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☆ Tesla's plan to slash silicon carbide use sends some chipmakers' shares down
▼ + stars: | 2023-03-02 | by ( Lora Kolodny | ) www.cnbc.com time to read: +4 min

Shares in some chipmakers dipped on Thursday after electric vehicle maker Tesla said it plans to greatly reduce the use of silicon carbide transistors in its next-generation vehicle powertrains. Campbell revealed that, "In our next powertrain, the silicon carbide transistors that I mentioned, that are key component[s] but expensive, we figured out a way to use 75% less without compromising the performance or the efficiency of the car." Chips made with silicon carbide transistors are widely used in electric vehicles. They added the possibility that "cheaper [silicon carbide chips] could drive up EV adoption globally so what vendors lose on content could be partially offset by greater EV volumes." New Street does not expect a lower-priced, next generation Tesla vehicle to "ramp in volumes before 2025 or 2026."

☆ Tesla shares down 8% after Investor Day despite positive analyst sentiment
▼ + stars: | 2023-03-02 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

Tesla shares continued sliding Thursday morning, a movement that began the prior day during Tesla's Investor Day event, which provided investors with a long-term vision but lacked detail on new products or services. The electric-vehicle manufacturer's stock fell over 8% in the pre-market, despite positive analyst reaction to CEO Elon Musk's presentation and to Tesla's overall outlook. Jonas has an overweight rating and set a $220 price target for the stock. Goldman Sachs maintained a buy rating and a $200 price target, with analyst Mark Delaney writing Thursday that "the event reinforced our positive view of the company's long-term competitive positioning." Tesla shares are up over 80% year-to-date but remain well off of the 2021 high, which propelled the stock price above $400.

☆ Elon Musk presents Tesla 'Master Plan 3' with emphasis on sustainable energy
▼ + stars: | 2023-03-01 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Electric vehicle maker Tesla laid out its long-term vision at a 2023 Investor Day presentation in Austin, Texas, on Wednesday. CEO Elon Musk took the stage to share his "Master Plan 3," and to discuss how Tesla plans to scale up in the face of increasing competition. Musk said, "Earth can and will move to a sustainable energy economy, and will do so in your lifetime." To start, Musk was joined on stage by Senior Vice President of Powertrain and Energy Engineering at Tesla, Drew Baglino. Tesla shares have rebounded from declines during 2022, and are up more than 60% for the year so far.

☆ 'Pretty bearish on Tesla': Market pro says price cuts will hit the EV giant's share price
▼ + stars: | 2023-02-28 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Tesla shares are unlikely to make a comeback over the medium term partly due to the price cuts the electric automaker announced late last year, according to tech investor Mark Hawtin. "I'm pretty bearish on Tesla," said Hawtin, investment director at Zurich-based GAM Investments. This, in turn, could lead to lower demand for Tesla's products, impacting margins and profitability, according to Hawtin. "I think we will see lower demand at a time when they're ramping up factories around the world," he added. According to Jonas, the stock could jump on any new plans from the automaker for the "mass adoption of EVs at far lower price points" on its Mar.

☆ Elon Musk calls US media and schools 'racist against whites & Asians'
▼ + stars: | 2023-02-26 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Tesla Chief Executive Office Elon Musk speaks at his company's factory in Fremont, California. In the video, Adams discussed a poll conducted by right-leaning Rasmussen Reports that said 26% of Black respondents disagreed with the statement "It's OK to be white." In his video, Adams called Black people who rejected that phrase as a "hate group." He then added, "For a *very* long time, US media was racist against non-white people, now they're racist against whites & Asians. Musk claimed that the media coverage is "Very disproportionate to promote a false narrative."

☆ Elon Musk-led Twitter has been sued by at least six companies for failing to pay bills
▼ + stars: | 2023-02-24 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Elon Musk's Twitter was sued again in California this week for alleged failure to pay a vendor. The Tesla and SpaceX CEO led a $44 billion buyout of Twitter, which closed around October 27, 2022. According to a Platformer report on Thursday, Twitter suddenly cut off employees' access to Slack this week after failing to pay a bill. In the newest complaint, filed in California Superior Court in San Francisco, Writer says that Twitter failed to pay a bill for the relatively humble amount of $113,856. This week, he wrote on Twitter, "Say what you want about me, but I acquired the world's largest non-profit for $44B lol."

☆ SEC rebuffs Elon Musk's attempt to get out of 'funding secured' settlement
▼ + stars: | 2023-02-23 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

When the SEC charged him with civil securities fraud in response to those tweets, Musk and Tesla settled, signing a revised consent decree in 2019. As part of the settlement, Tesla and Musk each agreed to pay $20 million fines, and Musk agreed to relinquish his role as chairman of the board at Tesla for three years. Among other terms, Musk agreed to a "Twitter sitter," colloquially speaking. With the appeal in the Second Circuit, Musk is trying to unwind at least some terms of the earlier SEC settlement agreement. The SEC lawyers also questioned whether there is any legal basis to consider undoing the settlement all these years later.

☆ Elon Musk meets with California Gov. Newsom at Tesla's new engineering headquarters to discuss expansion
▼ + stars: | 2023-02-22 | by ( Yasmin Khorram | ) www.cnbc.com time to read: +3 min

Tesla CEO Elon Musk and his staff are meeting Wednesday with California Governor Gavin Newsom and touring Tesla's new engineering headquarters. As the pandemic hit in March 2020, Musk and state officials clashed over reopening the Tesla plant in Fremont, California. In 2021, following repeated threats to leave the state, Musk moved Tesla's headquarters to Austin, Texas. Since then, Musk has made his political stance clear, characterizing California as a one-party state that is burdened with overregulation and high taxes. Tesla said it had 47,000 employees in California in 2022, according to a January 2023 blog post.

☆ Elon Musk's lawyer asks court to throw out 'Twitter sitter' deal with SEC
▼ + stars: | 2023-02-21 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

vFollowing Elon Musk's recent victory in a securities fraud trial, the Tesla CEO's lawyer has once again asked an appeals court to throw out his 2018 deal with the Securities and Exchange Commission requiring a company lawyer to review his Tesla-related tweets before sharing them. On Feb. 3, a jury in a in a San Francisco federal court found that Musk and Tesla were not liable in a class-action securities fraud trial stemming from tweets Musk made in 2018. Trading in Tesla was halted after his tweets, and its share price remained volatile for weeks. Musk and the SEC did not immediately respond to requests for comment. Attorneys for the shareholders who sued Musk and Tesla over the take-private related tweets still have time to file for an appeal.

Dozens of employees at a Tesla factory in upstate New York have been fired just days after launching a union campaign, organizers alleged Thursday. In a complaint with the National Labor Relations Board, Workers United said Tesla fired more than 30 workers from its Autopilot unit at a Buffalo plant as a retaliatory measure and to discourage union activity. Employees at the Buffalo facility on Tuesday launched organizing efforts under the union Tesla Workers United. Workers received an email Wednesday evening laying out a new policy that prohibits them from recording workplace meetings without the permission of all participants, Tesla Workers United said in a release Thursday. In 2017, Tesla fired a union activist named Richard Ortiz, and in 2018, Musk tweeted a comment found to have violated federal labor laws.

☆ Tesla recalls 362,758 vehicles, says Full Self-Driving Beta software may cause crashes
▼ + stars: | 2023-02-16 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Tesla is recalling 362,758 vehicles equipped with the company's experimental driver-assistance software, which is marketed as Full Self-Driving Beta or FSD Beta, in the US, according to a recall notice out Thursday. The FSD Beta system may also have trouble responding appropriately "to changes in posted speed limits," the notice said. Tesla lets thousands of drivers try new and unfinished driver assistance features on public roads in the U.S. through FSD Beta. Owners must obtain a high driver-safety score, as determined by Tesla software that monitors their driving habits, and maintain it to get FSD Beta access. FSD Beta can best be summarized as a host of new features that are not yet fully debugged.

As part of this effort, White House officials said, they locked a commitment from Tesla to open thousands of its chargers to electric vehicles made by other manufacturers. Tesla has intended to open up its charging network in the US for years. But in one omission that will raise questions from staunch environmentalists, the new federally funded EV chargers will not necessarily be powered by clean energy sources. According to environmental impact research by Project Drawdown, compared to gasoline-powered vehicles, emissions drop by 50% when an electric vehicle's power is drawn from the conventional grid. During the briefing, Energy Secretary Jennifer Granholm emphasized that the President's goal is to get to a "fully clean electric grid" by 2035.

☆ Tesla employees launch New York union campaign
▼ + stars: | 2023-02-14 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Tesla employees in New York have launched a campaign to organize a union with Workers United Upstate New York, according to a release posted to Twitter Tuesday. The union, Tesla Workers United, would be the first for Tesla if it is formed. "We want Tesla to be the company we know it can be," the workers wrote in the release. In 2018, Musk shared a tweet that said employees would lose stock options if they formed a union. The next step for organizers is to collect signatures from employees saying they want a union.

☆ Ford to move forward with $3.5 billion EV battery plant with Chinese company
▼ + stars: | 2023-02-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

DETROIT – Ford Motor said Monday it will collaborate with a Chinese supplier on a new $3.5 billion battery plant for electric vehicles in Michigan, despite tensions between the U.S. and China. Glenn Youngkin saying he was withdrawing the state from a competitive process to attract the planned Ford plant over its connection to the Chinese company. The new batteries are expected to offer different benefits at a lower cost, assisting Ford in increasing EV production and profit margins. With this $3.5 billion investment, Ford says it and its battery partners have announced $17.6 billion in investments in electric vehicle and battery production in the United States since 2019. Gretchen Whitmer called the investment a "big win" for the state, which has moved to attract more battery production after missing out on previous multibillion investments.

☆ Amazon's Zoox robotaxi now giving rides to employees on public roads in California
▼ + stars: | 2023-02-13 | by ( Annie Palmer | ) www.cnbc.com time to read: +3 min

Amazon -owned autonomous vehicle venture Zoox said on Monday that it is now testing its self-driving robotaxis on public roads in California with passengers on board. Zoox executives said the company began the tests after it received approval from the California Department of Motor Vehicles last week. Zoox said one of its vehicles completed a test run with employees on board over the weekend. Zoox unveiled its custom-built, electric robotaxi in 2020, with an eye on offering on-demand autonomous transportation in urban settings. It will continue to test the vehicle with employees and expects to launch a shuttle service for staffers this spring.

☆ Redwood Materials scores a new $2 billion loan to build out battery recycling facility in Nevada
▼ + stars: | 2023-02-09 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Redwood Materials was founded by former Tesla CTO and cofounder JB Straubel in 2017 during his tenure at Elon Musk's car company. The battery-recycling startup will use the funding to build and expand its battery recycling facility outside of Reno, Nevada. Redwood Materials has attained a $2 billion loan commitment from the Department of Energy, the agency announced on Thursday via its loan programs office. As CNBC previously reported, last year Redwood Materials struck a multi-billion dollar deal with Tesla supplier Panasonic. Redwood Materials has a pilot line up and running for production of anode copper foil in Nevada already.

☆ NTSB finds no evidence Tesla Autopilot used in fatal 2021 Texas crash
▼ + stars: | 2023-02-09 | by ( Lora Kolodny | ) www.cnbc.com time to read: +4 min

The National Transportation Safety Board has concluded an investigation into a fatal Tesla crash that occurred in Spring, Texas in 2021. The federal vehicle safety watchdog found no evidence the company's driver assistance system, which is marketed as Tesla Autopilot, was in use at the time of the crash. The crash initially drew widespread attention after a local constable said nobody was behind the wheel at the time of the crash. The NTSB relied on data from Tesla, a sample vehicle and versions of software provided by Tesla, to conduct part of its investigation. If the Tesla had been equipped with systems like this, the NTSB said, the trip and fatal crash may have been prevented.

☆ Cruz Foam makes styrofoam alternative from shrimp shells and food waste
▼ + stars: | 2023-02-08 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Meanwhile, companies that ship or sell fragile goods, food or medical supplies that need to stay cold during shipping still need materials with the lightweight, insulating qualities and manufacturability of styrofoam. That's where startup Cruz Foam comes in. Cruz Foam is made from naturally occurring materials including chitin (pronounced like "kite-in") along with starches and fibers diverted from agricultural waste streams. Chitin is a polymer contained in the shells of shrimp and other crustaceans, as well as insect exoskeletons. Besides that, styrofoam products are usually treated with flame retardants and can absorb other pollutants from water around them, increasing the threat to any wildlife that eats or lives amid the discarded styrofoam.

☆ Elon Musk says Twitter ‘trending to breakeven’ after near bankruptcy
▼ + stars: | 2023-02-05 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Elon Musk Twitter account displayed on a phone screen and Twitter logo displayed on a screen in the background are seen in this illustration photo taken in Krakow, Poland on November 22, 2022. Twitter CEO Elon Musk said Sunday that the last few months have been "extremely tough," but the social media company is "now trending to breakeven." "Twitter still has challenges, but it is now trending to breakeven if we keep at it. Twitter launched — and relaunched — its updated Twitter Blue subscription service in December after Musk had pulled and delayed the service in November. "I'm worried about me too," Musk wrote in response.

Elon Musk and Tesla were found not liable by a jury in a San Francisco federal court on Friday in a class action securities fraud trial stemming from tweets Musk made in 2018. The Tesla , SpaceX and Twitter CEO was sued by Tesla shareholders over a series of tweets he wrote in Aug. 2018 saying he had "funding secured" to take the automaker private for $420 per share, and that "investor support" for such a deal was "confirmed." Trading in Tesla was halted after his tweets, and its share price remained volatile for weeks. "I am deeply appreciative of the jury's unanimous finding," Musk wrote on Twitter. During the course of this trial, Musk also said he would have sold shares of SpaceX to finance a going private deal for Tesla, as well as taking funds from the Saudi Public Investment Fund.

☆ Rodney King's daughter on Tyre Nichols: 'People wonder where the anger comes from, this is where'
▼ + stars: | 2023-01-27 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Mirna-Alsharif-Byline-Jm.Jpg | Mirna Alsharif | ) www.nbcnews.com time to read: +4 min

Rodney King's daughter weighed in on the fatal beating of Tyre Nichols earlier this month and the triggering parallels it draws to the brutality her father suffered at the hands of police officers more than 30 years ago. "People wonder where the anger comes from, this is where," Lora Dene King, 38, told NBC News. In 1991, video of Rodney King being mercilessly beaten by Los Angeles police officers went viral, prompting public outrage and leading to criminal charges against four officers. Lora King, 33, daughter of Rodney King, at her home in Los Angeles in 2017. Of all the things Lora heard about Nichols in the news, one thing stood out to her: his love of skateboarding.

Tesla shares surged 33% this week, marking their best weekly performance since May 2013 and second best on record. The rebound followed a six-month period in which Tesla shares had declined more than 40%. The stock's 65% plunge in 2022 was its worst in Tesla's 12-plus years as a public company. Official guidance called for production of 1.8 million vehicles this year. The company has not revised its longstanding target for 50% compound annual growth rate over a multi-year horizon.

☆ Tesla's strong orders and weak margins in its latest earnings have analysts conflicted on the stock
▼ + stars: | 2023-01-26 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

The company posted adjusted earnings of $1.19 per share, compared to expectations of $1.13 per share, according to Refinitiv estimates. We're currently seeing orders of almost twice the rate of production," Musk said during a call with analysts. While the strong orders are promising, the analyst said the auto gross margins were too weak to overlook. Still, he maintained a neutral rating on the firm following earnings, saying the outlook is balanced from here. Meanwhile, Bank of America's John Murphy reiterated a neutral rating, saying the operational and financial outlook for Tesla shares remains unchanged after earnings, and that the stock is "fairly valued."

☆ Rodney King's daughter calls Tyre Nichols' police beating death 'sickening' 32 years after her father's assault
▼ + stars: | 2023-01-25 | by ( Haven Orecchio-Egresitz | ) www.businessinsider.com time to read: +5 min

Rodney King's daughter is sickened by beating of Tyre Nichols in Memphis. Lora King says the race of the 5 officers involved in Nichols' beating is irrelevant. On Monday, law enforcement officials allowed Nichols' family and their lawyers to privately view body-camera footage of Nichols' arrest. In the wake of the killing, attorneys for the Nichols family compared his beating to that of King's. Rodney King AP Images"Hashtags and clearer videos"Lora King said she wishes that 32 years after her father's infamous beating the world would have progressed beyond unjustified police killings of Black men.

☆ Tesla reports earnings after the bell Wednesday
▼ + stars: | 2023-01-25 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Hong Kong, China, 13 Sept 2022, A red Tesla car passes in front of a Tesla dealership in Wanchai. (Photo by Marc Fernandes/NurPhoto via Getty Images)Electric vehicle maker Tesla plans to report fourth-quarter results after market close on Wednesday. Here's what analysts were expecting as of Wednesday morning, according to Refinitiv:Earnings (adjusted): $1.13 per shareRevenue: $24.16 billionIn the year-ago quarter, Tesla reported revenue of $17.72 billion and adjusted earnings of $2.52 per share. Tesla reported 405,278 vehicle deliveries and production of 439,701 vehicles in the period ending December 31, 2022. Tesla solicits questions ahead of their earnings calls via a site called Say.com from both retail and institutional investors.

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