DIRS.INFO The most relevant business & tech news

Formula One's invitation to Andretti Cadillac for an in-person meeting about its application to join the motorsports series was sent via email and landed in a spam folder, which is why Michael Andretti and General Motors representatives never answered the request. The junk email revelation came Friday as Andretti Global sought to clarify two points in the sharply critical document F1 released earlier this week in rejecting the Andretti Cadillac application. An in-person meeting to discuss commercial matters would be and remains of paramount importance to Andretti Cadillac,” the team said. “Andretti Cadillac has been operating with 2026 as the year of entry for many months now," the team said. He then petitioned F1 to expand the grid for what Andretti claims will be a true American team in the series.

Persons: Andretti, Michael Andretti, Stefano Domenicali, “, “ Andretti, Andretti Cadillac, ”, Mario Andretti, Michael rank, Michael Andretti's, Gene Haas, Haas, Colton Herta, Logan Sargeant, Williams Organizations: Andretti Cadillac, General Motors, Andretti Global, Andretti, Formula One Management, FIA, American, Liberty Media Corp, GM, Cadillac, Sauber Locations: American, California

☆ Elon Musk might be right. Chinese EV firms could 'demolish' their US rivals.
▼ + stars: | 2024-02-02 | by ( Tom Carter | ) www.businessinsider.com time to read: +5 min

Elon Musk warned Chinese EV firms could "demolish" rivals like Tesla without trade barriers. AdvertisementA decade ago, Elon Musk laughed off the threat posed by Chinese electric carmaker BYD . "The Chinese car companies are the most competitive car companies in the world," Musk told investors during Tesla's Q4 earnings call. I think the Chinese companies are more willing to take risks and gamble with something and see how it goes," he said. Something else that may stop Chinese EV companies from overrunning the US market with cheap models is range.

Persons: Elon Musk, Tesla, —, BYD, Musk, Biden, Zhang Fan, Fortune, we've, John Helveston, Helveston, Nio, Dr, Fei Shen, Shen Organizations: Service, EV, Companies, Chery, GAC, George Washington University, US, Nio's, BI Locations: Mexico, China, Europe

☆ CNBC Daily Open: More mega tech earnings in spotlight
▼ + stars: | 2024-02-02 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

The share price of Facebook stock is seen at the Nasdaq stock market in New York. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street ralliesWall Street closed on a positive note Thursday. He added cutting back spending plans for electric vehicles could actually help Ford to impress Wall Street investors.

Persons: Meta, Ford, Morgan, Adam Jonas Organizations: Nasdaq, CNBC, Federal Reserve, Dow, Meta, Apple, Amazon Web Services, Ford, U.S, automakers, Wall Locations: New York, China

☆ Morgan Stanley names Ford its new top pick among U.S. automakers
▼ + stars: | 2024-02-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

A rocky transition to electric vehicles in the U.S. could be a blessing in disguise for one of the country's legacy automakers, according to Morgan Stanley. Analyst Adam Jonas named Ford the investment bank's top pick among U.S. automakers in a note to clients Thursday. Jonas said scaling back spending plans for EVs can help Ford impress Wall Street. Morgan Stanley has a price target of $15 per share on Ford, which is about 28% above where the stock closed Wednesday. F 1D mountain Shares of Ford rallied on Thursday afternoon after Morgan Stanley named the stock a top pick.

Persons: Morgan Stanley, Adam Jonas, Ford, Jonas, Tesla Organizations: U.S, Wall, Ford, General Motors, GM, Investments, EV Locations: U.S

☆ Tesla upgrades Model Y in China as BYD competition heats up
▼ + stars: | 2024-02-01 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

A Tesla Model Y is seen on a Tesla car lot in Austin, Texas, on May 31, 2023. The Tesla Model Y will come with Hardware 4.0 (HW 4.0) free of charge when a customer purchases the car. Tesla upgraded the self-driving hardware on the Model Y car it sells in China, Elon Musk's automaker said on WeChat on Thursday, as it looks to boost sales and fend off rising competition from domestic players. The U.S. EV maker also launched new red, gray and silver colors for the Model Y in China. Tesla has brought HW 4.0 to the Model S and Model X cars in some markets.

Persons: Tesla, Elon, Warren Buffett Organizations: Tesla, Beta, stoke Locations: Austin , Texas, China, WeChat, U.S

☆ Qualcomm earnings beat estimates as smartphone chip sales suggest recovery
▼ + stars: | 2024-01-31 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Qualcomm reported fiscal first-quarter results on Wednesday that topped analysts' estimates as sales of handset chips jumped 16% from a year earlier. Consensus expectations, according to LSEG, were for earnings of $2.25 per share on $9.3 billion of revenue. Qualcomm is best-known for making smartphone chips — both the modems that connect them to cellular networks, as well as the processors at the heart of high-end Android devices. QCT, the company's chip sales business that includes automotive, Internet of Things and handsets, totaled $8.42 billion in revenue during the quarter, up 7% on an annual basis. Qualcomm said it spent $800 million in share repurchases and $900 million on dividends during the quarter.

Persons: Cristiano Amon, it's, Amon Organizations: Qualcomm, Galaxy, Apple Locations: Las Vegas , Nevada, QCT

☆ China comes just shy of Japan as the world's largest car exporter
▼ + stars: | 2024-01-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

"In the first eleven months of 2023, auto shipments to Russia rose about six times that of 2022 in value terms." While he said it's still unclear exactly why Chinese cars are growing so quickly in Mexico, part of the reason is international automakers. Germany's Volkswagen was among the foreign car companies on track for their worst China market sales in years. Local vs. overseas marketsChinese car makers will likely increase their share of the domestic auto market to 75% by 2030, said Francoise Huang, senior economist at Allianz Trade. That would result in a nearly 40% drop in European car sales in China, she said.

Persons: Sarah Tan, Tan, Jorge Guajardo, Guajardo, it's, they've, BYD, Francoise Huang Organizations: Publishing, Getty, Ministry of Commerce, Moody's, D.C, Dentons Global Advisors, CNBC, Volkswagen, China, Allianz Trade, European Union Locations: LIANYUNGANG, CHINA, Lianyungang, Jiangsu province, China, BEIJING, Japan, Russia, Ukraine, Mexico, Belgium, Washington, U.S, Europe

☆ Toyota is still No.1 but recalls and certification scandals add to list of problems
▼ + stars: | 2024-01-30 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

The Japanese manufacturer said Tuesday it had sold a record 11.2 million vehicles worldwide in 2023, including its Daihatsu and Hino lineups. By comparison, Volkswagen Group announced earlier this month that it had delivered 9.2 million vehicles last year, up 12% compared to 2022. Volkswagen later gained on the Japanese company, unseating Toyota in 2017. That compared with 104,000 battery-powered vehicles sold by Toyota, which has long lagged behind in the global EV race. The company, which is a leader of hybrid cars, sold 3.7 million electric vehicles total in 2023 when including hybrids.

Persons: Hong Kong CNN —, ” Toyota, Toyota, BYD, Warren Buffett, Tesla Organizations: Hong Kong CNN, Hong Kong CNN — Toyota, Volkswagen, Toyota, Daihatsu, Hino, Volkswagen Group, General Motors, Toyota Industries, Cruiser Locations: Hong Kong, Japan, United States, Europe, North America, China

☆ Cramer says there's 'too much noise' in the market after Big Tech shares stumble
▼ + stars: | 2024-01-30 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer examined Tuesday's "wild" market action, saying it may be best to wait before making any big decisions. "There's just too much noise here, let's just wait and see," he said. Cramer said Tuesday marked a reversal, with previously booming Big Tech stocks taking a hit while stocks outside the sector — like banks, steel makers and automakers — saw gains. "Are these all island reversals that are just too difficult to overcome, where the stocks open up big and then plummeted?" "Or is tech taking a breather until some of that juicy money from the sidelines takes advantage of the first price break of 2024?"

Persons: CNBC's Jim Cramer, Tuesday's, There's, Cramer, — Organizations: Big Tech, Nasdaq, Dow Jones, Microsoft, AMD

☆ Toyota tells drivers of 50,000 cars to get immediate repairs because their airbag inflators could explode
▼ + stars: | 2024-01-30 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewToyota has told drivers of around 50,000 of its vehicles in the US to get urgent repairs over fears that their airbag inflators could explode, causing "serious injury or death." This story is available exclusively to Business Insider subscribers. Takata airbag inflators have been linked to more than 30 deaths and hundreds of injuries since 2009, and have been responsible for the largest safety recall in automotive history. AdvertisementToyota did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

Persons: — Organizations: Service, Business, Toyota, BMW, Daihatsu

☆ For Japanese automakers, hybrid EVs could ultimately enable switch to battery EVs: Fitch Ratings
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFor Japanese automakers, hybrid EVs could ultimately enable switch to battery EVs: Fitch RatingsSatoru Aoyama, senior director of Asia-Pacific corporates at Fitch Ratings, says "in Asia, the EV transition is not the binary between ICE and battery EVs."

Persons: Fitch, Satoru Aoyama Organizations: Fitch, ICE Locations: Asia, Pacific

TOKYO (AP) — Japanese transport officials raided a Toyota-affiliated plant Tuesday after the company admitted to cheating on engine testing, as Toyota Motor Corp. reported it sold over 11 million vehicles in 2023 to retain its status as the world’s top car manufacturer. In April, a whistleblower exposed that Daihatsu Motor Corp., which makes small cars and is 100% owned by Toyota, had been cheating on its testing for decades. In 2022, Hino Motors, a truck maker that’s also part of the Toyota group, said it had systematically falsified emissions data dating back as far as 2003. But production has been halted on some of the models, including the 10 models affected by the latest cheating. Sato has acknowledged Toyota group companies need better communication and education about the importance of complying with rules.

Persons: Akio Toyoda, ” Toyoda, Toyoda, Sakichi Toyoda, Kiichiro Toyoda, Akio’s, Koji Sato, that’s, Sato, Daisuke Uchida, ” Uchida, “, ” ___ Yuri Kageyama Organizations: TOKYO, Toyota, Toyota Motor Corp, Toyota Industries Corp, Lexus, Volkswagen AG, Reporters, Daihatsu Motor Corp, Hino Motors, Nikkei, Toyota Industries, Cruiser, General Motors Co, Pontiac, Keio University Locations: Hekinan, Aichi Prefecture, Japan, Nagoya, Tokyo, Europe, East, Africa, Asia, North America, United States, California

☆ Race for China’s EV market could last 3 years, BYD says, claiming it wants to work with Tesla
▼ + stars: | 2024-01-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese automaker BYD had one of the biggest stands at the IAA show in Munich, Germany in 2023. BEIJING — Competition for China's electric car market will continue to heat up in the next two to three years, according BYD , which claimed it wants to work with Tesla to grow the market. Chinese battery and electric car maker BYD has grown rapidly in recent years, with total vehicle production in 2023 surpassing that of Elon Musk's Tesla. Fierce competition in China's electric car market in the last two years has resulted in the lowest prices for the vehicles globally, Yunfei Li, general manager of branding and public relations at BYD, told reporters Monday. Government subsidies and license plate restrictions have helped boost new energy car sales, while startups and traditional automakers have incorporated flashy new tech to attract buyers.

Persons: BYD, Tesla, Elon Musk's Tesla, Li Organizations: IAA, BEIJING —, CNBC Locations: Munich, Germany, BYD, China

A Toyota unit used software to measure horse power output that made “values appear smoother with less variation,” Toyota, the parent company, said in a statement. The vehicles “meet engine output standards,” and there is no need to stop using the engines or vehicles, the company said. The company named the affected models and engines, but did not say how many vehicles it would stop shipping. Still, Toyota decided to stop shipping the 10 models that use three diesel engines at issue. Then, it reported that Japan’s government was investigating Daihatsu, the subsidiary, for safety problems that dated back decades.

Organizations: Toyota, Daihatsu Locations: United States

☆ Steeper decline of battery prices in the first half of this year, analyst says
▼ + stars: | 2024-01-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSteeper decline of battery prices in the first half of this year, analyst saysJames Hong, head of mobility research at Macquarie Capital, says that will probably lead to better-than-expected profitability for some automakers' battery electric vehicle businesses.

Persons: James Hong Organizations: Macquarie Capital

☆ Rivian CEO says EV market suffers from a lack of choice
▼ + stars: | 2024-01-26 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Rivian CEO RJ Scaringe on Friday discussed the electric vehicle market with CNBC's Jim Cramer, saying EV automakers need to give consumers a wider variety of models to choose from. "What I think we're witnessing today is a lack of choice," Scaringe said. Rivian is trying to broaden its offerings with a new line of R2 vehicles, which Scaringe will be smaller and less expensive than current Rivian models. Even Tesla , one of the few profitable EV companies, cut costs last year, reducing prices of new cars by 20%. But Scaringe said he's confident the world will eventually make a lasting shift to EVs, saying government policies will drive that change.

Persons: RJ Scaringe, CNBC's Jim Cramer, Scaringe, Rivian, Tesla, he's Organizations: EV, Biden Locations: U.S

☆ Not even Tesla can dodge the EV sales slowdown
▼ + stars: | 2024-01-25 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

While EV sales are continuing to grow, they are doing so at a slower pace, research shows. Elon Musk warned a slowdown in sales growth was coming when Tesla reported earnings on Wednesday. The Warren Buffett-backed EV maker, which sells its vehicles in more than 60 countries and recently overtook Tesla on global EV sales, put an early focus on affordable models such as the $10,000 Seagull. EV sales surged 40% year-on-year in the last three months of 2023 —a "strong result by any measure," as the industry research noted. Aran Waid, senior analyst at Benchmark Mineral Intelligence, said growth in EV sales globally was continuing but that it had "fallen short of automaker expectations."

Persons: Tesla, —, Elon Musk, Musk, China's BYD, Warren Buffett, BYD, Kelley, Aran Waid, Josh Lefkowitz, Mary Barra, Nora Naughton, Suzuki Organizations: EV, Service, Tesla, Getty Images, Benchmark Mineral Intelligence, Ford, General Motors, Hertz, BMW, Toyota, Honda, Nissan Locations: Europe, Japan

It is the second letter that auto dealers have sent to the White House in two months on the EPA’s upcoming ruling, which could codify the agency's strictest-ever tailpipe emissions limits, proposed last April. The dealerships said Thursday that the Biden administration did not respond to their first letter sent on Nov. 28. Political Cartoons View All 253 ImagesThe EPA says its proposed regulations would require up to two out of every three vehicles sold in the U.S. to be electric by 2032. Most automakers around the globe have pledged hundreds of billions of dollars to transition to all-electric new vehicle sales in the coming decade as momentum to address climate change builds. Automakers can meet EPA regulations not just through pure-electric vehicle sales, but also through a sales mix including hybrid and plug-in hybrid electric vehicles.

Persons: Joe Biden, Biden, “, Alexa St, John Organizations: DETROIT, White House, EPA, ”, Republicans, Traffic, Administration, Associated Press Locations: United, U.S, Press, ast.john@ap.org, AP.org

☆ Hyundai Motor's fourth-quarter net profit rises 31%, misses forecasts
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: +2 min

Hyundai Motor, the world's No.3 automaker by sales with its affiliate Kia Corp, reported a net profit of 2.2 trillion won ($1.65 billion) for the October-December period versus a profit of 1.7 trillion won a year earlier. That compared with a 2.9 trillion won average forecast by LSEG SmartEstimate, which is weighted towards estimates from analysts who are more consistently accurate. It expects a 4.9% jump in North American vehicle sales but a 3.7% drop and 0.6% fall in vehicle sales in China and Europe, respectively. "Hyundai Motor expects the business environment will remain difficult to predict, due to macro uncertainties centered on emerging markets and a downturn in the real economy," Hyundai Motor said in a statement. Shares in Hyundai Motor were trading up 2.0% after it reported its earnings, outperforming 0.1 rise for the benchmark Kospi.

Persons: Hyundai, LSEG SmartEstimate, Lee Jae, Lee Organizations: Hyundai, Hyundai Motor, Kia Corp, Eugene Investment, Securities Locations: San, San Leandro , California, South, Russia, China, Europe

☆ Gauging when Tesla may hit bottom and using options to trade it
▼ + stars: | 2024-01-25 | by ( Michael Khouw | ) www.cnbc.com time to read: +4 min

I'll describe how options traders will bet the bottom is in and the levels they may find attractive to do so. Tesla's margins of nearly 11% are twice those of the 2 biggest U.S. automakers, but a bear will point out that Porsche margins are 13%. Even still, it's not clear that the legacy automakers can compete long term with Tesla or China's BYD. Apple, Amazon, Costco, Lululemon, Nike, Yeti and Tesla are, if the actual dollars spent are measured, high on this list. TSLA YTD mountain Tesla YTD Sometimes, whether it's a fast car, or a fast-moving stock, the best thing to do is wait.

Persons: Gene Munster, it's, Tesla, Tesla's, it's Ford Organizations: Deepwater Management, Ford, GM, Toyota, U.S, Apple, Costco, Lululemon, Nike, Holly Locations: …

☆ GM, Honda begin U.S. fuel cell production in step toward replacing diesel
▼ + stars: | 2024-01-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

An employee assembles a fuel cell system in the module final assembly at Fuel Cell System Manufacturing LLC, GM and Honda's fuel cell joint venture in Brownstown, Michigan. BROWNSTOWN, Mich. – General Motors and Honda Motor have begun commercial production of hydrogen fuel cell systems in a step toward offering alternative zero-emissions solutions beyond battery-electric vehicles. The fuel cell systems are produced through a 50-50 joint venture between the automakers at an $85 million facility in suburban Detroit. The companies, which are marketing and selling products separately, are calling the "large-scale" production at the joint venture the first of its kind in the U.S. And now we can start to move it into these segments where before it wasn't really feasible," Charlie Freese, executive director of GM's "Hydrotec" fuel cell products, told CNBC during an event at the plant.

Persons: We're, Charlie Freese Organizations: Cell System Manufacturing, GM, –, Motors, Honda, Fuel Cell System, CNBC Locations: Brownstown , Michigan, BROWNSTOWN, Mich, Detroit, U.S

☆ Elon Musk says Chinese EV makers will 'pretty much demolish' most competitors without trade barriers
▼ + stars: | 2024-01-25 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

In this article TSLA Follow your favorite stocks CREATE FREE ACCOUNTElon Musk speaks onstage during The New York Times Dealbook Summit 2023 at Jazz at Lincoln Center on November 29, 2023 in New York City. Slaven Vlasic | Getty ImagesElon Musk said Chinese electric automakers will find "significant" success outside of China, even as his firm Tesla faces intense competition from these same companies. "The Chinese car companies are the most competitive car companies in the world. So, I think they will have significant success outside of China depending on what kind of tariffs or trade barriers are established," Musk said on Tesla's earnings call on Wednesday. "Frankly, I think, if there are not trade barriers established, they will pretty much demolish most other companies in the world."

Persons: Elon Musk, Slaven Vlasic, Musk Organizations: New York Times, Jazz, Lincoln Center, Getty Locations: New York City, China

☆ Tesla shares plunge to wipe out $71 billion in market value, after dour earnings call
▼ + stars: | 2024-01-25 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Shares in Tesla plunged as much as 11% after the market opened Thursday, wiping $73 billion off the company’s market value hours after it warned of slowing growth in electric car sales and an existential threat from Chinese rivals. While it reported a sizeable 38% increase in deliveries last year compared with 2022, Tesla had previously targeted a 50% annual growth rate averaged over several years. At the time, investors were worried about the outlook for Tesla’s sales and profitability, as well as the health of the US economy. Dan Ives, an analyst with market research firm Wedbush, said Tesla’s earnings call provided investors with “minimal answers” to the company’s shrinking margins. China’s BYD beat Tesla in the final three months of last year, selling more cars than Elon Musk’s carmaker for the first time.

Persons: Tesla, Thursday’s, Qilai Shen, Dan Ives, Musk, ”, China Tesla, China’s, Elon Musk’s carmaker, ” Garrett Nelson, Ben Barringer, Chris Isidore Organizations: London CNN —, Bloomberg, Getty, Elon, CFRA Research Locations: Shanghai, China, Cheviot

☆ This chart shows how Tesla can keep cutting prices and stay ahead of the competition
▼ + stars: | 2024-01-24 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

The price cuts have helped Tesla stay ahead of the competition. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The average cost of building a Tesla in the fourth quarter fell once again, according to the company's earnings report released Wednesday. AdvertisementOn average, Tesla spent just over $36,000 per vehicle it sold in the October to December period, down from over $37,000 per vehicle in the same quarter in 2023. A chart from Tesla's Q4 earnings deck shows the cost of goods per vehicle sold steadily decreasing.

Persons: Tesla, —, Elon, Carlos Tavares, Jim Farley, Henry Ford, Farley, Musk Organizations: Service, Ford, General Motors, Tesla

☆ Here’s what analysts are expecting from Tesla earnings
▼ + stars: | 2024-01-24 | by ( Pia Singh | ) www.cnbc.com time to read: +5 min

Analysts are largely cautious on Tesla — and the broader autos industry — ahead of the electric vehicle company's earnings on Wednesday. TSLA 1Y mountain Tesla shares over the past year. "There is continually growing evidence that the global EV market is in an unfavorable balance of supply (growing) vs. demand (slowing)." The analyst rates Tesla stock a buy with a $260 price target. Higher units likely require more price cuts," analyst Joseph Spak forecasted about Tesla's earnings in a Jan. 15 note.

Persons: Tesla, outsized, John Murphy, Murphy, Wells, Colin Langan, Langan, Morgan Stanley Morgan Stanley, Adam Jonas, Jonas, Emmanuel Rosner, Rosner, Joseph Spak Organizations: Tesla, Bank of America, Deutsche Bank Deutsche Bank Research, UBS UBS, UBS Locations: China, Tuesday's, Downside, Wells Fargo, Europe

Search resuls for: "Automakers"

25 mentions found