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Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was “impacting everyone and something we’re very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was “only mildly impacted by the transit challenges in the Red Sea."

Persons: What’s, Ryan Petersen, Petersen, It’s, Clifton Broumand, Broumand, —, ”, “, it’s, Tesla, Spencer, Stuart Machin, Steve Lamar, Lamar, Flexport, Katheryn Russ, Davis, Judah Levine, Freightos, it's, Russ, Obama, Carlos Tavares, Stellantis, Jan Hoffmann, Frank Conforti, Conforti, ____ Anderson, Kelvin Chan, Anne D'Innocenzio, Yuri Kageyama, Tom Krisher, David McHugh Organizations: WASHINGTON, —, Hamas, Machine, Volvo, Suzuki Motor Corp, American Apparel & Footwear Association, University of California, U.S . Federal Reserve, BMW, Retailer, Free People, AP Business Locations: Belgium, Germany, British, Maryland, Asia, Ukraine, Yemen, Gaza, Europe, United States, Suez, Africa, “, Panama, Greater Landover , Maryland, Taiwan, China, Los Angeles, Berlin, Swedish, Ghent, Hungary, Japan, U.S, overcapacity, Red, Israel, India, New York, London, Tokyo, Detroit, Frankfurt

☆ Attacks on ships in the Red Sea are disrupting global trade. Here’s how it could affect what you buy
▼ + stars: | 2024-01-28 | by ( ) www.cnbc.com time to read: +8 min

Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was "impacting everyone and something we're very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was "only mildly impacted by the transit challenges in the Red Sea."

Persons: It's, Petersen, Ryan Petersen, Clifton Broumand, Broumand, it's, Tesla, Spencer, Stuart Machin, Steve Lamar, Lamar, Flexport, Katheryn Russ, Davis, Judah Levine, Freightos, Russ, Obama, Carlos Tavares, Stellantis, Jan Hoffmann, Frank Conforti, Conforti Organizations: Galaxy, Houthis Media, Getty, Machine, Hamas, Volvo, Suzuki Motor Corp, American Apparel & Footwear Association, University of California, U.S . Federal Reserve, BMW, Retailer Urban Outfitters, Free People Locations: Iran, Yemen, Anadolu, Greater Landover , Maryland, Taiwan, China, Gaza, Panama, Asia, Europe, United States, Suez, Africa, Ukraine, Belgium, Germany, British, Maryland, Los Angeles, Berlin, Swedish, Ghent, Hungary, Japan, U.S, overcapacity, Red, Israel, India

☆ A Tesla owner says he's done driving his Model 3 after the car stopped randomly in the middle of a highway
▼ + stars: | 2024-01-27 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

A Tesla owner said his Model 3 stopped working in the middle of a highway. A Tesla service center said the incident was the result of an issue with a connector to the battery. AdvertisementTesla owner James Hanna said his Model 3 lurched to a stop without warning in the middle of a highway. He's since started leasing out the car and has stopped driving it entirely, he told BI. Last year, a Tesla blocked traffic for over 9 hours in the UK after it stopped working in the middle of a road.

Persons: Tesla, —, James Hanna, Hanna, he'd Organizations: Service, National, Traffic Safety Administration, Business, Tesla, NHTSA Locations: North Carolina, Tesla's, Charlotte

☆ A no-cost options strategy to get long Tesla if this sell-off is just an emotional overreaction
▼ + stars: | 2024-01-26 | by ( Jeff Kilburg | ) www.cnbc.com time to read: +3 min

I want to deploy an options strategy to use this emotional overreaction as an opportunity to add to my Tesla position. However, when coupled with the second consecutive quarter that Tesla missed earning expectations, nearly $100 billion in market cap rapidly evaporated. The trade The option strategy that I will utilize is a credit spread, better known as a risk reversal. This credit spread can be established by selling an at-the-money put and using the premium collected in writing that put option to buy an upside out-of-the-money call. DISCLOSURES: (Long Tesla, sold risk reversal) THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY .

Persons: Tesla, Elon, Musk, overreacted Organizations: Elon Locations: Tesla

☆ Ark Invest’s Cathie Wood adds more than $32 million worth of Tesla shares amid 12% sell-off
▼ + stars: | 2024-01-26 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Ark Invest's Cathie Wood piled into Tesla shares Thursday as the electric vehicle company, one of her top holdings, sold off drastically after weak earnings and a slowdown warning. Wood's flagship ARK Innovation ETF added 148,246 shares of Tesla in the previous session, and 29,624 shares for her ARK Autonomous Technology & Robotics ETF , according to Ark's daily trading data. Combined, the purchases were worth more than $32 million based on Tesla's Thursday close of $182.63. Tesla shares shed 12% Thursday, suffering their biggest drop in over a year. Wood has been a longtime champion of Tesla, betting on an accelerated shift to EVs as well as Tesla's artificial intelligence capabilities.

Persons: Wood, Tesla Organizations: Tesla, ARK Autonomous Technology & Robotics, Elon Locations: Texas, Coinbase

☆ Hyundai finalizes Russia exit as local firm buys its two car plants
▼ + stars: | 2024-01-26 | by ( ) www.cnbc.com time to read: +2 min

Hyundai on Friday said it had signed a deal to sell its two Russian plants, making the South Korean firm the latest global carmaker to exit Russia since the Ukraine conflict began. Hyundai Motor said in December it planned to sell its Russian assets for 10,000 roubles ($111.69), taking a 287 billion won ($214.7 million) loss. Art-Finance is owned by Andrei Pavlovich, who acquired Volkswagen's Russian assets in May 2023. Volkswagen's factory was renamed to AGR Automotive. Hyundai in December said it planned to continue operating post-sales services for existing vehicles in consideration of local conditions in Russia.

Persons: Andrei Pavlovich, Volkswagen's Organizations: Hyundai, Art, Finance, Motors, AGR Automotive Locations: Korean, Russia, Ukraine, Hyundai's St, Petersburg, Russian, Moscow, St Petersburg

☆ Tesla shares plunge to wipe out $71 billion in market value, after dour earnings call
▼ + stars: | 2024-01-25 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Shares in Tesla plunged as much as 11% after the market opened Thursday, wiping $73 billion off the company’s market value hours after it warned of slowing growth in electric car sales and an existential threat from Chinese rivals. While it reported a sizeable 38% increase in deliveries last year compared with 2022, Tesla had previously targeted a 50% annual growth rate averaged over several years. At the time, investors were worried about the outlook for Tesla’s sales and profitability, as well as the health of the US economy. Dan Ives, an analyst with market research firm Wedbush, said Tesla’s earnings call provided investors with “minimal answers” to the company’s shrinking margins. China’s BYD beat Tesla in the final three months of last year, selling more cars than Elon Musk’s carmaker for the first time.

Persons: Tesla, Thursday’s, Qilai Shen, Dan Ives, Musk, ”, China Tesla, China’s, Elon Musk’s carmaker, ” Garrett Nelson, Ben Barringer, Chris Isidore Organizations: London CNN —, Bloomberg, Getty, Elon, CFRA Research Locations: Shanghai, China, Cheviot

☆ Here's a rapid-fire update on all 32 stocks in our portfolio, including Cramer's fave tech play
▼ + stars: | 2024-01-24 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +15 min

Here's a rapid-fire update on all the stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Investors tend to assign a premium to software revenue because it is often recurring and higher margin than hardware. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jim Cramer's, Jim, downgrades, preorders, we've, Jim said, Salesforce, Baird, Dupont De, Dupont, Walt Disney, Nelson Peltz, Estee Lauder, Fabrizio Freda, We've, he's, it's, Locker, Mary, Vimal Kapur, Eli Lilly, Lilly, Meta's Ray, Morgan Stanley, Ted Pick, James Gorman, —, chipmaker, It's, hasn't, Stanley Black, Decker, Wells, Charlie Scharf, We'll, Jim Cramer, Jim Cramer Rob Kim Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple, mojo, Vision Pro, Broadcom, VMWare, Bausch Health, Caterpillar, Dupont, Costco Wholesale, Coterra Energy, Dupont De Nemours, Disney, Eaton Corp, Ford, Holding, Federal Reserve, GE Healthcare, Wall, Google, Honeywell, Boeing, Airbus, Linde, Facebook, Microsoft, Nvidia, Alto Networks, Palo Alto, Procter & Gamble, Constellation Brands, Modelo, TJX, Wynn Resorts, We've, Wynn, Jim Cramer's Charitable Locations: China, Indonesia, Brazil, India, U.S, Shenzhen, We're, Eaton, Ford, That's, Palo, Palestine, Wells Fargo, Wynn, Macau

☆ Volkswagen and more: Barclays names European 'conviction' stock ideas — and gives one 59% upside
▼ + stars: | 2024-01-23 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The Wall Street bank named the following five companies in its European "Conviction with Catalysts" list of stock ideas that offer strong upside potential. Enav Topping the list with the biggest upside potential is Enav , an air traffic controller company based in Italy. UCB Barclays believes Belgian biopharmaceutical company UCB can beat 2023 sales expectations thanks to its new psoriasis drug Bimzelx. Although the drug has struggled in the U.S. over side effect warnings, Barclays sees signs of healthy global demand. Volkswagen Barclays believes Volkswagen offers turnaround potential in 2024 after a disastrous 2023 and 2022.

Persons: Emmanuel Cau, Enav, — CNBC's Michael Bloom Organizations: Barclays, UCB Barclays, Belgian, UCB, ABN Amro Dutch, ABN Amro, ABN, Vivendi, Volkswagen Barclays, Volkswagen Locations: Italy, U.S

TOKYO (AP) — A Japanese automaker that cheated on safety tests for decades said Monday it doesn't expect to resume shipping cars any time soon. The Japanese government ordered a subsidiary of Toyota to halt production of its entire lineup after reports of faked safety test results emerged last year. The Daihatsu Motor Co. skipped mandatory safety tests by copying data from testing on one side of cars to the other, and used timers to ensure airbags went off in tests, a review found. An investigation including third-party experts found 174 cases of faked tests affecting dozens of models, including cars sold under the Toyota Motor Corp. nameplate. The review found that cheating went back 30 years.

Persons: —, Keita Ide, Soichiro Okudaira, truckmaker Hino, Akio Toyoda, Toyota’s, ” ___ Yuri Kageyama Organizations: TOKYO, Toyota, Daihatsu, Co, Toyota Motor Corp, Toyota Industries Corp

☆ Why China poses a growing threat to the U.S. auto industry
▼ + stars: | 2024-01-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

Tesla CEO Elon Musk, whose company operates a large plant in China, has said Chinese automakers are the greatest competitors for his Texas-based company. "They were 26% [market share] a few years ago, up to more than 50% in 2022 and headed towards two-thirds by the end of the decade." Chinese companies have begun expanding into Mexico, Europe and elsewhere, Wakefield said. The EU believes Chinese EVs are undercutting the prices of local models by about 20% in the European market. The influx of Chinese EVs has spurred the European Union to launch into government support for the industry.

Persons: —, Carlos Tavares, Elon Musk, Tesla, Musk, BYD, Massimo Pinca, Reuters BYD, Kristin Dziczek, Mathew Vachaparampil, Bernstein, Eunice Lee, Mark Wakefield, Evelyn Cheng, hasn't, Wakefield, That's Organizations: GM, Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, DETROIT, American, of, SAIC, Dongfeng, General Motors, U.S . Bureau, Analysis, America —, Chrysler, America's GM, Ford Motor, automakers, The New York Times, Economist, Reuters, Federal Reserve Bank of Chicago's, Caresoft, Overseas, Chicago, CNBC, European Union, EU, Union, Volvo, Karma, Ford, U.S, Buick, Lincoln Nautilus Locations: Shanghai, U.S, of China, Asia, Europe, China, Japan, Nio, Mexico, Korea, Germany, Beijing, Texas, Turin, Italy, Federal Reserve Bank of Chicago's Detroit, AlixPartners, Russia, America

☆ It looks like Elon Musk is a bit envious of Mark Zuckerberg's control over Meta
▼ + stars: | 2024-01-19 | by ( Grace Kay | ) www.businessinsider.com time to read: +7 min

Musk appeared to give Tesla's board an ultimatum on Monday, saying he wants 25% voting control at Tesla or he'll stop growing AI development at the electric-car maker. One way of getting that would be via a dual-class stock structure. This isn't uncommon and could mean Musk wouldn't necessarily get more shares but that the ones he held would deliver more voting power. The company's dual-class stock structure provides Zuckerberg and select executive managers and directors with them. "Zuckerberg probably wouldn't have gone public without a dual-class structure," White said.

Persons: —, Elon Musk, Mark Zuckerberg, Musk, he's, Tesla, Zuckerberg, It's, Chester Spatt, Joshua Tyler White, doesn't, White, Ofer Eldar, Michael Dell, Anat Alon, Beck, Erik Gordon, Sam Altman's, Gordon Organizations: Service, Meta, Tesla, Business, Carnegie Mellon University, SEC, Vanderbilt, SpaceX, The Boring Company, UC Berkeley, Western Reserve University, University of Michigan's Ross School of Business Locations: Delaware, OpenAI

☆ Tesla is taking the Cybertruck on a tour of China — but it won't be on sale
▼ + stars: | 2024-01-19 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Tesla is taking the Cybertruck on a tour of China, per a company WeChat post reported by Reuters. However, it's unlikely to be on sale in China soon, with Elon Musk saying it'll be hard to make legal. It comes as Tesla tries to fight off a new wave of competition from Chinese EV makers such as BYD. Elon Musk's company is taking the Cybertruck on a tour of China to show off its futuristic pickup, according to a company post on WeChat reported by Reuters . Elon Musk has previously hinted at the plan, posting on X on Sunday that Tesla could ship some Cybertruck prototypes to China for display.

Persons: Tesla, Elon Musk, —, Elon, Frederic J . Brown, Warren Buffett, Xiaomi, Musk Organizations: Reuters, Service, Elon Musk's, Geely, Huawei, New York Times, Business Locations: China, North America, AFP

☆ BYD: Why Hungary and Mexico could be key to the Chinese carmaker’s global domination
▼ + stars: | 2024-01-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +9 min

The cars come from BYD, the Chinese carmaker that is backed by Warren Buffett and has surpassed Tesla as the world’s biggest seller of electric vehicles (EVs). 1," a shipping carrier vessel intended to export BYD vehicles, at Yantai port in eastern China's Shandong province in January. BYD Mexico did not respond to a request for comment. “The US government is not going to like that Mexico is creating a back door.”A BYD electric vehicle, operated by Vemo taxi, in Mexico City in November. But as it continues to grow overseas, BYD will have to take a more localized approach, analysts say.

Persons: Warren Buffett, Tesla, BYD, Viktor Orbán’s, Yucatán, what’s, Elon Musk, Tu Le, carmaker, Hungary —, Matthias Schmidt, ”, “, Schmidt, Bill Russo, it’s, Le, Mariceu Ethrall, It’s, “ It’s, ‘ We’re, ’ ”, Stella Li, México, ” Li, Wang Chuanfu, BYD “, Russo, they’ve, ” Russo Organizations: Hong Kong CNN, Xinhua, Getty, CNN, Tesla, BMW, Audi, European Union, Schmidt Automotive Research, EV, European Commission, Bloomberg, BYD, El Locations: Hong Kong, China, Europe, BYD, Shenzhen, Germany, Netherlands, Hungary, Mexico, North America, China's Shandong, Szeged, Komárom, France, Shanghai, Hungarian, United States, Canada, Mexico City, Mexican, Dutch, Rotterdam, California, Brazil, Indonesia, Thailand, Uzbekistan, Macao, Taiwan, Japan, what’s

☆ 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

☆ Tesla slashes car prices across Europe after similar cuts in China
▼ + stars: | 2024-01-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Tesla on late Tuesday trimmed prices for its Model Y cars across several countries in Europe, a week after announcing similar price cuts for its Model 3 and Model Y cars in China. In France, Tesla lowered prices on its Model Y cars by as much as 6.7%, while in the Netherlands, Tesla reduced prices for the Model Y by up to 7.7%. The reductions come after Tesla announced price cuts for its Model 3 and Model Y cars in China. The company has reduced prices for its cars aggressively in China over the past year or so, undercutting local competitor BYD. Tesla trimmed prices of the Model 3 by 6% compared to December last year, also taking prices for the Model Y down by 11%, according to data from JL Warren Capital.

Persons: Tesla, Warren Buffet Organizations: BYD, JL Warren Capital, Volkswagen, U.S Locations: Europe, China, Germany, France, Norway, Netherlands, Red, Iran, Berlin, Brandenburg

☆ Qatar Pauses Red Sea Tankers After Western Strikes on Houthis
▼ + stars: | 2024-01-15 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +3 min

In the latest shift by a major firm, state-owned QatarEnergy has held at least four LNG tankers back from the Red Sea, a senior source said, adding that production continues. On Monday, carmaker Suzuki said production would halt at its Esztergom plant in Hungary from Jan. 15-21 as the Red Sea attacks had delayed the arrival of Japanese-made engines. U.S. ally Britain said it had no desire to be involved in a Red Sea conflict but was committed to protecting the right of free navigation. The Al Rekayyat, which was sailing back to Qatar, stopped along its route on Jan. 13 in the Red Sea. "It is a pause to get security advice, if passing (through the) Red Sea remains unsafe we will go via the Cape," the source told Reuters on Monday about QatarEnergy.

Persons: Andrew Mills, Maha, Maha El Dahan, QatarEnergy, carmaker Suzuki, Britain, Grant Shapps, Qatar's Al Ghariya, Al Huwaila, Al, Ras Laffan, Al Rekayyat, Maha El, Emily Chow, Sachin Ravikumar, Chandni Shah, Andrew Cawthorne, Catherine Evans Organizations: Houthi, Reuters, Qatari Locations: Maha El, Maha El Dahan DOHA, WASHINGTON, Yemen, Gaza, Saudi, Israel, The U.S, U.S, Esztergom, Hungary, Ras, Suez, Oman, Jan, Qatar, Red, Europe, Asia, Aden, Djibouti, Davos, Singapore, Doha, London, Bengaluru

☆ Tesla to pause German production over Red Sea disruption
▼ + stars: | 2024-01-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Tesla plans to pause most production at its only European factory due to supply chain problems caused by attacks in the Red Sea. In recent weeks, Houthi militants, based in Yemen, have ramped up attacks on vessels traveling through the Red Sea, saying they are revenge for Israel’s war against Hamas in Gaza. As a result, six of the world’s 10 biggest shipping companies — namely Maersk, MSC, Hapag-Lloyd, CMA CGM, ZIM and ONE — have been largely or completely avoiding the Red Sea. Volkswagen, Germany’s biggest carmaker, said Friday that its passenger car division did not anticipate “significant” restrictions to production over the situation in the Red Sea, according to Reuters. Economic reverberationsTesla’s decision will amplify fears that a prolonged closure of the Red Sea route — which connects with the vital Suez Canal — will hurt the global economy by snarling supply chains and driving up the prices of goods.

Persons: London CNN — Tesla, Tesla, Joe Biden, Brent, “, ”, Robert Yawger, Matt Egan Organizations: London CNN, CNN, RTL, Maersk, MSC, Lloyd, CMA CGM, Carriers, European Automobile Manufacturers ’ Association, Volvo, Reuters, Volkswagen, Economic, Ikea, Crocs, Container, British, West Texas, Mizuho Securities Locations: Red, Berlin, Europe, Yemen, Gaza, South Africa, Belgium, Suez, British, Drewry, Iran

☆ Japan wants higher returns for investors — here's what it's doing
▼ + stars: | 2024-01-12 | by ( Clement Tan | ) www.cnbc.com time to read: +5 min

3D render Da-kuk | E+ | Getty ImagesJapan is stepping up efforts to ensure its listed companies become more efficient with capital allocation and increase shareholder returns this year. "It's not just the Tokyo stock exchange, but the entire Japan government is pushing for better corporate governance right now," said Toru Yoshikawa, a business professor at Waseda University in Tokyo. watch nowWith this move, the onus also falls on Japan's government to ensure steady and reliable returns from Japan's companies. Corporate governance pushMonday's disclosures will be based on information as of December and the releases will be a monthly affair. "If rival companies are doing great improvements in corporate governance, others will tend to follow that move."

Persons: It's, Toru Yoshikawa, Fumio, Yoshikawa, Warren Buffet, Yunosuke Ikeda, Goldman Organizations: Getty, Japan, TSE, Waseda University, The Tokyo Stock Exchange, kickstarted, Japan Inc, Nippon, Savings, Corporate, Tokyo Stock Exchange, CNBC, Toyota, Goldman Sachs Locations: Japan, Tokyo, Denso, Goldman Sachs Japan

☆ 10 industry leaders transforming business in 2023
▼ + stars: | 2023-12-11 | by ( ) www.businessinsider.com time to read: +20 min

In 2023, Business Insider's annual list of People Transforming Business highlights key players across the advertising, ESG, finance, AI, and labor sectors. Increasingly, they're turning to more opaque private credit markets to borrow money. The world of private credit sits outside the traditional banking system. Analysts expect the private credit market to balloon in size — likely keeping lawyers like Breen very busy. Muthukrishnan is trying to make sense of how risky these private credit loans are by overseeing what is so far the most comprehensive look at vulnerabilities in the industry.

Persons: Mira Murati, who's, Vince Toye, Eileen Fisher, Eileen Fisher Fisher, Guerin Blask, Eileen Fisher Eileen Fisher, she's, Fisher, Janelle Jones, Jones, Lexey, —, She's, Justin Breen, Proskauer Breen, Proskauer Justin Breen, he's, Breen, Ares Capital, He's, McLaren, Julie Su, Labor Julie Su, Department of Labor Julie Su, Su, Marty Walsh, Murati, Jim Wilson, Neal Mohan, YouTube Mohan, Katie Thompson, YouTube It's, YouTube isn't, Mohan, Muthukrishnan, Satya Nadella, Microsoft Satya Nadella, Ben Kriemann, Nadella, Steve Ballmer, Mathias Döpfner, Axel Springer, Tim Cook, Apple Cook, Justin Sullivan, Cook, Steve Jobs, Jobs, JPMorgan Chase Toye, JPMorgan Chase, Toye, they'll, Vince Toye's, Bella Sayegh, Rebecca Ungarino, Lara O'Reilly, Juliana Kaplan, Alex Nicoll, Tim Paradis, Stephanie Hallett, Michelle Abrego, Josée Rose, Ryan Joe, Emily Canal, Kaja Whitehouse, Alyssa Powell, Davis, Jonann Brady Organizations: JPMorgan, Service Employees International, SEIU, New York, Ford, Service Employees International Union, United Auto Workers Union, Spelman College, US Department of Labor, Economic Policy Institute, Center for Economic, Research, Department of Labor, The New York Times, Ares, Churchill Asset Management, European, Atlético Madrid, Labor, Labor Department, MacArthur Foundation, New York Times, Dartmouth, OpenAI, Associated Press, YouTube, NFL, DirecTV, Federal, Microsoft, Manipal Institute of Technology, University of Wisconsin -, University of Chicago, Apple, Apple Watch, Google, Time, JPMorgan Chase, National Housing Trust, Trenton Almgren Locations: McDonald's, Lorain , Ohio, Atlanta, California, Los Angeles, Albania, Canada, Muthukrishnan, Hyderabad, India, University of Wisconsin - Milwaukee, OpenAI, Virginia, Wells Fargo, Trenton

☆ China's EV carmaker Nio jumps 4% after reporting narrower-than-expected losses
▼ + stars: | 2023-12-05 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Here's how Nio did in the third quarter, according to LSEG consensus estimates: Revenue: 19.1 billion Chinese yuan ($2.7 billion) versus 19.4 billion yuan expected. 19.1 billion Chinese yuan ($2.7 billion) versus 19.4 billion yuan expected. Loss per share: 2.67 yuan per share loss versus 2.91 yuan loss expected. That was smaller than the 3.7 yuan per share loss recorded in the second quarter of the year. The company said fourth-quarter revenue will be between 16.1 billion yuan and 16.7 billion yuan, representing a year-on-year increase of between 0.1% to 4.0%.

Persons: ET5, Nio, William Li, Li, Li Auto Organizations: HK, Central China International, Getty, Revenue, EV Locations: Wuhan, China, U.S

☆ Tesla’s clash with Swedish workers risks spilling over into a regional fight
▼ + stars: | 2023-12-05 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Danish dockworkers and drivers are threatening to stop transporting Teslas to neighboring Sweden if the carmaker does not reach a deal with striking Swedish workers within two weeks. It is the first time a labor union outside of Sweden has threatened industrial action against Tesla in solidarity with the Swedish workers. “IF Metall and the Swedish workers are fighting an incredibly important battle right now. About nine out of 10 workers in Sweden and more than eight in 10 in Denmark are covered by such agreements. At least three attempts to organize by Tesla workers in the United States have failed, mainly as a consequence of aggressive tactics by the company and weak protections for labor in the country.

Persons: ”, Tesla, Jan Villadsen, IF Metall, ” IF Metall, Anu Hietala, Elon Musk, —, “ Organizations: London CNN, Danish, IF Metall, CNN, IF, ” IF, Denmark’s, Nordic, Nordic Transport Workers ’ Federation, New York Times Locations: Sweden, Swedish, dockworkers, Finland, Norway, Stockholm, Denmark, United States

COPENHAGEN, Denmark (AP) — The labor conflict against Tesla in Sweden is spreading to neighboring Denmark where transport workers with the country’s largest trade union said Tuesday they will take action in solidarity with Swedish workers against the Texas-based automaker. Tesla is non-unionized globally, but the Swedish workers are demanding that the carmaker sign a collective bargaining agreement, which most employees in Sweden have. “Concretely, this means that dock workers and drivers will not receive and transport Tesla’s cars going to Sweden,” 3F said in a statement. Swedish mechanics stopped servicing Tesla cars and several unions, including postal workers, have joined in a wave of solidarity with IF Metall’s demands. Dockworkers at Sweden’s four largest ports also stopped the delivery of Tesla vehicles to put more pressure on the automaker.

Persons: Tesla, ”, ” Jakob Lykke, ” Lykke, Jan Villadsen, ” Villadsen, Dockworkers, Elon Musk Organizations: Tesla, The United Federation of Workers, IF Metall, IF Metall’s, Sweden’s Transport Agency Locations: COPENHAGEN, Denmark, Sweden, Texas, Esbjerg, Denmark’s, Danish, Swedish, Scandinavian

☆ US DFC considers $500 mln loan to Vietnamese EV maker VinFast
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +1 min

A Vinfast electric vehicle store is shown at one of the company's retail locations in San Diego, California, U.S.,October 20, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsHANOI, Dec 4 (Reuters) - The United States International Development Finance Corporation (DFC) has signed a letter of interest with electric vehicles maker VinFast to consider the Vietnamese company's application for a $500 million loan for expansion, VinFast said on Monday. The loan, which will be used to support VinFast's establishment of lithium-ion battery manufacturing facilities in Vietnam, is subject to a comprehensive review and approval process by DFC, the carmaker said in a statement. DFC said on X, formerly Twitter, that it had signed the letter of interest to support VinFast's lithium-ion battery facilities in Vietnam, but did not provide details. The project will be the first in a series of initiatives actively discussed by the two parties, VinFast said.

Persons: Mike Blake, VinFast, Phuong Nguyen, Kanupriya Kapoor Organizations: REUTERS, Rights, United States International Development Finance Corporation, Vietnam's, Nasdaq, Thomson Locations: San Diego , California, U.S, Rights HANOI, Vietnam, California, Southeast Asia

☆ New US rules on Chinese batteries could push up price of electric cars
▼ + stars: | 2023-12-04 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —The US government has announced new regulations that aim to keep Chinese batteries out of cars sold in the United States, a move that could push up the price of electric vehicles for American drivers. China is the world’s leader in EV battery production, dominating almost “every stage of the EV battery supply chain,” according to a 2023 report by the International Energy Agency (IEA). Tesla is a longtime customer of China’s CATL, the world’s largest EV battery maker. Doubling downThe new measures add to existing efforts by Washington to redirect auto manufacturing to the United States. “Financial incentives play an important role in the widespread adoption of electric vehicles,” researchers at George Washington University found in a 2022 study.

Persons: Biden, ” John Podesta, “, John Bozzella, ”, Tesla, China’s CATL, CATL, Jeff Kowalsky Organizations: Hong Kong CNN, EV, International Energy Agency, US Treasury, Internal Revenue Service, Department of Energy, Treasury, Officials, IEA, “, Alliance, Automotive Innovation, Ford, Getty, George Washington University, ” China’s Ministry of Foreign Affairs Locations: Hong Kong, United States, China, Russia, North Korea, Iran, America, Michigan, Washington, North America, Dearborn , Michigan, AFP, Europe, Beijing

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