Western OEMs look to cut costs in fight against Chinese EV 'invasion'
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Stellantis (STLA) and LG Energy recruit launch team for Ontario battery factory
July 31, 2023 2:38 PM EDTStellantis (NYSE: STLA) and LG Energy Solutions have begun the recruitment process to build a core team of production engineers and technicians, forming a launch team for the automaker's battery factory in Ontario.
Operating under the joint venture name NextStar Energy, they are actively hiring 130 new employees. Out of these, the first 30 positions will be dedicated to... More
Barclays remains sidelined on Tesla (TSLA), expects modest near-term Cybertruck volumes
July 31, 2023 10:18 AM EDTBarclays reiterated a Neutral rating on Tesla (NASDAQ: TSLA) with a 12-month price target of $260.00 on the electric vehicle stock as the automaker prepares for the start of Cybertruck deliveries before the end of the year.
Barclays believes that the EV truck market is likely to remain niche for the foreseeable future, with the Detroit 3 (D3) maintaining a dominant position in the pickup market, including the EV truck segment. However,... More
Tesla (TSLA) to cut prices in Hong Kong
July 31, 2023 9:24 AM EDTThe Hong Kong Economic Times reports Monday that U.S. electric automaker, Tesla (NASDAQ: TSLA) will be cutting the prices of multiple variants of their Model 3 and Model Y vehicles in the country starting August 4th.
According to the report, the EV giant will implement... More
UBS cuts XPeng (XPEV) to Neutral amid VW collaboration
July 31, 2023 8:06 AM EDTUBS downgraded XPeng (NYSE: XPEV) to a Neutral rating (From Buy) and raised their 12-month price target on the stock to $23.00 (From $12.00) after the carmaker announced a collaboration with Volkswagen.
While we share the market's positive view on VW's investment and collaboration, and pricing competitiveness of G6's... More
Stellantis (STLA) buys 33.3% of Symbio, joins Forvia and Michelin as equal shareholder
July 28, 2023 1:36 PM EDTStellantis (NYSE: STLA) confirmed Friday the 33.3% purchase of zero-emission hydrogen mobility company, Symbio. The automaker joins Forvia and Michelin as equal shareholders in the company.
The announcement marks a significant milestone in advancing the decarbonization of the mobility industry, showcasing Symbio's exceptional technological prowess in... More
Tesla (TSLA) discussing market entry with India investment agency
July 28, 2023 11:44 AM EDTAccording to Reuters' Friday report, based on information from "two individuals familiar with the situation," two high-ranking Tesla (NASDAQ: TSLA) executives engaged in discussions with officials from India's investment promotion arm in New Delhi regarding the company's potential entry into the Indian market.
U.S. EV giant has... More
GOP Senators challenge 'Buy America' waiver for EV charging stations
July 27, 2023 1:50 PM EDTFour GOP U.S. senators, Wednesday, challenged a decision made by the Biden administration to exempt "Buy America" rules for government-backed electric vehicle charging stations.
Congress has set aside $7.5B to fund electric vehicle charging stations.
Senators Marco Rubio, Roger Marshall, Rick Scott, and Kevin Cramer argued that the Federal Highway Administration's permission to bypass U.S. content requisites for materials such as steel, iron, and construction resources would cause U.S. taxpayers to... More
Tesla (TSLA) suppressed thousands of range complaints using secret 'diversion team'
July 27, 2023 11:09 AM EDTReuters released a special report Thursday detailing an investigation into claims that Tesla (NASDAQ: TSLA) manipulated the dashboard displays in its electric vehicles to artificially enhance driving range projections. The report further explains the existence of a "Diversion Team" within the company to cancel range-related service appointments, leading to customer dissatisfaction and range anxiety.
According to the investigation, Tesla began exaggerating its vehicles potential driving distance about a decade ago. However, when the battery fell below 50%, the display would show drivers a more realistic projection of their remaining range.... More
Active options: TSLA META AMZN AAPL NVDA GOOGL MSFT AMD
July 27, 2023 9:53 AM EDTActive options: TSLA META AMZN AAPL NVDA GOOGL MSFT AMD
... MoreMacquarie Double Upgrades XPeng (XPEV) to Outperform
July 27, 2023 5:21 AM EDTMacquarie analyst Erica Chen upgraded XPeng (NYSE: XPEV) from Underperform to Outperform.
For an analyst ratings summary and ratings history on XPeng click here. For more ratings news on XPeng click here.
Shares of XPeng closed at $19.46 yesterday.
... MoreTesla (TSLA) under investigation by California attorney general over Autopilot safety, marketing - CNBC
July 26, 2023 3:56 PM EDTTesla (NASDAQ: TSLA) under investigation by California attorney general over Autopilot safety, marketing - CNBC
... MoreActive options: TSLA MSFT GOOGL AMZN NIO NVDA SNAP
July 26, 2023 2:37 PM EDTActive options: TSLA MSFT GOOGL AMZN NIO NVDA SNAP
... MoreTesla (TSLA) EVs deemed security threat, barred from China's University Games
July 26, 2023 2:23 PM EDTChinas Summer World University Games are set to begin on August 8th. However, as important Chinese figures such as President Xi Jinping are set to attend, Tesla vehicles are being turned away.
According to several reports, Tesla vehicles are barred from the event as a security measure. Officials are being told by authorities in Chengdu to block Tesla vehicles in... More
Tesla (TSLA) recalls 1,337 vehicles for misaligned cameras
July 26, 2023 1:35 PM EDTTesla (NASDAQ: TSLA) has launched a recall for 1,337 2023 Model S, Model X, and Model Y vehicles due to a possible misalignment in the pitch angle of the vehicles' front-facing cameras. The specifics of this recall were outlined in a Safety Recall Report issued by the National Highway Traffic Safety Administration (NHTSA).
According to the Safety Recall... More
Tesla (TSLA) margins hurt the EV maker says Stellantis (STLA) CEO: 'They are entering my world, the world of tight pricing'
July 26, 2023 1:20 PM EDTStellantis (NYSE: STLA) CEO, Carlos Tavares spoke during the automakers 2Q earnings call, saying the profitability of rival automaker, Tesla (NASDAQ: TSLA) is declining as the EV giant enters the world of manufacturing and competition.
"They are entering my world, the world of tight pricing, cost competitiveness,... More
Major automakers unite to form new EV charging company in the US
July 26, 2023 11:30 AM EDTA group of major automakers, including General Motors (NYSE: GM), Stellantis (NYSE: STLA), Hyundai and its Kia affiliate, Honda (NYSE: HMC), BMW and Mercedes Benz, announced Wednesday that they are forming a new company to provide electric vehicle charging in the United States.
The new charging company... More
XPeng (XPEV) and Volkswagen enter $700M strategic EV partnership and share agreement
July 26, 2023 10:06 AM EDTChinese electric vehicle maker, XPeng (NYSE: XPEV) announced alongside Volkswagen that the two automakers have entered into a strategic technical collaboration and share purchase agreement. This move will facilitate a strategic minority investment by the Volkswagen Group in XPeng.
The agreement involves the issuance of Class A ordinary shares, representing approximately 4.99% of XPeng's outstanding share capital immediately after closing, to the Volkswagen Group. These shares are priced at... More
Automakers Plan Thousands Of EV Chargers In $1B US Push - WSJ
July 26, 2023 9:59 AM EDTAutomakers Plan Thousands Of EV Chargers In $1B US Push - WSJ
... MoreSeven Car Companies Jointly Investing in EV Charging Stations, Sources Say - WSJ
July 26, 2023 9:58 AM EDTSeven Car Companies Jointly Investing in EV Charging Stations, Sources Say - WSJ
Automaker Investments into Charging JV Total at Least $1 Billion, Sources Say - WSJ... MoreXPeng (XPEV) and Volkswagen Group (VWAGY) Enter Framework Agreement on Technical Collaboration; VW to Takes $700M Minority Stake in XPEV
July 26, 2023 9:16 AM EDTXPENG Inc. (NYSE: XPEV), a leading Chinese smart EV company and the Volkswagen Group (OTC: VWAGY), one of the worlds leading automobile manufacturers, are pleased to announce today that XPENG and the Volkswagen Group have entered into a framework agreement on strategic technical collaboration and a share purchase agreement for strategic minority investment by the Volkswagen Group in XPENG. The objective of the strategic technical collaboration is to leverage each others complementary strengths and forge a long term win-win strategic partnership. Underpinned by the vision of the strategic... More
VW brand concludes technological framework agreement for long-term cooperation with XPENG (XPEV)
July 26, 2023 8:59 AM EDT(Updated - July 26, 2023 9:11 AM EDT)
The Volkswagen Group is strengthening its position on the Chinese automotive market with cooperations between the VW brand and XPENG (NYSE: XPEV) and between Audi and SAIC. The Group is thus forging ahead with its local electrification strategy. The aim is to swiftly tap into new customer and market segments, thereby systematically leveraging the potential of Chinas dynamically growing e-mobility market.
The VW brand concludes technological framework agreement for long-term cooperation with XPENGIn addition, the Volkswagen Group is investing approximately US$700... MoreStellantis shares move higher after carmaker posts record sales
July 26, 2023 8:03 AM EDTInvesting.com -- Milan-listed shares in Stellantis NV (BIT: STLAM) rose on Wednesday after the U.S.-European carmaking giant posted record first-half sales thanks in part to strong demand for its electric vehicles.
The maker of popular car models like Jeep and Alfa Romeo reported net... More
Alphabet, Coca-Cola, AT&T rise premarket; Microsoft, Snap fall
July 26, 2023 7:45 AM EDTInvesting.com -- U.S. futures edged lower Wednesday, with investors digesting a deluge of corporate earnings ahead of the eagerly-awaited Federal Reserve policy meeting.
Here are some of the biggest premarket U.S. stock movers today:
Stellantis (STLA) H1 Adjusted Operating Margin 14.4% vs 12.2% Estimate - Bloomberg
July 26, 2023 5:09 AM EDTStellantis (STLA) H1 Adjusted Operating Margin 14.4% vs 12.2% Estimate - Bloomberg
... MoreStellantis tops forecasts, looks to cost cuts to keep margins strong
July 26, 2023 2:08 AM EDTBy Giulio Piovaccari and Gilles Guillaume
MILAN (Reuters) -Revenue and operating profit grew at Stellantis in the first half to beat estimates, with CEO Carlos Tavares saying the automaker would have to accelerate cost cutting to keep profitability strong in a more challenging pricing environment.
The world's third largest automaker by sales said on Wednesday its January-June adjusted earnings before interest and tax (EBIT) rose 11% to 14.1 billion euros ($15.6 billion), topping the 12.1 billion expected by analysts in a Reuters poll.
New CFO Natalie Knight, who took the job this month, said... More
Active options: TSLA AMC MSFT NVDA AAPL GOOGL SNAP AMZN
July 25, 2023 4:01 PM EDTActive options: TSLA AMC MSFT NVDA AAPL GOOGL SNAP AMZN
... MoreStellantis (STLA) in the money January puts active into quarter results
July 25, 2023 10:43 AM EDTStellantis (NYSE: STLA) August call option implied volatility is at 34, September is at 27; compared to its 52-week range of 23 to 422 into the expected release of quarter results before the bell on July 26. Call put ratio 1 call to 5.4 puts with focus on January 25 puts.
... MoreElon Musk to appeal loss in SEC case to Supreme Court
July 25, 2023 10:03 AM EDTBy Jonathan Stempel
NEW YORK (Reuters) - Elon Musk plans to ask the U.S. Supreme Court to consider whether the Securities and Exchange Commission overstepped its authority in enforcing a consent decree that he has called a "muzzle" on his free speech.
Musk would be appealing a decision by the 2nd U.S. Circuit of Appeals in Manhattan to uphold the decree, which arose from his August 2018 tweet that he had "funding secured" to take his electric car company Tesla private.
A three-judge panel... More
Active options: TSLA NIO NVDA AMC AAPL MSFT BABA AMD GM
July 25, 2023 9:58 AM EDTActive options: TSLA NIO NVDA AMC AAPL MSFT BABA AMD GM
... MoreXPeng (XPEV) PT Raised to $15.40 at HSBC
July 25, 2023 6:06 AM EDTHSBC analyst Yuqian Ding raised the price target on XPeng (NYSE: XPEV) to $15.40 (from $10.00) while maintaining a Hold rating.... More
Stellantis (STLA) July weekly 18.50 straddle into quarter results
July 25, 2023 5:07 AM EDTStellantis (NYSE: STLA) July weekly 18.50 straddle is priced for a move of 6.5% into the expected release of quarter results before the bell on July 26.
... MoreActive options: AMC TSLA AAPL NVDA AMZN NIO BABA AMD
July 25, 2023 4:46 AM EDTActive options: AMC TSLA AAPL NVDA AMZN NIO BABA AMD
... More