higher if this market returns. >> ten-year treasury, i think fear starts to drive those yields down and prices up. >> we're going to see how that moves tomorrow with cpi. finally joe. >> i'll see jimmy's bristol mier and raise him a merck. >> that does it for us, thanks for watching i'll see you in the ot "the exchange" begins right now. thanks so much, scott, hi, everybody, i'm melissa lee stocks lower, some key earnings disappoint, and control of congress remains unclear we'll dive into it all. plus, the ftx effect, how far reaching is the company's liquidity crunch, who's on the hook for losses. and volkswagen going zero to 60 on evs predicting the u.s. will be a major player by 2030. the company's new america group ceo will join us live in studio with how he plans to reach that goal we begin with the markets and bob pisani at the new york stock exchange >> and melissa, very interesting

day. we're sitting not far from the lows but remember, we've had some nice moves up in the last couple of weeks let's take a look at the major indices. remember, the dow was 29,000 you know, just about month ago, and we're 33,000 just off of that right now it's had a nice run. s&p 500 we were knocking on the door of 3,900 not that long ago, so not surprisingly we had a little pullback. nasdaq has been the weakest of the major indices. it's only 4 or 5% of the 52-week low. di disney is a real problem that's about 85 points on the dow jones industrial average weighing it down apple's been a bit of a problem as has salesforce throughout the day. chevron's been a problem simply because crude's gone from, what, 94 three days ago to $86 today that's under a little bit of pressure, but a good move. there's a new high for merck, 103. the defensive stocks are doing better today, so merck, johnson

& johnson all on the upside. elsewhere, this debacle with ftx is really having an impact on the risk appetite part of the market, particularly the more speculative part of the market, and i'm not just talking about crypto-related stocks, they're all down again today coinbase, micro strategy, marathon, riot these stocks are down 70 to 80% in the last 52 weeks or so, so another big down decline today i'm talking about the impact on more speculative parts of the other market, like speculative tech stocks, kathcathie wood st. we have new lows on a whole bunch of these names, unity software, zoom video, roku, docus docusign remember the old meme stocks, that's a speculative trade right there. gamestop broke 24. that's a major support level for gamestop now at 22 that's down big today. bed, bath and beyond $3.63,

that's got to be a 25 or 26-year low for bed, bath and beyond and amc entertainment at $5.09 that's a two-week low. you see the ripple impact on other parts of the market that you can see are more speculative than the non-crypto part of the stock exchange. >> what's interest in yesterday's sessions when bitcoin hit its lows, that's also when the s&p hit its lows so what you're saying is dead on. >> right remember, everybody kept saying, oh, well, this is a separate asset class, and therefore people, even though it's speculative should have 1% to 5% of their assets in this. well, some people took that to heart, and you can see the impact that it's had yesterday we dropped 50 points in the middle of the day on the s&p, and the only thing that was out there was this crypto collapse there is a knock-on effect here. even if you only have 1 or 2% of your assets, mentally it can have some impact on the speck tuf juices.

>> bob pisani, the midterm results remain front and center as control of congress remains in the balance ylan mui is here. >> there are new calls in key races. nbc news now projects the fight for georgia's senate seat will head to a runoff neither raphael warnock of gop challenger herschel walker is expected to get 50% of the vote. that means they'll face off again in a head to head competition on december the 6th. there is good news for the gop in wisconsin nbc predicts ron johnson will hold onto his seat after a bitter race against democrat mandela barnes republicans also ousted the head of democrats' congressional campaign arm representative sean patrick maloney. gop state legislator mike lawler will represent the new york 17th instead. >> and as we sit here, i can't with 100% certainty tell you who ho holds the house majority, but i

will leave it to others to make predictions. we're going to do it the right way. >> so far indicates have fended off a red wave, the latest nbc projection shows republicans winning 221 seats in the house versus 214 for democrats that's enough to give the gop the majority but there is no official call yet. meanwhile, the senate is still up for grabs dr. oz conceded the race for pennsylvania's open senate seat to democrat john fetterman that's a big flip for the party and vote counting in nevada is likely to go through at least tomorrow arizona's expected to finish on friday at the earliest, and melissa, there could still be a couple of surprises left zpr last night's midterm results were full of surprises for many including our next guest who was predicting a republican sweep in washington with a split congress looking likely, what lies ahead remains unclear. brian, great to have you with

us you were actually predicting a red wave, which didn't materialize. what do you think happened >> yeah, back in the summer i was kind of skeptical, and i bought into the fall momentum that appeared to be building for republicans, and i was dead wrong. i'll definitely own that i think what happened is voters are concerned about inflation. they are concerned about the economy, but i don't think republican candidates gave them enough in terms of policy proposals of what they were going to do about it i think too many republicans are running on grievance rather than governance, and i think voters reacted to that and kind of rejected a number of republican candidates >> how do the results so far change your predictions for what will happen to key areas of legislation? >> yeah, so, you know, i clearly got the results wrong, but i think -- but i get to the same outcome. i got there the wrong way. i still think it's grade idlock

the end of the tday. that's pretty much a flip of what we have right now in the house, a very divided congress, house, but one party will control virtually the other. still close to a 50/50 senate. i think at the end of the day, gridlock is the name of the game, and so parties are going to have to figure out how to pass -- must pass legislation, but it's debt ceiling, stuff to keep the lights on, but i think both parties will struggle to get discretionary items crass, things that don't have to be passed immediately >> brian, just from what you've seen so far, what do you think the results say about not just the next two years but what happens after 2024 do you think yesterday's results were a repudiation of sort of the trump ma fwa mga movement, o you think it still has some legs >> i think it has legs because there is a significant part of the republican party that belongs to this populist wing

that identifies with this wing they're not going away, but i think what the results told republican voters last night is that's not enough. when you look at what the successful candidates look like, they were competent. they were into governance. when you look at mike dewan in, ohio, ron desantis in florida, governor kemp in georgia, marco rubio, these are people who campaigned on getting things done and governing responsibly they ran as adults, not as for lack of a better term, not as children who were whining about past wrongs done to them so i think it's a wake-up moment for republican voters if they want to get back into the majority, they want to get back to governing, voters across the country sent a very strong message. it's time to refocus your energies onto the issues that voters care about and how to implement them, not running on grievance all the time >> yeah, and between now and the presidential election, brian, the economy could fall into a

recession officially, and i'm wondering, you know, in terms of gridlock, does it make it much more difficult to pass some sort of stimulus and get the economy back on its feet what's your vauiew of that? >> in a tightly divided congress, it's going to be really tough to get something through, maybe some lesser aitem lake expanded unemployment benefits, expanded fad stamps. i think this puts a lot of pressure on the fed. it is going to remove for the most part the tool of a fiscal response so the fed could be the only show in town for the next two years when it comes to economic policy in the u.s. >> the other issue that, you know, investors are paying close attention to is regulation and the notion was that a red wave would be much better for a lot of companies by way of easier regulation or lifted regulation. with these results, brian, it seems like that may not be as clear to materialize for investors. what's your take >> yeah, i want to be clear on

this i never bought into that part of the argument because i think the regulators were in place, and a republican senate could put some brakes on new regulators taking over the regulators that are already in place at the banking regulators, at epa, at the various agencagencies, they wer already in place i think the biden administration had a play book about how to circumvent a republican senate i never quite bought into that, but certainly in terms of holding oversight hearings in the senate and bringing up various heads of agency and berating them for various regulatory actions, that probably goes away if the senate remains democratic, and it gives democrats a freer hand to replace anybody that does leave in the next few years. >> thank you so much for your time we appreciate it and of course our thanks to ylan m mui. ten year notes up for action rick santelli is tracking all

the action >> we had 35 billion of ten-year notes that came to auction by the u.s. treasury. this could be one of the weakest auctions i've covered. the yield 1.14%. the problem it was right under 411 in the when issued market. many of the metrics are weak weakest since august of 2019 indirects are under the average. directs are about the only thing near its average and the dealer's takedown the was 24.4%. the ten-auction average was 26%. d minus, dog minus, that's pretty much the lowest grade you give at an auction the only way we get an f is if we don't move all the paper. now, why did it tail so badly? well, we have cpi in the morning, butt the numbers are supposed to be cooler. it seems to me this could be something to do with, of course,

the midterms and the uncertainly surrounding them, and we'll have to continue to monitor all that is ten-year notes. if ten year note yields pop above 420. >> certainly reaction will happen in the stock market to that when was the last time you gave an auction a d minus >> honestly i think a seven-year note auction about a year and a half ago, and that's the only other one. >> wow, big day today. rick, thank you. rick santelli. stocks slipping with the midterms unfolding, earnings winding down and the focus shifting back to recession risks. our next guest says despited headwinds some stocks can survive this environment joining us now are you going to say health care and staples? >> that's been an awfully good place to be for a while, but you know, investors have to now look forward.

we might be in a place where a lot of the bad nauews is out there. there was hope for stronger show of republicans we're going to see a lot of gridlock in washington, so don't expect much to happen from that corridor the recession risk is still there, inflation obviously being keenly watched and what the fed kn needs to do to get that under control. >> i was joking about health care and staples i do see that you like some tech stocks i want to ask you specific ally about apple. there is this females that the likes of apple, maybe a microsoft haven't felt the true effects of a tree slowdown in consumer spending. when you're saying you like these stocks now, are you saying we've seen the worst for them or that you're willing to invest through the worst that is still yet to come? >> yeah, melissa, i don't think anybody knows whether we've seen the worst yet.

clearly we've seen that slowdown in pc demand, kmconsumer electronics more broadly apple's been somewhat protected because of its tendency to sell to higher income consumers they don't feel the hurt as much from inflation and high gas prices we're starting to see some cracks form there as well. they certainly have supply problems they're dealing with. it's not necessarily that the worst is in the numbers, but i think investors recognize those risks and have built them into their forecasts. it's more for a long-term investor, you're never going to necessarily time this perfectly and get out and get back in the at the bottom. it's more you don't know when investor sentiment is going to change and recognize that apple and microsoft are still companies that ultimately are going to have pretty strong growth relative to the market average over the next two, three, five years. this might be a good time to add to a position or get in if you don't have that exposure. >> is there or shoul there be

china r risk built into the china numbers. it manufactures the majority of its iphones in chooina. it feels like it's another lockdown away from really missing numbers or another argument, spat between the u.s. and china before china will say, you know what? we're going to close the ports and you can't get the parts you need to make the iphones in china. have you factored that in? d do you think you've said there's a risk here? >> it's three a risk we have an entire international team focused on that and trying to understand really beyond just the this could happen, that could happen, what are the insen t insentives in china. we do believe those risks are elevated china does have the incentive

not to kill the fwoogoose that the golden egg it gets a lot of employment, a lot of business activity out of that relationship with apple it is clearly trying to do whatever it can, to keep the factories up and running even though covid cases are surging, they are doing things to get more workers back in the factory. there doesn't seam tem to be a away from continuing to support apple in china these are also likely to be temporary. we saw one good sign in that china's allowing the biontech vaccine to be given out to ex-pats in china we hope that is a move towards a broader effort and campaign to vaccinate so they can move more towards reopening. you don't invest based on hope you invest based on what's a temporary problem for apple, for china, and what is really the long-term potential. e we are seeing apple mauve its production away from china as a hedge itself. >> you also like tjx, target,

and constellation brands are these sort of defensive names in the portfolio >> yeah, sort of those are all names that have some recession resilience to them consumers that are facing more difficult budgetary environment with high inflation tend to down shift into more affordable locations like a t.j. maxx or a target and so tgs these companies actually have the chance to grow we believe and we're seeing it starting to show up in the data, they're going to see more foot traffic, they're going to see more shoppers and have an opportunity now that they've fixed their inventory and stocked the right stuff, we think they're going to have an opportunity to show greater growth in other areas certainly of the retail economy. >> joann, great to speak with you, thank you. coming up with the view from the c suite on the state of the supply chain, the head of one of the largest logistics suppliers in the world and a look at how

companies like boeing and nike are managing their inventory one stake holder isn't sure the binance ftx will go through. "the exchange" is back right after this >> announcer: this is "the exchangeonnb " cc.

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welcome back shares of gxo higher after posting a top and bottom line beat for the third quarter the logistics giant provides servicing from warehousing and autonomous bots. it counts boeing, nike, and raytheon among its biggest clients. shares have been cut in half this year, are down more than 30% since it was spun off in august 2021. here to talk the supply chain, holiday shipping surge and more is the ceo of logistic what are you seeing in terms of the movement of goods? are we still seeing an impact from supply chain issues >> you know, all the supply chain issues that we had in 2012, they're largely dissipating now. this year is much easier still some disruptions but generally goods are coming into the warehouses that's where we arings the four walls of the warehouse, and we're looking to head now into the holiday season i think it's going to be a gad

holiday season. >> in terms of goods into warehouses, have all the goods for the holiday season, are they in the warehouses right now, and need to be dealt with? >> absolutely. warehouses are well-stocked and good news. this year unlike last year, labor availability, we're able to bring all those skilled workers into our warehouses. much better availability this year >> why is that >> i think it's the end of the pandemic last year and more people in the job market >> okay. so more people are lackiooking r jobs are you thinking people are spurred to take jobs because everything's more expensive these days >> no, i just think there's more availability this time last year still a lot of people out due to the pandemic that work pors force is back ine market now what we're doing as an organization, we're wbusy recruiting we're a net employer, and that's great for the economy s.

>> you're a net employer and spending more on technology. things like roboti s how much has that improved your margins? >> it's significant, when we deploy technology across our business, it's having the effect it's bringing more efficiency and more productivity in the buildings, and of course technology warehouses, hthey ten to be safer. our team members actually really like to work across technology operations, so we're deploying more and more technology this last quarter, in fact, has been our highest level of technology deployment as a company. >> how much are you sort of the first line read on how your customers are doing? do you sit back and think, oh, you know, they're not bringing as much inventory in or the inventory's not moving out as quickly, and so maybe this company is having trouble? >> i think our company, our industry is in a unique position we touch so many different industries, so many different organizations, big blue chip organizations, so i think we're in a unique position to see

what's happening right now, actually, we're confident on 2023. we hear a lot of talk about recession, but what we can see judging from what we're seeing on the ground, consumers are outspending money. there's still confidence around what's happening for next year. >> so the inventory -- the stuff that's being brought in the warehouse, it indicates that consumers will buy it. >> that's what we're seeing, dp goods are moving from our warehouse, whether that's e fulfillment, we're one of the largest e-fulfillment platforms in the world or whether it's going into brick and mortar. we're seeing a brisk end of the year, and that's great. >> a lot of where are work is contractual, so you have a certain amount of time where you lock in your customers at what point to you start seeing customers readjust because of the economy when duo you think you'll start seeing that if we see that >> i think we're already seeing a little of that what i mean by that is washington seeing projects that

historically would have been put down looking for 2023. we're starting to see some projects, customers adjusting the projects they're going to the consumer in different ways and they're looking to us to help them evolve those designs, evolve those solutions. that's really at the heart of what we do for all of our customer base. >> malcolm, great to see you, thanks so much >> still ahead, meta the latest tech company to announce a round of layoffs, what should you do to find yous orself out of a job plus, the head of volkswagen group of america is here for his first tv interview since taking the helm we'll ask him why he's so bullish on the american ev market "the exchange" is back right after this what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations,

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welcome back to "the exchange," the markets decidedly lower across the board we've got the down down by 380 points s&p 500 down by 1.25%, the nasdaq we're watching closely. we're at session lows right now, 10,445, we're down 1.6%. we were talking about this earlier about the relationship between bitcoin and risk assets like tech stocks, aka the nasdaq, what we're seeing right now is bitcoin at its lows of the day today, and we've got the nasdaq sitting at session lows as well. disney on pace for its worst day since march 2020 after missing earnings and revenue estimates higher costs from disney plus weighed on results and the company warned subscriber growth may taper going forward. the stock is trading at its lowest level since the start of the pandemic it is down 12.5% right now

from hollywood to homes, dr horton is higher despite posting a miss on the top and bottom lines. the company's largest homebuilder said it will not give guidance due to the uncertainty in the housing market that stock is up by 4.4% affirm is down 20% after posting a wider than expected loss cutting its annual guidance, the buy now pay later stock is down a whopping 93% from its recent high it is at $12.31 right now. still ahead, chaos in the llt om world, more on the faoufr the finance ftx group. that's next on "the exchange." m? mm-hmm. for $1,200? ga-a-a-ap! did you say "gap"? yeah, he did. he's talking about expenses that health insurance doesn't cover. ga-a-a-ap! uh-uh. aflac! that's why there's aflac. it pays you money to help close that gap. aflac, huh? don't tell me he high stepping. af-lac, af-lac! he stole my move! get help with expenses

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welcome back to "the exchange." i'm tyler mathisen with your cnbc news update tropical storm nicole already causing damage in florida even though the storm is still over the bahamas. nicole's sustained winds about 70 miles an hour, but expected to hit hurricane strength. that's about 75, before the storm comes ashore in florida tonight. there you see some of the damage new jersey house democrat tom malinowski has conceded defeat in his race against tom kean jr. this is kean's fourth run for congress nbc news now projects

republicans will win 222 seats in the house the that's enough for a nine-seat majority kevin mccarthy will be the new speaker everyone thinks. however, nbc not projecting republicans will take the house because so many races remain too close to call. we shall see, but 222 is more than the number needed president biden is thanking poll workers and officials for defending americans', quote, sacred right to vote he will have more to say on the midterm elections in remarks scheduled for 4:00 p.m. eastern time today correcting something from last hour, we reported incorrectly that california passed a measure legalizing sports betting. both propositions on the issue were, in fact, rejected by the voters, melissa, no sports betting there. >> all right, tyler, thank you crypto still under pressure today. bitcoin is at the lows of the day. the lowest level since november

2020, selling vaumolume for biti in the highest in six months this following a coin desk report that sources are telling thenl that binance is strongly leaning towards scrapping its ftx takeover that's what our next guest is warning about, let's bring in ka sri ta fwup gupta, great to have you with us. >> thank you, melissa. >> you're an equity holder in ftx. when did you get in, it was just two months ago valued at a $32 billion valuation. now it's a shadow of its former self. >> it was pre-cda, of course the valuation has been up and up, but nobody -- very few people saw it coming. especially earlier days when we saw -- going down. ftx and the founder has been going out. has been tweeting this is why we have amazing risk management at

ftx, none of the customers' money of moved, you always have liquidity. it's actually a part of their contract which everyone sans when they open the account, that they never loan, trade or move customers' money from the exchange now seeing a centralized exchange literally going down of that value with some of the most heavy weights from silicon valley to crypto native funds has been a really big blood bath for the space. >> how do you think about the ripple effects here, kavita in terms of the impact on investors who now have to mark down those investments to zero potentially, their ability to then deploy money elsewhere, them maybe being locked up in other crypto related companies that are also taking huge hits, just because this larger crisis of confidence in this industry >> i think what you said is definitely a lot of really multibillion dollar fund, would have to put it down to zero because i said that yesterday,

i'm saying it today, i don't think it was that binance would fwd go ahead with this deal. it just doesn't make sense, but coming back to your question, i think there are multiple exacts to -- impacts to it. a lot of crypto -- over $2 billion investments done by ftx into crypto companies. how many of them are able to move out of it then you're talking about the solutions where all the dhchang the really big treasuries are on ftx, how's that going to move and another impact which people are not even thinking about it, if those treasuries don't move, then these -- the whole start of companies are talking about 1,500 to like 3,000 companies having a lot of issues on surviving this in the crypto

window which also comes back to the crypto vcs, how are we going to take care of it, so many of our other companies. so i see that we have not seen the bottom of it, and the ripple/cascading impacts are going to be hauge over the heks two months. >> when you say treasury, you mean capital, just working capital for day-to-day openings of all these companies that have some sort affiliation or investment from an ftx. >> yes, absolutely, and a lot of defi, defi. >> what we could be seeing is potentially a collapse in many companies? >> i would say there would be a lot of opportunity to do down -- because if the technology is good and the founders are great there will be a lot of amazing vcs including us at delta who would love the opportunity to participate in it. i wouldn't call it a collapse, but i would definitely say that it will create first one of its own kind sort of a very

cascading impact in the space. >> let's say ftx, the binance deal for ftx does go through are we setting up a similar circumstance in which the same thing could actually happen because you have one player in the industry owning a company that has its tentacles in so many different players >> first of all, i don't think it would go through, but let's assume a situation that does go through. you're still going to see ftp being completely busted out, which does mean there's a lot of defi on the negative sietd tokens were used by most of the traders on ftx as a discount way to trade, so we also are going to see a lot of wealth being disappeared from the space said that, on your question that what does it mean, i think this is going to be a wake-up call for a lot of centralized

exchange, plus decentralized exchange on how does governance regulation having sort of a monopoly really look and if you are an exchange, what are the businesses, have sort of a chinese wall associated with it >> you mentioned some down rounds that will be happening in the future and how that could be an opportunity if you think about the solana blockchain, down 90% this year how do you start thinking about when is a good time to invest. and i guess we're trying to identify maybe some opportunities for our audience who might be thinking, you know what we were so hot on solana and the blockchain for so long, and now it's down 90%. >> you know, melissa, this is my third game show of the -- and i always find it very basic -- economics, very surprising that

people really get high in the bullish market and want to go in as soon as it comes to bearish market, people are like, okay th this is all we are getting out our second fund is all about going into it at the bottom of the market, holding it and going tw towards the bullish mark because we really believe in tech. solana has a huge ecosystem, they are working on it as any other blockchain i think we're going to see more mt. last three days, there's such close association with ftx balance shaeet holdings that ovr next one week or two weeks we're going to see more expected dump out there. >> great to speak with you, thanks for your insights. coming up, elon musk's twitter takeover weighing heavily on tesla as he continues to liquidate shares.

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you and opportunity... ...is someone who can make the connection. at ice, we connect people to opportunity. all three major averages hitting session lows the todow is lower by 500 points we're watching shares of tesla, they're falling again today now at levels not seen since late 2020 as elon musk sells another $4 billion in stock. remember that he pledged back in april no more sales, but this marks the second one since that promise. the moves have investors worried that tesla is now musk's atm for twitter. robert frank joins us now to go through the numbers. robert. >> melissa, there he goes again, s.e.c. filing showing musk sold 19.5 million tesla shares between friday and yesterday that brings his total sales this year to 19 billion that as you mentioned despite

his claim in april that no further sales planned after today, and then again in august when he confirmed, quote, he was done selling now, it's unclear why he sold. it was more than a week after he closed on that $44 billion twitter deal when he took over the company. he either yused these funds to help pay for that deal after closing or he needs to fund the losses in restructuring twitter going forward. as he says, twitter is losing $4 million a day right now the twitter deal is looking more and more expensive ive not just musk but also to tesla shareholders tesla losing about a half a trillion dollars in market cap since he first invested in twitter. dan ives of wedbush saying, quote, the twitter circus show has been an absolute debacle from all angles since musk bought the platform for all the world to see twitter he says has become an albatross for tesla investors. musk hasn't done so well

himself. he's lost $90 billion in wealth so far this year that's even more than mark zuckerberg, which is saying something. >> i feel like the two smallest violins in the world are playing for them i mean, there's still plenty of r rich we should note tesla stock, we're at lows we haven't seen in about 20 months. it's funny you mentioned the dan ives note. he actually said that musk has a credibility issue, so even going forward in terms of his ability, it's motte not just this overhang, but his ability to raise more money his word does not mean much anymore is a real problem in all aspects of his life and his business life. >> it is a problem, melissa, and you're right tan dan ives saying it's the boy who cried wolf too many times. what elon musk needs to do, fine, he's selling stocks.

it doesn't matter whether it's to pay the deal or fund the teal going forward. he just kneaneeds to communicate with tesla investors what they can expect he can just say look, i may sell more this year or next year. but just tell us what you're going to do and stick to it. of course that's not what he's done in the past about anything, but that's what investors want >> yep robert, thank you. robert frank >> thanks. still ahead, hippies rejoice, the iconic volkswagen microbus is get an electric makeover, and predictions about ev market share are right, you could be seeing a lot of those on the road in a few years the ceo of volkswagen america will join us next to discuss "the exchange" will be right back getrefunds.com can qualify you for a payroll tax refund of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. getrefunds.com has helped businesses like yours

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welcome back to "the exchange," between elevated gas prices and president biden's inflation reduction act, 2022 has been a good year for electric vehicles. evs now make up 6% of autos here in the united states and our next guest thinks that number will increase to 50% by 2030 joining us now in "the exchange" exclusive, pablo di si, the president of volkswagen of

america. great to have you with us. >> thanks for having me. >> how is the demand out there right now, especially with so many competitors out there >> the demand continues to be strong our dealer network visiting in different cities across the u.s., i see that the demand continues to be strong for cont for electric vehicles. and i think that will continue throughout 2023. so i'm cautiously optimistic because also we have a good order bank we have a good order that will carry on into 2023 >> so reservations >> correct >> but those are not guaranteed sales, correct >> they're not guaranteed sales, there's contracts behind them and they're customers who want the vehicle. >> interest rates have shot up to the point where some car payments per month is higher than rent for some people out there. i'm wondering how you think about financing and how that could impact demand for a car. >> yeah.

so, from a macro point of view, the fed is moving in the right direction. we need to get inflation under control, under the belt, overall in the economy the payments are increasing. on the other hand, the residual values of the cars have increased as well. so that mitigates a little bit the inflationary effect. at the end of the day, i think the demand will slow down a little bit, not decrease, but slow down, and prices will stabilize by next year >> right now you're still dealing with supply chain issues so you can't even fulfill the orders that customers have in terms of that tradeoff, when the supply chain issues are worked out and you have that full flow of concerns, is there any concern that the demand won't be there on the other side >> i think we're never going back to the old days of having huge amounts of inventory in our network or in the factories. we'll need to be quick to read the market and adjust our production going back and forth.

going to your question about supply chain, we still have issues with the suppliers and on the logistics side, but things have significantly improved since 2021, and i think they will improve in 2023 >> we were just talking off-camera about the price of lithium, how it shot up and it's come down and stabilized with so many players out there, so many manufacturers increasing their ev targets by 2030 or whatever date you want to put out there, is there enough lithium? how much will that lithium cost? will we see another surge in price because if all of you guys are right in your forecasts, that's a lot of batteries to be made >> at a specific time in history, if you think about the cell phone industry or the laptop industry, when everybody was buying those, technology came along and we made improvements so i think the battery technology, there's a lot of knowledge out there.

i think through r&d and innovation, the minerals will come down and the cost of the battery will come down by 2030 >> i got to ask you, we were talking about elon musk, this may seem off-topic to you, i'm curious if you think what's going on with twitter will help at all, if there's any sort of tarnishing of the tesla brand, perception of tesla because of elon musk and what he's doing at twitter that could be helpful to volkswagen and volkswagen sales. >> you know, i work for volkswagen, i can only comment on that. i can tell you we have great products, 25 products, electric products by 2030 we have a great and bright future ahead of us >> are they the ones you're gunning for though, tesla? >> yeah, i mean, when we look at 2030, we believe the electric vehicles will be about 50% our portfolio will be about 55% of electric vehicles by 2030

we're not going after one particular company we need to continue investing in innovation, in manufacturing in the u.s., bringing jobs here, having more original content right here in the u.s., obviously be connected with the consumer, like we did with the i.d. bus when consumers think about the i.d. bus, they think of the heritage to our brand. >> great to see you. thanks for coming in >> thank you >> day number 60 on the job? >> yeah. >> thanks. elon musk holding a discussion on twitter spaces he has some wild ideas we'll bring you the headlines next

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i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq welcome back elon musk is on twitter discussing the future of twitter. julia boorstin has the details he's talking about a lot of stuff. >> a lot of stuff, increasing the pace of change elon musk seems to see twitter

having the potential of becoming a super app. he just wrapped up a conversation where he said he wants people on the platform to be able to make peer to peer payments he talked about the need to improve the relevance of ads in twitter and said that will get better in coming months. he said the rate and evolution of twitter will be an immense change and he weighed in on advertisers who paused their spend. he said i understand people want to give it a minute and see how things are evolving, the best way to see how things are evolving is to use twitter the content is improving, not getting worse. he also said they will have this content council to weigh in on account bans, but ultimately the responsibility is mine the buck stops with me he understands that advertisers and users will leave the platform if it doesn't feel like a safe space he talked about having this whole new idea of making advertising more relevant and

making advertising feel like content. on one hand he's talking about improving the core business, which is ads on the other hand, saying that twitter could be more with money market and peer to peer payments so much going on here. ultimately he says he will improve the platform very quickly >> because it's burning money. he was talking about twitter blue subscribers being able to download high definition video for ten minutes or something, ways to bring in revenue i was wondering if you caught within the spaces this quote i'm reading that he wouldn't do anything that would somehow be advantageous to tesla. wasn't sure what that meant because tesla shares now are at session lows >> he was saying he understands other auto advertisers are not going to want to spend money on twitter if he does anything that unfairly disadvantages tesla on the platform the automakers are huge

advertisers across the board they spend a lot of money on advertising. we've seen from so many that they've paused their spend on twitter. >> twitter shares 179.04 thank you for rounding that out. that's it for "the exchange. "power lunch" starts right now welcome, everybody, to "power lunch," along with contessa brewer, i'm tyler mathisen the red wave didn't materialize, but control of the senate still up for grabs what happened and what does it mean for markets and politics and that looming 2024 election tesla, we've been talking about it, continuing to tumble hitting session lows right now losing nearly half its value this year. now elon musk does seem