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☆ How Irish business is winning in the US: It’s not all butter and cheese
▼ + stars: | 2024-03-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Irish companies have to think about being in an Irish domestic market which is frankly, really small, or just going global straightaway. The US is particularly strong for Irish companies; the US economy has held up well. I think Irish companies are very adept at pivoting into what other other countries need and being part of the story. It seems like Irish companies are increasingly becoming job creators in the US. Glanbia Foods, an Irish company that manufactures American-style cheese, now produces one in four slices of cheese consumed in the US.

Persons: Bell, Leo Clancy, Joe Biden, we’ve, it’s, that’s, That’s, We’re, It’s, We’ve, Tesla, Elon Musk’s Tesla, Wells, Colin Langan, ” Langan, Elisabeth Buchwald Organizations: CNN Business, Bell, New York CNN, European Union and International Monetary Fund, Enterprise Ireland, Patrick’s, Entrepreneurship, Federal Reserve, Companies, UBS, Tesla, NAR, National Association of Realtors Locations: New York, Ireland, United States, Jefferson , Wisconsin, America, Irish, Europe, Washington, We’re, automaking, Wells Fargo

☆ Tesla is the worst performing stock in the S&P 500. Analysts say it has further to fall
▼ + stars: | 2024-03-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

The company has been plagued by safety issues and recalls, slowing growth and has even been forced to slash prices. But even with the recent drop in price, Tesla’s stock is still very expensive when compared to its actual earnings and profits, said Langan. The company’s former propensity for rapid growth is no longer certain, he said, and shares likely have further to fall. Wells Fargo has lowered its price target for the stock from $200 to $125, predicting another 25% decrease in value. UBS, meanwhile, has lowered its price target to a more moderate $165 from $225.

Persons: New York CNN — Elon Musk’s Tesla, Wells, Colin Langan, Tesla, ” Langan, Langan, Wells Fargo Organizations: New, New York CNN, Wednesday, UBS, Tesla, Apple, Google, Nvidia, Microsoft Locations: New York, automaking, Wells Fargo

☆ Novo Nordisk stock: The company behind Ozempic and Wegovy is now bigger than Tesla
▼ + stars: | 2024-03-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —First, Novo Nordisk, the company behind Ozempic and Wegovy, outgrew its native Denmark. Investors rushed into Novo Nordisk’s stock after the company reported early-stage results from a trial of amycretin, an experimental weight loss drug that can be taken in pill form. Novo Nordisk, once the little-known maker of diabetes drug Ozempic, has ballooned in value as the drug’s off-label use for weight loss has spread. By contrast, shares of Novo Nordisk are up by 30% this year, and by nearly 80% over the past 12 months. The companies have cornered the global market for weight loss drugs that mimic GLP-1, a naturally-occurring hormone that suppresses appetite.

Persons: Grégoire, ”, Jens Naervig Pedersen, “, Tesla, Elon Musk’s Tesla, China’s, Eli Lilly, “ Novo, Lilly, It’s, Musk, Jeff Bezos Organizations: London CNN, Novo Nordisk, Pictet, Management, CNN, US Food and Drug Administration, Nordisk “, Danske Bank, EV, Reuters, “, Amazon, Bloomberg Locations: Novo, Denmark, Novo Nordisk’s, Danish, United States, Berlin, Germany, Europe, Pictet, EVs

☆ Tesla earned $1.8 billion last year from a side hustle
▼ + stars: | 2024-02-12 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

Tesla earns regulatory credits by making and selling electric vehicles. Bloomberg, which initially reported on the filing , calculated that the company had pulled in almost $9 billion from selling regulatory credits since 2009. The company has expected revenue from regulatory credits to dry up as other automakers ramp up EV production. "It will continue for some period of time, but eventually this stream of regulatory credits will reduce," he added. However, that scenario has largely failed to materialize, with Tesla’s earnings from selling regulatory credits slightly increasing from last year, when it earned $1.776 billion.

Persons: —, Elon, Tesla, Zachary Kirkhorn, Kirkhorn Organizations: Service, Securities, Exchange Commission, Business, Tesla, Bloomberg, Ford, General Motors, BYD Locations: Europe, China

☆ Elon Musk’s Tesla Pay Package Is Voided by Judge
▼ + stars: | 2024-01-30 | by ( Jack Ewing | Peter Eavis | ) www.nytimes.com time to read: +1 min

Elon Musk, the chief executive of Tesla, suffered a stunning rebuke Tuesday when a Delaware judge voided the pay package that helped make him a billionaire many times over and the world’s wealthiest human being. In a decision that cast a harsh light on the behavior of Mr. Musk and Tesla’s board of directors, Chancellor Kathaleen St. J. McCormick of the Delaware Court of Chancery said the chief executive had effectively overseen his own compensation plan with the help of compliant board members. “The process leading to the approval of Musk’s compensation plan was deeply flawed,” the judge said. She ordered that the contract that gave Mr. Musk “the largest potential compensation plan in the history of public markets” be voided, and told parties in the case to work out how Mr. Musk would return excess pay. Some compensation experts said the decision would send a warning to other companies that awarded their top executives very large pay packages.

Persons: Elon Musk, Tesla, Chancellor Kathaleen St, J . McCormick, Musk Organizations: Chancery Locations: Delaware

☆ Huawei sets up new smart car company in Shenzhen, China as it gets more serious about autos
▼ + stars: | 2024-01-18 | by ( Michelle Toh | Wayne Chang | ) edition.cnn.com time to read: +5 min

The company incorporated Shenzhen Yinwang Intelligent Technology Co Ltd on Tuesday in the southern Chinese city of Shenzhen, where Huawei is based. The news marks another milestone for Huawei, which has accelerated its automotive ambitions in the past three years. But it has been hobbled in recent years by US export restrictions, which sent the company into a tailspin. The unveiling coincided with a launch by Chinese rival Xiaomi of its own first electric car, showing how competition between the two companies has spilled over to another sector. In November, a subsidiary of Changan, a Chinese state-owned automaker, disclosed that it had partnered with Huawei to form a new company created to provide smart car systems.

Persons: Elon Musk’s Tesla, Warren Buffett Organizations: Taipei CNN, Huawei, Intelligent Technology Co, Elon, Chongqing Changan Automobile Co, Changan, Shenzhen Yinwang, Automotive, Ministry of Industry, Information Technology, Economic Locations: Hong Kong, Taipei, Shenzhen, China, Changan, Chongqing, United States, Davos, Switzerland

☆ Huawei launches its rival to Tesla’s Model S
▼ + stars: | 2023-11-10 | by ( Diksha Madhok | Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong/Beijing CNN —Huawei has launched a new electric vehicle (EV) that is designed to take on Elon Musk’s Tesla. The Chinese tech giant began taking preorders of the Luxeed S7, its first sedan, on Thursday. The S7’s 800-volt battery pack, the thinnest in the industry according to Yu, is made by Chinese EV battery giant CATL. A 15-minute charge will yield a driving range of 400 kilometers (249 miles), according to Yu, which surpasses the 347-kilometer range (about 216 miles) for Tesla’s Model S after a similar charging period. However, at the equivalent of $35,400, the S7 is much cheaper than the most basic Model S, which costs 698,900 yuan or $95,800 in China.

Persons: Elon Musk’s Tesla, Richard Yu, Mark Rainford, ”, ” Rainford, Yu, Rainford, Tesla, they’re Organizations: Beijing CNN, Huawei, Elon, Chery, YouTube, China, CNN, EV, Automotive Locations: China, Hong Kong, Beijing, Shenzhen, Shanghai

HONG KONG, Oct 3 (Reuters Breakingviews) - The country’s automakers are overtaking legacy marques at home and abroad. In this Exchange podcast, industry consultant Tu Le explains what has given BYD, especially, the edge over rivals. Listen to the podcastFollow @KatrinaHamlin on XSubscribe to Breakingviews' podcasts, Viewsroom and The Exchange. Editing by Katrina HamlinOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Tu Le, Elon Musk’s Tesla, Katrina Hamlin Organizations: Reuters, Thomson Locations: HONG KONG

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn. Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised, and misled the EV maker about collaborating on vehicle development plans. Even in May, Lordstown warned it might be forced to file for bankruptcy amid uncertainty over the Foxconn investment. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk’s Tesla, ” Lordstown, Mike Spector, Joseph White, Dietrich Knauth, Nick Zieminski Organizations: REUTERS, Lordstown Motors, U.S, Foxconn, Hai Precision Industry, General, Lordstown, Reuters, Endurance, EV, Biden, Detroit, GM, DiamondPeak Holdings, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Taiwan, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit

☆ Dutch watchdog looking into alleged Tesla data breach
▼ + stars: | 2023-05-26 | by ( ) edition.cnn.com time to read: +3 min

Reuters —The data protection watchdog for the Netherlands said on Friday it was aware of possible Tesla data protection breaches, but it was too early for further comment. Germany’s Handelsblatt reported on Thursday that Elon Musk’s Tesla had allegedly failed to adequately protect data from customers, employees and business partners, citing 100 gigabytes of confidential data leaked by a whistleblower. Handelsblatt said Tesla notified the Dutch authorities about the breach, but the AP spokesperson said they were not aware if the company had made any representations to the agency. Tesla was not immediately available for comment on Friday on the Handelsblatt report, which said customer data could be found “in abundance” in a data set labelled “Tesla Files”. The data protection office in Brandenburg, which is home to Tesla’s European gigafactory, described the data leak as “massive”.

☆ Ford’s path to electric glory requires rocket fuel
▼ + stars: | 2023-03-23 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

NEW YORK, March 23 (Reuters Breakingviews) - Ford Motor (F.N) has set itself a destination: to be a leader in electric vehicles. The U.S. auto manufacturer disclosed the losses generated by its EV business, now called Ford Model e. Investors can now better see how ambitious this journey is. Model e generated an operating loss of $2.1 billion in 2022, steeper than 2021’s hit of roughly $900 million. The automaker reiterated guidance that its electric car business, known as Ford Model e, will generate 8% operating profit margins by late 2026, from a margin of negative 41% in 2022. The company expects to reach run-rate production of 2 million electric vehicles by the end of 2026, from 96,000 last year.

☆ Fact Check-Elon Musk not offering homeowners $2,500 to test new solar panels
▼ + stars: | 2023-03-07 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

Elon Musk is not paying 100 homeowners $2,500 each to test a free solar panel technology, contrary to posts online that falsely claim this and take readers to a website that collects personal information from social media users. The text in one post (here) reads: “Homeowners In Your Location Are Getting Paid $2,591 For testing the newest technology of Solar Panels! Tesla does list on its website (here) the various electric vehicle and solar incentives some states offer to customers, some including a $2,500 rebate or similar. However, this is offered by states, not Tesla or Elon Musk. Posts saying Elon Musk or his company Tesla are offering social media users $2,500 to test out a new solar panel technology lead to a website that is not an official Tesla one.

☆ Tesla’s Growth Ambition Comes With a $175 Billion Price Tag
▼ + stars: | 2023-03-02 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

AUSTIN, Texas—Elon Musk’s Tesla Inc. spent around $28 billion to cement itself as the world’s most valuable car company. It is now preparing to invest roughly five times that as it strives to meet the next objective: Becoming the world’s largest car maker by volume. Chief Financial Officer Zach Kirkhorn said publicly for the first time on Wednesday that Tesla could need to spend nearly $150 billion more to achieve its long-term goals, which includes selling 20 million vehicles a year. Today’s largest auto maker sells roughly half that annually, while Tesla delivered around 1.3 million vehicles to customers globally last year.

☆ Charlie Munger still likes big banks and hates crypto
▼ + stars: | 2023-02-15 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

“I might have different ideas [than Buffett],” Munger said about bank stocks at the annual meeting for the Los Angeles-based newspaper publisher Daily Journal, where Munger was chairman until last year. Munger remains a board director at Daily Journal and is one of its top investors. Daily Journal, like Berkshire Hathaway (BRKB), is a conglomerate that also owns some individual stocks. Daily Journal’s portfolio is much smaller than Berkshire’s. Munger said he doesn’t want to sell Daily Journal’s bank investments because Daily Journal bought many of the stocks at the bottom during the 2008-2009 financial crisis.

☆ Did the economy end 2022 with a bang or a whimper?
▼ + stars: | 2023-01-22 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

But the United States economy still seems to be chugging along just fine after experiencing a hiccup in the first half of 2022. Despite worries about weaker consumer spending during the holidays, economists are forecasting solid growth for the fourth quarter. Yearning for earningsMore blue chip companies will report fourth quarter results (and perhaps give guidance about the first quarter of 2023 and beyond) this week. But according to FactSet senior earnings analyst John Butters, earnings for the tech sector are expected to fall nearly 10% in the fourth quarter compared to the fourth quarter of 2021. Verizon (VZ), Johnson & Johnson (JNJ), Travelers (TRV), 3M (MMM), Boeing (BA), Dow (DOW), Visa (V), Chevron (CVX) and American Express (AXP).

☆ How Presidential Documents Are Supposed to Be Archived
▼ + stars: | 2023-01-20 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Elon Musk’s Tesla Tweets Trial: What to Know Tesla CEO Elon Musk is set to testify in a federal trial over tweets from 2018 in which he floated the possibility of taking the company private. WSJ’s Rebecca Elliott explains what to know about the trial. Illustration: Adele Morgan

☆ Elon Musk’s Tesla Tweets Trial: What to Know
▼ + stars: | 2023-01-19 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Big-Spending Chinese Tourists Are Coming Back, but Slowly Countries around the world are welcoming back Chinese tourists, once the largest source of tourism revenue globally. But even as China reopens its borders, the travel industry isn’t expecting things to bounce back to what they were just yet. Here’s why. Photo illustration: Adam Adada

☆ What if Tesla Is…Just a Car Company?
▼ + stars: | 2023-01-14 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

A year ago, Elon Musk’s Tesla Inc. was thriving, the unrivaled leader in electric cars with a valuation that had peaked above $1.2 trillion. Today, it faces problems that have gashed Mr. Musk’s wealth and shaken faith in the company at the center of his business empire. Rather than looking like one of the world’s fast-growing tech giants, which is how it was valued by investors, it now looks more like a car company.

☆ What If Tesla Is…Just a Car Company?
▼ + stars: | 2023-01-13 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

☆ Elon Musk’s Tesla Comes Up Short of 2022 Delivery Target as Growth Slows
▼ + stars: | 2023-01-02 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

Tesla says changes in how the company produces cars and distributes them to customers left more vehicles in transit to their final destination at year-end. Tesla Inc. delivered fewer vehicles in 2022 than it initially targeted, capping a year during which the stock suffer its worst annual performance as demand appeared to soften and Covid-related production disruptions persisted. Elon Musk‘s electric-vehicle maker said Monday that it delivered around 1.31 million vehicles last year, up roughly 40% from 2021. The company would have needed to hand over more than 1.4 million vehicles to meet its initial goal of increasing deliveries by 50% or more. Tesla signaled in October that it likely would come up short of its target, and Wall Street had already moderated its delivery expectations to around 1.34 million for 2022, according to FactSet .

The S&P 500 was 0.7% lower Friday, leaving it down 19.9% for the year. Corporate bonds had a miserable 2022, too: The return on bonds issued by S&P 500 companies was -14.2% this year. The Bloomberg Aggregate US Bond Index had its worst year since the index’s inception in 1977, according to FactSet. Excluding energy, S&P 500 earnings would fall 1.8% this year, Butters predicted. Occidental Petroleum has been the biggest gainer of the year in the S&P 500, up 122% year-to-date.

☆ Premarket stocks: Wall Street's biggest winners and losers in 2022
▼ + stars: | 2022-12-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

The S&P 500 is down nearly 20% and with two trading days left in the year, investors’ hopes of a miraculous recovery have been dashed. The energy sector has so far returned more than 60% this year, significantly outperforming every other S&P 500 sector. Occidental Petroleum has been the biggest gainer of the year in the S&P 500, up 122% year-to-date. The energy sector reported the highest year-over-year earnings growth of all 11 sectors, at 137.3%. Elon Musk’s Tesla (TSLA) is also down about 70%, making the auto tech company the third worst performer this year.

☆ Tim Draper Touts Decision to Pull Out of China
▼ + stars: | 2022-11-18 | by ( Joyu Wang | ) www.wsj.com time to read: 1 min

TAIPEI— Tim Draper , a venture capitalist known for his early bets in Elon Musk’s Tesla Inc. and SpaceX, is feeling good about his decision to stop investing in China. In an interview in Taiwan, where he is pursuing new investments, Mr. Draper slammed China’s Xi Jinping , whom he called a “weak leader,” saying the country is going backward after more than four decades of former leader Deng Xiaoping’s “reform and opening up” policy.

☆ Elon Musk’s Tesla Compensation Trial Turns to Financial Experts in Closing Days
▼ + stars: | 2022-11-17 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

A five-day trial over Elon Musk’s multibillion-dollar pay package at Tesla is entering its closing days. WILMINGTON, Del.—The trial over Elon Musk‘s multibillion-dollar pay package at Tesla Inc. enters its closing days with outside financial experts poised to take the stand. Richard Tornetta, a Tesla shareholder, is seeking to nullify Mr. Musk’s 2018 pay package, alleging that the CEO controlled the board’s consideration of his grant and that the board failed to disclose crucial information to shareholders, who signed off on it.

☆ Elon Musk’s Tesla Compensation Trial in Delaware Court Set to Kick Off
▼ + stars: | 2022-11-14 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

Elon Musk doesn’t accept a salary from Tesla, instead being compensated in stock options that vest based on Tesla’s valuation and achievement of other milestones. The trial over Elon Musk‘s multibillion-dollar pay package at Tesla Inc. is due to kick off Monday morning in Delaware’s business-law court. A Tesla shareholder, Richard Tornetta , is seeking to nullify Mr. Musk’s 2018 compensation grant, valued at around $52 billion at recent share prices. The plaintiff is alleging that the board at the time failed to disclose crucial information about the package to shareholders, who signed off on it.

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