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☆ Tesla reports second-quarter earnings on Tuesday and investors want a robotaxi update
▼ + stars: | 2024-07-22 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Tesla will report second-quarter earnings after the bell on Tuesday. The company's vehicle deliveries report on July 2 was better than analysts feared, but still represented a decline from the previous year. Retail investors who submitted questions via the Say Technologies platform ahead of time are hoping for answers about the company's delayed plan to unveil its CyberCab, a "dedicated robotaxi" and its progress on self-driving technology in general. Retail investors who submitted questions via the Say Technologies platform ahead of time are hoping for answers about the company's delayed plan to unveil its CyberCab, a "dedicated robotaxi" and its progress on self-driving technology. Investors also submitted questions via Say Technologies about Tesla's progress developing humanoid robotics that the company aims to put to work in its factories.

Persons: Tesla, Elon Musk, LSEG, They're, Donald Trump, Vance, Trump, Musk, Optimus Organizations: Say, Republican, Reuters, Car Dealers Association, Investors, Technologies Locations: Monterrey, Mexico, California

☆ 'Turnaround has begun': Wall Street is bullish on Tesla earnings as it looks toward Robotaxi reveal and full self-driving
▼ + stars: | 2024-07-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

Wall Street analysts are bullish on updates about the firm's Robotaxi and FSD technology. Tesla's energy business could also be key to its long-term growth, strategists said. Investors now are eagerly waiting on key updates from the company, with all eyes on Tesla's Robotaxi Day in early October. The firm said it would continue to look out for updates on Tesla's Robotaxi and its more-affordable vehicle, which is expected to be released in the coming years. The firm maintained its three-star rating on Tesla stock and assigned a fair value of $200 per share, implying 20% downside.

Persons: —, eyeing, Elon, Tesla, Musk, hasn't, Tesla's, Garrett Nelson, Nelson, Morgan Stanley, Oppenheimer, TSLA, Morningstar, Seth Goldstein, Goldstein Organizations: Wall Street, Service, EVs, Street, Wedbush Securities, Tesla Energy, Morningstar Locations: China

☆ Trump says he loves Elon Musk even though he never heard of the $45 million-a-month donation plan from the billionaire
▼ + stars: | 2024-07-21 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Read previewDuring a rally in Michigan on Saturday, Donald Trump had high praise for Elon Musk, calling the Tesla CEO a "great" and "brilliant guy." Musk came out with an endorsement of Trump on July 13, the day of the assassination attempt. "I read — I didn't even know this, he didn't even tell me about it, but he gives me $45 million a month," Trump said. Related storiesDuring the Saturday rally, Trump said he thinks electric cars are "incredible, but they're not for everybody." It will only help Tesla," Musk said on X on July 16.

Persons: —, Donald Trump, Elon Musk, Musk, Trump, Elon, DJT, they're, Biden, Tesla Organizations: Service, Trump, Street, Business, Environmental Protection Agency, Twitter Locations: Michigan

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy EV makers are investing in the new manufacturing method of gigacastingAutomakers are seeking new manufacturing methods that can help achieve the goal of producing cheap EVs profitably. One technique is called gigacasting or megacasting where high pressure molds are used to form molten aluminum into large parts. Electric car maker Tesla is credited with pioneering the method, and some rivals also are stepping up investments. CNBC spoke with experts, including Volvo Cars' chief product and strategy officer, Erik Severinson, about that company's plans in this area.

Persons: Tesla, Erik Severinson Organizations: CNBC, Volvo Cars

☆ Here's what a Trump victory could mean for the entire EV industry
▼ + stars: | 2024-07-20 | by ( Tom Carter | ) www.businessinsider.com time to read: +6 min

Read previewDonald Trump has been an outspoken critic of EVs — and that could spell trouble for America's electric vehicle industry. AdvertisementMusk also reportedly played a part in Trump choosing Ohio senator JD Vance, an even fiercer critic of electric vehicles, as his vice president. Subsidy fearsThe potential loss of the $7,500 tax credit has already sparked concern in the EV industry. "If we see that tax credit cut, then EVs start looking insurmountably expensive for most consumers," he said. "They're already making money building electric vehicles, and the incentive just helps boost volume rather than boosting profits," he added.

Persons: —, Donald Trump, EVs, Elon, Trump, Trump's, Musk, JD Vance, Vance, Biden, Tesla, Jon McNeill, Dylan Khoo, Sam Fiorani, Khoo, Elon Musk's, Dan Ives, Ives, Tesla's Organizations: Service, Business, Trump, PAC, Ohio, US, Motors, CNBC, ABI Research, Global, AutoForecast Solutions, Bloomberg Businessweek, Wedbush Securities, EV Locations: Trump, Communist China, China

☆ Why Tesla’s big bet on gigacasting has other EV makers reimagining their factories
▼ + stars: | 2024-07-20 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +4 min

Gigacasting is a form of die-casting — pouring materials like molten aluminum into large molds to form parts. For example, the front and rear portions of the early Model 3 chassis each contained more than 70 parts, according to Tesla. Reducing weight ultimately means more range for the customer, and substituting one large megacast for dozens of stamped parts reduces labor and boosts production, he said. Severinson views repair as a solvable challenge: "There is a solution to repairing also a casted rear floor," he said. Burns and Volk say that might be a sign that the company is hitting some technical limits.

Persons: Elon Musk, Shea Burns, AlixPartners, Tesla, Musk, Erik Severinson, Burns, Wolfram Volk, Volk, Lars Moravy Organizations: Toyota, Ford Motor, General Motors, Hyundai, Nissan, Volvo, Technical University of Munich, BMW, Volkswagen Locations: American, Germany

☆ Biden's feud with Musk is far from over
▼ + stars: | 2024-07-18 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +4 min

Origins of their feudEarly into Biden's presidency, Musk began criticizing the administration's policy choices. The Tesla CEO took strong issue with Biden's approach to Tesla. "This administration has done everything it can to sideline & ignore Tesla," Musk posted back in 2022. The Tesla CEO replied : "Thank you, Tesla is happy to support other EVs via our Supercharger network." In April 2024, Musk posted on X that "Biden doesn't really know what's going on.

Persons: —, Elon Musk, Joe Biden, Biden, Musk, Fortune, mused, didn't, Jen Psaki, Tesla, Mary Barra, He's, Trump Organizations: Service, Business, White, White House Press, General Motors, Companies, GM, Ford, ESL, Democratic Locations: America

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

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

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

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

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

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

☆ What Americans say they want on climate versus what Biden and Trump are offering
▼ + stars: | 2024-07-18 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

President Joe Biden and former President Donald Trump couldn't be farther apart when it comes to climate action. Trump and his pick for vice president, Sen. JD Vance of Ohio, are both climate deniers. By contrast, the Democrats unveiled a platform that said it would build on the Biden administration's unprecedented spending on renewable energy and the green workforce while cracking down on the oil-and-gas industry. The center conducted the survey with the Yale Program on Climate Change Communication. The majority of Americans support climate actionMaibach said the shift among Republicans shouldn't distract from the fact that the majority of Americans support many of Biden's climate policies.

Persons: Joe Biden, Donald Trump couldn't, Trump, isn't, Sen, JD Vance, pollsters, Edward Maibach, Maibach, shouldn't, Karoline Leavitt, Biden, Alec Tyson, Tyson, Donald Trump Organizations: Service, Republican National Convention, Democrats, Biden, Business, America, George Mason University, Yale, GOP, Republicans, Pew Research Center, Pew, —, Trump, China Locations: Milwaukee, Ohio, China, Caribbean and Texas, America, Ukraine

☆ Ford to spend $3 billion to expand large truck production to a plant previously set for EVs
▼ + stars: | 2024-07-18 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor will expand production of its large Super Duty trucks to a Canadian plant that was previously set to be converted into an all-electric vehicle hub. The new plans include investing about $3 billion to expand Super Duty production, including $2.3 billion at Ford's Oakville Assembly Complex in Ontario, Canada, Ford said Thursday. The remaining investment will be used to increase production at supporting facilities in the U.S. and Canada, the company said. Ford currently produces Super Duty trucks – the larger siblings of the F-150 full-size pickup used largely by commercial and business customers – at plants in Ohio and Kentucky. Ford said the Canadian plant, which is expected to come online in 2026, will add capacity of roughly 100,000 units annually.

Persons: Ford, Jim Farley Organizations: DETROIT, Ford, Kentucky, Plant, Ford Pro Locations: Canadian, Oakville, Ontario, Canada, U.S, Ohio, Kentucky

☆ Starbucks could give a much-needed jolt to the EV market
▼ + stars: | 2024-07-18 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

Read previewMercedes-Benz is bringing its fast electric vehicle charging stations to 100 Starbucks locations. The charging stations will be accessible to all EV owners. But for EV owners, it's a major roadblock hindering widespread adoption. Related storiesA company spokesperson told Business Insider that by 2030, it hopes to lead the retail industry in decarbonization solutions. The Starbucks spokesperson said the coffee giant is continuing to learn how its customers interact with EV stations and exploring partnerships and areas that would benefit from similar routes.

Persons: —, it's, Simon, Mercedes, Michael Kobori Organizations: Service, Benz, EV, Starbucks, Business, McKinsey, Mercedes, Simon Properties, Volvo Locations: Coast, Canada, Mexico, Denver, Seattle

Morgan Stanley raised its price target on Rivian to $17 from $13. Analyst Frank Lee did raise his price target to $200 from $190, although he added that "the risk-reward is less attractive now." Guggenheim hiked the price target to $735 per share from $700. He did raise his price target for the stock to $225 from $180, although this price hike still implies that Tesla stock could fall 12%. Analyst Adam Jonas raised his price target on the stock to $17 from $13.

Persons: Morgan Stanley, Jefferies, Frank Lee, Lee, Lisa Kailai Han, Michael Morris, Morris, Guggenheim, — Jesse Pound, Morgan Stanley's Simeon Gutman, Gutman, Seth Sigman, Truist, – Samantha Subin, TD Cowen downgrades Charles Schwab, Charles Schwab's, TD Cowen, Bill Katz, Charles Schwab, Katz, mgmt, — Lisa Kailai Han, Wells, Bank of America Wells, Mike Mayo, Mayo, Goliath, Dan Levy, Levy, Dennis Geiger, Geiger, Thomas Fitzgerald, Fitzgerald, David Windley, UnitedHealth's, Windley, UNH, Adam Jonas, Rivian, Jonas, Fred Imbert Organizations: CNBC, HSBC, Qualcomm, Microsoft, Netflix, Guggenheim, Barclays, ISI, Citi, Mizuho, Bank of America, of America, Tesla, UBS, Sweetgreen, sss, IK, TD Cowen downgrades, Airlines, American Airlines, Delta, Jefferies, Presidential, Chevron, Volkswagen Locations: China, Tuesday's, Mayo, U.S, Tesla's, UnitedHealth, UNH's

☆ Here are Wednesday's biggest analyst calls: Rivian, Nvidia, Apple, Micron, Microsoft, Sweetgreen, Tesla, Netflix & more
▼ + stars: | 2024-07-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Wednesday's biggest calls on Wall Street: Morgan Stanley reiterates Rivian as overweight Morgan Stanley raised its price target on Rivian to $17 per share from $13. UBS reiterates Apple as neutral UBS said it sees Apple results as "in-line" when the company reports on Aug. 1. UBS initiates Sweetgreen as buy UBS said the restaurant chain has "margin potential." Guggenheim reiterates Netflix as buy Guggenheim said it's sticking with its buy rating on Netflix heading into earnings Thursday. UBS reiterates Micron as buy UBS said it's sticking with its buy rating on shares of Micron.

Persons: Morgan Stanley, Rivian, Jefferies, Bernstein, TD Cowen downgrades Charles Schwab, Cowen, Schwab, it's, Morgan Stanley downgrades, TD Cowen, 2H24, Tesla, Oppenheimer downgrades Morgan Stanley, Oppenheimer, Guggenheim, Needham Organizations: VW, Susquehanna, Nvidia, AMD, UBS, Apple, Chevron, bbl, Deutsche Bank, Deutsche, Valero, Mizuho, Citi, Hershey Citi, TD Cowen downgrades, Airlines, Barclays, MasterCard Citi, Mastercard, " Bank of America, Bank of America, Enterprise, NASDAQ, HSBC, Qualcomm, Netflix, Micron, Microsoft

☆ Elon Musk is going all-in on Donald Trump
▼ + stars: | 2024-07-16 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —At first glance Elon Musk and Donald Trump wouldn’t seem to be natural allies. Musk has given money to candidates from both parties in the past, including $5,000 to Barack Obama in April of 2011. Musk quit two White House business councils he served on early in 2017 after Trump announced America would withdraw from Paris climate accord. But for the last several years Musk has repeatedly shown support for Trump – or opposition to President Joe Biden. Musk recently tweeted the EV subsidies passed under Biden actually helped its rivals more than Tesla.

Persons: Elon Musk, Donald Trump wouldn’t, Musk, Barack Obama, Trump, “, DJT, “ influencers, –, Tesla, ” Musk, haven’t, ”, Joe Biden, Twitter, Biden Organizations: New, New York CNN, Street, PAC, Democratic, Republican, Trump, America PAC, White, America, Twitter, Biden Administration, EV, Biden, SpaceX Locations: New York, America, ”, Elon, Delaware, Paris

☆ GM CEO Mary Barra speaks at CNBC CEO Council event about slowing EV growth and production
▼ + stars: | 2024-07-15 | 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 EmailGM CEO Mary Barra speaks at CNBC CEO Council event about slowing EV growth and productionGM CEO Mary Barra said at the CNBC CEO Council Leaders' Library virtual event on Monday that growth has slowed for EVs and the automaker does not expect to reach production of one million electric vehicles next year.

Persons: Mary Barra Organizations: CNBC, EVs

☆ GM's 2025 EV production capacity target in doubt after Barra comments
▼ + stars: | 2024-07-15 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

A GM spokesman said the company's target was about the production capacity, while the question was regarding actually producing 1 million EVs in 2025. Barra did not specifcally address whether it was production or production capacity that she was referring to. The spokesman later said the company would no longer reiterate the EV production capacity plans for 2025. The company has continually said its EV plans will be flexible to meet demand. More details about the automaker's EV plans could come when GM reports second-quarter results on July 23.

Persons: Motors, Mary Barra, Barra Organizations: EV, EVs, GM, CNBC Locations: North America, China

☆ This Tesla YouTuber had 2 broken Cybertrucks, but still calls it his 'dream car'
▼ + stars: | 2024-07-13 | by ( Tom Carter | ) www.businessinsider.com time to read: +5 min

"It was love at first sight," said Lamar, who did not wish to provide his full name but goes by Lamar MK on YouTube. AdvertisementYouTuber Lamar MK with his first Cybertruck. YouTuber Lamar MK with his new Cybertruck, which broke a few weeks after he got it. After getting his new Cybertruck delivered, Lamar MK had it wrapped to give it a blue and yellow color scheme. Tesla did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

Persons: —, hasn't, Lamar MK, Tesla, Lamar, YouTuber Lamar, Cybertruck, I'm Organizations: Service, Lamar, Business, YouTube, Tesla

☆ Tesla shares fall 6% after report of robotaxi unveiling delay
▼ + stars: | 2024-07-11 | by ( Katie Bartlett | ) www.cnbc.com time to read: +2 min

Tesla shares fell about 6% on Thursday after Bloomberg reported that the electric vehicle maker is delaying the unveiling of its Robotaxi by two months. Tesla's stock slump on Thursday followed an 11-day rally that was sparked by a better-than-expected deliveries report for the second quarter. Tesla CEO Elon Musk has promised shareholders a robotaxi for years. In 2015, he said Tesla's cars would achieve "full autonomy" within three years. However, the company has yet to deliver a robotaxi, autonomous vehicle or technology that can turn its cars into "level 3" automated vehicles.

Persons: Elon Musk, The Beverly Hilton, Tesla, Musk, — CNBC's Lora Kolodny Organizations: SpaceX, Tesla, Milken Global, The Beverly, Bloomberg, General Motors Locations: Beverly Hills , California, China, Tesla

☆ Scientists want the Paris Olympics to dump Toyota’s Mirai as its official car. Here’s why
▼ + stars: | 2024-07-11 | by ( Angela Dewan | ) edition.cnn.com time to read: +4 min

Cars that run on hydrogen emit zero carbon at the tailpipe, but 96% of the world’s hydrogen is still derived from fossil fuels like methane gas. That makes most hydrogen-powered cars much more polluting than battery electric vehicles, or EVs, and only marginally cleaner than traditional combustion engine cars. Toyota is supplying the Game’s official fleet, which includes 500 Mirai cars and 10 coaches that run on hydrogen, as well as 1,150 EVs, to ferry athletes around. It is also one a few major automakers betting on hydrogen-powered vehicles, as well. Hydrogen vehicles have so far failed to take off as a popular choice for consumers, and very little infrastructure to refuel with hydrogen exists.

Persons: ” Organizations: CNN, Paris Olympics, Toyota, University of Cambridge, Oxford University, University of Colorado, Battery Electric Vehicle, Paris, world’s, Toyota Motor Europe Locations: EVs, United States

☆ QuantumScape CEO on Volkswagen partnership
▼ + stars: | 2024-07-11 | 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 EmailQuantumScape CEO on Volkswagen partnershipQuantumScape CEO Siva Sivaram joins 'Power Lunch' to discuss the company's batteries, supercharging and EVs.

Persons: Siva Sivaram Organizations: Volkswagen

☆ Consultancy discusses potential impact of EU tariffs on China EVs
▼ + stars: | 2024-07-11 | 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 EmailEU tariffs on China EVs to accelerate manufacturers' shift to Europe, consultancy saysStephen Dyer, co-leader of the Greater China business at AlixPartners, says the tariffs "will affect a lot of Chinese automakers and their plans for Europe, but in the long term, I think it will simply accelerate their already in-place plans to set up local manufacturing there."

Persons: Stephen Dyer Locations: China, Europe, Greater China, AlixPartners

☆ China examining if EU is putting up ‘trade barriers’ as tensions intensify
▼ + stars: | 2024-07-10 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Earlier this year, the EU launched investigations into China’s state support for its wind turbine and solar panel suppliers. Now, China will investigate if the bloc’s probes violate the two sides’ economic treaty and if they have hurt the country’s trade with the 27 EU member states. The announcement comes just days after the provisional additional duties on imports of Chinese-made EVs into the EU came into effect. Beijing has spoken out strongly against the EU tariffs, saying it will make “all necessary moves” to safeguard China’s interests. According to Wednesday’s announcement, MOFCOM is launching its latest investigation in response to a June request by an industry group in China.

Persons: MOFCOM Organizations: Hong Kong CNN, China’s Ministry of Commerce, EU Locations: Hong Kong, EU, China, Beijing

☆ Volkswagen shares slip as it considers Brussels plant closure on weak EV demand
▼ + stars: | 2024-07-10 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

A Volkswagen logo is seen at the New York International Auto Show Press Preview, in Manhattan, New York City, U.S., March 27, 2024. Volkswagen shares dipped Wednesday after the company issued an overnight profit warning and announced it was considering the potential closure of an Audi plant in Brussels. It noted that is also considering the restructuring or potential shutdown of its Audi plant in Brussels, where it employs 3,000 people, on the back of weak demand for the Audi Q8 e-tron line — a fully electric offering from the brand, launched in 2019. Automakers have contended with waning EV demand, with European brands facing the compounded challenge of a wave of discounted, state-subsidized rival vehicles produced in China. If it presses ahead, this would mark Volkswagen's first factory shutdown in nearly four decades, since the 1988 closure of its plant in the Westmoreland site in Alabama.

Organizations: New York, Auto, Volkswagen, Audi, EU Locations: Manhattan , New York City, U.S, Brussels, China, Westmoreland, Alabama

☆ China EV maker BYD to build $1 billion plant in Turkey
▼ + stars: | 2024-07-09 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China’s BYD, which vies with Tesla for the title of the world’s top maker of battery electric vehicles, has agreed to build a $1 billion car factory in Turkey, the Turkish government has announced. “We aim to meet the growing demand for new-energy vehicles in the region and reach consumers in Europe,” the statement cited BYD representatives as saying. The EU’s decision earlier this year imposed an extra 17.4% tariff on the vehicles BYD ships from China to the bloc, which also has a standard 10% duty on all car imports. Talks between the EU and China are expected to continue but, if no agreement is reached, the additional tariffs will become definitive in November. BYD already announced in December that it would build an EV factory in EU member Hungary, becoming the first major Chinese automaker to build passenger cars in Europe.

Persons: China’s, Tesla, Wang Chuanfu, Mehmet Fatih Kaci, Recep Tayyip Erdogan, BYD, hasn’t Organizations: Hong Kong CNN, Turkey’s Industry, Technology, European Union, EU, CNN Locations: Hong Kong, Turkey, Istanbul, Europe, China, Hungary

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