Rivian (RIVN) to cut jobs by 6% amidst price war

Bloomberg says Rivian Automotive CEO told staff the company is developing an electric bike

February 3, 2023 2:29 PM EST

Electric vehicle maker Rivian Automotive (NASDAQ: RIVN) is developing an electric bike, Bloomberg said on Friday.

The California-based company's chief executive, RJ Scaringe, reportedly told staff the news at a companywide meeting, according to Bloomberg sources.

The publication stated that Scaringe... More

Deutsche Bank Releases Bullish Comments on Tesla (TSLA) Demand Indicators

February 3, 2023 2:27 PM EST

Deutsche Bank analyst Emmanuel Rosner reiterated a Buy rating and $220.00 price target on Tesla (NASDAQ: TSLA).

The analyst comments "Overall, we are encouraged with demand indicators that point to strong orders following the companys price cuts. More recently, we saw... More

Tesla's (TSLA) German and Chinese deliveries up 912% and 10% in January; Cut prices in South Korea

February 3, 2023 7:50 AM EST

(Updated - February 3, 2023 8:57 AM EST)

UPDATE: Headline correction for Germany and China delivery numbers

The German motor authority, KBA reported Friday that the number of new Tesla (NASDAQ: TSLA) vehicles registered in Germany rose in January by 912.2% from last year's figures to 4,241. Tesla models now make up 2.4% of all new registrations in Germany.

According to the China Passenger Car Association, the company also sold 66,051 China-made electric vehicles in January. Up 18% from December, when the U.S. electric... More

Deutsche Bank Downgrades Ford (F) to Sell 'on operational shortfalls and earnings risk'

February 3, 2023 6:08 AM EST

Deutsche Bank analyst Emmanuel Rosner downgraded Ford (NYSE: F) from Hold to Sell with a price target of $11.00 (from $13.00).

The analyst comments "We are downgrading our Ford rating to Sell, following its large 4Q22 miss and new aggressive 2023 guidance, which in our view showcase considerable... More

EV maker Rivian to cut 6% of jobs amid price war -internal memo

February 1, 2023 11:33 AM EST

By Abhirup Roy and Akash Sriram

SAN FRANCISCO (Reuters) - Rivian Automotive is laying off 6% of its workforce in an effort to cut costs as the EV maker, already grappling with falling cash reserves and a weak economy, braces for an industry-wide price war.

The company is focusing resources on ramping up vehicle production and reaching profitability, Chief Executive R.J. Scaringe said in an email to employees on Wednesday announcing the job cuts. Reuters obtained a copy of the email.

Layoffs at Rivian come amid falling EV prices kicked off by cuts made recently by... More

Rivian Automotive (RIVN) cutting workforce by 6% - Reuters

February 1, 2023 11:30 AM EST

Rivian Automotive (NASDAQ: RIVN) cutting workforce by 6% - Reuters

... More

Ford Motor (F) call put ratio 2.9 calls to 1 put into quarter results and outlook

February 1, 2023 10:26 AM EST

Ford Motor (NYSE: F) February weekly call option implied volatility is at 100, February is at 49; compared to its 52-week range of 35 to 63 into the expected release of quarter results after the bell on February 2. Call put ratio 2.9 calls to 1 put.

... More

Musk did not need Tesla board to review buyout tweets, directors testify

February 1, 2023 8:44 AM EST

By Hyunjoo Jin and Jody Godoy

(Reuters) -Tesla Inc's board had no obligation to review CEO Elon Musk's 2018 tweets announcing a bid to take the electric car maker private, which investors allege were fraudulent, two independent directors testified at trial on Wednesday.

Musk's Aug. 7, 2018 tweets sent Tesla stock soaring and after they fell back down, shareholders sued, alleging they lost money. But board members James Murdoch and Ira Ehrenpreis each said the tweets did not need to be vetted by the company before Musk sent them because he had done so in his individual capacity.

Their testimony... More

Chinese domestic EV makers report January sales decline following Tesla (TSLA) price cuts

February 1, 2023 8:08 AM EST

Chinas top domestic high-end EV manufacturers: Nio (NYSE: NIO), XPeng (NYSE: XPEV), and Li Auto (NASDAQ: LI), all recorded monthly and year-on-year sales declines in January, with some of the drops exceeding 50%. The weakness follows disrupted production and sales slowed by the weeklong Lunar New Year holiday, as-well-as recent Tesla (NASDAQ: TSLA) price... More

Tesla (TSLA) plans production ramp in Shanghai as price cuts boost demand

February 1, 2023 7:43 AM EST

In an exclusive story, Reuters reports Wednesday that electric vehicle giant, Tesla, Inc. (NASDAQ: TSLA) plans to step up output at its Shanghai plant over the next two months to meet demand ignited by aggressive price cuts on its best-selling models. The report cites a planning memo seen by Reuters and a... More

Exclusive-Tesla to raise Shanghai output after price cuts stoke demand -memo

February 1, 2023 5:10 AM EST

SHANGHAI (Reuters) - Tesla plans to step up output at its Shanghai plant over the next two months to meet demand ignited by aggressive price cuts on its best-selling models, according to a planning memo seen by Reuters and a person with knowledge of the plan.

The automaker plans to produce a weekly average of nearly 20,000 units at its Shanghai factory in February and March, according to the memo, which detailed output plans for Tesla's most productive and profitable manufacturing... More

Ford Motor (F) call put ratio 1.6 calls to 1 put into quarter results

February 1, 2023 5:07 AM EST

Ford Motor (NYSE: F) February weekly 13.5 straddle priced for a move of 7% into the expected release of quarter results after the bell on February 2.

... More

Ford Motor (F) February weekly 13.5 straddle priced into quarter results

February 1, 2023 4:57 AM EST

Ford Motor (NYSE: F) February weekly 13.5 straddle priced for a move of 7% into the expected release of quarter results after the bell on February 2.

... More

Ford Motor (F) February weekly option implied volatility at 88 into quarter results

January 31, 2023 3:13 PM EST

Ford Motor (NYSE: F) February weekly call option implied volatility is at 88, February is at 49; compared to its 52-week range of 35 to 63 into the expected release of quarter results after the bell on February 2.

... More

Active options: TSLA AMZN AAPL AMD NVDA SNAP F PLTR BBBY

January 31, 2023 2:18 PM EST

Active options: TSLA AMZN AAPL AMD NVDA SNAP F PLTR BBBY

... More

Tesla (TSLA) sales in China a 'disaster' despite price cuts - GLJ Research

January 31, 2023 1:57 PM EST

GLJ Research analyst Gordon Johnson reiterated a Sell rating and $24.33 price target on Tesla (NASDAQ: TSLA), saying the sales numbers out of China today were "nothing short of a disaster" despite comments that the price cuts are spurring demand.

"Notwithstanding these unprecedented cuts... More

Midday movers: General Motors, McDonald's, Pfizer and more

January 31, 2023 1:43 PM EST

By Liz Moyer

Investing.com -- Stocks were moving higher as tech stocks led the gains, aiming to close out January on a high note. Here are the midday movers for Jan. 31.

General Motors Company (NYSE:... More

EU Industry Chief Breton Says Had Constructive Video Call With Twitter Owner Musk - Reuters

January 31, 2023 1:42 PM EST

EU Industry Chief Breton Says Had Constructive Video Call With Twitter Owner Musk - Reuters

... More

Tesla considering plant near Mexico City's new airport, Mexican official says

January 31, 2023 12:57 PM EST

By Diego Oré

MEXICO CITY (Reuters) - Electric carmaker Tesla Inc is considering setting up an assembly plant near a new Mexico City airport, which would serve as an export hub for the firm, Mexican presidential spokesman Jesus Ramirez said.

Ramirez said that Tesla could put a plant at an industrial park in development about 3 kilometers (2 miles) from the Felipe Angeles International Airport... More

Tesla updates risks to include Musk selling stock to satisfy other commitments

January 31, 2023 12:26 PM EST

In today's 10-K with the SEC, Tesla (NASDAQ: TSLA) highlighted additional risks from CEO Elon Musk selling stock in Tesla to satisfy commitments related to other business ventures - which appears to be in reference to his investment in Twitter.

"Mr. Musk from time to time may commit to investing in significant business or other ventures, and as a result, be required to sell shares of our common stock in satisfaction of such commitments," the updated filing reads without specifically naming Twitter.

In December 2022, Musk sold nearly $3.6 billion in Tesla... More

Warren Buffet backed EV maker BYD in talks to acquire insurer Yi'an

January 31, 2023 11:59 AM EST

BYD, the Chinese electric vehicle company in China, announced on Tuesday that the Warren Buffet backed automaker is working on a potential acquisition of Yi'an P&C Insurance Co, an insurer that was seized by Chinese regulators two years ago as part of a crackdown on financial... More

Ford Motor (F) February weekly option implied volatility elevated into quarter results

January 31, 2023 11:23 AM EST

Ford Motor (NYSE: F) February weekly call option implied volatility is at 87, February is at 49; compared to its 52-week range of 35 to 63 into the expected release of quarter results after the bell on February 2.

... More

Lucid Group (LCID) Climbs 4%

January 31, 2023 10:50 AM EST

Lucid Group (NASDAQ: LCID) Climbs 4%

... More

Tesla (TSLA) Tests High, Up 3%

January 31, 2023 10:49 AM EST

Tesla (NASDAQ: TSLA) Tests High, Up 3%

... More

Popular stocks with increasing volume: F BBBY GM PFE SOFI CVNA AI CAT LCID XOM SNAP MU UPST

January 31, 2023 10:06 AM EST

Popular stocks with increasing volume: F BBBY GM PFE SOFI CVNA AI CAT LCID XOM SNAP MU UPST

... More

Active options: TSLA AAPL AMZN F BBBY NVDA AMD GM PFE SOFI CVNA AI

January 31, 2023 10:04 AM EST

Active options: TSLA AAPL AMZN F BBBY NVDA AMD GM PFE SOFI CVNA AI

... More

Pfizer, McDonald's fall in premarket, International Paper, UPS jump

January 31, 2023 9:26 AM EST

By Geoffrey Smith

Investing.com -- Stocks in focus in premarket trading on Tuesday, 31st January. Please refresh for updates.

Pfizer (NYSE: PFE) stock fell 3.0% after the pharma giant forecast a sharp drop in sales and earnings this year as demand for its COVID-19 vaccine Comirnaty and antiviral drug Paxlovid slow. The companys forecasts assume no sales of Paxlovid in China after... More

Tesla (TSLA) to increase CAPEX and ramp battery cell and semi-truck production

January 31, 2023 8:46 AM EST

Tesla (NASDAQ: TSLA) announced in a 10-K filing on Tuesday that the electric vehicle company will increase its capital expenditure next year as the electric-vehicle maker increases production of a new battery cell and the Semi heavy duty truck.

Tesla wrote in the filing that we are likely to see heightened levels of capital... More

U.S. Justice Department asks Tesla for documents on driver assist systems

January 31, 2023 7:37 AM EST

(Reuters) - Tesla Inc said on Tuesday it has received requests from the U.S. Department of Justice for documents related to the electric vehicle company's driver assist system, Autopilot, and its "Full-Self Driving" feature.

Sources told Reuters in October last year that the company was under criminal... More

U.S. Justice Department seeks Tesla driver-assist documents

January 31, 2023 6:30 AM EST

By Akash Sriram and David Shepardson

WASHINGTON (Reuters) - Tesla Inc disclosed on Tuesday the U.S. Justice Department has sought documents related to its Full Self-Driving (FSD) and Autopilot driver-assistance systems as regulatory scrutiny intensifies. 

The automaker said in a filing it "has received requests from the DOJ for documents related to Teslas Autopilot and FSD features."

Reuters reported in October Tesla is under criminal investigation over claims that the company's electric vehicles could drive themselves. Reuters said the U.S. Justice Department launched the probe in 2021 following more than a dozen crashes, some of... More

Active options: TSLA SOFI AMZN AAPL NVDA AMC BBBY LCID CVNA META

January 31, 2023 4:29 AM EST

Active options: TSLA SOFI AMZN AAPL NVDA AMC BBBY LCID CVNA META

... More

U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.77%

January 30, 2023 4:33 PM EST

Investing.com U.S. stocks were lower after the close on Monday, as losses in the Oil&Gas, Technology and Consumer Goods sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average lost 0.77%, while the S&P 500 index lost 1.30%, and the NASDAQ Composite index lost 1.96%.

The best performers of the session on the Dow Jones Industrial Average were Goldman Sachs Group Inc (NYSE: GS), which rose 1.08% or 3.82 points to trade at 357.52 at the close. Meanwhile,... More

Today's most important upgrades

January 30, 2023 3:59 PM EST

Axalta Coating Systems (NYSE: AXTA) shares rose more than 2% intra-day today after the stock was upgraded to Buy at Deutsche Bank and Citi.

Deutsche Bank raised its price target to $40 from $25, telling investors the company's valuation discount is no longer warranted.

Citi lifted its price target on the stock to $35.19 from $30.29, noting that the upgrade follows the company's solid Q4 report on Wednesday and its view that there is further upside ahead.

The company reported Q4 EPS of $0.38, better than the... More

S&P 500 falls ahead of Fed meeting, big tech earnings

January 30, 2023 3:45 PM EST

By Yasin Ebrahim

Investing.com -- The S&P 500 fell Monday as investors were wary of making bullish bets on stocks ahead of the Federal Reserve decision and further quarterly earnings from big tech this week.

The S&P 500 fell 1.1%, the Dow Jones Industrial Average slipped 0.64%, or 216 points, and the Nasdaq Composite was down 1.7%.

The Federal Reserve kicks off its two-day meeting on Tuesday, but with the prospect of a downshift to a 25-basis-point rate hike almost priced-in for Wednesday, investors are expecting Fed chairman Jerome Powell to signal more hikes ahead and... More

Active options: TSLA SOFI AMZN AAPL NVDA AMC BBBY LCID

January 30, 2023 3:40 PM EST

Active options: TSLA SOFI AMZN AAPL NVDA AMC BBBY LCID

... More

Midday movers: Ford Motor, AMC Entertainment, Advanced Micro Devices and more

January 30, 2023 2:34 PM EST

By Liz Moyer

Investing.com -- Stocks were falling on Monday as investors awaited the Federal Reserve's decision on interest rates and its outlook for future meetings. Here are the midday movers for Jan. 30.

Ford Motor Company (NYSE:... More

Twitter makes first interest payment on Musk buyout debt - Bloomberg News

January 30, 2023 1:29 PM EST

(Reuters) -Twitter Inc has made its first interest payment under Elon Musk after the billionaire took the social media company private last year using about $12.5 billion of debt, Bloomberg News reported on Monday, citing people with knowledge of the matter.

Twitter paid a group of seven banks, led by Morgan Stanley,... More

Twitter said to make first interest payment on Musk buyout debt - Bloomberg

January 30, 2023 1:10 PM EST

Twitter said to make first interest payment on Musk buyout debt - Bloomberg

... More

Tesla (TSLA) to offer additional discounts and supercharging incentives

January 30, 2023 1:04 PM EST

(Updated - January 30, 2023 2:33 PM EST)

UPDATE: Teslarati has confirmed with Tesla that newest discount/supercharging incentives are for Model S and X vehicles only.

Story by teslarati.com reports today that Tesla (NASDAQ: TSLA) is now offering an additional $3000 discount or 3 years of free Supercharging incentives with the purchase of new vehicles. However, the... More

Fuzzy Panda Research believes Lucid Group (LCID) buyout rumor is "fake news"

January 30, 2023 12:46 PM EST

Fuzzy Panda Research believes Lucid Group (NASDAQ: LCID) buyout rumor is "fake news".

... More

Tesla (TSLA) offers new $3,000 discount or free Supercharging with trade-ins, slashing prices further - Teslarati

January 30, 2023 12:39 PM EST

Tesla (NASDAQ: TSLA) offers new $3,000 discount or free Supercharging with trade-ins, slashing prices further - Teslarati

... More

Twitter seeking regulatory permits for payments on platform - FT

January 30, 2023 12:15 PM EST

Twitter seeking regulatory permits for payments on platform - FT

... More

Ford Motor (F) 30-day option implied volatility at 42 into quarter results

January 30, 2023 11:28 AM EST

Ford Motor (NYSE: F) 30-day option implied volatility is at 42; compared to its 52-week range of 35 to 63 into the expected release of quarter results after the bell on February 2.

... More

Recession EV price wars have started, expected another 15-20% in cuts - Chowdhry

January 30, 2023 11:14 AM EST

Global Equities Research analyst Trip Chowdhry weighed in on news Ford (NYSE: F) cut its Mach-E price between $600 to $5,900, which follows cuts from Tesla (NASDAQ: TSLA) and proclaims the "recession EV price wars have started" and expects... More

Tesla (TSLA) February weekly option implied volatility is at 100 as shares sell off 4%

January 30, 2023 11:05 AM EST

Tesla (NASDAQ: TSLA) February weekly call option implied volatility is at 100, February is at 79; compared to its 52-week range of 49 to 96.

... More

Active options: TSLA SOFI LCID AAPL NVDA BBBY AMC CNVA AMD INTC

January 30, 2023 10:04 AM EST

Active options: TSLA SOFI LCID AAPL NVDA BBBY AMC CNVA AMD INTC

... More

Ford falls in premarket on price cut; chipmakers also extend losses

January 30, 2023 9:26 AM EST

By Geoffrey Smith

Investing.com -- Stocks in focus in premarket trading on Monday, 30th January. Please refresh for updates.

Lucid Group (NASDAQ: LCID) stock rose another 6.1% on speculation that it may be taken private by the Saudi Arabian Public... More

Ford to cut prices while 'significantly' increasing Mach-E production amid Tesla cuts

January 30, 2023 8:53 AM EST

(Updated - January 30, 2023 9:06 AM EST)

Ford (NYSE: F) announced Monday morning that the American vehicle maker will significantly increase production of their Mustang Mach-E this year to help reduce customer wait times. The company also announced that they will be taking advantage of the streamlined costs to reduce prices across the board.

The Mustang Mach-E was the #3 EV model in the U.S. in 2022. The... More

Ford Motor (F) cutting Mustang Mach-E prices in response to Tesla (TSLA)

January 30, 2023 8:37 AM EST

Ford Motor (NYSE: F) cutting Mustang Mach-E prices in response to Tesla (NASDAQ: TSLA).

... More

Arrival (ARVL) Appoints Igor Torgov as CEO, Plans to Reduce Spend by 50%

January 30, 2023 8:36 AM EST

Arrival (NASDAQ: ARVL) today announces the appointment of Igor Torgov, former Arrival EVP of Digital, as CEO. The Board has unanimously voted in Igor to effect the planned restructuring of its business and to support Arrivals mission to master a radically more efficient New Method to design and produce electric vehicles.

Igor Torgovs appointment will take effect from today, January 30, 2023. Igor joined Arrival in February 2020 and has led the development of multiple divisions at Arrival including Fintech, Commercialization, Business Systems, IT and Digital products over the last nearly... More

Lucid (LCID) up on SAPIF takeover speculation

January 30, 2023 8:14 AM EST

Shares of Lucid Group (Nasdaq: LCID) jumped as much as 98% intraday on Friday before settling up 43% following a Bloomberg report that highlighted speculation by Betaville that Saudi Arabias Public Investment Fund (SAPIF) was in talks to take the electric vehicle company private.

Bank... More

Berenstein spoke with investors following Tesla’s (TSLA) mixed Q4 report

January 30, 2023 7:58 AM EST

Bernstein reiterated an Underperform rating on Tesla (NASDAQ: TSLA) with a $150.00 price target after speaking with the company and several investors. Tesla has rallied dramatically despite reporting mixed results on Jan 25. Tesla missed margins significantly but provided reassuring guidance and commentary on demand and beat on EPS due to a lower-than-expected tax rate and... More

Dow Jones, Nasdaq, S&P 500 weekly preview: Why analysts expect stocks to rotate lower

January 30, 2023 7:13 AM EST

U.S. futures are moving lower in pre-market Monday as investors brace for another busy week. The Federal Reserve meeting is the key event and the biggest catalyst for stocks this week, in addition to the continuation of the earnings season.

S&P 500 gained 2.5% last week to finally close above the descending trend line that connects previous lower highs. However, the rally stopped at another important resistance - 4100 - which is likely to cap any near-term gains, until at least the Fed takes the central stage on Wednesday.

Nasdaq Composite Index (IXIC) closed over 4.3% higher last... More

Tesla (TSLA) stock earns upgrade to Buy on 'misguided pricing concerns'

January 30, 2023 5:15 AM EST

Despite seeing a softer demand picture in 2023 facing the global auto manufacturers, Berenberg analysts led by Adrian Yanoshik upgraded Tesla (NASDAQ: TSLA) stock to Buy from Hold.

While Tesla shares moved lower in the closing months of 2022 on several catalysts, including price cuts, Yanoshik said such moves are an... More

Lucid Group (LCID) call put ratio 2.7 calls to 1 put amid sharp movement

January 30, 2023 4:09 AM EST

Lucid Group (NASDAQ: LCID) 30-day option implied volatility is at 173; compared to its 52-week range of 70 to 173. Call put ratio 2.7 calls to 1 put.

... More

Tesla (TSLA) 30-day option implied volatility flat

January 30, 2023 4:03 AM EST

Tesla (NASDAQ: TSLA) 30-day option implied volatility is at 73; compared to its 52-week range of 49 to 96.

... More

Ford Motor (F) call put ratio 2.5 calls to 1 put amid price movement

January 30, 2023 4:01 AM EST

Ford Motor (NYSE: F) 30-day option implied volatility is at 40; compared to its 52-week range of 35 to 63. Call put ratio 2.5 calls to 1 put.

... More

Ford (F) PT Lowered to $13 at Berenberg

January 30, 2023 1:01 AM EST

Berenberg analyst Adrian Yanoshik lowered the price target on Ford (NYSE: F) to $13.00 (from $14.00) while maintaining a Hold rating.... More

Berenberg Upgrades Tesla (TSLA) to Buy

January 30, 2023 1:01 AM EST

(Updated - January 30, 2023 4:25 AM EST)

Berenberg analyst Adrian Yanoshik upgraded Tesla (NASDAQ: TSLA) from Hold to Buy with a price target of $200.00 (from $255.00).

The analyst comments "The companys price cuts represent an investment in growth, which we believe reflects Teslas cost leadership strategy. New... More