Tesla will recall hundreds of thousands of its Model 3 and Model S sedans, due to an issue with vehicles’ front trunk. According to The National Highway Traffic Safety Administration (NHTSA) , the recall dated December 21, will affect 356,309 Model 3s manufactured between 2017 and 2020, as well as 119,000 Model S sedans produced between 2014 and 2021. Earlier this month, Reuters reported that...
Toyota Motor plans to build a $1.29 billion battery plant in North Carolina. The plant will be in Liberty, near Greensboro, N.C., and is expected to come online in 2025. The plant will have four production lines. Each of these will have the capacity to deliver lithium-ion batteries adequate for 200,000 vehicles. The plant is estimated to create 1,750 new jobs, with an expected average yearly...
Elon Musk unloaded 934,000 shares of Tesla on Thursday for $1.01 billion, according to a Securities and Exchange Commission filing. Since asking his Twitter followers on Nov. 6 whether he should dump 10% of his Tesla stake, the electric vehicle maker’s CEO has sold more than $10 billion of its Tesla stock. Musk probably must sell more than 12 million more shares to meet the target that he...
Tesla CEO Elon Musk sold another 934,091 shares of the company worth $1.05 billion Tuesday, Tesla’s SEC filings revealed. He sold those shares after exercising options to purchase 2.15 million shares. Ever since Musk tweeted on Nov. 6 that he would dump 10% of his stock if Twitter voters approved, Musk has sold 9.2 million shares worth $9.9 billion. The stock has fallen 11% since Nov. 4...
Artificial intelligence (AI) is bringing a sci-fi future to the present. This area of computer science, which aims to allow computers to think and perform tasks like a human, has evolved from an idea…to a chessmaster-defeating computer…to self-driving cars – all in a relatively short period of time. AI has the potential to impact every area of society, and its reverberations are already being...
Tesla founder and CEO Elon Musk might consider selling 10% of his stock in the company, according to responses from a Twitter user poll. On Saturday, Musk asked his Twitter followers via a poll whether they were in favor of him selling 10% of his Tesla stock. 57.9% of respondents agreed to his sale of the stock. Over 3.5 million Twitter responses came through by about noon Saturday. "Much is...
Ford Motor shares rose higher Wednesday, following a rating boost from analysts at Credit Suisse . Credit Suisse analyst Dan Levy hiked his rating on the automaker’s shares to 'outperform', from 'neutral'. Levy also boosted his price target on the stock by $5, to $20 a share. The analyst cited a favorable industry cycle heading into 2023, bolstered by inventory rebuilding and better...
Tesla Inc. reported third quarter earnings that surpassed expectations. The electric vehicle maker also generated one of the widest profit margins in its history. Tesla’s non-GAAP earnings for the three months ending in September surged +135% from the year-ago quarter to $1.86 per share, well above the Street consensus forecast of $1.59 per share. Revenues rose +56.8% year-over-year to a...
Tesla is delaying the launch of Full Self-Driving Beta 10.2 software for its Autopilot system, as indicated by a tweet from CEO Elon Musk on Saturday. According to Musk, there are last minute concerns about the software’s build, causing a few days delay in its release. The company had planned to release the Full Self-Driving Beta 10.2 at midnight Friday to about 1,000 Tesla vehicle owners...
Tesla Inc. reported a record third quarter deliveries, beating analysts' forecasts. The electric carmaker delivered 241,300 new cars over the three months ended in October, compared to analysts’ expectations of around 230,000. The figure is +73.2% higher from a year ago, and almost +20% higher from the second quarter deliveries. "We would like to thank our customers for their patience as we...
Ford Motor Co. announced that it will double the production capacity target for its F-150 Lightning electric pickup truck to 80,000 per year, citing strong demand. Previously, the automaker’s production target was more than 40,000 of the vehicles by 2024. "The interest from the public has surpassed our highest expectations," Executive Chairman Bill Ford said in a statement. The vehicle is...
On Wednesday, Cathie Wood’s Ark Investment sold 81,600 shares of Tesla amounting to $61.7 million at close. ARK Innovation dumped 70,161 shares, and ARK Next Generation sold 11,448. ARK ETFs’ total Tesla sales so far this month is $266 million, according to Bloomberg. After selling some Tesla shares last year, she told CNBC that keeping position sizes in check is “wise portfolio management.”...
NIO Inc. announced that it will offer $2 billion of its American depositary shares through an at-the-market equity offering. An at-the-market offering allows a company to sell shares as needed at the prevailing market price. The electric vehicle maker said proceeds from the sale will be used to strengthen its balance sheet and for general corporate purposes. NIO delivered 5,880 vehicles in...
Tesla reported its second quarter earnings after the bell on Monday.The electric carmaker crushed analysts’ expectations for the quarter, even as CEO Elon Musk warned against global chip shortage.
The company’s adjusted earnings for the quarter surged +230% from the year-ago quarter to $1.45, compared to the 98 cents per share expected by analysts polled by Refinitiv.
Revenue grew +98% year-over-year to a record $11.96 billion in the quarter, also exceeding analysts’ estimate of $11.30 billion.
Tesla’s overall automotive revenue came in at $10.21 billion, of which about 3.5% came from sales of regulatory credits.
The world’s fourth-largest automaker was formed via the merged automaker between Fiat Chrysler and French automaker PSA Group,
The company intends to have 55 electrified vehicles in the U.S. and Europe by 2025.Stellantis CFO Richard Palmer said the company has a goal to achieve double-digit adjusted profit margins by around 2026.
Electric carmaker Tesla reported second-quarter deliveries of 201,250 vehicles, marginally exceeding analysts’ consensus expectation of 200,900.
The number of vehicles Tesla delivered were 9% higher quarter-over-quarter and 122% more year-over-year.The Q2 deliveries included 199,3560 Model 3/Y's and 1,890 Model S/X's.
The automaker produced 206,421 vehicles during the second quarter, which implies a +14% increase quarter-over quarter and a +151% increase year-over year.
Also, it is reducing production at eight additional factories owing to the global semiconductor shortage.
The Michigan plant that makes the Bronco and Ranger pickup will be closed during the weeks of July 5 and July 26 (as reported in Bloomberg).The company was diverting its scarce semiconductor supply to be used for completing nearly finished vehicles.
Ford’s Chief Executive Jim Farley revealed this month that the company had received 190,000 reservations for the Bronco, and around 125,000 had been converted to orders to build the new SUV.
The number of vehicles represents most of the vehicles Tesla has delivered China over recent years, according to Wedbush analyst Daniel Ives.
Around 211,000 locally built Model 3 cars and around 36,000 imported ones will be recalled, along with around 38,000 Model Y cars, according to Wedbush.
The recall is made in order to rectify autopilot safety issues that were detected by Chinese regulators.According to the State Administration for Market Regulation in China, the glitch spotted might incorrectly activate the active cruise function in some situations.
Fisker shares rose, following news that Magna International would produce its electric vehicles. As part of the agreement, Fisker's electric Ocean SUV is expected to start production at Magna facility in Graz, Austria, starting Nov. 17, 2022. The Graz facility has produced more than 3.7 million vehicles for several global automakers. Fisker is expecting Ocean’s starting list price to be...
Ford unveiled its new Maverick compact pickup truck, priced at around $20,000.
According to the automaker, Maverick, with a standard hybrid engine, has a standard 1,500-pound (6,800-kilo) payload capacity and 2,000 pound base towing capacity.
The starting price of the vehicle is $19,995, or $21,490 including mandatory shipping charges.
Ford is expecting the hybrid version of the 2022 Maverick to contribute about 40% of demand, according to a Reuters report.
"The Maverick gives you the best of both worlds," Ford mentioned on its website."Compact on the outside, but still big enough on the inside to seat five and store all your stuff.