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Discounts are getting bigger after it got harder to qualify for the $7,500 tax credit. In order to deal with a slowdown in demand for big, expensive electric cars — and dwindling federal incentives — dealers and manufacturers are pouring on discounts. By the end of last year, electric cars were seeing some of their highest discounts ever, according to Kelley Blue Book. Changes to requirements for a $7,500 electric vehicle tax credit have also put more responsibility on the dealer and the manufacturer to discount prices. We asked Edmunds for a list of the most discounted electric cars in January.
Persons: , Elon, Kelley, Edmunds Organizations: EV, Service, Tesla
Read previewJasmine Cambridge, a 25-year-old steakhouse server with aspirations of working in marketing, moved from Atlanta to Austin in 2023. Over 14,100 movers to Austin came from California, while nearly 4,900 moved from New York. AdvertisementA majority of movers to Austin from other states were white, making up 52% of movers, while Hispanic individuals account for 23.1%. Less than half of Americans moving to Austin are married — 43.2% — while 45.6% are single or unmarried. Census data shows that about 74.26% of movers to Austin are renters, while 25.74% are homeowners.
Persons: , Jasmine Cambridge, Austin, I've, Austin —, Jasmine Cambridge Pengyu Cheng, Cheng, Pengyu Cheng, it's, Tesla, They've, Gen Z Organizations: Service, Business, Apple, Google, Oracle, Austin, Survey, University of Minnesota's, Census, Redfin Locations: Atlanta, Austin, Cambridge, San Francisco, California, Pengyu, Texas, New York . Florida , Oregon, Washington
If China EV Inc. were allowed to enter the US today or next year, the legacies would be gutted." The year Musk tittered at the idea of Chinese EVs overtaking Tesla, the country produced only 5,000 electric cars. It has more trade barrier protection from a China Auto Inc. onslaught, but it may not work forever. AdvertisementWe want to maintain an auto industry in the US — that's essential for jobs, national security, and for other sectors of the economy. Sure, Chinese EV makers are lean and mean, but they've never had to deal with international markets before.
Persons: Elon Musk, Warren Buffett, Le, haven't, carmakers, Jim Farley, Tesla, Xi, Andy Wong, Xi Jinping, Li Auto, BYD, Trump, Mary Lovely, Joe Biden's, Biden, it's, Lovely, they've Organizations: Tesla, Bloomberg TV, America's, GM, Ford, Sino, EV, China EV Inc, ascendance, Chery, US, Chinese Communist Party, CCP, Companies, SAIC, Energy Department, China Auto Inc, Peterson Institute, United Auto Workers, White, Auto Locations: Chinese, China, Beijing, Japan, Europe, North America, Brussels, Washington, Hungary, Mexico, Canada, America
A Congressman is urging Elon Musk to give SpaceX Starshield access to US forces in Taiwan. AdvertisementElon Musk is facing pressure to provide SpaceX's Starshield satellite network to US defense personnel in Taiwan, according to Forbes. However, the outlet described a "group of US lawmakers" were involved in the calls for Musk to provide satellite access to US defense forces in Taiwan. The letter then called on Musk to brief the select panel regarding Starshield's capabilities in Taiwan by March 8, Forbes reported. The request could present challenges for Musk, who has considerable business ties in China, where Tesla has a significant manufacturing presence.
Persons: Elon Musk, Forbes, , Elon, Mike Gallagher, Musk, Gallagher, Taiwan's, Lai Ching, Tesla, hasn't, Joseph Wu Organizations: SpaceX, Service, Forbes ., Forbes . Wisconsin GOP, US Defense Department, Forbes, Street, Chinese Communist Party, New York Times, United States Congress, Times, Business Locations: Taiwan, China, Forbes, Forbes . Wisconsin, Russian, Starshield, Hong Kong
One laid-off worker said it was their fourth round of layoffs at Rivian, but anxiety was still high. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThis as-told-to essay is based on a conversation with a former Rivian employee who was laid off Thursday and spoke anonymously to protect their privacy. This is the fourth round of layoffs I've experienced at Rivian, so I'm a little bit jaded at this point. As much as I loved working for Rivian — I thought the culture was great, the people were fantastic, and the pay was really good — layoffs felt constant.
Persons: Rivian, they'd, , I've, messaged, I'm, It's, We'd, it's Organizations: Service, Chicago Tribune, Ford, Amazon, Gado, Rivian, Business Locations: Rivian, R1S
The House Select Committee on the Chinese Communist Party sent a letter on Saturday to Elon Musk demanding that U.S. troops stationed in Taiwan get access to SpaceX's Starshield, a satellite communication network designed specifically for the military. The letter, obtained by CNBC and first reported by Forbes, claimed that by not making Starshield available to U.S. military forces in Taiwan, SpaceX could violate its Pentagon contract, which requires "global access" to Starshield technology. The letter requests that Musk provide the House committee with a briefing on its Taiwan operations by March 8. Taiwan has been governing itself independently of China since the island split from the mainland during the 1949 civil war. "I think I've got a pretty good understanding as an outsider of China," Musk said on the All-In Podcast.
Persons: Elon Musk, Tesla, Forbes, Mike Gallagher, Gallagher, Tsai Ing, Lai Ching, Musk, I've, Jaushieh Joseph Wu Organizations: Fratelli, Chinese Communist Party, Elon, CNBC, SpaceX, Pentagon, U.S ., Rep, CCP, Starshield, Russia, U.S, Tesla, Foreign Locations: Italy, Rome, Taiwan, China, American, Shanghai, Hawaii
The world's richest person has faced problems at Tesla, SpaceX and X, ranging from a tanking Tesla valuation to an X advertiser exodus. Tesla's stock slide has erased about $188 billion from its valuation this year, according to Business Insider's calculations. The stock closed at just under $192, leaving it worth just over $600 billion at the close of trading Friday. Before you start feeling too sorry for Musk, though, he's still worth $208 billion. Justin Sullivan/Getty ImagesDelaware pay rulingTo add insult to injury, a Delaware judge also ruled against Musk's $55 billion Tesla pay package last month.
Persons: , Elon Musk, Tesla, Seth Goldstein, Morningstar, Roth, Craig Irwin, Warren Buffett's Berkshire Hathaway, Eli Lilly, he's, He's, Elon, Justin Sullivan, Musk, rkbH7mKNw2, Fidelity, Axios, Starlink, Russia's Organizations: Service, Elon, SpaceX, Business, Big Tech, Microsoft, Apple, Nvidia, Meta, Tesla, EV, Bloomberg, Wall, Getty Images Delaware, Musk's, Lone Star, Twitter, Insider Intelligence, X Locations: Delaware, Tesla, Texas, Ukrainian, Chernihiv, Ukraine, Kyiv, Houston
It was a good run, but the era of the Magnificent Seven is over for the stock market. "I don't see these seven names rising together," said the analyst who coined the nickname for the group. AdvertisementThe Magnificent Seven are looking a little less magnificent, and aren't really even a band of seven anymore. In a note titled "R.I.P the Magnificent Seven Era," Mike O'Rourke, chief market strategist from Jones Trading, said the group's dominance over the stock market is coming to a close. Back in April 2023, when O'Rourke invented the moniker (although some say it was BofA's Michael Hartnett who coined the term), the Magnificent Seven contributed to a stunning 88% of year-to-date gains.
Persons: , aren't, Mike O'Rourke, O'Rourke, BofA's Michael Hartnett, Michael Hartnett, That's, it's, " O'Rourke, Tesla, Dan Niles, Satori, Niles Organizations: Service, Jones, Apple, Nvidia, Tesla, Microsoft, Meta, Companies, Satori Fund, Google, CNBC Locations: China
CNN —Ford stopped shipping its all-electric F-150 Lightning pickups and has been holding them for quality inspections since February 9. Ford recently began shipping new 2024 model year F-150 gasoline-powered and hybrid trucks. Ford dealers currently have F-150 Lightning trucks in their inventory, Berg said, so customers should be able to find trucks to buy until shipments start again. Almost exactly one year ago, Ford halted Lightning production because of a possible battery issue. Last year, Ford sold slightly more than 40,000 Mach-E SUVs.
Persons: CNN — Ford, Emma Bergg, Ford, Berg, Jim Farley Organizations: CNN, Ford, Automotive News, Tesla Locations: America
That night, Musk wrote multiple posts on X slamming Google. "I'm glad that Google overplayed their hand with their AI image generation, as it made their insane racist, anti-civilizational programming clear to all," Musk wrote in one of the posts. "This nut is a big part of why Google's AI is so racist & sexist," Musk wrote on X on Thursday. — Elon Musk (@elonmusk) February 22, 2024BI ran two separate searches on Google with the same keywords Musk used. Representatives for Google did not immediately respond to a request for comment from BI sent outside regular business hours.
Persons: , Elon, Musk, Gemini, that's, Jack Krawczyk, Krawczyk, I’m, NC9nIi2GcV — Elon, Sam Altman's OpenAI, Grok Organizations: Service, Google, Business, Business Insider, BI
Read previewA San Jose bakery has slammed Tesla after a company employee placed a massive pie order for Black History Month, only to cancel it after the Black-owned business scrambled to meet the request, according to multiple reports. Voahangy Rasetarinera, the owner of The Giving Pies, wrote on Instagram that Tesla "hurt my small Black women-owned business" through the last-minute cancellation. According to Rasetarinera's account, on February 14 a Tesla company representative called her and asked for 2,000 mini pies to be delivered by the following week. But that evening, the representative called back and doubled the order — setting the bakery rushing to ensure it could meet the demand, Rasetarinera wrote. Rasetarinera said in a February 2 post celebrating Black History Month that she is of Madagascan heritage.
Persons: , Tesla, Voahangy Rasetarinera, Rasetarinera, it's, she's Organizations: Service, Business, Tesla, NBC Bay, ABC7, Apple, Adobe Locations: Jose
Their flagship Marsico Focus Fund (MFOCX) has climbed 16% so far in 2024, through Thursday, outperforming both the S & P 500 and technology-heavy Nasdaq Composite . Between 60% and 75% of the portfolio is in "core" growth companies, or those that are likely to see sustained and predictable earnings growth. The balance is in companies undergoing large transformations that can catalyze earnings growth once a restructuring is complete. "When money was very cheap and interest rates were extremely low, it was easy to buy an index fund," Marsico said. "And that's why there's greater differentiation with stock pickers than just buying a general basket of market companies."
Persons: Tom Marsico, Jimmy, Peter, outperforming, Morningstar, Marsico, he's, Eli Lilly, Uber, Marsico's Organizations: Global, Janus, Marsico Capital, Focus, Nasdaq, MFOCX, Fund, Morningstar, The University of Denver, Microsoft, Meta, Nvidia, Apple Locations: Denver
The Tesla Cybertruck is impressive and worrying
  + stars: | 2024-02-23 | by ( Peter Valdes-Dapena | )   time to read: +9 min
Then, in 2019, Elon Musk unveiled the Tesla Cybertruck, a bare metal box on wheels. Even when I parked a rented Tesla Cybertruck next to a hot-pink McLaren supercar in a shopping center parking lot in California, the people in the McLaren couldn’t stop talking about the Cybertruck. Peter Valdes-Dapena/CNNThe Tesla Cybertruck looks like nothing else on the road. There’s a lot to like about the Cybertruck, but it also embodies a disturbing level of individual arrogance in hard, unforgiving steel. The Tesla Cybertruck's simple interior is nice enough but, with hardly any switches or knobs, this is the easy part.
Persons: Tesla, Elon Musk, who’d, Peter Valdes, Walter Isaacson’s, Musk, It’s, CNN Tesla, I’d, haven’t, there’s Organizations: Laguna Beach , California CNN, Ford, Chevrolet Silverado, GM, McLaren, CNN, Tesla, SpaceX, Goodyear, Lamborghini, Ferrari, General Motors, Silverado EV Locations: Laguna Beach , California, California, Turo
Google paused Gemini's image generation feature following backlash from users claiming it was "woke." "I'm glad that Google overplayed their hand with their AI image generation," Elon Musk wrote on X.Musk accused Google of running "insane racist, anti-civilizational programming" in their AI models. AdvertisementThe gloves are off, and Elon Musk isn't playing nice with Google. This was after Google on Thursday paused its chatbot Gemini's image generation feature, following backlash from some users who claimed the feature was "woke." "I'm glad that Google overplayed their hand with their AI image generation, as it made their insane racist, anti-civilizational programming clear to all," Elon Musk wrote in one of his X posts on Thursday.
Persons: Elon Musk, Musk, Organizations: Google, Service, Business
Investors have been bullish on Japan stocks since last year, repeatedly driving them to record highs. Goldman Sachs has named "Seven Samurai" stocks in Japan, which it says could be an equivalent of the United States' "Magnificent Seven." The "Magnificent Seven" comprises Apple , Amazon , Alphabet , Meta , Microsoft , Nvidia and Tesla , which were behind much of the gains that drove the S & P 500 up a whopping 24% or so in 2023. In a Feb. 18 report, Goldman answered clients' requests for the Japanese equivalent of the "Magnificent Seven." With that criteria, Goldman has come up with a list of seven stocks, and they are: Screen Holdings, Advantest, Disco, Tokyo Electron, Toyota Motor, Subaru and Mitsubishi.
Persons: Goldman Sachs, Goldman, they've, CNBC's Ying Shan Lee Organizations: Nikkei, Apple, Microsoft, Nvidia, Tesla, Screen Holdings, Tokyo Electron, Toyota Motor, Subaru, Mitsubishi, Tokyo Stock Exchange Locations: Japan, United States, Tokyo
The "Magnificent Seven" dominate the stock market to a worrying extent, one expert says. Deutsche Bank's economics chief, Jim Read, said investors should be wary of an economic slump. The "Magnificent Seven" are dominating the stock market to a worrying degree — and investors are underestimating the risk of a recession, one expert says. Microsoft, Apple, Nvidia, Amazon, Alphabet, Meta, and Tesla are collectively valued at more than $13 trillion, representing about a quarter of the entire US stock market. "My natural inclination is to say this is crazy," Jim Read, the global head of economics and thematic research at Deutsche Bank, told the "Merryn Talks Money" podcast this week.
Persons: Jim Read, Tesla Organizations: Deutsche, Microsoft, Apple, Nvidia, Deutsche Bank, Business
Voahangy Rasetarinera speaks on San Jose bakery loss of thousands of dollars after Tesla cancels large order. A catering contract to celebrate Black Heritage Month turned into a tough lesson for a Black-owned bakery in the South Bay earlier this month. What started as a $16,000 deal ended up costing the small business owner thousands of dollars instead. But two days after taking the Tesla job, the bakery owner got a simple text message canceling the order. A Tesla spokesperson did not respond to the specific questions but told NBC Bay Area they've been in touch with Rasetarinera.
Persons: Voahangy Rasetarinera, Tesla, Rasetarinera, it's, Tesla hadn't Organizations: Black Heritage Month, Tesla, Google, Apple, NBC Bay Area, NBC Bay Locations: Jose, Willow Glen
CNBC's Jim Cramer said Thursday he believes Jensen Huang — the co-founder and CEO of leading artificial intelligence chipmaker Nvidia — is a bigger visionary than billionaire entrepreneur Elon Musk, whose panoply of companies includes Tesla , rocket maker SpaceX and brain-tech startup Neuralink. Cramer's Charitable Trust, the portfolio used by the CNBC Investing Club, has long been invested in Nvidia. Cramer has espoused the brilliance of Huang for years and even re-named his dog Nvidia. Ahead of earnings this time, Cramer equated Huang to popstar Taylor Swift , saying their success is unparalleled in their respective fields. And Musk is creating, singlehandedly, a way to be able to deliver things," Cramer continued.
Persons: CNBC's Jim Cramer, Jensen Huang —, Nvidia —, Elon Musk, Jensen, Cramer, Huang, Leonardo da Vinci, popstar Taylor Swift, Musk, Barnum Organizations: Nvidia, SpaceX, Trust, CNBC, Microsoft, Apple, Cramer's Trust, Ringling Bros, Barnum, Bailey Locations: Santa Clara , California
Tesla has added three new Cybertruck color wraps — costing up to $6,500 — to its online shop. Its website said the wraps are only available at four Tesla service centers in California. The colors "stealth black" and "satin ceramic white" have been available since December. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .
Persons: Tesla, Organizations: Service, Business Locations: California, West Covina, Oceanside, Costa Mesa, Santa Clara
Here are Thursday's biggest calls on Wall Street: Morgan Stanley raises Nvidia price target Morgan Stanley increased its price target on shares to $795 from $750 after the chipmaker's earnings announcement. " UBS reiterates Nvidia as buy, but trims price target UBS reiterated its buy rating on Nvidia but reduced its price target to $800 from $850. Morgan Stanley upgrades DoorDash to overweight from equal weight Morgan Stanley's upgrade comes after the stock fell around 10% since its earnings report on Feb. 15. Morgan Stanley reiterates overweight rating on Rivian Automative Morgan Stanley kept its overweight rating on Rivian , but cited concerns on the company's outlook. Jefferies reiterates Sunrun as buy Jefferies also raised its price target on Sunrun to $31 from $25, implying shares nearly doubling from Wednesday's close.
Persons: Morgan Stanley, Goldman Sachs, Nvidia Goldman, Morgan, Rivian, Automative Morgan Stanley, Jefferies, Sunrun, Bernstein, Wendy's, Wendy, TD Cowen, Cowen, COTY, Cantor Fitzgerald, Root, Cantor, Remitly Organizations: NVIDIA, UBS, Nvidia, Data Center, RBC, Rivian Automotive, EV, Petrobras, ITC, Coty, BMO, Markets Locations: Argentine, China, Brazil, 2024E
Shares of electric vehicle makers Rivian and Lucid plummeted Thursday after the companies reported disappointing results and stagnant production in their fourth-quarter earnings after the bell Wednesday. Rivian forecast it will make 57,000 vehicles in 2024, slightly less than the 57,232 vehicles the company produced last year. Rivian and Lucid make up a fraction of EV sales compared with the industry leader, Tesla. A Cox Automotive analysis found that Rivian accounted for just over 4% of EV sales in 2023, while Lucid made up 0.5%. Electric truck maker Nikola reported worse-than-expected revenue and a slightly better-than-expected loss per share in its earnings Thursday.
Persons: Lucid, RJ Scaringe, Peter Rawlinson, EVs, Tesla, Nikola, — CNBC's Michael Wayland Organizations: Wall, LSEG, Cox, EV Locations: Saudi Arabia
While most of those customers say they have received their money, some said their refund requests were disputed or ignored. Two-thirds, or 23, of those people said they had asked to be refunded, or were going to ask Boxabl for their money back. Boxabl said it recently received approval to sell its homes in Arizona and is close to receiving similar clearances in California and Nevada. Amid its own dwindling cash supply, Boxabl has recently appeared less willing to grant refunds to some depositors who want out. When he sent an email in January to Boxabl asking for a refund, the company declined his request.
Persons: , Boxabl, Dan Pena, Pena, Chris Armbruster, Gary Palmer, Palmer, He's, Galiano Tiramani, Zach Punnett, Punnett, Tiramani, What's, Paolo, Boxabl Galiano, Paolo Tiramani, Peers, Helene, Ali Faraji, Faraji, wouldn't Organizations: Service, North Las, Business, Securities and Exchange Commission, SEC, Oklahoma City, Archdiocese, Regulators, Tesla Plaid Locations: North Las Vegas, California, Los Angeles, Joshua Tree, Fort Worth , Texas, Riverside , California, Guantanamo Bay, Arizona, Nevada, Oklahoma, California , Virginia , Nevada , Arizona , Utah, Hawaii, Canada, Atlanta, Aptos, Santa Cruz
We'll learn more about the R2 at Rivian's March 7 reveal event. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Debuting next month, the R2 is a crucial piece of Rivian's future as a smaller and cheaper option for a new wave of EV customers. The R2 is currently slated to sell for between $45,000 and $55,000 — which Scaringe called a "really important sweet spot" in the EV market. DeliveriesAfter the March 7 reveal, Rivian will open up pre-orders for the vehicle and begin taking deposits.
Persons: , RJ Scaringe, Rivian, Rivian hasn't, Scaringe Organizations: Rivian's, Service, Tesla, Volkswagen Locations: Georgia
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewRivian left thousands of its workers in limbo after announcing it was laying off 10% of its salaried staff on Wednesday. AdvertisementIn an email to BI, Rivian did not specify exactly how many salaried staff members would be cut, but said that it has 16,700 total employees, including both salaried and hourly workers. High interest rates, slowing demand, and pressure from Tesla's pricing strategy have put pressure on the US electric car market. "Most notably the impact of historically high interest rates which has negatively impacted demand."
Persons: , RJ Scaringe, they'd, Scaringe, Rivian, didn't Organizations: Service, Business, Ford, General Motors
Meanwhile, the Roundhill Magnificent Seven ETF (MAGS) rose more than 4% and had already seen 280,000 shares traded as of Thursday afternoon, putting in on track to potentially set a new fund record for daily volume. The Roundhill fund has a simple structure that is resonating with some investors eager to buy even more of the Magnificent Seven. MAGS YTD mountain Roundhill's Magnificent Seven ETF tracks major tech stocks. In addition to capitalizing on investor demand for ways to play the megacap tech stocks, the Roundhill ETF is also a case study in fund marketing. So Roundhill pivoted out of "Big Tech" and into the trendier "Magnificent Seven."
Persons: BIGT, Tesla, MAGS, David Mazza, Mazza, Andrew Stewart Organizations: Nvidia, UBS, Nasdaq, Apple, Microsoft, Tesla, Big Tech, Roundhill Investments, Exchange Capital Management Locations: Americas
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