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☆ Porsche CFO: Expect significant growth in high-net-worth individuals in China
▼ + stars: | 2024-03-12 | 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 EmailPorsche CFO: Expect significant growth in high-net-worth individuals in ChinaPorsche Chief Financial Officer Lutz Meschke speaks to CNBC’s Annette Weisbach at the carmaker’s facility in Leipzig, Germany.

Persons: Lutz Meschke, CNBC’s Annette Weisbach Organizations: China Porsche Locations: China, Leipzig, Germany

☆ 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

Those more concerned with the climate crisis are asking a bigger question: what does this all mean for the planet? Gas-powered cars, hybrids and EVs all emit roughly the same amount of pollution to manufacture, until you get to producing the battery. Fully electric cars use large batteries made of materials that require heavy mining. And that would still mean less climate pollution on the road overall. And fully electric cars won’t be truly “green” until the energy that charges them comes from renewable sources, like wind and solar.

Persons: Akio Toyoda, EVs, Joe Biden’s, Toyota’s, Daniel Sperling, —, ”, Sam Abuelsamid, Abuelsamid, InfluenceMap, Biden, Kelley, Albert Gore, Gore, I’m, “, ” Monica Nagashima, Lia, Kena, Stephen Ciccone, ” Ciccone, BEV, ” UC’s Sperling Organizations: CNN, Toyota, Auto, US, Toyota Prius Prime, Toyota Toyota, Institute of Transportation Studies, University of California, Ford, EPA, Gas, American Council for, Prius, EV, InfluenceMap, United, Lexus, Cox Automotive, Zero Emission Transportation Association, Getty, Toyota Motor North America, ” Toyota Locations: California, West Virginia, Canada, Australia, United States, EVs, InfluenceMap’s, Japan, Rockland, Blauvelt , New York

☆ China's BYD is the world's biggest electric car maker — but it's not coming to America anytime soon
▼ + stars: | 2024-03-09 | by ( George Glover | ) www.businessinsider.com time to read: +6 min

Read previewJapanese and Korean carmakers cracked the US market long ago — but don't expect Chinese EV seller BYD to repeat that feat. Advertisement"It'd be very difficult for a Chinese EV maker to enter the US market," Seth Goldstein, an equity strategist at Morningstar, told Business Insider. The bill, a key part of US President Joe Biden's economic agenda, offers tax credits worth up to $7,500 for EV makers, excluding any "Foreign Entity of Concern." BYD isn't the only company turning its back on the US EV market. Given that EV sales growth is stalling in US, it's perhaps little wonder companies like BYD are not too bothered.

Persons: —, There's, Tesla, We're, Stella Li, BYD, Seth Goldstein, I'm, Suzuki, Jim Farley, Will Roberts, Goldstein, Roberts, Joe Biden's, Joe Biden, Demetrius Freeman, Rho Motion's Roberts, you'd, Li, carmakers Organizations: Service, Yahoo Finance, Business, Morningstar, Toyota, Motors, Nissan, Mazda, Lexus, Honda, Mitsubishi, Korea's Hyundai, Kia, North, Ford, EV, Rho, Energy, Treasury, Washington Post, Cox Automotive, Apple Locations: Korean, North America, —, China, North American, Russia, Iran, North Korea, Brazil, Thailand, Americas, Asia, South America

☆ Pharmaceutical companies behind weight-loss drugs are slimming down a new target: The Magnificent 7
▼ + stars: | 2024-03-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at pharma companies' surging stocks and threatening tech darlings thanks to their weight-loss drugs. And it comes despite only 1% of US adults taking weight-loss drugs, according to Bank of America , which predicts that number could rise to 15% by 2035. Weight-loss drugs are also cutting more than just fat. For Wall Street, meanwhile, the equation is much simpler: Getting more people on weight-loss drugs boosts the economy. The trend, which will be powered by cash-rich mega-cap tech companies, is thanks to strong earnings growth, the bank said.

Persons: —, Joe Biden, Donald Trump —, Trump, Zhan, Eli Lilly, Tesla, Hannah Latham, Octavio Jones, Christian Rodriguez, Laura MacPherson, Jenny Chang, Rodriguez, they're, Goldman Sachs, Biden, Barry Sternlicht, Fernando Gutierrez, It's, Elon Musk, TikTok, Pete Ryan, RJ Scaringe, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, pharma, Business, Tesla, Microsoft, JPMorgan, Pfizer, Novo Nordisk, Bank of America, Nvidia, Companies, Fed, Infrastructure Investment, Alpha, Commission, Elon, EV, Nike, Congress, White, Meta, SXSW Locations: China, US, New York, London

☆ Tesla engineers break down what it's like to interview at Elon Musk's car company
▼ + stars: | 2024-03-05 | by ( Grace Kay | ) www.businessinsider.com time to read: +7 min

10 Tesla engineers broke down the process and gave tips for getting a job at Musk's company. But engineers at Tesla say it's no small feat to land a role at Elon Musk's most well-known company. Business Insider spoke with 10 current Tesla engineers about what it takes to work at the company. Advertisement"Sometimes it really is who you know at Tesla," said one engineer who has worked at the company for six years. AdvertisementSome Tesla engineers said they spent over 40 hours preparing for the presentation over the course of several weeks.

Persons: Tesla, Elon Musk, —, Elon Musk's, Musk, who've, Justin Sullivan, it's, JOHN THYS, who'd Organizations: Service, Elon, Business, BI, Tesla

☆ Tesla’s giant Berlin factory without power after arsonists attack electricity supply
▼ + stars: | 2024-03-05 | by ( Olesya Dmitracova | Fred Pleitgen | ) edition.cnn.com time to read: +2 min

Berlin/London CNN —Power supply to Tesla’s factory near Berlin has been cut following an arson attack on a high-voltage electricity pylon nearby, a German official said Tuesday. “If the initial findings are confirmed, this is a perfidious attack on our electricity infrastructure. He said power supply to the Tesla plant as well as nearby villages had been cut off. German public broadcaster ZDF reported that the factory had been evacuated and its workers sent home. It is unclear if the arson attack is connected with ongoing protests against a planned expansion of the Tesla factory.

Persons: ” Michael Stuebgen, Tesla, ” Stuebgen, Elon Organizations: London CNN —, ZDF, CNN, Reuters Locations: Berlin, London, Brandenburg, —, Europe

☆ Tesla's Berlin plant halts production after suspected arson attack at nearby substation
▼ + stars: | 2024-03-05 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Tesla' logo is seen on the Tesla factory building in Berlin, Germany on February 22, 2024. A Tesla plant outside of Berlin was reportedly forced to halt production Tuesday after an electricity substation was set alight in a suspected arson attack. The Gruenheide factory, located southeast of the German capital, was left without power, as were parts of wider city, Reuters cited German newspaper Berliner Zeitung as saying. It comes as Tesla's expansion plans for its Gruenheide plant have come up against fierce opposition. However, last month locals voted down plans to raze nearby trees to make way for the enlarged plant.

Persons: Tesla Organizations: Berliner Zeitung, CNBC, CNBC . Police, Reuters Locations: Berlin, Germany, Grunheide, Europe, Neu Zittau, U.S

☆ Look closely: Tesla's video celebrating a Mustang EV using its Supercharger hides a potential pain point for other drivers
▼ + stars: | 2024-03-04 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

15,000+ Tesla superchargers available for non-Teslas with an adapter starting todayOn the downside: Did you catch it? Many automakers have switched to Tesla's charging technology over the past year. Tesla's charging network is one of its biggest advantages over EV rivals — from faster and more accessible charging stations to more amenities. Non-Tesla EV owners can charge at updated Superchargers that have a Magic Dock adapter. On Thursday, Tesla opened V3 chargers to Ford owners who can use a NACS adapter supplied by Ford, according to Tesla's website.

Persons: —, Tesla, Marques Brownlee, Brownlee, ITuxtLsDju — Marques Brownlee, Elon Musk Organizations: Service, Ford, Business, Ford EV, Tech, Tesla EV, EV, — Locations: New York

☆ How to get hired at Tesla: Engineers can face up to 9 interviews, a 6-hour panel, and a letter to Elon Musk
▼ + stars: | 2024-03-03 | by ( Grace Kay | ) www.businessinsider.com time to read: +7 min

Tesla's hiring process can involve up to 9 interviews, a presentation, and sometimes a letter to Elon Musk. 10 Tesla engineers broke down the process and gave tips for getting a job at Musk's company. But engineers at Tesla say it's no small feat to land a role at Elon Musk's most well-known company. Business Insider spoke with 10 current Tesla engineers about what it takes to work at the company. AdvertisementSome Tesla engineers said they spent over 40 hours preparing for the presentation over the course of several weeks.

Persons: Tesla, Elon Musk, —, Elon Musk's, Musk, who've, Justin Sullivan, it's, JOHN THYS, who'd Organizations: Service, Elon, Business, BI, Tesla

☆ Retiring early is a dream for many. In reality, some regret it.
▼ + stars: | 2024-03-03 | by ( Matt Turner | Jordan Parker Erb | ) www.businessinsider.com time to read: +4 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But when Nupur Dave walked away from corporate life at 40, becoming part of the FIRE (financial independence, retire early) movement, she soon came to regret it . Many of the early retirees who've spoken with BI in the past have shared the challenges that come with quitting work altogether. And there are many more striving to make early retirement a reality .

Persons: —, Nupur Dave, Dave, FIREgret, Dave's, who've, Rebecca Zisser, it's, Jenny Chang, Rodriguez, Alyssa Powell, Steve Pemberton, there's, Pemberton, Robert L, Johnson, America's, Matt Turner, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Business, Service, Microsoft, Google, Wall, Getty, Walgreens, Toyota, BET Locations: New York

☆ Lawyers who voided Elon Musk's pay as excessive want $6 bln fee
▼ + stars: | 2024-03-02 | by ( ) www.cnbc.com time to read: +1 min

The lawyers who voided Elon Musk's $56 billion compensation as excessive on Friday sought a record a $6 billion legal fee, payable in the electric car maker's stock. Musk blasted the request as "criminal," posting on his X platform that "the lawyers who did nothing but damage Tesla want $6 billion." The company would pay the lawyers who represented Richard Tornetta, a shareholder who sued Musk in 2018 over the pay package, which a Delaware judge nixed in January. The electric vehicle maker is being asked to pay the fee because it benefited from the return of Musk's pay package, which the legal team said will result in the return to the carmaker of 266 million shares. Judge Kathaleen McCormick, who is overseeing the case and will decide on the fee, called Musk's pay "unfathomable" in her ruling.

Persons: Elon Musk, Tesla, Elon, Musk, Richard Tornetta, nixed, Kathaleen McCormick Organizations: Elon Musk's Locations: Krakow, Poland, Delaware

☆ Is Tesla's Cybertruck the new status car?
▼ + stars: | 2024-03-01 | by ( Grace Kay | Madeline Berg | ) www.businessinsider.com time to read: +8 min

Tesla's Cybertruck isn't the kind of car that goes unnoticed. The Cybertruck isn't your average pickupMusk has been hyping up the Cybertruck since it was announced in 2019. AdvertisementFrom the start, it's been clear the Cybertruck isn't geared toward your traditional pickup truck market. But it's not exactly your typical luxury status car, eitherWhile the Cybertruck isn't a traditional pickup, it's not exactly a luxury car. "The finance geeks are just, they're beside themselves of how much they admire" Musk, Chesterfield said.

Persons: Tesla's Cybertruck, Kim Kardashian, Pharrell Williams, Jay, Hayley, Justin Beiber, Wiz Khalifa, Ivan Drury, Edmunds, it's, Tesla, Elon, Winston Chesterfield, Barton, It's, Chesterfield, it's Tesla's, hasn't, Ford, Jim Farley, Brian Moody, Mercedes, Ben Affleck, Cameron Diaz, Will Smith, Oprah Winfrey, Morgan Freeman, Steven Spielberg, Drury, Musk, it'll, Moody, Kyle Conner Organizations: Business, Ford, Royce, Twitter, YouTube Locations: Instagram, London

☆ Daimler Truck CEO sees cost pressures ahead following bumper earnings
▼ + stars: | 2024-03-01 | 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 EmailDaimler Truck CEO sees cost pressures ahead following bumper earningsDaimler Truck CEO Martin Daum said that further cost pressures can be expected in 2024, even after the carmaker posted bumper full-year earnings. He added that share buyback plans highlight the company's "healthy" position.

Persons: Martin Daum Organizations: Daimler

☆ A Tesla Cybertruck was resold for more than twice its price
▼ + stars: | 2024-03-01 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

A Foundation series Cybertruck was sold at an auction for $244,500 on Wednesday — over $130,000 more than its sticker price. AdvertisementSince Tesla started deliveries of the Cybertruck on November 30, Give Me The Vin has received dozens of offers from Cybertruck owners, Wolfe said. It's not the first time Tesla owners have attempted to flip their cars. In 2022, some Tesla owners made up to $7,000 reselling their EVs. However, the resale market has been difficult for Tesla owners in recent years due to the company's recent series of price cuts.

Persons: —, Elon Musk, John Clay Wolfe, Tesla, Wolfe, We've, he's, GiveMeTheVin, Rolls Royce, It's Organizations: Service, Porsche, Cox Automotive's, Business, South Orlando, Elon, Tesla, Rolls Locations: Cox Automotive's Manheim, Dallas , Texas

☆ Maserati reveals first GranCabrio convertible sports car since 2019
▼ + stars: | 2024-02-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

At launch, the Maserati GranCabrio is available in the Trofeo trim level. It includes a 3.0 liter twin-turbo V6 engine. The sports car is based off the Maserati GranTurismo Trofeo sedan that's currently on sale starting at $190,000 with the same 3.0 liter twin-turbo V6 engine. Maserati, which is owned by Stellantis , said the price of the convertible model will be announced closer to when the vehicle is available to customers. The 2024 GranCabrio could assist Maserati in growing its profits and sales this year.

Persons: carmaker Organizations: Maserati, Stellantis Locations: U.S

☆ Apple cancels work on an electric car, reports say
▼ + stars: | 2024-02-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Apple has abandoned decade-long efforts to build a self-driving electric car, according to multiple media reports, calling time on a project that some saw as potentially transformative for the auto industry. The news comes as electric vehicle (EV) sales have disappointed, prompting several major manufacturers to pull back on investments. Apple had been hiring automotive executives since at least 2014 and, in April 2017, it received a permit from the California Department of Motor Vehicles to test self-driving vehicles. Two years later, it acquired Drive.ai, a self-driving car startup. In 2020, Morgan Stanley analysts said an Apple car had the potential to be “a transformative event” for the automobile and mobility industry in the coming decades, much as the iPhone disrupted the mobile phone industry.

Persons: London CNN —, Morgan Stanley Organizations: London CNN, London CNN — Apple, Bloomberg, CNN, Apple, California Department of Motor Vehicles, BMW

☆ A Chinese EV maker just revealed a 1,300 horsepower supercar
▼ + stars: | 2024-02-26 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —BYD is a Chinese carmaker that recently unseated Tesla as the world’s leading seller of electric vehicles. Its new all-electric Yangwang U9 has nearly 1,300 horspower and is designed to compete directly with Lamborghini and Ferrari. As an electric supercar, the Yangwang U9 combines power and performance similar to a 1,800-horsepower, $2 million Rimac Nevera, but in a package costing less than gasoline-powered cars from the famous Italian automakers. Tesla chief executive Elon Musk has said that Chinese EV makers like BYD could “demolish” other automakers as the industry transitions to electric vehicles. ]”A rear view of the BYD Yangwang U9 electric car in Shenzhen, China, earlier this year.

Persons: Tesla, BYD, Elon Musk, ” Carlos Tavares, Stellantis, Qilai Shen, Stephan Winkelmann, CNN’s Shawn Feng Organizations: CNN, Lamborghini, Ferrari, Dolphin, Elon, Jeep, Fiat, Bloomberg, Getty Locations: Chinese, Europe, New York, Shenzhen, China

☆ China, Xi Jinping Plan to Crush Elon Musk, Tesla, and the US EV Industry
▼ + stars: | 2024-02-25 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

If China EV Inc. were allowed to enter the US today or next year, the legacies would be gutted." The year Musk tittered at the idea of Chinese EVs overtaking Tesla, the country produced only 5,000 electric cars. It has more trade barrier protection from a China Auto Inc. onslaught, but it may not work forever. AdvertisementWe want to maintain an auto industry in the US — that's essential for jobs, national security, and for other sectors of the economy. Sure, Chinese EV makers are lean and mean, but they've never had to deal with international markets before.

Persons: Elon Musk, Warren Buffett, Le, haven't, carmakers, Jim Farley, Tesla, Xi, Andy Wong, Xi Jinping, Li Auto, BYD, Trump, Mary Lovely, Joe Biden's, Biden, it's, Lovely, they've Organizations: Tesla, Bloomberg TV, America's, GM, Ford, Sino, EV, China EV Inc, ascendance, Chery, US, Chinese Communist Party, CCP, Companies, SAIC, Energy Department, China Auto Inc, Peterson Institute, United Auto Workers, White, Auto Locations: Chinese, China, Beijing, Japan, Europe, North America, Brussels, Washington, Hungary, Mexico, Canada, America

☆ Mercedes Benz ditches plan to sell only EVs by 2030
▼ + stars: | 2024-02-23 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

In 2021, the German carmaker announced plans only to sell electric vehicles — "where market conditions allow" — by 2030. And, as of Thursday's release, it expects its overall EV sales to reach just 50% by the time 2030 rolls around. During a September interview at the Munich car show, Mercedes CEO Ola Källenius first hinted at a more narrow outlook for the EV market. AdvertisementMercedes expects its EV sales to account for about 19% to 21% of new car sales this year. Mercedes isn't the only automaker that is reevaluating its EV plans.

Persons: Mercedes, Ola Källenius, It's, Mercedes isn't, Harald Wilhelm Organizations: Benz, carmaker, EV, Mercedes, Reuters Locations: Munich

☆ Mercedes-Benz shares climb 5% on share buyback, despite 'exceptional' uncertainty ahead
▼ + stars: | 2024-02-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Mercedes-Benz shares gained around 5% on Thursday morning after the German carmaker beat fourth-quarter earnings expectations and announced a new share buyback program, despite warning of "exceptional" risks in the year ahead. Fourth-quarter earnings before interest and taxation (EBIT) came in at 4.33 billion euros ($4.7 billion), slightly ahead of consensus expectations, taking the full-year figure to 19.66 billion euros. Revenues rose 2% in 2023 to 153.2 billion euros from 150 billion the previous year. The group also announced an additional share buyback program worth up to 3 billion euros, with the repurchased shares subsequently canceled. Automotive analysts at Jefferies said in a reactive note Thursday that although there were no major surprises in the earnings, the cash return policy was "a sign of confidence and consistent with the premium/luxury positioning, with buyback set to keep EPS (earnings per share) growing."

Persons: Jefferies, buyback Organizations: Mercedes, Benz, Automotive Locations: Russia, Ukraine, Middle, China

☆ Rivian employees have to wait overnight to hear if they're being laid off. HR experts say the tactic has few benefits.
▼ + stars: | 2024-02-22 | by ( Shubhangi Goel | Sawdah Bhaimiya | ) www.businessinsider.com time to read: +5 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementKeeping the attention focusedOne HR professional told Business Insider that the staggered announcements might be the company's way of keeping its attention focused. "The benefit is the next day the entire focus of communication and support is dedicated to the separating employees," Varelas told BI. Drawbacks to making employees wait overnight to hear if they've been laid offHowever, it is a less than ideal way to conduct layoffs because it worries both retained and separated employees, Varelas said.

Persons: —, RJ Scaringe, Elaine Varelas, Varelas, Rob Smedley, Freeths, Smedley, they'd, they've, Gearalt Fahy, Womble Bond Dickinson, Fahy, Michael Doolin, Dooley, Rivian Organizations: Service, Business, Keystone Partners, Google, Clover Locations: Southern California

☆ Toyota recalls 280,000 vehicles because they may ‘creep forward’ in neutral
▼ + stars: | 2024-02-22 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN —Toyota is recalling about 280,000 pickups and SUVs in the United States because the engine may not disengage entirely when in neutral. The recall includes certain Toyota Tundra, Sequoia and Lexus LX 600 vehicles manufactured between 2022-2024. The company will inform the owners of recalled vehicles by late April and update the software for the transmission, Toyota said. The recall is one of three in the United States that the company announced Wednesday. The recall involves 15 Toyota and Lexus models from 2020 and 2021, including the Toyota Camry, Rav4, Sienna and the Lexus RX350 and ES350.

Organizations: New, New Delhi CNN, Toyota, Sequoia, Lexus, Lexus LS, Toyota Camry, Camry, Rav4, Daihatsu Locations: New Delhi, United States, North America, Sienna

☆ Rivian workers won't be getting much sleep tonight
▼ + stars: | 2024-02-22 | by ( Grace Kay | Grace Eliza Goodwin | ) 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. Read previewRivian left thousands of its workers in limbo after announcing it was laying off 10% of its salaried staff on Wednesday. AdvertisementIn an email to BI, Rivian did not specify exactly how many salaried staff members would be cut, but said that it has 16,700 total employees, including both salaried and hourly workers. High interest rates, slowing demand, and pressure from Tesla's pricing strategy have put pressure on the US electric car market. "Most notably the impact of historically high interest rates which has negatively impacted demand."

Persons: —, RJ Scaringe, they'd, Scaringe, Rivian, didn't Organizations: Service, Business, Ford, General Motors

☆ Mercedes-Benz is working through supply chain challenges, CEO says
▼ + stars: | 2024-02-22 | 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 EmailMercedes-Benz is working through supply chain challenges, CEO saysMercedes-Benz CEO Ola Källenius discusses the German carmaker's full-year 2023 earnings report and explains how the company is navigating "exceptional levels of uncertainty."

Persons: Ola Källenius Organizations: Mercedes, Benz

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