European car sales surge in July; EVs grow 61%

UBS cuts estimates on Renault and Volkswagen as Chinese competition rises

September 1, 2023 8:21 AM EDT

UBS downgraded French automaker, Renault to a Sell rating (From Neutral) and cut their 12-month price target on the automotive stock to 31.00 (From 42.00) as competition from Chinese rivals intensifies.

UBS anticipates continued robust financial performance in the upcoming quarters with the potential for additional positive surprises. However, it is noteworthy that most indicators have ceased to show improvement. An analysis by UBS, including the examination of the BYD teardown Q-Series, leads analyst David Lesne to believe that legacy automakers... More

Tesla (TSLA) cuts prices in China, releases refreshed Model 3

September 1, 2023 7:51 AM EDT

Shares of Tesla (NASDAQ: TSLA) are up 0.16% in pre-market trading Friday morning after the company announced that they have once again cut prices in China.

The electric automaker announced that they have slashed prices for their premium Model S and Model X vehicles sold in China by between 14% and 21%, according to its official website.

The company also revealed Friday their redesigned Model 3, which is manufactured in China and boasts... More

UAW files unfair labor practice charges against GM and Stellantis (STLA) amid contract dispute

September 1, 2023 7:34 AM EDT

On Thursday night, UAW President Shawn Fain announced that the United Auto Workers have submitted allegations of unfair labor practices to the National Labor Relations Board against General Motors (NYSE: GM) and Stellantis (NYSE: STLA). These allegations pertain to the automakers' purported lack of genuine and timely engagement in bargaining with the union.

The filings were prompted by the companies' failure to promptly address the union's requests, as explained by Fain. Notably, there was no complaint filed against Ford Motor (NYSE:... More

US will offer $12B to automakers and suppliers for the advancement of new energy vehicles

August 31, 2023 12:15 PM EDT

U.S. Secretary of Energy, Jennifer Granholm held a briefing with journalists Thursday where the former governor announced the United States will be making $12 Billion in funds available through grants and loans to automakers and their suppliers for the purpose of retrofitting facilities to produce electric and other advanced vehicles.

The funding will include $10 billion from a federal loan program for clean vehicles and aims to support... More

Federal prosecutors investigate Tesla (TSLA) performance claims

August 31, 2023 8:53 AM EDT

The Wall Street Journal (WSJ) reported Wednesday that federal prosecutors are looking into Teslas (NASDAQ: TSLA) vehicle performance claims following a July story by Reuters outlining the electric automakers scheme to exaggerate the potential driving distance of its vehicles.

Reuters previously reported that Tesla vehicles frequently fall short of reaching the range expectations and forecasts... More

Canada's Unifor targets Ford (F) in Detroit 3 labor talks

August 30, 2023 11:28 AM EDT

Unifor, Canadas largest private union, announced this week that the labor force has selected Ford Motor Company (NYSE: F) as their target in its negotiations with the Detroit Three.

Talks began with the car manufacturers, including General Motors (NYSE: GM) and Stellantis (NYSE: STLA), on August 10th. But on August 29th, Unifor... More

Active options: TSLA NVDA AAPL NIO AMD GOOGL AMZN

August 30, 2023 9:55 AM EDT

Active options: TSLA NVDA AAPL NIO AMD GOOGL AMZN

... More

U.S. regulators request additional information in Tesla (TSLA) autopilot investigation

August 29, 2023 3:25 PM EDT

Documents released to the media Tuesday show The National Highway Traffic and Safety Administration (NHTSA) has sent a special order to electric automaker, Tesla (NASDAQ: TSLA) with questions concerning changes to the companys driver monitoring system employed in their autopilot software.

In a notice dated July 26th, the NHTSA expressed concerns about a Tesla update... More

Active options: TSLA NVDA AAPL NIO GOOGL AMD AMZN META MARA PLTR

August 29, 2023 2:45 PM EDT

Active options: TSLA NVDA AAPL NIO GOOGL AMD AMZN META MARA PLTR

... More

US NTHSA Sends Special Order To Tesla Regarding Driver Monitoring System - Reuters

August 29, 2023 2:24 PM EDT

US NTHSA Sends Special Order To Tesla Regarding Driver Monitoring System - Reuters

Says it "Is concerned about the safety impacts of recent changes to Teslas driver monitoring"
... More

Customer Interest in Tesla (TSLA) CyberTruck is 'Off-the-Charts' - Global Equities' Chowdhry

August 29, 2023 12:37 PM EDT

Global Equities Research analyst Trip Chowdhry reiterated an Overweight rating and $350.00 price target on Tesla (NASDAQ: TSLA), highlighting that customer interest in CyberTruck is "off the charts" and has "frozen" traditional pick-up truck sales.

The analyst notes:

Spoke to ~20... More

Morgan Stanley said buy these two auto stocks amid looming strike

August 29, 2023 10:59 AM EDT

With the impending expiration of UAW contracts on September 14th, the anticipation of a more 'contentious' bargaining process has intensified due to several contributing factors.

Factors surrounding exceptionally elevated inflation rates, rhetoric from new UAW leadership, notably favorable margins for the Detroit Three (Ford, General Motors and Stellantis) in the current cycle, and a wide array of recent instances that have set precedent for union contract discussions across adjacent manufacturing and service sectors in the United States.

With the chance of a UAW strike more likely than in recent years, Morgan Stanley analyst, Adam Jonas believes... More

Tesla (TSLA), other EV names gain

August 29, 2023 10:19 AM EDT

Tesla (NASDAQ: TSLA) and other EV names are stronger today, helped in part by weaker economic data - which is a doubled-edge sword. On one hand it could stop the Fed from hiking rates, on the other it means car sales could take a hit:... More

HSBC sees no sign of EV price war in Europe

August 29, 2023 9:09 AM EDT

Despite several reports of major price cuts and margin shrink, HSBC believes that the media reports of a pricing war in the European EV market may be somewhat exaggerated.

German newspaper, Handelsblatt recently referenced a PwC Strategy report to support the notion of a BEV price competition extending to Europe. However, this view is in contrast with statements coming from the automobile manufacturers.

HSBC Global Research found that there is a shortage of collected information on pricing in Europe and has decided to launch... More

Futures little changed ahead of data deluge - what's moving markets

August 29, 2023 5:51 AM EDT

Investing.com -- U.S. stock futures edge up as traders look ahead to key economic data and new company results this week. Elsewhere, Google reportedly eyes plans to sell its mapping data to companies building renewable energy products, while Mark Zuckerberg, Elon Musk and other tech industry leaders are invited to Washington for a forum discussing the possible pitfalls of generative artificial intelligence.

1. U.S. futures little changed

U.S. stock futures were near flat Tuesday as investors awaited the release of fresh economic data and corporate earnings (see below).

At 05:27 ET (9:27... More

Senate Majority Leader Schumer To Host Musk, Zuckerberg At Ai Forum In Sepetember - Axios

August 28, 2023 4:43 PM EDT

Senate Majority Leader Schumer To Host Musk, Zuckerberg At Ai Forum In Sepetember - Axios

... More

Stellantis (STLA) partners with Charge Enterprises to electrify dealerships

August 28, 2023 1:39 PM EDT

Stellantis (NYSE: STLA) announced Monday a partnership with EV infrastructure company, Charge Enterprises. Selecting the charging company to help Stellantis 2,600+ dealers in their electrification efforts.

With this partnership agreement, Charge becomes the fourth recommended partner for dealer EV readiness for Stellantis dealers across... More

Hedge funds' exposure to Magnificent Seven tech stocks at record - Goldman Sachs

August 28, 2023 12:17 PM EDT

Hedge funds' exposure to Magnificent Seven tech stocks at record - Goldman Sachs

... More

Stellantis (STLA) Selects Charge Enterprises (CRGE) as Infrastructure Provider for US Dealership Network

August 28, 2023 11:03 AM EDT

Stellantis has selected Charge Enterprises to help dealers in their electrification effort and all aspects required to build out electric vehicle supply equipment (EVSE) for chargingCharge will offer white-glove, custom, end-to-end services to the 2,600-plus Stellantis dealers nationwideMove is additional step to help Stellantis fulfill its Dare Forward strategy and achieve 50% battery-electric vehicle sales rate by the end of this... More

Tesla (TSLA) prepares for trial involving autopilot related deaths

August 28, 2023 9:44 AM EDT

Tesla Inc (NASDAQ: TSLA) is preparing to defend itself for the first time at trial against allegations that the automakers Full Self-Driving (FSD) autopilot feature failed, resulting in fatality. The trial will likely be seen as a major test of Chief Executive Elon Musk's claims regarding the technology.

Tesla faces two trials in quick succession.

Happening within California's state court, the first trial is a civil litigation alleging that the Autopilot system led Tesla owner Micah Lee's Model 3 to... More

Vinfast (VFS) becomes third most valuable carmaker as stock surge continues

August 28, 2023 9:10 AM EDT

Shares of electric-vehicle maker Vinfast (NASDAQ: VFS) surged as much as 30% in premarket trading on Monday morning, extending last weeks rally that saw the Vietnamese carmaker more than quadruple its market value to $160 billion.

A premarket share price of $90.55 indicated that the stock was headed towards increasing its market capitalization by nearly $50 billion.... More

Tesla braces for its first trial involving Autopilot fatality

August 28, 2023 6:05 AM EDT

By Dan Levine and Hyunjoo Jin

SAN FRANCISCO (Reuters) - Tesla Inc is set to defend itself for the first time at trial against allegations that failure of its Autopilot driver assistant feature led to death, in what will likely be a major test of Chief Executive Elon Musk's assertions about the technology.

Self-driving capability is central to Teslas financial future, according to Musk, whose own reputation as an engineering leader is being challenged with allegations by plaintiffs in one of two lawsuits that he personally leads the group behind technology that failed. Wins by Tesla could... More