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☆ Stock market today: Nasdaq suffers worst day since 2022 as weak earnings spark steep sell-off
▼ + stars: | 2024-07-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

US stocks dropped Wednesday, with the Nasdaq seeing its steepest single-day loss since 2022. AdvertisementUS stocks dropped on Wednesday, led by a steep sell-off in the tech sector after the first batch of mega-cap earnings disappointed investors. Tesla shares dropped 12% after the carmaker missed earnings estimates and logged a big drop in auto revenue. AdvertisementOther mega-cap tech stocks also tumbled in Wednesday's session as investor sentiment soured. Investors are waiting on more mega-cap tech earnings, with Meta, Apple, and Amazon set to report their financials next week.

Persons: — Organizations: Nasdaq, Service, Dow Jones Industrial, YouTube, Nvidia, Meta, Tech, Apple, Here's Locations: Tech

☆ Tesla's cars are starting to look pretty basic — and that's a problem
▼ + stars: | 2024-07-24 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

But people looking for a flashy new design in Tesla's more traditional car lineup are stuck waiting for now. The Model S and Model X used to be the ultimate status symbol. In 2020, TikTok star Addison Rae made headlines when she was spotted in her bright pink Tesla Model X. And the design of the Model S and Model X hasn't been meaningfully updated since 2021. "If you start announcing some great thing, it affects our near-term sales," Musk said on Tuesday.

Persons: —, Tesla, Addison Rae, Brian Moody, Elon Musk, Tesla's, Edmunds, Ivan Drury, that's, Moody, Musk, Osborne, Stephanie Valdez, Valdez, Streaty Organizations: Service, Business, Cox Automotive, Streaty, Cox Automotive Industry, EV

☆ Tesla earnings were tough, but the 'mojo is back' as AI to power the next phase of growth, Wedbush's Dan Ives says
▼ + stars: | 2024-07-24 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Tesla reported downbeat earnings, but Dan Ives still see the stock hitting $300 a share. Tesla's AI-powered Robotaxi will be the start of huge growth for the carmaker, Ives says. Tesla stock tumbled roughly 12% Wednesday morning, to trade at about $218 a share, as earnings showed its auto business took a big hit in the second quarter. During Tuesday's earnings call, Musk announced Tesla's Robotaxi rollout has been delayed to October 10th, months after the initial reveal date in early August. Advertisement"The next phase of the Tesla growth story is around autonomous, Robotaxis, and AI playing out," Ives wrote in a note on Wednesday.

Persons: Tesla, Dan Ives, Ives, —, there's, Tesla's, Musk Organizations: Service, Wedbush Securities, Bank of America

☆ Stock market today: Indexes end lower as investors brace for major earnings results
▼ + stars: | 2024-07-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Index ended the day lower Wednesday as investors braced for Tesla and Alphabet's earnings. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The two firms are the first of the Magnificent Seven tech stocks to release their earnings. The stock market is fresh off a winning rally on Monday, which saw the Nasdaq 100 and S&P 500 rise above 1%. Advertisement"The Fed's preferred measure of inflation is expected to tick lower in the June release, paralleling the month's slower CPI inflation.

Persons: —, Tesla, Bill Adams, it's Organizations: Tesla, Service, Nasdaq, UPS, Federal, Comerica, CPI

☆ General Motors is set to report earnings before the bell
▼ + stars: | 2024-07-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

A GMC pickup truck is displayed for sale on a lot at a General Motors dealership in Austin, Texas, on Jan. 5, 2023. DETROIT — General Motors is set to report second-quarter results before the bell Tuesday. Here is what analysts expect, according to average estimates compiled by LSEG:Earnings per share: $2.75 adjusted$2.75 adjusted Revenue: $45.46 billionThose results would mark a 1.6% increase in revenue compared to a year earlier and a 44.2% increase in adjusted earnings per share. GM's second-quarter results last year included $44.75 billion in revenue, net income attributable to stockholders of $2.57 billion and adjusted earnings before interest and taxes of $3.23 billion. GM's 2024 guidance includes adjusted earnings of $12.5 billion to $14.5 billion, or $9 to $10 a share, and adjusted automotive free cash flow in a range of $8.5 billion to $10.5 billion.

Organizations: GMC, General Motors, DETROIT —, Street, GM, Detroit, America's Locations: Austin , Texas, DETROIT, China

☆ Tesla earnings call live updates: Elon Musk's EV maker to report quarterly earnings today after market close
▼ + stars: | 2024-07-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Tesla is set to report second-quarter earnings after the closing bell on Tuesday. Wall Street is more bullish after Tesla reported better-than-expected deliveries for the second quarter. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla investors are eagerly awaiting the company's second-quarter results as they look for signs that the strongest headwinds have passed after a tough start to the year. The carmaker is set to report financials for the second quarter on Tuesday after the closing bell.

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

☆ Automakers report earnings this week. GM is set to be the standout
▼ + stars: | 2024-07-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

That compares to LSEG estimates for Ford Motor that call for adjusted earnings per share of 68 cents for the second quarter, down 5.2% from the second quarter of 2023. Ford is scheduled to report Wednesday afternoon after markets close, followed by Chrysler parent Stellantis , which reports earnings biannually, releasing its first-half results Thursday morning. Stock Chart Icon Stock chart icon GM, Ford and Stellantis stocks in 2024. "Both are expected to raise 2024 guidance." Evercore still expects a "solid" second quarter for Ford, though, trending toward the upper half of its previously announced 2024 guidance.

Persons: Mary Barra, Ford, Dan Levy, Chris McNally, Itay Michaeli, Jim Farley, Michael Wayland, Carlos Tavares, Natalie Knight, Stellantis Organizations: New York Stock Exchange, NYSE DETROIT —, Motors, Detroit, America's, GM, Ford Motor, Chrysler, Ford, Barclays, Citi, CNBC Locations: Detroit, North America, Europe, Auburn Hills, Mich

☆ Tesla halted some of its production lines due to the Microsoft-CrowdStrike outage
▼ + stars: | 2024-07-19 | by ( Grace Kay | ) www.businessinsider.com time to read: +1 min

Tesla halted some production lines due to a global IT outage early Friday morning. The outage, linked to an issue at CrowdStrike, affected servers and manufacturing devices, Tesla told staff. The IT outage has caused issues across the globe as many Windows systems were taken offline. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla shut down some of its production lines on Friday morning as a result of the widespread IT outage that roiled companies across the world.

Persons: Tesla, — Organizations: Service, Business Locations: CrowdStrike, Austin , Texas, Sparks , Nevada

☆ Volvo Cars jumps 7% after reporting a record core operating profit
▼ + stars: | 2024-07-18 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Shares of Volvo Cars rose sharply on Thursday after the company reported a jump in annual operating profit for the second quarter. Core operating profit for the quarter came in at 8.2 billion Swedish kronor ($776 million), 28% higher than in the same quarter a year earlier, the company said in a statement. Volvo Cars' revenue dipped slightly in the second quarter, coming in at 101.5 billion Swedish kronor from 102.2 billion Swedish kronor over the same period of last year. In the first quarter of 2024, Volvo Cars had reported a 2% year-on-year decline in revenue. First-quarter operating profit had come in at 6.8 billion Swedish kronor, while retail car sales amounted to 182,687.

Persons: Jim Rowan Organizations: Volvo, Global, U.S, Volvo Cars Locations: Shanghai, China, London

☆ ‘Loophole’ may get you a $7,500 tax credit for leasing an EV, auto analysts say
▼ + stars: | 2024-07-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Maskot | Maskot | Getty ImagesBuying a new electric vehicle isn't the only way consumers can access a $7,500 federal EV tax credit. Perhaps the best known of them — the "new clean vehicle" tax credit — is a $7,500 tax break for consumers who buy a new EV. But many auto dealers are also passing along a $7,500 tax break to lessees, via a different (and, experts say, lesser-known) mechanism called the "qualified commercial clean vehicles" tax credit. This EV tax credit "leasing loophole" has likely been a key driver of increased leasing uptake in 2024, Barclays auto analysts said in an equity research note published in June. The $7,500 tax credit enables dealers to charge low monthly payments for leases, thereby helping "stoke demand" for EVs, Barclays wrote.

Persons: Joe Biden, —, Dealers aren't, Ingrid Malmgren, Hyundai Kia, Brian Moody, Autotrader, Moody, Malmgren Organizations: Maskot, Barclays, U.S . Treasury Department, Plug, stoke, EVs, Foreign, Toyota, Hyundai, EV, Consumers Locations: U.S, Asian, North America

☆ In a boost for Toyota, Indian state cuts levies on hybrid cars
▼ + stars: | 2024-07-11 | by ( ) www.cnbc.com time to read: +1 min

A move by India's Uttar Pradesh state to waive some levies on hybrid cars will make them 10% cheaper, delivering Japan's Toyota Motor a big win in lobbying efforts and raising industry and analyst expectations that other states could follow suit. Just as it does with electric cars, the government of India's most populous state will also waive the registration tax on some hybrid car sales, it said in a July 5 notification. Hybrid cars offer fuel savings as they operate on both electric motors and combustion engines. "This is a sizeable incentive provided by a state for hybrid cars. Uttar Pradesh accounts for 10% of India's total car sales.

Persons: Maruti Suzuki, Morgan Stanley, Nomura Organizations: Toyota Motor Corp, Toyota, Maruti Locations: Georgetown , Kentucky, U.S, Uttar Pradesh, India's

☆ Beware, Elon Musk — BYD just took its next step toward world domination
▼ + stars: | 2024-07-09 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Business Insider contacted BYD for comment but didn't immediately hear back. Turkey is part of the EU's Customs Union, and any BYD cars manufactured there could avoid the 17.4% additional tariff the EU slapped on BYD vehicles imported from China. Plans by Chinese EV giants BYD, MG, and Chery to build factories in Mexico have sparked concern among US officials over fears they could be used as a "backdoor" into the US market.

Persons: —, Elon, Mehmet Fatih, BYD, didn't, It's, Philip Nothard, Nothard, Elon Musk, Tesla Organizations: Service, Business, Union, EV, EU's Customs Union, BYD, Chery, Cox Automotive Locations: Turkey, Europe, China, Mexico, Germany

☆ Tesla prioritizes Musk's and other 'VIP' drivers' data to train self-driving software
▼ + stars: | 2024-07-09 | by ( Grace Kay | ) www.businessinsider.com time to read: +14 min

Business Insider has learned that those annotators focus their efforts on two high-profile categories of drivers: Tesla CEO Elon Musk and a select set of "VIP" drivers. These drivers are internally referred to as "VIP" users and their data is at times put in VIP queues, according to the workers. Related storiesData collected from VIP users, including high-profile Tesla drivers who post on YouTube, is scrutinized more heavily and more likely to be labeled, three current and former workers said. They said they'd been specifically told by leads on their teams that they were working on "VIP data" and had received overtime pay to work on the data ahead of FSD updates. Tesla's self-driving in the regulatory spotlightTesla has come under increasing scrutiny from regulators over the self-driving software and the company's marketing of the service.

Persons: —, Elon Musk, Musk's Teslas, YouTubers, Musk, Tesla, Tesla's, John Bernal, Bernal, else's, annotators, Walter Isaacson's, Tesla influencers, FSD, they'd, Raj Balwani, Chuck Cook, Tesla Raj, Balwani, I've, Cook, he'd, they're, Missy Cummings, Cummings, Philip Koopman, Koopman Organizations: Service, Business, Tesla, SpaceX, Twitter, California Department of Transportation, YouTube, National, Traffic Safety Administration, Carnegie Mellon University, US Justice Department Locations: Hillsborough , California, Tesla's Austin, Fremont , California, Hawthorne , California, California, San Francisco, Buffalo , New York, Los Angeles, Hawthorne, YouTubers, Lombard

☆ Tesla cars included in Chinese government’s purchase catalog for the first time
▼ + stars: | 2024-07-05 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —For the first time ever, Tesla cars have been placed on a local Chinese government’s purchase list, according to state-owned media outlet Paper.cn. Tesla is the only foreign-owned EV car brand on the purchase catalog published by the government of Jiangsu province in eastern China. On the government’s purchase catalog, Tesla’s Shanghai-made Model Y was listed at 249,900 yuan ($34,377). Tesla cars had previously been barred from entering some government and military complexes in China due to spying and data security concerns. Those restrictions were lifted in April, when a top auto association announced that Tesla’s cars had passed China’s data security requirements.

Persons: Elon, Tesla, China’s Geely, Tesla’s, Musk, Li Qiang Organizations: Hong Kong CNN, Elon Musk’s, EV, Volvo, SAIC, Business, Tesla, European Commission, EU Locations: Hong Kong, China, Jiangsu, Shanghai, Tesla’s Shanghai, Beijing, Europe

☆ 'The worst is in the rearview mirror': Why Wall Street thinks Tesla's comeback story is finally here
▼ + stars: | 2024-07-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Tesla stock had a tough first half of 2024 but Wall Street is eyeing a turnaround. Tesla deliveries slumped for the second quarter in a row, but they were stronger than analysts had expected, with clocking in at 443,956, compared to estimates of 436,000. AdvertisementTesla also reduced its inventory over the second quarter and boosted its energy storage to an all-time high. Morgan Stanley reiterated its "overweight" rating on Tesla stock with a price target of $310, implying another 30% upside. In the most bullish scenario, Tesla stock could rally to $400 by the end of the year, Ives said, implying 63% upside from current levels.

Persons: —, Wall, Musk, Tesla, Morgan Stanley, Elon, Garrett Nelson, Robotaxi, Nelson, CFRA, Keith Fitz, Gerald, Gerald Research, Dan Ives, Wedbush, Ives Organizations: Service, Elon, Wall Street, Investors, Tesla Energy, CFRA, CNBC, Wedbush Securities

☆ Tesla is about to embark on a 2nd half rally as the company's comeback story is starting, Wedbush's Dan Ives says
▼ + stars: | 2024-07-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Tesla stock is set for big upside in the second half of 2024, Wedbush predicted. That's because the carmaker is finally a turnaround in weak demand from China, Dan Ives said. But those headwinds are easing, particularly as things begin to stabilize in China, Ives said. The release could represent a major turning point for Tesla stock, Ives said, previously calling the robotaxi a "magic model" for the company. I believe this is a stock that's going to have a massive run second-half of the year."

Persons: Wedbush, Dan Ives, Ives, —, Wedbush's Dan Ives, Tesla, Elon, that's, Trump, Joe Biden, Musk, Wells Organizations: Service, CNBC Locations: China

☆ 911 call logs for Tesla's HQ reveal reports of 'terroristic' threats and attempted extortion
▼ + stars: | 2024-06-26 | by ( Natalie Musumeci | Grace Kay | ) www.businessinsider.com time to read: +14 min

"Wire $300,000 dollars to bitcoin account within 12 hours," the email to Kirkhorn added, according to the incident report. The case was ultimately suspended and no arrest was ever made, according to the incident report and Dark. AdvertisementSome Tesla workers told BI that tight production deadlines and the intensity of the work could sometimes create a high-pressure environment. We were just standing outside the building waiting to go back to work," one worker, who was there during the ordeal, told BI. The sheriff's office told local news at the time that the building was cleared and there was "nothing to substantiate the presence of a shooter at all."

Persons: —, Elon Musk, Musk, Tesla, Zachary Kirkhorn, Zachary Kirkhorn —, Austin Gigafactory, Kirkhorn, Travis, Kristen Dark, SUZANNE CORDEIRO, Austin, Joe Biden, Justin Mathew McCauley of, McCauley's, McCauley, Justin Sullivan, they'd, Apu Gomes, X, Mark Zuckerberg, Zuckerberg, Meta, Sheryl Sandberg, John Lennon Organizations: Service, Business, Securities, Exchange Commission, BI, YouTube, Tesla's, Tesla, Street Journal, Office, Musk, FOX, Austin, Factory, Getty, Elon, SEC, Meta, Twitter, BBC Locations: Austin, Travis, Texas, Nigeria, Justin Mathew McCauley of Minnesota, Minnesota, Fremont , California, Tesla's, Sparks , Nevada, Nevada

☆ Aston Martin to start delivery of Alonso-inspired race car Valiant in fourth quarter
▼ + stars: | 2024-06-25 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +2 min

A logo on the new Aston Martin DBX at the new Aston Martin Lagonda factory in Barry, Wales, Britain February 21, 2020. The company will produce only 38 units of the Valiant, a vehicle designed by the Aston Martin team alongside Formula One driver and two-time world champion Fernando Alonso. Alonso is one of Aston Martin Aramco Formula One Team's drivers, alongside Stroll's son, Lance. Aston Martin Racing and Aston Martin Lagonda are distinct entities. New Tab , opens new tab

Persons: Aston Martin DBX, Aston Martin, Rebecca Naden, Fernando Alonso, Lawrence, Valiant, Alonso, Aston, Stroll's, Lance, Aston Martin Lagonda, Yadarisa, Devika Organizations: REUTERS, Aston, Formula, Reuters, Aston Martin Aramco, One, Aston Martin Racing, Thomson Locations: Barry , Wales, Britain, British, Saudi, Bengaluru

Moreover, the partnership will enable Rivian to cut operating costs by leveraging volumes of supplies including chips and components, he said. It will also help Rivian, known for its flagship R1S SUVs and R1T pickups, turn cashflow positive. Volkswagen will immediately invest $1 billion in Rivian through a note that will convert to stock on Dec. 1, subject to regulatory approvals. The German automaker will also invest $2 billion in Rivian stock - $1 billion each in 2025 and 2026 - subject to the startup hitting certain milestones, and provide a $1 billion loan in 2026. Rivian stock has halved so far this year.

Persons: Stephane Mahe, RJ Scaringe, Vitaly Golomb, Herbert Diess, Diess, Rivian, Scaringe, Sam Fiorani, Mavka Capital's Golomb, VW's Cariad, Abhirup Roy, Ben Klayman, Noel Randewich, Christina Amann, Harshita Varghese, Sayantani Ghosh, Rod Nickel, Matthew Lewis, Leslie Adler Organizations: Volkswagen, REUTERS, Reuters, JV, Audi, Porsche, Lamborghini, Bentley, Volkswagen Group, Mavka, VW, AutoForecast Solutions, Traders, S3 Partners, Rivian, Thomson Locations: Reze, Nantes, France, Europe, Asia, North America, U.S, German, South Carolina, San Francisco, Detroit, Oakland , California, Berlin, Bengaluru

☆ Here's our first-quarter earnings report card for 32 stocks in the portfolio
▼ + stars: | 2024-06-21 | by ( Zev Fima | ) www.cnbc.com time to read: +14 min

Most of the earnings reports — 25 out of 32 portfolio names — were ranked as good or great by the Investing Club. Similar to prior quarters, we grouped company results into one of four categories. Meta Platforms : Sales, earnings and cash flow results all topped expectations . However, sales and earnings both outpaced expectations, as did return on tangible common equity, a key consideration when valuing banks. The company also raised its outlook for full-year earnings growth to 25% year-over-year from 20%.

Persons: we're, Dover, Eli Lilly, Blackwell, Abbott, —, Wall, We'll, Morgan Stanley, Nikesh, Stanley Black, Wells, Estee Lauder, Fabrizio Freda, Jim Cramer's, Jim Cramer, Jim, Hock Tan, Broadcom Lucas Jackson Organizations: Investing, Apple, Services, Broadcom, VMware, Coterra, DuPont, Microsoft, Nvidia, Wynn Resorts, Super, Abbott Labs, Web Services, Constellation Brands, Constellation, Ford, Ford Pro, Wall Street, Alto Networks, Procter & Gamble, TJX, GE Healthcare, Honeywell, Linde, Jim Cramer's Charitable, CNBC Locations: Dover, China, Eaton, Las Vegas, China's Macao, billings, Wells Fargo, —

☆ New Tesla video shows an early glimpse at how Elon Musk's robotaxi service could look
▼ + stars: | 2024-06-20 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

Read previewWe're less than two months away from Tesla's Robotaxi unveiling, but we're already getting an early glimpse at the ride-hailing platform on which the autonomous vehicles are expected to operate. "Still pinching myself that I got to demo Tesla's ride-hailing platform!" The video shows Nathans requesting the service by pressing a black-and-white circle with the word "Summon" within an app. The video shows Nathans adjusting her preferred temperature before the car arrives. AdvertisementTesla's Full Self-Driving software, which is still in beta, is the underlying software technology that the company is working on to power a stand-alone Tesla Robotaxi service.

Persons: —, Tesla's, we're, Rosalie Nathans, she's, Nathans, there's, Elon Musk's, Tesla, Musk, Walter Isaacson Organizations: Service, Tesla, Business, Elon, EV, Reuters Locations: Texas

☆ There's a pipeline of former Tesla staffers to Elon Musk's shiny new startup xAI
▼ + stars: | 2024-06-19 | by ( Kali Hays | Grace Kay | ) www.businessinsider.com time to read: +5 min

People who work for an Elon Musk company have an opportunity to do something uncommon in business. Some recently sued Musk over claims that he's funneling AI talent to xAI instead of Tesla. He said earlier this year he was "uncomfortable" expanding Tesla's AI and robotics capabilities without additional voting control. Related storiesThe carmaker's CEO also recently diverted prized chips necessary for AI work that was headed for Tesla to xAI, CNBC reported. Most of the xAI employees who formerly worked at Tesla started working at the startup immediately after Tesla enacted mass layoffs earlier this year.

Persons: Musk, Tesla, xAI, —, Kali Hays, Grace Kay Organizations: Service, Elon Musk, Business, xAI, Twitter, CNBC, BI, EV, SpaceX, The Boring Locations: Neuralink, Tesla, xAI, khays@businessinsider.com, gkay@businessinsider.com

☆ Elon Musk announces Tesla stock option grants for 'exceptional performance' — read his email to workers
▼ + stars: | 2024-06-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Read previewTesla is implementing a system to reward "exceptional performance" with stock option grants. "There will also ben an ongoing program to award spot option grants for anyone who does something outstanding for the company," Musk said. One Tesla worker told BI that they felt Musk's email was proof the tide might finally be turning. Read Musk's full email to Tesla staff below:Over the next few weeks, Tesla will be doing a comprehensive review to provide stock option grants for exceptional performance. There will also ben an ongoing program to award spot option grants for anyone who does something outstanding for the company.

Persons: —, Elon Musk, Musk, Tesla, We've, reapprove, Read, Elon Organizations: Service, Business, Reuters Locations: Delaware

☆ Inside the downfall of Henrik Fisker's second automotive startup, which just filed for bankruptcy
▼ + stars: | 2024-06-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +19 min

AdvertisementA Fisker spokesperson said it would be "unfair" to compare the two companies. A Fisker spokesperson denied comments that Henrik took on a more passive role and said he was "deeply involved." AdvertisementA Fisker spokesperson said Magna was responsible for testing and releasing the Ocean and it had been fully certified by regulators in the US and Europe. A Fisker spokesperson pushed back on the comments questioning Henrik's business prowess. For Henrik, whose earlier company, Fisker Automotive, filed for bankruptcy in 2013, his present predicament echoes the past.

Persons: —, Henrik Fisker, Wendy Gruel's, Geeta Gupta, Gupta, Henrik Fisker's, James Bond, Henrik, Fisker, Rivian, Tesla, Phil McCarten, Magna, hadn't, YouTuber, Marques Brownlee, Kurt Mechling, he'd, they'd Organizations: Service, Business, TechCrunch, Aston Martin, BMW Z8, Magna International, Fisker Inc, Apollo Global Management, Tesla, Ford, GM, Magna, Reuters, Fisker, Business Insider, Engineers, Traffic Safety Administration, NHTSA, Technicians, California Bureau of Automotive, BI, New York Stock Exchange, Fisker Automotive Locations: Fisker, Europe, California, Graz, Austria, Panera

☆ Tesla is the biggest stock bubble in history and shares are headed to $15, short seller says
▼ + stars: | 2024-06-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Lekander predicted the EV maker's stock would plunge to $15 a share, implying a 91% decline. Tesla stock represents one of the greatest bubbles in history, he said. Earnings are falling off a cliff," he added, estimating Tesla's earnings could fall as much as 50% this year. Lekander, who has been shorting Tesla stock since 2020, echoed other Tesla bears, who have criticized the stock's lofty valuation and predicted a coming correction. AdvertisementIf the company reports losses for two quarters in a row, the stock could easily see losses in the double-digits, Lekander predicted.

Persons: Lekander, —, Tesla Organizations: EV, Service, Energy, Yahoo Finance

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