Netflix, Rivian, Wolfspeed rise premarket; Tesla, UPS fall

Volkswagen to launch autonomous vehicles in Texas by 2026

German auto maker, Volkswagen (VW) announced Thursday their plans to launch autonomous, or self-driving, vehicles for ride hailing and goods delivery services in Austin, Texas by 2026.

VW had previously made a costly investment into Ford's now Ford's now-defunct self-driving car unit, Argo. The company took nearly 100 people... More

Judge says Rivian (RIVN) must face lawsuit claiming it defrauded IPO investors

U.S. District Judge Josephine Staton in Los Angeles has decided that Rivian Automotive (NASDAQ: RIVN) must face a lawsuit claiming it defrauded shareholders during and after its blockbuster 2021 initial public offering. According to the lawsuit filed by lead plaintiff Sjunde AP-Fonden, on behalf of shareholders from Nov. 10, 2021 to March 10, 2022, Rivian underpriced its electric vehicles, leading to unpopular price hikes.

Judge Straton indicated that shareholders can attempt to demonstrate that Rivian, despite... More

U.S. regulators press Tesla (TSLA) for updated response in autopilot probe

The National Highway Traffic and Safety Administration (NHTSA) revealed Thursday that the U.S. automotive safety regulator is seeking an updated response and current data from Tesla (NASDAQ: TSLA) regarding an ongoing probe into 830,000 Tesla vehicles and the automaker's Full Self-Driving system (FSD).

The NHTSA sent a letter to Tesla a on July 3rd seeking updates to questions it had asked in August 2022. According to... More

BoA raises estimates on Tesla (TSLA) as volumes 'exceed expectations'

Bank of America reiterated a Neutral rating on Tesla (NASDAQ: TSLA) and raised their 12-month price target for the stock to $300.00 (From $225.00) as auto suppliers see higher volumes and lower costs so far in 2023.

Analyst John Murphy wrote in a note, Since 2020, the industry, but specifically... More

Citi opens 90-day catalyst watch on BYD

Citi Research opened a 90-day positive catalyst watch on Chinese automaker, BYD as analyst Jeff Chung expects the company's 2Q23E NP to reach Rmb5-5.7bn showing a quarter-on-quarter (QoQ) growth of 25-30%.

Additionally, the estimated net profit per vehicle for the second quarter of 2023 is... More

UPS shares slide as Teamsters negotiations stall, accuse each other of walking away

UPS (NYSE: UPS) shares fell around 2% Wednesday after UPS and Teamsters released statements accusing each side of walking away from negotiations regarding contract talks

UPS said, "Teamsters have stopped negotiating," despite its "historic proposals," while Teamster stated, "UPS walked away from the bargaining... More

North America and Europe lead surge in global EV demand

Analyst Ranulf Orr from Citi Research reported a surge in demand for Battery Electric Vehicles (BEV) in May, with a 46% increase compared to the previous year. The primary drivers of demand growth were Europe and North America, experiencing respective year-on-year rises of 59% and 50%. In contrast, China's growth was more... More

Needham remains sidelined on Tesla (TSLA) following 2Q delivery beat

Needham reiterated a Hold rating on Tesla (NASDAQ: TSLA) after the electric giant posted its 2Q production and delivery numbers, beating consensus estimates by about 5%.

Over the past year, the growth in TSLA's production capacity has surpassed the growth in vehicle deliveries. As a result, there have been several rounds of price cuts throughout the year, with the most significant reductions occurring in early Q1. According to Needham, TSLA's inventory is still expanding, albeit at a slower pace. They consider this a mildly positive development, but they believe that additional confirmation... More

Tesla (TSLA) cuts prices in Japan

Tesla (NASDAQ: TSLA) revealed Tuesday that the electric vehicle giant cut prices for its Model 3 and Y electric vehicles by 3-4% in Japan this month.

According to the company's website, prices for all versions of its more affordable Model 3 have been reduced... More