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

Rivian (RIVN) names former Porsche exec as new CCO

September 1, 2023 3:23 PM EDT

Rivian Automotive, Inc. (NASDAQ: RIVN) revealed Friday that the electric automaker has named former Porsche CEO, Dr. Kjell Gruner as its newest Chief Commercial Officer (CCO) and President of Business Growth effective immediately. Gruner will report directly to Rivian Founder and CEO RJ Scaringe, and will oversee commercial functions at the company, including Sales, Marketing, Customer... More

Lucid (LCID) to debut Air Midnight Dream Edition at IAA in Munich

September 1, 2023 2:33 PM EDT

Luxury electric vehicle maker, Lucid Group (NASDAQ: LCID) announced Friday that the automaker will be presenting their new Lucid Air luxury electric sedan for the first time at the International Motor Show in Munich. The company will debut their limited-production Air Midnight Dream... More

Ford (F) to spend $270M in rear camera recall

September 1, 2023 1:41 PM EDT

On Friday, Ford (NYSE: F) announced its plan to recall 169,000 vehicles in the United States for the purpose of replacing rearview cameras and performing software updates. To cover the costs associated with this recall, the company is earmarking a charge of $270 million.

According to the National Highway Traffic Safety Administration, the... More

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 Providing Up To $12 Billion To Retrofit Auto Plants For EVs - Bloomberg

August 31, 2023 11:18 AM EDT

US Providing Up To $12 Billion To Retrofit Auto Plants For EVs - Bloomberg

Stock to watch: GM, STLA, F

... More

Tesla (TSLA) option IV near low end of range as share price trends into last day of month

August 31, 2023 10:44 AM EDT

Tesla (NASDAQ: TSLA) 30-day option implied volatility is at 45; compared to its 52-week range of 42 to 96.

... More

Ford (F) recalls 42K trucks over defect in axle shaft

August 31, 2023 10:41 AM EDT

Ford (NYSE: F) has issued a recall for nearly 42,000 2023 Super Duty F250 and F350 trucks after a mechanical issue was found affecting the vehicles rear axle shaft.

According to documents from the National Highway Traffic Safety Administration (NHTSA) the left rear axle shaft on affected models "may have been improperly heat-treated"... More

Active options: TSLA NVDA AAPL AMD GOOGL AMZN META

August 31, 2023 9:49 AM EDT

Active options: TSLA NVDA AAPL AMD GOOGL AMZN META

... 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

Tesla (TSLA) option IV near lower end of range

August 30, 2023 3:42 PM EDT

Tesla (NASDAQ: TSLA) 30-day option implied volatility is at 46; compared to its 52-week range of 42 to 96. Call put ratio 1.2 calls to 1 put.

... More

DOJ, SEC Investigate Tesla Over Secret Glass House Project - WSJ

August 30, 2023 3:32 PM EDT

DOJ, SEC Investigate Tesla Over Secret Glass House Project - WSJ

... 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

European car sales surge in July; EVs grow 61%

August 30, 2023 10:00 AM EDT

The European Automobile Manufacturers Association (ACEA) published its monthly data on Wednesday, revealing a 15.2% surge in new car registrations in Europe for the month of July. This marks the 12th consecutive month of expansion as the automotive sector rebounds from supply chain challenges brought on by the pandemic.

The sales of electric vehicles surged... 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

Rivian's (RIVN) CEO's Salary Raised to $1M from $650K, Incentive Equity Bonus also Hiked

August 29, 2023 5:10 PM EDT

On August 25, 2023, the Board of Directors (the Board) of Rivian Automotive (NASDAQ: RIVN), on the recommendation of the Compensation Committee of the Board (the Compensation Committee), approved (i) an increase in the annual base salary of Dr. Robert Joseph Scaringe, the Companys Chief Executive Officer, from $650,000... 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

Ford (F) Pro expands commercial charging solutions

August 29, 2023 2:50 PM EDT

Ford Pro, the commercial arm of Detroits Ford Motor Co. (NYSE: F), revealed new charging equipment Tuesday, that will be added to its suite of end-to-end solutions. The new hardware is designed to help make it easier for commercial customers to transition their fleets to electric.

Were committed to helping businesses make the transition to electric easy, said... 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

Morgan Stanley said buy Ford (F), GM (GM) amid looming UAW strike

August 29, 2023 8:53 AM EDT

Morgan Stanley analyst Adam Jonas said he would be a buyer of Ford Motor (NYSE: F) and General Motors (NYSE: GM) right now and during the UAS negotiations.

The analyst believes "even a difficult outcome can catalyze far bigger... More

General Motors (GM) Partners with Google (GOOGL) Cloud on AI Initiatives

August 29, 2023 8:17 AM EDT

General Motors (NYSE: GM) and Google Cloud (NASDAQ: GOOGL) today shared new details on how the two companies collaborated to bring conversational AI technology into millions of GM vehicles, helping drivers in a variety of ways. Since its launch in 2022, GM's OnStar Interactive Virtual Assistant (IVA) has been powered by advanced, intent-recognition algorithms that use Google Cloud's conversational AI technologies, providing OnStar Members with responses to common inquiries, as well as routing and navigation assistance.... More

Ford Motor (F) Expands Charging Solutions Revealing New Lineup of Chargers for Commercial Customers

August 29, 2023 8:05 AM EDT

Today Ford Pro, the commercial division within Ford Motor Company (NYSE: F), revealed new charging hardware added to its suite of end-to-end solutions to help make it easier for commercial customers to transition their fleets to electric.

The new Series 2 AC Charging Station 80 amp and expanded DC Fast Charger options are designed for commercial vehicle use and packed with new features. Coupled with Ford Pros charging management software, the company provides a fully integrated solution that simplifies EV charging for both Ford and non-Ford electric vehicles.

Were committed to helping... 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