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☆ Dodge and Ram boss Tim Kuniskis, father of the Hellcat, to retire from Stellantis
▼ + stars: | 2024-05-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Kuniskis will be replaced by Chrysler brand CEO Christine Feuell, who will lead Ram in addition to Chrysler, and Matt McAlear, who will be promoted from Dodge's sales lead to brand CEO and a member of Stellantis' top executive team. DETROIT – Stellantis ' Dodge and Ram brands CEO Tim Kuniskis is retiring after a nearly 32-year career with the automaker and its predecessors, the company announced Friday. I wish him well in his retirement," Stellantis CEO Carlos Tavares said in a release. "I am confident that Chris will continue the work of Tim in leading the iconic Ram brand. Matt will bring a fresh perspective, while continuing to draw on the heritage of our iconic Dodge brand and leading the transition of the brand toward a sustainable future."

Persons: Christine Feuell, Ram, Matt McAlear, Dodge, Tim Kuniskis, Tim, Carlos Tavares, Chris, Matt, Sergio Marchionne, Kuniskis, Mark Stewart Organizations: Chrysler, Challenger, Dodge, DETROIT, U.S, Fiat Chrysler, French, PSA Groupe, Goodyear Tire Locations: American, North America, Durango, South America, Asia, Pacific, China

☆ Laid-off techies face 'sense of impending doom' with job cuts at highest since dot-com crash
▼ + stars: | 2024-03-15 | by ( Alex Koller | ) www.cnbc.com time to read: +12 min

Last month's job cut count was the highest of any February since 2009, when the financial crisis forced companies into cash preservation mode. CNBC spoke to a dozen people who have been laid off from tech jobs in the past year or so about their experiences navigating the labor market. Additionally, some listings required applicants to have advanced degrees or professional experience in machine learning and artificial intelligence, a new development in Croisant's experience on the job market. "It is a combination of how well you brand yourself, about your access through networking to any given position — to the hidden job market." Still, Powers said she's trying to stay optimistic, "because giving up is not going to get me a job."

Persons: Ed Jones, Allison Croisant, Croisant, Roger Lee, Layoffs.fyi, Lee, I'm, Powers, who's, Tayfun, Christopher Fong, Fong, Michael Kascsak, Kascsak, It's, Lee of Layoffs.fyi, Amit Mittal, Amit Mittal Amit Mittal, Mittal, he's, Bill Vezey, —, Vezey, She's, would've, she's, Jennifer Elias Organizations: Afp, Getty, PayPal, Meta, Microsoft, eBay, Unity Software, SAP, Cisco, Wall, CNBC, Google, Anadolu Agency, Nationwide Locations: New York, Omaha , Nebraska, Comprehensive.io, Natchez , Mississippi, View , California, United States, Austin , Texas, U.S, who's, India, Chicago, Santa Cruz , California

☆ Jewelry trends that are in and out this year, according to jewelers and stylists
▼ + stars: | 2024-02-04 | by ( Cheyenne Lentz | ) www.businessinsider.com time to read: 1 min

Two-tone metals are here to stay. Mixing and matching jewelry metal is in. Roman Bobyr/ShutterstockYou'll continue to see the mixed-metals trend that this year, according to Abingdon Mullin, jeweler, CEO, and founder of Abingdon Co . Devoted silver and gold fans can rest assured knowing that the days of being limited to one metal are over. "More than ever, we're seeing two-tone pieces that artfully combine contrasting metals in a harmonious way," the jeweler told BI.

Persons: Shutterstock You'll, Abingdon Mullin Organizations: Abingdon Co Locations: Roman

☆ Wall Street heads into the week ahead worrying the rally to record highs is running out of steam
▼ + stars: | 2024-02-02 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

Wall Street continues to climb a wall of worry even as investors deliberate how much longer equities can maintain their record run. But questions remain for investors after some major disappointments in an intense week suggested more challenges ahead. Apple dropped 3% this week after reporting lackluster earnings, weighing on the Dow Jones Industrial Average. Elsewhere in corporate earnings, regional banks as represented by the SPDR S & P Regional Banking ETF slid 7% after poor results from New York Community Bank spurred investor fears of a wider contagion. Signs of market weakness For investors, there may be more issues in the market going forward in 2024.

Persons: Stocks, Jerome Powell, Apple, Scott Rubner, Goldman Sachs, Rubner, Russell, Liz Ann Sonders, Charles Schwab, CNBC's, Sonders, Lehman, Raymond James, Josh Beck, James McCann, Abrdn, McCann, Rhys WIlliams, Williams, it's, Art Hogan, They're, Hogan, Estee, Eli Lilly, Ralph Lauren, Rowe Price, Philip Morris Organizations: Meta, Dow Jones, Regional Banking, New York Community Bank, Bank, Microsoft, Nvidia, Apple, Markets, Wayve Capital Management, Riley, Atlanta, PMI, Simon Property, Companies, Tyson Foods, Semiconductor, Caterpillar, Prudential Financial, Ford Motor, Enphase Energy, GE Healthcare Technologies, Consumer, Walt Disney Co, Wynn Resorts, PayPal, Brands, CVS Health, Hilton Worldwide, Uber Technologies, Costco Wholesale, Motorola Solutions, Expedia, Rowe Price Group, ConocoPhillips, The Hershey Co, Philip Morris International, PepsiCo Locations: China

☆ U.S. to reportedly announce billions of dollars in subsidies for advanced chips
▼ + stars: | 2024-01-27 | by ( ) www.cnbc.com time to read: 1 min

US President Joe Biden speaks at a meeting of the National Infrastructure Advisory Council, in the Indian Treaty Room of the White House in Washington, DC, on December 13, 2023. The Biden administration is expected to award billions of dollars in subsidies to Intel , Taiwan Semiconductor Manufacturing Co ., and other top semiconductor companies in the coming weeks to help build new factories, The Wall Street Journal reported on Saturday. The forthcoming announcements are aimed at kick-starting manufacturing of advanced semiconductors that power smartphones, artificial intelligence and weapons systems, the WSJ reported, citing industry executives familiar with the negotiations. This is breaking news. Please check back for updates.

Persons: Joe Biden, Biden Organizations: National Infrastructure Advisory Council, White, Intel, Taiwan Semiconductor Manufacturing Co, Street, WSJ Locations: Washington ,

☆ Haley, DeSantis clash over Disney and government's role in business
▼ + stars: | 2024-01-11 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Ron DeSantis and former U.S. Ambassador to the United Nations Nikki Haley participate in the Republican presidential debate hosted by CNN at Drake University in Des Moines, Iowa, on Jan. 10, 2024. Ron DeSantis and Nikki Haley butted heads Wednesday night over the role of government in regulating private business practices during the final Republican primary debate before the Jan. 15 Iowa caucuses. "Now, Nikki Haley sided with Disney. The exchange between Haley and DeSantis about Disney served to highlight a fundamental difference between the two candidates.

Persons: Ron DeSantis, Nikki Haley, Nikki Haley butted, DeSantis, Haley, Ron, Bob Chapek, Chapek, Disney Organizations: Florida Gov, U.S, United, CNN, Drake University, WASHINGTON —, WASHINGTON — Florida Gov, Walt Disney Co, Disney, CNBC PRO Locations: Florida, Des Moines , Iowa, WASHINGTON, WASHINGTON — Florida, Iowa, South Carolina, The Florida

The holiday season, which begins with Black Friday at the end of November and lasts roughly until the end of December, is expected to be especially tough for retailers selling discretionary items, executives say. "We are seeing some early Black Friday sales start just now," Barbie maker Mattel's (MAT.O) president and chief commercial officer, Steve Totzke, told Reuters on Monday. "The market for toys has been declining for the whole year," said Florian Sieber, CEO of German toy maker Simba. "We are expecting a good holiday season for Mattel," Totzke said. "We expect to continue to gain share throughout the holiday season."

Persons: Peter Nicholls, Larian, Santa Claus, Barbie, Loo, Isaac Larian, Toymakers, Nic Aldridge, Aldridge, Mattel's, Steve Totzke, Florian Sieber, Simba, Sieber, Totzke, Frédérique Tutt, Jerry Storch, Richa Naidu, Matt Scuffham Organizations: REUTERS, Hasbro, Mattel, Consumers, Euromonitor, MGA Entertainment, Toymakers Hasbro, Reuters, Bandai, P, Global, Storch Advisors, Hudson's, Thomson Locations: London, Britain, Europe, Santa, United States, Loo Wee, U.S

"We are seeing some early Black Friday sales start just now," Barbie maker Mattel's (MAT.O) president and chief commercial officer, Steve Totzke, told Reuters on Monday. "The market for toys has been declining for the whole year," said Florian Sieber, CEO of German toy maker Simba. "We are expecting a good holiday season for Mattel," Totzke said. "We expect to continue to gain share throughout the holiday season." "But it's a reality that there won't be as many toys sold this year as last year."

☆ Weak yen forces Japan to shrink historic military spending plan
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: +6 min

Since the plan was unveiled in December, the yen has lost 10% of its value against the dollar, forcing Tokyo to reduce its ambitious defense procurement plan, which was then-calculated to cost $320 billion, the sources said. Details of how Japan is paring back military procurement due to currency fluctuations have not been previously reported. China, which has not ruled out using military force to bring Taiwan under its control, has expressed concern about Japan's military spending plans, accusing it of displaying a "Cold War mentality." Chinooks and seaplanesWith the cuts in its spending power, Japan decided to prioritize spending on advanced U.S.-made frontline weapons such as missiles that could halt advancing Chinese forces, the eight people said. About half that increase was due to the weak yen, said one of the government sources, who was directly involved in those discussions.

Persons: Fumio Kishida, Kiyoshi Ota, Christopher Johnstone, Johnstone, Biden, Kishida, spender, Nancy Pelosi's, Yoji Koda Organizations: Japan's, Defense Force, Getty, Reuters, Bank of Japan, Center for Strategic, International Studies, National Security, East, Japan's Ministry of Defense, Embassy, Pentagon, Russian, Kawasaki Heavy Industries, Boeing Co, Kawasaki, ShinMaywa Industries, Industry, Maritime Self Defense Force Locations: Tokyo, AFP, Japan, Taiwan, Washington, Beijing, East Asia, U.S, East China, Ukraine, China

☆ Eyeing dividend-paying stocks? Don’t rush to pick up the richest yielding names
▼ + stars: | 2023-10-23 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Today's higher interest rate environment drives home the reason why investors should scrutinize stocks offering tempting double-digit yields. Digging beneath the surface Multiple factors may contribute to a stock touting high dividend yields at first blush. First, there are dividend sustainers – companies that have made steady payments for years, including Merck , Johnson & Johnson and Southern Co . Investors who want to hunt dividend payers shouldn't go for the biggest yielders, but instead look for names that are in the second or third quintile among dividend payers, he said. "For many investors, you can get a pretty good dividend play and a good yield through ETFs at a low cost," said Ebersole.

Persons: Bond, Charlie Gaffney, Gaffney, Eaton Vance, Jamie Ebersole, Kim Abmeyer, Morgan Stanley, shouldn't, Ebersole, Morningstar's Bryan Armour, VIG Organizations: Utilities, Morgan Stanley Investment Management, Ebersole, Abmeyer Wealth Management, Investors, Costco Wholesale, Merck, Johnson, Southern Co, Apple, Exxon Mobil, Walmart Locations: Southern

☆ Nvidia's earnings Wednesday will be a big test for AI bulls
▼ + stars: | 2023-08-23 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Revenue: $11.22 billion, according to Refinitiv. A closer look at estimates shows just how reliant Nvidia has become on AI chips. By contrast, Nvidia's Datacenter group, which houses AI chips, is looking at a 111% increase in revenue to $8.03 billion, according to estimates. Nvidia's AI chips, including the A100 and H100, have been difficult to purchase in recent months as startups, big companies, governments and cloud providers all have placed orders. Last year, the U.S. placed export restrictions on Nvidia, which forced the company to make specialized, slower versions of its AI chips for the Chinese market.

Persons: Jensen Huang, StreetAccount, chatbot, Nvidia's, Huang, TSMC, Morris Chang, Biden Organizations: Nvidia, Facebook, Meta, Taiwan Semiconductor Manufacturing Locations: Taipei, Refinitiv, China, U.S

☆ Diamond Sports calls in mediators as it pushes toward a reorganization plan
▼ + stars: | 2023-08-17 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

On Thursday, a bankruptcy judge approved Diamond's request to bring in mediators as it is negotiates with creditors to reach a reorganization plan. Two judges from the U.S. Bankruptcy Court in the Southern District of Texas — Judges David Jones and Marvin Isgur — will preside as mediators. Last week, Diamond won court approval to extend the period of time it has to come up with a reorganization plan. Diamond has until Sept. 30 to file a reorganization plan, weeks ahead of the opening of the 2023-24 NBA and NHL seasons. Besides shedding its hefty debt load, Diamond is looking to reset some of its rights deals with teams to reflect so-called market rates.

Persons: Christopher Lopez, David Jones, Marvin Isgur —, Diamond Organizations: Ohio, Bally Sports, Cincinnati Reds, Cleveland Guardians, Progressive, Diamond Sports Group, NBA, NHL, U.S, Bankruptcy, Southern District of Texas, Diamond, Nexstar Media Group, Gray Television, Scripps Co, CNBC, Phoenix Suns Locations: Cleveland, America, Southern District

☆ July jobs report and more Big Tech earnings are in the week ahead after markets notch historic run for Dow
▼ + stars: | 2023-07-28 | by ( Sarah Min | ) www.cnbc.com time to read: +9 min

More Big Tech earnings and the jobs report are in the week ahead as investors wrap up a strong week that included a historic run for the Dow Jones Industrial Average . Jobs report out Friday Investors will digest the latest data from the July jobs report due out next Friday. "I don't expect any huge surprise from this jobs report next week," said Liz Young, head of investment strategy at SoFi. Earnings will continue to pour in next week, with key results from Big Tech companies Apple and Amazon on Thursday. Still, cooling inflation, strong jobs market and a resilient economy could spell a happy path for Wall Street.

Persons: Dow, Queen Victoria, Kim Forrest, Jerome Powell, Forrest, Nonfarm, Dow Jones, Liz Young, Bokeh's Forrest, they're, She'd, we've, SoFi's Young, Young, she'd, Stanley Black, Decker, The Kraft Heinz Organizations: Big Tech, Dow Jones, Dow, Cotton Oil, Bokeh Capital Partners, Meta, Federal Reserve, Pew Research, Apple, Semiconductor, Bank of Japan, Chicago PMI SA, Dallas Fed, Arista Networks, Western, Systems, PMI Manufacturing SA, ISM Manufacturing SA, Merck, Co, Caterpillar, Marriott International, Altria, Cruise Line Holdings, Pfizer, Marathon Petroleum, Molson Coors Beverage, SolarEdge Technologies, Devices, Caesars Entertainment, Electronic Arts, Starbucks, ADP Employment Survey SA, CVS Health, Fidelity National Information Services, Generac Holdings, Humana, The Kraft, Brands, MetLife, Marathon Oil, Occidental Petroleum, PayPal Holdings, Qualcomm, Etsy, Costco Wholesale, MGM Resorts, SA, PMI, Factory, PMI SA, News Corp, Constellation Energy, Moderna, Warner Bros, Discovery, Hasbro, ConocoPhillips, Kellogg, Booking Holdings, Expedia, Motorola Solutions, Monster Beverage, Manufacturing Payrolls SA, Nonfarm Payrolls SA, Dominion Energy Locations: United Kingdom, U.S

☆ Japan launches Prime 150 stocks benchmark to help investors identify value
▼ + stars: | 2023-07-03 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Japan launched a new stock index on Monday, making it easier for investors to identify corporate value in the equity markets, in a move to strengthen corporate governance reforms in the world's third-largest economy. The new JPX Prime 150 Index is a curated list of the 150 constituent listings on the Tokyo Exchange, which includes the likes of tech giants like Sony Group , Hitachi , Nintendo and Warren Buffet-backed trading houses Marubeni , Itochu and Mitsui & Co . The index excludes automakers such as Toyota Motor and Nissan Motor . "Increasing the value of listed companies is essential for the expansion and revitalization of the market," Takahiro Miura, Japan Exchange Group's market innovation and research director of index business, told CNBC Monday. The Prime 150 index constitutes about half of the Japan stock market and are of similar quality to the S&P 500, Miura said.

Persons: Warren Buffet, Takahiro Miura, Miura Organizations: Tokyo, Sony Group, Hitachi, Nintendo, Mitsui & Co, Toyota Motor, Nissan, Japan Exchange, CNBC Locations: Japan, Itochu

☆ Stocks making the biggest moves midday: Lululemon, SentinelOne, T-Mobile, MongoDB and more
▼ + stars: | 2023-06-02 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

MongoDB — Shares of the data developer rocketed 28% after the company forecast strong fiscal first-quarter earnings and boosted its full-year guidance. The company cited macroeconomic pressure as a contributor to slowing sales growth in a shareholder letter and cut its full-year revenue guidance. PagerDuty — Shares slumped 17.1% after the IT cloud company issued second-quarter revenue guidance that missed expectations. Samsara — The cloud company popped nearly 28% after reporting a smaller-than-expected first-quarter loss and lifting its full-year sales guidance. That's above the expected loss of 5 cents a share and $191.9 million in revenue, according to FactSet.

Persons: Lululemon, Amazon, MongoDB, Wall, SentinelOne, Dupont, Dupont de Nemours, Zscaler, Morgan Stanley, PagerDuty, StreetAccount, Dell, Ginkgo, Goldman Sachs, Goldman, Yun Li, Hakyung Kim, Brian Evans, Alex Harring Organizations: Wireless, Bloomberg News, Verizon, Mobile, Amazon, Dish, Broadcom —, Broadcom, Bank of America, Dupont de, DuPont, U.S . Water Systems, Stifel Locations: New York

☆ Vietnam EV maker VinFast to list in U.S. via a SPAC
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: +2 min

Vietnamese electric automaker VinFast said on Friday it will list in the United States via a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co . The company has said it has almost 55,000 orders globally and is able to churn out 300,000 EVs per year. Black Spade Acquisition is a Hong Kong-based SPAC which listed on the NYSE in July 2021 with a plan to merge, within two years, with a company ideally in the entertainment business, according to its website. It was founded by Black Spade Capital Limited, the private investment arm of Lawrence Ho, the head of Melco Resorts & Entertainment Ltd, which operates casinos in Macau and the Philippines, according to the company's website and Refinitiv. "The partnership with Black Spade and listing of VinFast in the U.S. represents the perfect capital raising avenue for our future global ambitions," Thuy Le, VinFast's global chief executive, said.

☆ These 6 global stocks are 'Buffett-style' picks, according to Credit Suisse
▼ + stars: | 2023-04-19 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Warren Buffett 's Berkshire Hathaway raised its stakes in five Japan stocks — a good sign for investors in Japan, according to Credit Suisse. "This, together with Berkshire Hathaway's recent issuance of JPY bonds, has put the spotlight on value and quality investment opportunities in Japan," Credit Suisse said in a April 14 note. In light of those developments, Credit Suisse analysts said in the note that they've screened for stocks in Japan that are "Buffett-style picks" — that is, they have characteristics typical of Buffett's holdings. Value: Stocks with earnings yield in the top 25% of stocks the bank screened. They should also have above-median dividend yield, as well as above-median five-year dividend growth and next 12-month dividend growth.

☆ Why Warren Buffett is investing in Japan and how to know if you should too
▼ + stars: | 2023-04-11 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Warren Buffett has grown even fonder of his favorite Japanese trading houses, hiking his already-large investments and teasing of more to come. Berkshire Hathaway raised its stakes in five Japanese trading houses — Mitsubishi Corp. , Mitsui & Co ., Itochu Corp. , Marubeni and Sumitomo — all to 7.4%. Buffett will appear live from Japan on CNBC's "Squawk Box" on Wednesday from 6 a.m. to 9 a.m. The five trading houses — roughly akin to a conglomerate structure, just like Berkshire— seem to check every box of Buffett's stock-picking criteria. In light of expectations for tighter policy, BlackRock , the world's largest asset manager, last month cut Japanese stocks to "underweight."

Meanwhile, Republicans, many from energy-producing states, have raised a growing chorus of challenges on ESG. This can be a problem for fund participants who do not share ESG goals, the Republicans wrote. Asset managers have argued that such memberships align with their fiduciary obligations, and some are giving clients more control over proxy votes. "Asset managers voting for the exclusion of one of their competitors has clear antitrust implications," the letter states. The resolutions were filed by activist shareholder group As You Sow, which the Republicans suggested had targeted Vanguard over its withdrawal.

Meanwhile, Republicans, many from energy-producing states, have raised a growing chorus of challenges on ESG. The latest letter built on concerns many of the same attorneys general brought to BlackRock last August. This can be a problem for fund participants who do not share ESG goals, the Republicans wrote. Another section of the Republicans' letter cites several pending shareholder resolutions that ask corporations to dial back the use of Vanguard Group retirement plan funds because of Vanguard's fossil fuel holdings. "Asset managers voting for the exclusion of one of their competitors has clear antitrust implications," the letter states.

☆ Savers find a silver lining during banks’ tumult — Rates on CDs are going up, Morgan Stanley says
▼ + stars: | 2023-03-16 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

That's because banks are boosting the rates they're paying on CDs, according to a Thursday report from Morgan Stanley. The average highest rate banks paid on a CD rose by eight basis points to 4.08% over the first two weeks of March, according to Morgan Stanley analyst Betsy Graseck. "This should push deposit rates higher even after the Fed pauses." Ally Bank and Synchrony Financial, for instance, are offering 5% on CDs going beyond 36 months, according to Morgan Stanley. See below for Morgan Stanley's list of top short-term CD rates as of March 15.

☆ Here are the most overbought and oversold stocks on Wall Street right now
▼ + stars: | 2023-03-04 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Some of the most overbought and oversold stocks on Wall Street right now include Bank of America and a water treatment company. Meanwhile, a stock with a 14-day RSI lower than 30 is considered oversold, a signal of poor sentiment around the firm. According to a CNBC Pro screen of FactSet data, here are the 10 most overbought stocks in the S & P 500. Ecolab was among the most overbought stocks in the S & P 500. Other overbought names include Clorox Co . and Mosaic Co. We also screened for the most oversold stocks in the benchmark stock index.

☆ Keith Meister's Corvex Management bets on media companies, cuts big tech and biotech holdings
▼ + stars: | 2023-02-15 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Corvex Management increased its stakes in media-related companies while slashing technology and biotech investments, according to its latest quarterly 13F filing with the SEC. Crown Holdings was Meister's second-largest acquisition in the fourth quarter, when Corvex bought $74 million of shares. In November, billionaire Carl Icahn disclosed an 8.5% stake in the packaging company once known as Crown Cork & Seal. Corvex in the fourth quarter increased its position in Fomento Economico Mexicano , a Mexican multi-national retail and beverage company, by 9.5%, bringing the holding to almost $200 million. Corvex exited its positions in Amazon , JP Morgan Chase & Co . and Uber in the fourth quarter.

With a majority of S & P 500 companies having posted their quarterly results, investors' focus will turn toward inflation and the consumer price index reading in the upcoming week. The three major indexes are on pace to end the week down, with the S & P 500 poised to post its worst performance since December. Sharp declines for Alphabet , which is off by more than 9% this week, dragged the tech-heavy index. January's consumer price index With the latest Powell speech in the books, investors are now looking ahead to the consumer price index for insight into the pace of inflation. "Retail sales and CPI is really driven by the consumer, and a lot of eyes are on how the consumer doing," Bruno said.

☆ Tesla plans to spend $3.6 billion more on battery and truck manufacturing in Nevada
▼ + stars: | 2023-01-24 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Tesla plans to spend $3.6 billion more on expanded battery and heavy duty truck manufacturing in Nevada, the company said Tuesday on social media. It wasn't immediately clear whether Tesla's plans expand the company's manufacturing footprint beyond the property it is already developing outside of Reno in Sparks, Nevada. Tesla began construction of its first battery factory in Nevada in 2014. Joe Lombardo revealed details about Tesla's plans for expansion in the state early on Monday. Tesla CEO Elon Musk held a ceremony in Nevada in December to kick off deliveries of the company's Tesla Semi to a key early customer, PepsiCo .

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