College degree not required

Ho-hum reception

What's happening

Peltz vs. Disney II

Following up on that

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1 big thing: College degree not required

2. Ho-hum reception

3. What's happening

4. Peltz vs. Disney II

5. Following up on that

Closer

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green

Axios Closer

A unique divorce

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Charted: COP28 backdrop

The looming question

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Introducing... the "Hall of Shame" 

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What they're saying

1 big thing: A unique divorce

2. Charted: COP28 backdrop

4. The looming question

5. Introducing... the "Hall of Shame"

6. What they're saying

Here comes the Cybertruck

Charted: Cyber Monday delivers

Charlie Munger dies at 99

1 big thing: Here comes the Cybertruck

2. Charted: Cyber Monday delivers

4. Charlie Munger dies at 99

5. What they're saying

A pre-production version of the Tesla Cybertruck during a tour of the Elkhorn Battery Energy Storage System in Moss Landing, Calif., on June 6, 2022. Photo: Nic Coury/Bloomberg via Getty Images

Pfizer's weight-loss setback

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Bonus chart: Shedding COVID pounds

Beware of skimpflation

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NBA connects from behind the arc

In memoriam: Sandra Day O'Connor

Sandra Day O'Connor smiling, sitting behind her desk in her chambers at the U.S. Supreme Court.

1 big thing: Pfizer's weight-loss setback

2. Bonus chart: Shedding COVID pounds

4. Beware of skimpflation

5. NBA connects from behind the arc

6. In memoriam: Sandra Day O'Connor

This weekend's big spending 

Charted: Long weekend box office tally

Elon Musk visits Israel

Word of the Year: Authentic

1 big thing: This weekend's big spending

2. Charted: Long weekend box office tally

4. Elon Musk visits Israel

5. Word of the Year: Authentic

FetchError

National

The Tesla Cybertruck is finally ready to hit the road, boasting a degree of unconventionality that's both its selling point and its Achilles' heel. 

Why it matters: The Cybertruck is the first brand-new Tesla model in three years — and it's the company's first-ever crack at the lucrative American pickup market.

State of play: Four years after showing off a concept version of the Cybertruck for the first time, Tesla is poised to showcase the launch of deliveries at an event Thursday at its factory in Austin, Texas.

CEO Elon Musk said last week on X that the company had already started shipping vehicles in North America.

The upper-tier trim level is expected to have a towing capacity of 14,000 pounds, go from 0 to 60 mph in 2.9 seconds, and provide up to 500 miles of battery range range, according to Wedbush Securities.

The intrigue: The vehicle's angular shape yields sharp corners, giving it a polarizing futuristic look that distinguishes the vehicle from more conventional pickups but that may also make it difficult to manufacture.

The Cybertruck body is also made of stainless steel, an unprecedented material for a passenger vehicle that "has proven challenging to bend and manipulate," sometimes creating "large gaps when installed," the Wall Street Journal reported.

Bloomberg reported that the vehicle is  "already a production nightmare." 

What they're saying: Musk has already acknowledged this.

"I do want to emphasize that there will be enormous challenges in reaching volume production with the Cybertruck and then in making the Cybertruck cash flow positive," Musk told investors in October.

But, he added, "demand is off the charts."

By the numbers: The Cybertruck marks Tesla's first attempt at the pickup category, which accounts for the three best-selling vehicles in the U.S. — but it's not expected to crack the upper echelon.

Evercore ISI analyst Chris McNally estimated 2024 sales at 78,000 units and 2025 sales at 165,000.

By comparison, Ford sold 653,957 units of the best-selling F-series pickup in 2022, down from 726,004 in 2021.

Be smart: The Cybertruck has already fallen short of expectations on multiple levels.

It's two years behind schedule, falling behind pickup competitors like the Rivian R1T, Ford F-150 Lightning and GMC Hummer EV.

It's expected to cost at least $10,000 more than initially targeted: While the starting price was once set to begin at $39,900, the actual figure is expected to be in the $50,000 range, according to Wedbush Securities analyst Dan Ives.

To be fair, inflation has driven up prices of all vehicles since Musk first unveiled the Cybertruck in 2019.

💭 Nathan's thought bubble: The Cybertruck's debut comes amid concerns about slowing EV momentum, but this vehicle is just about as unconventional as it gets — and early adopters are likely to be unfazed by market conditions.

What's more important to the company's future, however, is the long-awaited debut of a so-called Model 2 — an affordable model that, at this point, looks a long way off.

Go deeper: Car dealers tell Biden: Customers aren't ready for electric cars

Car dealers tell Biden: Customers aren't ready for electric cars

Tesla Cybertruck to debut Thursday amid production challenges

The Tesla Cybertruck is finally ready to hit the road, boasting a degree of unconventionality that's both its selling point and its Achilles' heel.

A pre-production version of the Tesla Cybertruck during a tour of the Elkhorn Battery Energy Storage System in Moss Landing, California, on June 6, 2022. Photo: Nic Coury/Bloomberg via Getty Images

Tesla

Elon Musk

The <a class="gtmContentClick" data-vars-link-text="Tesla Cybertruck" data-vars-click-url="https://www.axios.com/2023/10/19/tesla-earnings-cybertruck" data-vars-content-id="3d532fb6-d7bc-4efc-ac63-428f8d110bb4" data-vars-headline="Tesla Cybertruck to debut Thursday amid production challenges" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/10/19/tesla-earnings-cybertruck" target="_self">Tesla Cybertruck</a> is finally ready to hit the road, boasting a degree of unconventionality that&#x27;s both its selling point and its Achilles&#x27; heel. Why it matters: The Cybertruck is the first brand-new Tesla model in three years — and it&#x27;s the company&#x27;s first-ever crack at the lucrative <a class="gtmContentClick" data-vars-link-text="American pickup market" data-vars-click-url="https://www.axios.com/ford-pickup-trucks-history" data-vars-content-id="3d532fb6-d7bc-4efc-ac63-428f8d110bb4" data-vars-headline="Tesla Cybertruck to debut Thursday amid production challenges" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/ford-pickup-trucks-history" target="_self">American pickup market</a>.

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Business

Investment giant Charlie Munger, known as second-in-command to Warren Buffett at Berkshire Hathaway, has died. He was 99.

The big picture: Berkshire Hathaway, where Munger was vice chairman, said in a statement that "he peacefully died this morning at a California hospital."

"Berkshire Hathaway could not have been built to its present status without Charlie's inspiration, wisdom and participation," Buffett said in a statement.

Context: Munger grew up a few hundred feet from Buffett's family grocery store, where the Oracle of Omaha worked as a kid. 

But the two didn't meet until 1959, introduced by a doctor, by which point Munger had decamped to Los Angeles.

Buffett often credited Munger with keeping him grounded.

"If you've attended our annual meetings, you know Charlie has a wide-ranging brilliance, a prodigious memory and some firm opinions," Buffett said in a 2014 letter to shareholders.

"I'm not exactly wishy-washy myself, and we sometimes don't agree," Buffett added. "In 56 years, however, we've never had an argument."

Zoom in: Munger had a passion for architecture, a hatred of cryptocurrency and a love of capitalism.

He made his first fortune designing and building apartments near LA. More recently, he designed dorms for his alma maters, Stanford University and the University of Michigan.

"Charlie's most important architectural feat was the design of today's Berkshire. The blueprint he gave me was simple: Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices," Buffett wrote.

A one-time lawyer, Munger stopped practicing law in 1965, according to CNN, and became a close adviser to Buffett. 

Together, they grew Berkshire into an investment behemoth, its stock having gained 20% annually from 1965 through 2021, according to Bloomberg.

Of note: In his later years, Munger often told interviewers about the dangers of envy, preaching the wisdom of contentment.

"The world is not driven by greed. It's driven by envy," Munger said in 2022, according to CNBC.

"I have conquered envy in my own life. I don't envy anybody," he added. "I don't give a damn what someone else has. But other people are driven crazy by it."

This story has been updated with more details throughout.

Berkshire Hathaway adviser Charlie Munger dies at 99

"Berkshire Hathaway could not have been built to its present status without Charlie's inspiration, wisdom and participation."

Berkshire Hathaway vice chair Charlie Munger attends the annual Berkshire shareholders meeting in Omaha, Nebraska, on May 3, 2019. Photo: JOHANNES EISELE/AFP via Getty Images

Berkshire Hathaway

Investment giant Charlie Munger, known as second-in-command to Warren Buffett at Berkshire Hathaway, has died. He was 99.The big picture: Berkshire Hathaway, where Munger was vice chairman, said in a statement that &quot;he peacefully died this morning at a California hospital.&quot;

The UAW is launching a campaign to organize 13 non-unionized automakers as it bids to extend its momentum from a strike against the Detroit Three manufacturers.

Why it matters: After securing record contracts with the Detroit Three automakers, UAW president Shawn Fain promised to organize other American automotive operations.

"When we return to the bargaining table in 2028, it won't just be with the Big Three but with the Big Five or Big Six," Fain said at the time.

Driving the news: The union announced Wednesday that it's targeting nearly 150,000 workers across 13 automakers: BMW, Honda, Hyundai, Lucid, Mazda, Mercedes, Nissan, Rivian, Subaru, Tesla, Toyota, Volkswagen and Volvo.

At Toyota, employees at multiple U.S. Toyota plants are coordinating efforts with the UAW to unionize their operations, Axios has learned.

Zoom in: Workers have formed a voluntary organizing committee at Toyota's plant in Georgetown, Kentucky, in partnership with the UAW, according to sources familiar with the efforts who spoke to Axios.

The committee — whose establishment is the first step in building support for a union — is in direct discussions with UAW officials as part of a broader attempt to organize Toyota operations throughout the country.

At Toyota's plant in Princeton, Indiana, "some Toyota Indiana employees met with UAW representatives at the Vanderburgh County fairgrounds to discuss the possibility of unionization," Evansville, Indiana TV station WEHT reported. 

Between the lines: Organizers are already collecting union authorization cards through a UAW-sanctioned website, where they're blasting corporate profits and executive compensation at non-unionized companies.

The other side: Soon after the UAW reached the last of three settlements with the Detroit Three in late October — deals that included an average of a 25% pay hike over the course of a 4.5 year contract — several companies announced pay increases for their workers, including Toyota, Honda and Hyundai.

Fain called it the "UAW bump," which he said stood for "u are welcome."

"Imagine what you could accomplish if you join the UAW and stand up and fight for yourselves," Fain said in a teaser video recently from the UAW.

By the numbers: As the world's largest automaker, Toyota has some 49,000 employees at nine factories in the U.S., including facilities in Kentucky, Mississippi, Tennessee, West Virginia and Indiana.

The crown jewel of the company's American footprint is the Georgetown, Kentucky factory, which has some 8,000 workers and is the largest Toyota assembly plant in the world.

"We've had a tremendous amount of calls coming in from Toyota" workers wanting to unionize, Tim Smith, director of UAW Region 8, recently told Axios. "The main thing that's going to help us is these record, historical contracts. Why wouldn't you want to organize?"

Reality check: The UAW, which declined to comment for this story, has tried to organize plants in the South before and failed on multiple occasions.

Its targets have includes operations at Tesla, Nissan, Volkswagen and, in the mid-2000s, Toyota itself.

Republican politicians and anti-labor laws in the South have been an obstacle — though experts have noted that some Republicans were more welcoming to the UAW during its recent strike. Sen. Josh Hawley (R-Mo.) and Sen. J.D. Vance (R-Ohio) were among the conservatives visiting UAW picket lines and voicing support for the workers.

"They're going to have to be prepared for tough fights, but I think it's a much greater possibility than there has been," Kate Bronfenbrenner, a professor at Cornell University's School of Industrial and Labor Relations, tells Axios.

The bottom line: The UAW is looking to parlay its recent momentum into wins on an even tougher playing field.

UAW launches organizing campaign at 13 non-unionized automakers

The union is launching the campaign to extend its momentum from a strike against the Detroit Three manufacturers.

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United Automobile Workers

Top Stories

The UAW is launching a campaign to organize 13 non-unionized automakers as it bids to extend its momentum from a strike against the Detroit Three manufacturers.Why it matters: After <a class="gtmContentClick" data-vars-link-text="securing record contracts" data-vars-click-url="https://www.axios.com/2023/10/30/uaw-strike-united-auto-workers-update-deal" data-vars-content-id="9e4ec3cd-24f7-4768-8da2-a2256feabdd6" data-vars-headline="UAW launches organizing campaign at 13 non-unionized automakers" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/10/30/uaw-strike-united-auto-workers-update-deal" target="_self">securing record contracts</a> with the Detroit Three automakers, UAW president Shawn Fain promised to organize other American automotive operations.

No college degree? No problem, says Walmart.

Why it matters: Companies are reconsidering college degree requirements in certain positions due to labor shortages, or the realization that there are more workers with sufficient skills to do the job.

State of play: Walmart, the largest private employer in the U.S., recently said it would no longer require a 4-year degree for an unspecified number of corporate positions.

The company said it's rewriting job descriptions so that applicants "can have a related college degree or possess the skills needed for the job, whether through previous experience or other forms of learning."

"We're removing obstacles to opportunity," Walmart senior VP for associate learning and leadership Lorraine Stomski tells Axios.

By the numbers: About 78.4% of job postings in "college-level occupations" in 2023 specifically called for a degree, down from 82.5% in 2017 and 85% in 2010, according to labor analytics firm Lightcast.

Jobs like insurance sales agent, e-commerce analyst, property appraiser and call center manager are among the positions that increasingly do not require a degree.

"Because we still have these labor shortages ongoing, a way for employers to get more people in the door and get more people to at least apply for these positions is to drop the degree requirements," Lightcast senior economist Rucha Vankudre tells Axios.

Between the lines: Advocates for a switch to skills-based hiring say it's better for the workforce and for hirers.

It especially fosters upward mobility for internal candidates who have the applicable skills and experience to get promoted but lack the educational credentials, says Elyse Rosenblum, founder of Grads of Life, a group that promotes skills-based hiring.

When strictly requiring college degrees, "you're dramatically narrowing your talent pool," Rosenblum tells Axios. "Companies have a tremendous opportunity to hire from within."

She said numerous positions in IT, financial services and health care are particularly ripe for skills-based hiring.

The other side: Deemphasizing college will undermine the nation's competitiveness on a global scale, says James Keyes, former CEO of Blockbuster and 7-Eleven.

"College is about learning to learn – you don't want that person to come into the workforce and be unable to learn," says Keyes, who advocates for college in his forthcoming book Education is Freedom.

The big question: How will workers get relevant skills if they can't get a job in the first place?

At Walmart, the company is helping its workers earn short-form certificates through a public benefit corporation called Guild.

The company has identified this route as a good way to train and hire cybersecurity analysts, for example, Stomski says.

Walmart also does not require college degrees for its store managers, who have an average salary and bonus compensation of $230,000, or for the next level down in management at an average of $113,000, Stomski says.

Yes, but: Keyes argues that internal training programs often don't help employees when they look for a job elsewhere.

He noted that the difference in earning power between college grads and non-college grads remains "dramatic." 

Recent college grads earn 52% more than peers with only a high school degree, according to the Federal Reserve Bank of New York.

💭 Our thought bubble: In a capitalistic system, employers have no incentive to stick to their traditional hiring practices if they identify a better route.

That means this trend is a serious threat to colleges and universities, which must prove their relevance to prospective enrollees who have real-world job opportunities and fear taking on student debt.

Go deeper: AI threatens to dethrone the 4-year college degree

AI threatens to dethrone the 4-year college degree

Why companies like Walmart are ditching college degree requirements

Employers are reconsidering college degree requirements in certain positions where they're experiencing labor shortages or realizing that they can find workers with sufficient skills to do the job.

Illustration of a person's shoes stepping over a college diploma

Labor

No college degree? No problem, says Walmart.Why it matters: Companies are reconsidering <a class="gtmContentClick" data-vars-link-text="college degree requirements" data-vars-click-url="https://www.axios.com/2021/04/27/college-degree-barrier-work" data-vars-content-id="b9c532d7-e7fd-438f-b3b0-fd1c99b29a12" data-vars-headline="Why companies like Walmart are ditching college degree requirements" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2021/04/27/college-degree-barrier-work" target="_self">college degree requirements</a> in certain positions due to <a class="gtmContentClick" data-vars-link-text="labor shortages" data-vars-click-url="https://www.axios.com/2023/08/27/labor-shortages-air-traffic-health-care-teachers-police" data-vars-content-id="b9c532d7-e7fd-438f-b3b0-fd1c99b29a12" data-vars-headline="Why companies like Walmart are ditching college degree requirements" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/08/27/labor-shortages-air-traffic-health-care-teachers-police" target="_self">labor shortages</a>, or the realization that there are more workers with sufficient skills to do the job.

UAW-represented workers at Ford and Stellantis have ratified their respective settlements with the Detroit Three automakers.

Why it matters: The deals, which ended a historic six-week strike, include a 25% pay increase over the 4.5 years of the contract, wage hikes for temporary workers, the elimination of a two-tiered wage system and the right to strike over plant closures.

Driving the news: With only a few small facilities remaining as of Friday afternoon, about 70% of Stellantis workers who cast ballots on the deal voted yes, while 30% voted no.

At Ford, about 68% had voted yes and 32% voted no, with only a handful of plants left to count their votes as of Friday afternoon.

At GM, the ratification vote was closer, with 55% of workers voting to authorize the deal.

The bottom line: The UAW and the Detroit Three automakers have returned to labor peace — at least until their new deals expire in spring 2028.

Editor's note: This story was updated with new results from union members' voting.

UAW's Ford, Stellantis workers ratify new contracts after strike

UAW-represented workers at General Motors approved their settlement earlier this week.

A worker pickets outside the Stellantis Sterling Heights Assembly Plant in Sterling Heights, Michigan, on Oct. 23. Photo: Emily Elconin/Bloomberg via Getty Images

Stellantis

UAW-represented workers at Ford and Stellantis have ratified their <a class="gtmContentClick" data-vars-link-text="respective settlements" data-vars-click-url="https://www.axios.com/2023/10/28/stellantis-uaw-strike-tentative-deal" data-vars-content-id="bedfd74d-a5c5-4c77-81e8-15781e06619d" data-vars-headline="UAW&#x27;s Ford, Stellantis workers ratify new contracts after strike" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/10/28/stellantis-uaw-strike-tentative-deal" target="_self">respective settlements</a> with the Detroit Three automakers.Why it matters: The deals, which ended a historic <a class="gtmContentClick" data-vars-link-text="six-week strike" data-vars-click-url="https://www.axios.com/2023/10/30/uaw-strike-united-auto-workers-update-deal" data-vars-content-id="bedfd74d-a5c5-4c77-81e8-15781e06619d" data-vars-headline="UAW&#x27;s Ford, Stellantis workers ratify new contracts after strike" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/10/30/uaw-strike-united-auto-workers-update-deal" target="_self">six-week strike</a>, include a 25% pay increase over the 4.5 years of the contract, wage hikes for temporary workers, the elimination of a two-tiered wage system and the right to strike over plant closures.

Nathan Bomey

Stories

Why companies like Walmart are ditching college degree requirements

UAW launches organizing campaign at 13 non-unionized automakers

Tesla Cybertruck to debut Thursday amid production challenges

Berkshire Hathaway adviser Charlie Munger dies at 99

UAW's Ford, Stellantis workers ratify new contracts after strike

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