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☆ Stocks making the biggest moves midday: Home Depot, Fisker, SolarEdge and more
▼ + stars: | 2023-11-14 | by ( Brian Evans | ) www.cnbc.com time to read: +4 min

Azenta — The life science stock jumped 13% on Tuesday, a day after the company delivered its fiscal fourth-quarter report. Home Depot — Shares of the home improvement retailer jumped 6% after the company posted third-quarter earnings and revenue that beat expectations. Enphase Energy , Solar Edge , First Solar – The solar power stocks surged on Tuesday, with Enphase adding nearly 14%. Solar companies and tech stocks are sensitive to interest rates, and fare well when bond yields decline. Adobe — The software stock climbed nearly 2% in midday trading.

Persons: FactSet, Matthew Shattock, Fisker, — CNBC's Pia Singh, Alex Harring, Michelle Fox, John Rosevear, Darla Mercado Organizations: Enphase, Solar, V.F, Corp, Amazon Web Services, Therapeutics, Federal, Deutsche Bank, EV, Adobe

☆ Fisker shares sink 20% after EV maker discloses 'material weaknesses' in financial reporting
▼ + stars: | 2023-11-14 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Fisker Inc. officially revealed the Fisker Ocean all-electric luxury crossover at CES 2020 in Las Vegas. Shares of electric vehicle startup Fisker sank in morning trading Tuesday after a disappointing earnings report and a regulatory filing that raised concerns about the company's previous financial statements. The company's shares were down more than 20% from their previous close of $4.11 apiece. Fisker reported its third-quarter results on Monday afternoon, and they weren't what Wall Street had hoped to see. In a Monday night regulatory filing after its earnings report, Fisker said that following the abrupt departure of its chief accounting officer in October, it "determined that it has material weaknesses in the Company's internal control over financial reporting."

Persons: Fisker Organizations: Fisker Inc Locations: Las Vegas

☆ Fisker reports wider-than-expected losses, underwhelming deliveries for the third quarter
▼ + stars: | 2023-11-13 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Fisker began deliveries of its battery-electric Ocean SUV in the second quarter of 2023. But, it said, deliveries have accelerated since quarter-end, with over 1,200 Oceans delivered in October and "hundreds" more en route to customers now. The company said it and its manufacturing partner, Magna International , built 4,725 Oceans in the third quarter and delivered 1,097 to customers. Fisker produced 1,022 Oceans in the second quarter of 2023. "We are gaining momentum and delivered more units in the month of October than in all of the third quarter."

Persons: Fisker, Henrik Fisker Organizations: Electric, Magna International

☆ Polestar cuts its guidance as it retools its business plan for lower EV sales, higher profits
▼ + stars: | 2023-11-08 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

At the time of its initial public offering last year, Polestar was targeting annual sales of about 290,000 vehicles by the end of 2025. For 2023, Polestar now expects to deliver "approximately 60,000" vehicles, at the low end of its previous guidance range, with a positive gross margin of about 2%. The company had previously guided to deliveries of between 60,000 and 70,000 vehicles in 2023, with a gross margin of 4% for the year. Polestar's gross margin was 1.1% in the first nine months of 2023 and 4.9% in 2022. Production of the Polestar 4, a smaller crossover SUV, will begin in China next week as planned, the company said.

Persons: Polestar, Thomas Ingenlath, Volvo — Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Geely Automobile, Geely, Volvo, Revenue Locations: Shanghai, China, Swedish, United States

☆ Nissan CEO weighs in on how the EV market has changed since Covid
▼ + stars: | 2023-11-02 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

That presents a series of challenges to established automakers like Nissan, which have followed global strategies for decades. The market has been fragmented, and customers' acceptance speed is also different," Uchida said. "So what's important is how much we can start to localize in each respective market," Uchida said. But many of those new Nissan EVs will no longer be global models. For instance, EV customers in China are very sensitive to pricing – but they also want the latest technology, which they've come to expect from the fierce competition between the many domestic Chinese EV makers.

Persons: Makoto Uchida, –, CNBC's Martin Soong, Uchida, they've, Li Auto, Kraft Heinz, FanDuel Organizations: Nissan Motor Co, Nissan Hyper Force, Japan, Nissan, Toyota, Volkswagen, Target, FedEx, Kraft, CNBC PRO Locations: Tokyo, Japan, U.S, Europe, China

☆ Ferrari again raises guidance as customers opt for high-priced, personalized sports cars
▼ + stars: | 2023-11-02 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Ferrari on Thursday said that its third-quarter profit jumped 46% from a year ago as its wealthy customers continued to choose expensive "personalization" options for their new cars. As it did last quarter, Ferrari again boosted its guidance for the full year following the results. Here are the key numbers from Ferrari's third-quarter earnings report:Earnings per share: 1.82 euros vs. 1.60 euros expected by Wall Street analysts polled by LSEG, formerly known as Refinitiv. 1.82 euros vs. 1.60 euros expected by Wall Street analysts polled by LSEG, formerly known as Refinitiv. Revenue: 1.54 billion euros vs. 1.47 billion euros expected, per LSEG.

Persons: Ferrari, Benedetto Vigna, Vigna Organizations: Ferrari, Wall Street, LSEG Locations: Europe, North, South America, China, Asia, Pacific

☆ Nikola's loss widens following a costly recall of its battery-electric semi trucks
▼ + stars: | 2023-11-02 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Electric truck maker Nikola said Thursday that it has received nearly 300 orders for its new hydrogen fuel cell semitruck — but it's facing what will be a costly recall of its earlier battery-electric trucks. Nikola recalled all of its Tre battery-electric trucks, 209 in total, in August following a fire caused by a coolant leak in a truck's battery pack. It expects to resume delivering battery-electric trucks to customers in the first quarter next year. Despite the recall, a dealer ordered 47 battery-electric trucks during the third quarter, Nikola said. On an adjusted basis, excluding stock-based compensation, it lost 30 cents per share.

Persons: Nikola, Steve Girsky Organizations: Wall Street, LSEG, CNBC PRO Locations: California

☆ Toyota raises its outlook as strong hybrid demand juices profits
▼ + stars: | 2023-11-01 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

Toyota Motor on Wednesday said its quarterly profit more than doubled from a year ago on strong global demand for hybrids and favorable exchange-rate moves. On average, during the quarter, $1 was worth 145 yen, up from 138 yen in the same quarter of 2022. It now expects profit of 4.5 trillion yen ($29.8 billion), up from 3 trillion yen in its earlier guidance. It said it expects the weaker yen to account for the majority – about 1.2 trillion yen – of that increase. The company also announced a 100 billion yen ($662 million) share buyback and increased its dividend by 5 yen from a year ago, to 30 yen (20 cents) per share.

Organizations: Toyota, Los Angeles Auto, U.S, U.S . Locations: Los Angeles , California, U.S, North Carolina

☆ Ford shares fall 9% after earnings underline worries about costs and EV plans
▼ + stars: | 2023-10-27 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Ford Motor Company's electric F-150 Lightning on the production line at its Rouge Electric Vehicle Center in Dearborn, Michigan, on Sept. 8, 2022. Shares of Ford Motor traded sharply lower Friday after the company reported earnings that missed estimates and said that demand for its electric vehicles was falling short of expectations. Ford reported its third-quarter results after the markets closed Thursday, and they weren't what Wall Street had expected. Ford on Wednesday night became the first of the three Detroit automakers to reach a tentative agreement with the UAW. Ford also withdrew its previous financial guidance for 2023 in light of the pending deal with the UAW.

Persons: General Motors, John Lawler, Jim Farley's, Ford Organizations: Ford, Electric Vehicle, Ford Motor, United Auto Workers, General, Wall, Detroit, UAW, Tesla Locations: Dearborn , Michigan, Kentucky, U.S, North America

☆ Ford will postpone about $12 billion in EV investment as buyers become more cautious
▼ + stars: | 2023-10-26 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

As a result, it's postponing about $12 billion in planned spending on new EV manufacturing capacity. But it now plans to ramp up its EV manufacturing capacity, and its spending on that capacity, more gradually than previously planned. Lawler said that Ford will postpone about $12 billion in planned spending on manufacturing capacity for EVs, including a planned second battery plant at a new campus in Kentucky. But, he noted, construction of Blue Oval City – Ford's new EV manufacturing campus in Tennessee – will continue as originally planned. As part of its third-quarter earnings report, Ford said on Thursday that its electric-vehicle business unit, called Ford Model e, lost $1.3 billion on an operating basis in the period.

Persons: Ford's –, Ford, John Lawler, Lawler Organizations: Ford, Blue Oval, Model, United Auto Workers Locations: North America, Kentucky, Tennessee

☆ Nikola stock surges 9% after disgraced founder Trevor Milton ordered to repay $165 million
▼ + stars: | 2023-10-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Nikola's founder and former CEO, Trevor Milton, was found guilty on three counts of fraud in October of 2022. Shares of electric truck maker Nikola traded higher Tuesday after the company said in a regulatory filing that its disgraced founder, Trevor Milton, has been ordered to pay the company about $165 million in damages. Nikola said in a statement that it intends to seek reimbursement for its attorneys' fees as well. Milton was found guilty in federal court last year on three counts of fraud related to statements he made while leading the company. Nikola will report its third-quarter results before the U.S. markets open on Nov. 2.

Persons: Trevor Milton, Nikola, Milton Organizations: Securities, Exchange Commission, SEC, Hindenburg Locations: New York, Milton, U.S

☆ Why GM is reviving the Bolt, the best-selling EV it almost discontinued
▼ + stars: | 2023-10-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

General Motors CEO Mary Barra unveiled the Chevrolet Bolt electric vehicle during the 2016 Consumer Electronics Show in Las Vegas. Production of the current Bolt is set to end in December, but GM has said a revamped version is on the way. General Motors surprised investors – and EV fans – when it said in July that the little Chevrolet Bolt EV will be revamped, rather than killed off entirely at the end of 2023 as originally planned. Launched in late 2016 and originally aimed at the ride-sharing market, the Bolt had never sold as well as GM had originally hoped. That sales surge is a big part of why GM decided to keep the Bolt around.

Persons: Mary Barra, Bolt, Barra, – Organizations: Chevrolet Bolt, GM, General Motors, UAW, Bolts Locations: Las Vegas, –

His comments come despite record contract offers from General Motors , Ford Motor and Stellantis that now include 23% hourly pay increases and other significantly enhanced benefits during the terms of the four and a half-year deal. "These are already record contracts, but they come at the end of decades of record decline. Despite Fain's comments, the union did not announce additional strikes Friday against any of the companies. He said it should be the UAW and Ford against foreign automakers," Fain said. About 34,000 U.S. automakers with the companies, or roughly 23% of UAW members covered by the expired contracts with the Detroit automakers, were on strike.

Persons: Shawn Fain, Fain, it's, they've, Bill Ford, Ford, Stellantis Organizations: DETROIT, United Auto Workers, Detroit, General Motors, Ford Motor, Bloomberg, Ford's, Ford, UAW, GM, Detroit automakers Locations: Stellantis, Ford's Kentucky

☆ Lucid shares fall after third-quarter EV deliveries disappoint
▼ + stars: | 2023-10-17 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Analysts polled by FactSet had expected Lucid to deliver about 2,000 vehicles in the third quarter. Lucid's third-quarter deliveries compare with 1,404 deliveries in the second quarter and 1,398 deliveries in the third quarter of 2022. That compares to 2,173 Airs built in the second quarter and 2,282 Airs a year earlier. Through the end of September, Lucid produced 6,037 EVs in 2023, not including the units in transit to Saudi Arabia at quarter-end. Lucid will report its third-quarter results after the U.S. markets close Nov. 7.

Persons: FactSet, Lucid, Sherry House Organizations: Lucid, CNBC Locations: Saudi Arabia, Saudi, Monday's, U.S

Until this week, Fain had announced all of the union's new strikes on Fridays, during what has become a weekly livestreamed update for union members. "We continue to believe the escalation at [Ford] this week is a sign the talks may be coming to an end. KY Truck is likely Ford's most profitable plant, and therefore the strike is the highest level of escalation, aside from a national strike," Wells Fargo analyst Colin Langan wrote in a Friday note. But the UAW's leaders may be looking one more step ahead, to the process of selling a tentative deal with Ford to their members. ), and that UAW members have secured the last few ounces of wage, benefits, and job protection concessions that they can get," Lache wrote Thursday to investors.

Persons: counterintuitively —, It's, Shawn Fain, Fain, Wells, Colin Langan, autoworkers, Wolfe, Rod Lache, Ford, Lache Organizations: DETROIT, United Auto Workers, Ford Motor's, Plant, Ford, General Motors, Chrysler, Street, UAW Locations: Kentucky

Members of the United Auto Workers union picket outside the Michigan Assembly Plant in Wayne, Michigan, on Sept. 26, 2023. DETROIT – Ford Motor is "at the limit" of what it can offer the United Auto Workers union in terms of economic concessions, an executive said Thursday as contract negotiations continue for roughly 57,000 U.S. workers. "This offer was the exact same offer they gave us two weeks ago. Electric vehicle battery plants have been a major point of contention for the union in bargaining with all three of the Detroit automakers. Officially, because they're owned by joint ventures, the battery plants aren't and won't be covered by the automakers' agreements with the union.

Persons: Kumar Galhotra, Galhotra, We're, Shawn Fain, they're, Fain, They're, Ford Organizations: United Auto Workers, Plant, DETROIT, UAW, ., Detroit automakers, Ford, General Motors, GM Locations: Michigan, Wayne , Michigan, Kentucky, America, United States

☆ ChargePoint shares fall after EV charging operator announces $232 million raise
▼ + stars: | 2023-10-11 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Shares of EV charging network operator ChargePoint Holdings were trading lower on Wednesday after the company said it's raising $232 million via stock sales. ChargePoint said in a statement that a group of institutional investors has agreed to purchase $175 million in newly issued stock. The company also disclosed that it has raised $57 million during the current fiscal quarter via its existing "at-the-market" stock offering facility, for a total of $232 million in new funds. CFO Rex Jackson said in a statement that the new funds, together with a recently secured credit line, will support the company into early 2025. "These raises and our recently announced $150M revolving credit facility are consistent with our announced capital strategy to bolster our balance sheet," Jackson said, adding that the company has no further plans to offer stock via its at-the-market facility.

Persons: ChargePoint, Rex Jackson, Jackson Organizations: ChargePoint Holdings

This is the first week since targeted strikes by the UAW started on Sept. 15 that the union will not expand the work stoppages at GM, Ford Motor or Chrysler-parent Stellantis . GM, with its battery plant in Ohio, is the only Detroit automaker with a joint venture battery plant in operation and unionized in the U.S. watch nowElectric vehicle battery plants have been a major point of contention in this year's talks between the union and the three Detroit automakers. Officially, because they're owned by joint ventures, the battery plants aren't covered by the automakers' agreements with the union. Ford CEO Jim Farley said last week that the UAW is "holding the deal hostage over battery plants."

Persons: Shawn Fain, Fain, We've, Jim Farley, Ford, Mark Stewart, who's, Stewart, Rebecca Cook Organizations: GM, Detroit automakers, DETROIT, United Auto Workers, Detroit, General Motors, UAW, Ford Motor, Chrysler, Arlington Assembly, U.S, LG Energy, Samsung SDI, Ford, North, General Motors Lansing Delta Plant Locations: Arlington, Ohio, United States, U.S, North America, Delta Township , Michigan

☆ Lucid's shares fall after company launches a cheaper version of the Air EV to boost demand
▼ + stars: | 2023-10-05 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Shares of Lucid Group were lower in early trading Thursday after the company launched a cheaper version of its Air electric luxury sedan in a bid to stoke demand. Lucid said it will now offer a single-motor, rear-wheel-drive version of its Air Pure sedan starting at $77,400 with 410 miles of range. That's $5,000 lower than its previous lowest-cost model, the dual-motor all-wheel-drive version of the Air Pure, which is still available. The new single-motor Air Pure is available for order immediately, Lucid said. The new rear-wheel-drive version of the Air Pure is the first Lucid offering to start below $80,000.

Persons: Lucid, Lucid's Organizations: Group, stoke, Air, EV, Tesla Locations: Wednesday's, U.S

☆ Rivian shares sink 20% after the EV maker said it plans to raise $1.5 billion
▼ + stars: | 2023-10-05 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Shares of Rivian Automotive were sharply lower in early trading Thursday, after the company surprised investors with a plan to offer $1.5 billion in convertible notes. It also provided a preliminary estimate of its third-quarter revenue that was in line with Wall Street estimates. Rivian plans to offer $1.5 billion worth of senior, unsecured "green" convertible notes due in 2030. Buyers will have the option to purchase up to an additional $225 million worth of notes, the company said. Rivian on Monday reported third-quarter deliveries that were better than Wall Street had expected.

Persons: Taylor, Rivian Organizations: of Manhattan, Rivian Automotive, Wall Locations: Meatpacking, New York City, U.S

☆ Rivian reports better-than-expected EV deliveries for the third quarter
▼ + stars: | 2023-10-02 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Rivian Automotive on Monday reported record third-quarter electric vehicle deliveries and said it remains on track to produce 52,000 EVs in 2023. The company said it delivered 15,564 vehicles during the period, up 23% from the second quarter of 2023 and ahead of Wall Street estimates. Analysts surveyed by FactSet had expected Rivian to deliver about 14,000 vehicles in the quarter, on average. Rivian produced 16,304 vehicles during the third quarter, all at its factory in Normal, Illinois. All are fully electric vehicles.

Persons: FactSet, Rivian Organizations: Rivian Automotive Locations: Normal , Illinois, U.S

Members of the United Auto Workers union picket outside the Michigan Assembly Plant in Wayne, Michigan, on Sept. 26, 2023. DETROIT – The United Auto Workers union is holding up negotiations with Ford Motor over future electric vehicle battery plants, Ford CEO Jim Farley claimed during a press briefing Friday. "I believe we could have reached a compromise on pay and benefits but so far the UAW is holding the deal hostage over battery plants," he said after the UAW announced it would expand strikes to two additional assembly plants — one each for Ford and General Motors. Farley's public criticism of the union is uncharacteristic for Ford, which is historically viewed as the most union-friendly company of the Detroit automakers. Farley said the company isn't "at an impasse" with the union but warned that day "could come if this continues."

Persons: Jim Farley, Farley, Shawn Fain, hasn't, haven't, Fain Organizations: United Auto Workers, Plant, DETROIT –, Ford Motor, Ford, UAW, General Motors, Detroit automakers, Farley Locations: Michigan, Wayne , Michigan

In this article FSTLAM-ITGM Follow your favorite stocks CREATE FREE ACCOUNTStriking members of the United Auto Workers (UAW) picket outside the GM's Willow Run Distribution Center, in Bellville, Wayne County, Michigan, U.S., September 26, 2023. ET Friday, barring substantial progress by in negotiations with General Motors, Ford Motor and Stellantis for contracts covering some 146,000 autoworkers. As of the Wednesday announcement, the UAW also hadn't put forth counter proposals to offers made by the automakers roughly a week earlier, the people said. About 18,300 workers, or roughly 12.5% of the UAW members covered by its contracts with the Detroit automakers, are currently on strike. On the picket linesIn recent days, union members on the picket lines have reported confrontations, intimidations with guns, hit-and-run vehicle accidents and vandalism of vehicles and company property.

Persons: Evelyn Hockstein, Shawn Fain, Fain, hadn't, Mary Barra, Stellantis, Jonah Furman, they've, Matthew Hatcher Organizations: United Auto Workers, UAW, Reuters DETROIT, Detroit automakers, General Motors, Ford Motor, GM, Mopar, Center, AFP, Getty Locations: Bellville, Wayne County , Michigan, U.S, Flint , Michigan, Center Line, Michigan

Those smaller suppliers have only recently recovered from the shocks of the Covid-19 pandemic and the resulting global shortage of semiconductors. Now, they're coming under pressure to increase their own workers' wages — in an environment where higher interest rates have made it more costly to borrow money — and staring down the threat of ongoing auto workers' strikes. Members of the United Auto Workers union picket outside the Michigan Assembly Plant in Wayne, Michigan, on Sept. 26, 2023. Supplier layoffsIn the face of prolonged strikes, some smaller suppliers are already cutting workers or announcing plans to do so. Michael B. Thomas | Getty ImagesAs of Tuesday, two additional Detroit-area auto suppliers had already filed notices of potential layoffs with the state of Michigan.

Persons: Bill Pugliano, Patrick T, Fallon, Dennis Devaney, Devaney, Joe Biden, Matthew Hatcher, MEMA, Biden, Michael B, Thomas, Mary Barra, We've Organizations: United Auto Workers, Getty, Ford Motor, General Motors, U.S . automakers, American Automotive, Council, UAW, Chrysler, Parts Distribution, AFP, GM, Ford, National Labor Relations Board, Equipment Manufacturers Association, White House, Plant, Small Business Administration, LM Manufacturing, Ford Bronco, Manufacturing, Canadian, Magna International, Union, General Motors Wentzville, CIE, Spain's CIE Automotive, Eagle Industries, CNBC, Publicly Locations: Auburn Hills , Michigan, Chrysler Los, Ontario , California, Detroit, Covid, Michigan, Wayne , Michigan, U.S, Wentzville , Missouri

☆ GM and Stellantis just laid off more than 2,000 additional workers because of the UAW's strike
▼ + stars: | 2023-09-20 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

General Motors and Stellantis said they have laid off additional workers because of consequences related to the United Auto Workers strike. The plants make parts for Jeep vehicles built at the automaker's Toledo Assembly Complex, where workers are also on strike. GM's Fairfax Assembly plant builds the Chevrolet Malibu sedan and Cadillac XT4 crossover. "We have said repeatedly that nobody wins in a strike," GM said in a statement. Nearly 13,000 GM, Ford and Stellantis workers are on strike at the Wentzville, Toledo and Wayne plants.

Persons: Stellantis, Fairfax, Shawn Fain Organizations: Motors, United Auto Workers, GM, automaker's, UAW, Ford Motor, Chevrolet Malibu, Ford Locations: Fairfax , Kansas, Wentzville , Missouri, Ohio, Indiana, automaker's Toledo, Toledo, Wayne , Michigan, Detroit, Fairfax, Wayne

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