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Some Suppliers Worry About Tesla Tion’S Internal Deliberations

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Some Suppliers Worry About Tesla Tion’S Internal Deliberations . ****** TUESDAY, AUGUST 21, 2018 ~ VOL. CCLXXII NO. 43 WSJ.com HHHH $4.00 DJIA 25758.69 À 89.37 0.3% NASDAQ 7821.01 À 0.1% STOXX 600 383.23 À 0.6% 10-YR. TREAS. À 14/32 , yield 2.823% OIL $66.43 À $0.52 GOLD $1,186.80 À $10.30 EURO $1.1484 YEN 110.07 What’s Long Wait Ends With an Embrace for Separated Korean Families U.S. News Toughens Business&Finance Stance esla’s tumultuous year On China Thas fueled concern among some suppliers about the electric-car maker’s fi- Tariffs nancial strength, after pro- duction of the Model 3 BY BOB DAVIS drained some of its cash. A1 AND ANDREW DUEHREN PepsiCo agreed to buy WASHINGTON—The Trump seltzer-machine maker administration is moving SodaStream for $3.2 billion, closer this week to levying tar- the company’s latest move iffs on nearly half of Chinese to broaden its offerings. A1 imports despite broad opposi- Tyson Foods struck a tion from U.S. business and deal to acquire Keystone the start of a fresh round of Foods, a top meat supplier talks between the U.S. and to McDonald’s and other China aimed at settling the chains, for $2.16 billion. B1 trade dispute. The twin administration ini- France’s Total is having tiatives—pursuing tariffs on difficulty unloading its $200 billion of Chinese goods stake in a $5 billion natu- while relaunching talks to ral-gas project in Iran to a scrap tariffs—reflect a split Chinese partner. B1 within the U.S. administration. ConocoPhillips and LEE JI-EUN/YONHAP/ASSOCIATED PRESS Negotiators in the U.S. Trea- Venezuela’s PdVSA agreed DECADES APART: 92-year-old Lee Keum-seom embraced her son, Ri Sang Chol, 71, of North Korea at a reunion Monday. Dozens of sury Department are offering a on a payment plan over a elderly South Koreans crossed the border for the gathering in the north to see relatives for the first time since the Korean War. A16 carrot, while the office of the $2 billion arbitration award U.S. trade representative for the U.S. company. B3 threatens with a stick, both with the approval of President The Dow rose 89.37 Trump, according to people fa- points to 25758.69, its high- miliar with the administra- est level since early February. Some Suppliers Worry About Tesla tion’s internal deliberations. The S&P 500 and the Nas- “Trump is a deal guy,” said daq also notched gains. B11 Vendors are asked to supplied to Tesla. Tesla with components, tool- one person closely following Some CPAs are oppos- By Tim Higgins, Tesla has improved its on- ing of manufacturing parts and the talks. Until the Chinese ing a move to allow people offer rebates or give Marc Vartabedian time payments to production- services such as building con- make a concrete offer, the per- from outside their ranks to the company more and Christina Rogers related suppliers to about 95% struction. Taken together, the son said, Mr. Trump will en- be credentialed to help firms from 90% last year, according survey, interviews and docu- courage both camps to main- value complex assets. B1 time to make payments 22 respondents believe that to people familiar with the ments show some suppliers tain their current efforts. Tesla is now a financial risk to matter. For nonproduction are anxious about Tesla’s abil- Mr. Trump, a Republican, Farfetch filed plans for Tesla Inc.’s tumultuous year their companies, according to suppliers, Tesla is paying on ity to pay them back. continues to take a skeptical, an IPO, looking to seize on has fueled concern among the document reviewed by The time about 80% of the time, “Regarding Tesla, any time hawkish view toward Beijing, optimism about the surge in some of its suppliers about the Wall Street Journal. the people said. there is uncertainty in the said U.S. officials. At a fund- luxury online retailing. B4 auto maker’s financial strength Separately, several suppliers “We’re not behind because marketplace, it causes con- raiser on Friday in the tony Lannett shares plunged after production of the Model in interviews said Tesla has we can’t pay them,” Tesla cerns for suppliers,“ said Julie Hamptons section of New 60% after it said a distri- 3 car drained some of its cash, tried to stretch out payments Chief Executive Elon Musk said Fream, the chief executive of York’s Long Island, he focused bution pact with a supplier according to industry execu- or asked for significant cash in an interview Friday. “It is the Original Equipment Suppli- PleaseturntopageA7 won’t be renewed. B3 tives and documents. back. And in some cases, pub- just because we’re arguing ers Association, which sent the A recent survey sent pri- lic records show, small suppli- whether the parts are right.” survey in the past few weeks— Trump points to Fed chief in Merrill Lynch will pay vately by a well-regarded auto- ers over the past several The suppliers collectively a period that encompassed new complaint on rates...... A2 $8.9 million to settle charges motive supplier association to months have claimed they represent a sliver of the hun- Tesla’s second-quarter earn- Gerald F. Seib: President steps it failed to disclose a conflict top executives found that 18 of failed to get paid for services dreds of vendors that provide PleaseturntopageA2 on his own good news........ A4 of interest, the SEC said. B10 World-Wide Putin’s Secret Weapon: Pope Francis Speaks Out on Abuse The Trump administra- tion is moving closer to levying tariffs on nearly half His Central Banker of Chinese imports despite broad opposition from U.S. business and the start of a fresh round of talks be- Elvira Nabiullina has unusual independence over economic policy tween the U.S. and China. A1 The administration BY ANATOLY KURMANAEV U.S. and Europe from Syria to Ukraine, it’s her moved to overturn Obama- job to shore up the economy against volatile oil era environmental rules on ST. PETERSBURG—After Russia’s central- markets and sanctions. Russia’s ability to con- power-plant emissions, an bank chief, Elvira Nabiullina, moved to shut tinue its quest rests in large part on whether action designed to help coal- down a large lender last year for allegedly fal- Ms. Nabiullina can keep the financial system burning plants compete. A3 sifying accounts, the nation’s top prosecutor’s stable. Russian hackers are wid- office issued an order to leave the bank alone. Given Russia’s messy, corruption-filled bank- ening their targeting for the She closed it anyway. ing system, that is a challenge. She has strug- midterm elections to include In her five years in office, Ms. Nabiullina has gled to regulate some state banks, analysts the Senate and conservative closed hundreds of weak banks, stymied the said, and her job has grown more difficult with FILIPPO MONTEFORTE/AGENCE FRANCE-PRESSE/GETTY IMAGES groups, Microsoft says. A4 exodus of Russian wealth abroad and trans- looming new U.S. sanctions against Moscow for ‘With shame and repentance, we Trump told donors he is formed monetary policy to bring inflation to a nerve-agent attack against a former Russian unhappy with the Federal record lows. That has earned her an unusual spy in the U.K. Moscow has repeatedly denied acknowledge as an ecclesial community that Reserve’s recent interest- amount of freedom to make tough decisions, involvement. we were not where we should have been.’ rate increases and raised even if that means treading on powerful inter- Ms. Nabiullina has earned public praise from ests. Mr. Putin, who rarely commends subordinates, doubts about Powell. A2 Thinking of Ms. Nabiullina merely as a cen- as well as from abroad. Last year at the Krem- In a letter, the pope calls for improved efforts Kavanaugh’s stance on tral banker understates the significance of her lin, Mr. Putin told her that “under your leader- to protect children. A7 executive power is expected role. As President Vladimir Putin bids to return ship, the central bank has done a great deal to to be a focus of the high Russia to great-power status, challenging the PleaseturntopageA8 court nominee’s meetings with Democratic senators. A3 Phish Fans Are Usually Peaceable Pope Francis,inaletter INSIDE PepsiCo Buys Seltzer to Catholics world-wide, ex- pressed shame and repen- —Until the Tarps Come Out tance over the sexual abuse iii Rival That Vilified It of children by priests. A7 Much of Greek society Tempers flare when concert-goers grab BY JENNIFER MALONEY remains beset by pessimism AND SAABIRA CHAUDHURI Bubbling Up and anger despite the coun- choice space; ‘What have we become?’ U.S. sparkling-water consumption try’s exit from an interna- PepsiCo Inc. has agreed to has grown sharply in recent years. tional financial bailout. A6 BY IRA IOSEBASHVILI Tobey, a 37-year-old podcast buy one of its fiercest critics, producer from Minneapolis seltzer-machine maker Soda- Domestic sparkling water, Korean families separated volume sold for decades were reunited Nathan Tobey went to a who has been to 70-odd shows. OUT OF Stream International Ltd., for as Seoul and Pyongyang Phish concert hoping to enjoy “I had to assert—as a fellow ‘AFRICA,’ A HIT $3.2 billion, the latest move by 800 million gallons pushed ahead with humani- the medley of song improvisa- fan—that this is not fair.” the beverage-and-food giant to tions and laid-back vibes that Fans fight about “tarping” broaden its offerings beyond 600 tarian engagement.
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