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☆ Ark Invest says it believes Tesla will be the first to take robotaxis to scale
▼ + stars: | 2024-06-14 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailArk Invest says it believes Tesla will be the first to take robotaxis to scaleRecurring revenue stream and attractive margins make the robotaxi model a meaningful contribution for Tesla shareholders, according to Tasha Keeney of Ark Invest.

Persons: Tesla, Tasha Keeney Organizations: Ark Invest Locations: Ark

☆ Elon Musk has been draining Tesla's AI talent dry, shareholders allege in lawsuit
▼ + stars: | 2024-06-13 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +4 min

Read previewSome Tesla shareholders allege Elon Musk has been draining Tesla dry in an act of "brazen disloyalty" to his company. The group of shareholders filed a new lawsuit against Musk and Tesla in Delaware, where the company is incorporated, on Thursday. In it, the shareholders accuse Musk of diverting critical AI talent and resources away from Tesla and into his new AI-focused company, xAI. The plaintiffs allege in the suit that Musk has recently touted Tesla as more of an AI company than simply an electric car company. AdvertisementAs for Tesla's board of directors, the shareholders allege they are just bowing down to Musk.

Persons: —, Elon Musk, Musk, hasn't, Tesla, xAI, It's, that's, Musk's Organizations: Service, Musk, Tesla, Business, SEC, Nvidia Locations: Delaware, Tesla

☆ Elon Musk dropped his Open AI lawsuit, but he isn't done with Sam Altman and the AI race yet
▼ + stars: | 2024-06-12 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Read previewElon Musk might have withdrawn his lawsuit against OpenAI and its cofounders on Tuesday, but he certainly isn't giving up on winning the AI race just yet. Musk cofounded OpenAI with its current CEO, Sam Altman, but left its board in 2018. Shortly after the announcement, Musk threatened to prohibit Apple devices at his companies. "If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies," Musk wrote in an X post. Related storiesRepresentatives for Musk and OpenAI did not immediately respond to requests for comment from BI sent outside regular business hours.

Persons: —, Elon, OpenAI, Musk, Sam Altman, Altman, David Hoffman, BI's Grace Kay, Tesla, it's Organizations: Service, OpenAI, Microsoft, Business, Apple, Musk, BI, University of Pennsylvania, Tesla Locations: Altman's court

☆ Ron Baron says he can't put a top on how much money Tesla will make him because of robotics future
▼ + stars: | 2024-06-05 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Ron Baron, a longtime Tesla champion, believes the electric vehicle's robotics business will be hugely profitable and it's not yet priced in the stock. Tesla is in the middle of developing autonomous vehicles and humanoid robots with CEO Elon Musk 's vision to make his firm "a leader in AI & robotics." "We're going to get charged every year for software, for using your robot, it's going to keep getting better and better and better," Baron said. Robotics, you're going to be a really big deal for Tesla. Tesla is the biggest holding in Baron's oldest and biggest fund, Baron Partners Fund (BPTIX), accounting for nearly 30% of the portfolio.

Persons: Ron Baron, Tesla, Elon Musk, Musk, Baron Organizations: Baron Capital, EV, Robotics, Tesla, Baron Partners Fund Locations: Baron's

☆ Tesla shares to tumble 30% as investors fail to buy into Musk's autonomy vision, says Guggenheim
▼ + stars: | 2024-06-04 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Tesla investors may be in for some more pain ahead if the market fails to adopt Elon Musk's dream of an autonomous future, according to Guggenheim. He retained his $126 price target and sell rating on the electric vehicle stock, reflecting about 29% downside from Monday's close. Shares have already tumbled 29% this year amid rising China competition and weak demand. TSLA YTD mountain Shares this year How Tesla fares going forward depends heavily on Musk and the company's foray into autonomous vehicles, Jewsikow wrote. Jewsikow also lowered his second-quarter delivery estimates to 409,000 from 440,000, citing the lack of a "credible path to 2024 volume growth" and weak quarterly data.

Persons: Elon, Tesla, Ronald Jewsikow, Jewsikow, bullish Organizations: Guggenheim Locations: China

Meta 's chief artificial intelligence scientist Yann LeCun has spent much of the past week sparring with Elon Musk over the Tesla CEO's treatment of scientists and news organizations, and for spreading false conspiracies on social media. The spat began days earlier, on May 27, after Musk took to X to encourage people to apply for roles at his AI startup, xAI. Musk, who has previously called for the prosecution of Fauci, posted on X, "Why do Dems love Fauci so much." Musk said in a post on X Monday that LeCun has been "out of touch with AI for a long time." "I'm sure the scientists who hide behind this collective name are super happy about that," LeCun said on X.

Persons: Yann LeCun, Elon Musk, LeCun, Musk, Anthony Fauci, Fauci, Mark Zuckerberg, Bill Gates, Investor Mark Cuban, Dustin Moskovitz, Musk's, Tesla, hasn't, He's Organizations: Elon, Google, Microsoft, Meta, Investor, Diversity, Equity, LeCun, Medical Internet Research, Trump Locations: xAI

☆ China's capital city is opening a robotaxi route to a major train station, startup Pony.ai says
▼ + stars: | 2024-05-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Robotaxi operator Pony.ai has begun testing rides with human staff inside between a suburb of Beijing and a major high-speed train station. By the end of this year or early next year, Zhang expects the train station route will be fully driverless, with no human staff inside. BEIJING — In three years, China's capital city of Beijing has taken rapid steps toward letting robotaxis operate closer to the city center. By the end of this year, Zhang expects the city will allow robotaxi operation around Beijing Capital International Airport to the north. In three to five years, Zhang expects Beijing will allow robotaxis throughout the city.

Persons: Pony.ai, Zhang, Ning Zhang, WeRide Organizations: Beijing South Railway, CNBC, BEIJING —, Daxing International, Baidu, Beijing Capital International Airport, Toyota Locations: Beijing, Yizhuang, Pony.ai, BEIJING, China

☆ Pony.ai plans to begin Robotaxi services by 2025
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPony.ai plans to begin Robotaxi services by 2025Evelyn Cheng reports on the developments of Pony.ai's robotaxis.

Persons: Evelyn Cheng

☆ Now you can invest in Elon Musk's xAI through Cathie Wood's ARK Venture Fund
▼ + stars: | 2024-05-29 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Cathie Wood's ARK Invest has taken a stake in Elon Musk's startup xAI as she deepens her big bet on artificial intelligence. ARK Venture Fund has invested in xAI as of Sunday, the St. Petersburg, Florida-based asset manager said in an email to clients Tuesday evening. The xAI startup is also not the only Musk-led company Wood's venture fund bets on. The venture fund, launched in September 2022, targets smaller investors who can access the venture capital market through it with as little as $500. The xAI startup is reportedly planning to build a supercomputer to power the next version of its AI chatbot Grok.

Persons: Catherine Wood, Musk, Wood, Tesla Organizations: ARK Investment Management LLC, ARK Venture Fund, SpaceX, X Corp, Twitter, Microsoft, Google, Innovation Locations: Miami , Florida, U.S, Elon Musk's, xAI, St . Petersburg , Florida, OpenAI

☆ GM CEO Mary Barra says she has no plans to retire soon as automaker's transformation continues
▼ + stars: | 2024-05-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors CEO and Chair Mary Barra on Thursday said she has no plans to retire any time soon as she tries to ensure the company's transformation is on "a good path." Barra, who is the longest tenured CEO outside of the company's founder, has been asked about retirement for several years. "I'm having a lot of fun, and I want to make sure we have our transformation on a good path," she said during a fireside chat at a Detroit Economic Club meeting. Barra reiterated she serves at the pleasure of the GM board and that she continues to have "fun." Cruise and EVs, along with software-defined vehicles and services, have been among the largest potential growth areas under Barra, who became CEO in January 2014.

Persons: Mary Barra, Barra, I've, Cruise Organizations: Economic, Washington, DETROIT – General, GM, Detroit Locations: Washington , U.S, DETROIT, San Francisco, Barra

☆ As Tesla layoffs continue, here are 600 jobs the company cut in California
▼ + stars: | 2024-05-17 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +4 min

In an aerial view, brand new Tesla cars sit parked in a lot at the Tesla Fremont Factory on April 24, 2024 in Fremont, California. Faced with weakening demand for Tesla EVs and increased competition, the company has been slashing headcount since at least January. Previous filings revealed that Tesla would cut more than 6,300 jobs across California, Austin, Texas and Buffalo, New York. The WARN filing shows that to be the case, with many cut from the team at Tesla's Hanover Street location in Palo Alto. Read the latest WARN filing in California here:

Persons: —, Elon Musk, Tesla, Musk, Kato, CNBC's David Faber Organizations: Fremont Factory, California Employment Development Department, CNBC, Tesla, Tesla's, American, Twitter Locations: Fremont , California, California, Fremont, Palo Alto, Austin , Texas, Buffalo , New York, Tesla's Hanover, China, robotaxis, U.S

☆ Baidu’s robotaxi unit expects to turn profitable next year
▼ + stars: | 2024-05-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

A driverless robotaxi autonomous vehicle developed by Baidu Apollo driving along a street in Beijing. SHANGHAI — Chinese tech company Baidu said Wednesday its Apollo Go robotaxi arm expects to turn profitable next year. The projection comes as Elon Musk has emphasized his plans to build up Tesla's robotaxi efforts amid a decline in revenue. Baidu on Wednesday announced Apollo's 6th generation robotaxi will cost around 200,000 yuan ($28,169) — or less than half that of the prior generation, the company said. Others in the auto industry remain more skeptical about fully driverless cars, which require broad regulatory approval in order to operate.

Persons: Elon Musk, Apollo, Baidu, Brian Gu Organizations: Baidu, Wednesday, China Securities Regulatory Commission, Xpeng Locations: Beijing, SHANGHAI, Wuhan, China

☆ Amazon's Zoox under investigation by NHTSA after two robotaxi crashes
▼ + stars: | 2024-05-13 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

U.S. safety regulators have opened a probe into Amazon -owned robotaxi venture Zoox after two of its autonomous SUVs braked suddenly and were rear-ended by motorcyclists. In both cases, motorcyclists collided into the Zoox vehicles, which led to minor injuries. NHTSA said it confirmed each of the Zoox cars were operating in autonomous mode when the incidents occurred. Both of the collisions took place during the daytime and within the operational design limits of Zoox's autonomous system. Last March, the agency said it would investigate Zoox's self-certification in 2022 that its robotaxi met federal safety standards.

Persons: braked, Zoox Organizations: Toyota, Amazon.com, Consumer Electronics, Traffic Safety Administration, Toyota Highlanders, NHTSA, Amazon Locations: Las Vegas , Nevada, crosswalks, Zoox, Foster City , California

☆ US regulators probe Amazon-backed Zoox after 2 of its cars unexpectedly braked and caused crashes
▼ + stars: | 2024-05-13 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAnother self-driving car company is facing an investigation over safety concerns. Related storiesZoox is the latest company to face questions from regulators over the safety of its self-driving technology. Zoox unveiled its first electric robotaxi in 2020, a "carriage-style" vehicle without a steering wheel. The company has been testing it in California, with the ambition of launching an autonomous ride-hailing service in the future.

Persons: —, Tesla, Elon, Cruise, General Motors —, Zoox Organizations: Service, Traffic Safety Administration, Amazon, Reuters, Business, Toyota, NHTSA, General, Zoox Locations: California

☆ Tesla will drop 70% after robotaxi and AI ambitions stop shielding a failing business, 'Big Short' investor says
▼ + stars: | 2024-05-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

"Big Short" investor Danny Moses is still betting against Tesla stock and expects it to fall to $50. Tesla's focus on Robotaxis and AI is a distraction from its "falling apart" core business, he told CNBC. AdvertisementTesla's stock is cruising toward a steep correction, and will see a drop-off that even new tech initiatives can't steer around, investor Danny Moses told CNBC. The Moses Ventures founder revealed a Tesla short last year, sparked by a frustration over CEO Elon Musk's purchase of X, formerly Twitter. While Moses holds Tesla as his primary short, he touted a separate autonomous driving firm called Wayve.

Persons: Danny Moses, Moses, —, Tesla, Elon Musk's, Bill Gates Organizations: CNBC, DOJ, Service, Moses Ventures, Elon, Department of Justice, Nvidia

☆ 'Big Short' trader Danny Moses is still betting against Tesla, says core business is 'falling apart'
▼ + stars: | 2024-05-12 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

Tesla shares are still vulnerable to a big decline ahead, according to investor Danny Moses of "The Big Short" fame . Even with the electric-vehicle maker's stock down 32% so far this year, Moses is sticking with his Tesla short. "Everything is kind of falling apart in their core business," the Moses Ventures founder told CNBC's " Fast Money " on Thursday. Moses, who is known for successfully betting against the housing market before its 2008 implosion, had the $50 short on Tesla last November, too. Moses expects Wayve, an autonomous driving company, to emerge as a serious competitor to Tesla.

Persons: Danny Moses, Moses, CNBC's, Elon Musk, Tesla, Wayve, CNBC's Anna Gleason Organizations: Moses Ventures, Tesla, Nvidia, Microsoft Locations: Wayve

☆ China would welcome Tesla's robotaxi tests in the country, state media report says
▼ + stars: | 2024-05-08 | by ( Eunice Yoon | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina would welcome Tesla's robotaxi tests in the country, state media report saysCNBC's Eunice Yoon joins 'Squawk Box' from Beijing with the latest news.

Persons: Eunice Yoon Locations: Beijing

☆ Chinese officials reportedly welcome Tesla's robotaxi tests
▼ + stars: | 2024-05-08 | by ( Eunice Yoon | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChinese officials reportedly welcome Tesla's robotaxi testsEunice Yoon joins 'Squawk on the Street' to discuss China welcoming Tesla to run its tests of 'robotaxi' in the country.

Persons: Eunice Yoon, Tesla Locations: China

☆ Tesla Chairwoman Robyn Denholm has sold over $50 million worth of stock in 2024
▼ + stars: | 2024-05-07 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Tesla Chairwoman Robyn Denholm has just sold $17.3 million worth of her shares in the electric vehicle maker, according to a filing Monday, bringing her total stock sales this year to more than $50 million. Former Tesla Senior Vice President Drew Baglino, who announced his resignation in mid-April, sold shares worth around $181.5 million soon after his departure, according to a filing. In Denholm's early years on the Tesla board, she served on the audit committee. Before joining the Tesla board, Denholm served in executive roles at Sun Microsystems, and in finance roles at Toyota in Australia and at accounting firm Arthur Andersen. In her opinion, Chancellor Kathaleen McCormick wrote that by serving on Tesla's board, Denholm received "life-changing" compensation, which "far exceeded the compensation she received from other sources."

Persons: Robyn Denholm, Tesla, Denholm, Drew Baglino, Kathleen Wilson, Thompson, Elon Musk, hasn't, Musk, Arthur Andersen, —, Chancellor Kathaleen McCormick Organizations: Tesla Inc, American, of Commerce, Tesla, SEC, Sun Microsystems, Toyota Locations: Australia, Sydney, what's, Delaware

☆ Elon Musk is tightening his grip on Tesla
▼ + stars: | 2024-05-06 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

Top Tesla exec Tom Zhu has been redeployed to China, Electrek reports. Several other top execs have left Elon Musk's company. Musk is consolidating power at Tesla as a vote over his $47 billion pay package looms. AdvertisementOne of Tesla's top executives has been reassigned to China in another sign that Elon Musk is tightening his grip on the electric carmaker. Prior to the move, Zhu had assumed more responsibilities at Tesla as Musk was increasingly occupied by X, according to Electrek.

Persons: Tom Zhu, —, Elon, Elon Musk —, Zhu, Musk, Zhu —, Tesla, Drew Baglino, Rohan Patel, That's Organizations: Elon Musk's, Service, China, X, Reuters, North, Business, Street Locations: China, Shanghai, Delaware

☆ These are the kinds of San Francisco roads Tesla's FSD had a hard time dealing with, report says
▼ + stars: | 2024-05-05 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +7 min

It's unclear if other aspects of Sunset's grid trip up Tesla's FSD more than other San Francisco neighborhoods. A Tesla makes an unprotected left turn on Lincoln Way, a major road in San Francisco's Sunset District. Another street that was once notoriously difficult for Tesla's FSD to work in was Lombard Street, a steep and windy road northwest of San Francisco. When asked about using the FSD feature in the Sunset, she told BI that she had "no problems" with it. AdvertisementA Tesla parked in San Francisco's Sunset District, where company employees rigorously tested the car's Full Self-Driving technology, according to a report.

Persons: Tesla, —, Elon Musk's, Musk's, Lloyd Lee, FSD, Francisco's, Tayfun, John Bernal, Musk, Walter Huang Organizations: The, Service, X, Railway, San, Sunset District, Lincoln, BI, Anadolu Agency, Getty, Tesla, Washington Post, P Global Mobility, California Department of Motor Vehicles, Los Angeles Times Locations: Sunset, San Francisco, city's, Judah, San Francisco Municipal, Lincoln, Francisco, San, San Francisco San Francisco, Lombard

☆ Tesla retreats from next-generation ‘gigacasting’ manufacturing process
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: +4 min

Employees of the Tesla Gigafactory Berlin Brandenburg work on a production line of a Model Y electric vehicle. Tesla has backed away from an ambitious plan for innovations in gigacasting, its pioneering manufacturing process, according to two sources familiar with the matter, in another sign that the electric-vehicle maker is retrenching amid falling sales and rising competition. Tesla has been a leader in gigacasting, a cutting-edge technique that uses huge presses with thousands of tons of clamping pressure to die-cast large sections of the car's underbody. One of the two sources familiar with the automaker's gigacasting operations said the suppliers involved are now adapting Tesla's three-piece process for the next-generation vehicle. Both sources said the automaker decided last autumn to halt work on the more innovative and difficult one-piece casting process.

Persons: Tesla, Elon Musk Organizations: Tesla, Brandenburg, Reuters Locations: gigacasting

☆ Tesla's plans to launch full self-driving tech in China could add $2 billion in earnings by 2030 and boost its stock
▼ + stars: | 2024-04-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Tesla's roll out of full-self driving technology in China could earn it over $2 billion by 2030, Bank of America said. AdvertisementTesla's success in getting China to approve its full self-driving technology could rev up the firm's earnings this decade, Bank of America said. AdvertisementOnce the technology rolls out, Tesla could charge Chinese FSD users around $99 a month, based on its US pricing. Rising competition in the country could spur Tesla to do this. Aside from the China FSD deal, Tesla's stock will also benefit from the August Robotaxi event, a fresh product in 2025, and the possible licensing of FSD.

Persons: Tesla, —, Elon Musk's Organizations: Bank of America, Service, ., Baidu, Tesla, . Bank of America Locations: China, Beijing, .

☆ Elon Musk says he picked Tesla robotaxi's August 8 launch date because it's a lucky number in China
▼ + stars: | 2024-04-30 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

The date, Elon Musk says, was chosen partly because it is a "lucky number in China." AdvertisementTesla CEO Elon Musk might've been hoping for some much-needed good fortune when he picked the robotaxi's projected August 8 launch date. "I did partly pick it because 8/8 is a lucky number in China!" The date, Musk added, was also chosen because it is the birthday of his triplets. Musk fathered the triplets — Kai, Saxon, and Damian — with his first wife, Justine Musk.

Persons: Tesla, Elon Musk, —, Elon Musk might've, Michel de Guilhermier, Musk, — Kai, Damian —, Justine Musk Organizations: Service Locations: China

☆ Here are Monday's biggest analyst calls: Apple, Nvidia, AT&T, Tesla, Shopify, Super Micro Computer and more
▼ + stars: | 2024-04-29 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Evercore ISI reiterates Tesla as in line Evercore ISI lowered its price target on Tesla to $145 per share from $155. Barclays upgrades AT & T to overweight from equal weight Barclays sees "growth quality" for the telecommunications and wireless provider. Barclays downgrades Lululemon to equal weight from overweight Barclays downgraded the maker of athleisure wear due to rising competition. "We initiate coverage of Dave Inc. with a Market Outperform rating and $70 price target representing ~65% upside from the current price." "We are upgrading GWW from EW to OW, while raising our price target from $1,000 to $1,250."

Persons: Evercore, Tesla, Jefferies, LUV, Lululemon, LULU, Dave, Oppenheimer, Instacart, Bernstein, Goldman Sachs, William Blair, Eastman, Morgan Stanley, Berenberg, Melius, Price, Stephens, Grainger Organizations: Airlines, Jefferies, Southwest Airlines, Dynamics, Barclays, Dave Inc, JPMorgan, CART, Apple, Eastman Chemical, Arista Networks, Nvidia, Data, Citi Locations: Americas, China, Tulsa , Oklahoma, Kingsport , Tennessee

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