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☆ Big names are leaving Tesla. An analyst says Elon Musk has to quickly lay out what the layoffs mean.
▼ + stars: | 2024-04-16 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Elon Musk has been urged to lay out a vision for Tesla as senior staff leave amid layoffs. AdvertisementElon Musk must set out a vision for Tesla after investors were spooked by high-profile departures amid layoffs, an analyst has said. Tesla stock fell 5.6% on Monday after Elon Musk announced over the weekend that more than 10% of its workforce would be laid off. Those departing Tesla worked on critical projectsBoth Baglino and Thurston worked on critical projects at the Texas factory. In an X post earlier this month, Musk said Knight was "going to join OpenAI, so it was either xAI or them."

Persons: Elon Musk, Tesla, Musk, —, Elon, Dan Ives, Ives, Drew Baglino, he'd, Rohan Patel, Anthony Thurston, Electrek, Thurston, Fred Lambert, Amir Mirshahi, Zachary Kirkhorn, Tesla's, Ethan Knight, Musk's, Knight Organizations: Service, Elon, Energy, Tesla, Business, OpenAI Locations: Texas

☆ 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

☆ Tesla launched its own car insurance. These drivers say it's a lemon.
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +20 min

Tesla Insurance, launched in 2019 by the electric-car company, has promised policyholders “vastly better” service than rivals, as Tesla chief Elon Musk put it in April 2022. “What do they have, three people answering phone calls?”Complaints about Tesla Insurance are drawing scrutiny from state regulators and the plaintiffs’ bar. And there’s no way to know exactly how many have been made against Tesla Insurance and how its record compares with competitors’. That fall, Tesla launched InsureMyTesla, a new insurance offering for U.S. Tesla owners, in partnership with Liberty Mutual Insurance Co. Lester F. Aponte, a Los Angeles attorney who signed up for Tesla Insurance in August, described a maddening ordeal to obtain proof of insurance.

Persons: Mark Bova, lurched, “ I’m, ” Bova, policyholders “, Elon Musk, Musk, Bova, he’s, Tesla, ”, Musk’s, Virginia –, Phil Fioresi, Tesla’s adjusters, adjusters, ” Zachary Kirkhorn, ” Kirkhorn, Teslas, InsureMyTesla, it’s, It’s, Chanda Santiago, ” Santiago, Lester F, Aponte, haven't, Understaffed, “, —, Policyholders, Jonathan Garcia, Garcia, adjuster, Scott Sawyer, Sawyer, Lauren Lee Sawyer, ” Sawyer, –, Steve Stecklow, Koh Gui Qing, Norihiko, Mike Scarcella, John Emerson, Brian Thevenot Organizations: Green, U.S . Army Special Forces, Tesla Insurance, Tesla, Reuters, Bureau, Twitter, U.S, SpaceX, Ohio Department of Insurance, California Department of Insurance, Data, AAA, The Auto Club Group, Liberty Mutual Insurance Co, Liberty Mutual, Markel, National Insurance Company, State National, State, Facebook, Better, policyholders, Better Business Bureau Locations: Maryland, That’s, California , Utah , Illinois, Virginia, South San Francisco , California, California, Draper , Utah, Texas, policyholders, InsureMyTesla, U.S, Illinois, Colorado, Ohio, Florida , Georgia, Washington, Santiago, Los Angeles, Draper, North Carolina, Riverside , California

☆ Elon Musk started a price war that Tesla can't win
▼ + stars: | 2023-11-12 | by ( Linette Lopez | ) www.businessinsider.com time to read: +15 min

Elon Musk has started an electric-vehicle price war that Tesla can't finish. In April, Ford CEO Jim Farley said Tesla's cuts could start an unsustainable price war. If it slides back into the red because of its price cuts, expect investors to run in another direction. In China, Tesla's price cuts even sparked protests among owners who paid more for their vehicles. Waging price war during a downturn is a challenge unlike any Tesla has faced before.

Persons: Elon Musk, Tesla, Mark Schirmer, crumb, John Zhang, Musk, —, he's, hasn't, — it's, Frederic J . Brown, Ford, John Lawler, Schirmer, I've, it's, Jim Farley, Elon, Oliver Zipse, Zhang, they're, they'd, Zach Kirkhorn, Linette Lopez Organizations: Cox Automotive, —, Revenue, Wharton School, Ford, BMW, Getty, GM, Mercedes, EV, Hyundai Locations: AFP, China

☆ Tesla discloses DOJ probes over vehicle range, personal benefits and more
▼ + stars: | 2023-10-23 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

A Tesla Model Y is seen on a Tesla car lot in Austin, Texas, on May 31, 2023. The Wall Street Journal reported in August that federal prosecutors were investigating whether Tesla used company funds to design and build a "glass house project" for Musk. Last year, Reuters reported that a federal criminal investigation was underway concerning Tesla's claims that its cars were self-driving. Reuters has reported, and research by Recurrent and others have revealed, that Tesla's cars frequently fail to achieve the mileage stated in range estimates and shown on the in-vehicle displays. Shares in Tesla were ticking higher Monday midday, starting to recover from a 15% decline last week following the company's pessimistic third-quarter earnings call.

Persons: Tesla, Elon, Musk, Vaibhav Taneja, Zachary Kirkhorn Organizations: Tesla, U.S . Department of Justice, Elon Musk's, Street, Reuters, SpaceX, X Corp, Tesla's, CNBC Locations: Austin , Texas

☆ Tesla set to report third quarter earnings after the bell
▼ + stars: | 2023-10-18 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Tesla is set to report third-quarter results after the bell on Wednesday. The Q3 2023 earnings call will be Tesla's first since its previous CFO, Zachary Kirkhorn, announced he was stepping aside. Earlier this month, Tesla reported a 7% decline in vehicle deliveries for the third quarter compared to the previous three-month period. Tesla reiterated at the time that it was still aiming for 1.8 million vehicle deliveries for the full year in 2023. Tesla uses an online platform called Say Technologies to pick out questions from shareholders to answer in advance of earnings calls.

Persons: Tesla, Zachary Kirkhorn, Vaibhav Taneja, Elon Musk Organizations: LSEG, Elon, Technologies, Highland, Tesla, Twitter, Say Technologies Locations: U.S, China, EU, Austin

☆ Tesla reported 435,059 deliveries for the third quarter, and production of 430,488 vehicles
▼ + stars: | 2023-10-02 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Tesla vehicles waiting to be loaded on board a cargo vessel at Nangang port, in Shanghai, China, on Sept. 6, 2023. Here are the key numbers from the electric vehicle maker:Total deliveries Q3 2023: 435,059Total production Q3 2023: 430,488During the previous quarter, Tesla reported total deliveries of 466,140 and total vehicle production of 479,700. During the same period in 2022 Tesla reported total vehicle production of 365,923 and deliveries of 343,830. Wall Street was expecting Tesla deliveries to reach 461,640 for the period ending Sept. 30, according to a consensus of analysts polled by StreetAccount. That number showed Wall Street was expecting around 455,000 total deliveries, with a median estimate of 453,128 deliveries for the quarter, based on 25 analysts' estimates.

Persons: Tesla, Elon Musk, Troy Teslike, Martin Viecha, Zachary Kirkhorn, Vaibhav Taneja, Tesla's Organizations: Tesla, PepsiCo, StreetAccount, U.S, Taneja Locations: Shanghai, China

☆ Tesla engineering executive Colin Campbell joins Redwood Materials as technology chief
▼ + stars: | 2023-08-22 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Redwood Materials, the battery-recycling startup founded by Tesla board member JB Straubel, recently nabbed Tesla's vice president of powertrain engineering, Colin Campbell, to serve as chief technology officer. Based in Carson City, Nevada, Redwood was founded by Straubel in 2017 while he was still serving as Tesla's CTO. Straubel resigned from Tesla in 2019 to focus on Redwood. Another executive at Redwood, operating chief Kevin Kassekert, previously served as vice president of people and places at Tesla. More than 120 people currently work at Straubel's company after previously working for Tesla, according to LinkedIn data.

Persons: JB Straubel, Colin Campbell, Straubel, Campbell, Tesla, Zach Kirkhorn, Vaibhav Taneja, Redwood, Kevin Kassekert Organizations: Materials, Tesla, LinkedIn, Elon, CNBC, Redwood Locations: Carson City , Nevada, Redwood

☆ CFOs are stepping into a rapidly revolving door
▼ + stars: | 2023-08-14 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Aug 14 (Reuters Breakingviews) - Chief financial officers are stepping into an increasingly rapidly revolving door. loadingIn the first half of this year, 103 of the top 1,000 companies ranked by Fortune lost their CFO, according to executive search firm Heidrick & Struggles. CFOs are grappling with rising inflation and interest rates – in some cases, for the first time in their careers. High CFO turnover looks far from transitory. Follow @jennifersaba on TwitterCONTEXT NEWSTesla said on Aug. 7 that its Chief Financial Officer Zachary Kirkhorn was stepping down.

Persons: Elon Musk, Zachary Kirkhorn, Francois, Xavier Roger, Anna Manz, Fortune, Refinitiv, Ruth Porat, Morgan Stanley, Mike Cavanagh, NBCUniversal, Mike Lenz, Unilever’s, Graeme Pitkethly, Walt Disney’s, Christine McCarthy, James Kehoe, Crist Kolder, Tesla, Vaibhav Taneja, Kirkhorn, Peter Thal Larsen, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, Finance, Walgreens Boots Alliance, London Stock Exchange, Reuters Graphics Reuters, Comcast, Walgreens, CFOs, Thomson Locations: Swiss

☆ Tesla's 'Master of Coin' bids the EV-maker farewell after racking up a $590 million fortune
▼ + stars: | 2023-08-09 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

A Tesla exec's departure will see him leave with a $590 million fortune, according to Bloomberg. Despite owning less than 1% of Tesla's common stock, Kirkhorn has still gone home with deep pockets, according to the company's latest proxy filing. In 2022 alone, Kirkhorn earned about $16.3 million in stock awards, while being awarded almost $1.3 million in options. The company's stock has surged more than 100% year-to-date, boosting its market cap to roughly $800 billion, per Markets Insider data. Vaibhav Taneja, Tesla's chief accounting officer will step in Kirkhorn's role following his exit.

Persons: Zachary Kirkhorn, Elon Musk's carmaker, Kirkhorn, Tesla, Musk, Kirkhorn's, Vaibhav Organizations: Bloomberg, Tesla, Service, Elon Musk's, GM, Ford Locations: Wall, Silicon, Elon

☆ CNBC Daily Open: Treasury bets
▼ + stars: | 2023-08-08 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. U.S. stocks reboundAsia-Pacific markets were tepid on Tuesday, and didn't track a rebound on U.S. indexes overnight. Wall Street analysts say though, Berkshire Hathaway shares are still cheap even at these record levels. Tesla's chief accounting officer, Vaibhav Taneja, is its new CFO and will hold both roles concurrently.

Persons: Berkshire Hathaway, Elon, Tesla, Zach Kirkhorn, Vaibhav, Goldman Sachs Organizations: CNBC, Dow Jones, Nasdaq, CSI, Oracle, Omaha Berkshire Hathaway, Wall Street, Berkshire Locations: Manhattan, New York, U.S, Asia, Pacific, China, Omaha

☆ Here's what CEOs are saying about consumers this earnings season
▼ + stars: | 2023-08-08 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Consumers have more cash on hand now than before the pandemic, according to a July analysis from the JPMorgan Chase Institute. So, what do corporate earnings reveal about the health of the consumer? “The consumer is in good financial shape, particularly the premium consumer base that we target,” Ed Bastian, chief executive of Delta Air Lines (DAL), said last month. “Both the lower-income consumer and our higher-income consumers are showing really good strength,” said Brian Niccol, chief executive of Chipotle, during the company’s post-earnings call. “The macro effects of higher inflation and a slowing US economy have put increased pressure on the price-sensitive consumer,” said Chip Bergh, chief executive of Levi Strauss.

Persons: Taylor Swift’s, ” Ed Bastian, ”, Robert Jordan, “ We’re, Laxman Narasimhan, Chipotle, Brian Niccol, Levi Strauss, LEVI, Chip Bergh, “, Tarang Amin, Zachary Kirkhorn, Peter Valdes, Kirkhorn, Tesla, Elon Musk’s, Vaibhav, Read, Jennifer Korn, it’s, Google Organizations: CNN, JPMorgan Chase Institute, Airlines, Consumers, Delta Air Lines, DAL, Southwest Airlines, Papa Johns, Apparel, Tesla, Google Locations: United States, Pacific, Papa Johns ’ North, bitcoin

☆ CNBC Daily Open: Playing the T-bill game
▼ + stars: | 2023-08-08 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street analysts say though, Berkshire Hathaway shares are still cheap even at these record levels. The "service-generated data" includes customer information on product usage, telemetry and diagnostic data as well as similar content or data collected by the company. Hot, hotter, hottest oceansIt's officially no longer just climate warming — it's climate boiling.

Persons: Berkshire Hathaway, Elon, Tesla, Zach Kirkhorn, Vaibhav, Goldman Sachs Organizations: CNBC, Dow Jones, Nasdaq, Dow, Oracle, Omaha Berkshire Hathaway, Wall Street, Berkshire Locations: Manhattan, New York, U.S, Omaha

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The ratings agency also warned that the sector's credit strength would likely be tested by funding risks and weaker profitability. Big banks Goldman Sachs (GS.N) and Bank of America (BAC.N) eased 0.8% and 1.4%, respectively, in premarket trading, while Bank of New York Mellon and U.S. Bancorp shed 2.3% each. "It also means that the concern that we had in March over those three bank defaults, is not over yet." Remarks by Philadelphia Fed President Harker and Richmond Fed President Barkin will be closely watched for cues about the U.S. central bank's rate path after mixed messages from New York Fed President John Williams and Fed Governor Michelle Bowman on Monday.

Persons: Brendan McDermid, Eli Lilly, Moody's, Goldman Sachs, Sam Stovall, Chris Montagu, Thursday's, Harker, Barkin, John Williams, Michelle Bowman, LLY.N, Zachary Kirkhorn, Elon Musk, Bansari Mayur Kamdar, Johann M, Sriraj Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Bank of New York Mellon, US Bancorp, Truist, Bank of America, U.S . Bancorp, U.S . Treasury, CFRA, Silicon Valley Bank, Signature Bank, Citi, Wall Street, Dow e, Philadelphia, Richmond Fed, New York Fed, United Parcel Service, Elon Musk ., Alibaba, Thomson Locations: New York City, U.S, Silicon, Richmond, New, Elon Musk . U.S, Bilibili, Bengaluru

☆ Elon Musk's touted successor left Tesla after a 13-year stint under the billionaire, which 'is like working 50 years for anyone else,' analyst says
▼ + stars: | 2023-08-08 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Zachary Kirkhorn worked 13 years under Elon Musk until he confirmed Monday that he's leaving Tesla. That number of years working for Musk is like "working 50 years for anyone else," Gene Munster said. Kirkhorn did not say why he's leaving Tesla, but called his time there a "special experience." "He's done a 13-year tour of duty working for Elon, which is like working 50 years for anyone else," Munster told Bloomberg. In his announcement on LinkedIn, Kirkhorn didn't say why he left Tesla, but thanked Musk and called his time at Tesla a "special experience."

Persons: Zachary Kirkhorn, Elon Musk, Gene Munster, Kirkhorn, Elon, Munster, Tesla, Zach, Musk, Dolly Singh Organizations: Elon, Tesla, Elon Musk's, Bloomberg, Munster, Deepwater Asset Management, SEC, LinkedIn, Twitter, Wired, SpaceX Locations: Minnesota, Munster, Tesla

☆ The Executive Who Keeps Tesla Rolling Isn’t Elon Musk
▼ + stars: | 2023-08-07 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

Tesla had been bleeding money for more than a decade when Zach Kirkhorn became finance chief. At the end of a quarterly analysts’ call four years ago, Tesla Chief Executive Elon Musk said his new CFO would be “Zach,” without giving his last name. Some on the call had never heard of him.

Persons: Tesla, Zach Kirkhorn, Elon Musk, Zach

☆ Tesla CFO Steps Down Ahead of Cybertruck Launch
▼ + stars: | 2023-08-07 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/tesla-finance-chief-zach-kirkhorn-steps-down-44e00ad

Persons: Dow Jones

☆ Tesla CFO Zach Kirkhorn Steps Down Ahead of Cybertruck Launch
▼ + stars: | 2023-08-07 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

Tesla 's chief financial officer, Zach Kirkhorn, stepped down from his position effective Friday, the automaker announced Monday morning in a regulatory filing. Tesla's chief accounting officer Vaibhav Taneja was appointed as the new CFO and will hold both roles concurrently. Kirkhorn will stay on with Tesla through the end of the year to assist in the transition, according to a Securities and Exchange Commission filing. Kirkhorn had served as CFO since March 2019 and had worked for Tesla since 2010. Kirkhorn's departure marks the second CFO replacement at Tesla in just over four years.

Persons: Tesla, Zach Kirkhorn, Vaibhav Taneja, Kirkhorn, Deepak Ahuja, Vaibhav, Taneja Organizations: Tesla, Securities and Exchange Commission, LinkedIn, SolarCity

A Tesla logo is seen outside a showroom of the carmaker in Beijing, China May 31, 2023. The Elon Musk-led firm did not specify a reason for the departure of Kirkhorn, who has been with Tesla for 13 years. He will remain with the company through the end of the year to aid a smooth transition. Taneja, 45, joined Tesla after the automaker acquired SolarCity in 2016. Musk currently leads SpaceX, Neuralink, the Boring Company and is chief technology officer at social media platform X, formerly known as Twitter.

Persons: Thomas Peter, Zachary Kirkhorn, Taneja, Elon, Kirkhorn, Tesla, Deepak Ahuja's, Musk, Elon Musk, Gene Munster, Akash Sriram, Savio D'Souza, Arun Koyyur Organizations: REUTERS, LinkedIn, Elon, Deepwater Asset Management, Wall Street Journal, SpaceX, Neuralink, Boring Company, Twitter, Thomson Locations: Beijing, China, Austin , Texas, Bengaluru

☆ The Tesla executive who was rumored to be next in line for CEO is leaving the company
▼ + stars: | 2023-08-07 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Tesla's CFO Zachary Kirkhorn is leaving the carmaker, the company said in a regulatory filing. Zachary Kirkhorn, Tesla's chief financial officer, is leaving the electric-car company after working for the electric-car maker for about 13 years. Tesla staff told the Journal that Kirkhorn won Musk's approval by leading with "bad news" and staying in the billionaire's shadow. Kirkhorn worked as an analyst at McKinsey & Company before joining Tesla and previously interned at Microsoft, his profile says. Kirkhorn, Musk, and a spokesperson for Tesla did not respond to a request for comment ahead of publication.

Persons: Zachary Kirkhorn, Elon, Kirkhorn, Vaibhav Taneja, Tesla, Kirhorn, Elon Musk, James Murdoch, Musk, Tim Cook, Steve Jobs, Jobs, Cook, Deepak Ahuja, Afshar Organizations: Street, Elon Musk's, Tesla, EV, Securities and Exchange Commission, LinkedIn, Street Journal, Musk's, Apple, McKinsey & Company, Microsoft, SpaceX

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. U.S. stocks have sharply rallied in 2023, with the benchmark S&P 500 (.SPX) clocking 17% gains year to date, fueled by optimism around artificial intelligence and hopes of a soft landing for the world's largest economy. "But in the service side, it's been pretty sticky and that's one reason why it's taking a lot longer for inflation to subside." Reuters GraphicsOverall, second-quarter earnings have been better-than-expected so far, with 79.1% of the 422 S&P 500 companies that have reported as of Friday beating analysts' estimates, according to Refinitiv data. The S&P index recorded 17 new 52-week highs and seven new lows, while the Nasdaq recorded 46 new highs and 128 new lows.

Persons: Brendan McDermid, Dow, Charlie Ripley, it's, John Williams, Michelle Bowman, Vaibhav, Zachary Kirkhorn, Berkshire Hathaway, Warren Buffett, Tyson, packer, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Berkshire, Tyson, Dow, Nasdaq, Federal, CPI, Allianz Investment Management, York Fed, Dow Jones, Apple, Reuters, Sage Therapeutics, Tyson Foods, Yellow Corp, NYSE, Thomson Locations: New York City, U.S, Bengaluru

☆ Tesla's CFO and 'Master of Coin' Zachary Kirkhorn is leaving the company
▼ + stars: | 2023-08-07 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

New York CNN —Tesla’s “Master of Coin” and Chief Financial Officer Zachary Kirkhorn has stepped down after four years and six months in the role. Kirkhorn joined Tesla 13 years ago as a senior finance analyst, according to his LinkedIn profile, rising to CFO in 2019. Vaibhav Taneja, most recently Tesla’s chief accounting officer, will take over the job of CFO. It is unclear if Taneja will be taking over the “Master of Coin” position, as well, or if the title will be retired. Tesla's Chief Financial Officer, Zach Kirkhorn, who also held the title Master of Coin, speaks during Tesla's 2023 Investor Day on March 1.

Persons: Zachary Kirkhorn, Kirkhorn, Tesla, Coin, Elon Musk’s, Vaibhav, Zach Kirkhorn, YouTube Taneja, Elon Musk Organizations: New, New York CNN, Tesla, YouTube, Elon, SEC Locations: New York, bitcoin, Solar

☆ Stocks making the biggest moves midday: Tesla, Berkshire Hathaway, PayPal, Cinemark and more
▼ + stars: | 2023-08-07 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

The company earned €168 million in revenue, while analysts polled by Refinitiv expected €672 million. The company reported adjusted net income and revenue that beat expectations for the second quarter. Viatris reported revenue of $3.92 billion, while analysts polled by StreetAccount called for $3.86 billion. PayPal – PayPal stock climbed 2% after launching its first stablecoin, PayPal USD, backed by the U.S. dollar on Monday. Analysts polled by FactSet are forecasting an adjusted 5 cents per share on $534.2 million in sales.

Persons: Tesla, Zach Kirkhorn, Vaibhav Taneja, Taneja, BioNTech, Refinitiv, Tyson, Berkshire Hathaway, Warren, StreetAccount, Andrew Mok, Sovos, Campbell, Sovos Brands, Campbell Soup, Morgan Stanley, Benjamin Swinburne, Oppenheimer, Yun Li, Alex Harring, Samantha Subin Organizations: Refinitiv, Berkshire, Warren, UBS, Sovos, PayPal, U.S, FactSet Locations: Gruenheide, Germany, BioNTech –, stablecoins, U.S

☆ Analysis: Tesla taps Biden tax credits to offset EV price cuts
▼ + stars: | 2023-07-21 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +4 min

Including the $7,500 Biden tax credit, the price is down 35%. "Tesla's manufacturing tax credits should help to at least partially offset some of the price cuts Tesla had to implement to spur demand," Morningstar analyst Seth Goldstein said in an interview. Reuters GraphicsDespite benefiting from the tax credits, Musk has criticized U.S. President Joe Biden and many of his policies and called for subsidies to be eliminated. Many analysts exclude the regulatory credits Tesla collects from other automakers, but include the Biden manufacturing credits, when calculating its underlying profit margin. Tesla's quarterly automotive gross margin, excluding the regulatory credits, fell to 18.1% in the second quarter from 26% a year earlier.

Persons: Elon Musk, Musk, Tesla, Morningstar, Seth Goldstein, Joe Biden, Zach Kirkhorn, Biden, Hyunjoo Jin, Kevin Krolicki, Richard Chang Organizations: Cox Automotive, Panasonic, Benchmark, General Motors, LG Energy, Reuters, U.S, Thomson Locations: SEOUL, United States, China, U.S, Nevada, Texas

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