Category: 3. Business

Elon Musk once laughed off Chinese electric vehicle maker BYD (Build Your Dreams), scoffing in 2011, “Have you seen their car?” That mockery turned into a rude shock on Friday, as BYD dethroned Tesla to become the world’s largest seller of electric vehicles (EVs) on a calendar-year basis.

In a statement released Thursday, BYD reported that sales of its battery-powered vehicles rose nearly 28% to 2.26 million units in 2025. Tesla, on the other hand, delivered 1.64 million vehicles during the same period, marking around 8% drop from 2024 and its second consecutive annual decline. Fourth-quarter deliveries for Tesla fell about 16% compared with the same quarter in 2024, when the company reported 495,570 vehicles.

Musk had openly dismissed BYD in an October 2011 interview with Bloomberg TV, stating, “I don’t think they have a great product,” and adding that he did not consider BYD a competitor. Since then, BYD has experienced a spectacular rise, resulting in Friday’s historic shift in the global EV market.

Tesla endured a turbulent 2025, with shares collapsing in the first quarter amid stiff competition, particularly from Chinese EV makers, and reputational challenges tied to Musk’s political statements, according to ABC News.

Analysts had expected Tesla’s fourth-quarter deliveries to slow less, predicting around 449,000 vehicles, but the elimination of the $7,500 US EV tax credit at the end of September 2025 contributed to the slowdown. In addition to economic factors, Tesla faced political headwinds, with sales struggling in key markets due to Musk’s public support for President Donald Trump and other far-right figures.

Known in Chinese as “Biyadi” — which translates to “Build Your Dreams” in English — the company was originally founded in 1995 as a battery manufacturer. It has since grown into a leading player in China’s highly competitive new energy vehicle market, producing both fully electric and plug-in hybrid vehicles. With China being the world’s largest EV market, BYD has leveraged its affordable, high-volume models to capture significant market share.

While facing hefty tariffs in the United States, BYD is expanding overseas, gaining traction in Southeast Asia, the Middle East, and Europe. In 2025, the company exported over 1 million vehicles, a 150% increase from the previous year. December alone saw a record 133,000 units shipped abroad, with production soon set to begin in new plants in Brazil and Hungary to bypass trade barriers and strengthen its global presence.

The 2025 leadership shift reflects two contrasting trajectories. Tesla’s deliveries fell due to aging models, political challenges, and the EV tax credit phase-out, while BYD surged nearly 30% by targeting entry-level, high-volume segments that Tesla has yet to penetrate. Analysts note that BYD’s vertical integration — producing its own batteries and semiconductors — creates a scale advantage that protects margins as competitors struggle.

Despite record sales, analysts say BYD could face potential challenges in 2026 due to a Chinese policy shift. Fixed rebates have been replaced with a percentage-based system, requiring vehicles to cost at least 166,700 yuan to receive the maximum 20,000 yuan subsidy. A new 5% purchase tax may further impact demand for budget models like the Seagull, although analysts believe BYD’s premium sub-brands are well-positioned to capture consumers moving upmarket.

Tesla narrowly beat BYD in 2024, with 1.79 million units sold versus BYD’s 1.76 million, but 2025 marks the first time BYD has outproduced the American EV giant.

Despite Tesla shares dipping 0.5% in early New York trading on Friday, analysts at Los Angeles-based Wedbush Securities Inc, a leading American financial services firm, noted that its quarterly sales exceeded some expectations, while highlighting ongoing challenges in Europe and other key markets.

With its affordable models, efficient manufacturing, and growing international footprint, BYD is now positioned to reshape the global EV landscape, signaling a historic shift in the balance of power between Chinese and American automakers.

Czech GDP growth was confirmed at 0.8% quarter-on-quarter and 2.8% year-on-year in the final estimate. Real household income added 0.3% YoY in third quarter 2025, while annual household consumption per capita grew at a faster pace of 2.8%. Such twofold dynamics fostered the trend of the savings rate softening to levels observed in the pre-pandemic years. The household savings rate was 18.4% in third quarter 2025, which is 0.1ppt lower than the previous quarter and 1.9ppt lower than a year ago. Total wage costs of non-financial corporations increased by 7.3% YoY in 3Q25.

The investment rate increased by 0.3ppt QoQ and reached 26.8% in third quarter 2025, yet it was 1.1ppt weaker than in the previous year. The profit rate was 43.5% in 3Q25, down 0.1ppt QoQ and 0.3ppt from the previous year. The reading confirmed the good shape of the Czech economy, with fixed investment expanding 0.6% QoQ and 1.7% YoY. The punchy investment figure offers some hope that the Czech industrial base might not be in such a dismal state as suggested by the recent downbeat confidence indicator, with the caveat that the national accounts statistics measure is for the third quarter, but confidence tends to be more forward-looking.

WASHINGTON – The U.S. Department of Labor today awarded $551,195 to Massachusetts to support employment and training services for workers affected by layoffs at The L.S. Starrett Co.

On June 30, 2025, The L.S. Starrett Co. – one of the region’s largest employers – laid off 78 manufacturing workers. Based in Athol, the precision measuring tool manufacturer’s downsizing significantly disrupted the northern Massachusetts rural labor market.

Administered by the department’s Employment and Training Administration, this National Dislocated Worker Grant allows the Massachusetts Executive Office of Labor and Workforce Development to provide retraining and skills development services for dislocated workers seeking assistance in Franklin and Worcester counties.

Supported by the Workforce Innovation and Opportunity Act of 2014, National Dislocated Worker Grants provide a state or local board with funding for direct services and assistance in areas experiencing a major economic dislocation event that leads to workforce needs exceeding available resources. 

SACRAMENTO – Today, Senator Steve Padilla (D-San Diego) announced he will introduce legislation placing a 4-year moratorium on the sale and manufacturing of toys with artificial intelligence (AI) chatbot capabilities for children under 18. The purpose of this legislation is to allow time for safety regulations to be developed protecting children from dangerous AI interactions.

Senator Padilla is the author of Senate Bill 243, the first-of-its-kind law that requires chatbot operators to implement critical, reasonable, and attainable safeguards around interactions with AI chatbots and provide families with a private right to pursue legal actions against noncompliant and negligent developers.

“Chatbots and other AI tools may become integral parts of our lives in the future, but the dangers they pose now require us to take bold action to protect our children,” said Senator Padilla. “Our safety regulations around this kind of technology are in their infancy and will need to grow as exponentially as the capabilities of this technology does. Pausing the sale of these chatbot integrated toys allows us time to craft the appropriate safety guidelines and framework for these toys to follow. Our children cannot be used as lab rats for Big Tech to experiment on.”

Earlier this year, Mattel, Inc., one of the largest toy makers in the world, announced a partnership with OpenAI to support AI-powered products. Just last month, the US Public Interest Group Education Fund (PIRG) published the findings of a study it conducted on the safety of several AI toys. In testing, PIRG found that the toys could engage in conversations that were not age appropriate, including how to use matches to start a fire and topics of a sexual nature. The report also cites OpenAI’s own policy that says ChatGPT “is not meant for children under 13” and “may produce output that is not appropriate for… all ages.”

The dangers of chatbots have become apparent as stories of disastrous outcomes mount in the media. In Florida last year, a 14-year-old child ended his life after forming a romantic, sexual, and emotional relationship with a chatbot. Social chatbots are marketed as companions to people who are lonely or depressed. However, when 14-year-old Sewell Setzer communicated to his AI companion that he was struggling, the bot was unable to respond with empathy or the resources necessary to ensure Setzer received the help that he needed. Setzer’s mother has initiated legal action against the company that created the chatbot, claiming that not only did the company use addictive design features and inappropriate subject matter to lure in her son, but that the bot encouraged him to “come home” just seconds before he ended his life.

Last year, Senator Padilla held a press conference with Megan Garcia, the mother of Sewell Setzer, in which they called for the passage of SB 243. Ms. Garcia also testified at multiple hearings in support of the bill.

Sadly, Sewell’s story is not the only tragic example of the harms unregulated chatbots can cause. There have been many troubling examples of how AI chatbots’ interactions can prove dangerous.

In August, after learning of the tragic story of Adam Raine, the California teen that ended his life after being allegedly encouraged to by ChatGPT, California State Senator Steve Padilla (D-San Diego), penned a letter to every member of the California State Legislature, reemphasizing the importance of safeguards around this powerful technology.

Last year, the Federal Trade Commission announced it launched an investigation into seven tech companies around potential harms their artificial intelligence chatbots could cause to children and teenagers.

The proposed legislation (language attached) would place a moratorium on the sale and manufacturing of toys with AI chatbot capabilities for children under 18 for a period of four years, limiting access to dangerous technology marketed exclusively for children. safety, and accountability in chatbot usage.

Last month, Senator Padilla introduced legislation that would further protections surrounding chatbots for children and other vulnerable users by:

• Bring age verification protocol in line with California’s landmark law, requiring chatbot operators to adhere to a stricter standard
• Require operators to prevent chatbots from producing or facilitating the exchange of any sexually explicit material or proposing any sexually explicit content in interactions with minors

To learn more about Senate Bill 243 and the dangers chatbots can pose, click here.

The bill will be introduced and receive a bill number when the Senate gavels into session Monday, January 5^th and will be heard in the Senate in the following months.

###

Steve Padilla represents the 18th Senate District, which includes the communities of Chula Vista, the Coachella Valley, Imperial Beach, the Imperial Valley, National City, and San Diego. Prior to his election to the Senate in 2022, Senator Padilla was the first person of color ever elected to city office in Chula Vista, the first Latino Mayor, and the first openly LGBT person to serve or be elected to city office. Website of Senator Steve Padilla: https://sd18.senate.ca.gov/

SACRAMENTO – Today, Senator Steve Padilla (D-San Diego) announced he will introduce legislation placing a 5-year moratorium on the sale and manufacturing of toys with AI chatbot capabilities for children under 18 to allow time for safety regulations to be developed protecting children from dangerous AI interactions.

Senator Padilla is the author of Senate Bill 243, the first-of-its-kind law that requires chatbot operators to implement critical, reasonable, and attainable safeguards around interactions with artificial intelligence (AI) chatbots and provide families with a private right to pursue legal actions against noncompliant and negligent developers.

“Chatbots and other AI tools may become integral parts of our lives in the future, but the dangers they pose now require us to take bold action to protect our children,” said Senator Padilla. “Our safety regulations around this kind of technology are in their infancy and will need to grow as exponentially as the capabilities of this technology does. Pausing the sale of these chatbot integrated toys allows us time to craft the appropriate safety guidelines and framework for these toys to follow. Our children cannot be used as lab rats for Big Tech to experiment on.”

Earlier this year, Mattel, Inc., one of the largest toy makers in the world, announced a partnership with OpenAI to support AI-powered products. Just last month, the US Public Interest Group Education Fund (PIRG) published the findings of a study it conducted on the safety of several AI toys. In testing, PIRG found that the toys could engage in conversations that were not age appropriate, including topics of a sexual nature and how to use matches to start a fire. The report also cites OpenAI’s own policy that says ChatGPT “is not meant for children under 13” and “may produce output that is not appropriate for… all ages.”

The dangers of chatbots have become apparent as stories of disastrous outcomes mount in the media. In Florida last year, a 14-year-old child ended his life after forming a romantic, sexual, and emotional relationship with a chatbot. Social chatbots are marketed as companions to people who are lonely or depressed. However, when 14-year-old Sewell Setzer communicated to his AI companion that he was struggling, the bot was unable to respond with empathy or the resources necessary to ensure Setzer received the help that he needed. Setzer’s mother has initiated legal action against the company that created the chatbot, claiming that not only did the company use addictive design features and inappropriate subject matter to lure in her son, but that the bot encouraged him to “come home” just seconds before he ended his life.

Last year, Senator Padilla held a press conference with Megan Garcia, the mother of Sewell Setzer, in which they called for the passage of SB 243. Ms. Garcia also testified at multiple hearings in support of the bill.

Sadly, Sewell’s story is not the only tragic example of the harms unregulated chatbots can cause. There have been many troubling examples of how AI chatbots’ interactions can prove dangerous.

In August, after learning of the tragic story of Adam Raine, the California teen that ended his life after being allegedly encouraged to by ChatGPT, California State Senator Steve Padilla (D-San Diego), penned a letter to every member of the California State Legislature, reemphasizing the importance of safeguards around this powerful technology.

Last year, the Federal Trade Commission announced it launched an investigation into seven tech companies around potential harms their artificial intelligence chatbots could cause to children and teenagers.

The proposed legislation (language attached) would place a moratorium on the sale and manufacturing of toys with AI chatbot capabilities for children under 18 for a period of five years, limiting access to dangerous technology marketed exclusively for children. safety, and accountability in chatbot usage.

Last month, Senator Padilla introduced legislation that would further protections surrounding chatbots for children and other vulnerable users by:

• Bring age verification protocol in line with California’s landmark law, requiring chatbot operators to adhere to a stricter standard
• Require operators to prevent chatbots from producing or facilitating the exchange of any sexually explicit material or proposing any sexually explicit content in interactions with minors

To learn more about Senate Bill 243 and the dangers chatbots can pose, click here.

The bill will be introduced and receive a bill number when the Senate gavels into session Monday, January 5^th and will be heard in the Senate in the following months.

###

Steve Padilla represents the 18th Senate District, which includes the communities of Chula Vista, the Coachella Valley, Imperial Beach, the Imperial Valley, National City, and San Diego. Prior to his election to the Senate in 2022, Senator Padilla was the first person of color ever elected to city office in Chula Vista, the first Latino Mayor, and the first openly LGBT person to serve or be elected to city office. Website of Senator Steve Padilla: https://sd18.senate.ca.gov/

• Required disclosures. Reporting companies must disclose the following information for each non-exempt beneficial owner and each applicant:
  • (1) full legal name,
  • (2) date of birth,
  • (3) current home or business address, and
  • (4) a unique identifying number from (i) an unexpired passport, (ii) an unexpired state driver’s license; or (iii) an unexpired identification card or document issued by a state or local government agency or tribal authority for the purpose of identification of that individual.
• Beneficial owner. A beneficial owner is an individual who exercises “substantial control” over or who owns 25% or more of a reporting company. There are exemptions for minor children, nominees/intermediaries/custodians/agents, employees, heirs, and creditors that meet certain requirements.
• U.S. beneficial owners are not reported. Reporting companies are not required to include beneficial ownership information for beneficial owners that are U.S. persons. 
• Applicant. An applicant is the individual who directly files the document that first registers the reporting company with the Department of State. If more than one individual is involved in the filing of the document, the applicant is the individual who is primarily responsible for directing or controlling the filing.
• Filing fee. A $25 fee is required for each beneficial ownership statement and attestation of exemption.
• Electronic filing with the Department of State. Beneficial ownership disclosure statements and attestations of exemption are filed electronically through the Department of State’s filing system.
• Annual filing required. Either a beneficial ownership disclosure statement or attestation of exemption must be filed annually.
• Confidentiality of information. Information related to beneficial owners will be maintained in a secure database and deemed confidential except:
  • (1) pursuant to the written request or voluntary consent of the beneficial owner;
  • (2) by court order;
  • (3) to officers or employees of federal, state or local government agencies where necessary for the agency to perform its official duties; or
  • (4) for a valid law enforcement purpose including a purpose relevant to an investigation by the attorney general.
• Penalties. Various penalties may be imposed, including monetary penalties for failing to file by the due date, and the possible suspension of the LLC.

What should foreign LLCs authorized in New York do?

Foreign LLCs should follow these steps to ensure compliance with New York’s new beneficial ownership disclosure requirements.

• Determine if they are a reporting company or an exempt company
• If a reporting company, gather the required information from non-exempt beneficial owners and applicants
• File the initial beneficial ownership disclosure statement or attestation of exemption
• Keep track of any changes to report in the annual filing

We’re here to help

Navigating the new requirements of the New York LLC Transparency Act may seem complex, but our experienced team is ready to help you achieve compliance with confidence. Whether you need guidance on filing, understanding the exemptions, or any other aspect of the Act, we’re here to support you.

For more information, contact CT Corporation.

The Brighton Pier Group has announced that Brighton Palace Pier is being offered for sale. In response, the council has reiterated that it’s a seafront worth investing in.

Brighton Palace Pier is a cultural icon and a much-loved attraction, central to the city’s identity and the local visitor economy. As a Grade II*-listed landmark, the Pier attracts millions of visitors each year, supporting jobs and businesses across the city and contributing significantly to Brighton & Hove’s reputation as a leading UK destination.

Councillor Jacob Taylor, Deputy Leader and Cabinet member for Finance and City Regeneration, said: “Brighton & Hove is a city on the rise – full of energy, creativity and opportunity. Brighton Palace Pier is an iconic part of our seafront, and its sale is an important moment.

“We’re confident that, alongside major investments like the restoration of Madeira Terrace and new leisure spaces at Black Rock and Hove Beach Park, Brighton & Hove will continue to thrive. This is a city with a proven track record and a bold vision for what’s next.

“While it is privately owned, we will work closely with the current and new owners to ensure the pier and our seafront continue to thrive.”

Brighton & Hove was recently recognised on the world stage by Time Out magazine as one of the top 50 cities globally and ranked among the top three destinations in the UK, and its reputation as a welcoming and vibrant place to live, work and visit is stronger than ever.

In 2024, Brighton & Hove attracted 12.2 million trips, generating an impressive £1.39 billion for the local economy and supporting more than 25,600 jobs across accommodation, retail, catering and entertainment.

The council continues to collaborate with partners, businesses and the community to transform public spaces and support a strong, sustainable tourism offer and a seafront to be proud of.

The city’s Seafront Development Board also plays a key role in shaping regeneration, unlocking investment and guiding a long‑term vision for the whole waterfront.

The Rt Hon Lord Bassam of Brighton, who chairs the Seafront Development Board said: “The Palace Pier is a jewel in our crown, a much-loved part of Brighton’s heritage and a key attraction for visitors. Its future matters to us all.

“The sale presents an opportunity for new investment and innovation to protect our heritage and keep it accessible while also supporting a modern, thriving economy.

“We need to work together and look for the right investment to keep Brighton & Hove a world‑class destination for residents and visitors alike.”

The airport said the new rates would become its “single biggest non-operational cost”.

“Unfortunately, like other airports, some of the cost will be passed on to consumers,” they said, adding that the decision was “needed to balance protecting people’s jobs as well as its commitment to improving the customer journey” with plans to reach net zero targets by 2030.

The spokesperson said it was hoped the price increase would “discourage high volumes” of customers using the drop-off car park and instead mean people are more likely to use public transport.

The Bristol Airport flyer is one option for passengers, with the bus costing £9 for an adult return from Bristol or £7 for an adult return from Weston-super-Mare.

The airport spokesperson said passengers could also make use of a free shuttle bus from its waiting zone, with the zone’s capacity set to double.