11 million. —— compared with volkswagen's 11 million.agen's 11 million. coming up next, news briefing. don't go away. let's get more on our top story now, that shutdown of public transport in the chinese city of wuhan. public health england says precautions are in place to minimise the risk from coronavirus. the world health organization will resume a meeting later to consider whether to declare a public health emergency. keith doyle has more in the uk's response. at heathrow last night, a china southern airline flight direct from wuhan landed. it's one of three weekly direct flights to the uk from the chinese city at the centre of the chinese city at the centre of the outbreak. passengers arriving have been subject to enhanced monitoring, according to the government, but some who arrived last night said they did not notice any checks. i've been through essentially no screening process, at all. so there was no screening at wuhan and there was no screening as i've landed. this woman, on the same flight, i've landed. this woman, on the same

brought against volkswagen c.e.o. martin winterkorn and 4 other employees investigations into 32 more defendants are ongoing. nissan and renault shares have tumbled to multi-year lows monday as investors grow concerned about the state of the 20 year old french japanese alliance rumors have surfaced over the weekend that nissan plans to separate and dissolve the alliance the relationship between the 2 companies has grown toxic according to the financial times and dramatically worse than following arrests and 20. he reported that pulmonary discussions for separation were underway and that a false well it would force both carmakers to seek new partners and. hello this is out international live from moscow it's not normal talking about the news because we've got some big news to tell you about breaking news the russian government we're just hearing has resigned after the duma putin suggested changes to the constitution earlier on you may remember. president medvedev was speaking about it no reason to be alarmed let's cros

i. 6 the names volkswagen welcome back by the way 6 the name volkswagen managers have been charged with fraud by german prosecutors who say they deliberately misled officials and consumers ahead of revelations of the diesel emissions scandal in 2015 you were a member of that volkswagen was found to have intentionally program some vehicles with diesel engines to only activate emissions controls during testing now the indictment says that executives knowingly and willingly participated in the development refinement and improvement of manipulation software german prosecutors said 3 more executives aided and abetted the acts related to the scandal in a statement on tuesday prosecutors allege 9000000 vehicles were illegally cleared for the road due to the falsified testing now vehicles meant for the domestic market were also incorrectly exempted from a german road tax in $2900.00 charges of a similar nature were brought against volkswagen c.e.o. martin winterkorn and 4 other employees investigations into 32 more defendants are ongoing. nissan and renault shares have tumbled to multi-year low

including volkswagen, bmw and daimler have shares of

we are comparing it to volkswagen. a company that has sold 30 times more vehicles last year.s this rally make sense? craig: a good 30 times more the metrics get a little crazier when you look at things like a simple profitability and revenue and so forth. for all the reason to be skeptical based on these relative value metrics, you look at even what volkswagen ceo herbert diess has said recently. he has talked about the idea that cars will become the ultimate connected device. mobile device. tesla, it makes more sense looking at what they have, at the products they have on the market. that they are valued where they are and this is a company that for all the attention on the range of electric vehicles, the performance of cars like the model three, the model s, they have cool stuff like elon musk overnight is tweeting with his followers about being able to play minecraft on the screen of your car. there are other reasons to consider when valuing this company. amanda: of course, this is one that the short-sellers have been in love with. elon musk has made it a real goal to sque

. >> coming up shortly on "street signs," we'll be spoeaking to th ceo of volkswagen as he speaks of a radical shake up of the carmaker >> welcome to everyone on our continued coverage u.s. treasury secretary mnuchin has warned european countries against arbitrary taxes. he addressed italy and the uk's plans to forge ahead with the levee and said they will retaliate by taxing european companies. a warning came after saying they would strike a trade deal. >> already having some private conversations we don't need to have on tv >> please do please do. >> i've made some comments on this already we'll be having some private conversations. i'm sure the president and boris will be speaking on it as well as the president did with macron >> this is a principal issue for you and the american government. you just don't want foreign governments and countries imposing taxes on your companies willie nilly >> the willy nilly is the clear part we've been clear the tax is discriminatory in nature international tax issues are very complicated and take a long time to look at. if people want to put tax

taylor: that was volkswagen's ceo.up, posh mark wants to disrupt industry, and has supports from a ton of stars. serena williams will explain. this is uber. ♪ -- this is bloomberg. ♪ taylor: transforming the retail industries. that's what posh mark aims to do as a social commerce platform. launched in 2011, they have a mission to build a world through a connected shopping experience. for more, i'm joined by tracy son. the last 15 years between new york, and silicon valley. she is our latest guest as part of our retail transform series. how do you differentiate yourself from other companies? >> what we are focused on is we take social and commerce. we blend it together in a way that is unique that has not been done. we really focus on using technology to help people connect to one another. often, it is through their love of fashion, it can also be what goes on in their lives as a true and authentic connection. taylor: do you plan to expand into retail stores, or do you like to be just online? >> it is interesting to see

annmarie: volkswagen looking to expand in the u.s.ruck manufacturing market, offering to buy the rest of navistar for $2.9 billion. the board is taking this under consideration. no deal just yet, but the shares of navistar surged 53% yesterday, a huge jump. vw moreld just bring into the u.s. truck maker. we will see how they react at the open. dani, you aret, covering bbva. i'm not sure i can do the rest of it. what is the story with the bank? [laughter] dani: i thought that was a great pronunciation, matt. in the fourth quarter, they swung to losses. the culprit was a $1.5 billion write down in the u.s. unit. strategists did expect to this, so the loss is narrower than the median estimate. this really makes clear the struggle they are going to have. they are trying to look outside of their home market because interest rates are so low set by the ecb right now. other units like the u.s. are showing financial struggles in their own right. talk to phil about aston martin and the battle for appropriate funding for the business. what is t

. >> the last volkswagen beetle rolled off the assembly line. >> this is going to stop, these volkswagen yoko ono. >> worst reshuffle. mattel came out with a uno deck that does not include red or blue cards, designed to cut down on political friction during family holidays. >> that may not be the issue here. just saying. what about wild draw 4? >> worst time machine. the app allows anyone to see what they will look like years from now. >> oh, my god. the aging filter? >> why do i need to look at it? >> that was not the type of magic i need in my time of life. >> i'm asian, so i'll probably look the same. >> you can get help with your communications. >> people can make requests of a particular person or celebrity. >> like the woman who used sugar ray leonard to give her boyfriend the heave-ho. >> you mean the world to her, but she's having a difficult time staying in this relationship. >> the podcast still running strong with over 750 to choose from according to podcasting insights. >> yeah. i just want people to listen to my podcasts and ignore every other one. >> well, except for maybe

one example is this wonderful cooper and 957 volkswagen porsche 696.unce the spoiler had already established contact supporter back in one. in 486 of the very 1st porsche 356 is had bodies made by the bottle brothers including the oldest series production porsche still in existence car number 003 but the coach makers had aspirations of their own. in an elegant you play with 4 seats and superior engineering that drives like a sports car impossible. no. point if they acquired the shattering of a v.w. bug and began to hammer out a suitable body and this was the fruits of their labor by the porsche beutler 696 a real like catcher. the body of the porsche 696 was made entirely of a mini in this particular 4 door coupe a was fitted with an engine that normally powered porsche sportscast the other boys 6 and 6 is used to reliable and cheaper mass production engine produced by france like. most players were powered by the v.w. beetle engine explains christophe with a judson compressor providing extra performance but that wasn't enough and this car's 1st hear t

these volkswagen beetles. the one that i blame is the volkswagen yoko ono. >> worst reshuffle.ying. >> worst time machine. what they'd look like years from now. >> oh, my god. the aging filter. >> why do i need to look at it? that was not the type of magic i >> weirdest and sort of cool est new online service, cameo, which helps you find famous folks to help with communications. >> people can make requests of a particular person or a celebrity. please wish my brother happy birthday. >> like the woman who hired sugar ray frontman mark mcgrath to give her boyfriend a hilarious heave ho. >> you mean the world to her, but she's having difficulty staying in this long distance relationship. >> podcast still running strong with more than 750,000 to choose from according to podcasting insights. >> i just want people to listen to my podcast and ignore every other one. >> well, except for maybe our podcast pick of the year, dolly parton's america. >> dolly parton is an icon. she's awesome. >> she also killed it on her nbc special. ♪ ♪ >> the question, who is james holzhauer? the answer,

it delivered around 360,000 cars last year compared with volkswagen's 11 million. at accountants pwc has left the firm after bbc revelations of the company's links with billionaire isabel dos santos, who is under investigation for corruption. jaime esteves was the head of tax at pwc in charge of portugal, angola and cape verde. pwc declined to comment on the departure and says it has launched its own investigation. let us have a look at the markets. as we were hearing, asian shares fell as investors remain anxious about the spread of the coronavirus virus in china as millions prepare to travel for the lumia —— lunar new year. oil prices tumbled to seven—week lows as the effect of the disease was expected to hit airline travel. that reduces demand for oil of course. adding to the price pressure on oil, the international energy agency warned of an oil surplus and a larger—than—expected increase in us crude stockpiles. that re—kindled fears of excess supply which brings down the price. as we can see across europe, the negative sentiment setting the tone at the start o

haslinda: volkswagen said it wants to be carbon neutral. the question is, how much will that cost you? changing.he world is many people are talking here about the cost, but at the end, if you look at the figures, renewable energy is already as cheap as a carbon-based energy, and new technology is really stepping in, so the world will be different, but the world will still have exciting product. it will be worthwhile. haslinda: could you put a price to it, how much it would cost you? you have more than 122 factories around the world. herbert: we are continually investing. we are one of the biggest investors and we put a lot of money behind r&d. but we changed it to more new technologies. let's say focus more. i think we can go. francine: how does the merger change the landscape for you significantly? herbert: francine: not to him -- herbert: not dramatically. the industry is consolidating over the last 100 years or so, so it is a continuous process. scale methods in the future because software becomes so important. and so, i think it is a go

>> volkswagen is being aggressive gm is being aggressive those are the two to watch i think. >> tim, phil, thank you very much >>> markets don't seem to be fazed by much these days despite the geopolitical turmoil stocks are essentially flat. but maybe it won't be overseas unrest that shakes confidence. maybe it is a case of overbought condition conditions 61% of s&p stocks are above their 100 day relative moving average. and the stocks are indeed overbought so let's discussion it with maryann montane and rich wise. rich, let me start with you you. last year if i'm not mistaken, we didn't though what the fourth quarter heralds, but corporate profits were roughly flat. they didn't grow all that much and yet the s&p was up 32% that tells me that people were willing to pay more for each dollar of earnings can that condition sustain >> no, it can't. last year was all about pe expansi expansion. fed monetary policy switched roots. and went on hold with interest rates. and that allowed the pe to expand but this year, it is going to be much more about the denominator, the earnings growth ra

and phones and software back in the day apple compared tesla compared to apple's cheap compared a volkswagen it's expensive but that's not you know comparative all trying and i'm almost there and here we could talk about it more it's a car right i travel a lot i'm in the airport are do you i park my car next to this one tesla time it gathers more dust than data we have or phone or him all the time it's not like phones it's a car hard in fact you'd make cars and they have a low margin remember that people who are not so enthusiastic about the smartphone when it came out like why do i need all these additions i just have my phone i just want to talk to my grandma what i do and all these apps i don't need all the stuff is crazy drives economy how much time you think i actually spend in my car yeah but once the car on the phone merge and you have your car is offering all kinds of services that are going to be our 4 percent of the time it sits idle without me in it ok 96 percent fair enough oh i don't want to spend time in that become people can go back and forth on this on line most will probabl

volkswagen has a scaled advantage going forward. do you think of the automotive sector right now? on a structural basis, it is phasing a lot of the headways. if you look at the flows, deeply unpopular with investors. 2020,ear, you look at there are things that impact the sector. we haven't talked about potential trade confrontation .etween u.s. and europe while technically we could see the sectors presenting better entry points, on a structural basis, we think there are better sectors and regions sustain vested in. matt: michael, let's talk about the high-end. the luxury carmakers, far-reaching was the top -- for ari was the top auto stock of 2019. will it to do well in 2020? ,ichael: in terms of earnings this is pretty much a consensus. the price is much more limited going forward. about aston martin logons a. we can see a dropping 54%. it is an iconic name. james bond drives and aston martin, but it seems -- it doesn't seem to be able to do anything right. i know they have this suv coming out. is that going to be the savior of a m

. >> on the other side, volkswagen boss also reacted to his departure. >> it will be sad that he's leaving us he played an important role. he's one of the best marketers he has a brilliant understanding of the brand but we accept that he's going to leave and he's probably in talks with renault now >> speaking about renault specifically, we are all awaiting the big announcement and suggesting that he will be rubber stamped 2019 was a year to forget for the carmaker they underperformed looking at the stock performance with the set back by macroconcerns and questions about the future of alliance, corporate governance, manageme management they are looking to 2020 with optimism hoping they can close a chapter and put a line under 2019 which was a year of utter turmoil. >> i thought it was interesting when you spoke to him in davos asking him what every investor is asking, he said the relationship is extraordinarily positive i'm not sure the investment community necessarily believes that >> i think what is key to that alliance itself is nissan's perspective. nissan has felt from the beginning th

german car giant volkswagen and the german consumer group say they will begin talks to settle a class action lawsuit linked to the diesel emissions scandal the 2 sides say their aim is a quote unquote pragmatic solution in the interests of customers a settlement would entitle plaintiffs to financial compensation for the loss in value of their diesel vehicles. german employment was up in 2019 despite an economic slowdown in the country $45300000.00 people were at work that's an increase of 9 tenths of a percent over the previous year according to official data and that marks 14 straight years of jobs growth the overall jobless rate was stable for the year at just over 3 percent. greece israel and cyprus signed a deal in athens for an undersea pipeline the east med pipeline will carry gas from offshore israel to continental europe via greece and cyprus the $6000000000.00 project would be an alternative to russian gas but it's fraught with political and logistical challenges. over asia where thai retailers have joined the battle against ocean pollution by banning single use plastic bags

the volkswagen van became this perfect people mover.re integral to the counter culture and gave people the opportunity to move and travel and come to these festivals and it was cheap. somebody out there probably remembers how much gasoline cost at the time. i want to say 29 cents a gallon that even with inflation was really cheap. cars were cheap. it was easy to fix them and there was no electronic computer stuff. cars were at the core of youth culture and the counter culture, too. those are great stories. everybody remembers their vehicle and it is so amazing that that has such powerful resonance for folks.ho >> wantw to share with the viewers some of the headlines beginning with "the new york times." how woodstock was covered 50 years ago as we listen to dan fa from fort lauderdale, florida, n who was there in august 1969. go ahead, dan. >> yes, i was. i came from a town in mass, and got together with the lifeguard who i was working with in the state park and his friends and we drove down there. we had our ticket and i still au have t

it is greater than volkswagen and lower than only toyota in the autos.f it holds this valuation for six months, it unlocks the first trench of a bonus package of about $46 million. another stock rally and alongside tesla's virgin galactic. -- stock rally and alongside tesla is virgin galactic. adam jonas at morgan stanley saying he is getting more interest in this stock than almost any other, except for tesla. vonnie: thank you. up next, more special coverage from davos. plus, with climate change the defining issue of our time, this week marks the launch of bloomberg green. using data and in-depth reporting to illustrate the challenge, find it on the terminal, on bloomberg tv and bloomberg radio. this is bloomberg. ♪ ♪ guy: from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is the european close on "bloomberg markets." guy: let's get back to our special coverage from the world economic forum in davos. haslinda amin is standing by with the ceo of temasek international. haslinda: we are talking about pillay joining us. blackrock sa

interestingly on the volkswagen stand they were all electric.unching was the ids. a sort of electric golf. with a 205—340 mile range depending on the exact model, with prices starting from a competitive 30,000 euros. and a first from vw. they will guarantee the battery for eight years, meaning that if it loses more than a quarter of its full charge when new, they will replace it. audi hasn't done much in the way of electric for the past ten years either, although now they have this. sorry, that's another concept car. now, they have this. they have started with the popular style family suv, but at more than £70,000, can many families afford it? surely some things will never lose the roar of a combustion engine. when land tover decided to make the defender electric, you know there is a trend going on. it also updates its own software over the air. and then, there were the sports cars. the tycoon is porsche's first all—electric car and it shifts, ——tychan 0—62 in 3.2 seconds, with a range of up to 279 miles and a guarantee on that battery. ok, it's

censoring domestic media it's also successfully put pressure on foreign companies such as car makers volkswagen to the hotel chain maryon to quassia any criticism the report also focuses on china for its mass surveillance of its own people calling it the most intrusive public monitoring system that the world has ever known and the people at human rights watch they can talk about that now with a lot of credit bill what they were going to talk about then i'm joined here at the big table tonight by the men from human rights watch german even some accounts because it's good to see you again you know we had your boss the executive director last night kenneth roth on the show here talking about he wanted to release this report yesterday in hong kong but he was refused entry into the country or into the territory on sunday were you surprised to see china or the authorities in hong kong say no you can't come into the territory. we knew it was a risk because of china squashing off free speech and. any criticism about china and on china and but i mean it was also a proof of what we are saying that china

interestingly on the volkswagen stand, they were all electric.launching was the ids — a sort of electric golf. with a 205—340 mile range, depending on the exact model, with prices starting from a competitive 30,000 euros. and a first from vw — they will guarantee the battery for eight years, meaning that if it loses more than a quarter of its full charge when new, they will replace it. audi hasn't done much in the way of electric for the past ten years, either — although now they have this. sorry, that's another concept car. now, they have this. they have started with the popular style family suv. but at more than £70,000, can many families afford it? surely, some things will never lose the roar of a combustion engine. now, when land rover decide to make the defender electric, well, then you know there is a trend going on. it also updates its own software over the air. and then, there were the sports cars. the taycan is porsche‘s first all—electric car and it shifts — 0—62 in 3.2 seconds, with a range of up to 279 miles and a guarantee on that ba

and volkswagen choked up record annual sales in $29.00 that's despite trade boys diesel emissions and slowing global growth comic delivered $11000000.00 vehicles a rise of both in the states on the previous year and likely enough to remain the world's largest automaker. the new mobility trends favoring sustainability and digital innovation of putting the likes of folks flogging and b.m.w. under pressure other companies have taken the lead like one berlin startup which believes that its autonomous cob made by a 3 d. printer is the future of mobility. efficient digital and self driving this will be the car of the future if the berlin started big rap has anything to do with it the low key prototype is the company's 1st car that's fully 3 d. printed. loki's the expression of many contemporary trends that have been joined together in one visionary vehicle. those are thomas driving him ability and 3 d. printing. we're always trying to go these 3 things together to create a unified vision. daniel greening and his team spent 12 weeks designing the car it's made up of 143 d. printed parts made

battery powered cars but the fact is the prices are just pricing this technology out of the market volkswagen group is not even considering that b.m.w. i think among the german manufacturers is the most enthusiastic the r. and d. chief insisting though that it's. a fuel cell car would be many times more expensive than current in cars and that he would be seeing more for light trucks and trucks now despite these changes and new forms of mobility that are hitting the market appetite for cars in the european union was still there sales grew as we heard our investors expecting that to continue 2020. i think so i mean the projections for the world economy are looking upwards the german economy which was really really slow and $29000.00 we just heard the figure yesterday is projected to rise a little bit more one percent next year consumers here and in many parts in europe are feeling better than they did before but there's a huge challenge with the discussion on cars in full swing and for the automakers they have to make a very difficult transition to eat cars putting every effort to selling the o

reuters reports that carmaker volkswagen is in talks to purchase a 20 percent stake in chinese battery maker when the move would come as the company looks to sell $1500000.00 electric cars in china but 2025. beijing is calling on candidates release the detained while way executive joe long was arrested over a year ago and is charged with bank fraud for misleading the bank h.s.b.c. about activities in iran extradition hearing which will fight american efforts to have her brought there for trial is scheduled to begin monday. lawn must space tourism company space x. has deliberately destroyed one of its falcon 9 rocket as part of a test of the rockets abort function must describe the launch as picture perfect now space x. needs nasa service to certify the rocket for flights with the human crew. well it's the world's most expensive real estate market prices in hong kong are now under pressure after months of protests there while some losses are surprisingly large experts warn against too much optimism for buyers through hong kong's real estate market is the least affordable in the world af

you are a clipping volkswagen. eclipsing gm and ford combined. how did this happen?rkable how fast this happened. two weeks ago market value was $88 million. totally --ater he is it has been amazing. taylor: explain the payout for me. it is not just one time. it has to be sustained on a rolling basis. >> six months, 30 day, which i should know more about. it is not just a one-time thing. now they hit it if they can sustain at, he will get that payout. taylor: how does the shorts feel? >> they are being crushed right now. lost over 20 billion -- $2 billion in 2019 and lost that same amount in january of 2020. remarkably they are not folding. tesla is still one of the biggest shorts out there. if anything a lot of them are doubling down. when we look at the earnings on the 29th, the big surge in the stock has been fueled by the big growth in china. they managed to roll out that shanghai factory -- what is that word? really good production limited pickups, so to speak. how much of all of this is really based on china? dana: i think the run-up in the stock is due to thre

tesla's market value surpassed $100 billion, searching past volkswagen to become the world's second mostwmaker. the ceo can look out to a huge payout if the stocks sustain its rally. for more on the remarkable run, i spoke to dana. dana: it is remarkable how fast this happened. two weeks ago, the market value was $88 million. two weeks later he is totally -- it has been amazing. taylor: explain the payout for me. it is not just one time. it has to be sustained on a rolling basis. dana: six months, 30 days, which i should know more about. it is not just a one-time thing. now that they've hit it, if they can sustain at, he will get that payout. taylor: how do the shorts feel? dana: they are being crushed right now. they've lost over $2 billion in 2019 and lost that same amount in january of 2020. remarkably, they are not folding. tesla is still one of the biggest shorts out there. if anything, a lot of them are doubling down. taylor: when we look at the earnings on the 29th, the big surge in the stock has been fueled by the big growth in china. they managed to roll out that shanghai factor

0ne statistic you mentioned earlier on is how the market of tesla is now bigger than volkswagen, oneggest auto manufacturers in the world. so there is some concern that this spike in shares could be overdone. and a lot of the established car companies are selling electric cars now as well. just quickly, your comment on the bbc. a50 jobs going. this on the front page of the guardian. it needs to cut £80 million in costs. this is the bbc having to rethink how it does news in order to save money. the interesting thing about this is there is the license fee in the uk that you have to buy. in the statistics show that very few people under the age of 35 and also people down on the income scale have a lot of access to bbc news service, so it is about realigning it, perhaps, with demand. and the plan is to get more digital stuff there and also to try and get more into the audience of the younger people. the under 35 ‘s. absolutely. i don't know how many are about this time in the morning in uk. but thank you, jane. great to have you on the briefing. and thank you for your company. do remembe

since its last set of results, valuing the company at over $100 billion, more than german car giant volkswagen high after the latest numbers beat wall street estimates. it's seeing strong growth in its cloud business, where it is battling its rival amazon in renting out computing power to companies. revenues at its cloud division known as azure were up 62%. the number of cars built in the uk fell to its lowest level in almost a decade in 2019, with a further decline expected this year, that's according to the society of motor manufacturers and traders. production was down by 14.2% to 1.3 million vehicles, the lowest since 2010, hit by brexit uncertainty as well as changes in the industry, including the move away from diesel and towards electric. you are up—to—date on all the latest business stories. new figures reveal a large increase of prison officers in england and wales cricket board off work because of stress. over 1000 frontline workers took time off last year because of stress as danny shaw reports. there isjust this foreboding inside your belly. the fear of a prison officer. bob worked

the ceo of volkswagen joins us.will speak to the german health minister, european stability mechanism managing director, you're a group president, and the governor of the bank of france. all of that live from davos. plus, ecb president christine lagarde joins us for hers firs -- her first interview of the date. don't miss that interview. this is bloomberg. ♪ ♪ >> phase one is about breaking down trade barriers. you know, that's a very market oriented approach. we can get those exports in the next year and the year after that. that is a big growth factor for the united states. >> i think it is good we see some degree of dÉtente between the two. it is about time we see some of those nations, you know, at least contain and hopefully rollback. >> do we have a more protections -- for example, in our case, to intellectual property? yes. do we think this is sufficient? no. but is this progress? yes. >> i think the signing of the stage one, i think this is a positive step that both parties are taking. it will make the momen

because it is an artificial intelligence project the first in china is volkswagen they are building their. we are interested in watching volkswag volkswagen. >> kathy, always fascinating to get your take on tesla. >>> we are above 29k dow y'all time high. up 1 2 the s&p trying to bust out of the hered re at 3287 back in a moment just as soon as my audit's over, this gets my undivided attention. you take a lot of trips to the islands, phil? pretty great, right? oh phil's legally dead. fell off a boat. going by denis now. celery. long story. what do we got here. oh. not going to want to see this. i don't think this is going to work. just ok is not ok. at&t has america's best network, now with our best plans, at our best prices, starting at $35 a line for 4 lines. new from at&t. apps except work.rywhere... why is that? is it because people love filling out forms? maybe they like checking with their supervisor to see how much vacation time they have. or sending corporate their expense reports. i'll let you in on a little secret. they don't. by empowering employees to manage their own tasks, p

but by the way, tesla is nipping at the heels of volkswagen volkswagen is like $88, $89 billion. so they're not far away from volkswagen >> phil, thanks so much for that jim, what's your take on tesla >> here's the thing. he brought up the multiples. so place that same valuation on the other car companies. let's take a whole lot of these big cap companies, particularly the tech companies, and you have stocks that have moved over the last six months from 150 to 300. then you look at the multiples and say, how are we going to push this any further? the other thing they need to be aware of, i don't care if it's the company you're talking about, and they haven't been through a correction, you better be careful, because most astute investors, i know, particularly hedge fund guys will wait until there's a consolidation. when you're buying a stock that looks like that, you've got a lot of people that could step in and take profits right after you. you're in for a big air pocket >> the broader market down about 211 points about 0.6% on the s&p. stocks are falling from record highs after

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possibly a volkswagen jetta. she's not sure. as i mentioned, the police did stop a similar car on the freeway. >> all right, thank you. >>> a winter storm warning has been issued for the lake tahoe area through 10:00 tonight. the first winter storm of the year is bringing freezing rain and snow. if you're headed up that way on either i-80, or highway 50, sure to bring change. they are required on all vehicles except four wheel drive vehicles with snow tires. travel is not recommended for campers and trailers because of high winds. we are monitoring the road conditions right now. right now, traffic on 50 is being held in el dorado county. >> they have certainly received a lot of snow. >>> is it going to die down? >> it will. after midnight. i'm talking to some people, i know some people that are driving up and sending the update. they are hitting snow all the way up. they are still moving on 80, 50 is closed. or they are stalling, holding cars. up in town, it is a full on blizzard right now. a full on blizzard. the visibility is

i think the big picture here is something that the head of volkswagen said which is tesla is the firstat's being valued like a technology company. they have done something very different than everybody else. it is truly the first connected car. and the question is, will your car be your next smart device? if that's true, i think there could be a lot of room to grow there is certainly international growth and certainly growth as they bring new models to market. say what you want about elon musk and tesla, they have proved the nay sayers wrong. >> david, tell me, what would it take in your analysis for tesla to be worth what it is trading at right now, in terms of vehicle volumes, in terms of efficiency how long would it take to get this. >> well, i think i would have to -- my mid-cycle operating margin, it is a ten-year forecast, that's way out in time but i believe it is 9% which if you believe more of the tech story that's way too low. i don't disagree with what steve just said about a smart phone on wheels there has been talk about this being sort of like apple for a long time. yes,