Private equity recycles assets
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 24 July 2025
⏱️ 13 minutes
🧾️ Download transcript
Summary
Tesla’s second-quarter profits fell 23 per cent as sales of its electric vehicles continued to slide, private equity firms made record use of a controversial tactic to cash out their clients this year, and McKinsey has stopped its China business from undertaking some generative artificial intelligence work. Plus, Taiwan will hold a recall election this weekend and the outcome could mean a lot for its relationship with China.
Mentioned in this podcast:
Elon Musk warns ‘rough quarters’ ahead for Tesla after Trump cancels EV incentives
Private equity firms flip assets to themselves in record numbers
McKinsey bars China practice from generative AI work amid geopolitical tensions
Taiwan’s once-dominant KMT falls ‘out of step’ with the electorate
Taiwan launches unity drive as China threat looms
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Today’s FT News Briefing was produced by Henry Larson, Sonja Hutson, and Marc Filippino. Additional help from Blake Maples and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | For over 40 years, Equinoor has been an energy partner to the UK. |
| 0:04.1 | During that time, we've played our part in the switch from coal to gas, |
| 0:07.1 | and we're working hard to help the UK's energy transition. |
| 0:10.2 | We may not have all the answers yet, but we're determined to find them. |
| 0:13.5 | Equinor, an energy company, searching for better. |
| 0:16.9 | 99.6% of Equinor's energy output is oil and gas. |
| 0:20.5 | Our investment in renewables and low-carbon solutions has increased from 4% in 2020 to 27% in 2024. |
| 0:27.5 | Find out more at equinore.co.uk. |
| 0:32.3 | Good morning from the Financial Times. |
| 0:34.3 | Today is Thursday, July 24th. |
| 0:36.3 | This is your FT News briefing. Tesla seems like it can't shake the bad vibes. Today is Thursday, July 24th. And this is your FT News briefing. Tesla seems |
| 0:39.5 | like it can't shake the bad vibes. And private equity firms are recycling their assets. Plus, |
| 0:45.9 | Taiwan will hold recall elections this weekend, and the outcome could mean a lot for its relationship |
| 0:51.3 | with China. I'm Mark Filipino, and here's the news you need to start your day. |
| 1:06.4 | Tesla saw last quarter's profits fall 23% year-on-year. |
| 1:12.2 | The carmaker said yesterday that electric vehicle sales are continuing to slide. |
| 1:17.2 | And that's due to a few things we've mentioned on the show before. |
| 1:19.8 | An aging model lineup, more competition from China, |
| 1:23.7 | and a consumer backlash against CEO Elon Musk's political activities. |
| 1:28.3 | And even though Musk promised to refocus his attention on Tesla, |
| 1:32.1 | he's still fighting with U.S. President Donald Trump. |
| 1:35.1 | Musk even threatened to start a third political party. |
... |
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