Netflix, Fox and Tesla fall premarket; Baker Hughes, Western Alliance rise

As Tesla (TSLA) 'weaponizes' cost leadership Morgan Stanley believes legacy OEMs should reconsider EV spending plans

April 21, 2023 3:05 PM EDT

Morgan Stanley reiterated an Overweight rating and $200.00 price target on Tesla, Inc. (NASDAQ: TSLA) as the electric vehicle giant continues to invest their cost leadership and industry high margins into lower prices.

Following Teslas 1Q results, Morgan Stanley held discussions with a number of clients about what the electric vehicle makers industry leading margins would mean for legacy OEMs. If Tesla weaponizes their cost leadership in the form of price, does this impair the economic returns of the... More

Jury finds Tesla (TSLA) autopilot not at fault in 2019 crash

April 21, 2023 2:03 PM EDT

A California jury on Friday found that a Tesla (NASDAQ: TSLA) autopilot feature did not fail to perform safely in what appears to be the first trial related to a crash involving the partially automated driving software.

Justine Hsu, a resident of Los Angeles, sued Tesla in 2020, saying her Tesla Model S swerved into... More

California and others call for recall of Hyundai and Kia vehicles over risk of theft

April 21, 2023 11:38 AM EDT

California Attorney General Rob Bonta, as well as attorneys general of 17 other states on Thursday, call on the National Highway Traffic Safety Administration (NHTSA) to recall Hyundai and Kia vehicles, saying they are more likely to be stolen because they lack safety features that are standard in other cars.

Hyundai and Kia vehicles represent a large share of stolen cars in multiple U.S. cities, according to data from police and state officials. While most cars in recent years have been installed... More

Ford (F) CEO Farley says Tesla (TSLA) price cuts reflect pressure of ageing lineup

April 21, 2023 9:07 AM EDT

Ford (NYSE: F) Chief Executive Officer Jim Farley attended a charity event Thursday night where he commented on Teslas (NASDAQ: TSLA) recent price cuts, saying that the decision reflects the pressure Tesla faces from competition and an ageing product line-up.

Farley said Tesla's price cuts underscore intense competition in the two-row crossover or SUV segment of the auto market, where Tesla's best-selling Model Y faces a range of newer rivals in China and other markets.

Ford, he... More

Tesla (TSLA) increases prices in U.S. just days after cutting them

April 21, 2023 8:53 AM EDT

Electric vehicle giant, Tesla (NASDAQ: TSLA) raised the prices on their Model S and X in the U.S., according to its website Thursday, although they are still 20% lower than the start of the year cutting prices six times to drum up demand.

Tesla has been slashing... More

Truist downgrades Tesla (TSLA) as it signals willingness to continue price cuts

April 21, 2023 8:31 AM EDT

Truist Securities downgraded Tesla (NASDAQ: TSLA) to a Hold rating (From Buy) and cut their price target on the stock to $154.00 (From $245.00) after the company reported 1Q results and signaled its willingness to continue to cut prices.

Analyst William Stein wrote in a note, We and investors alike have seen TSLA's price reductions, so Q1's results weren't surprising. What surprised us is TSLA's stated willingness to reduce price further, accepting still lower automotive... More

IKEA invests £4.5 million in EV charging infrastructure projects for last mile fleet in the UK and Ireland

April 20, 2023 3:25 PM EDT

Swedish furniture retailer, IKEA announced today a £4.5million investment in a nationwide electric charging infrastructure, which will provide charging points for electric delivery vehicles across the country to enable more emissions-free deliveries.

The EV infrastructure forms part of IKEAs ongoing transformation to become even more affordable, accessible, and sustainable as it aims to reach 100% zero emission deliveries to customers by 2025.

The investment marks one of the biggest EV charging... More

Rivian (RIVN) and VW added to list of vehicles eligible for IRA tax credits

April 20, 2023 2:33 PM EDT

Earlier this week, the IRS began enforcement of new rules governing which vehicles qualify for tax credits under the Inflation Reduction Act (IRA). The program provides an incentive of up to $7,500 for the purchase of a new battery-electric vehicle and plug-in hybrid EVs. The program requires a certain level of domestic content in those cars' battery packs. As a result, many previously qualifying vehicles lost their eligibility, including models made by Rivian (NASDAQ: RIVN) and Volkswagen.

When the rules went into effect on April... More

Tesla (TSLA) factory where employee died had safety weakness

April 19, 2023 1:44 PM EDT

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

April 19, 2023 12:22 PM EDT

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

Amazon (AMZN) Extends Gain, Up 2%

April 19, 2023 12:10 PM EDT

Amazon (NASDAQ: AMZN) Extends Gain, Up 2%

Steady Gainer Throughout The DayTo Report Results on Thursday, April 27
... More

'Leader of the pack' ExxonMobil (XOM) lifted to buy at UBS

April 19, 2023 8:56 AM EDT

UBS assumed coverage of ExxonMobil (NYSE: XOM) on Wednesday, upgrading it to Buy from Neutral and raising the price target to $144 from $125.

UBS analyst Josh Silverstein described XOM as the "leader of the pack," adding that the firm sees "the Integrated Oils as... More

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

April 19, 2023 8:44 AM EDT

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

April 19, 2023 8:30 AM EDT

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