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☆ Tesla price cuts will continue as mid- and lower-end EV competition grows, says Chris Pierce
▼ + stars: | 2023-09-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTesla price cuts will continue as mid- and lower-end EV competition grows, says Chris PierceNeedham's Chris Pierce joins 'The Exchange' to discuss his hold call for Tesla, Tesla's struggle to beat expectations given ongoing price cuts, and Tesla's EV competition with China.

Persons: Chris Pierce Needham's Chris Pierce, Tesla Locations: China

☆ A day after the big Tesla upgrade that moved the market, one analyst disagrees. Here's why
▼ + stars: | 2023-09-12 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Not all analysts on Wall Street are convinced Tesla 's in-house computer technology is enough to push shares higher. The analyst did not provide a forecast price target and said he now expects flat year-over-year automotive sales gross margin in 2024, minus vehicle credits and incentives. What underpinned the Morgan Stanley upgrade on Tesla was optimism toward the company's effort with Dojo, an in-house supercomputer that is meant to train autonomous driving software. Tesla has been on a price-cutting spree for much of 2023, with markdowns to both the Model 3 and Model Y . While the analyst remains "sympathetic" over the long term on Tesla, he said, "We think that there is too much near-term uncertainty post its repeated price cuts."

Persons: Tesla, Morgan Stanley's Adam Jonas, — Needham, Needham, Chris Pierce, Morgan Stanley, Pierce, markdowns, reboots, Michael Bloom

☆ Here’s the trade on Rivian ahead of earnings, according to top analysts
▼ + stars: | 2023-08-08 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

After weaker-than-expected quarterly results from luxury electric vehicle maker Lucid , analysts are now turning their attention to rival Rivian . Analysts polled by FactSet are forecasting an adjusted loss of $1.43 per share on $1.1 billion in revenue. Still, analysts remain bullish on Rivian ahead of its earnings release. Meanwhile, Morgan Stanley's Adam Jonas reiterated an overweight rating on Rivian in a July 7 note, accompanied by a $24 per share price target. Elsewhere, DA Davidson's Michael Shlisky is neutral on Rivian after an upgrade from underperform July 5, with an $18 per share price target that equates to about 26% downside.

Persons: Rivian, Needham's Chris Pierce, Pierce, Morgan Stanley's Adam Jonas, Jonas, Vijay Rakesh, Rakesh, Michael Shlisky, Mercedes EQB, Shlisky, — CNBC's Michael Bloom Organizations: FactSet, Wall, EV, Mizuho Securities

The squeeze has already claimed its first casualty in electric truck maker Lordstown Motors (RIDEQ.PK), which filed for bankruptcy in June. Companies including Lucid (LCID.O) and Nikola (NKLA.O) are likely to report another quarter of steep cash burn, as they continue to struggle with production and demand. Nikola, which reiterated a going-concern warning in May, is expected to report a 15% decline in revenue and widening losses on Friday. Its shares have rallied nearly 40% this year as the company attempts to reduce its cash burn with layoffs and the liquidation of a recently acquired battery business. But the company missed its production target in the quarter due to a parts shortage.

Persons: Thomas Peter, Tesla, Nikola, Thomas Hayes, Hayes, Needham, Chris Pierce, Akash Sriram, Sayantani Ghosh, Devika Organizations: REUTERS, Ford, Lordstown, Rivian, Visible Alpha, Saudi Arabia's Public Investment Fund, Thomson Locations: Beijing, China, Bengaluru

Tesla, which had previously stopped the referral program as it was too expensive, up to now has focused on real-time adjustments to prices posted on its websites. It revived the referral program recently to boost sales, analysts said. The EV sales market globally has become more competitive, forcing automakers to cut prices or boost incentives in several markets. The automaker has used its industry-leading profit margins as a weapon in the EV price war, putting pressure on both legacy automakers as well as cash-strapped EV startups. A number of Tesla owners in China posted their referral codes online and invited others to use them.

Persons: Tesla, Elon Musk, Garrett Nelson, Nelson, Needham, Chris Pierce, Ford, Chavi Mehta, Hyunjoo Jin, Shounak Dasgupta Organizations: Tesla, Thomson Locations: cashback, U.S, United States, China, Germany, France, Canada, Mexico, Hong Kong, Singapore, Bengaluru, San Francisco

☆ Rivian is a stock everyone bailed on and people are realizing it has momentum, says Needham's Pierce
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRivian is a stock everyone bailed on and people are realizing it has momentum, says Needham's PierceChris Pierce, Needham senior research analyst, joins 'Power Lunch' to discuss Pierce's 'hold' rating on Tesla and his 'buy' rating on Rivian, Tesla's bad year in 2022, and what role competition plays for Tesla.

Persons: Needham's Pierce Chris Pierce, Needham, Tesla Organizations: Tesla

July 3 (Reuters) - Rivian Automotive (RIVN.O) beat market estimates for second-quarter deliveries on higher production and stable demand for its electric vehicles, sending the company's shares up more than 14% on Monday. Rivian, which makes R1T pickup trucks and R1S SUVs, delivered 12,640 vehicles in the second quarter, compared with Visible Alpha estimates of 11,000 vehicles. The company made 13,992 vehicles at its facility in Normal, Illinois, which was 4,597 more than in the first quarter. Rivian's production and delivery numbers come just a day after Tesla beat estimates with record deliveries in the second quarter. Rivian posted a smaller loss in the first quarter in May and its finance chief said last month the company expects demand to remain stable through 2023.

Persons: Tesla, Rivian, Needham, Chris Pierce, Danni Hewson, AJ Bell, Chavi Mehta, Vinay Dwivedi, Shounak Organizations: Rivian, EV, Thomson Locations: Normal , Illinois, Bengaluru

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