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☆ Why this market has left behind direct-to-consumer companies like Warby Parker, AllBirds and Rent the Runway
▼ + stars: | 2024-04-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Direct-to-consumer brands – household names like HelloFresh, Peloton, Allbirds, Stitch Fix, Warby Parker and Rent the Runway, which cut out traditional retailers, wholesalers and other middlemen – have been falling. Investors shied away from high-growth stocks and retreated into companies with solid fundamentals and, most importantly, lots of profit. The problem is that none of these direct-to-consumer (DTC) companies have managed to make the transition to profitability themselves. Rent the Runway was down $114 million, and mattress company Purple lost about $121 million. Other companies, like SmileDirectClub, which went public in 2019, and Winc, a wine subscription company that went public in 2021, have declared bankruptcy.

Persons: Allbirds, Warby Parker, don’t, they’ll, ”, Ben Cogan, they’ve, Cogan, Casper, “, it’s, Sesame, Michael Botta, Tesla, Chris Isidore, Elon Organizations: New, New York CNN, Agora, CNN, Hubble, Venture, “, Companies, Wonder Group, Durational Capital Management, Costco, Western, Tesla Locations: New York

Tesla’s woes prompt an E.V. reassessmentWall Street has sounded the alarm for weeks that the transition to electric vehicles may be stalling, despite billions in government subsidies and huge investments by auto giants. Tesla’s latest sales figures suggest that the pullback may be worse than thought — and beyond one company’s ability to fix. Tesla’s numbers undershot forecasts. That has contributed to a more than 30 percent decline in Tesla’s stock, which has made it one of the worst performers on the S&P 500 this year.

☆ Tesla sales plunge far more than expected
▼ + stars: | 2024-04-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

Tesla has responded to increased competition by cutting prices. Although Tesla is more profitable than traditional automakers, the price cuts have been squeezing the profit margins that helped boost the stock. But the increased competition in the EV space is a big factor in the decline in demand. In the fourth quarter, Tesla lost the title of the world’s best-selling maker of EVs to Chinese automaker BYD. That has prompted some traditional automakers, such as General Motors and Ford, to pull back on their EV production plans.

Persons: New York CNN — Tesla, Elon, it’s, Tesla, Dan Ives, ” Ives, ” Organizations: New, New York CNN, Western, Tesla, Wedbush Securities, Motors, Ford Locations: New York, Fremont, China, Europe

DETROIT (AP) — Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers. In its letter to investors in January, Tesla predicted “notably lower” sales growth this year. In March it temporarily knocked $1,000 off the Model Y, its top-selling vehicle. During the quarter, Tesla lost production time in Germany after a suspected arson attack cut its power supply. But sales growth slowed toward the end of the year.

Persons: Tesla, FactSet, Dan Ives, ”, Elon Musk, ” Ives, Ives, Itay Organizations: DETROIT, Tesla, Citi, U.S, EV Locations: Austin , Texas, Fremont , California, Red, China, Germany

☆ Tesla’s Sales Drop, a Sign That Its Grip on the E.V. Market Is Slipping
▼ + stars: | 2024-04-02 | by ( Jack Ewing | ) www.nytimes.com time to read: +1 min

The company said it delivered 387,000 cars worldwide in the first quarter, down 8.5 percent from 423,000 vehicles in the same period last year. This was the first time Tesla’s quarterly sales have fallen on a year over year basis since the pandemic started in 2020. The sales figures were also significantly lower than the estimates of Wall Street analysts who had expected a modest increase. The reduced deliveries are the latest sign that Tesla’s dominance of the market for electric cars is slipping. And in the United States, sales of electric cars are not growing as fast as they were a year ago.

Persons: Tesla, Elon Musk Organizations: Elon, Wall Street, Volkswagen, BMW Locations: China, Europe, United States

Politicians and auto executives on both sides of the Atlantic are calling for more protectionist measures. After Tesla lost its crown to BYD as the world’s biggest E.V. Otherwise, the Tesla C.E.O. said, Chinese E.V. The continent’s auto sector employs 13 million people and generates 8 percent of the bloc’s G.D.P.

Persons: China Tesla, —, Warren Buffett, Tesla, Elon Musk, ” Luca de Meo, Vivienne Walt, DealBook, ”, June’s E.U Organizations: Renault Group’s, Airbus Locations: China, Europe, June’s

☆ Electric vehicles are changing how America goes camping
▼ + stars: | 2024-03-31 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +8 min

While still a small minority, campers are more likely to own an electric vehicle than those who don’t go camping, according to a survey by Kampgrounds of America, the nation’s largest campground operator. Only about 1% of Americans currently have an electric vehicle, according to KOA, but about 4% of regular campers do. “We’ve had customers cross coasts, all the way up to Canada, all the way across Canada and back down, all with an electric vehicle,” said Bowlus CEO Geneva Long. Courtesy RivianThe physical layout of most EV chargers can be a challenge for campers. The vast majority of EV chargers are placed at the ends of parking spaces so vehicles have to either pull in, nosing the front bumper up to the charger, or reverse back in.

Persons: I’m, ”, Matt Linn, Linn, Mike Kowal, McKay Featherstone, They’ve, Bowlus, “ We’ve, Geneva, It’s, Toby O’Rourke, KOA, O’Rourke, it’s, Rivian, Sara Eslinger, ” Linn, Rivian’s Elsinger Organizations: CNN, Ford, Rockwood, Thor Industries, Designers, Airstream, KOA, don’t, EV Locations: America, Texas, Central Coast , California, Canada, Yosemite, Big Sur , California, who’s

☆ China’s Xiaomi joins the crowded EV race with ‘dream car’ to take on Tesla
▼ + stars: | 2024-03-28 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Xiaomi formally launched its much-anticipated electric car — the new Speed Ultra 7 (SU7) sedan — on Thursday night in Beijing. “Xiaomi wants to build a ‘dream car’ comparable to Porsche and Tesla,” he said on Weibo Wednesday. On Thursday, Xiaomi announced that prices for SU7 models would range from 215,900 yuan ($29,874) to 299,900 yuan ($41,497). Xiaomi’s SU7 has been on display in showrooms in 29 cities across mainland China since Monday, according to Lei. People look at Xiaomi's first electric vehicle SU7, displayed in a newly opened Xiaomi store in Beijing on March 25, 2024.

Persons: Hong Kong CNN — Xiaomi, Lei Jun, “ Xiaomi, ”, Xiaomi, SU7, Lei, Tingshu Wang, It’s Organizations: Hong Kong CNN, Porsche, Tesla, Weibo, Counterpoint Research, Reuters, Porsche Taycan, Tesla’s Locations: Hong Kong, Beijing, China, EVs

☆ Why Elon Musk Needs China
▼ + stars: | 2024-03-27 | by ( Mara Hvistendahl | ) www.nytimes.com time to read: 1 min

When Elon Musk first set up Tesla’s factory in China, he appeared to have the upper hand. He also got workers accustomed to long hours and fewer protections, after clashing with U.S. regulators over labor conditions at his California plant. The Shanghai factory helped make Tesla the most valuable car company in the world and Mr. Musk ultrarich. Mr. Musk helped create his competition, Chinese E.V. makers that are taking market share and becoming a security concern for the United States and Europe.

Persons: Elon Musk, Tesla, Musk Locations: China, California, Shanghai, United States, Europe

When Elon Musk unveiled the first Chinese-made Teslas in Shanghai in 2020, he went off script and started dancing. Mr. Musk had reason to celebrate. Mr. Musk would build one in Shanghai that would become a flagship, accounting for over half of Tesla’s global deliveries and the bulk of its profits. Mr. Musk initially seemed to have the upper hand in the relationship, securing concessions from China that were rarely offered to foreign businesspeople. Tesla’s China pivot has also tethered Mr. Musk to Beijing in a way that is drawing scrutiny from U.S. policymakers.

Persons: Elon Musk, Musk, Tesla Locations: Shanghai, China, Beijing

☆ BYD’s profit soared 80% in the year the Chinese EV giant overtook Tesla
▼ + stars: | 2024-03-26 | by ( Laura He | Anna Cooban | ) edition.cnn.com time to read: +2 min

Net profit almost doubled to 30 billion yuan ($4.2 billion) last year, from 16.6 billion yuan ($2.3 billion) in 2022, the Shenzhen-based company said Tuesday. BYD sold 525,409 battery electric vehicles (BEVs) during that period, compared with Tesla’s 484,507. In 2023 as a whole, BYD sold a record 3.02 million vehicles globally, up 62% from 2022. Its entry-level model sells in China for the equivalent of just over $10,000; the cheapest Tesla car, a Model 3, costs almost $39,000. But intensifying competition and a brutal price war last year have impacted the profit margins of many Chinese car makers, including BYD.

Persons: London CNN — BYD, That’s, Warren Buffett, BYD, Tesla, Elon Musk’s carmaker Organizations: London CNN, Elon, Tesla, Chinese Passenger Car Association, Geely, Chery, XPeng Motors Locations: Hong Kong, London, Shenzhen, China

☆ Safety regulators probe Ford driver assist features after fatal crash
▼ + stars: | 2024-03-19 | by ( ) edition.cnn.com time to read: +2 min

Washington DC CNN —The National Highway Traffic Safety Administration said on Monday it has opened an investigation into a recent Ford Mustang Mach-E fatal crash in San Antonio, Texas, where authorities suspect an advanced driver assistance system was in use. Driver assistance features are being hailed by automakers as a way to reduce accidents, but federal safety regulators are concerned that over-reliance on the features by drivers could be causing some accidents. While NHTSA has opened more than three dozen Tesla special crash investigations since 2016 where advanced driver assistance systems such as Autopilot were suspected of being used with 20 crash deaths reported, this is NHTSA’s first special crash probe involving a Ford advanced system. NHTSA typically opens more than 100 special crash investigations annually into emerging technologies and other potential auto safety issues. In addition to the NHTSA probe, on Friday, the National Transportation Safety Board opened a separate investigation into the Feb. 24 crash.

Persons: Jeffrey Allen Johnson, Austin, Ford, “, CNN’s Chris Isidore Organizations: Washington DC CNN, Traffic Safety Administration, Ford, NHTSA, National Transportation Safety, NTSB, San, Honda Locations: San Antonio , Texas, San Antonio

☆ Elon Musk details his prescription ketamine use, says investors should want him to ‘keep taking it’
▼ + stars: | 2024-03-18 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

New York CNN —Elon Musk said he is “almost always” sober during his late-night — or, in some cases, very early morning — posting sessions on his social media platform, X. The billionaire Tesla CEO’s comment was made in an interview with journalist Don Lemon, during which Musk discussed his use of the medication ketamine. Musk denied that he overuses the medication, saying, “if you use too much ketamine, you can’t really get work done. Musk previously said advertisers who left X over concerns about antisemitic content could “go f**k yourself” and accused them of killing the company. “If you insist on censorship of the entire platform, even where your advertising doesn’t appear, then obviously we will not want them as an advertiser.”

Persons: New York CNN — Elon Musk, Tesla, Don Lemon, Musk, ” Musk, Lemon, ”, doesn’t, X Musk, “ Organizations: New, New York CNN, Tesla’s, X Locations: New York

☆ How Irish business is winning in the US: It’s not all butter and cheese
▼ + stars: | 2024-03-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Irish companies have to think about being in an Irish domestic market which is frankly, really small, or just going global straightaway. The US is particularly strong for Irish companies; the US economy has held up well. I think Irish companies are very adept at pivoting into what other other countries need and being part of the story. It seems like Irish companies are increasingly becoming job creators in the US. Glanbia Foods, an Irish company that manufactures American-style cheese, now produces one in four slices of cheese consumed in the US.

Persons: Bell, Leo Clancy, Joe Biden, we’ve, it’s, that’s, That’s, We’re, It’s, We’ve, Tesla, Elon Musk’s Tesla, Wells, Colin Langan, ” Langan, Elisabeth Buchwald Organizations: CNN Business, Bell, New York CNN, European Union and International Monetary Fund, Enterprise Ireland, Patrick’s, Entrepreneurship, Federal Reserve, Companies, UBS, Tesla, NAR, National Association of Realtors Locations: New York, Ireland, United States, Jefferson , Wisconsin, America, Irish, Europe, Washington, We’re, automaking, Wells Fargo

☆ What Elon Musk Said in Testy Interview on Don Lemon’s New Show
▼ + stars: | 2024-03-18 | by ( Derrick Bryson Taylor | ) www.nytimes.com time to read: +1 min

The interview was intended to be the debut episode of a new talk show in a partnership between Mr. Lemon and X, but Mr. Musk called off the deal a day after filming the hour-plus interview at Tesla’s headquarters in Austin, Texas. The first episode of “The Don Lemon Show” was streamed on YouTube and posted to Mr. Lemon’s account on X. In the interview, Mr. Musk said that earlier this month he was having breakfast at an unnamed friend’s home in Florida when Mr. Trump came by. Mr. Musk also said he would not loan Mr. Trump money to pay his legal bills.

Persons: Don Lemon’s, Elon Musk, Donald J, Trump, Musk’s, Lemon, Musk, Don Lemon Organizations: Elon, Mr, YouTube Locations: Austin , Texas, Florida

☆ Tesla’s Troubles Raise Questions About Its Invincibility
▼ + stars: | 2024-03-18 | by ( Melissa Eddy | ) www.nytimes.com time to read: +1 min

“They can’t stop us,” Mr. Musk, the company’s chief executive, told workers in a giant tent beside the plant. But there are proliferating signs that Tesla may not be as unstoppable as it once seemed. Chinese automakers and established brands like BMW and Volkswagen are flooding the market with electric cars. Mr. Musk’s many outside ventures, and his penchant for making polarizing political statements and attacking people he disagrees with, have raised questions about how focused he remains on managing Tesla. Wall Street is increasingly concerned about the company: Tesla’s share price has lost one-third of its value this year even as major stock indexes have hit record highs.

Persons: Elon Musk, ” Mr, Musk, Tesla Organizations: BMW, Volkswagen Locations: Tesla’s, Berlin

☆ Federal investigators look into crash of Mustang Mach-E equipped with driver assistance tech
▼ + stars: | 2024-03-18 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Investigators with the National Highway Traffic Safety Administration and National Transportation Safety Board are investigating a fatal crash involving a Ford Mustang Mach-E equipped with advanced driving assistance technology. Ford shows off the new model 2024 Ford Mustang Mach-E GT during the Chicago Auto Show at McCormick Place convention center in Chicago, Illinois on February 8, 2024. Federal investigators are looking at dozens of crashes involving so-called advanced driver assistance, or ADAS, systems. ADAS systems handle basic driving tasks such as keeping the vehicle in its lane while maintaining a safe distance behind vehicles ahead, usually in highway driving only. Fourteen of these systems, including two from Ford, were recently rated by the private Insurance Institute for Highway Safety.

Persons: Jacek Boczarski, Ford, IIHS, Jennifer Homendy Organizations: CNN, National, Traffic Safety Administration, National Transportation Safety, Ford, of Highway Safety, NTSB, Chicago Auto, McCormick, Getty, NHTSA, Wall Street, Federal, General Motors, Volvo, Insurance Institute for Highway Safety Locations: “, San Antonio, Chicago , Illinois, Anadolu, Ford, Texas

☆ Tesla Settles Discrimination Suit With Former Factory Worker
▼ + stars: | 2024-03-15 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: +1 min

Tesla and a former employee have agreed to settle a closely watched lawsuit that cast a harsh light on the carmaker’s treatment of Black workers. Lawyers for Tesla and for Owen Diaz, who worked at the company’s factory in Fremont, Calif., did not disclose the terms of the settlement in a legal filing on Friday. Organ, a lawyer for Mr. Diaz, said in an email, adding that he could not comment further. A supervisor drew a racist caricature near his work station, according to testimony in the case. Tesla did little to discipline the supervisors or address pervasive racism at the factory, the jury found.

Persons: Tesla, Owen Diaz, “, ” Lawrence, Diaz Organizations: Tesla Locations: Fremont , Calif, San Francisco, Tesla’s

☆ Tesla is the worst performing stock in the S&P 500. Analysts say it has further to fall
▼ + stars: | 2024-03-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

The company has been plagued by safety issues and recalls, slowing growth and has even been forced to slash prices. But even with the recent drop in price, Tesla’s stock is still very expensive when compared to its actual earnings and profits, said Langan. The company’s former propensity for rapid growth is no longer certain, he said, and shares likely have further to fall. Wells Fargo has lowered its price target for the stock from $200 to $125, predicting another 25% decrease in value. UBS, meanwhile, has lowered its price target to a more moderate $165 from $225.

Persons: New York CNN — Elon Musk’s Tesla, Wells, Colin Langan, Tesla, ” Langan, Langan, Wells Fargo Organizations: New, New York CNN, Wednesday, UBS, Tesla, Apple, Google, Nvidia, Microsoft Locations: New York, automaking, Wells Fargo

GRUENHEIDE, Germany (AP) — Tesla CEO Elon Musk visited the electric car maker's first European plant Wednesday as production resumed at the factory just outside Berlin about a week after a suspected arson attack cut its power supply. Musk was expected at a “team huddle” with employees at the plant in the Gruenheide municipality, employee council chief Michaela Schmitz told regional broadcaster RBB's Inforadio channel. Production at Tesla’s plant in Gruenheide came to a standstill on Tuesday last week. The power outage came as environmental activists have been protesting in a forest near the plant against plans to expand the facility. That has drawn opposition from environmentalists and some other local groups, who also worry about possible effects on the area’s water supply.

Persons: — Tesla, Elon Musk, Musk, Michaela Schmitz, Schmitz, Tesla Organizations: RBB's, ” Authorities, Volcano Locations: GRUENHEIDE, Germany, Berlin, Gruenheide, Brandenburg

☆ Tesla’s Berlin factory comes back online as power is restored after arson attack
▼ + stars: | 2024-03-12 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London/Berlin CNN —Production at Tesla’s factory near Berlin is gradually resuming after the plant was reconnected to the power grid late on Monday following a week-long closure caused by an arson attack. Now production at the factory should be gradually ramped up, CNN affiliate RTL has reported. Prices in Germany for Model Y vehicles, the only cars manufactured at the factory, start at €44,990 ($49,196). That means a week of output is worth about €324 million ($354 million) in sales for Tesla. An aerial view of the Tesla car plant near Berlin on March 10, 2024.

Persons: E.DIS, ”, Tesla, Odd Andersen, ” Musk, Stephanie Halasz Organizations: Berlin CNN —, CNN, “, RTL, Elon Musk’s, Tesla, EVs, Getty, Volcano Group, Reuters Locations: Berlin, —, Europe, Germany, London

☆ Tesla Autopilot and similar automated driving systems get ‘poor’ rating from prominent safety group
▼ + stars: | 2024-03-11 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

CNN —The Insurance Institute for Highway Safety, which rates cars and SUVs for safety, examined so-called advanced driver assistance systems such as Tesla Autopilot and found them wanting. Of the 14 systems tested by the agency, 11 earned a “poor” rating including Tesla’s Autopilot and so-called Full Self Driving systems. Insurance Institute test drivers also looked at what would happen if the driver became incapacitated with the automated driving system in use. Of the systems tested, only GM’s Super Cruise handled that sort of situation the proper way, according to the Institute. The Insurance Institute will continue to monitor software updates and improvements and will periodically retest the systems, Harkey said.

Persons: ’, David Harkey, Harkey, “, ” Harkey, ” Nissan, Ford, BlueCruise, ” Ford Organizations: CNN, The Insurance Institute for Highway, Ford, Nissan, ”, Insurance, ” Insurance, Traffic, Administration, The Insurance Institute, Institute, The, . Insurance, Cruise, Tesla, GM, Insurance Institute for Highway, Insurance Institute

☆ Toyota’s Hybrid-First Strategy Is Delivering Big Profits
▼ + stars: | 2024-03-09 | by ( Neal E. Boudette | ) www.nytimes.com time to read: +1 min

In today’s high-tech, high-stakes auto industry, fortunes can change quickly, and there’s no better example of that right now than Toyota Motor. Not long ago, it looked as if Toyota had fallen dangerously behind in electric vehicles. Tesla, the electric car pioneer, has grown rapidly and become the world’s most valuable automaker. Toyota, however, was more deliberate — or lethargic, its critics would say. Amid all the enthusiasm for electric vehicles in the last few years, it seemed Toyota just didn’t get it.

Organizations: Toyota, Motors, Ford Motor Locations: United States

☆ Novo Nordisk stock: The company behind Ozempic and Wegovy is now bigger than Tesla
▼ + stars: | 2024-03-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —First, Novo Nordisk, the company behind Ozempic and Wegovy, outgrew its native Denmark. Investors rushed into Novo Nordisk’s stock after the company reported early-stage results from a trial of amycretin, an experimental weight loss drug that can be taken in pill form. Novo Nordisk, once the little-known maker of diabetes drug Ozempic, has ballooned in value as the drug’s off-label use for weight loss has spread. By contrast, shares of Novo Nordisk are up by 30% this year, and by nearly 80% over the past 12 months. The companies have cornered the global market for weight loss drugs that mimic GLP-1, a naturally-occurring hormone that suppresses appetite.

Persons: Grégoire, ”, Jens Naervig Pedersen, “, Tesla, Elon Musk’s Tesla, China’s, Eli Lilly, “ Novo, Lilly, It’s, Musk, Jeff Bezos Organizations: London CNN, Novo Nordisk, Pictet, Management, CNN, US Food and Drug Administration, Nordisk “, Danske Bank, EV, Reuters, “, Amazon, Bloomberg Locations: Novo, Denmark, Novo Nordisk’s, Danish, United States, Berlin, Germany, Europe, Pictet, EVs

☆ Rivian reveals its new, more affordable off-road EVs
▼ + stars: | 2024-03-07 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

Prices for the R2 SUV, which will go on sale in early 2026, will start at around $45,000, Rivian said. That’s something that set the larger R1S apart among electric SUVs, few of which can seat more than five. The Rivian R2. The Rivian R2 and R3 are Rivian’s smaller, more affordable off-road EVs Rivian“For $75,000 I can buy a Mercedes or a BMW, a 100-year-old Europe power house,” he said. Without naming Rivian, Scout chief executive Scott Keogh noted the advantage of Scout’s established brand name.

Persons: CNN — Rivian, Rivian, R.J, Scaringe, It’s, “, ” Scaringe, won’t, Sandeep Rao, ”, Scott Keogh, ” Keogh Organizations: CNN, US EV, BMW, Kia, Hyundai, Volkswagen, Scout, International Harvester Locations: Georgia, Europe, South Carolina

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