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Inside Automotive (Jun 1st, 2018)

Here are the top ten Automotive stories of the day, ranked by importance. We always love to hear from readers, and if you have details or stories we don't know about or other information, hit reply and tell us. Thanks for reading!

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Best, Johan

Curator, Inside Automotive

1. The Tesla Model S is one of the costliest vehicles to insure. According to data from the Insurance Institute for Highway Safety, the average annual insurance premium for the Model S sedan is $1,789.48, with an average collision insurance claim of $1,310. This is one of the highest vehicles to insure, according to the data. The next most expensive vehicle to insure is the Mercedes-Benz S-Class sedan, which will cost about $1,540.63 per year to insure, with an average collision claim of just $803.40. To likely alleviate rising insurance costs, Tesla is planning to expand its own insurance offering in the United States. — ARS TECHNICA

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Learn how this growing startup upgraded their meetings

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Want to try it? Grab one on Amazon.

2. Warren Buffett confirmed Berkshire Hathaway was working on a deal to invest in Uber. Buffett confirmed with CNBC that it was true Berkshire Hathaway considered investing in Uber earlier this year. Buffett told the network that while some of the details of the potential deal were not correct, it was true that the two companies had spoken, with discussions falling apart over terms. Buffett said he is a “great admirer” of Uber CEO Dara Khosrowshahi. At the Code Conference, Khosrowshahi said it was always possible talks would resume on a deal with Berkshire Hathaway. — CNBC

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3. A German engineering firm tore down a Tesla Model 3 to analyze production costs. German magazine Wirtschaftswoche spoke with an engineering firm that purchased a Model 3 on the used market to benchmark the vehicle and analyze costs. The firm found that the vehicle uses about $18,000 in materials and logistics costs and $10,000 in labor costs, for a total potential cost of $28,000. This means the Model 3 would be relatively profitable than some have previously expected. Musk agreed with the analysis and tweeted the original article. — ELECTREK

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4. President Trump reportedly wants to block German automakers from the U.S. market. According to German magazine Wirtschaftswoche, Trump apparently told French President Emmanuel Macron he wanted to “stop Mercedes-Benz models from driving down Fifth Avenue in New York.” There is no indication that Trump is ordering tariffs on German automakers or what steps he would take to prevent them from entering the market. But this does come as the Department of Commerce looks into automotive imports and whether they threaten national security. German luxury automakers, like Mercedes-Benz and BMW, have plants in the United States. — CNBC 

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5. Tesla has hired new leadership from Amazon and BMW. The company announced Sanjay Shah is joining the automaker as its senior VP of energy operations. Shah will oversee the deployment and operations of Tesla’s energy products, including solar offerings, Powerwall and Powerpack. He is joining the company from Amazon, where he served as the VP of North American fulfillment centers. Jan Oehmicke will join Tesla the VP for the automaker’s Europe operations, managing finance, sales and operations for the region. Oehmicke served as the CEO for BMW Financial Services’ French division. — ELECTREK

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6. A columnist at Bloomberg believes an Uber IPO in late 2019 could be risky for the company. Conor Sen argues that as the labor market tightens, Uber may face pressure and find itself at the “mercy of a historically tight labor market and an uncertain, volatile political environment.” — BLOOMBERG

7. Susan Fowler was targeted in a mass recruiting email blast on behalf of Uber. PowerToFly is a recruitment firm focused on finding minority and women candidates. The company sent an email that Fowler was targeted in, which she later shared on Twitter. — FAST COMPANY

8. California electric utility companies will spend nearly $768 million on charging infrastructure for electric vehicles. The programs approved by the California Public Utilities Commission focus on creating the infrastructure to support charging stations particularly for electric trucks and buses. — SF CHRONICLE

9. U.S. allies have hit back at steel and aluminum tariffs that have been levied. These tariffs will likely hit the automotive industry, as steel and aluminum are heavily used in vehicles. Tariffs of 25 percent on steel imports and 10 percent on aluminum have been imposed on the European Union, Canada and Mexico. — REUTERS

10. Chrysler, Dodge and Fiat were missing from a schedule at Fiat Chrysler Automobiles’ five year outlook briefing. Some believe that the auto brands may fold as a result. A spokesperson confirmed Chrysler will not be eliminated, but did not offer more details on the latter two auto brands. — AUTO NEWS

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