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☆ GM's Wall Street vindication is happening as it outperforms its peers in 2024
▼ + stars: | 2024-11-11 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Jeff Kowalsky | Bloomberg | Getty ImagesDETROIT — General Motors is proving it's a standout among automakers this year as it continues to consistently outperform Wall Street's earnings expectations and its competitors. For the most part, GM stock has traded in lockstep with Ford due to their histories and the cyclical nature of the automotive industry. Ford stock is off 10% as of Friday's close. Others, including Ferrari , which has been among Wall Street's top auto performers, are also trailing GM. Shares of GM under Barra, who started leading the automaker in January 2014, have been lackluster for investors for most of her tenure.

Persons: Mary Barra, Jeff Kowalsky, John Murphy, Wall, it's, Donald Trump, Elon Musk Organizations: General Motors Co, Bloomberg, Getty, DETROIT —, Detroit, Rivian, BofA Securities, GM, Ford Motor, Chrysler, General, Ford, Ferrari, Tesla, U.S, Trump . General Motors, Hyundai, Toyota, Honda, Volkswagen, Nissan, Barra Locations: Detroit , Michigan, U.S, lockstep

☆ Foreign automaker stocks slide on Trump tariff fears
▼ + stars: | 2024-11-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Brian Snyder | ReutersDETROIT — Stock prices of foreign automakers, including Chinese and German manufacturers, fell sharply on Wednesday amid concerns the U.S. will hike tariffs on imported vehicles under President-elect Donald Trump. European-traded shares of BMW and Mercedes-Benz were off around 6.5%, while Porsche was down by 4.9% and Volkswagen declined 4.3%. Trump has repeatedly said he will increase tariffs on many products, including new cars and trucks from China, Europe and Mexico, where many automakers, including Europeans, have established manufacturing hubs. U.S.-traded shares of Japanese automakers Toyota Motor and Honda Motor also were down during intraday trading by roughly 1% and 9%, respectively. However, they still heavily rely on imports from other countries, including Mexico, to meet U.S. consumer demand.

Persons: Donald Trump, Sarah Huckabee Sanders, Brian Snyder, Donald Trump ., Li Auto, Nio, Trump, aren't, Shinji Aoyama, Aoyama, Stellantis Organizations: Arkansas, Reuters DETROIT —, BMW, Mercedes, Benz, Porsche, Volkswagen, Japanese, Toyota Motor, Honda, Nissan Motor, General Motors, Ford Motor, Chrysler, Toyota, Hyundai, Kia, Mazda, American Free Trade Locations: Flint , Michigan, U.S, China, Europe, Mexico, United States, Canada

☆ China's Zeekr reports EV deliveries in October nearly doubled, clocks its best monthly numbers
▼ + stars: | 2024-11-01 | by ( Sonia Heng | In Sonia-Heng | ) www.cnbc.com time to read: +1 min

ZEEKR EV cars are displayed at the 45th Bangkok International Motor Show in Bangkok, Thailand, March 25, 2024. Chinese electric carmaker Zeekr said Thursday its deliveries surged by 92% in October from a year ago, helping the company clock its best month at 25,049 vehicles. That beat the prior record of 21,333 deliveries in September, bringing Zeekr's total for the year to nearly 168,000. Earlier in the week, Chinese smartphone and home appliance company Xiaomi said it delivered more than 20,000 electric vehicles in October. Xiaomi aims to deliver 100,000 electric cars by the end of November.

Persons: Zeekr, Xpeng, Li Auto, BYD, Aito, Xiaomi Locations: Bangkok, Thailand

A day after its sharpest rally since 2013, Tesla's stock on Friday headed for its highest close in more than a year as investors and analysts continued to applaud the electric vehicle company's third-quarter results. Tesla shares rose 2.8% on Friday morning to $267.79, putting the stock on pace for its highest finish since September 2023. The firm, which already had a buy rating on the stock, said it was increasing its 12-month price stock prediction to $315 from $310 "to reflect higher deliveries and higher margins." Still, Tesla's stock remains about 35% below its all-time high reached in 2021. WATCH: Tesla's price war is over

Persons: Elon Musk, Mark Read, Piper Sandler, Tesla, FactSet, Musk, Larry Ellison, Li Auto, Bernstein Organizations: Cannes Lions, JPMorgan, Forbes, Tesla, Ford, General Motors Locations: Cannes, France, FSD, California, Texas, China, U.S

☆ Tesla shares jump on profit beat, Elon Musk's prediction of at least 20% 'vehicle growth' next year
▼ + stars: | 2024-10-24 | by ( Lora Kolodny | ) www.nbcnews.com time to read: +6 min

Automotive revenue increased 2% to $20 billion from $19.63 billion in the same period a year earlier and is about flat since late 2022. Energy generation and storage revenue soared 52% to $2.38 billion, while services and other revenue, which includes revenue from non-warranty repairs of Tesla vehicles, jumped 29% to $2.79 billion. Earlier this month, Tesla reported third-quarter vehicle deliveries of 462,890. While deliveries increased 6% from a year earlier, they fell shy of analysts’ expectations and followed two straight quarters of year-over-year declines. “Despite ongoing macroeconomic conditions, we expect to achieve slight growth in vehicle deliveries in 2024,” the company said in its earnings deck Wednesday.

Persons: Tesla, Elon Musk, FactSet, Musk, ” Tesla, “, Kelley, Vaibhav Taneja, Li Auto, Donald Trump, Trump, doesn’t Organizations: Revenue, Energy, that’s, California Public Utilities, Li, Ford, General Motors, Trump, Nasdaq Locations: Texas, California, Bay, U.S, China, Harrisburg , Pennsylvania

☆ Tesla reports earnings after the bell. Here's what Wall Street expects from the struggling EV giant
▼ + stars: | 2024-10-23 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

The stakes are high for Tesla when the electric vehicle giant reports results after the bell Wednesday. Analysts polled by LSEG expect the company to report earnings of 58 cents per share on $25.37 billion in revenue. The company posted adjusted earnings per share of 52 cents and revenue of $25.50 billion last quarter . Stakes are even higher for the company following an underwhelming robotaxi event earlier this month that failed to impress Wall Street analysts and investors hopeful for a turnaround. He retained an equal weight rating and $220 price target, implying shares will trade in a range from here.

Persons: Li, Ryan Brinkman, Piper Sandler, Alexander Potter, Potter, Cantor Fitzgerald's Andres Sheppard, Sheppard, Dan Levy, Jefferies, Philippe Houchois, Tesla Organizations: Tesla, LSEG, EV, Li Auto, Wall Street, Barclays Locations: China

☆ Tesla shares jump on profit beat, Musk's prediction of at least 20% 'vehicle growth' next year
▼ + stars: | 2024-10-23 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +6 min

Net income rose to about $2.17 billion, or 62 cents a share, from $1.85 billion, or 53 cents a share, a year ago. Profit margins were bolstered by $739 million in automotive regulatory credit revenue during the quarter. Automotive revenue increased 2% to $20 billion from $19.63 billion in the same period a year earlier and is about flat since late 2022. Energy generation and storage revenue soared 52% to $2.38 billion, while services and other revenue, which includes revenue from non-warranty repairs of Tesla vehicles, jumped 29% to $2.79 billion. "Despite ongoing macroeconomic conditions, we expect to achieve slight growth in vehicle deliveries in 2024," the company said in its earnings deck Wednesday.

Persons: Elon Musk, Tesla, FactSet, Musk, Kelley, Vaibhav Taneja, Li Auto, Donald Trump, Trump, doesn't Organizations: LSEG, Energy, that's, California Public Utilities, Li, Ford, General Motors, Trump, Nasdaq Locations: Los Angeles , California, U.S, Texas, California, Bay, China, Harrisburg , Pennsylvania

☆ Tesla stock slips after EV maker misses estimates on deliveries
▼ + stars: | 2024-10-02 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

In the year-ago period , Tesla reported 435,059 deliveries and production of 430,488 EVs. Last quarter, the company reported 443,956 deliveries, and production of 410,831 vehicles. Deliveries are not defined in Tesla's financial disclosures, but are the closest approximation to units sold reported by the company. Analysts were expecting deliveries of 463,310 in the period ended Sept. 30, according to estimates compiled by FactSet StreetAccount. Tesla posted its third-quarter vehicle production and deliveries report on Wednesday.

Persons: Tesla, Li Auto, FactSet StreetAccount, Ford, Tesla hasn't, Elon Musk, Donald Trump, Musk Organizations: Li, Tesla, EV, Ford, General Motors, GM, Nasdaq, Hyundai Locations: China, Seattle , Washington, US, U.S

☆ Stocks making the biggest moves premarket: Humana, Nike, JD.com and more
▼ + stars: | 2024-10-02 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Humana – Shares plunged more than 22% after the healthcare company announced dire preliminary Medicare Advantage data for 2025. China stocks – Shares of Chinese companies continued to gain amid the broader stimulus rally . Diamondback Energy – The oil stock rose 3% following an upgrade to overweight from equal weight at Barclays. Energy stocks – Shares of energy companies rose following Iran's missile attack on Israel . APA Corp and Marathon Oil both rose more than 2%, and Occidental Petroleum rose more than 1%.

Persons: PDD, Alibaba, Lamb Weston –, Lamb, Betty Jiang, Diamondback, Dan Arnold, Rich Steinmeier, Davidson, —, Lisa Kailai Han, Jesse Pound, Sarah Min, Michelle Fox Theobald Organizations: Nike –, Nike, Li Auto, Baidu, Diamondback Energy, Barclays, Endeavor Energy Resources, LPL, LPL Financial, Baird, Energy, APA Corp, Marathon Oil, Occidental Petroleum Locations: China, Israel

☆ 3 of China's Tesla rivals had a record month, putting pressure on Elon Musk
▼ + stars: | 2024-10-01 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Chinese Tesla rivals Zeekr, Xpeng, and Li Auto announced record monthly deliveries this week. That puts pressure on Tesla, which is also expected to announce strong numbers on Wednesday. Elon Musk's automaker is facing fierce competition in China, with rivals rolling out their own cheap EVs. Advertisement3 of Tesla's Chinese EV rivals have had a very good month — and they've thrown down a gauntlet for Elon Musk. Chinese EV makers Li Auto, Zeekr, and Xpeng all announced record September deliveries this week, putting pressure on Tesla as it prepares to release its own numbers on Wednesday.

Persons: Zeekr, Elon, —, Elon Musk, Li Auto, Xpeng, Tesla, Li, catchup Organizations: Li Auto, Elon Musk's, Service, EV, Li, Wall Street, London Stock Exchange, Reuters Locations: China

A Li L6 by Li Auto is displayed at its booth during the Beijing International Automotive Exhibition, or Auto China 2024, in Beijing, China, April 25, 2024. BEIJING — Chinese new energy vehicle brands Li Auto and Zeekr each delivered a record number of cars in September, according to company data released Tuesday. New energy vehicles include hybrids and those powered only by battery. Li Auto reported 53,709 deliveries in September, setting a record more than 5% above a prior high reached in July. Geely-owned electric car company Zeekr also delivered a record of 21,333 vehicles in September.

Persons: Li, Li Auto, Zeekr, Nio, Hong Kong's Organizations: Li, Beijing International Automotive, Auto, Li Auto, Huawei Locations: Beijing, China, BEIJING, Hong Kong

☆ China's auto stocks rise unfazed by U.S. proposal to ban Chinese car parts
▼ + stars: | 2024-09-24 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Rows of new energy vehicles are parked at Changan Automobile's vehicle distribution center in Chongqing, China, on January 14, 2024. Shares of Chinese automakers climbed Tuesday, shrugging off a U.S. government proposal to ban certain types of vehicles equipped with car parts from China and Russia, amid a broad rally after Beijing announced policy easing. The Joe Biden administration has cited national security risks for its latest measure aimed at curbing Chinese auto industry's influence and reach in the U.S."Cars today have cameras, microphones, GPS tracking, and other technologies connected to the internet. U.S. proposal to ban Chinese auto parts may not have a direct negative impact on the Chinese auto industry as the sales volume of Chinese auto exports to the U.S. markets are "very small" and limited, Wu said. Additionally, Chinese parts companies have already set up factories in South America, which can be exported directly to U.S. markets under the U.S.-Mexico Tariff Agreement, he added.

Persons: shrugging, Li, Nio, Leapmotor, Joe Biden, Gina Raimondo, Ivan Wu, Pan Gongsheng, Wu Organizations: Beijing, Guotai, People's Bank of China Gov, U.S, China Automobile Dealers Association Locations: Chongqing, China, U.S, Russia, Hong Kong, South America, Mexico

☆ Stocks making the biggest moves midday: Visa, Smartsheet, JD.com and more
▼ + stars: | 2024-09-24 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Smartsheet — Shares surged more than 6% after Blackstone and Vista Equity Partners agreed to buy the software maker for $56.50 a share in cash, or about $8.4 billion . Unless another offer is made, the deal is expected to close by January 2025, pending shareholder approval. China stocks — Shares of Chinese companies soared after China's central bank unveiled a host of stimulus measures . Thor earned $1.68 per share on $2.53 billion in revenue in its fiscal fourth quarter. Flowserve — The stock moved nearly 5% higher after Bank of America reiterated a buy rating, saying its exposure to nuclear power is "underappreciated."

Persons: Alibaba, Li, Thor, LSEG, Morgan Stanley, BioNTech, Guggenheim, Joseph, Alex Harring, Samantha Subin, Lisa Kailai Han, Jesse Pound, Sarah Min Organizations: Bloomberg, Justice Department, Blackstone, Vista Equity Partners, JD.com, PDD Holdings, Li Auto, Thor Industries, Arlo Technologies, Bank of America, GE, Joseph Osha Locations: —

☆ Glory days for automakers like Ford, General Motors in China are over
▼ + stars: | 2024-09-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

London CNN —Foreign automakers have dominated China’s car market for decades, selling millions of vehicles and raking in enormous profits. Ford (F) and General Motors (GM) are also among firms seeing sales and market share vanish in China as local consumers spurn overseas brands to buy Chinese instead. The American automaker’s sales in China have halved from a peak of above 4 million in 2017 to 2.1 million last year. Last year, BYD sold a record 3.02 million vehicles globally, including plug-in hybrids, up 62% from 2022. Months later, Stellantis (STLA), which makes Citroen, Fiat, and Peugeot cars, bought a 20% stake in Chinese EV maker Leapmotor for about €1.5 billion ($1.7 billion).

Persons: Arno Antlitz, GM’s, Mary Barra, ”, Michael Dunne, Dunne, Xi Jinping’s, Tesla, Yilei Sun, Reuters Tesla, Li, Tu Le, Le, BYD, ” Dunne, Raul Bravo, Stellantis, “ Organizations: London CNN — Foreign, Volkswagen, Wolfsburg, Toyota, General Motors, China Passenger Car Association, Foreign, Japan’s Mitsubishi Motors, Honda, Hyundai, Ford, GM, EV, Tesla, Yilei, Reuters, International Energy Agency, “, CNN, Visitors, Automotive, Xinhua, Shutterstock, Auto, “ Global, UBS, Port, Citroen, Fiat, Peugeot, Leapmotor, Hedin Locations: China, London, Germany, Europe, American, Shanghai, Tesla's Shanghai, Beijing, EVs, Japan, North America, San Antonio, Chile, Chilean, AFP, Xpeng, Thailand, Hungary

☆ More than half of new cars sold in China are now electric or hybrid
▼ + stars: | 2024-08-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — For the first time in China, new energy vehicles have outsold traditional fuel-powered passenger cars on a monthly basis, according to China Passenger Car Association data for July. The category accounted for 51% of new passenger cars sold in China last month, according to a release late Thursday. That's up from a penetration rate of 36% exactly a year ago, and a dip below one-third in January, according to CNBC calculations of passenger car association data. The latest report showed that battery-only cars outsold hybrid ones in July — for a battery-only penetration rate of 28%. However, monthly sales and delivery figures from BYD , Li Auto and other car companies indicated consumers in China increasingly preferred hybrid-powered vehicles.

Persons: Li Organizations: China Passenger Car Association, CNBC, Li Auto Locations: BEIJING, China

☆ Goldman names five stocks worth buying ahead of earnings, including this red-hot EV name
▼ + stars: | 2024-08-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

There are still plenty of opportunities to snap up attractive stocks ahead of their earnings reports, according to Goldman Sachs. They include Affirm, Li Auto, Madison Square Garden Entertainment, Waystar and CAE. The firm said it sees upside to consensus estimates and that Madison Square Garden Entertainment has assets that are unparalleled in the "leading entertainment market in the world." Waystar Goldman Sachs is also bullish on Waystar ahead of its earnings report on Aug. 7 . MSG Entertainment "MSGE has best-in-class assets in the leading entertainment market in the world.

Persons: Goldman Sachs, Li Auto, Stephen Laszczyk, Laszczyk, Goldman, Will Nance, Nance, Waystar Goldman Sachs, Waystar, Adam Hotchkiss, Hotchkiss, Li, …, MSGE Organizations: CNBC, Garden Entertainment, CAE, MSG Entertainment, Apple, Nasdaq, TAM, China Locations: Madison, New York, China, 2024E

☆ Li Auto's July deliveries hit a record as Chinese EV consumers prefer hybrid options
▼ + stars: | 2024-08-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A newly released Li Auto L6 new energy vehicle is displayed at a store in Shanghai, China, on April 19, 2024. BEIJING — Chinese new energy vehicle company Li Auto announced Thursday it delivered a record number of cars in July, boosted by sales of its new, lower-cost Li L6 SUV. The new model and most of Li Auto's cars come with a fuel tank for extending the battery's driving range. The automaker said its Li L6 that launched in April has seen monthly deliveries of more than 20,000. The China Passenger Car Association said Tesla China sold 59,261 cars in June.

Persons: Li, Li Auto, Tesla Organizations: Auto, Li Auto, Li, U.S, China Passenger Car Association, Tesla Locations: Shanghai, China, BEIJING, Tesla China

☆ 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

☆ Chinese EV stocks drop after Tesla's earnings miss, General Motors delays EV plans
▼ + stars: | 2024-07-24 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

(Photo by Costfoto/NurPhoto via Getty Images)Shares of major Chinese electric vehicle companies dropped Wednesday after U.S. giant Tesla 's earnings fell short of analysts' estimates and General Motors delayed its EV plans. EV hype has been dwindling, as automakers from Tesla to General Motors scale back or delay their EV plans. Tesla shares closed 2.04% lower. Separately, General Motors on Tuesday said it was delaying further a second U.S. electric truck plant and the Buick brand's first EV. Investors were spooked by the pullbacks in growth businesses and General Motors' shares closed 6.42% lower on Tuesday despite solid financial results.

Persons: Tesla, Xpeng, Nio, Li Auto, Elon Musk, Musk Organizations: 21st Changchun International Automobile, Getty, U.S, General Motors, EV, Zhejiang Leapmotor, SAIC, Motors, Buick, Investors Locations: Changchun, Jilin province, China, Hong Kong, BYD, Zhejiang, U.S, Xpeng

☆ Stocks making the biggest moves midday: Ryanair, CrowdStrike, IQVIA Holdings and more
▼ + stars: | 2024-07-22 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: Ryanair — Shares fell 16% after the budget airline reported weaker-than-expected fiscal first-quarter earnings . CrowdStrike — The cybersecurity stock plunged 12% as investors fully digested Friday's massive outage , which resulted in thousands of canceled flights. IQVIA Holdings — The stock jumped more than 6% after the health tech company's earnings beat expectations for the second quarter. In the second quarter, the company reported sales of $32.8 billion, below the $33.05 billion FactSet consensus estimate. Mattel — Shares of the toymaker soared more than 11%.

Persons: CrowdStrike, FactSet, Tesla, Elon Musk, LPR, Xpeng, Catterton, —, Alex Harring, Hakyung Kim, Lisa Kailai Han, Darla Mercado Organizations: Ryanair —, Guggenheim, Holdings, Nvidia —, Reuters, Blackwell, Verizon —, —, EV, People's Bank of, Li Auto, Mattel —, Mattel, Semiconductor, — Investors, VanEck Semiconductor, KLA Corporation, ASML Locations: CrowdStrike, People's Bank of China, chipmakers

☆ Stocks making the biggest moves midday: Macy's, MicroStrategy, Coinbase, Nvidia and more
▼ + stars: | 2024-07-05 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: Nvidia — Shares of the artificial intelligence darling fell 1% after a rare negative call on Wall Street . New Street Research downgraded Nvidia to hold from buy, citing limited upside given the big run already this year. Crypto stocks — Stocks tied to the cryptocurrency plummeted after the trustee for the now defunct Mt. SoftBank Group , Arm Holdings — U.S. shares of SoftBank rose 5.5% after Japanese shares hit their first record high in 24 years on Thursday. Teck Resources — The stock rose more than 2% after Bloomberg reported Thursday that Canada had approved Glencore's $6.9 billion acquisition of Teck's metallurgical coal business.

Persons: Macy's, Stocks, Energy, CleanSpark, Masayoshi, SoftBank, Nio, Zeekr, Li, Emmanuel Papadakis, Teck, Alex Harring, Jesse Pound Organizations: Nvidia, New, Research, Street Journal, Arkhouse Management, Brigade Capital Management, Marathon, SoftBank, Arm Holdings —, Reuters, Francisco Partners, KKR, —, European Union, Li Auto, Novo Nordisk, Novo Nordisk's Ozempic, Deutsche Bank, Harvard Medical, Bloomberg, Getty Locations: SoftBank, Europe, Novo, Teck

That's slightly more than Nio 's 87,426 deliveries for the first six months of 2024, although Nio continued to recover from sluggish performance earlier in the year with a record 21,209 deliveries in June. BEIJING — Chinese electric car company Zeekr said Monday it delivered a record number of vehicles in June, making its deliveries for the first half of the year the largest among U.S.-listed Chinese companies only selling pure electric cars. Plug-in hybrid cars accounted for a slightly greater share than battery electric vehicles, and saw faster growth at 39.5% versus 17.7% for battery-only cars. Car companies need to improve the battery charging process, Wan Gang, the man credited with spearheading China's electric car strategy, said at a conference last week. As part of efforts to boost consumption, China this year has launched a trade-in policy to incentivize new energy vehicle sales.

Persons: Li Auto, Xpeng, That's, Nio, Zeekr, Huawei's, BYD Organizations: SEA, Li, U.S, Gang, China Passenger Car Association Locations: BEIJING, Hong Kong, China, Beijing

☆ Chinese EV stocks surge after EU slaps up to 38% additional import tariffs
▼ + stars: | 2024-06-13 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +5 min

Citi analysts said the EU's additional tariffs were "generally benign," while one analyst from Morningstar pointed out that the additional duties were "modest" in comparison to U.S. hikes on Chinese EVs last month. Stock Chart Icon Stock chart icon BYD vs GeelyOn Wednesday, the EU said it would impose extra tariffs on Chinese EV players with a large footprint in Europe. BYD will be subject to additional tariffs of 17.4%, Geely will get an extra 20% duty. Citi analystsThe EU said in a statement it has provisionally concluded that Chinese EV makers benefits from "unfair subsidization," which resulted in "threat of economic injury" to EU's EV industry. watch nowThe additional duties come after the EU launched a probe in October.

Persons: Geely, Li, Morningstar, Joe Biden, Vincent Sun, Europe Joseph Webster, Webster, BYD, Tesla, Paul Triolo Organizations: Automotive Exhibition, Getty, Nurphoto, European Union, Li Auto, SAIC, Citi, EU, EV, Morningstar, Wednesday, Ministry of Commerce, Atlantic Council's Global Energy Center, Volvo, Nomura, Albright, Group Locations: Beijing, China, Geely, EU, Europe, U.S, Hungary, Swedish, Belgium

☆ 1,000 workers at one car factory in China were told to either quit or sit around on minimum wage until the market picks up again: Nikkei
▼ + stars: | 2024-06-05 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Li Auto workers are facing layoffs or minimum wage due to weak electric vehicle sales. 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 . AdvertisementAs China grapples with manufacturing overproduction, some workers at one of China's auto plants face a difficult choice about their jobs. Newlywed Lisa told Nikkei on Tuesday that in her brand-new factory for Li Auto, more than 1,000 employees like her were given the choice of either quitting or receiving minimum wage until business improves.

Persons: —, Newlywed Lisa, Lisa Organizations: Li Auto, EV, Service, Nikkei, Business Locations: China

☆ Stocks making the biggest moves midday: Peloton, Lam Research, Lowe's, AstraZeneca and more
▼ + stars: | 2024-05-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Lowe's — The home improvement stock fell 2.9% despite the company posting a first-quarter earnings and revenue beat. By comparison, analysts surveyed by FactSet had penciled in $1.45 in earnings per share on $1.21 billion in revenue. XPeng — U.S-listed shares jumped nearly 5% after the Chinese EV company topped first-quarter estimates for revenue and said it anticipates a rise in quarterly deliveries. AutoZone reported $4.24 billion in revenue for the quarter, below the $4.29 billion expected by analysts, according to FactSet. Sprout Social — Shares dropped 4% after Sprout Social responded to a Reuters report, citing sources familiar, that said its founders are in talks to take the social media strategy company private.

Persons: Lam, Macy's, Tony Spring, Marvin Ellison, BlackLine, FactSet, Keysight, AutoZone, Li Auto, Li, Yun Li, Jesse Pound, Sarah Min, Alex Harring, Lisa Han, Samantha Subin Organizations: AstraZeneca — U.S, Traffic Safety Administration, Dell Technologies, Citi, Baird, Palo Alto Networks, Keysight, EV, Reuters, Li Auto Locations: billings, —

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