the -- model y, which is the suv version of the model three. loaded,ple, fully $50,000 is the price. the truth is, we do not know how this will shake out. emily: i know you spent time in china, ivan, and many chinese drive yes brenda cars so they are also made in china so it is not quite as dramatic a step. gm builds a lot of cars in china. how does this compare to the footprint of other u.s. automakers there?

ivan: i saw more buicks in china that i have seen in america. china will become the world's largest market, they are focusing on electric vehicles. this will be a tremendous opportunity for tesla. you want to build locally because of the cost of shipping. the more expensive and bigger that's the, the more closer you want to build into the market. if you build locally, you avoid tariffs. i would not only think this is an issue with president trump's war on tariffs, i think it is addressing the local market opportunity. emily: we cannot ignore what is happening in the background. take a listen to what the former u.s. treasury secretary said earlier. >> i think the tension over trade right now is a matter of grade -- great concern. i think the challenges facing the u.s. economy are not principally coming from trade carried a lot of the issues that are being addressed through the trade war are actually going to

hurt the u.s. economy. emily: max, this factory will take several years to get up and running. how big a concern are these trade tensions and tariffs for u.s. companies right now? max: the argument that elon what's -- elon musk will make is we are in a manner can -- are an american manufacturer and we are u.s..that and the part of being a manufacturer is doing a globally. the situation is so volatile and this stuff is happening so far out is hard to know how it will play out. china changed the rules for automakers recently allowing people to operate factories on their own. you can imagine that changing and scrambling tesla's plans. is other thing is, this

another thing of the factory that has low already runs in fremont, california. that factory is famously having problems. they have been struggling to get it up to capacity. tesla believe they will get their, and they will do this in china. there is a ton of unknowns. emily: ivan, there are a lot of unanswered questions as max said, what more do you want to hear from elon musk? ? ivan: he has a hard time with timetables but he gets it done. he has developed an incredibly successful car and incredibly successful company. the demand for the car exceeds his ability to produce them. that is a good problem to have. i think the demand will continue to grow as he expands globally. emily: and he does make promises that he does not necessarily for fill in terms of when and how fast he can delivers the cars. are you concerned about the benchmark that he set for himself for the rest of this year?

the markethat but seems to be very forgiving on the fact that he does not make his timelines as a scheduled. but, he does eventually meet as the demandong for the car remains strong and the quality remains a strong, i think you will get some forgiveness about meeting his schedule. emily: ivan feinseth and bloomberg businessweek's max chafkin, we will be plotting the road through production hell as elon has called it. grab his opening at cap to external developers and startups. into ant will transform everyday super app that encompasses everything from maps to food delivery. the ceo said the new services could push them beyond one but you know the revenue for the first time. the rollout against in singapore and indonesia. coming up, tech companies are

targets of increasing calls for regulation. google and apple are next. why several members of congress are requesting details on third-party access, next. if you like bloomberg news, check out on the bloomberg radio app, bloomberg.com, and sirius xm in the u.s.. this is bloomberg. ♪

emily: out of that and apple are next in the congressional hotseat. both are facing questions about the privacy practices from republican members of congress. the news opens up for the questions about future tech regulation and industry deteriorating relationships with washington. for more, let's bring in mark

covers alphabet. what do you make of these questions from congress? risksre are three major to the larger cap tech platforms. competition, maturity, and regulation you saw it come to are -- gdpre gdp regulations. so far those haven't had a user interest in any of these, the question is will this poor over to the u.s.. i think it is possible. emily: how forthcoming do you think google and apple will be? mark: i don't know about apple, but google has been very forthcoming and so has facebook. mark zuckerberg has done a great job in explaining the company's positions. emily: part of the problem is

getting the executives there. mark zuckerberg went with no small amount of arm-twisting. senator mark warner had this to say about whether he thinks congress can come up with smart regulations or legislation. >> if congress tries to do this on its own, a lot of my colleagues with expertise in inhnology, i spent a year tech, i've been on this issue for the last 16 months, we need the input of the tech companies or we would mess of the solution. i would hope mark zuckerberg and his colleagues would come forth with what could support on these ideas of how best to pursue. emily: some of the questions lawmakers asked were not particularly well-informed. are you concerned that congress will come up with regulation not helpful with anyone -- for anyone? mark: i think that is a legitimate concern. we did survey work on how

concerned people are concerned about privacy. i sometimes think consumer fear about right as he regulations and interruptions is overstated. not surprisingly with the younger cohorts, they are not that concerned. the cohortsrise is least surprised about privacy was the 70-year-olds. i think we are going to the post privacy generation. , especially for advertising companies, are willing to do a trade-off. you give me free tools and i will give you some of my data. most people using the internet are relatively comfortable with that balance. emily: even given the uproar of cambridge analytic a? mark: i think it came -- kimber journalistic -- cambridge analytica? mark: i think that's came and went. somehow the tech platforms were involved in this?

i think that is highly unlikely and i think facebook was sideswiped a net. i don't think how their -- sideswiped by that. i don't think they will be that vulnerable if that comes up. emily: have they emerged completely unscathed? mark: mostly. there will be concerns of the .dpr there were a few question marks. emily: will we see an impact on engagement? mark: no. is, whenhe real reason it comes to advertisers, they want to work with the companies that have the best targeting tools. in terms of meeting up with regulations and abiding by them, it is companies that have first party data that their consumers directly give them that are the least under focused, least have to make changes. google has an enormous amount of data.

they don't need third-party data. you've told facebook an enormous amount about yourself willingly, and it is company that have small size popular's -- small size publishers that usually need it. emily: anecdotally, it seems so many people that i hear from are not using facebook or are angry at them. it's hard not to believe that will have an impact -- that will not have an impact. mark: i think the issue has been overstated. every six months we do user surveys. we seeing continuously rising with facebook, we have seen a decline in usage over time. we've not seen that accelerate over the concerns of cambridgegate. emily: i like it. mark, you are sticking with me. that hasis a holiday turned into one of the most important days of the year for amazon.

can the company deliver? bloomberg tech's live streaming on twitter. technology.t @ this is bloomberg. ♪

emily: airbnb picked a local chinese entrepreneur to head its operations. a cofounder of small arrival will run airbnb's chinese business in december. the company has operated without one in nine months after its last choice abruptly left the job after violating the code of conduct by dating a female employee. amazon has turned prime day into a promotional juggernaut with sales surpassing regional lows in 2017. what is the game plan this year?

it's promoting deals for food and groceries, but will customers bite? mark, how will prime day the different another hopeful its are in the mix? mark: this is the first time they are part of prime day. they are trying to have 60 million prime customers and how to get more these customers to shop at whole foods and it is a clear win if they can make it happen. that is why they give people more savings if you're using your phone number. could get people to buy groceries online is still unproven. that is why amazon bought whole foods because they tried, for 10 years, and they felt they had to buy the physical presence. emily: i know you spend a lot of time at whole foods, how long will this workout?

sometimes it seems that so well. mark: we track same-store sales at whole foods and we have seen it grow about two or 3% per month year-over-year since the acquisition. prior to the acquisition, same-store sales were negative at whole foods. growth by amazon standards is not great, but we think there are early days in terms of bringing synergies, and there are a lot of amazon prime customers, if they can incentivize half of them to go you to shop regularly, could double the total number of customers to all foods. this will take years to prove out. emily: walmart has done a pretty good job of online delivery. yet, amazon's market cap continues to do more -- dwarf walmart's.

how long will it take for amazon to figure out the grocery thing and how much will it add to the bottom line? mark: you're talking about a decade-long struggle. they put in a decade with amazon fresh and got mediocre results. they will have to put in another decade with whole foods. what is happened to the stock are other issues. investors are looking at cloud and a lot of focus on advertising revenue for amazon. that is with the stock movement is. emily: you got a new note out about revenue about -- revenue at amazon. mark: i don't think it would surpass facebook but i want to make a point on the regulatory issue. regulators are thinking that it has become a duopoly. i think we are starting to finally see a shift in that and we have three companies now in the space. amazon is the company that will generate about a billion dollars in ad revenue -- $8 billion in

ad revenue. third-largest the ad revenue globally. emily: will it expand the market? where they will really cap dollars from is from trade promotion budgets. companies arecpg spending for in-store promotions. the little kiosks in the store. those that amazon will tap into. what you think -- emily: what do you think of the expansion into health care? mark: it is a part of the overall consumer spend. we call it may be 500 billion in a few years in total u.s. prescription spend that amazon had zero presence in. there is no downside to this. was google on the

aggressive side, they're not too out of bounds. this is going to take years to prove out. this seems i can natural add to the amazon basket. emily: talking about amazon prime video, there has been a lot of turmoil in the leadership ve amazon studios on hoa they gotten it together? mark: it is unclear. onflix this year cash spent content is 12 or 13 billion. amazon, the same figure, it is a secret. netflix is two times in the amount of money that amazon is spending. in this business, dollars metal. amazon -- this could be a nice growth business for amazon. their goals are different. sell amazonying to prime through video and netflix is trying to sell netflix through video. emily: when a user watches a downloaded episode of the show

on their phone, they will automatically download the next one on the phone connect to wi-fi. taking friction out of the process, making it even more addicting. mark: this is like autoplay functionality on youtube when you watch one, it moves to the next. same thing for netflix. it is a nice feature. every other streaming service will now have to do this. emily: and the ceo said netflix is competing with our sleep hours. that is what they want. would you make of all the media m&a happening with comcast trying to buy fox, apple not just dipping its toe in the water but making huge investments in content? can they -- can anyone on seed netflix? mark: this has got to be the golden age for content creators. you have.y bidders the netflix is, amazon's, facebook's, apples.

scale matters so ill be hard for somebody to catch up. that is why traditional media companies have to consolidate and again the scale. the only way to do that is merging. emily: any concern netflix is overrated? what are the headwinds the netflix will face? anyone can produce content if they have the money. mark: netflix has to prove they can sustain cash flow. we don't know when the peak cash flow burn year is. that is one challenge. there is international markets doing phenomenally well. asia is still the? .- still a big question mark they can really scale in japan like to have done in western europe, but it is uncertain. emily: mark, thanks for stopping by. pond, up next, across the we hear on how brexit is affecting the investment landscape.

that is ahead. later in the show, the supreme might heh stocks, what weigh in on? this is bloomberg. ♪ >> we are in boston this week showcasing diversity and power under regional tech economies. phones have made our lives effortless.

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♪ emily: this is "bloomberg technology," i am emily chang. it is been two years since brexit. it was all but settled, but now the road ahead is being questioned. the prime minister has proposed to keep britain's closely uniond with the european on trade regulations after move toward ae softer brexit led to the resignation of her chief brexit negotiator david davies, and foreign minister boris johnson. >> we do not agree that the best way to bring our shared commitment to honor the

referendum is a proposal that would take back control of our borders. do so in a way that protects jobs, allows us to strike new trade deals, and keep our people safe, and our union together. with her own future and the future of the uk's teed relationship and a referendum in the balance come what does it mean for britain's vibrant tech industry? caroline hyde joins us to discuss this. and a you have been talking about the broader concerns here, how is the sector receiving this possible softer brexit news? there are concerned about the proposal at the moment, the fact that it sections out services in particular. 80% of all exports coming out of the tech sector in the united kingdom our services raced, and they are saying that it is a lopsided deal. what her proposal spells out is

that you will have some sort of free trade arrangement in terms of goods the you are imported and exported between the united kingdom and eu, but not services. so they are saying that we could see two separate regulatory environments, unnecessary concerns for united kingdom businesses, more headaches in terms of the regulatory environment that they facing. >> they also laid out that there was not enough visibility yet in terms of people and their freedom. that has always been a key battle cry for the tech sector -- "we are worried about talent." the united kingdom has thought of a visa for entrepreneurs but it is not enough, in terms of hiring. they have other key concerns as well, about the way in which brexit might occur and the regulatory environment for data as well, the way that data is processed across the border. so at the moment, tech united

kingdom, a key voice for the .ector is being, we are worried emily: how likely is this deal -- it is clear that prime minister's party is behind her, but how likely is it that the deal will be accepted in the u k and by eu lawmakers? caroline: at the moment, it is not very likely. michel barnier is a key negotiator on behalf of the eu and he is already sounded off today, that he doesn't like the sound and the smell of what is being proposed at the moment. at the moment, all we have is three pieces of paper coming from the united kingdom government. we don't have the actual white paper which is some 200 pages, but the fact that the united kingdom has thought of trying to cherry pick here, wanted to have a free trade agreement in terms of goods but not services, there are saying look, that is not cool. if he wants to opt in to our single market, i am afraid that you have to allow the free

movement of people, n goods and services get you cannot pick and choose. so it looks like michel barnier and the eu might push back really hard, even though we have the likes of companies like airbus, saying, go easy please to the united kingdom, trying to extend an olive branch. but at the moment emily, it sounds like this is not going to work, not going to get support for the prime minister in her own parliament. amember, she doesn't have majority in government, so she would have to get all the conservatives to toe the party line, look across the aisle to get the labour party to support her as well. caroline, stay with us, because despite all the uncertainty, investments continue to hover near record high. that europeanrts venture capitals have invested 5.2 billion dollars, the fourth highest quarter in the last decade, and it would match the last years record pace of

investment. london-based vc index ventures has invested with a portfolio that includes notable tech startups like dropbox, and more. they have just raised. $155 million for two new friends targeting companies in the united states. of this political certainty around brexit impact your fundraising plans? did you all talk about this. we tal? guest: 2018 has been a good year for us, we had four major multibillion-dollar exits, and hopefully with runners going public in a year or so -- kronos going public, we hope to have that. we are able to raise the money without too much trouble, fundamentally. the one area that we are always on the lookout for his

immigration and the movement of us.r, that is important to but most of the companies reinvest in our small, young and cross-country borders and tariffs are not really their concern in the beginning, they are just trying to build a product that people love. issue,that has been an given all of this uncertainty. is that going to impact your strategy in terms of where you put your money? guest: i think the competition for labor is absolutely critical. the difficult part is competition between the larger, and established companies like google and others, companies who are trying to get that same labor. having more of that labor is helpful but also competitively positioning against google and facebook, saying white working at. emily: a smaller company is exciting. emily: caroline, we're seeing that investors in europe based on the numbers, are not holding back either? yes, london is not

only a key, but it is also where the money is. that hasn't changed since brexit. you see a lot of the vcs are based here, looking to get active in europe and are raising more and more friends. we have a whopping amount of money coming out of index ventures, but we have also heard from highland in europe, they are based here in london as well, they have been raising money. capital.ventures, don recordrecord amounts are being raised. uncertainty,rexit we saw a record amount of money coming into united kingdom. tech funds last year i cannot tell you what would've in if brexit had occurred, would it have been more, but as it stands, london is still the number one tech hub in all of europe. emily: so, mike, in europe in particular, what are you bullish on? mike: one of the areas that the

united kingdom helps a lot is that we were very early in the fintech field, we started early in that sector. one of our companies just went public, another one was robin hood, and the united kingdom really helped us in that context. we do like commerce and retail, companies like "far-fetched" and "at sea fear: tsy." another area we like is mobility and transport, sort of "door --" for american audiences, but wasting the united kingdom. we are also investing in these e-scooters, self-driving car's, we continue to invest in those sectors deeply.

also ai and other technology sectors. emily: let us start with e-commerce. amazon's ambitions in seem they're ambitions seem to have no bounds. are you concerned about amazon will destroy the competition? mike: i think amazon is a formidable force, and there is some talk in venture capital circles that it is difficult to do anything in amazon's vicinity. but we have found that there are sectors which are quite large such as for example in high fashion. far-fetched for example serves a market.art of the if you think about amazon today, it doesn't necessarily carry over to the high-end of the market. if you look at all the higher brands such as gucci, they don't want to be necessarily listed on amazon as a product. we have invested in a company that provides high and sneakers,

not something that you would find in amazon. so there are quite large sectors where you can build companies around. it is important to recognize that amazon is a force but it is not impossible to make investments around that. "bird,"ou mentioned they have just raised a huge round of investment, have a partnership with uber now, and yet in so many ways, the service seems like a commodity, like the branded as a matter. and we have seen the same groups using different brands on .cooters mike's: first of all, if you think about the market of people being transported in urban areas in distance is less than three miles, the notion that it should be by car doesn't make sense. there should be a more effective way of moving around, which is why when you actually put scooters on the road, whatever brand, they like it. it is a very big market, much like we have seen in ride-hailing, you solve multiple

players emerge as winners, there was lyft and uber, but i think you'll see the same thing in e-scooters there. might be some consolidation, but it is not. a commodity in terms of that liquidity is important. you will not walk three blocks just to take a scooter, you will use whichever one is there. emily: in the meantime, there are regulatory issues with this sector. in london, uber almost lost its license. caroline, the new head of the digital sector there, how do we expect him to handle some of these issues? caroline: yes, it is an interesting fallout from the furor then broke out over the last couple of days. he has now been elevated to head the health care system. the united kingdom, and we have

a new person, jeremy wright, minister for digital overall, as well as media and sports. he isn't that tech savvy, dare i say it. much, onlytreat very tweeting a few times since 2015, when you click on his parliamentary website page, it doesn't even seem to work at the moment. so many are criticizing what he might actually know about the all.al sector if at he is a lawyer by trade, so clearly highly educated, i'm sure he has his head around it very swiftly, but many are wondering about the force of positivity he will be for the sector, because this is an area of growth for the u.k., one that the government has tried to fund. they have been putting more money, more capital, money being raised to put into new startups, and even a startup visa. if they are trying to make the

united kingdom a hospitable place for growing business, but we don't know if they are putting the right people as ministers. emily: so, mike, what is overhyped? where will index not be putting their money? mike: on a relative basis to our peers in the industry, there are a few sectors we haven't done. be haven't done a lot of crypto.r tech," or emily: why not? mike: at the end of the day, we focus on whether the company we are funding can make products and services that make a difference, that tangibly make a customer's life better. crypto is interesting, but european and american customers have a broad range of ranking and financial services, and in other geographies, crypto makes sense. argentina, owning bitcoin might be a good place to

keep your life savings, but here, not so much. we are not saying it is a no, but we are just cautious about it. does it make a consumer's life better, enhance the quality of what they enjoyed? emily: and what do you mean by "frontier tech?" vr, ar.tellites, think ar is interesting for gaming applications and other services, there is opportunity there. it has been a little out of favor the last few years, but i think technology is catching up to where it can be very useful. emily: thank you so much, mike as well as our as 00' very own caroline hyde in london. germanyg news government editor tony cat scan has this report from berlin. >> german chancellor angela merkel and the chinese premier

met in berlin as trade wars with the u.s. push their countries closer together. last year, china's president brought diplomacy to berlin. this time, german industry stepped up with chemical maker a complexing to build in china, and bmw expanding its manufacturing footprint. the chancellor said the two countries are allies, and li pledged to expand their sector. the two leaders even took a ride around berlin. there was also talk of releasing persecuted novel laureate. china took over the u.s. germany's biggest trade partner in 2016, and the summit in berlin makes it clear how important the relationship will be going forward. tony coach kerr, bloomberg news, berlin. emily: coming up, president

trump's supreme court nominee making his way around capitol hill. what cases might come before him . we discussed that, next. this is bloomberg. ♪

emily: president trump has nominated a conservative the u.s. court of appeals judge bret kavanaugh. .he appointment has provoked strong partisan reaction take a listen to the senate minority leader, chuck schumer. supper schumer in selecting him, president trump did exactly what he would do on the -- supper senator schumer: in selecting him, president trump did exactly what he said he would do on the campaign trail.

the meantime, the senate majority leader praised the president's choice. senator mcconnell: judge kavanagh understands that in the united states of america, judges are not, knocked, unelected super legislators who reselect further policy preferences. emily: whether or not he is confirmed by the senate, the supreme court's next session will have some important tech-centric cases to hear. we are joined by our next guest from new york to discuss. garrett, we know how he is rolled on some tech-focused cases on the last dozen or so years. what do we know? >> probably the most consequential place that he is had a say in would be about net neutrality. he made a ruling that dissented on a judgment made by some of the other judges on his court, and he actually was in favor of pushing back on the net neutrality. congress, we know that

went and legislated away those rules put in by barack obama in favor of he was getting rid of it. his argument focused on free speech. he said that internet service provider should have the first amendment right to free's each, to decide what goes over their wires come how fast it goes. take on net neutrality, which of course, is very important for the tech companies and for people who follow tech today. emily: and there are some upcoming tech cases that the supreme court could hear in the near term. so if he is confirmed, what does it mean for the future of the supreme court? >> he is pretty young for a supreme court judge, 50 years old. it is likely he will serve on the court for potentially decades. you can only imagine the kind of questions he will be faced with. we might even get a ruling on him on whether ai should be humans.e same rights as

you can imagine the kinds of tax questions that will come before the court in the next few years, much more in front of us now for example, there is a case about apple and whether it has the right to charge the commissions app store, while making developers only develop for its app store. that is an antitrust question, which is of course i a very pressing one. is amazon becoming too powerful, is apple too powerful, should facebook be regulated like a public forum rather than a private company that can decide what goes on in its own network? these are questions you could see coming in the near future. emily: in the meantime, there is an upcoming case, involving 18 wireless spectrum case, a copyright case, how do you think you will approach the issue? conservative, a he will be the fifth conservative voice on the court and he will roll in any way --

he does tend to favor government . taking a step back a has been relatively conservative when it comes to cases about i ip and copyright. of theainst some copyright rules we have seen in the music and television industries -- he moved in favor loosee sort of interpretation of those things. what we know about him is he is loose about the government getting involved in these cases. emily: republicans have zero here, especially with mccain's absence, and there are some republican lawmakers who could be protesting this. what is next? garrett: as you saw in the clip earlier, the microphone make this about abortion and roe v.

wade. the republican leadership told president trump that -- as reported by other publications, -- that cavanagh might be one of the harder ones to confirm. just because he has will do so many important cases, so it will be a lengthy process. the big tech companies haven't said anything, the lobbyist for startups, they are holding their tong periodic you are amazon, google or facebook, a corporation, you are hoping that he will have a pro business or for a corporation law.pretation of the emily: and as you said, he is still relatively young, and he could influence the court for decades. thank you so much garrett, for weighing in. coming up, microsoft is taking on apple's cheaper ipads with a new device coming in at just under $400. details, next.

this is bloomberg. ♪

emily: microsoft is going under the low end of the market, coming up with a cheaper tablet that takes on apple's cheapest ipad. and goes for $399, half the price of the current surface for tablet. however, the price comes at a cost, it has about four hours less battery time. and, it is a happy anniversary for the apple app store. on this day in 2008, they opened and sincere then, there are over 2 million apps just for iphones. over 10 million apps were downloaded, and the app store is now the fastest growing part of their business.

and that is it for this edition of "bloomberg technology." tomorrow, we sit down with the ceo of pandora and talk about the streaming business and competition from spotify and now, tencent music. i am emily chang, this is bloomberg. ♪

♪ >> stocks rose and treasuries fell as investors put trade fears aside and turned to earnings. banks fell ahead of friday's results. is the s&p 500 advancing for a fourth day in a row, the longest winning streak since the beginning of june. paul: the yen climbs on reports that president trump will hit china with more tariffs, could be worth $200 billion. >> teslaig