Tesla shares climbed higher on Wednesday, after the electric vehicle maker filed for permission to expand its Texas gigafactory with almost $1 billion in new investment. The company has requested the Texas Department of Licensing & Regulation for permission to add five new facilities to its newly-opened manufacturing hub near Austin. It mentioned in the filing that it intends to spend as much...
Tesla delivered a record 405,278 new cars over the three months ending in December, which is up +31.5% year-over-year and +18.1% higher from the prior quarter. However, the figure was below analysts’ original expectations of around 450,000 (although the estimate was lowered over the past month following reports of a week-long shutdown at the electric carmaker's Shanghai factory). Deliveries...
Amidst concerns over softening demand for Tesla Inc.’s vehicles and CEO Elon Musk’s rocky rule at Twitter so far, Wedbush analyst Daniel Ives laid out his list of 10 things for a turnaround in sentiment in 2023 around Tesla shares Ives’ 10-pointer list includes the following: Musk naming a CEO for Twitter by January-end. Musk pausing his Tesla stock sales, and formally adopting a plan for...
Tesla Inc. shares climbed on Wednesday, after Cathie Wood-led ARK Investment Management purchased another 25,000 shares of the EV maker at an estimated valuation of over $2 million. Since mid-December, Wood’s funds have loaded up over 232,000 shares of Tesla. The company’s shares comprise the fifth largest holding of ARK’s flagship fund, the ARK Innovation ETF with a weight of 6% and has the...
Tesla temporarily halted production in its Shanghai factory on December 24, one day before the planned date to suspend vehicle assembly at this site. According to a Reuters report, the electric carmaker planned to pause production in Shanghai for a week, between December 25 and January 1. While the company has not provided any official reasons for this temporary halt, it is likely that the...
Tesla CEO Elon Musk put out a poll, whose results suggested that he should quit as CEO of Twitter. Late Sunday, Musk asked his 122.1 million Twitter followers in a poll if he should stepdown as the head of the micro-blogging website, while cautioning those voting to be "careful what you wish, as you might get it" . The poll ended Monday morning, with 57.5% of voters indicating that he should...
Tesla CEO Elon Musk sold another 22 million shares of the company this week, Securities and Exchange Commission filings indicated Thursday. Raising around $3.6 billion, the latest sale brings Musk’s year-to-date sale total to around $40 billion. Musk currently owns a 13.4% stake in Tesla, down from around 17% a year ago. Musk had sold 7.92 million shares between August 5 and August 9, which...
Tesla shares plunged on Thursday, after the electric carmaker's s third quarter sales came in lower than analysts’ expectations. The company also cautioned that its full-year vehicle deliveries may be lower than its 50% growth target. Revenues climbed +56% from the year-ago quarter to $21.45 billion, shy of analysts' expectations of $21.96 billion. Tesla’s adjusted earnings for the quarter...
Nio second quarter revenue exceeded CNY10 billion (USD1.4 billion) for the first time, growing 21.8% from the year-ago quarter. The electric gross margin on vehicle sales was 16.7 percent, exceeding market expectations. The electric vehicle maker’s research and development spending (CNY2.1 billion) more than doubled from the year-ago quarter, and its losses widened more than three-and-a-half...
Ford Motor is recalling almost 200,000 large SUVs in the US, owing to risks associated with heating and cooling fan motors. The recall includes model year 2015-2017 Expeditions and Navigators, due to the possibility of interior fire originating at the blower motor located behind the glove box. According to the Ford’s statement posted on Thursday by the National Highway Traffic Safety...
Electric vehicle maker Rivian Automotive reported second-quarter revenue that exceeded Wall Street expectations. The electric vehicle maker’s adjusted loss was -$1.62 per share, compared to the -$1.63 per share loss anticipated by analysts. Revenue of $364 million came in higher than expectations of $337.5 million. Rivian reaffirmed its expectations to make about 25,000 vehicles in 2022, in...
Tesla crushed analysts’ expectations for its second quarter earnings. However, soaring input costs attenuated profit margins of the electric vehicle maker. The company’s adjusted earnings for the three months ending in June rose +56.5% from the year-ago quarter to $2.27 per share, well above the Street expectations of $1.86 per share. Revenues climbed +41% from the year-ago period to $16.94...
Tesla posted second quarter deliveries that were lower than expected by analysts, amidst plant closures in China and disruptions in global supply chain. During the quarter ending in June, the electric carmaker delivered 254,695 new cars -- up 26.7% from last year. The is weaker than analysts’ original expectations of around 295,000 (but even that estimate was lowered over the past week...
Honda posted full-year results, which revealed a strong, +7.6% increase in net profit in the financial year to March, on the back of strong motorbike sales and a weaker yen. Sales surged +10.5% over the year, largely owing to increased sales revenue in motorcycle business and financial services business operations as well as positive foreign currency translation effects – as indicated by the...
Toyota Motor Corp. expects its profits to decrease in the coming fiscal year due to increasing material costs and other operating challenges, amidst the COVID-19 pandemic, the war in Ukraine and shortages of semiconductors. For the fiscal year ending March 31, the automaker’s net profit increased 26.9% annually. Sales rose 15.3%, due to strength in its markets in the United States and Asia...
Chinese electric vehicle maker XPeng posted a fourth-quarter loss that was narrower than analysts’ expectations. XPeng incurred a loss of -$202 million in the quarter, or -22 cents on an adjusted per-share basis, compared to -33 cents a share anticipated by analysts polled by FactSet. Revenue for the quarter came in at $1.34 billion. The gross profit margin on XPeng’s vehicle business fell to...
NIO reported a fourth quarter loss that was wider than analysts' expectations, even though the Chinese carmaker beat revenue expectations. The company’s loss for the quarter was -1.36 yuan (-$0.21), more than twice as large as the loss per share analysts expected. Revenue, however, climbed +49% from the year-ago quarter to 9.9 billion yuan, beating analysts’ expectations of 9.7 billion yuan...
Tesla shares rose further Tuesday, following the news that founder and CEO Elon Musk now owns more than a fifth of the company. According to a SEC filing, Musk held a passive 21.2% stake in the electric carmaker, as of December 31. This represents around 231,715 shares and is a 2% increase from a 2020 filing. Musk also donated just over 5 million shares to a charity between November 19 and...
General Motors shares fell lower Tuesday, after analysts at Morgan Stanley lowered their rating and price target on the automaker’s stock. Morgan Stanley analyst Adam Jonas slashed his rating on General Motors to equal-weight. The analyst lowered his price target by $20 to $55 per share. Jonas mentioned that GM’s shift to electric vehicles will likely lead to a negative compound annual growth...
Ford Motor shares got a rating downgrade from analysts at Jefferies, ahead of the carmaker’s fourth quarter earnings early next month. Jefferies analyst Philippe Houchois lowered his rating on Ford shares to “hold” from “buy”. Houchois mentioned that it is too early to re-rate the carmaker based on its expected expansion into electric vehicle production. Ford aims to double the pace of its...