Category: 3. Business

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Ford has warned of a profit hit of up to $2bn from a fire at an aluminium supplier’s plant in New York, prompting a downgrade in its annual guidance.

The September 16 fire at the plant operated by Novelis has shut down production of aluminium sheets that are widely used by the car industry in the US, including by Ford and Stellantis. 

On Thursday, Ford said it expects an adjusted operating profit of $6bn-$6.5bn for the full year, compared with its earlier target range of $6.5bn-$7.5bn. The downgraded forecast included up to $1bn in net tariff impact, which was smaller than the $2bn net hit it projected in July.

Chief financial officer Sherry House said the company would have raised its guidance if not for the cost impact from the Novelis plant fire.

The carmaker said it would add 1,000 jobs across plants in Michigan and Kentucky to increase output of F-series trucks by more than 50,000 vehicles next year to recover production losses caused by the fire.

For the September quarter, Ford reported net income of $2.4bn on a 9 per cent increase in revenue to a record $50.5bn.

Ford’s adjusted earnings of $2.6bn before interest and tax was flat year-on-year, but higher than the average analyst estimate for $2bn, according to Visible Alpha. For the quarter, it booked a tariff impact of $700mn.

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Intel shares rose 6 per cent after the troubled chipmaker reported better than expected revenue, adding to its momentum following big investments from the Trump administration, Nvidia and Japan’s SoftBank.

The Santa Clara, California-based tech group reported revenue was $13.7bn, up 3 per cent year-on-year — beating Wall Street expectations of $13.1bn.

Intel expected revenue of between $12.8bn and $13.8bn for the fourth quarter, roughly in line with consensus estimates.

It said the trio of investments had strengthened its finances as it seeks to turn around its expensive effort to build advanced chip manufacturing in the US.

Chief financial officer David Zinsner said: “We took meaningful steps this quarter to strengthen our balance sheet, including accelerated funding from the US government and investments by Nvidia and SoftBank Group that increase our operational flexibility and demonstrate the critical role we play in the ecosystem.”

Intel also benefited from deals to sell stakes in specialist chip company Altera and automotive technology company Mobileye. Its upbeat guidance came despite losing income due to its smaller share of Altera.

It reported $4.3bn in net income, its first quarterly profit since 2023, following a record $17bn net loss a year ago resulting from restructuring and impairment charges.

Performance in Intel’s manufacturing business improved, with $4.2bn in revenue, as a result of greater efficiency in its chip foundries.

Personal computer chip sales, which have been relatively flat in recent quarters, also exceeded expectations, driven by upgrades to Microsoft’s operating system. It also cited a broader artificial intelligence-driven increase in demand for its PC and server products. 

Intel’s gross margin improved to 40 per cent during the quarter — boosted by a return to in-house manufacturing. Margins had been eroded by outsourcing Intel’s most advanced manufacturing to Taiwan’s TSMC.

Intel is also trying to win giant chip clients such as Apple, Qualcomm and Nvidia back from TSMC. The manufacturing push has led to billions in losses.

Some analysts had expected Intel to sell the manufacturing unit. But Lip-Bu Tan, who was appointed chief executive in March, has faced pressure from the Trump administration to continue the US chipmaking push and has committed to holding the company together.

Intel shares had risen about 85 per in the six months leading up to Thursday’s earnings report. Investor confidence was boosted by the US government converting manufacturing grants into a 10 per cent equity stake in the company, which was followed by SoftBank buying $2bn in shares and Nvidia agreeing to a chip partnership and a $5bn investment.

But the influx of cash has not resolved Intel’s long-term problems. Ahead of Thursday’s announcement, Bernstein analysts said the company’s position was “still precarious”, with continued uncertainty about the future of its manufacturing business and ongoing losses in its core chip business, leading to a “very stretchy valuation”.

Intel also disclosed the extent of recent job cuts, saying it had shed almost 30 per cent of its staff in a year, as Tan seeks to cut out middle management layers he says have slowed its innovation.

—Insmed Leads Science Top Employers List for Fifth Year in a Row—

BRIDGEWATER, N.J., Oct. 23, 2025 /PRNewswire/ — Insmed Incorporated (Nasdaq: INSM), a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases, today announced that it has earned the highest ranking in Science‘s 2025 Top Employers Survey. The annual survey polls employees in biotechnology, pharmaceutical, and related industries to determine the companies with the best reputations as employers.

“It is an incredible privilege to see our organization recognized as the top employer in Science’s annual survey for a record five consecutive years—something only achieved once before when the list first began,” said Will Lewis, Chair and Chief Executive Officer of Insmed. “We are experiencing an extraordinary period of growth, driven by a series of clinical successes and regulatory milestones that support us in working toward our mission to transform the lives of patients with serious and rare diseases. This recognition reflects not only our deep commitment to advancing science, but also the passion and purpose that drive our work every day.”

The 2025 survey results were based on approximately 5,500 responses from individuals located primarily across North America (66%), Europe (20%), and Asia/Pacific Rim (9%). This year’s highest-ranking companies stood out in the areas of corporate image, financial prowess, leadership and direction, work culture and environment, and academic and intellectual challenge.

“Being recognized once again by Science as the top employer in the biopharma industry is a tremendous honor and a reflection of the people-first culture we continue to build at Insmed,” said Nicole Schaeffer, Chief People Strategy Officer of Insmed. “By fostering an environment where collaboration meets flexibility, we enable our talented team to drive scientific breakthroughs on behalf of patients with serious diseases. I’m grateful to every colleague who makes Insmed such a special place to work.”

The complete feature and company rankings can be accessed here. To learn more about Insmed’s culture, please visit  https://insmed.com/company/culture/.

About Insmed

Insmed Incorporated is a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases. The Company is advancing a diverse portfolio of approved and mid- to late-stage investigational medicines as well as cutting-edge drug discovery focused on serving patient communities where the need is greatest. Insmed’s most advanced programs are in pulmonary and inflammatory conditions, including two approved therapies to treat chronic, debilitating lung diseases. The Company’s early-stage programs encompass a wide range of technologies and modalities, including gene therapy, AI-driven protein engineering, protein manufacturing, RNA end-joining, and synthetic rescue.

Headquartered in Bridgewater, New Jersey, Insmed has offices and research locations throughout the United States, Europe, and Japan. Insmed is proud to be recognized as one of the best employers in the biopharmaceutical industry, including spending five consecutive years as the No. 1 Science Top Employer. Visit www.insmed.com to learn more or follow us on LinkedIn, Instagram, YouTube, and X.

Contact:

Investors:

Bryan Dunn
Vice President, Investor Relations
(646) 812-4030
[email protected] 

Media:

Claire Mulhearn
Vice President, Corporate Communications
(862) 842-6819
[email protected]        

SOURCE Insmed Incorporated

Trade requires trust—and U.S. Wheat Associates (USW) global staff know there is no better way to build and maintain trust than to sit down face-to-face and discuss challenges and opportunities. With this in mind, USW leadership traversed the Pacific Ocean in mid-October to bolster relationships with key customers in South Korea, Singapore and Indonesia and identify opportunities to increase U.S. wheat exports to the region.

“Our goal was to reaffirm our long-standing relationships and USW’s commitment to providing trade and technical support in these important export markets,” said Mike Spier, USW president and CEO. “Strengthening personal relationships with millers and bakers is essential to maintaining satisfaction and expanding demand for U.S. wheat.”

The delegation included Spier, Brian Liedl, USW vice president of overseas operations, and Gary Millershaski, USW vice chairman and Kansas wheat farmer. In each market, leaders heard that improvements in USW’s support and services continue to set U.S. wheat apart from other origins, especially Australia. Growing demand for premium wheat products, such as increased exports of Korean instant noodles or a shift by younger consumers toward more wheat-based foods over rice, presents promising opportunities for U.S. farmers like Millershaski.

“We wanted to hear directly from our flour milling and baking industry partners about how USW’s work is making a difference in their markets and gather input on how we can improve,” Spier said. “These conversations help us identify new innovative opportunities to collaborate with our customers overseas with the ultimate goal of enhancing profitability for U.S. wheat producers.”

Finding Mutual Success for U.S. Wheat Farmers and Instant Noodle Manufacturers in South Korea

The team’s first stop was South Korea, one of the largest and most consistent buyers of U.S. wheat. Meetings with key customers, including the Korea Flour Mills Industrial Association (KOFMIA) and major milling companies, celebrated the long-standing cooperative partnership between USW and South Korea’s milling industry. The team also met with the president of South Korea’s leading shipping company, Pan Ocean, to exchange insights on maritime logistics and the shipping market.

Despite challenges like a declining population and an economic slowdown, recent increases in exports of South Korean-produced instant noodles and bakery products have boosted demand for U.S. wheat. Ranking as the third largest buyer of U.S. wheat, South Korea imported a record 2.41 MMT (88.6 million bushels) of U.S. wheat in 2024/2025, driven by U.S. soft white (SW) sales. South Korea also buys U.S. hard red spring (HRS), U.S. hard red winter (HRW) and a smaller quantity of U.S. soft red winter (SRW). As of October 16, the United States has exported more than 882,000 MT (32.4 million bushels) of U.S. wheat to South Korea for the 2025/2026 marketing year.

The global popularity of Korean instant noodles is driving major manufacturers to expand production capacity in 2026, which will significantly boost demand for instant noodle flour and, in turn, U.S. wheat. This success results from years of collaboration between USW, South Korean noodle manufacturers and other industry partners to develop cost-effective, high-quality blends of U.S. wheat classes tailored for noodle production.

Once new capacity is added, demand for instant noodle flour will further increase U.S. wheat imports. South Korean millers expressed interest in expanding the range of U.S. wheat suitable for noodle production to better meet evolving market needs.

“The expansion of South Korean instant noodle manufacturing is encouraging for U.S. wheat growers as it points to sustained and potentially increased demand for their wheat in key markets,” Spier said. “Our conversations with millers and bakers also provided valuable feedback on how USW can continue improving its efforts to support the milling industry and help grow demand for U.S. wheat—ultimately contributing to stronger returns for American producers.”

Quality, Trade Servicing and Technical Support Make U.S. Wheat Second to None in Singapore

In Singapore, USW leaders met with company executives at the South and Southeast Asia base. Growing populations and tourism are fueling market expansion, reaching from high-end markets in Vietnam to a relocated, updated flour mill with a deeper port in Singapore.

Customers reported that demand for HRS and Western White (WW) wheat is very consistent year over year. Additionally, this year, one company has taken advantage of price competitiveness to buy HRW into markets like Sri Lanka.

“Our customers told us that U.S. wheat quality is second to none, and USW has the best programming and services in the region compared to competitors like Australia and Canada,” Liedl said. “They were very complimentary of the work we do in the region and are looking forward to connecting with USW staff and learning more about this year’s crop during the upcoming crop quality seminars.”

Doubling Down on Partnerships in Indonesia

From Singapore to Jakarta, USW leaders took a deeper dive into the current trends in mill demand in Indonesia. The team had an open forum with Indonesian millers and Shawn Thiele, associate director of the IGP Institute at Kansas State University, who was in the country on a milling consultation project. The forum addressed how customers can improve the technical performance of U.S. wheat in their mills and how to adjust contracts to maximize the value of U.S. wheat purchases.

The topics were well-timed. Wheat sales to Indonesia are up significantly this year after APTINDO, Indonesia’s flour milling association, signed a Memorandum of Understanding (MOU) with USW in July. Under the agreement, APTINDO committed to double its annual purchases of U.S. wheat to 1 MMT (36.7 million bushels) each year for the next five years.

Indonesia was the eighth largest U.S. wheat buyer in the 2024/2025 marketing year, importing 791,000 MT (29.1 million bushels). As of October 16, 2025, Indonesia has imported more than 701,000 MT (25.8 million bushels) – nearly 89 percent of last year’s total with seven months left in the marketing year.

The USW leadership team also toured port and milling facilities, where Thiele returned the next day for on-site technical training with millers. A highlight was the bake lab tour, where USW leaders sampled cookies made from U.S. SW and loaf bread made from HRW.

“It was great to have our vice chairman get to see wheat similar to what he grows on his farm in action in Southeast Asia,” Liedl said.

Sharing Information and Perspectives Builds Trust

Throughout the trade mission, the USW leaders heard again and again that the sharing of information and perspectives by both U.S. wheat farmers like Millershaski and USW staff underpins the success of U.S. wheat exports into the global market.

“One message I bring back to our U.S. wheat farmers is how highly valued their efforts and the work of USW staff are by our customers across South Korea, Singapore and Indonesia,” Spier said. “Millers in each country consistently praised the dedication, expertise and passion of the USW staff in the region and expressed sincere appreciation to all U.S. wheat farmers for consistently delivering high-quality wheat and supporting USW’s efforts abroad.”

Millershaski’s perspective on this mission was equally important to help customers in each market better understand the pressure of high input costs and persistently low farmgate wheat prices. Competitive pricing helps overseas flour millers, but Millershaski explained that current pricing levels pose real financial challenges for farmers like him.

“Having Gary with us to share his perspective on the challenges U.S. wheat producers face helps build mutual understanding and reinforces the value of the partnership between U.S. wheat growers and our overseas partners,” Spier said. “The comments from our customers reinforce the value of the investment U.S. wheat farmers make in USW’s mission.”

Overall, it is clear that ongoing engagement, such as this trade mission, plays a critical role in building long-term confidence in the quality and performance of U.S. wheat and in the reliability of the U.S. supply chain.

“As a direct result of USW’s work in the region, buyers are fully prepared to purchase U.S. wheat with confidence when pricing opportunities arise,” Spier said. “Our buyers know they will receive excellent quality wheat grown by U.S. wheat farmers backed by dependable trade and technical support from USW’s global staff. It’s clear that our presence and work overseas are making a real impact – helping to build trust, grow demand and secure long-term market opportunities for U.S. wheat.”

 

A Japanese biscuit is a confectionery delight, more related to a crisp American cookie than a buttery base for southern-style gravy. Whether layered with chocolate, shaped into artistic designs or flavored with matcha or azuki, Japanese biscuits share a key ingredient – more than 90 percent are made with U.S. Western White (WW) wheat, a blend of U.S. soft white (SW) and white club (WC) wheat.

To better understand how U.S. wheat farmers safely grow the high-quality wheat they need, delegates from the Japan Biscuit Association (JBA) visited the Pacific Northwest in October. The trade delegation was organized by U.S. Wheat Associates (USW) with support from the Washington Grain Commission, the Idaho Wheat Commission and the Oregon Wheat Commission.

“Any growth in Japanese biscuit sales means direct growth in the sales of U.S. WW wheat,” said Rick Nakano, USW country director in Japan. “Since U.S. WW wheat has almost exclusive market share of the Japanese confectionery market, we wanted these manufacturers to learn more about U.S. wheat production and quality, including how U.S. farmers use conservation-minded, sustainable farm practices.”

Connecting Customers with the U.S. Wheat Supply Chain

A highlight was the team’s direct engagement with dedicated family farmers, whose commitment defines U.S. wheat quality. In Washington, the team toured Washington State University’s research greenhouse and visited WGC Commissioner Art Schultheis’s fields near Pullman. In Idaho, Commissioner Cliff Tacke’s family hosted a farm tour and lunch, letting the team ask questions and see their farming practices firsthand.

The mission also provided insights into the highly efficient U.S. grain supply chain and logistics. The delegation visited the HighLine Grain Growers Shuttle Loading Facility, the Lewis-Clark Terminal (the largest grain storage facility on the inland river system) and the Lower Granite Dam, underscoring the vital role the Columbia-Snake River system plays in delivering wheat safely and on time to global customers.

To reinforce U.S. quality and safety standards, the team also toured the OMIC laboratory and TEMCO Kalama terminal. There, they saw how each shipment undergoes strict testing, including chemical residue analysis, to ensure U.S. wheat meets or exceeds Japanese specifications.

“The JBA team members expressed their gratitude for the opportunity to look over the entire supply chain from farms to export,” Nakano said. “They found that U.S. wheat is grown by good and passionate family growers with safe farm practices and the harvested wheat is handled by efficient transportation, followed by strict testing of quality.”

The comprehensive trade mission successfully closed the loop for the JBA executives, linking the soft and mellow taste of their final product back to the dedication of the U.S. family farm. This deepened understanding of the safety, quality and reliability of the U.S. wheat supply chain will further support JBA members in expanding their biscuit offerings, directly fueling the continued growth of U.S. wheat exports to Japan.

Fewer cycles of platinum-based chemotherapy improved patient-reported outcomes (PROs) vs a longer duration of therapy prior to maintenance avelumab (Bavencio) without compromising treatment efficacy in patients with advanced urothelial cancer, according to findings from the phase 2 DISCUS trial (NCT06892860) presented during the 2025 ESMO Congress.¹

Data from the study demonstrated that patients who received 3 cycles of chemotherapy (n = 98) experienced a mean change in The European Organisation for Research and Treatment of Cancer Core Quality of Life Questionnaire (EORTC QLQ-C30) global health status/quality of life (QOL) score of 0.0 (95% CI, –5.0-5.2) compared with –8.5 (95% CI, –14.1 to –2.9) among those who received 6 cycles (n = 104). The difference of 8.5 (95% CI, 0.7-16.3; P = .016) significantly favored the 3-cycle arm, meeting the primary end point of the study. Notably, no difference for time to deterioration in global health status/QOL score was observed between groups based on EORTC QLQ-C30 outcomes (HR 0.81, 95% CI 0.46-1.43).

“More patients [who received] 3 cycles of platinum-based chemotherapy went on to receive maintenance avelumab, which may facilitate long-term efficacy,” Enrique Grande, MD, the director of the Department of Medical Oncology at Quirónsalud in Madrid, Spain, and an adjunct professor at the University of Texas MD Anderson Cancer Center in Houston, said during the presentation. “The most important highlight coming from the DISCUS trial is that we can explore the need for [fewer] cycles of combination [chemotherapy] in the era of antibody-drug conjugates in metastatic urothelial cancer.”

Phase 2 DISCUS Trial: Key Takeaways

• The phase 2 DISCUS trial evaluated 3 vs 6 cycles of combination platinum-based chemotherapy prior to maintenance avelumab for the treatment of patients with advanced urothelial cancer.

• Patients who received 3 cycles experienced a significant difference of 8.5 points (95% CI, 0.7-16.3; P = .016) vs 6 cycles in terms of EORTC QLQ-C30 global health/QOL scores.

• Patients who received 3 cycles experienced similar OS, PFS, and response outcomes compared with those who received 6 cycles.

How was the DISCUS trial designed?

DISCUS was an adaptive, open-label study that enrolled patients with locally advanced or metastatic urothelial cancer who were eligible for any platinum-based chemotherapy.^1,2 Patients needed to have not received any prior systemic therapy for metastatic disease, have an ECOG performance statis of 0 to 2, and have no contraindications for immunotherapy. Other key eligibility criteria included being at least 18 years old, having measurable disease per RECIST 1.1 criteria, and having adequate hematologic and organ function.²

Eligible patients were randomly assigned 1:1 to receive 3 or 6 cycles of gemcitabine plus cisplatin/carboplatin.¹ Patients in both arms also received maintenance therapy with avelumab for up to 2 years. Stratification occurred based on investigators’ choice of frontline chemotherapy (cisplatin vs carboplatin) and the presence of liver metastases (yes vs no).

The primary end points were changes in PROs per the EORTC QLQ-C30 global health status/QOL scale and overall survival (OS). Secondary end points included other PROs, safety and tolerability, progression-free survival (PFS), overall response rate, and best overall response.

At baseline, the median age in the overall population (n = 267) was 71 years (range, 44-91). Most patients were 65 years or older (73%), male (72%), did not have liver metastases (81%), had an ECOG performance status of 0 (73%), and received cisplatin plus gemcitabine (59%).

What were the additional efficacy and safety data?

Preliminary OS data showed that the median OS values were similar between the 3- and 6 cycle arms, at 18.92 (95% CI, 12.81-not reached [NR]) and 18.86 months (95% CI, 13.93-NR), respectively (HR, 1.15; 95% CI, 0.72-1.86; P = .56). Similarly, the median PFS was 8.0 months (95% CI, 6.70-11.89) vs 9.0 months (95% CI, 6.87-12.71), respectively (HR, 1.053; 95% CI, 0.725-1.527; P = .788).

Responses were also similar between the 2 arms. Response-evaluable patients who received 3 cycles of chemotherapy (n = 95) experienced a complete response (CR) rate of 13% and a partial response (PR) rate of 48%. The respective CR and PR rates in the 6-cycle arm (n = 100) were 13% and 46%.

In terms of safety, grade 1/2 treatment-related adverse effects (TRAEs) occurred at respective rates of 37% and 46% in the 3- and 6-cycle arms. Serious adverse effects (AEs; 35% vs 37%), grade 5 AEs (2% vs 0%), and discontinuation of chemotherapy due to TRAEs (2% vs 10%) were also reported. In the overall population (n = 1197), the most common any-grade TRAEs included anemia (9%), neutropenia (9%), nausea (8%), and fatigue (6%).

“We cannot claim noninferiority [in terms of OS] because of the trial design, [however] OS is still evolving. We will need more data with longer follow-up,” Grande said

Disclosures: Grande received honoraria for speaker engagements, advisory roles, or funding of continuous medical education from AbbVie, Adium, Advanced Accelerator Applications, Astellas, AstraZeneca, AVEO, Bayer, Bristol Myers Squibb, Clovis-Oncology, Dr. Reddy’s Eisai, Esteve, Eusa Pharma, GSK, IMVAX, IPSEN, ITM-Radiopharma, Janssen, Lilly, Merck KGaA, MSD, Novartis, Palex, Pfizer, Raffo, Roche, Rovi, and Tecnofarma. He received research grants from Astellas, AstraZeneca, IPSEN, Merck KGaA, Nanostring Technologies, Pfizer, and Roche. He has leadership roles in ENETS, ESMO, GETNE, Grupo Centro Tumores Genitourinarios, and GUARD consortium. He has stock or ownership interst in Amarin Corp, Bicycle Therapeutics, and Phamamar S.A.

References

1. Grande E, Hussain S, Climent MA, et al. DISCUS: a phase II study comparing 3 vs 6 cycles of platinum-based chemotherapy prior to maintenance avelumab in advanced urothelial cancer.Presented at: 2025 ESMO Congress; October 17-25, 2025; Berlin, Germany. Abstract LBA109.
2. Comparing 3 vs 6 cycles of platinum-based chemotherapy prior to maintenance avelumab in advanced urothelial cancer (DISCUS). ClinicalTrials.gov. Updated March 25, 2025. Accessed October 21, 2025. https://clinicaltrials.gov/study/NCT06892860

NEW YORK — NEW YORK (AP) — If someone left a government job with a black eye, literally, ran a company with shrinking profits, and suddenly had federal investigators crawling over their business, you might say they’re having a bad year.

But most people are not Elon Musk.

The world’s richest man has only gotten richer this year and shareholders at Tesla, his electric car company, may make him wealthier yet by approving a trillion-dollar pay package in a bet he will succeed with new plans for a “robot army” and other technological breakthroughs even as some past promises remain unfulfilled.

“The genius of Elon Musk is keeping investors focused on what the company might look in like 5 or 10 years — while ignoring very near-term challenges,” marvels Garrett Nelson of CFRA Research. Or put more bluntly by Zacks Investment’s Brian Mulberry, “Your average CEO would likely not survive this.”

Musk started out the year with a side hustle — promising to cut $2 trillion in government spending as head of President Donald Trump’s Department of Government Efficiency, before cutting that pledge in half. In the end, DOGE posted only $240 billion in savings, according to its own notoriously unreliable estimates, and it’s not even clear those savings will hold as the Trump administration scrambles to refill many essential jobs DOGE cut that it shouldn’t have.

“There is a pattern of them announcing great big firings, and then turning about and saying, ’No, that’s a mistake,’” said Elaine Kamarck, a Brookings Institute senior fellow who has compiled a list of 17,000 positions being refilled. “They cut without a plan, without regard to function.”

Musk used the same slash-and-burn tactics after he took over Twitter and evidence of that backfiring has emerged this year, too.

In the past two months, he’s settled a pair of lawsuits filed by 2,000 former Twitter employees and executives alleging that they were pushed out under false pretenses or never given severance as promised. The amount the ex-workers got was undisclosed, but if they received even a fraction of the combined $628 million they were demanding, the cost will cut deeply for a company whose advertising has plunged since his takeover.

More bad news for Musk came Wednesday when Tesla announced earnings had plunged 37% in the third quarter. Vehicle sales rose 6% as customers rushed to take advantage of a federal tax credit before it expired last month, but the figure for the full year is expected to drop significantly as car buyers turned off by Musk’s right-wing political stances have boycotted the business.

This time a year ago Musk was telling investors sales could grow 20% to 30%.

The stock fell earlier this year as the bad news piled up. But after Musk appeared in the Oval Office in May for his farewell to DOGE sporting a shiner, it has doubled and is now posting a year-to-date gain of nearly 9% after the close of regular trading Wednesday. His net worth has also jumped — up $62 billion this year to $483 billion, according to Forbes magazine.

Investors are mostly buying Musk’s line that plunging car sales don’t matter as much now because the future of the company lies more with his new driverless robotaxis service, the energy storage business and building robots for the home and factory. To make his task worth while, Tesla’s directors are asking shareholders to sign off on his enormous new pay package at an annual meeting next month.

But there are big questions surrounding these endeavors, particularly the driverless cabs.

Musk’s robotaxis, which began picking up passengers in Austin, Texas, and San Francisco this summer, can’t yet be called driverless because they still require “safety monitors” who are ready to seize control in case something goes wrong, which occasionally happens. One of them drove down the opposing lane, for example.

The robotaxi plans need approval from regulators in various states even as the ones in Washington have swarmed the company.

They’ve opened four investigations into Tesla so far this year, including one into why it hasn’t reported accidents involving its self-driving software quickly to the government as required. Another launched earlier this month is looking into dozens of reported accidents in which Teslas using self-driving software ran red lights and broke other traffic rules, occasionally crashing into other vehicles and causing injuries.

Musk has disappointed before, talking big and missing deadlines repeatedly, only to deliver for shareholders eventually. Tesla investors who held on through a tough 2018 as the company struggled to produce its Model 3 vehicle at a profit, eventually saw their stock soar as sales jumped.

One money manager who rode that earlier surge then bought again earlier this year, says she’s confident Musk’s magic is still there and he can pull off the seemingly impossible again.

“He frequently teeters on the edge of disaster,” said Nancy Tengler in a statement, “and then pulls back just in the nick of time.”

One difference now is most other Tesla investors also believe this and have bought up the stock, leaving little room for error.

Shares of U.S. companies in the S&P 500 index are valued at 24 times what investors expect them to earn next year. By contrast, Tesla is trading at 250 times expected profits, enough to make you believe that Musk, instead of having a very bad year is having a spectacular one.