Tesla Motors' Cyber Rodeo was a star-studded bash that was part marketing, part sales and a whole lot of spectacle. But the party also had a more conventional, less glamorous purpose: showing off the company to the types of workers it’s desperate to hire.
Tesla has said it will need to find 20,000 workers for its factory outside Austin, everything from manufacturing talent to mechanical and software engineers. That could be a daunting task in Central Texas, where a sub-3 per cent unemployment rate amid a surge of corporate expansions and relocations in the area has driven up demand for skilled workers.
Yael Lawson, chief operations officer at Workforce Solutions Capital Area in Austin saw the event as “a useful recruiting tool”. She said that Tesla coming to town has garnered more attention for the manufacturing industry, helping her showcase her company’s scholarships and training.
Of course, hiring wasn’t the focus of the party. There was also live music, a petting zoo and roller skaters in cowboy hats, turning the factory that’s three times the size of the Pentagon into something more like a carnival. Dust from a nearby construction site blew towards the factory, reminiscent of the fine white chalk of Nevada’s annual Burning Man festival.
A bulk of the partygoers were Tesla workers, many of whom brought along friends and family. Employees of SpaceX and The Boring Company, clad in branded hats and shirts, helped fill out the ranks. But throughout the event, it was clear that recruiting was also at the forefront.
At least nine representatives from Austin Community College, which has partnered with Tesla since 2020, were also in attendance. Tesla and ACC are developing “cutting-edge training programmes that prepare students for careers in manufacturing — one of the region’s fastest-growing industries”, a representative of the school said.
The local school district, Del Valle ISD, counted board members, its superintendent and its workforce development team among the attendees.
“Students have many choices in a variety of industries at our schools, Tesla adds one more piece to this,” said communications director Christopher Weddle. “We continually work to build relationships with local businesses and industry areas for the benefit of our students.”
Weaving through the heavy machinery, art installations and drink stands, local engineering students stared in awe at cutaways of the Model Y and stacks of the new 4680 battery cells. Most imposing was the company’s so-called “Giga Press”, the largest die-casting machine in the world, used to create an SUV frame out of just two solid pieces of metal.
There was no shortage of things to do and sights to see. The food truck choices included South African, halal, tacos and barbecue. You could pet some baby goats, take in the art installations and the massive Tesla coils, or win some stuffed animals from various carnival games.
They do a good job leveraging that enthusiasm in their marketing but also in their recruiting of talent which is so critical to their success
Ed Latson,
executive director of the Austin Regional Manufacturers Association
There were drinks on hand to help pass the time in the long lines at the merchandise tables, where many people queued for a chance to buy items like a Tesla hoodie ($90), Cyber Rodeo T-shirt ($35) or trucker hat ($30), or a branding iron with a Tesla logo ($50).
Being a Cyber Rodeo, there were multiple mechanical bulls for riding, and — earlier in the day — a real one, too: Bevo, the live mascot for the University of Texas at Austin.
Music blared from multiple stages, including one above the factory’s main entrance where Austin’s own Gary Clark Jr performed a set. Below, the company’s assembly robots clicked and whirred along to their own beat under actual spotlights, miming the moves they’ll make when cars are built inside the factory. It was a dramatic flair, like something out of the Walt Disney playbook.
As an advertisement for the business, there were unsurprisingly some details left out, like Tesla’s history of dealing with claims of harassment and racism at its factories. In October, the company was hit with a $137 million penalty as the result of a discrimination lawsuit brought by a former worker at Tesla’s Fremont, California factory. Tesla has asked for the penalty to be reduced, and a judge said in January it was “extremely high.”
Chief executive Elon Musk instead focused on the future. He said he believes the Austin factory could make one million cars per year — including the Cybertruck and other models — and guessed that Tesla could make up about 20 per cent of the global automotive market some day.
Mr Musk also lavished attention on the company’s as-yet-unrealised efforts to develop fully autonomous vehicles, as well as a humanoid robot that he’s said could be Tesla’s “most important product” one day.
These are all high bars, and he will need an army to reach them. But after the Cyber Rodeo, and Tesla’s overall charm offensive in Austin, Mr Musk may have convinced more locals to join the ranks.
Ed Latson, executive director of the Austin Regional Manufacturers Association, said the event was “exemplary of the energy and excitement around the brand, locally and globally. They do a good job leveraging that enthusiasm in their marketing but also in their recruiting of talent which is so critical to their success".
WHAT FANS WILL LOVE ABOUT RUSSIA
FANS WILL LOVE
Uber is ridiculously cheap and, as Diego Saez discovered, mush safer. A 45-minute taxi from Pulova airport to Saint Petersburg’s Nevsky Prospect can cost as little as 500 roubles (Dh30).
FANS WILL LOATHE
Uber policy in Russia is that they can start the fare as soon as they arrive at the pick-up point — and oftentimes they start it even before arriving, or worse never arrive yet charge you anyway.
FANS WILL LOVE
It’s amazing how active Russians are on social media and your accounts will surge should you post while in the country. Throw in a few Cyrillic hashtags and watch your account numbers rocket.
FANS WILL LOATHE
With cold soups, bland dumplings and dried fish, Russian cuisine is not to everybody’s tastebuds. Fortunately, there are plenty Georgian restaurants to choose from, which are both excellent and economical.
FANS WILL LOVE
The World Cup will take place during St Petersburg's White Nights Festival, which means perpetual daylight in a city that genuinely never sleeps. (Think toddlers walking the streets with their grandmothers at 4am.)
FANS WILL LOATHE
The walk from Krestovsky Ostrov metro station to Saint Petersburg Arena on a rainy day makes you wonder why some of the $1.7 billion was not spent on a weather-protected walkway.
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Day 2, stumps
Pakistan 482
Australia 30/0 (13 ov)
Australia trail by 452 runs with 10 wickets remaining in the innings
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