EVs gain as China extends tax breaks

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

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

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

FedEx, Winnebago fall premarket; Tesla, Spotify rise

Investing.com -- Stocks in focus in premarket trade on Wednesday, June 21st. Please refresh for updates.

FedEx (NYSE: FDX) stock fell 2.2% after the delivery giant issued a profit warning, saying ongoing "demand challenges" prompted its plans to ground 29 more aircraft in the fiscal year that... 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

Tesla, Chinese EV stocks gain as China extends tax breaks through 2027

Chinese EV stocks are higher in pre-open trading Wednesday after China said it would extend tax breaks on clean energy cars purchases through 2027:

Tesla (TSLA) stock downgraded at Barclays after a 'too sharp' rally

Barclays analyst Dan Levy downgraded Tesla (NASDAQ: TSLA) shares to Equal Weight from Overweight as he believes the recent sharp run-up in shares is ignoring questions on near-term fundamentals.

Since its bottom in late April, Tesla stock has rallied ~70% vs. S&P +8%.

While Tesla stock movements tend to be driven by more than fundamentals sometimes, Levy is cautious to jump on the bandwagon. He believes that the rally is mostly driven... More

Powell, U.K. inflation, Tesla's investment - what's moving markets

Investing.com -- Fed chief Jerome Powell starts his congressional testimony later in the session, after data showed that U.K. inflation remained elevated in May. Tesla is looking towards India for investment, while FedEx disappoints with its earnings.

1. Powell starts congressional testimony

Federal Reserve chief Jerome Powell starts his two-day congressional testimony later Wednesday, addressing the House Financial Services Committee just a week after the U.S. central bank paused rate increases but signaled it could raise rates again this year.

The Fed projected that the benchmark rate... More

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Active options: TSLA NVDA AAPL MARA AMD AMZN PYPL PLTR SOFI

Tesla (TSLA) option IV increases

Tesla (NASDAQ: TSLA) 30-day option implied volatility is at 66; compared to its 52-week range of 44 to 96.

Rail car constraints present concerns around trapped inventory - Barclays

Barclays analyst Dan Levy weighs in on the report about issues with sourcing rail cars for shipping new vehicles.

"We believe this warrants flagging as a potential risk into 2Q for our coverage OEMs in the event that timing of shipments creates a large set of vehicles... More

Barclays Downgrades Tesla (TSLA) to Equalweight

Barclays analyst Dan Levy downgraded Tesla (NASDAQ: TSLA) from Overweight to Equalweight with a price target of $260.00 (from $220.00).

For an analyst ratings summary and ratings history on Tesla click here. For more ratings news on Tesla click here.

Shares of Tesla closed at $274.45 yesterday.

China unveils $72 billion tax break for EVs, other green cars to spur demand

By Qiaoyi Li and Liz Lee

BEIJING/SHANGHAI (Reuters) -China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package of tax breaks over four years for electric vehicles (EVs) and other green cars, its biggest yet for the industry as it seeks to boost slower auto sales growth.

Weakening sales growth in the world's biggest auto market has raised concern over China's economic growth and while financial support was widely expected after an earlier government pledge to promote the industry, shares in major automakers jumped after the details were released.

"The extension by another four years beat market... More

Exclusive-Tesla wins as Texas requires state-backed charging stations to include its plug

By Jarrett Renshaw and Hyunjoo Jin

(Reuters) -Tesla scored a series of victories for its charging technology on Tuesday, capped by Texas saying it 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.

Earlier in the day, Reuters was first to report both that electric pickup truck maker Rivian was backing Tesla and that charger maker BTC Power would support the standard. Those announcements follow decisions by GM and Ford to add Tesla... More

Texas to require EV charging companies to include Tesla's (TSLA) NACS standard - Reuters

(Updated - June 20, 2023 5:39 PM EDT)

Texas to require EV charging companies to include Tesla's (NASDAQ: TSLA) NACS standard as well as CCS to join state program using federal funds - Reuters

Stock market today: Dow stumbles as energy slides ahead of Powell testimony

Investing.com -- The Dow closed lower Tuesday, pressured by energy stocks as investors paused their bullish bets on stocks ahead of the Federal Reserve chairman Jerome Powells testimony before Congress due Wednesday.

The Dow Jones Industrial Average fell 0.7%, or 245 points, the Nasdaq fell 0.2%, and the S&P 500 fell 0.5%.

Testimony from Federal Reserve Chairman Jerome Powell this week - before the House Financial Services Committee and the Senate Banking Committee on Wednesday and Thursday, respectively - will be closely watched for clues on how strongly... More

S&P 500 pares some losses, but keeps up pressure ahead of Powell

Investing.com -- The S&P 500 pared some losses Tuesday, but remained in the red as investors paused their bullish bets on stocks ahead of the Federal Reserve chairman Jerome Powells testimony before Congress due Wednesday.

The S&P 500 fell 0.4%, the Dow Jones Industrial Average fell 0.7%, or 228 points, and the Nasdaq fell 0.1%.

Testimony from Federal Reserve Chairman Jerome Powell this week - before the House Financial Services Committee and the Senate Banking Committee on Wednesday and Thursday, respectively - will be closely watched for clues on... 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

Tesla Standard: BTC Power Joins Move To Add To EV Chargers - Reuters

Tesla Standard: BTC Power Joins Move To Add To EV Chargers - Reuters

Exclusive-Tesla standard: BTC Power joins move to add to EV chargers

By Abhirup Roy

SAN FRANCISCO (Reuters) - BTC Power will add Tesla's standard to its electric vehicle chargers next year, its chief executive told Reuters on Tuesday, days after Ford and General Motors sent shockwaves through the industry by adopting the technology.

Privately-owned BTC, a supplier to 7-Eleven and fleet operators, is the fourth major fast charger maker to embrace Tesla's standard, following ABB E-mobility North America, Tritium DCFC, and SK Signet.

A national EV charging network is key to addressing... 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

U.S. stocks are falling after housing data stoked rate fears

Investing.com -- Stocks were falling at the start of a holiday-shortened week after housing data stoked worries about interest rates.

U.S. single-family housing starts jumped 21.7% in May from the prior month its highest in more than a year, and permits issued for future construction also climbed, indicating that the housing market may be turning a corner.

At 12:06 ET (16:06 GMT), the Dow Jones Industrial Average was down 306 points or 0.9% while the S&P 500 was down 0.7% and the... More

Midday movers: Rivian Automotive, PayPal, Airbus and more

Investing.com -- Stocks are falling after stronger-than-expected data on housing stoked fresh fears about interest rates. Here are the market movers for June 20.

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

Tesla's Musk says eyeing significant India investments after meeting Modi

By Hyunjoo Jin and Shivangi Acharya

SAN FRANCISCO/NEW DELHI (Reuters) -Tesla chief executive Elon Musk said India's Prime Minister Narendra Modi was pushing the car maker to make a "significant investment" in the country, adding that such an announcement was expected soon.

His comments came after a meeting with Modi on Tuesday during the Indian leader's state visit to the United States. A source previously told Reuters that Musk would brief Modi on plans to set up a manufacturing base in India.

India has strong potential for a sustainable energy future including solar power, stationary... 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

CFRA Downgrades Li Auto (LI) to Sell

CFRA analyst Aaron Ho downgraded Li Auto (NASDAQ: LI) from Hold to Sell with a price target of $24.00.

The analyst commented, "We keep our 12-month target price of USD24. The valuation reflects a 2023 P/B of 4.2x, a discount to Li Auto's 2020-2022... More

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Active options: TSLA NVDA AAPL AMD AMZN META MSFT GOOGL

China's Nio to get near $740 million investment from Abu Dhabi-backed firm

(Reuters) -CYVN Holdings, a firm backed by the Abu Dhabi government, will invest about $738.5 million in Nio Inc, the Chinese electric vehicle maker said on Tuesday, as it looks to bolster the company's balance sheet.

Nio and peers Xpeng and Li Auto are among those competing to grab a larger EV market share in... 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

NIO Inc. (NIO) Announces Strategic Equity Investment from CYVN Holdings

NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (NIO or the Company), a pioneer and a leading company in the premium smart electric vehicle market, today announced that it has entered into a share subscription agreement with CYVN Holdings L.L.C., an investment vehicle majority owned by the Abu Dhabi Government strategically focused on advanced and smart mobility (the Investor or CYVN Holdings), pursuant to which the Investor will invest an aggregate of US$738.5 million in cash to subscribe 84,695,543 newly issued Class A ordinary shares of the Company at a per share purchase price of US$8.72, being 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 to adopt Tesla's charging standard in EVs and chargers

By Abhirup Roy

SAN FRANCISCO (Reuters) -Electric vehicle maker Rivian said on Tuesday it will adopt Tesla's charging standard, giving Rivian customers access to the biggest U.S. charging network and adding momentum to Tesla's bid to set the industry standard.

Rivian said its customers will be able to access 12,000 Tesla Superchargers with adapters in the United States and Canada as early as spring 2024. The company, which has its own small network of fast chargers, will also make a Tesla-style charging port standard on its vehicles starting in 2025.

"We prefer the Tesla connector, which is... More

Hyundai increases annual EV investment to $28B

Hyundai Motor announced Tuesday that the Korean multi-national automaker plans to raise its average annual investment in electrification by nearly two thirds to $28 billion over the next decade to restructure its business in China and boost electric vehicle (EV) sales.

Hyundai CEO Jaehoon Chang told investors that China, the world's largest vehicle market, had been very profitable up until 2016 but it was now the biggest risk as the automaker had lost market share to... More

Rivian Will Make Tesla-style Charging Ports Standard On Its Vehicles From 2025

Rivian Will Make Tesla-style Charging Ports Standard On Its Vehicles From 2025

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

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