U.S. releases new guidance on EV tax credit rebate rules

Tesla (TSLA) denies claims of health and safety risks at German plant

October 10, 2023 3:59 PM EDT

Tesla (NASDAQ: TSLA) on Tuesday firmly denied allegations made by a German union and recent media reports suggesting inadequate health and safety measures at its gigafactory near Berlin.

The company emphasized that safeguarding the well-being of its workers remains a... More

General Motors (GM) reaches tentative agreement with Canadian union to end strike

October 10, 2023 3:00 PM EDT

General Motors (NYSE: GM) and the Canadian labor union Unifor have reached a preliminary agreement on Tuesday, just hours after union employees initiated a strike at three GM facilities.

The union revealed that this preliminary agreement aligns with the prior agreement Unifor had established with Ford Motor (NYSE:... More

When will the 'iPhone moment' take place for battery tech?

October 10, 2023 12:31 PM EDT

Over the past 30 years, the world has witnessed significant progress in battery technology. Battery energy density has surged from 50Wh/kg to 350Wh/kg, marking an increase of 10Wh/kg per year.

This trajectory suggests that we are on the verge of a groundbreaking shift, with the potential to soon double current energy density levels to 700-800Wh/kg.

The most prominent hurdle facing battery progress is a lithium supply shortage, aggravated by a fivefold increase in demand projected by 2030. To counter this challenge, researchers are exploring alternative technologies, such as sodium-ion (Na-ion) batteries. While these... More

UBS upgrades Rivian (RIVN) to Buy following capital raise

October 10, 2023 9:41 AM EDT

UBS upgraded electric automaker, Rivian (NASDAQ: RIVN) to a Buy rating (From Neutral) but cut their 12-month price target to $24.00 (From $26.00) following the companys most recent capital raise.

RIVN stock has experienced a decline of around 20% since 10/04. This drop can be attributed to the company's issuance of a $1.5... More

Jefferies cuts price target on Tesla (TSLA) as margin erosion casts doubts

October 10, 2023 8:50 AM EDT

Jefferies reiterated a Hold rating on Tesla (NASDAQ: TSLA) and cut their 12-month price target on the stock after the electric automaker posted a decline in quarterly production and deliveries.

The decline in production was expected, as the company had closed several facilities to accommodate updates for the automakers Model 3 refresh.

However, the increased margin erosion in Q3 and the uncertain growth prospects for... More

Needham Positive on Rivian Automotive Inc (RIVN), Reiterates Conviction List Pick

October 10, 2023 6:39 AM EDT

Needham & Company analyst Chris Pierce reiterated a Buy rating and $31.00 price target on Rivian Automotive Inc (NASDAQ: RIVN).

The analyst comments "We reiterate our Buy rating, $31 price target and Needham Conviction List pick on RIVN post 3Q23 delivery numbers and a convertible debt... More

An increasing number of German Tesla (TSLA) workers join union

October 9, 2023 11:25 AM EDT

Reuters reports Monday that Tesla (NASDAQ: TSLA) employees at the Brandenburg factory are increasingly becoming members of the IG Metall union due to growing apprehensions regarding health, safety, and excessive work demands.

Union representatives met with workers at various locations including the factory entrances, nearby train platforms, and within the factory itself on Monday. They distributed stickers that said "Together for safe and fair... More

Wells Fargo cuts price target on Tesla (TSLA) ahead of 3Q earnings report

October 9, 2023 8:44 AM EDT

Wells Fargo reiterated an Equal Weight rating on Tesla, Inc. (NASDAQ: TSLA) and cut their 12-month price target on the stock to $260.00 (From $265.00) ahead of the electric automakers 3Q report scheduled for October 18th.

The company announced third-quarter deliveries of 435,000 vehicles, which fell approximately 20,000 units short of the consensus estimate. Management attributed this shortfall to plant downtime during the Model 3... More

'Patience is wearing thin' as Wedbush cuts estimates on Rivian (RIVN)

October 9, 2023 8:23 AM EDT

Wedbush reiterated their Outperform rating on Rivian (NASDAQ: RIVN) but cut their 12-month price target on the stock to $25.00 (From $30.00) as the companys robust demand continues to be overshadowed by execution/messaging missteps.

Just this past week, on the heels of a strong 3Q delivery and production report, the electric automaker announced a $1.5... More

UAW President Fain holds Facebook live event - 'Our strike is working, but were not there yet'

October 6, 2023 2:36 PM EDT

United Auto Workers (UAW) President Shawn Fain held a Facebook live event Friday afternoon where he announced his union has made significant progress in their effort to push automakers towards meeting the demands of workers.

Fain announced that moments before this broadcast General Motors (NYSE: GM) agreed to place their EV battery manufacturing under the UAWs national agreement, calling the decision a... More

Morgan Stanley suggests keeping an eye on these top auto tech stocks

October 6, 2023 10:02 AM EDT

The automotive industry is undergoing a transformative shift towards the Software-Defined Vehicle (SDV) era, where vehicles are becoming more reliant on sophisticated software systems. This paradigm shift, fueled by an anticipated additional $15 billion semiconductor investment over the next 5-6 years, has captured the attention of investors and industry insiders alike.

SDVs represent a monumental departure from traditional automotive design. These vehicles leverage advanced software to automate an expanding array of services and applications within the vehicle, creating a high-tech marvel on wheels.

Tesla (NASDAQ: TSLA) is undeniably the trailblazer of... More

Active options: TSLA AAPL NVDA AMD RIVN AMZN META GOOGL PBR AMC

October 6, 2023 9:54 AM EDT

Active options: TSLA AAPL NVDA AMD RIVN AMZN META GOOGL PBR AMC

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GM airbag recall could cost ~$4-5B - Wells Fargo

October 6, 2023 8:50 AM EDT

Wells Fargo reiterated an Underweight rating on General Motors (NYSE: GM) and maintained their 12-month price target of $29.00 on the stock following a report by the Wall Street Journal saying U.S. regulators are pushing to recall 52M ARC airbag inflators.

The National Highway Traffic Safety Administration (NHTSA), in a rarely held public forum, recommended the recall as a mechanism utilized in the... More

Pioneer, Disney, Virgin Galactic rise premarket; Exxon, Philips fall

October 6, 2023 8:16 AM EDT

Investing.com -- U.S. futures rose Friday, with investors awaiting the release of the key monthly jobs report for clues of future monetary moves by the Federal Reserve.

Here are some of the biggest premarket U.S. stock movers today:

... More

Tesla stock falls on fresh price cuts in United States

October 6, 2023 5:41 AM EDT

Tesla (NASDAQ: TSLA) stock fell about 1.5% in premarket trading on Friday following the company's decision to once again reduce prices on some of its popular electric vehicles (EVs) in the United States.

The adjustments in pricing include the Model 3 sedan, which was lowered to $38,990... More

Rivian Automotive (RIVN) Prices $1.5B Convertible Notes Offering

October 6, 2023 5:11 AM EDT

Rivian Automotive, Inc. (Nasdaq: RIVN) today announced the pricing of its offering of $1,500,000,000 aggregate principal amount of 3.625% green convertible senior notes due 2030 (the notes) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act). The issuance and sale of the notes are scheduled to settle on October 10, 2023, subject to customary closing conditions. Rivian also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional... More

Tesla cuts US prices of Model 3, Y in push to meet delivery goal

October 5, 2023 10:40 PM EDT

By Urvi Manoj Dugar

(Reuters) -Tesla has cut U.S. prices of its Model 3 compact sedan and the Model Y SUV, ratcheting up its price war just days after the third-quarter deliveries of the world's most valuable automaker missed market expectations.

The latest cuts come as the company strives hard to deliver a record 476,000 vehicles in the last three months of 2023 to meet the annual target of handing over 1.8 million vehicles.

... More

SEC sues Elon Musk in Twitter purchase probe

October 5, 2023 5:14 PM EDT

Investing.com -- The U.S. Securities and Exchange Commission on Thursday sued Elon Musk on Thursday to force him to provide testimony in the agency's probe into his purchase of Twitter last year.

The SEC alleges that Musk failed to appear to provide testimony on a Sept.... More

Stock Market Today: Dow ends flat as investors on edge ahead of jobs report

October 5, 2023 4:18 PM EDT

Investing.com -- The Dow closed roughly unchanged Thursday as investors remain on edge over higher for longer interest rates just ahead of the Friday jobs report that will play a role in shaping the Federal Reserves decision on whether to raise rates next month.

The Dow Jones Industrial Average fell 0.03%, 11 points, Nasdaq fell 0.1%, and the S&P 500 fell 0.1%.

Labor market continues to offer mixed signals ahead of Fridays jobs report; Treasury remain near highs

Fewer than expected jobless claims in the week ended Sept. 23 added to mixed picture on the labor... More

SEC Investigating Musk Over 2022 Purchases Of Twitter Stock - Bloomberg

October 5, 2023 3:47 PM EDT

(Updated - October 5, 2023 3:51 PM EDT)

SEC Investigating Musk Over 2022 Purchases Of Twitter Stock - Bloomberg

SEC Discloses Probe Of Elon Musk In Court FilingSeeks To Force Musk To Comply With SubpoenaSEC Says Musk Failed To Appear For Testimony Last Month... More

S&P 500 struggles for direction ahead of Friday's jobs report

October 5, 2023 3:33 PM EDT

Investing.com -- The S&P 500 struggled for direction Thursday as investors remain on edge over higher for longer interest rates just ahead of the Friday jobs report that will play a role in shaping the Federal Reserves decision on whether to raise rates next month.

The S&P 500 fell 0.1%, the Dow Jones Industrial Average fell 0.04%, 14 points, Nasdaq fell 0.1%.

Labor market continues to offer mixed signals ahead of Fridays jobs report; Treasury remain near highs

Fewer than expected jobless claims in the week ended Sept. 23 added to mixed picture on the labor... More

Tesla engineer defends 'Full Self-Driving' name at crash trial

October 5, 2023 3:09 PM EDT

By Dan Levine and Hyunjoo Jin

SAN FRANCISCO (Reuters) - A Tesla engineer in court on Wednesday rejected a lawyer's suggestion that the company named its driver-assistant feature "Full Self-Driving" because it wanted people to believe that its systems had more abilities than was really the case.

The electric-vehicle maker is defending itself at the first U.S. trial over allegations that Tesla's Autopilot feature led to a death. The lawsuit, filed in a California state court, alleges the Autopilot system caused owner Micah Lees Model 3 to suddenly veer off a highway east of Los Angeles... More

Active options: TSLA NVDA AAPL RIVN AMD AMZN META BAC AMC

October 5, 2023 2:10 PM EDT

Active options: TSLA NVDA AAPL RIVN AMD AMZN META BAC AMC

... More

Hyundai and Kia to adopt Tesla (TSLA) NACS charging connection

October 5, 2023 1:54 PM EDT

Tesla (NASDAQ: TSLA) received news Thursday morning that Hyundai and Kia have decided to embrace the North American Charging Standard (NACS) for their electric vehicles in the United States and Canada.

This move makes them the latest additions to a growing list of companies making the transition, following Honda's decision to adopt NACS in... More

NHTSA holds public hearing to recall 52M air bag inflators

October 5, 2023 1:46 PM EDT

Officials from the U.S. National Highway Traffic Safety Administration (NHTSA) Thursday recommended the government mandate a recall of 52 million air bag inflators manufactured by ARC Automotive and Delphi Automotive.

The regulators believe the inflators pose a potential risk of rupturing and ejecting metal fragments.

The NHTSA held a rare public hearing on the matter, which could trigger one of the most extensive recalls in U.S. history.

Delphi Automotive, which is a part of Autoliv (NYSE: ALV), produced approximately 11 million of these... More

General Motors (GM) makes counteroffer to striking UAW

October 5, 2023 1:17 PM EDT

Detroit automaker, General Motors (NYSE: GM) revealed Thursday that they have submitted a counteroffer to the United Auto Workers (UAW), its sixth since talks began, in hopes to end a strike by the union against the U.S. automaker.

"We believe we... More

Tesla (TSLA) option implied volatility steady

October 5, 2023 11:06 AM EDT

Tesla (NASDAQ: TSLA) 30-day option implied volatility is at 55; compared to its 52-week range of 42 to 96.

... More

Potential investment falls through for Ford’s (F) German plant

October 5, 2023 10:16 AM EDT

Ford (NYSE: F) revealed Thursday that a prospective investor for its Saarlouis plant in Germany has withdrawn their interest, leaving employees once again uncertain about the fate of the facility and their employment status.

A representative from the labor union expressed dissatisfaction and frustration regarding this development. They also mentioned that discussions with the company would resume on Monday regarding a... More

Active options: TSLA RIVN NVDA AAPL AMD AMZN META BAC XOM MARA

October 5, 2023 9:47 AM EDT

Active options: TSLA RIVN NVDA AAPL AMD AMZN META BAC XOM MARA

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Rivian (RIVN) sinks after announcing convertible note offering and preliminary results

October 5, 2023 9:11 AM EDT

Shares of Rivian Automotive (NASDAQ: RIVN) were down nearly 10% in pre-market trading Thursday morning after the electric automaker announced a $1.5Bn green convertible note offering last night along with further preliminary 3Q results.

Rivian plans to raise $1.5 billion through a green convertible senior unsecured notes... More

Lucid Group (LCID) Introduces the New $77,400 Air Pure RWD

October 5, 2023 9:00 AM EDT

Lucid Group, Inc. (NASDAQ: LCID), setting new standards for luxury electric experience with the Lucid Air, winner of the 2023 World Luxury Car Award, today announced the launch of the new Lucid Air Pure RWD, which completes the Air model lineup while offering exceptional driving range of up to 410 miles, elegant design, and... More

Ford says potential investor in Saarlouis plant pulls out

October 5, 2023 8:35 AM EDT

By Victoria Waldersee

BERLIN (Reuters) -Talks between Ford and a potential investor in its plant in Saarlouis, Germany have fallen through, the carmaker said on Thursday, plunging workers back into uncertainty over the future of the site and their jobs.

A union representative expressed disappointment and anger at the news, saying talks with the company would continue on Monday on a collective bargaining agreement for workers who stood to lose their jobs.

"This will be expensive for Ford," union representative Joerg... More

Clorox, ConAgra, Rivian fall premarket; Polestar, Blackberry rise

October 5, 2023 8:12 AM EDT

Investing.com -- U.S. futures fell Thursday, handing back some of the previous sessions strong gains ahead of the release of more important labor data.

Here are some of the biggest premarket U.S. stock movers today:

Constellation Brands (NYSE: STZ) stock unchanged despite the drinks... More

Rivian Automotive (RIVN) option IV into files to sell $1.5B of green convertible senior notes due 2030

October 5, 2023 4:37 AM EDT

Rivian Automotive (NASDAQ: RIVN) 30-day option implied volatility is at 68; compared to its 52-week range of 57 to 101 into files to sell $1.5B of green convertible senior notes due 2030.

... More

Stocks expected to have increasing option volume: COST RIVN T STZ LW CAG LEVI BB

October 5, 2023 4:20 AM EDT

Stocks expected to have increasing option volume: COST RIVN T STZ LW CAG LEVI BB

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EV maker Rivian plans $1.5 billion convertible bond sale, shares fall

October 4, 2023 5:44 PM EDT

By Savyata Mishra and Abhirup Roy

(Reuters) -Electric-vehicle maker Rivian Automotive on Wednesday said it plans to sell convertible green bonds worth $1.5 billion and forecast quarterly revenue to rise in line with estimates.

The Irvine, California-based company's shares fell nearly 8% in after-hours trading. Convertible bonds can be dilutive when converted into shares and are typically seen negatively by investors when issued.

Rivian's bond will mature in October 2030 and investors will have the option to convert the bonds into cash or shares in the company, it said in a filing.

Initial... More

Rivian Automotive (RIVN) Announces Proposed $1.5B Convertible Senior Notes Offering

October 4, 2023 5:43 PM EDT

Rivian Automotive, Inc. (Nasdaq: RIVN) today announced its intention to offer, subject to market and other conditions, $1,500,000,000 aggregate principal amount of green convertible senior notes due 2030 (the notes) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act). Rivian also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $225,000,000 principal amount of notes.

The notes will be senior,... More

Rivian Automotive (RIVN) Announces $1.5B Convertible Notes Offering

October 4, 2023 5:34 PM EDT

On October 4, 2023, Rivian Automotive (NASDAQ: RIVN) announced its intention to offer, subject to market and other conditions, $1,500,000,000 million aggregate principal amount of green convertible senior notes due 2030 (the notes) in transactions exempt from registration under the Securities Act of 1933, as amended (the Securities Act). In connection with the proposed offering of the notes, the Company provided prospective investors with a... More

Judge denies re-trial in Tesla (TSLA) racial harassment case

October 4, 2023 2:05 PM EDT

U.S. District Judge William Orrick, on Wednesday ruled against ordering a third trial in a race discrimination lawsuit filed against Tesla (NASDAQ: TSLA).

The decision came in response to allegations made by a former Black factory worker, who claimed that the... More

GM secures $6B line of credit as UAW strike continues

October 4, 2023 11:15 AM EDT

General Motors (NYSE: GM) announced Wednesday morning the procurement of a fresh $6 billion line of credit and disclosed that the financial impact of the United Auto Workers (UAW) strike in the 3Q amounted to $200 million, according to a company representative.

The strike, which began on September 15th and has now... More

Active options: TSLA AAPL NVDA AMZN PLTR MSFT AMD META

October 4, 2023 9:46 AM EDT

Active options: TSLA AAPL NVDA AMZN PLTR MSFT AMD META

... More

China criticizes EU following formal launch of EV subsidy probe

October 4, 2023 9:39 AM EDT

China raised concerns on Wednesday about the very limited time it was given by the European Union for talks regarding the EU's investigation into subsidies for electric vehicles.

These comments came as the European Commission officially started looking into whether to impose tariffs to shield EU manufacturers from a flood of cheaper Chinese electric vehicles that are believed to benefit from state subsidies.

The... More

Ford Motor (F) Announces Q3 Sales Up 7.7 Percent

October 4, 2023 9:17 AM EDT

Ford (NYSE: F) posted gains across its portfolio of gas, electric and hybrid vehicle lines in the third quarter with F-Series expanding its lead as Americas No. 1 selling truck, followed by record electric and hybrid vehicle sales and strong commercial Transit van sales.

Ford Continues as Americas No. 1 selling truck manufacturer as total truck sales expand in Q3Bronco family up 24.8 percent on sales of 66,120 SUVsNew 7th generation Mustang hits the streets first full month of sales up 90.4 percentFord hybrid vehicles post best-ever sales on strong F-Series and... More

September auto sales surpass expectations despite challenges

October 4, 2023 8:36 AM EDT

The United States, in September, witnessed an impressive resurgence in the automotive industry, with the SAAR for light vehicle sales reaching a remarkable 15.7 million. This surge marked a 16.2% year-over-year increase, surpassing J.P. Morgans earlier projection of 15.4 million.

One contributing factor to the surge in auto sales is pent-up demand. Adverse weather conditions in several states during August may have led potential buyers to delay their purchases, resulting in an influx of sales the following month.

Another key factor driving strong performance is the greater availability of cars... More