Hyundai increases annual EV investment to $28B

Ford (F) prepares for new round of layoffs amid cost-cutting measures

The Wall Street Journal reports Thursday, citing people familiar with the situation, that Ford Motor Company (NYSE: F) is preparing to begin another round of layoffs in the coming weeks.

These layoffs, part of a larger effort to streamline operations and cut costs, are the latest of several that Ford has initiated in less than a year and could be... More

Tesla (TSLA) said to be acquiring wireless charging company, Wiferion

Tesla (NASDAQ: TSLA) is said to be in the midst of acquiring Wiferion, a Germany-based electric vehicle (EV) wireless charging company. An acquisition that could pave the way for Tesla to introduce a wireless home charging solution in the future.

The German edition of Business Insider, citing an anonymous source, reports that Wiferion is set to transfer its business to Tesla International BV. The... More

General Motors (GM) hires former Google exec Lin-Hua Wu as CCO

General Motors (NYSE: GM) revealed Thursday that the company has appointed former Google (NASDAQ: GOOG) executive, Lin-Hua Wu as senior vice president and chief communications officer. Wu replaces Craig Buchholz, who left the automaker May 1, said... More

Rivian (RIVN) acquires rout planning app maker Iternio

Rivian (NASDAQ: RIVN) announced Wednesday that the electric vehicle maker has acquired Swedish EV route planning app maker Iternio. According to CEO RJ Scaringe the automaker plans to include the technology in its electric pickups and sport utility vehicles, as well use its data to better expand its own charging network.

Scaringe did not disclose the value of the deal but said it was closed in the first quarter.

This news follows... More

Rivian (RIVN) owners poll shows overwhelming support for NACS adoption

American electric vehicle maker Rivian (NASDAQ: RIVN) announced earlier this week that the company will be joining fellow automakers Ford (NYSE: F) and General Motors (NYSE: GM) in adopting Teslas (NASDAQ: TSLA) North American Charging Standard (NACS).

A look at the companys owners forum reveals a strong consensus among owners and enthusiasts of the electric vehicle manufacturer's trucks in... More

Ford (F), SK joint venture to receive $9.2B federal loan for EV battery plants

The U.S. department of energy revealed Thursday their intention to loan up to $9.2 billion in federal funds to a joint venture of Ford Motor (F) and SK On to help finance construction of three new battery manufacturing plants in Tennessee and Kentucky.

The government's Advanced Technology Vehicles Manufacturing (ATVM) loan... More

XPeng (XPEV) chooses ACCESS as vehicle infotainment provider

Chinese electric automaker, XPeng (NYSE: XPEV) revealed in a press release Wednesday, their decision to choose ACCESS Twine to provide vehicle infotainment to the EV makers new range of electric vehicles, beginning with the P7 Sedan. Moving forward, existing XPeng drivers will also have the option to upgrade their cars to include ACCESS' Twine4Car IVI through an over-the-air (OTA) software... More

Tesla (TSLA) takes top 4 spots on Cars.com 2023 AMI rankings

Cars.com released their American-Made Index ranks on Wednesday for vehicles built and bought in the U.S. for 2023. For the third year (Second in a row), Tesla (NASDAQ: TSLA) topped the list with their Model Y SUV claiming the number one spot. The electric automakers Models 3, X, and S rounded out... More

A Railcar shortage is slowing auto deliveries

A recent report from the Detroit Free Press highlighted the challenges faced by automobile manufacturers in delivering new vehicles, attributing the constraints to difficulties in sourcing rail cars. According to the article, by the end of May, approximately 70,000 new vehicles were awaiting shipment from production facilities across the industry. Additionally, due to the widespread challenges, the stall in production resulted in the... More

EVs gain as China extends tax breaks

Shares of Chinese electric vehicle companies NIO Inc (NYSE: NIO), Li Auto (NASDAQ: LI) and XPeng (NYSE: XPEV) are up by nearly 3% in pre-market trading on Wednesday after China extended a tax exemption policy for new energy vehicles (NEV).

According to the policy, jointly... More

Texas will be first state to require Tesla (TSLA) standard on federally funded EV chargers

Shares of Tesla (NASDAQ: TSLA) are up 1.21% in pre-market trading Wednesday after the Texas Department of Transportation announced late Tuesday that the state would require electric vehicle charging companies to include both Tesla's standard as well as the nationally recognized CCS if they want to be part of a state program to electrify highways using federal dollars.

Texas is the first state that will mandate Tesla's... More

Mizuho cuts estimates as Rivian (RIVN) continues production ramp

Mizuho reiterated a Buy rating on Rivian Automotive (NASDAQ: RIVN) and cut their 12-month price target on the stock to $27.00 (From $30.00) as the company continues to ramp production and prepare factories for increased capacity.

Analyst Vijay Rakesh wrote in a note, RIVN only produced 10.4k vehicles in the MarQ due to continued supply chain constraints, mainly at SiC and IGBT suppliers, and the shutdown of EDV lines for Enduro and LFP battery retooling. RIVN has reaffirmed its 50k production target for C23E. We... More

BTC Power joins rivals in adopting Tesla's (TSLA) NACS

In an exclusive story, Reuters reports Tuesday that privately-owned BTC Power will add Tesla's (NASDAQ: TSLA) North American Charging Standard (NACS) connection to its electric vehicle chargers starting next year.

The move follows several rival charging companies like ChargePoint (NASDAQ:... More

Elon Musk will speak with PM Modi at U.S. meeting to discuss Tesla’s (TSLA) India investment plans

Reuters reports, citing unnamed sources, that Tesla (NASDAQ: TSLA) CEO Elon Musk will meet directly with Indian Prime Minister Narendra Modi on Tuesday to brief the leader on plans to set up a manufacturing base in the country.

According to the unnamed source, the inaugural high-level meeting to discuss the expansion will occur as part... More

Tesla (TSLA) China saw 14,500 new registrations in third week of June

Industry watchers, analyzing data of first-time vehicle registrations in China, have determined that new registrations of Tesla (NASDAQ: TSLA) vehicles reached 14,500 units for the week ending June 18. Based on these estimations, it appears that Tesla China has successfully sold 40,600 vehicles between June 1 and... More

Rivian (RIVN) a Buy at Canaccord Genuity on management optimism

Canaccord Genuity reiterated a Buy rating and $40.00 price target on Rivian Automotive (NASDAQ: RIVN) following recent statements from CEO, RJ Scaringe and CFO Claire McDonough. They described a material improvement in the broader supply chain environment and said that the companys R1 demand remains healthy and described their backlog as extending into 2024.

Analyst George Gianarikas wrote in a note, Over... More

Hyundai considers adopting Tesla (TSLA) charging standard

Hyundai held its 2023 CEO Investor Day on Tuesday where CEO Jaehoon Chang revealed that the South Korean automaker is considering the adoption of the Tesla (NASDAQ: TSLA) designed North American Charging Standard (NACS) charging connector for their vehicles, but still needs to determine if the switch would be in the customers best interest.

One... More

Nio (NIO) gains $738M investment from CYVN Holdings

Chinese electric automaker, NIO Inc. (NYSE: NIO) announced Tuesday that the company has entered into a share subscription agreement with CYVN Holdings, an investment firm majority owned by the Abu Dhabi Government with a focus on advanced and smart mobility.

According to the agreement, CYVN will invest $738.5 million in cash to subscribe 84,695,543 newly issued Class A ordinary shares of the Company at a per share purchase... More

Bernstein optimistic as China EV sales show resilience

Bernstein released an analysis of the recovering Chinese auto industry following the COVID pandemic which led to extended lockdowns and supply chain interruptions and found that the electric vehicle industry, as a whole, remains resilient.

Analyst Eunice Lee wrote in a note, We are turning more positive on China's auto cycle and hold a cautiously optimistic view of the sector. The slow recovery from the beginning of the... More

Rivian (RIVN) will adopt Tesla's (TSLA) charging standard

Reuters reports in an exclusive story Tuesday that American electric automaker Rivian (NASDAQ: RIVN) said it has agreed to adopt Tesla's (NASDAQ: TSLA) charging standard. Adding momentum to Tesla's bid to set the industry standard.

Tesla struck simular deals in recent weeks with General Motors (NYSE: GM) and Ford (NYSE: F),... More

Rivian Owners To Be Able To Access Tesla Superchargers From 2024 With Adapters - Statement

Rivian Owners To Be Able To Access Tesla Superchargers From 2024 With Adapters - Statement

Citi cuts estimates on EV charging stocks

Citi research updated their estimates on electric vehicle charging stocks Allego (NYSE: ALLG), ChargePoint (NYSE: CHPT) and EVgo (NASDAQ: EVGO) after meeting with management following the companies recent financial results.

Analyst Itay Michaeli wrote in a note, Despite the recent pullback in EV charging stocks, we remain selective with continued preference for Europe exposure (Allego). Though we dont think recent U.S. NACS developments (GM/Ford Tesla) dramatically change the LT fundamental picture for EVgo and ChargePoint, it does introduce NT headline risk while... More

Active options: TSLA NVDA AMD AAPL SOFI AMZN NIO MSFT META

Active options: TSLA NVDA AMD AAPL SOFI AMZN NIO MSFT META

Rivian (RIVN) to experiment selling EV trucks in factory parking lot

Electric automaker, Rivian (NASDAQ: RIVN) announced earlier this week that the company will allow customers to shop for one of their vehicles in the parking lot just outside its downstate Normal factory on Saturday.

This unusual and experimental one-day tactic breaks from the companys mostly online sales strategy by... More

Twitter CEO In Talks With Partners To Focus On Business Beyond Advertising - Reuters

Twitter CEO In Talks With Partners To Focus On Business Beyond Advertising - Reuters

General Motors (GM) announces $1B investment in Brookville DMAX plant

General Motors (NYSE: GM) held an event at their DMAX plant in Brookville, Ohio Friday where the automaker announced that it would invest nearly $1 billion into the facility.

During the event, GM leaders said it would be spending $920 million into the facility to help support the production of... More

Autonomy is 'main driver' of Tesla (TSLA) value says Musk

Tesla (NASDAQ: TSLA) CEO Elon Musk attended Vivatech 2023 in Paris Friday where he revealed that his company is close to achieving fully autonomous vehicles, adding autonomy was the "main driver" of the brand's market value.

TSLA shares jumped by as much... More

Tesla (TSLA) China to offer time-limit insurance and loan incentives for Model 3

Tesla (NASDAQ: TSLA) China announced, via its official Sina Weibo account Friday, that the electric automaker is offering a limited-time incentive for the China-made Model 3.

The company announced that from June 16th to 30, customers who purchase and successfully take delivery of the... More

Musk says vehicle autonomy is 'main driver' of Tesla value

PARIS (Reuters) -Tesla is close to achieving fully autonomous vehicles, CEO Elon Musk said during a visit to Paris on Friday, adding autonomy was the "main driver" of the brand's market value.

The company's shares rose by as much as 3% to their highest level in more than eight months.

The world's most valuable automaker, Tesla has a market capitalisation of around $800... More

Musk Says Tesla (TSLA) Stock Price High Because of Value of Autonomy

Musk Says Tesla (NASDAQ: TSLA) Stock Price High Because of Value of Autonomy

NIO Inc. (NIO) unveils ET5 Touring electric station wagon

NIO Inc. (NYSE: NIO) has officially unveiled their electric station wagon, named the ET5 Touring. The electric station wagon was developed with the European market in mind with the aim of rivaling BMW, Porsche, and other premium automakers.

NIO says the model is now open for ordering in... More

Active options: TSLA NVDA AAPL AMD NIO MSFT AMZN PLTR

Active options: TSLA NVDA AAPL AMD NIO MSFT AMZN PLTR

EV startups look to extend impressive rally Friday

On Friday, electric vehicle startups such as Nikola (NASADQ: NKLA) and Lordstown Motors (NASDAQ: RIDE) are poised to continue a remarkable rally in share prices, propelling these financially strained companies towards substantial weekly gains.

The impressive winning streak comes without any apparent news or catalyst for the... More

Deutsche Bank reiterates Buy on NIO Inc. (NIO) as management shows volume capture urgency

Deutsche Bank reiterated a Buy rating and $13.00 price target on NIO Inc. (NYSE: NIO) after meeting with management following the automakers 1Q earnings report.

Deliveries for the first quarter were already reported at 31,041 units, leading to revenue of 10.7bn RMB, missing the consensus estimate of 11.7bn RMB, hurt by lower ASP. Gross margin of 1.5% also missed consensus, driven by downside in vehicle margin, but partially offset by "other" margin.

Analyst Edison Yu wrote in a note, Our main takeaway following 1Q earnings and hosting NIO management (CFO inperson in NYC... More

Tesla (TSLA) is no Ford (F), its cost advantage is not as sustainable/long-lasting - Bernstein

Much like Ford (NYSE: F) pioneered the original automobile with its Model T, over 100 years later Tesla (NASDAQ: TSLA) is pioneering the era of electric automobiles, leading some investors to question "whether Tesla today in EVs is akin to the Ford Model T in1908-26."

Speaking on the subject, analyst Toni Sacconaghi, Jr of Bernstein draws five parallels between the two companies: