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☆ Without the threat of EVs it's easier for crude prices to keep climbing, says Jim Cramer
▼ + stars: | 2023-08-09 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Without the threat of EVs it's easier for crude prices to keep climbing, says Jim Cramer'Mad Money' host Jim Cramer talks crude oil prices, the EV market and how to trade in the energy space right now.

Persons: Jim Cramer Organizations: EV

☆ 2025 Escalade IQ joins Cadillac’s growing all-electric family
▼ + stars: | 2023-08-09 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

The Escalade IQ borrows styling cues from the Celestiq, as well as its 55-inch panoramic display screen. Escalade IQ will overlap with and eventually replace the combustion-engine Escalade. The dimensions of the electric Escalade are close to those of the long-wheelbase Escalade ESV. The Escalade IQ is about three inches shorter, while the wheelbase is two inches longer. Cadillac has not provided a weight estimate for the Escalade IQ, but the current Escalade ESV weighs nearly three tons.

Persons: General Motors, We’ll, ” Cadillac, John Roth, Optiq, Roth, Today's Escalade, Paul Lienert, Bernadette Baum Organizations: General, Cadillac, GM, GMC, Thomson Locations: Detroit

☆ 'Long path to profitability:' What analysts are saying about Rivian's second-quarter numbers
▼ + stars: | 2023-08-09 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

RIVN YTD mountain RIvian in 2023 But while analysts noted Rivian is on the right track, they still see headwinds that can keep the stock price at bay. However, his price target implies 3% downside from Tuesday's close. He raised his price target to $23 from $18, but that still implies downside of 7.3% over the next 12 months. JPMorgan's Ryan Brinkman is also neutral on Rivian stock, albeit with a $19 per share price target. The analyst reiterated a buy rating on Rivian stock with a $40 per share price target, equating to about 61% upside from Tuesday's close.

Persons: Rivian, Morgan Stanley's Adam Jonas, Jonas, Goldman Sachs, Mark Delaney, Delaney, JPMorgan's Ryan Brinkman, Brinkman, Bank of America's John Murphy, RIVN, Murphy, Michael Bloom Organizations: Bank of America's Locations: North America

☆ Auto execs still don't think the Tesla sales model will catch on
▼ + stars: | 2023-08-09 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Most automakers sell cars with a traditional franchise model, while Tesla sells direct-to-consumer. Auto executives still don't think the Tesla sales model will catch on — despite some pretty substantial shifts in the auto retail space already taking place. Automaker demands put some dealers on the chopping blockBut it's been a huge debate in the industry as auto dealers are a strong lobbying force, so much so that Florida Gov. Ron DeSantis banned direct-to-consumer car sales in the state, with the exception of Tesla and EV startups that never had franchised dealers. Kerrigan experts have suggested this might be one way auto manufacturers are attempting to push out their dealerships amid the EV transition.

Persons: Tesla, Kerrigan, Jim Farley, Ron DeSantis, —, Jessica Caldwell, Edmunds, Dave Thomas Organizations: Morning, Auto, Kerrigan Advisors, EV, Reuters, Florida Gov Locations: Florida

☆ GM still struggling to build EVs, sees margin growth ahead for Cruise-CFO
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File PhotoAug 9 (Reuters) - General Motors (GM.N) is still struggling to ramp up production of electric vehicles, a top executive said on Wednesday. Jacobson said GM had built more than 1,000 Lyriqs in July -- still well below the company's initial expectations. In the first six months this year, GM delivered fewer than 2,400 Lyriqs to customers, as it struggled with batteries and other issues. Reporting by Paul Lienert in Detroit, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Morgan, Paul Jacobson, Mary Barra, Jacobson, Paul Lienert, Deepa Babington Organizations: General Motors, REUTERS, GM, Cadillac, Thomson Locations: Detroit , Michigan, U.S, Hill , Tennessee, Detroit

☆ Here's a first look at GM's new all-electric Cadillac Escalade IQ, starting at $130,000
▼ + stars: | 2023-08-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

GM President Mark Reuss during the reveal of the all-electric 2025 Cadillac Escalade IQ on Aug. 9, 2023 in New York City. Michael Wayland / CNBCThe Escalade IQ is the first – and most important – traditional Cadillac model to be released as an EV. 'It's American luxury'The Escalade IQ features a much smoother, more aerodynamic exterior than the current Escalade, with overall styling more similar to Cadillac's current EVs than its gas- and diesel-powered siblings. Powerful, fast chargingThe Escalade IQ will feature up to 750 horsepower and 785 pound-feet of torque with a performance "Velocity Max" mode. The Escalade IQ features a host of standard safety and convenience features, including GM's Super Cruise hands-free highway driving system and an available 40-speaker KG audio system.

Persons: Cadillac Escalade, Mark Reuss, Michael Wayland, It's, Reuss, haven't, Michael Simcoe, Tyson Jominy, Escalade, Mandi Damman Organizations: Cadillac, Motors, Detroit, GM, EV, CNBC, GMC Hummer, Chevrolet Silverado, Cruise, Arlington Assembly, Chevrolet, GMC Locations: New York City, Detroit, Texas

☆ South Korea's Hyundai to launch more EVs in India
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/File PhotoBENGALURU, Aug 8 (Reuters) - South Korea's Hyundai Motor Group said on Tuesday it plans to launch more electric vehicles (EVs) under the Hyundai (005380.KS) and Kia (000270.KS) brands in India, in a sign that it is betting big on the world's third-largest auto market. Hyundai has already laid out plans to invest $2.45 billion to beef up EV production in the country, and is bullish on the local appetite for EVS. "The country is becoming an increasingly important center for electric vehicle production and sales," Hyundai said. That could include Teslas, with the Elon Musk-run company (TSLA.O) planning to sell locally made EVs, starting at $24,000.

Persons: Andrew Kelly, Kia, Hritam Mukherjee, Nandan, Savio D'Souza Organizations: Hyundai Motor, New York, REUTERS, Hyundai, Kia, EV, Hyundai Motor Group, Elon, Thomson Locations: Manhattan , New York City, U.S, BENGALURU, India, Bengaluru

☆ A Miami Gen Zer skipped traditional college and kicked off his career with a 2-year training program. Now he works at Ford and is certified to service EVs.
▼ + stars: | 2023-08-08 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Carlos Bonilla, 22, enrolled in a two-year automotive technician training program with Ford. According to Bonilla's tuition bills viewed by Insider, he paid roughly $9,000, and it was not reimbursed. As a result, the ASSET program has incorporated more electric vehicle instruction into its curriculum, a Ford representative told Insider. Even though he's done with the program, Bonilla has had other opportunities to continue his education in the field. He said his dealer paid for him to get a variety of certifications, including one that allows him to work on hybrid and electric vehicles.

Persons: Carlos Bonilla, —, Carlos Bonilla Carlos Bonilla, Bonilla, Carlos Bonilla Carlos Bonilla Bonilla, He's, he'll, he's Organizations: Ford, Service, Lincoln, Royal Lincoln, of Labor Statistics Locations: Wall, Silicon, Miami, doesn't

☆ Rivian raises 2023 EV production guidance, posts narrower-than-expected quarterly loss
▼ + stars: | 2023-08-08 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Revenue: $1.12 billion vs. $1 billion expected. A year ago, Rivian reported a net loss of $1.71 billion, or $1.89 per share. On an adjusted basis, Rivian reported a loss of $1.02 billion, or $1.08 per share. Capital expenditures in the second quarter were $255 million, versus $359 million in the same period last year. Rivian raised its full-year production guidance.

Persons: Rivian Organizations: Rivian Automotive, Refinitiv, Revenue, Amazon Locations: Normal, Ill, capex, Normal , Illinois

☆ Electric Cadillac Escalade to test GM's EV strategy, cash machine
▼ + stars: | 2023-08-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

The Escalade IQ is the first – and most important – traditional Cadillac model to be released as an EV. The automaker plans to initially sell the new electric Escalade IQ alongside the current traditional models. A close-up of the illuminated front end of the electric Cadillac Escalade IQ, including a black crystal shield badge. CadillacA teaser video released by GM of the Escalade IQ appears to have more design elements similar to the automaker's Cadillac Lyriq and Cadillac Celestiq than the traditional Escalade. The first-generation Cadillac Escalade was produced from 1998 through 2000 by General Motors.

Persons: Escalade, Mary Barra, It's, Tyson Jominy, John Roth, Roth, Edmunds, Michael Simcoe, Steve Fecht, Rory Harvey, Wayne Cherry Organizations: Motors, GM, General Motors, Cadillac, CNBC, U.S, Auto, Benz, Ferrari, Lamborghini, Cadillac's, GM Tech Center, General Motors GM, GM North America, GMC Hummer, Chevrolet Silverado, Cruise, Arlington Assembly, Chevrolet, GMC, ICE Locations: New York City, Cadillac's U.S, U.S, Warren , Michigan, Detroit, Texas, Simcoe

☆ I took 2 500-mile drives in electric SUVs and experienced the good, the bad, and the ugly of EV road tripping
▼ + stars: | 2023-08-07 | by ( Tim Levin | ) www.businessinsider.com time to read: +8 min

I took two 500-mile mini road trips this year in two different electric SUVs. Here's what I learned during my adventures in the Toyota BZ4X and Genesis GV60. At their worst, EV road trips can be frustratingly long and stressful ordeals. Charging can take a frustratingly long time in the wrong carThe 2023 Toyota bZ4X AWD Limited charging. I learned charging slowly while you're parked can make EV road trips more seamless.

Persons: Tim Levin, — Organizations: Toyota, Morning, EV, Toyota bZ4X AWD, DC, Consumer Locations: New York City, Washington, Cape Cod, Washington ,, New York

☆ Vietnam's EV ownership will see 'strong growth' in 2023, says new report
▼ + stars: | 2023-08-07 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Vietnam's electric vehicle market appears poised for rapid expansion in the next decade, but there could be significant headwinds blunting that growth. According to BMI Research, a Fitch Solutions research unit, passenger EV sales in the country is expected to at least double this year. "In 2023, we expect passenger EV sales to expand by 114.8% year-on-year to reach around 18,000 units," said BMI's report published Thursday. Specifically, sales for battery electric vehicle (BEV) could surge by 104.4% compared to the previous year to nearly 17,000 units, the report said. The penetration rate for passenger EVs — defined as passenger EV sales as a percentage of the country's total passenger vehicle sales — is set to increase to 13.6% by 2030.

Persons: BEV Organizations: BMI Research, Fitch Solutions, Vietnam Automobile Manufacturers Association, Electric Locations: Vietnam, That's

☆ EV startup Fisker revealed plans for a four-door convertible supercar with a Tesla-crushing 600 miles of range
▼ + stars: | 2023-08-06 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

Electric-car startup Fisker unveiled three brand-new models on Thursday. Fisker wants the $385,000 car to have at least 600 miles of range, more than any other EV out there. Well what if you could drive, say, 600 miles before filling up? US electric-car startup Fisker claims buyers of its upcoming Rōnin supercar will be able to do just that. FiskerFisker's goal of at least 600 miles of range is significantly more than any EV available today.

Persons: Fisker, Elon Musk, Mercedes Organizations: Tesla, EPA Locations: Alaska

☆ GM vows to boost jobs next year despite EV shift
▼ + stars: | 2023-08-04 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

GM, Ford Motor (F.N) and Chrysler-parent Stellantis last month opened contract talks with the United Auto Workers (UAW) union ahead of the Sept. 14 expiration of the current four-year labor deals. GM manufacturing chief, Gerald Johnson, said on Friday he did not agree it would need fewer workers for EV production. Separately, CFRA Research on Friday downgraded GM on concerns about a possible strike after the UAW sought large pay and benefit hikes. The UAW wants new limits on temporary workers and for them to receive profit sharing. Sources said the union wants the companies to agree to the equivalent of a paid day-off per week, at a time of growing trials globally of a four-day working week.

Persons: Joe Biden, Jonathan Ernst, autoworkers, Gerald Johnson, Johnson, Ford, Stellantis, Shawn Fain, David Shepardson, Marguerita Choy Organizations: Hummer, Motors, REUTERS, General Motors, GM, Ford Motor, Chrysler, United Auto Workers, UAW, EV, Research, Company, U.S, Thomson Locations: Detroit , Michigan, U.S

REUTERS/Mike Blake/File PhotoWASHINGTON, Aug 3 (Reuters) - The United States should extend electric vehicle tax credit benefits to Vietnam if it wants to encourage a landmark investment from the country in U.S.-based manufacturing, the head of the main U.S. business lobby for Southeast Asia said. Rules included in the U.S. Inflation Reduction Act (IRA) aimed at reducing U.S. dependence on Chinese EV battery supply chains currently only benefit countries that have free trade agreements with Washington - a list that excludes Vietnam. VinFast responded to President Joe Biden's call for electric vehicles to be manufactured in the United States, Osius told Reuters in an interview on Thursday, "Now they will have some asks. They will want to be part of the EV supply chain and they won't want to be discriminated against in favor of other EV producers." The United States signed a deal in March with Japan on critical minerals that ensures Japanese cars will benefit from the tax credit.

Persons: Mike Blake, Ted Osius, VinFast, Joe Biden's, Osius, EVs, Biden, Donald Trump, David Brunnstrom, Simon Lewis, David Shepardson, Don Durfee, Diane Craft Organizations: Los Angeles Auto, REUTERS, EV, Washington, VinFast, U.S, U.S ., ASEAN Business Council, Reuters, United, EU, Economic, Thomson Locations: Los Angeles , California, U.S, United States, Vietnam, Southeast Asia, North Carolina, Japan, Britain, New Delhi, China, Washington, Indonesia, Asia, Pacific

☆ Automakers promote advanced tech to compete in China — the world's top EV market
▼ + stars: | 2023-08-04 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Global electric vehicle makers are tapping advanced technology to vie with each other and domestic brands in the intensively competitive Chinese market. China is the world's largest EV market with 5.9 million units sold in 2022, capturing 59% of EVs sold globally, according to Canalys. Counterpoint Research data showed that domestic brands command 81% of the EV market, with BYD, Wuling, Chery, Changan and GAC among the top players. BofA Securities in a May report said it expects China to still be the world's largest EV market in 2025, standing at 40%-45% market share. China EV products are much more competitive than before, and China will continue to see EV penetration expanding, in our view," said the BofA Securities analysts.

Persons: EVs, Canalys Organizations: Inc, Shanghai Auto Show, Global, EV, Chery, Changan, GAC, BofA Securities, China EV Locations: Shanghai, China

☆ Tesla is facing a lawsuit from customers who claim the company exaggerated vehicles driving range, citing a bombshell press report
▼ + stars: | 2023-08-04 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Tesla is facing a lawsuit from customers over its vehicles' driving range estimates. The lawsuit cites a Reuters investigation which found the carmaker had exaggerated its cars' range. Tesla is facing a lawsuit from some customers over its vehicles' driving range estimates. The lawsuit cites a Reuters investigation which found that the carmaker had exaggerated vehicles' driving range, the distance cars can travel before needing to recharge. The suit claims driving range is "one of the most important features" for consumers purchasing an electric vehicle.

Persons: Tesla, James Porter Organizations: Reuters Locations: Las Vegas

The squeeze has already claimed its first casualty in electric truck maker Lordstown Motors (RIDEQ.PK), which filed for bankruptcy in June. Companies including Lucid (LCID.O) and Nikola (NKLA.O) are likely to report another quarter of steep cash burn, as they continue to struggle with production and demand. Nikola, which reiterated a going-concern warning in May, is expected to report a 15% decline in revenue and widening losses on Friday. Its shares have rallied nearly 40% this year as the company attempts to reduce its cash burn with layoffs and the liquidation of a recently acquired battery business. But the company missed its production target in the quarter due to a parts shortage.

Persons: Thomas Peter, Tesla, Nikola, Thomas Hayes, Hayes, Needham, Chris Pierce, Akash Sriram, Sayantani Ghosh, Devika Organizations: REUTERS, Ford, Lordstown, Rivian, Visible Alpha, Saudi Arabia's Public Investment Fund, Thomson Locations: Beijing, China, Bengaluru

Those talks continued over the past week with Tesla discussing minute details of its plans to gain access to India's fast-growing EV market, and Modi personally tracking developments, sources say. Months after seeking clearance for its own $1 billion investment in India, BYD is no longer keen to pursue the approval, Reuters reported. India has told Tesla it will allow its Chinese suppliers into the country if they forge partnerships with local firms, just like Apple did. Tesla does not currently sell vehicles in India. "Add to that an affordable product tailored for the Indian market and it has the potential to be a hit locally."

Persons: Narendra Modi, Elon Musk, Elon, BYD, Tesla, Modi, Musk, Gaurav Vangaal, Tesla's, Sam Fiorani, Aditi Shah, Aftab Ahmed, Aditya Kalra, Shivangi Acharya, Kim Coghill Organizations: India's, India's Press, REUTERS, Economic, Indian, Reuters, EVs, Apple, Global Times, P Global Mobility, Tata Motors, Toyota, Hyundai Motor, Kia, AutoForecast Solutions, Thomson Locations: New York City , New York, U.S, India, New Delhi, Thailand, New York, China, Shanghai

☆ Tesla's China-made EV sales in July down 31% mth/mth
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

Visitors wearing face masks check a China-made Tesla Model Y sport utility vehicle (SUV) at the electric vehicle maker's showroom in Beijing, China January 5, 2021. REUTERS/Tingshu Wang/File PhotoBEIJING, Aug 3 (Reuters) - U.S. automaker Tesla (TSLA.O) sold 64,285 China-made electric vehicles (EVs) in July, down 31% from a month earlier, data from the China Passenger Car Association (CPCA) showed on Thursday. Sales of China-made Model 3 and Model Y cars were up 128% from 28,217 a year earlier when a scheduled upgrade to Tesla's Shanghai factory lowered production. Chinese rival BYD (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, posted a 61% year-on-year rise in July sales to 261,105 passenger vehicles, including 18,169 exported. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; editing by Christopher Cushing and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Tesla, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Jason Neely Organizations: REUTERS, U.S, China Passenger Car Association, of, Thomson Locations: China, Beijing, BEIJING, of China, Shanghai

☆ This totally useless feature is my absolute favorite part of Hyundai's futuristic new Tesla rival
▼ + stars: | 2023-08-03 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

It's got a ton going for it, but its coolest feature is a silly glass orb. The glowing "Crystal Sphere" hides the gear shifter, then reveals it when you want to drive. For everyone else: The Genesis GV60 SUV comes jam-packed with dazzling tech like facial recognition, automated stop-and-go driving, and ultra-fast charging. You might think the Crystal Sphere could double as one of those old-school computer mice that predated touchpads, but it can't. The Genesis GV60.

Persons: It's, Tim Levin, Tesla, Kia EV6 Organizations: Morning

☆ This under-the-radar Chinese EV maker is up 120% this year. Bernstein thinks more gains are ahead
▼ + stars: | 2023-08-03 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Bernstein is bullish on the Chinese electric-vehicle market and named Li Auto as a potential winner. "Li Auto remains our top long-term pick on higher confidence in its earnings growth prospect and management execution ability." "Li Auto deserves a premium over its peers on its track record and outlook," the analyst wrote. "We assume Li Auto can grow its market share and reach c. 10% operating margin in steady state." Improvement in consumer sentiment and credit growth could represent further tailwinds," Lee wrote.

Persons: Bernstein, Li Auto, Eunice Lee, Lee, Li, — CNBC's Michael Bloom Organizations: Li, EV Locations: Wednesday's, Russia, China

Sales of Tesla's (TSLA.O) China-made vehicles fell 31% in July from June, data from China Passenger Car Association (CPCA) showed on Thursday, marking its first month-on-month decline since December, when it struggled with rising inventories. Tesla sold 64,285 China-made EVs in July, up 128% from 28,217 a year earlier when a scheduled upgrade to its Shanghai factory curbed production. Meanwhile BYD (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, said it posted a 61% year-on-year rise in July sales to 261,105 passenger vehicles, including 18,169 which were exported. CPCA is set to publish full data for July later this month, with sales of new energy passenger vehicles in China estimated to reach 750,000. Still, BYD outsold Tesla China by 29% in EV sales in the first half while its lower-priced Dolphin EV outsold Tesla's Model 3, which is expected to be revamped in September.

Persons: Tesla, BYD, Xpeng, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Kim Coghill, Alexander Smith Organizations: Tesla, China Passenger Car Association, General Motors, Volkswagen, EV, Authorities, Thomson Locations: BEIJING, SHANGHAI, China, Shanghai

[1/2] Tesla Chief Executive Officer Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China May 31, 2023. Months after seeking clearance for its own $1 billion investment in India, BYD is no longer keen to pursue the approval, Reuters reported. India has told Tesla it will allow its Chinese suppliers into the country if they forge partnerships with local firms, just like Apple did. Tesla does not currently sell vehicles in India. "Add to that an affordable product tailored for the Indian market and it has the potential to be a hit locally."

Persons: Elon Musk, Tingshu Wang, Elon, BYD, Tesla, Narendra Modi, Modi, Gaurav Vangaal, Tesla's, Sam Fiorani, Aditi Shah, Aftab Ahmed, Aditya Kalra, Shivangi Acharya, Kim Coghill Organizations: Tesla, REUTERS, Economic, Indian, Reuters, EVs, Apple, Global Times, P Global Mobility, Tata Motors, Toyota, Hyundai Motor, Kia, AutoForecast Solutions, Thomson Locations: Beijing, China, India, New Delhi, Thailand, New York, Shanghai

☆ Fact Check-Video shows explosion due to gas cylinders, not EVs
▼ + stars: | 2023-08-02 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A video of gas tanks on a truck exploding following a collision has been shared online to falsely claim that it is footage of a crash involving two electric vehicles (EVs). “Reportedly what happens when two electric vehicles collide,” said another post on Facebook (here). The video shows that the explosion was preceded by a collision between a truck loaded with gas cylinders and another vehicle. Russian news agency RIA Novosti reported in 2013 that 119 gas cylinders exploded because of a truck accident at that location (ria.ru/20130713/949527894.html). Video shows a collision involving a truck loaded with gas cylinders, not electric vehicles.

Persons: “, ”, Read Organizations: Electric Vehicles, Facebook, Google, RIA Novosti, Reuters Locations: Russia, Moscow

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