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☆ It's a good time to get a deal on an EV as they sit around on dealer lots
▼ + stars: | 2024-08-24 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

This has helped cut the average price paid in July for a new EV to $58,619, which is 1% lower year-over-year, according to Edmunds. That's actually $4,366 cheaper than the average price paid in July for a new plug-in hybrid. Demand for hybrids is growing among a more practical group of green car shoppers who aren't ready to make the switch to a fully electric car. The average price paid for an EV still outpaces the average price paid for any new car by about $10,000. Car companies are leaning into this loophole with attractive EV leasing deals.

Persons: —, That's, Jessica Caldwell, Edmunds, Caldwell Organizations: Service, Business, Cox Automotive, EVs, Hyundai, Dealers Locations: Edmunds, That's

☆ Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company
▼ + stars: | 2024-08-23 | by ( Michael Wayland | ) www.nbcnews.com time to read: +8 min

So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles. “We’re quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range,” he told CNBC on Thursday. Gjaja’s comments came a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion. Gjaja said the decision wasn’t taken lightly, especially the cancellation of the upcoming three-row vehicle, which Ford CEO Jim Farley and other executives had been touting as a game changer for several years. He said the Ford, in part, developed the skunkworks team to prove that Ford can compete against the Chinese automakers.

Persons: Marin Gjaja, We’re, “, Warren Buffett, Gjaja, Jim Farley, ” Farley, Ford, ” BofA’s John Murphy, John Lawler, Lawler, ” Gjaja, ” There’s, we’ve, ” Ford, Thursday, ” Organizations: DETROIT, Ford, CNBC, North America, EV, “, ICE, Wall Street, GM, General Motors Locations: U.S, Europe, North, California, China, ”

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Chinese EVs are taking over MexicoMexico has quickly become a major market for Chinese automakers. Last year, China was the leading car supplier to Mexico, exporting $4.6 billion worth of vehicles. Some Chinese EV makers like BYD have been looking for a further foothold in North America by exploring factory sites in Mexico. Now at the center of a trade war between the U.S. and China, how has Mexico quietly become a hot spot for Chinese EV companies, and will the country become a "backdoor" for these cars to drive into the U.S.?

Organizations: Mexico, U.S, EV Locations: Mexico Mexico, China, Mexico, North America, U.S

☆ Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company, investors
▼ + stars: | 2024-08-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

In this article F Follow your favorite stocks CREATE FREE ACCOUNTA banner advertises the Ford Mustang Mach-E electric vehicle at a Ford dealership on August 21, 2024 in Glendale, California. So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles. "We're quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range," he told CNBC on Thursday. Gjaja's comments come a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion. He said the Ford, in part, developed the "skunkworks" team to prove that Ford can compete against the Chinese automakers.

Persons: Mario Tama, Marin Gjaja, Warren Buffett, Gjaja, Jim Farley, Farley, Ford, BofA's John Murphy, John Lawler, Lawler, There's, we've, Michael Wayland Organizations: Ford, Getty, DETROIT, CNBC, North America, EV, Wall Street, GM, General Motors Locations: Glendale , California, U.S, Europe, North, California, China

☆ How China became the leading car supplier to Mexico and what it means for the U.S.
▼ + stars: | 2024-08-23 | by ( Merritt Enright | ) www.cnbc.com time to read: +3 min

Last year, China was the leading car supplier to Mexico, exporting $4.6 billion worth of vehicles to the country, according to the Mexican Ministry of Economy. "The Chinese automakers came to the country very aggressively," said Juan Carlos Baker, former Mexican deputy minister for international trade. That free trade access is part of the United States-Mexico-Canada Agreement (USMCA), a revised iteration of the North American Free Trade Agreement (NAFTA) that removed tariffs on many goods traded between the North American countries starting in 2018. "We've seen China do this in other types of manufacturing as well, from appliances to auto parts to steel," said Paul. Watch the video to learn more about how Mexico has become a hot spot for Chinese auto companies and how the next administration may impact EV trade policies.

Persons: BYD, Juan Carlos Baker, Scott Paul, We've, Paul, Michael Dunne, Dunne, Joe Biden, it's Organizations: Mexican Ministry of, Nuevo, Alliance for American Manufacturing, North American Free Trade, North Locations: U.S, Mexico, Washington, China, North America, Mexican, Durango, Jalisco, Nuevo Leon, United States, Canada, America

☆ Real Estate Status Symbol: New Home From Your Favorite Luxury Brand
▼ + stars: | 2024-08-14 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

This spring, the company unveiled plans for Pagani Residences, a 70-unit condo development in Miami's North Bay Village. Beyond automakers, there's a growing list of luxury brands hoping to use real estate to turn their cultural cachet into cold, hard cash. New York's five-star Sherry-Netherland Hotel began welcoming long-term residents almost a century ago, and since then roughly 700 branded residences have graced skylines around the world. But when it comes to branded residences, there are real selling points for buyers. The Elle project may seem out of left field, but Itani told me he's talking with another publication interested in making similar inroads.

Persons: carmaker Pagani, Pagani, Carlo Dipasquale, Aston Martin, Carbone, Gabbana, Elle, Sherry, we've, that's, Itani, Drake, Giorgio Armani, aren't, Brand, They're, they're, Laura Steinbruckner, Ferrari, Rob Sykes, WATG, hadn't, Cipriani, they've Organizations: Pagani Residences, Mercedes, Benz, Porsche, Bentley, Global, Condo, Brands, Carlton, Nobu, Peruvian, Armani Casa, South Florida —, Villa Miami, Major Food Group, Gabbana, Hilton, Fiat, Apple Locations: Bay, South Florida, Miami, Miami Beach, Dubai, London, New York, Netherland, Spain, Toronto, homebuilding, Plenty, Villa

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTest driving BYD, Nio and other Chinese EV rivals of TeslaLow-cost, high-tech Chinese EVs have stirred fears of a government-subsidized existential threat to automakers around the world. So what do these vehicles have to offer? How do they compare to the Tesla Model Y, which in 2023 was the bestselling car in the world? CNBC's Beijing bureau chief Eunice Yoon tested four of them from large and high-profile Chinese brands to see how they stack up against the Model Y, and to offer some insight into how non-China rivals might compete against them.

Persons: Eunice Yoon Organizations: Tesla Locations: Beijing, China

Trade groups say Chinese electric vehicles pose an "existential threat" to the U.S. auto industry. But faced with a growing preference for hybrids at home and a brutal price war, Chinese automakers want to export more vehicles abroad. "It's hard to process that because we don't see Chinese cars on American roads," said Dunne Insights founder and CEO Michael Dunne. You're going to see Chinese cars all over the place." So how do Chinese EVs stack up?

Persons: Dunne, Michael Dunne, Eunice Yoon Organizations: U.S, Tesla, JATO Dynamics, CNBC Locations: China, Australia, Mexico, Brazil, Israel, South Africa, U.S, CNBC Beijing

☆ A 1954 Mercedes worth up to $70 million will be among legendary racing cars up for sale soon
▼ + stars: | 2024-08-13 | by ( Jack Guy | ) edition.cnn.com time to read: +4 min

CNN —A 1954 Mercedes-Benz W196 Streamliner valued between $50-70 million is among the historic cars set to be sold by the Indianapolis Motor Speedway Museum. “These vehicles will be some of the world’s most significant cars ever sold,” Gord Duff, global head of auctions at RM Sotheby’s, said in the statement. The cars will be sold at different events late this year and in 2025, according to the statement. In 2022, a very rare 1955 Mercedes-Benz SLR coupe that had been kept in the German automaker’s collection was sold to a private buyer for €135 million ($142 million at the time). “The Ferrari 250 GTO is the motoring market’s equivalent of Van Gogh’s ‘Sunflowers’ and a talisman for any top-end collection,” he said.

Persons: Mercedes, Juan Manuel Fangio, Stirling Moss, Fangio, Moss, Ferrari 250LM, Ferrari, Ford GT40, ” Gord Duff, Joe Hale, “, Laurin, Mercedes Brookland, Craig Breedlove, Lee, David MacNeil, James Knight, Van, ” Organizations: CNN, Benz, Indianapolis Motor Speedway Museum, Chief, Sotheby’s, Prix, Le, Sotheby's, Chevrolet Corvette SS, XP64, Ford, Indianapolis, Indianapolis Motor, Indianapolis Motor Speedway, Le Mans, IMS, Klement, Ferrari Locations: Buenos Aires, Argentina, Monza

☆ Fact check: Trump made at least 20 false claims in his conversation with Elon Musk
▼ + stars: | 2024-08-13 | by ( Daniel Dale | ) edition.cnn.com time to read: +34 min

Here is a fact check:CrimeTrump claimed, “Our crime rate’s going through the roof.”Facts First: Trump’s claim is false. Facts First: Trump did express uncertainty about the number, but his “like 60 million or something” claim is false. They take ‘em out, and they bring them to the United States.”Facts First: Trump’s claim is baseless. He said, “With Ukraine, so we’re in for $250 billion and they’re in for about $71 billion.”Facts First: Trump’s claim is false. But Trump’s claim that the US has committed or provided far more aid than Europe is not true regardless.

Persons: Donald Trump, –, Elon Musk, Kamala Harris, Trump, Jeff Asher, ” Anna Harvey, “, we’ve, ”, Biden, Gary Griggs, Griggs, Harris, Harris “, ” Trump, wasn’t, Alejandro Mayorkas, Breitbart, ” Roberto Briceño, Venezuela’s, León, Joe Biden, ” Michelle Mittelstadt, can’t, Steven Cheung, Congo ’ Trump, Patrick Muyaya Katembwe, ” Serge Mombouli, Barack Obama’s, Obama, Obama’s, We’ll, Ukraine Trump, Europe Trump, Trump’s, Mike Pompeo, ” Pompeo, China, you’re, ‘, Iran haven’t, ” Matt Smith, Biden’s, Smith, Ali Vaez, Ronald Reagan’s, Barack Obama, George W, they’d, Scott Gottlieb, ” Gottlieb, General Merrick Garland, Musk, Alvin Bragg’s, Matthew Colangelo, Colangelo, Bragg, CNN’s Tami Luhby, William Montes Organizations: Washington CNN, Republican, Democratic, Public, New York University, CNN, Major Cities Chiefs Association, Biden, Global, Trump, NASA, Meteorological Organization, University of California, Oceanic, Fox News, The New York, White, Homeland, Central, “, Border, Venezuelan, of, Patrol, Republicans, Migration, Institute, Breitbart, Congo, PAC, Central America Trump, Obama, Customs Enforcement, Policy Institute, ICE, El Salvador, Electoral, Ukraine, Kiel Institute, European Union, European Automobile Manufacturers ’ Association, State, Americas, Crisis, Federal, Defense Department, Food and Drug Administration, FDA, Justice Department, New Locations: Trump’s, Santa Cruz, Gulf of Mexico, Florida, Mar, El Salvador, Guatemala, Honduras, United States, Mexico, Venezuela, “ Venezuela, Congo, Democratic Republic of Congo, Republic of Congo, Africa, Republic of, Washington, Europe, Ukraine, Germany, Kiel, ”, EU, Iran, Lebanon, Israel, China, that’s, Kpler, Malaysia, Afghanistan, Asia, Fulton County , Georgia, Manhattan, New York

☆ Texas Sues G.M. Over Collection and Selling of Driver Data
▼ + stars: | 2024-08-13 | by ( Stacy Cowley | More About Stacy Cowley | ) www.nytimes.com time to read: +1 min

The state of Texas sued General Motors on Tuesday, accusing the automaker of collecting detailed driving data on 16 million drivers and selling it to insurance companies without their consent. “Millions of American drivers wanted to buy a car, not a comprehensive surveillance system that unlawfully records information about every drive they take and sells their data to any company willing to pay for it,” said Ken Paxton, the state’s attorney general. spokeswoman said the company had been “in discussions” with the attorney general’s office and was reviewing the complaint. “We share the desire to protect consumers’ privacy,” she said. Many customers’ insurance premiums soared because of the data contained in those reports.

Persons: ”, Ken Paxton, Paxton Organizations: General Motors, The New York Times, Motors Locations: Texas

☆ Californians are buying fewer Teslas. That could be a bad sign for Elon Musk.
▼ + stars: | 2024-08-11 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Read previewTesla has a California problem — its residents aren't buying as many of Elon Musk's electric cars as they used to. And California isn't the only place where Tesla's chokehold on the EV market is beginning to slip. Tesla CEO Elon Musk has attributed lackluster sales to high interest rates and economic uncertainty in the US. But, while Tesla's sales are dropping, the EV market as a whole is expanding, including in California. Similarly, data from CNCDA shows that EV sales in California hit their second-highest quarter on record in July.

Persons: —, Tesla, Elon, Elon Musk, Gavin Newsom, Newsom, Noam Galai, Musk, Donald Trump, wouldn't, Ivan Drury, Edmunds, California there's, Brian Moody, Moody Organizations: Service, Golden State, Car Dealers, US, Business, Cox Automotive, California, Forbes, Experian Automotive, SpaceX, Democratic Party, Auto Locations: California

☆ Thieves are still targeting Hyundai and Kia cars but new software is stopping them
▼ + stars: | 2024-08-07 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

The cars in question are certain older Hyundai and Kia models made before 2023 that are particularly vulnerable to theft. So far, more than 2 million Hyundai and Kia vehicles have gotten the update, according to the automakers. By now, around 61% of eligible Hyundai vehicles have the software upgrade, a Hyundai spokesperson said. That said, not all of the vulnerable Hyundai and Kia models have the proper hardware to enable the software upgrade. For those vehicles that can’t get the software, Hyundai and Kia have been providing steering wheel locks.

Persons: ” Matt Moore, Kia —, South Korea —, Moore, Tok, ”, “ Organizations: CNN, Hyundai, Kia, Data Locations: South Korea

☆ Americans just can’t quit their giant, gas-burning trucks
▼ + stars: | 2024-08-07 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

A ‘harsh reality’ for EVsFord likes to brag about its growing EV sales, but its profit is still primarily coming from the sales of gasoline powered trucks and SUVs. Ford isn’t the only automaker pulling back on its EV plans and making new investment in ICE vehicles. This is not to say that the traditional automakers are dropping their EV plans altogether or that EV sales are falling. But EV sales, which initially grew at a double-digit pace, haven’t shot up exponentially as automakers hoped or expected. That uncertainty about the future of US EV incentives prompted automakers to reconsider their earlier EV plans.

Persons: Ford, ” Ford, Jim Farley, hasn’t, EVs Ford, ”, Ivan Drury, Mary Barra, EVs, Stellantis, haven’t, Tesla, Donald Trump, Elon Musk, Carlos Tavares Organizations: New, New York CNN, EVs, Canadian, Ford, Super, Kentucky, Super Duty, Ford’s, Ford Expedition, GM, ICE, United Auto Workers, “ Locations: New York, Oakville , Ontario, Toronto, Mexico, Oakville, Kentucky, Ohio, EVs, United States, Edmunds, North America, Europe

☆ Ford turns 'dirty' business into a profit driver. GM and Stellantis are taking notice
▼ + stars: | 2024-08-05 | by ( Michael Wayland | ) www.cnbc.com time to read: +10 min

Many fleet sales, especially daily rentals, have historically been viewed as a negative for auto companies. But Ford has proven that's not always the case by breaking out financial results for its "Ford Pro" fleet business. Ram, GM retoolAs Ford touts its fleet business, its closest rivals have amped up their operations. It launched "GM Envolve" last year, its overhauled fleet and commercial business focused on fleet sales, digital telematics and logistics for commercial customers. EV goalsGM Envolve includes the company's EV commercial business BrightDrop, which was folded back into the automaker last year instead of it acting as a subsidiary.

Persons: Mark Hazel, It's, Ford, Ferrari, Jim Farley, Wolfe, Joe White, Farley, BofA's John Murphy, Ram, Christine Feuell, Stellantis, Ram Ram, Ken Kayser, Sandor Piszar, Motors, Piszar, EV600 Organizations: Ford DETROIT, U.S, automakers, Ford Motor, General Motors, Chrysler, P Global Mobility, Ford, Ford Pro, Wolfe Research, North, GM, Ford Super Duty, Reuters, GM retool, CNBC, Software, Stellantis, GM Envolve, Sierra, GM Fleet, EV Locations: Dearborn , Michigan, U.S, North America, Europe, Kentucky, Louisville , Kentucky, Stellantis, Detroit

☆ EV charging company moves to clamp down on charger hogs
▼ + stars: | 2024-08-04 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

EV fast chargers – the big tall units that look like major appliances – aren’t generally designed to completely fill an EV’s batteries. A line of EVs wait to charge at Electrify America chargers in East Brunswick, New Jersey, on July 6. At 10 of the busiest EV fast charging stations in California, Electrify America has enacted a strict limit. There can also be other legitimate reasons a driver may want to charge to 100% at a fast charger, said Barrosa. Cases like these are why Electrify America probably won’t institute an overall charging cap at charging stations near major highways, he said.

Persons: Peter Valdes, unplug, Tesla’s, ”, Sara Rafalson, we’ve, Robert Barrosa, ’ ”, EVgo, EVgo’s Rafalson, Barrosa, let’s Organizations: CNN, Chevrolet Blazer, EV, Mercedes, Benz, Hyundai, Fiat, Mazda Locations: New York City, Bristol , Pennsylvania, Bristol, East Brunswick , New Jersey, EVs, America, California, America’s

☆ Tesla needs to figure out how to sell cars. Its salespeople say it's stuck in the past.
▼ + stars: | 2024-08-01 | by ( Grace Kay | ) www.businessinsider.com time to read: +10 min

The company's sales team has been struggling to adapt to a much different market, according to 14 current and former employees from Tesla's sales division in North America. The carmaker is also attempting to fix a spate of bad publicity surrounding its CEO, Elon Musk — all with little in the way of advertising initiatives or traditional sales strategies. The electric-car maker made its mark by breaking industry standards with its ad-free, direct-to-consumer sales model. Now, some of Tesla's sales staff believe it's time for the company to begin acting like a traditional automaker. Musk has been vague about when a new, more economically priced Tesla model would hit the market, saying only that it could happen in 2025.

Persons: —, Tesla, Elon Musk, What's, Musk, shouldn't, Tesla backpedaled, Brian Moody, Autotrader Organizations: Service, US EV, Business, Tesla Locations: North America

☆ Japan orders ‘drastic reforms’ for Toyota after fresh certification violations
▼ + stars: | 2024-07-31 | by ( ) edition.cnn.com time to read: +2 min

Tokyo Reuters —The Japanese government ordered Toyota Motor on Wednesday to make “drastic reforms” after discovering new violations in the automaker’s vehicle certification procedures. In a so-called corrective order, the Transport Ministry said on-site inspections had uncovered widespread, intentional misconduct and irregularities in seven additional models that had not been previously disclosed. Toyota and four other vehicle makers admitted in June they had submitted either flawed or manipulated data when applying for certification of vehicles. Toyota said it was planning to resume production of these models from the beginning of September after the Transport Ministry confirmed they met compliance requirements. The ministry said six of the seven additional Toyota models with irregularities were also certified in other countries, and it had alerted overseas authorities about the issues.

Persons: Noah, Voxy Organizations: Tokyo Reuters, Toyota Motor, Transport Ministry, Toyota, Corolla Fielder, Corolla, Lexus, Daihatsu, Lexus LM Locations: Tokyo

☆ Chinese EV makers are outpacing Tesla in one key area
▼ + stars: | 2024-07-31 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Read previewTesla is fighting to keep its EV crown, and Chinese automakers are already challenging Elon Musk's company in one crucial area: Innovation. The Washington DC-based think tank found that Chinese EV companies are 30% faster when it comes to developing and releasing new car models than automakers in other regions, including Tesla. AdvertisementAdditionally, Chinese electric-car companies like BYD are pumping out more new EVs than US automakers, including Tesla, ITIF said. The Think Tank warned US carmakers would need to "double down on genuine technological innovation" if they wanted to continue to compete with Chinese companies. Musk's company has been facing mounting pressure from EV companies in China, including BYD, which has been vying with Tesla for the title of top EV seller .

Persons: —, ITIF, Tesla, China's BYD, Li Auto, Musk Organizations: Service, Elon, Information Technology, Innovation Foundation, The Washington DC, EV, Business, BMW, Tesla, Reuters Locations: China

It’s been a year since interest rates reached a two-decade high, but they may soon begin to reverse course. The Federal Reserve is expected to hold its benchmark interest rate steady on Wednesday, while signaling that a cut is possible when policy-setting officials meet again in September. If interest rates are elevated for too long, they risk weakening the employment picture. The central bank uses interest rates to influence the broader economy. Home-equity lines of credit and adjustable-rate mortgages — which each carry variable interest rates — generally rise within two billing cycles after a change in the Fed’s rates.

Persons: It’s, ” Jonathan Smoke, that’s, Freddie Mac, ”, Sam Khater, —, “ Banks, Ken Tumin Organizations: Federal, “ Manufacturers, Cox Automotive, Treasury, Savings Vehicles Locations: Edmunds

☆ Ron Insana: The economic slowdown is here, and the Fed will be key to avoiding a recession
▼ + stars: | 2024-07-31 | by ( Ron Insana | ) www.cnbc.com time to read: +4 min

It is a question based on recent market behavior, corporate profit reports and prospective economic policy changes at home and abroad. It suggests that declining inflation and economic weakness may well be in our future. Recent U.S. economic data has been unexpectedly steady, with recent growth pegged at an annual rate of 2.8% in the second quarter. Unemployment data flashes a warning sign The unemployment rate remains low at 4.1% as of June, but it has risen from 3.7% back in January . Some economists argue that an increase of half a percentage point in the unemployment rate, off the lows, is a precursor to a recession.

Persons: you've, Ron Insana Organizations: Treasury, Federal Reserve Bank of New, Procter, Gamble, Federal Reserve, Clearwater, CNBC Locations: Clearwater, Japan, Switzerland, Venezuela, U.S

Japanese companies established Thailand’s auto industry virtually from scratch, dating back to the years after World War II. By the late 1970s, Japanese brands commanded around 90 percent of car sales in Thailand. Now Japanese automakers’ stronghold is finally being loosened by Chinese manufacturers that offer something they don’t: electric vehicles at affordable prices. The influx of Chinese brands like BYD, Great Wall Motor and SAIC Motor in the past two years is ringing alarms in Japan. In December, Srettha Thavisin, Thailand’s prime minister, traveled to Japan with a message for Japanese companies: Move quickly, invest in electric vehicles or lose out to China.

Persons: Srettha Organizations: South Korean, Motor, SAIC Locations: Thailand, Japan, China

☆ Tesla is having trouble wooing new EV shoppers
▼ + stars: | 2024-07-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

That's bad news for Tesla, especially as a yearlong slowdown in EV demand is beginning to impact the EV leader's sales. That's off from 55% share a year ago and nearly 80% market share back in 2020, according to Experian data. AdvertisementThat leaves a potential opening for traditional automakers at a time when the EV market is getting tougher. That's already helped the brand chip away at Tesla's market share. And at Ford, EV sales were up 61% in the second quarter, trailing only Tesla in sales so far in 2023.

Persons: —, Tesla, Elon, Power, Frank Hanley, That's, Hanley Organizations: Service, JD Power, Business, Cox Automotive, EV, Chevrolet, Silverado, Ford

☆ Self-driving tech company WeRide accelerates global expansion as transportation industry adopts AI
▼ + stars: | 2024-07-30 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +4 min

(Photo by Jia Tianyong/China News Service/VCG via Getty Images) China News Service | China News Service | Getty ImagesSelf-driving technology firm WeRide is accelerating its global expansion as the artificial intelligence boom boosts adoption of machine learning in transportation. Things are moving relatively fast because of the development of AI right now," said Sebastian Yee, Singapore director of business development at WeRide. In June, the firm began safety testing for "Robosweepers" in Singapore, following similar rollouts in multiple cities in China. watch now"WeRide is the only company which has [driverless] permits from the U.S., China, UAE and Singapore. Some [companies] just have permits from one or two countries, but we have four countries," said Kerry Xu, Singapore general manager of WeRide.

Persons: WeRide, Jia Tianyong, Sebastian Yee, Kerry Xu, Xu, Yee Organizations: SAE, China News Service, Getty Images, Getty, Logistics, Renault, Nissan, Mitsubishi, GAC Group, Nasdaq, U.S, SEC, Changi Airport Locations: BEIJING, CHINA, Beijing, China, Singapore, WeRide, Silicon Valley, Guangzhou, U.S, UAE, Japan, Europe, Cayman Islands, Southeast Asia

☆ Tesla stock has 40% upside as a 'top pick' as it corners the EV-credit market, Morgan Stanley says
▼ + stars: | 2024-07-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Tesla stock will soar 40% as it dominates the zero-emission vehicle-credit market, according to Morgan Stanley. Tesla's cost-cutting initiatives and energy business growth are key drivers of the firm's bullish outlook. AdvertisementTesla stock is going to soar 40% over the next year as it corners the zero-emission vehicle-credit market, according to a Monday note from Morgan Stanley. "We anticipate other car companies such as GM and STLA may be wading more deeply into the ZEV market as buyers in the quarters ahead. Advertisement"We see potential for the Tesla Energy business to be worth more than the autos business," Jonas said.

Persons: Morgan Stanley, Tesla, —, Adam Jonas, Jonas, ZEV, Ford Organizations: Ford, Service, EV, Nasdaq, North, General Motors, Tesla Energy Locations: North America, Europe

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