Midday movers: First Solar, Tesla, Charles Schwab and more

Gov. Abbott signs annual EV tax bill into law

May 16, 2023 2:44 PM EDT

Texas Governor, Greg Abbot signed Senate Bill 505 into law over the weekend, requiring electric vehicle owners to pay $400 to register a new electric vehicle, on top of other fees. Renewing registration will cost $200.

The purpose of the fee is to guarantee that owners of electric vehicles contribute their fair portion towards highway expenses, typically funded by a 20 cent-per-gallon gas tax paid by owners of gasoline-powered and hybrid vehicles.

The bill passed a vote in the... More

Tesla (TSLA) Model 3 dominates reliability study, outperforming ICE counterparts

May 16, 2023 2:09 PM EDT

Teslas (NASDAQ: TSLA) participated in a new reliability study by the Allgemeiner Deutscher Automobil-Club (ADAC) in Germany where their electric Model 3 crushed its internal combustion engine (ICE) counterparts.

It should come as no surprise that electric vehicles (EVs) are generally more reliable than their fossil-fuel-powered counterparts, given their remarkable mechanical simplicity. The superiority of EVs in terms of reliability has been... More

Tesla (TSLA) seeks approval to expand Shanghai plant, add pouch battery cell production

May 16, 2023 8:32 AM EDT

Tesla (NASDAQ: TSLA) has applied for and is seeking regulatory approval to expand its Shanghai plant and begin producing for the first time pouch-type battery cells in limited quantity.

According to an undated public notice, the Shanghai Gigafactory could potentially expand its capacity to manufacture 1.75 million powertrain units per year, an increase from its current production capacity of 1.25 million units.

Its unclear from the notice, which was posted... More

Tesla (TSLA) introduces discounts for business and fleet buyers in Germany

May 16, 2023 7:43 AM EDT

Electric automaker, Tesla (NASDAQ: TSLA) announced Monday that they have implemented additional discounts for business customers in Germany, signaling the companys increasingly aggressive pricing strategy.

According to a company representative, fleet buyers can now take advantage of an extra 2,250 euro ($2,447) discount. This... More

Charles Schwab (SCHW) shares gain following upgrade by Raymond James

May 15, 2023 11:00 AM EDT

Raymond James analyst Patrick O'Shaughnessy provided a boost to Charles Schwab (NYSE: SCHW) shares on Monday after he upgraded the stock to Outperform with a $63 price target in a note.

The stock is currently up 2.88% at over $50 per share, adding to Friday's... More

Tesla (TSLA) faces another lawsuit over impact of software updates on EV batteries

May 15, 2023 10:38 AM EDT

Tesla (NASDAQ: TSLA) is again confronted with a class action lawsuit for limiting the battery capacity inside its vehicles through a software update. A group of U.S. Tesla Model S and Model X owners filed a proposed class-action lawsuit against the electric vehicle manufacturer on Friday claiming the companys automatic software updates allegedly resulted in reduced driving range or even battery... More

First Solar (FSLR) downgraded at Wolfe Research 'more challenging' upside argument

May 15, 2023 10:01 AM EDT

First Solar (NASDAQ: FSLR) was cut to Peer Perform from Outperform by Wolfe research analyst Steve Fleishman, who also removed the firm's price target on the stock in a note Monday.

The analyst said they are stepping to the sidelines as the stock... More

Soros exits Tesla (TSLA), reduces Rivian (RIVN) stake after 90% drop from peak

May 15, 2023 8:50 AM EDT

Soros Fund Management, the family office of George Soros, cut its holdings in Rivian Automotive (NASDAQ: RIVN) following the electric automakers 90% share decline from its intraday peak in November 2021. The billionaire also slashed its $16 million stake in Tesla (NASDAQ: TSLA), effectively eliminating their investment in the EV giant.

Soros purchased... More

Tesla's 'Unboxed Process': Revolutionizing auto manufacturing or a risky endeavor?

May 15, 2023 8:26 AM EDT

Tesla (NASDAQ: TSLA) introduced a new vehicle-assembly systemin March, sparking instant buzz and debate among industry specialists on whether the system, known as the "unboxed process," devised by CEO Elon Musk is a radical innovation, a visionary departure from traditional methods, a derivative concept, or a combination.

Musk believes the company needs to radically rethink conventional manufacturing methods in order to produce electric vehicles at larger volumes that are both more affordable and profitable.

Investors have eagerly anticipated the revelation of what many consider to be Tesla's holy grail: an electric... More

First Solar (FSLR) Removed from Wolfe Alpha List

May 15, 2023 5:45 AM EDT

First Solar (NASDAQ: FSLR) Removed from Wolfe Alpha List

Removal coincides with downgrade as firm notes "stepping off the rocket ship".... More