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☆ Why Elon Musk Is Supporting Donald Trump: to Save Tesla From Disaster
  + stars: | 2024-07-28 | by ( Linette Lopez | ) www.businessinsider.com   time to read: +11 min
As market competition heated up, Tesla started cutting prices, which turned into an industrywide price war that Tesla isn't winning. It's a steep fall, considering Tesla's share of the EV market used to be as high as 80%. Critics balked, but Musk assured the Tesla community that this was the only strategy to save the company. Musk is looking for ways to buy time for Tesla — and one of those ways is to get Trump elected. Preserving Tesla's market position is imperative until he can conjure another product that people are excited to buy.
Persons: Elon Musk, Donald Trump —, Tesla, Trump, Joe Biden's, Kelley Blue, Musk, Ford, —, Critics, shouldn't, ZEV, Steve Granitz, Vaibhav Taneja, China's, Elon — Organizations: Elon, Trump, Tesla, White, EV, GM, Getty Images Trump, PAC Locations: China, USA, Shanghai
☆ Elon Musk doubles down on Tesla's Dojo supercomputer, aiming to compete with Nvidia
  + stars: | 2024-07-24 | by ( Erin Snodgrass | ) www.businessinsider.com   time to read: +3 min
Read previewElon Musk is barrelling full steam ahead on Dojo — Tesla's supercomputer project and attempt at competing with AI chip superstar Nvidia. Musk acknowledged he is "quite concerned" about Tesla's inability to access the top-tier Nvidia graphics processing units, or GPUs, because of skyrocketing demand for microprocessors within the tech sector. "We do see a path to being competitive with Nvidia with Dojo," Musk said. While the tech company has only become a household name in the last year, Nvidia has been working on its signature chips for years. "We've really got to make Dojo work," Musk said during the call.
Persons: —, Elon, Musk, Tesla, Stephen Witt Organizations: Service, Nvidia, Business, didn't, Dojo, NPR, Yorker, CNBC, Mizuho Securities
☆ Tesla's still not making big profits and probably won't for years — but analysts and investors still love it
  + stars: | 2024-07-24 | by ( Shubhangi Goel | ) 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. "There are other companies that are $3 trillion market caps — I think Tesla can be in that league," he said. AdvertisementAnother analyst sees Tesla's recent price hikes as a good sign. Ron Jewsikow, a Guggenheim analyst, said on CNBC that he is not worried about whether Tesla will be able to deliver its Robotaxis. AdvertisementIn China, Apollo, which is owned by Baidu, is offering rides for just over 10 cents a mile, Jewsikow said.
Persons: —, Tesla, Cybertruck, Elon Musk's, I'm, Gene Munster, Munster, Optimus, Tasha Keeney, it's, Price, Tesla optimist Daniel Ives, Ron Jewsikow, He's, Jewsikow Organizations: Service, Investors, Business, Deepwater Asset Management, CNBC, ARK Invest, Tesla optimist, Guggenheim, Baidu Locations: China
☆ Tesla's still not making huge profits and probably won't for years. But these analysts and investors still love the company.
  + stars: | 2024-07-24 | by ( Shubhangi Goel | ) 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. "There are other companies that are $3 trillion market caps — I think Tesla can be in that league," he said. Related storiesTasha Keeney, a director at longtime Tesla investor ARK Invest, said on CNBC on Tuesday that ignoring Robotaxis today is a huge mistake. Ron Jewsikow, a Guggenheim analyst, said on CNBC that he is not worried about whether Tesla will be able to deliver its Robotaxis. AdvertisementIn China, Apollo, which is owned by Baidu, is offering rides for just over 10 cents a mile, Jewsikow said.
Persons: —, Tesla, Cybertruck, Elon Musk's, I'm, Gene Munster, Munster, Optimus, Tasha Keeney, it's, Price, Tesla optimist Daniel Ives, Ron Jewsikow, He's, Jewsikow Organizations: Service, Investors, Business, Deepwater Asset Management, CNBC, ARK Invest, Tesla optimist, Guggenheim, Baidu Locations: China
☆ Elon Musk isn't even close to being done with his 'absolutely hard core' slashing of Tesla's headcount
  + stars: | 2024-04-30 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com   time to read: +1 min
The layoffs at Tesla aren't over yet, says Tesla CEO Elon Musk. On Monday, he announced the departure of two senior executives and the axing of their divisions. Tesla, Musk said, needs to be "absolutely hard core about headcount and cost reduction." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla CEO Elon Musk says the EV giant is not done with laying people off.
Persons: Elon Musk, Musk, —, — Tesla's, Rebecca Tinucci, Daniel Ho — Organizations: Tesla, Service, The, Business Locations: Tinucci's
☆ Tesla is blaming struggling EV sales on hybrid craze
  + stars: | 2024-04-23 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +2 min
Tesla is blaming hybrids for stealing EV sales. Inexpensive hybrid cars have become a popular choice for green-car shoppers. That's a real problem for Tesla, which doesn't sell hybrids. In the opening page of its first-quarter earnings presentation Tuesday, Tesla blamed an industry-wide prioritization of these partially battery-powered cars for putting pressure on global EV sales and — by extension — Tesla's sales. After years of wealthy early adopters clamoring for expensive new technology, today's EV shopper is more frugal and practical — and more interested in hybrid models that fit their everyday needs.
Persons: Tesla, —, Elon Musk's Tesla, Tesla's Organizations: Service, Toyota, Musk's EV
☆ Justin Bieber, Steve Aoki, and Jay-Z have all been spotted with Tesla's Cybertruck. Here's a list of the celebs flexing the new status vehicle.
  + stars: | 2024-03-23 | by ( Beatrice Nolan | ) www.businessinsider.com   time to read: +1 min
Celebrities including Kim Kardashian, Jay-Z, and Justin Bieber are flaunting Tesla's Cybertruck. Celebs have been spotted taking the truck to concerts, church, and through downtown Miami. Here's a list of celebrities that have been spotted with Tesla's Cybertruck. Kim Kardashian, Jay-Z, and Justin Bieber have all been spotted with the truck in recent weeks. This story is available exclusively to Business Insider subscribers.
Persons: Kim Kardashian, Jay, Justin Bieber, Tesla's Cybertruck, —, Cybertruck, Steve Aoki, Elon Musk, Tesla Organizations: Service, Elon, Business Locations: Miami
☆ Tesla 4Q Net Income Doubles Due to Tax Benefit but Earnings Fall Short of Analyst Estimates
  + stars: | 2024-01-24 | by ( Associated Press | Jan. | At P.M. | ) www.usnews.com   time to read: +1 min
DETROIT (AP) — Tesla's net income more than doubled last quarter on a one-time tax benefit, even as electric vehicle price cuts and slowing sales growth cut into profits. But excluding one-time items such as the $5.9 billion noncash tax benefit for deferred tax assets, the company made $2.49 billion, or 71 cents per share. Tesla reported quarterly revenue of $25.17 billion, up 3% from a year earlier but also below analyst estimates of $25.64 billion. Political Cartoons View All 253 ImagesTesla's sales growth rate was slower than previous quarters. As usual, the bulk of Tesla’s sales were its lower-priced Models 3 and Y.
Persons: FactSet, Tesla, Elon Musk Organizations: DETROIT Locations: Austin , Texas, U.S
☆ Another sign that the future of EV buying is leasing: Rivian leases its $73,000 truck
  + stars: | 2023-11-28 | by ( Tom Carter | ) www.businessinsider.com   time to read: +3 min
Rivian has made its R1T electric pickup available to lease in 14 US states. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWould-be EV drivers have turned to leasing as a cheaper way to try before they buy, especially considering the high price of many electric vehicles . The Cybertruck, however, will pose a fresh challenge to Rivian's R1T pickup. The futuristic Tesla pickup is set to launch on November 30 after years of hype, with over 2 million people preordering the electric pickup .
Persons: Rivian, Elon Musk's, —, Tesla's, — Tesla's, RJ Scaringe, it's Organizations: Elon, Elon Musk's Cybertruck, Service, CNBC, Leasing, Ford, Tesla, Rivians, GQ Locations: Arizona , California , Colorado , Florida, Georgia , Massachusetts, Michigan , Missouri , New Jersey , New York , Nevada , Pennsylvania, Texas, Washington
☆ Tesla's Net Income Slumped 44% in the 3rd Quarter as Lower Prices Ate Into the Automaker's Profits
  + stars: | 2023-10-18 | by ( Associated Press | Oct. | At P.M. | ) www.usnews.com   time to read: +2 min
Earnings per share fell to 53 cents from 95 cents. Excluding stock-based compensation, Tesla’s adjusted net income fell to $2.32 billion, or 66 cents per share. On that basis, Tesla’s earnings fell short of analysts’ consensus estimate of 73 cents per share, according to FactSet. The discounts range from $4,400 on Tesla’s top-selling vehicles to as much as $20,000 on its most expensive models. As usual, Tesla’s third-quarter sales consisted primarily of its Model 3 and Model Y vehicles, which have been made even more attractive by lowered prices.
Persons: Tesla Organizations: ANGELES, FactSet, Analysts, Research Locations: Austin , Texas, Tesla’s
☆ Ford EVs will use Tesla charging tech in surprise partnership between rival automakers
  + stars: | 2023-05-25 | by ( Michael Wayland Lora Kolodny John Rosevear | Michael Wayland | Lora Kolodny | ) www.cnbc.com   time to read: +1 min
DETROIT – Ford Motor will partner with Tesla on charging initiatives for its current and future electric vehicles in an unusual tie-up between the two rivals, CEOs of the automakers announced Thursday. Under the agreement current Ford owners will be granted access to more than 12,000 Tesla Superchargers across the U.S. and Canada, starting early next year, via the use of an adapter. And, Ford's next-generation of EVs — expected by mid-decade — will include Tesla's charging plug, allowing owners of Ford vehicles to charge at Tesla Superchargers without an adapter, making Ford among the first automakers to explicitly tie into the network. A Ford spokesman said the company has "this option available to us but have no news to share today." A separate Ford spokesman told CNBC that pricing for charging "will be competitive in the marketplace."
☆ 10 Things in Tech: Best side hustles, Tesla Roadsters, and ChatGPT stylist
  + stars: | 2023-05-08 | by ( Diamond Naga Siu | ) www.businessinsider.com   time to read: +4 min
After just a few short years of hype, the metaverse is already headed for the graveyard of failed tech ideas. The metaverse, according to Zuckerberg, was supposed to be the next evolution of the internet and our tech lives. But the rise and fall of the metaverse can teach us some important lessons about the tech industry as a whole. All the tech companies citing AI in their layoff announcements. Many major tech companies like Google and IBM even mentioned AI in their layoff announcements.
☆ Watch: Hyundai revealed a one-armed robot that charges your electric car for you
  + stars: | 2023-03-23 | by ( Tim Levin | ) www.businessinsider.com   time to read: +3 min
Hyundai developed an automatic charging robot that plugs in your electric car for you. The robot uses a camera and AI to find a car's charging port and plug it in. To make that vision a reality, the Korean automaker developed an "automatic charging robot" (ACR) that takes care of the nitty gritty parts of charging for you. Then, using a camera and artificial intelligence, the ACR guides the charging plug into the right spot and charging begins. Hyundai's automatic charging robot inserts a charging plug into the Ioniq 6 sedan.
☆ Tesla has declared a price war on electric-vehicle and traditional automakers alike. There are signs Elon Musk's company is making early gains.
  + stars: | 2023-03-09 | by ( George Glover | Beatrice Nolan | ) www.businessinsider.com   time to read: +6 min
The automaker has slashed Model 3, Model Y, Model X, and Model S prices in 2023. While it's too soon to call a winner in the price war, there are signs Tesla is making early gains. Tesla also lowered prices for its Model S sedan and Model X SUV in January, then reduced them again in early March. The basic Model S now retails at $89,990, down 14% from the start of the year, while the entry-level Model X costs $99,990, down 17%. "Price cuts also annoy customers," Caspar Rawles, the chief data officer at Benchmark Mineral Intelligence, a price-reporting agency, told Insider.
☆ Tesla just started an electric car price war, and it's bad news for Ford and GM
  + stars: | 2023-01-13 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +3 min
Tesla has discounted its Model 3 and Model Y cars by up to 20% in a bid to goose sales. The starting price of a Model S also dropped nearly 10%, while the Model X is down 9%. Once a luxury item, Tesla's vehicles will now compete with EVs marketed to more average car buyers. Ford recently hiked the starting price on its F-150 Lightning electric truck to $56,000, up from the original starting price of $40,000. The electric car company has long resisted traditional auto industry discounts, and Musk has even criticized the practice in the past.
☆ Stocks making the biggest moves midday: Disney, Tesla, Mesa Air and more
  + stars: | 2022-12-19 | by ( Michelle Fox | ) www.cnbc.com   time to read: +4 min
Check out the companies making the biggest moves midday Monday:Disney — Disney fell 3.6% after its film, "Avatar: The Way of the Water" fell short of box office expectations. The highly-anticipated movie brought in $134 million, less than the $175 million expected by analysts and under the $135 million to $150 million range Disney had forecast. Casino operators — Wynn Resorts fell 4.2%, while MGM Resorts lost 2.9% and Las Vegas Sands dropped 1.6%. Mesa Air Group — Shares of the airliner jumped 5% after Mesa Air announced it is finalizing a deal to run regional flights for United Airlines, while ending its partnership with American Airlines. Warner Music Group — Shares gained 2.5% following an upgrade to overweight from Atlantic Equities.
☆ Stocks making the biggest moves midday: Netflix, Lululemon, DocuSign and more
  + stars: | 2022-12-09 | by ( Michelle Fox | ) www.cnbc.com   time to read: +3 min
Check out the companies making the biggest moves midday:Lululemon — Shares of Lululemon fell 12% after the athletic apparel company gave a weaker-than-expected fourth-quarter outlook. Broadcom — Broadcom gained 3.1% after giving an upbeat revenue forecast and reporting better-than-expected quarterly results after the bell Thursday. Netflix — Netflix gained 5% after being named a "best idea" for 2023 by Cowen and being upgraded by Wells Fargo to overweight from equal weight. DocuSign — Shares of DocuSign jumped 16% after the electronic signature company posted upbeat quarterly results. Bath & Body Works — Shares of Bath & Body Works gained rose 2.1% after activist investor Dan Loeb boosted his stake in the retailer.
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