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☆ How Tesla’s Cybertruck Compares With Other Pickups
▼ + stars: | 2023-12-01 | by ( Nate Rattner | Rebecca Elliott | ) www.wsj.com time to read: 1 min

AUSTIN, Texas— Tesla ’s long-awaited Cybertruck has hit the road, but how does it compare with its rivals? With the unusual, stainless-steel pickup, Tesla is aiming to tap into demand from consumers who want a head-turner that is quick and capable of towing cargo or taking a beating off-road.

Persons: Tesla, Cybertruck Locations: AUSTIN, Texas

☆ Stocks making the biggest moves midday: Tesla, Disney, Alibaba, Ulta Beauty and more
▼ + stars: | 2023-12-01 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Ulta Beauty — The beauty stock rallied nearly 11% after posting third-quarter results that surpassed analysts' estimates. Samsara — Samsara shares popped 16% after the cloud company posted better-than-expected quarterly results and shared stronger-than-expected guidance. The chip company posted third-quarter earnings that topped Wall Street's estimates but shared weaker-than-expected guidance for the current quarter. Ambarella — Shares slipped 1% after Ambarella reported third-quarter gross margins of 62.6%, down from 63.5% in the year-ago period. Otherwise, the semiconductor design company posted quarterly results that topped estimates.

Persons: Tesla, Nelson Peltz, Alibaba, Morgan Stanley, Wells, Dell, Altimmune, Ambarella, Jefferies, Yun Li, Michelle Fox, Sarah Min, Alex Harring, Brian Evans, Jesse Pound Organizations: Disney — Disney, Trian Fund Management, Pfizer, Paramount Global, Street Journal, Paramount, Apple, Marvell Technology, Invest, Nasdaq, Dell —, LSEG, JPMorgan, Norfolk Southern, Bank of America, CSG Locations: Texas, China, Wells Fargo, Norfolk, Ohio

☆ Another sign that the future of EV buying is leasing: Rivian leases its $73,000 truck
▼ + stars: | 2023-11-28 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Rivian has made its R1T electric pickup available to lease in 14 US states. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWould-be EV drivers have turned to leasing as a cheaper way to try before they buy, especially considering the high price of many electric vehicles . The Cybertruck, however, will pose a fresh challenge to Rivian's R1T pickup. The futuristic Tesla pickup is set to launch on November 30 after years of hype, with over 2 million people preordering the electric pickup .

Persons: Rivian, Elon Musk's, —, Tesla's, — Tesla's, RJ Scaringe, it's Organizations: Elon, Elon Musk's Cybertruck, Service, CNBC, Leasing, Ford, Tesla, Rivians, GQ Locations: Arizona , California , Colorado , Florida, Georgia , Massachusetts, Michigan , Missouri , New Jersey , New York , Nevada , Pennsylvania, Texas, Washington

☆ Make these 5 investments as stocks climb to record highs in 2024, according to top strategists at Bank of America and BMO Capital Markets
▼ + stars: | 2023-11-28 | by ( James Faris | ) www.businessinsider.com time to read: +8 min

COVID), and active funds are hugging their benchmarks," Subramanian wrote in a note about her 2024 outlook. "We're bullish not because we expect the Fed to cut, but because of what the Fed has accomplished," Subramanian wrote. BMO Capital MarketsBofA analysts are calling for slower inflation, better profit margins, and improved efficiency, Subramanian wrote. BMO is less optimistic about energy stocks since they've lagged behind oil prices in the last year. Consumer discretionary is a strong bet if interest rate hikes are over and consumers keep spending, Subramanian wrote.

Persons: Brian Belski, Belski, Savita Subramanian, Subramanian, Bank of America BMO's Belski, he's, boomers, BofA Organizations: Bank of America, BMO Capital Markets, Business, BMO, Federal Reserve, " Bank of, Energy, BMO isn't Locations: Ukraine, Israel

☆ Tesla Raises Wages for German Workers Amid Union Pressure
▼ + stars: | 2023-11-06 | by ( William Boston | ) www.wsj.com time to read: 1 min

Elon Musk promised that the Gigafactory on the outskirts of Berlin would build Tesla’s next-generation vehicle. Photo: ANNEGRET HILSE/REUTERSBERLIN— Tesla is boosting factory worker pay in Germany amid an aggressive unionization drive, a move that comes as Chief Executive Elon Musk may face similar organizing attempts in the U.S.Tesla’s management in Germany late last week unveiled a package of wage increases for workers during Musk’s visit to the so-called Gigafactory on the outskirts of Berlin, according to people familiar with the matter. Musk also promised the assembly plant would build its next-generation vehicle.

Persons: Elon Musk, ANNEGRET, Tesla, Elon, Musk Locations: Berlin, BERLIN, Germany, U.S

☆ Charging, road trips, maintenance, and more: 8 EV owners reveal the realities of going electric
▼ + stars: | 2023-11-01 | by ( Alexa St. John | ) www.businessinsider.com time to read: +2 min

Rick Samuels, 71 — Portland, OR — Tesla Model 3Rick Samuels, retired from the IT industry, drives a Tesla and a Nissan Leaf. I was commuting 30 miles a day, which was an ideal range for a first-generation Leaf. Last fall, we took our first real road trip, and that's when we found out how abysmally bad public charging infrastructure is. We have taken several trips in the Tesla and never had a problem charging. I tell people that if it's going to be your main car for trips, the only electric car I would get right now is a Tesla.

Persons: Rick Samuels, We've Organizations: Nissan, Tesla Locations: Portland

☆ Stocks making the biggest moves premarket: JetBlue, Pinterest, Chewy, Caterpillar and more
▼ + stars: | 2023-10-31 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +4 min

This was higher than the $1.58 in earnings per share on $1.48 billion in revenue that analysts surveyed by FactSet had been expecting. Chewy — The pet food seller added 4% in premarket trading after Morgan Stanley upgraded the stock to overweight from equal weight. Chegg's third-quarter earnings came in at 18 cents per share, excluding items, higher than the 17 cents per share expected by analysts polled by LSEG. BP — Shares of the oil company slid 4% after the company missed analysts' estimates for its third-quarter earnings . XPO — The freight transportation company added 1.7% after announcing stronger-than-expected third-quarter earnings.

Persons: FactSet, Pinterest, Chewy, Morgan Stanley, Lauren Schenk, Caterpillar, LSEG, Tesla, XPO, Jefferies, AutoNation, Rajat Gupta, Wells, Ferguson, MoffettNathanson, Alex Harring, Jesse Pound, Samantha Subin Organizations: Arista Networks, Arista, Revenue, Global, Anheuser, Busch, LSEG, Caterpillar — Investors, JetBlue, BP —, BP, JPMorgan, Bank of America Locations: U.S, Wells Fargo

Earnings per share fell to 53 cents from 95 cents. Excluding stock-based compensation, Tesla’s adjusted net income fell to $2.32 billion, or 66 cents per share. On that basis, Tesla’s earnings fell short of analysts’ consensus estimate of 73 cents per share, according to FactSet. The discounts range from $4,400 on Tesla’s top-selling vehicles to as much as $20,000 on its most expensive models. As usual, Tesla’s third-quarter sales consisted primarily of its Model 3 and Model Y vehicles, which have been made even more attractive by lowered prices.

Persons: Tesla Organizations: ANGELES, FactSet, Analysts, Research Locations: Austin , Texas, Tesla’s

☆ Stocks making the biggest moves premarket: Exxon Mobil, Lockheed Martin, Walt Disney and more
▼ + stars: | 2023-10-09 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

An Exxon gas station sign is seen on October 06, 2023 in the Brooklyn borough of New York City. The Wall Street firm said the software stock is at an attractive entry point after its recent pullback. Exxon Mobil , Chevron , Occidental Petroleum — Energy stocks popped as oil prices rallied following the Hamas attack on Israel over the weekend. Blue Owl Capital — Shares of the investment company dropped 2.6% after Oppenheimer downgraded Blue Owl Capital to perform from outperform. Lockheed Martin — The aerospace and defense company saw shares rise about 4.5% in premarket trading following the surprise attack on Israel by Palestinian militant group Hamas over the weekend.

Persons: Walt, Nelson Peltz's, Trian's, Trian, Saket Kalia, Oppenheimer, Bristol Myers, Tesla, Lockheed Martin, — CNBC's Brian Evans, Lisa Kailai Han, Fred Imbert, Hakyung Kim, Yun Li, Tanaya Macheel, Pia Singh Organizations: Exxon, Walt Disney —, Street Journal, Management, JPMorgan, Spotify Technology, Barclays, Oracle, ISI, Exxon Mobil, Occidental Petroleum — Energy, Chevron, Occidental, Owl, Mirati Therapeutics, Bristol, Bristol Myers Squibb, China Passenger Car Association, Lockheed, Hamas Locations: Brooklyn, New York City, Chevron, Israel, China, Palestinian

☆ Stocks making the biggest premarket moves: Pioneer Natural Resources, Levi Strauss, Tesla, Philips and more
▼ + stars: | 2023-10-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading:Pioneer Natural Resources — The energy stock soared nearly 10% in premarket trading after The Wall Street Journal reported Pioneer was close to reaching a deal to be bought by Exxon Mobil for about $60 billion. Levi Strauss — The denim apparel maker shed 1.3% after cutting its full-year sales forecast. Apellis Pharmaceuticals — Shares of the biopharmaceutical company rose 5.5% after Apellis reported growing sales for its Syfovre drug in August. Aehr Test Systems — Shares fell more than 11% despite Aehr Test Systems reporting an earnings and revenue beat for its first quarter. Frontline — The shipping stock shed 4.8% in premarket trading after Euronav said its second shareholder, Compagnie Maritime Belge, would acquire Frontline's shares in Euronav for $18.43 per share.

Persons: Levi Strauss, Philips —, ResMed, Tesla, Euronav, Macheel, Jesse Pound Organizations: Resources, Street Journal, Exxon Mobil, Exxon, Philips, U.S . Food, Drug Administration, FDA, U.S, Apellis Pharmaceuticals, JPMorgan, Aehr, Systems, Compagnie Maritime Belge Locations: Dutch, U.S, Euronav

☆ The world needs cheap electric cars. That spells trouble for Big Auto
▼ + stars: | 2023-09-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

The world needs affordable EVs more than ever as electric cars will play a big role in hcelping countries cut planet-heating pollution. “When legacy [carmakers] talk about catching up to Tesla or catching up to the leading Chinese automakers, it’s difficult. It is by far the world’s biggest EV battery manufacturer and dominant in the supply and processing of many critical components needed to make the batteries. Global automakers have had little choice but to enter into joint ventures with Chinese EV and battery manufacturers. EU lawmakers have voiced concerns that government subsidies allow Chinese EV makers to keep prices artificially low, creating unfair competition for European rivals.

Persons: Henry Ford’s, carmaking, Jeff Kowalsky, ”, Gene Munster, Tesla, — Tesla, —, Patrick Hummel, Krisztian Bocsi, Ford, “ It’s, ” Dan Ives, Bill Pugliano, Daniel Röska, Bernstein, China …, Marco Rubio, “ They’re, Bill Ford, CNN’s Fareed Zakaria Organizations: London CNN —, Ford Motor Company, Toyota, Volkswagen, United, Getty, Deepwater Asset Management, Volkswagen Group, Audi, Porsche, Chrysler, Jeep, Ford, General Motors, International Energy Agency, Honda, Renault, Nissan, Mitsubishi, Hyundai, Kia, Benz, BMW —, Investment, UBS, EV, Atlas Public, VW, Bloomberg, Reuters, Twitter, Stellantis, Wedbush Securities, CNN, United Auto Workers, Refining, Global, Republican, European Union, EU, Jato Dynamics Locations: Europe, United States, Dearborn , Michigan, AFP, China, Japan, South Korea, Asia, US, Germany, ” Munster, Munster, Lansing , Michigan, Michigan, Beijing, America

☆ How Tesla is at the center of the UAW strikes
▼ + stars: | 2023-09-29 | by ( Robert Ferris | In | ) www.cnbc.com time to read: 1 min

The UAW strikes hitting the Detroit Three automakers — GM , Ford and Stellantis — could widen the electric vehicle gap between them and Tesla, which already controls 60 percent of the EV market. The three Detroit automakers all use union labor, and those workers are represented by the United Auto Workers union — Tesla does not. Already, industry insiders say labor costs at GM, Ford and Stellantis are considerably higher than they are at the electric car maker. But Tesla workers have attempted to unionize its factories in the past. While attempts have so far been unsuccessful, recent polls show about two-thirds of Americans are supportive of unions.

Persons: Stellantis, Tesla Organizations: UAW, Detroit Three, — GM, Ford, Detroit, United Auto Workers, GM

☆ X owner Elon Musk largely runs the social media giant from his iPhone, employees say
▼ + stars: | 2023-09-27 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Elon Musk leads the social media giant X from his iPhone, employees told the Financial Times. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The old timers advised X staffers that Musk didn't have the tolerance for people who said things just to sound smart. In November 2022, just weeks after Musk's takeover, it was reported that Musk's external advisors were referred to be some Twitter staff as "Elon's goons."

Persons: Elon Musk, doesn't, Musk, —, — Tesla Organizations: Financial Times, Service, Twitter, SpaceX, The Boring Company, Tesla, Boring Company

☆ Stocks making the biggest moves premarket: Fisker, Tesla, United Natural Foods and more
▼ + stars: | 2023-09-26 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Fisker — Shares of the vehicle development company surged 4.1% premarket after Bank of America reinstated coverage with a buy rating. Thor Industries — Shares of the recreational vehicle company slipped 3% premarket after it warned that it expects net sales to decline in the coming year. For the quarter just ended, Thor posted $1.68 in earnings per share on $2.74 billion of revenue. Analysts surveyed by LSEG were looking for 96 cents in earnings per share on $2.42 billion of revenue. United Natural Foods forecast earnings per share and adjusted EBITDA in the coming year below analysts' estimates, citing profitability headwinds, and fiscal fourth quarter revenue that missed analysts' $7.47 billion estimate, according to StreetAccount.

Persons: BofA, Fisker, Tesla, Morgan Stanley, DraftKings, Thor, —, Jesse Pound, Pia Singh Organizations: Bank of America, European Union, Barclays — Barclays, JPMorgan, Thor Industries, United Locations: Huntington Beach , California, China

☆ Tesla wants you to know its robot can do yoga stretches now
▼ + stars: | 2023-09-25 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Tesla and its CEO shared a video of Tesla's Optimus robot practicing yoga and other tasks. Less than a year ago, the Tesla bot struggled to walk on stage at a demo event. AdvertisementAdvertisementElon Musk shared a video of Tesla's Optimus robot performing yoga moves and sorting blocks on Sunday. The Tesla bot appeared to perform a yoga pose balanced on one leg in the video. Less than a year ago, the Optimus robot could barely walk during a demo at the second annual Tesla AI Day event.

Persons: Tesla, Optimus, —, Elon Musk Organizations: Service, Optimus

☆ Warren Buffett's toll roads, Elon Musk's bottlenecks, and why both men prize the same kinds of businesses
▼ + stars: | 2023-09-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Buffett likes toll roads that give him monopoly power and the ability to raise prices easily. AdvertisementAdvertisementYears later, one of Buffett's companies held a 24% stake in Detroit International Bridge Co., the only public company in the country that owned a toll bridge. He also highlighted toll roads among the specific assets he wanted to buy in his Buffett Partnership letters in the 1950s. "I have said in an inflationary world that a toll bridge would be a great thing to own if it was unregulated." Shared valuesBuffett appears to like toll roads because they're a simple, safe, and reliable way to make money.

Persons: Warren Buffett, Elon, Elon Musk, Berkshire Hathaway, Buffett, Roger Lowenstein, Sandy Gottesman, Warren, Bill Brewster, Bill Cohan, Kara Swisher, Cohan, Tesla, Nathan Furr, Jeff Dyer, Musk Organizations: Buffett, Service, Elon, Berkshire, American, Detroit International, Co, Apple, Yorker, SpaceX, Harvard Business, EV Locations: Wall, Silicon, Detroit, Berkshire

In its latest quarter, Netflix posted earnings of $3.29 per share on revenue of $8.19 billion. IBM — The business services company's shares shed 0.7% following its mixed second-quarter earnings report. The company posted revenue of $15.48 billion, missing Wall Street's forecast of $15.58 billion, according to Refinitiv. IBM reported adjusted earnings of $2.18 per share, which was higher than analysts' consensus estimate of $2.01 per share. Tesla — Tesla shares fluctuated near the flatline following its second-quarter earnings announcement.

Persons: Refinitiv, Zions Organizations: Netflix, IBM, United Airlines — United Airlines, American Airlines, Zions Bancorp, Las Vegas Sands, Vegas Sands, Discover Locations: Newark , New Jersey, Las Vegas

☆ Stocks making the biggest moves in the premarket: Tesla, Apple, AstraZeneca and more
▼ + stars: | 2023-07-03 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in premarket trading. Tesla — Tesla shares popped nearly 7% after the electric vehicle company posted second-quarter delivery and production numbers that topped Wall Street's expectations. Electric vehicle stocks — Electric vehicle stocks rose broadly after Tesla posted strong-than-expected production and delivery numbers for the second quarter. Chinese internet stocks — Shares of China-based technology stocks gained before the bell, lifting the KraneShares CSO China Internet ETF . Energy stocks — Energy stocks gained in premarket trading, lifted by a rise in oil prices after top exporters cut supply for August.

Persons: Tesla, Xpeng, Rivian, Lucid, Janet Yellen, —, Jesse Pound Organizations: Apple, AstraZeneca —, AstraZeneca, United Airlines —, China, Energy, — Energy, Halliburton, ConocoPhillips, Devon Energy, Occidental Petroleum Locations: Nio, China, Beijing, Chevron

☆ Stocks making the biggest moves midday: Overstock, Tesla, Accenture and more
▼ + stars: | 2023-06-22 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Accenture — The stock fell 2.6% after the consulting firm shaved the top end of its revenue expectations for the fiscal year. Darden posted earnings of $2.58 per share on revenue of $2.77 billion in its latest quarter. Tesla — Tesla shares traded flat amid a choppy session after Morgan Stanley downgraded the electric-vehicle giant to an equal weight rating from overweight, citing valuation concerns. Loop also reiterated its buy rating and raised its price target given what it sees as an opportunity for the stock to rally further. Expedia , TripAdvisor — Expedia and TripAdvisor gained 1.5% and 3.2%, respectively, after B. Riley initiated coverage on each stock as buy.

Persons: AeroSystems, Max, Darden, Eugene Lee, influencer Dylan, Tesla, Morgan Stanley, Root, JPMorgan Chase, Dow, —, TripAdvisor, Riley, Expedia, Eli Lilly —, Samantha Subin, Michelle Fox, Jesse Pound Organizations: Bed, Boeing, Accenture, Darden, FactSet, Anheuser, Busch InBev —, Deutsche Bank, NRG Energy, Wall Street, Elliott Investment Management, Embedded Insurance, Alcoa, JPMorgan, Amazon Prime, Bank of America Locations: Salt Lake City , Utah, Wichita , Kansas, Illinois

☆ In another grim milestone for the housing market, 75% of homes are unaffordable for middle-income buyers, report says
▼ + stars: | 2023-06-13 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Today we're bringing you the latest updates on housing, Russia's currency moves, and the outlook for tech stocks. Homebuyers are returning to the US housing market as mortgage rates fall. The housing market isn't getting any more affordable. It's so expensive right now that over 75% of homes are too pricey for middle-income buyers, the National Association of Realtors said. Tech stocks are in the midst of a "1995 moment."

Persons: I'm Max Adams, Let's, Scott Olson, Goldman Sachs, Wedbush's Dan Ives, They've, —, Elon, Tesla, Max Adams, Hallam Bullock Organizations: Getty, National Association of Realtors, Helix Biopharma Corp, MamaMancini's Holdings, Kremlin, Tech, EV, GM, Ford Locations: —, Russia, New York, London

☆ Stocks making the biggest moves midday: Sonoma Pharmaceuticals, Braze, Adobe and more
▼ + stars: | 2023-06-09 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

On Thursday, Braze posted a non-GAAP loss of 13 cents on revenue of $101.8 million. Analysts called for a loss of 18 cents per share and revenue of $98.8 million, according to FactSet. Joby Aviation , Archer Aviation — On Friday, Canaccord Genuity initiated coverage of Joby Aviation and Archer Aviation with a buy rating, saying the urban air mobility firms are positioned for the long term. Sonoma Pharmaceuticals on Thursday announced an intraoperative pulse lavage irrigation treatment that could replace IV bags for some surgical procedures. Adobe — Shares popped 3.4% after Wells Fargo upgraded the software stock to an overweight rating, saying AI should drive continued upside for the stock.

Persons: Braze, Goldman Sachs, Canaccord Genuity, Archer, Tesla, Motors — Tesla, Mary Barra, DocuSign, Allan C, Thygesen, Refinitiv, Wells, — CNBC's Michelle Fox, Alex Harring, Samantha Subin Organizations: GMC, General Motors, Joby Aviation, Archer Aviation, Sonoma Pharmaceuticals —, Sonoma Pharmaceuticals, Motors, GM, Adobe, —, Citi Locations: Austin , Texas, America

DETROIT – Ford Motor will partner with Tesla on charging initiatives for its current and future electric vehicles in an unusual tie-up between the two rivals, CEOs of the automakers announced Thursday. Under the agreement current Ford owners will be granted access to more than 12,000 Tesla Superchargers across the U.S. and Canada, starting early next year, via the use of an adapter. And, Ford's next-generation of EVs — expected by mid-decade — will include Tesla's charging plug, allowing owners of Ford vehicles to charge at Tesla Superchargers without an adapter, making Ford among the first automakers to explicitly tie into the network. A Ford spokesman said the company has "this option available to us but have no news to share today." A separate Ford spokesman told CNBC that pricing for charging "will be competitive in the marketplace."

☆ 10 Things in Tech: Best side hustles, Tesla Roadsters, and ChatGPT stylist
▼ + stars: | 2023-05-08 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

After just a few short years of hype, the metaverse is already headed for the graveyard of failed tech ideas. The metaverse, according to Zuckerberg, was supposed to be the next evolution of the internet and our tech lives. But the rise and fall of the metaverse can teach us some important lessons about the tech industry as a whole. All the tech companies citing AI in their layoff announcements. Many major tech companies like Google and IBM even mentioned AI in their layoff announcements.

☆ Elon Musk had a rough week across his empire — Tesla, Twitter and SpaceX
▼ + stars: | 2023-04-21 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

The investors are particularly concerned with Musk and Tesla's handling of human rights and workers' rights. Their letter recounts many lawsuits in which Tesla has been sued over: racial discrimination, union-busting, wage theft, sexual harassment and unsafe working conditions. "Instead of working to address problems with regulators, CEO Musk has made derogatory tweets and comments, fueling tensions," they wrote. The open letter to Tesla's board comes after Tesla shares have declined more than 15% over the past month. Musk-led Twitter also removed "government-funded" and "China state-affiliated" labels from Twitter accounts of a myriad of global media organizations.

☆ Tesla to Build Factory in Shanghai for Large-Scale Batteries
▼ + stars: | 2023-04-09 | by ( ) www.nytimes.com time to read: 1 min

SHANGHAI — Tesla will build a factory in Shanghai to manufacture its large-scale energy-storage batteries known as the Megapack, the Chinese state news agency Xinhua reported on Sunday. Tesla, which is owned by Elon Musk, will break ground on the plant in the third quarter of this year and start production in the second quarter of 2024, Xinhua reported. The new factory will complement Tesla’s existing plant in Shanghai, where it makes electric vehicles, and it will initially produce 10,000 Megapacks a year, equal to around 40 gigawatt-hours of energy storage, to be sold globally, Xinhua said. With the new plant, Tesla will take advantage of China’s dominant battery supply chain to increase output of its Megapacks, and to lower their costs, in hopes of meeting the rising global demand for energy storage as the world shifts to using more renewable energy.

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