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UBS cuts estimates on Renault and Volkswagen as Chinese competition rises

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

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

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

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