VW, Rivian, Nissan, BMW lose access to US EV tax credits

Tesla (TSLA) factory where employee died had safety weakness

According to several news reports Wednesday, Government inspectors have concluded that Teslas (NASDAQ: TSLA) Shanghai factory where an employee died in a Feb. 4 accident has weaknesses in its safety measures.

Investigators found that two workers in the factorys wielding workshop didnt strictly follow safety rules during a shift... More

Baidu’s (BIDU) Jidu Auto skips Shanghai auto show due to marketing plans

Yicai Global, the financial news arm of state-owned media conglomerate, Shanghai Media Group reports today, citing a source at the company, that Baidu-backed Jidu Auto is absent from the ongoing Shanghai Auto Show because the event did not fit in with the automakers product marketing plans.

The Shanghai... More

Rivian (RIVN) downgraded to Sector Perform at RBC Capital on limited near-term catalysts

RBC Capital downgraded Rivian Automotive (NASDAQ: RIVN) to a Sector Perform rating (From: Outperform) and cut their price target on the stock to $14.00 (From $28.00) as analyst Tom Narayan believes the companys near-term catalysts are limited.

Narayan wrote in a note, RIVN is well positioned to capture market share as the industry... More

Tesla (TSLA) slides following additional U.S. price cuts

Shares of Tesla (NASDAQ: TSLA) are trading down more than 2% in pre-market trading on Wednesday after the electric vehicle company cut prices for the sixth time this year.

Tesla's website showed late on Tuesday that it cut prices of its Model Y 'long range' and 'performance' vehicles by $3000 each and of its Model 3 'rear-wheel drive' by $2,000 to $39,990.

The cuts come... More

RBC Capital cuts price target on Tesla (TSLA) as price war weighs

RBC Capital reiterated an Outperform rating on Tesla (NASDAQ: TSLA) and cut their price target on the stock to $217.00 (From $223.00) as concerns are mounting that the electric vehicle maker may need to cut prices again to remain competitive.

RBC Capitals expectations are for Teslas Automotive Gross Margins to be pressured by price cuts. TSLA made multiple price cuts during the quarter,... More

U.S. and General Motors (GM) reach settlement in discrimination case

The U.S. Justice Department announced Tuesday that is has reached a settlement with General Motors Co (NYSE: GM) to resolve the department's determination that the American automaker discriminated against non-U.S. citizens in violation of the Immigration and Nationality Act (INA).

Under the terms of the agreement, the company will pay $365,000 in civil penalties.

An investigation... More

Morgan Stanley cuts price target on Rivian (RIVN) as challenges evolve; reiterates Overweight

Morgan Stanley reiterated an Overweight rating on Rivian Automotive (NASDAQ: RIVN) and cut the price target on the stock to $24.00 (From $26.00) as analyst Adam Jonas believes the electric automakers challenges move from operational to strategic.

Jonas wrote in a note, Rivians challenges move from operational to strategic. The R1 hypertruck delivers serious driving thrills. It also delivers serious gross margin losses. The Georgia plant may be profitable, but Rivian may lack the capital to build and ramp it. Something has to give,... More

Li Auto (LI) plans to nearly triple EV line-up by 2025

Chinese electric automaker, Li Auto (NASDAQ: LI) announced Tuesday, plans for the company to expand its line-up to 11 models by 2025, up from four currently, targeting the market for vehicles priced at 200,000 yuan ($29,100) and higher.

Li Auto's president and chief engineer Ma Donghui... More

CEO William Li says Nio (NIO) 'will certainly not join the price war'

The CEO of Chinese electric automaker, Nio Inc (NYSE: NIO) told CNBC in an interview that the company will not cut prices.

For us, we will certainly not join the price war, CEO William Li said, according to a translation of the interview, claiming Nios products and services are worth the price.

Li said his company will focus on improving its customer services such as adding battery swapping and charging stations. The swapping technology that changes out batteries so that drivers dont have to wait for charging.

Nio announced last... More

U.S. Supreme Court declines bid by GM to take up dismissed case against Fiat Chrysler

The U.S. Supreme Court on Monday declined to take up a dismissed racketeering case General Motors (NYSE: GM) brought against Fiat Chrysler Automobiles, now known as Stellantis (NYSE: STLA). The denial was included in a daily order list from the court on Monday.

The justices turned away an appeal by General Motors of a lower court's dismissal of its lawsuit that accused Fiat Chrysler of bribing employee union officials in a bid to undermine GM and pressure... More

U.S. treasury announces VW, BMW, Nissan, Rivian and others lose access to tax credits

The U.S. treasury announced Monday that automakers Volkswagen, BMW, Nissan, Rivian (NASDAQ: RIVN), Hyundai and Volvos electric vehicles will lose access to a $7,500 tax credit under the new rules for battery sourcing.

The Treasury also said the new requirements, which go into effective on Tuesday will cut credits for the Tesla Inc (NASDAQ: TSLA) Model 3 Standard Range Rear Wheel Drive by half to $3,750 but that other Tesla models will retain... More

Panasonic considers building EV battery plant in Oklahoma

Tesla (NASDAQ: TSLA) battery supplier, Panasonic said on Sunday that the Japanese company is considering building a battery plant in Oklahoma, its third in the United States.

Panasonic has entered into an agreement with the State of Oklahoma that defines the eligibility... More