DIRS.INFO The most relevant business & tech news

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsSummaryCompanies Tesla gains on Morgan Stanley upgradeBoeing rises after Vietnam Airlines jet dealFutures up: Dow 0.23%, S&P 0.44%, Nasdaq 0.63%Sept 11 (Reuters) - Wall Street futures gained on Monday as Tesla shares rose, while investors awaited inflation data due later this week for clues on the U.S. Federal Reserve's interest-rate path. The three major indexes logged weekly declines on Friday as strength in oil prices and stronger-than-expected economic data fueled concerns of sticky inflation and interest rates staying higher for longer. Investors now await the crucial consumer and producer prices data as well as retail sales numbers due later this week. Data over the weekend showed China's consumer prices returned to positive territory in August, while factory-gate price declines slowed, as deflation pressures ease amid signs of stabilization in the economy.

Persons: Brendan McDermid, Morgan Stanley, Russ Mould, AJ Bell, Ankika Biswas, Shreyashi Sanyal, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Boeing, Vietnam Airlines, Dow, Nasdaq, Wall, U.S, Investors, FedWatch, Dow e, Apple, Hostess Brands, PDD Holdings, Baidu, Sunday, Thomson Locations: New York City, U.S, U.S . Federal, China, Bengaluru

☆ J.M. Smucker nears deal to buy Twinkies-owner Hostess Brands - WSJ
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. Smucker (SJM.N) is nearing an agreement to buy Twinkies-owner Hostess Brands (TWNK.O) in a deal that would likely be in the neighborhood of $4 billion, the Wall Street Journal reported on Sunday, citing sources. Hostess' shares have risen nearly 27% since Reuters reported that the company was exploring a sale after fielding takeover interest from major food makers. Hostess became an acquisition target after it raised prices on some of its products to boost revenue, fueling investor concerns over its prospects. Both Hostess and J.M.

Persons: Brendan McDermid, Smucker, Dimpal, Rashmi Organizations: REUTERS, Hostess Brands, Wall Street, Reuters, Thomson Locations: Manhattan, New York City, U.S, Bengaluru

[1/2] Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. Smucker (SJM.N) on Monday agreed to buy Twinkies maker Hostess Brands (TWNK.O) for $5.6 billion including debt in a deal that unites two major American snack makers. The deal was worth about $4.6 billion excluding debt, with Jif peanut butter maker Smucker paying Hostess shareholders $34.25 per share. Campbell Soup's (CPB.N) recent acquisition of Rao's sauce maker Sovos Brands (SOVO.O) represented an adjusted EBITDA multiple of 14.6 times, including run rate savings, and 19.8 times excluding those. Based in Lenexa, Kansas, Hostess was founded in 1930 and is behind several iconic household brands, including Ho-Hos, Ding Dongs, Zingers, and Voortman cookies and wafers.

Persons: Brendan McDermid, Smucker, Campbell Soup's, Smucker's, Campbell, Hostess, Ding Dongs, Dean Metropoulos, Alec Gores, Ananya Mariam Rajesh, Anirban Sen, Abigail Summerville, Dimpal, Savio D'Souza, Shinjini Ganguli, Jason Neely Organizations: REUTERS, Hostess Brands, Reuters, Sovos, JPMorgan, Sovos Brands, Hos, Smucker, Apollo Global Management Inc, Hostess, Thomson Locations: Manhattan, New York City, U.S, North America, Lenexa , Kansas, Ho, Bengaluru, New York

☆ U.S. food companies go deal hunting as pandemic growth fades
▼ + stars: | 2023-09-08 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +3 min

Last month, Campbell Soup (CPB.N) struck a $2.7 billion deal for Rao's sauce maker Sovos Brands (SOVO.O). Reuters GraphicsReuters Graphics Reuters Graphics"Large food companies need to add more new concepts, new flavor profiles and new food items because their old brands - though still growing - are not growing at a meaningful rate," Milani said. Packaged food companies "are now faced with some difficult comparisons on organic (sales) and are seeking some strategic, category-specific M&A targets that will propel them through the next few years," Henry said. "Most of the large cap packaged food companies have ... diligently reduced their debt and improved their balance sheet (through the pandemic)...so they have the risk capacity and risk appetite to pursue large-scale acquisitions," CFRA Research analyst Arun Sundaram said. "These packaged food companies need to continue finding ways to stay relevant ... And so one of the easiest ways to do that is through M&A."

Persons: Brendan McDermid, Campbell, There's, Michael Milani, Baker Tilly, Milani, Kraft Heinz, Sarah Henry, Henry, Mills, Luca Zaramella, Hershey, J.P, Morgan, Arun Sundaram, Deborah Sophia, Arun Koyyur Organizations: Campbell Soup, New York Stock Exchange, REUTERS, Sovos, Unilever, Mars, Reuters Graphics Reuters, Reuters, Logan Capital Management, PepsiCo, Mondelez, Barclays, Hostess Brands, Thomson Locations: New York, U.S, North America, dealmaking, Bengaluru

☆ Twinkies maker will give food brands a sugar high
▼ + stars: | 2023-09-01 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. Acquire Licensing RightsNEW YORK, Sept 1 (Reuters Breakingviews) - Urban legend says Hostess Brands’ (TWNK.O) infamous Twinkie is so highly processed it could survive a nuclear war. Executives at both Hostess and Mondelez have noted that snacking is getting more popular, even as people are indulging in smaller portions. Add a 30% premium to its undisturbed stock price, and its enterprise value is 15 times forward EBITDA, according to Refinitiv data. A deal is possible, but it has a good chance of leaving a short-lived sugar high.

Persons: Mills, Metropoulos, Andy Callahan, Mondelez, Callahan, isn’t, Morgan Stanley, General Mills, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Mondelez, Apollo Global Management, New York Times, Reuters Graphics Reuters, Planters, Hostess Brands, Hershey, PepsiCo, General, Thomson Locations: Manhattan, New York City, U.S

☆ Indexes end higher in volatile trade as investors assess Powell speech
▼ + stars: | 2023-08-25 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Powell also acknowledged that price pressures have eased in his much-anticipated morning speech at the Economic Policy Symposium at Jackson Hole, Wyoming. Powell "is demonstrating that he is pleased with how far monetary policy has come and how inflation has been reduced. All of the major S&P 500 sectors rose, with consumer discretionary (.SPLRCD), technology (.SPLRCT) and energy (.SPNY) among the top gainers. Reuters GraphicsThe S&P 500 and Nasdaq also ended higher for the week, with the Nasdaq rising about 2.3% and ending a three-week streak of losses. The S&P 500 posted 6 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 23 new highs and 202 new lows.

Persons: Jerome Powell, Powell, Michael Arone, Brendan McDermid, Nordstrom, Caroline Valetkevitch, Amruta Khandekar, Lewis Krauskopf, Shinjini Ganguli, Deepa Babington Organizations: Marvell Technology, Nordstrom, Dow, Nasdaq, Federal, State Street Global Advisors, Dow Jones, Reuters, Traders, New York Stock Exchange, REUTERS, Hostess Brands, Hawaiian Electric Industries, NYSE, Thomson Locations: U.S, , Wyoming, Boston, New York City, Hawaii, Maui

☆ Indexes end higher in volatile trade as investors take in Powell speech
▼ + stars: | 2023-08-25 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Powell also acknowledged that price pressures have eased in his much-anticipated morning speech at the Economic Policy Symposium at Jackson Hole, Wyoming. According to preliminary data, the S&P 500 (.SPX) gained 29.01 points, or 0.66%, to end at 4,405.32 points, while the Nasdaq Composite (.IXIC) gained 125.16 points, or 0.93%, to 13,589.13. All of the major S&P 500 sectors ended higher, with energy (.SPNY), consumer discretionary (.SPLRCD) and technology (.SPLRCT) among the top gainers. The S&P 500 and Nasdaq also ended higher for the week, with the market gaining in the run up to Nvidia's (NVDA.O) second-quarter results.

Persons: Brendan McDermid, Jerome Powell, Powell, Michael Arone, Nordstrom, Amruta Khandekar, Lewis Krauskopf, Shinjini Ganguli, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Marvell Technology, Nordstrom, Federal, Nasdaq, Dow Jones, State Street Global Advisors, Hostess Brands, Reuters, Thomson Locations: New York City, U.S, , Wyoming, Boston, Hawaii, Maui, New York

FILE PHOTO-Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. REUTERS/Brendan McDermidFile Photo Acquire Licensing RightsNEW YORK, Aug 25 (Reuters) - Hostess Brands Inc (TWNK.O), the maker of Twinkies snack cakes, is exploring a sale after fielding takeover interest from major snack food makers, people familiar with the matter said on Friday. General Mills Inc (GIS.N), Mondelez International Inc (MDLZ.O), PepsiCo Inc (PEP.O) and Hershey Co (HSY.N) are among the companies that have shown an interest in acquiring Hostess, the sources said. Hostess has hired investment bank Morgan Stanley (MS.N) for advice on handling the deal negotiations, the sources said. No agreement is certain and Hostess may decide against any deal, the sources added.

Persons: Brendan McDermidFile, Hostess, General Mills, Morgan Stanley, Mills, Ding Dongs, Dean Metropoulos, Alec Gores, Gross, Anirban Sen, Abigail Summerville, Chris Reese, Marguerita Choy Organizations: REUTERS, Hostess Brands Inc, Nasdaq, General, General Mills Inc, Mondelez, PepsiCo Inc, Hershey Co, Hostess, Hershey, PepsiCo, Hos, Apollo Global Management Inc, Thomson Locations: Manhattan, New York City, U.S, Mondelez, New York, Lenexa , Kansas, Ho

☆ Nasdaq futures rally as Nvidia's blowout forecast boosts AI stocks
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +3 min

The logo of technology company Nvidia is seen at its headquarters in Santa Clara, California February 11, 2015. Nasdaq 100 e-minis were up 172 points, or 1.13% and S&P 500 e-minis were up 21.75 points, or 0.49% at 5:28 a.m. "It is clear...that AI demand is still outstripping supply," Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a note. "Within the tech sector, we think software and internet stocks are best positioned to ride the next wave of the technology cycle and the broadening of AI demand." Splunk Inc (SPLK.O) gained 13.9% after the data analytics software maker forecast third-quarter revenue above market estimates on expectations of AI-related spending.

Persons: Robert Galbraith, Mark Haefele, Jerome Powell, Amruta Khandekar, Shreyashi Sanyal, Savio D'Souza, Shinjini Organizations: Nvidia, REUTERS, Dow, Nasdaq, UBS Global Wealth Management, Microsoft, Palantir Technologies, Micro Devices, Marvell Technology, Semiconductor, Europe's ASM, BE Semiconductor, ASML, Investors, Federal Reserve, U.S, Treasury, Boeing, Splunk Inc, Thomson Locations: Santa Clara , California, United States, Jackson, U.S, Bengaluru

☆ Chesapeake to complete Eagle Ford basin exit with SilverBow deal
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoAug 14 (Reuters) - U.S. natural gas producer Chesapeake Energy (CHK.O) said on Monday it would sell its remaining Eagle Ford assets to SilverBow Resources (SBOW.N) for $700 million, completing its exit from the south Texas basin. Chesapeake said last year it viewed the Eagle Ford acreage as no longer core to its strategy and would focus on the gas-rich Marcellus and Haynesville shale formations. The Oklahoma City-based energy producer also faced pressure from activist investment firm Kimmeridge Energy Management, which has urged a shift toward solely natural gas production. SilverBow said the deal, expected to close by the end of this year, would make it the largest public pure-play Eagle Ford operator and would immediately add to key financial and operating metrics. The deal consists of a $650 million upfront cash payment due at closing and an additional $50 million deferred cash payment 12 months after close.

Persons: Dado Ruvic, Chesapeake, Marcellus, boe, SilverBow, Arunima Kumar, Sriraj Organizations: Chesapeake Energy, REUTERS, Eagle Ford, SilverBow Resources, Energy, Oklahoma, Kimmeridge Energy Management, Chesapeake, Eagle, Thomson Locations: Texas, Eagle Ford, Dimmit, Webb, Chesapeake, Bengaluru

☆ Chesapeake Energy posts fall in Q2 profit on lower natural gas prices
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Chesapeake Energy logo is seen on smartphone in front of displayed stock graph in this illustration taken January 25, 2022. REUTERS/Dado Ruvic/IllustrationAug 1 (Reuters) - Chesapeake Energy (CHK.O) on Tuesday posted a fall in second-quarter profit on lower natural gas prices and production. Relatively mild temperatures and higher inventories had also dented natural gas prices. In May, the company said it anticipated volatility in natural gas markets to persist, and that it could hold off bringing some wells online if low prices continue. Out of which 96% accounted for natural gas and 4% was total liquids.

Persons: Dado Ruvic, Baker Hughes, Tanay, Maju Samuel Organizations: Chesapeake Energy, REUTERS, Thomson Locations: U.S, Ukraine, United States, Bengaluru

☆ FDIC launches sale of $18.5 billion of Signature Bank loans
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

July 28 (Reuters) - The U.S. Federal Deposit Insurance Corporation (FDIC) set in motion the sale of an $18.5 billion loan portfolio from Signature Bank this week, a set of loans linked to major private equity and investing firms, according to the regulator's website. The FDIC hired Newmark Group (NMRK.O) in March to sell about $60 billion of Signature Bank's loans, after state regulators decided to close down the failed lender amid a turmoil in regional banks earlier this year. The sale was launched on July 25 and is limited to FDIC-insured depository institutions, the Bloomberg report said. The notice reads that the loans for sale "consist of subscription credit facilities to private equity funds." Reporting by Pritam Biswas in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Thoma, Newmark, Pritam Biswas, Arun Koyyur Organizations: U.S, Federal Deposit Insurance Corporation, Signature Bank, Starwood Capital Group, Carlyle Group, Blackstone, Thoma Bravo, Brookfield Asset Management, Bloomberg, FDIC, Newmark Group, Thomson Locations: Bengaluru

☆ Elon Musk's viral Chinese doppelgänger is fighting a fake Mark Zuckerberg to give us all the best-ever preview of how the Musk vs. Zuck cage match might go
▼ + stars: | 2023-07-14 | by ( Matthew Loh | ) www.businessinsider.com time to read: +2 min

Elon Musk's hilarious doppelgänger, Yilong Ma, wants us to see his own fight with Mark Zuckerbox. The meme master dukes it out with the fake Zuckerberg on a grass patch in a four-part series. With doge shorts and boxing gloves, Ma delivers on the action that Musk promised us. Elon Musk makes the promises, and Yilong Ma delivers. So in the meantime, we'll just have to settle for the next best thing and watch Zuckerbox get beat up, courtesy of Yilong Ma.

Persons: Elon, Yilong Ma, Mark Zuckerbox, Zuckerberg, Ma, Musk, Elon Musk, Mark Zuckerberg, —, K.O, Musk's, Tesla, we'll, Zuckerbox Organizations: Morning, Sporting Locations: China

☆ Bed Bath & Beyond splits auction, doubt grows over Buy Buy Baby sale process - CNBC
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Bed Bath & Beyond is splitting the bankruptcy-run auction of its Buy Buy Baby chain into two phases, CNBC reported on Wednesday, citing people familiar with the matter. CNBC also said the home goods retailer was planning to host a separate auction, potentially on Thursday, where buyers can submit bids to keep Buy Buy Baby and its stores running as a going concern. Bed Bath & Beyond did not respond to a Reuters request for comment. Some Bed Bath & Beyond brands including its Buy Buy Baby chain, which sells products for infants and toddlers, had attracted interest from investment firms Go Global Retail and Sixth Street Partners, according to media reports. Last week, Overstock.com (OSTK.O) emerged as the winning bidder for Bed Bath & Beyond's intellectual property and mobile platform in a deal worth $21.5 million.

Persons: Granth, Maju Samuel Organizations: CNBC, Go Global, Sixth Street Partners, Bed, Thomson Locations: Bengaluru

McKinsey says generative AI could add $7.3 trillion in value to the world economy each year and believes half of today's work activities could be automated between 2030 and 2060. The latest Bank of America survey in June showed 29% of global investors don't expect AI to increase profits or jobs. "There's a lot of focus on the risks that generative AI can bring. He sounded confident over the capacity of some professional information and data providers, which own proprietary data, to integrate generative AI into their products. Cristina Matti, small and midcaps portfolio manager at Amundi, said indiscriminate investing was not an option for investors seeking AI exposure.

Persons: Gilles Guibout, UK's Pearson, Chegg, Pearson, Thomas McGarrity, Andrea Scauri, Scauri, Capgemini, Cristina Matti, Danilo Masoni, Lucy Raitano, Chizu Organizations: Nvidia, McKinsey, AXA Investment, Bank of America, Microsoft, RBC Wealth Management, Accenture, Thomson Locations: MILAN, Europe, United States, Paris, Lemanik, Amundi

☆ Overstock wins auction for some Bed Bath & Beyond assets
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

Last week, Overstock had offered to buy those assets for the same price under a "stalking horse" bid. Bed Bath & Beyond had then said it would continue to solicit other offers. While Bed Bath & Beyond's stores are not part of the deal, it will include the retailer's business data and publicity rights. Once a high-flying company, Bed Bath & Beyond buckled under a steep drop in demand and swelling losses, and filed for Chapter 11 bankruptcy protection in April. Meanwhile, the retailer's Buy buy Baby chain, which sells products for infants and toddlers, has drawn interest from investment firm Go Global Retail and Sixth Street Partners, according to recent media reports.

Persons: Overstock, Deborah Sophia, Sriraj Organizations: Overstock.com, Bed, Go Global, Sixth Street Partners, Thomson Locations: Bengaluru

The department said its investigation found that the Hostess could have prevented the amputation injury a 29-year-old worker suffered while reassembling a pump at a company facility in Chicago. The investigation was launched after the company, which makes popular snacks like Twinkies, Ding Dongs and Donettes, reported the injury to the Labor Department. A Hostess spokesperson said on Friday that the company was reviewing the Labor Department's allegations, but declined to comment further on "pending investigations." The Labor Department has alleged that Hostess "failed to make sure shafts, sprockets and moving parts on equipment ... had required guarding in place to protect workers from contact with pinch points and moving parts." The company has 15 business days to comply, request an informal conference, or contest the Labor Department findings.

Persons: Ding Dongs, Sukhvir Kaur, Ismail Shakil, Kathrine Jackson, Aurora Ellis Organizations: U.S . Labor Department, Hostess Brands, Labor Department, Labor, Safety, Health Administration, Employers, OSHA, Thomson Locations: Chicago, Ottawa, Washington

☆ SK Signet to launch EV chargers with Tesla's charging standard
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Electric-vehicle (EV) charger maker SK Signet (260870.KN) said on Thursday it was adding products compatible with the North American Charging Standard (NACS), after major U.S. automakers Ford (F.N) and GM (GM.N) said they were adopting Tesla's (TSLA.O) model of charging. Electric vehicle charging companies are cautiously embracing Tesla's charging technology as the main U.S. standard, as they are in danger of losing out on customers if they offer only the Combined Charging System (CCS). Earlier this week, EV charging equipment makers Blink Charging (BLNK.O), ChargePoint (CHPT.N) and Tritium (DCFC.O) said they will offer chargers with Tesla's connector. The White House aims to spur deployment of hundreds of thousands of chargers, which it sees as integral to EV adoption. SK Signet will continue to provide customers with the option of other widely used standards for EV charger connections, including the CCS, CHAdeMO and the Megawatt Charging System.

Persons: Samrhitha, Maju Samuel Organizations: SK Signet, American, U.S, Ford, GM, South Korea's SK Group, EV, Tesla, CCS, CHAdeMO, Thomson Locations: U.S, South, Bengaluru

☆ Online retailer Overstock to buy some assets of Bed Bath & Beyond
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 13 (Reuters) - Overstock.com (OSTK.O) will buy certain assets of bankrupt home goods retailer Bed Bath & Beyond for $21.5 million, the online retailer said on Tuesday. The deal, designated a "stalking horse" bid under the U.S. Bankruptcy Code, will include intellectual property, business data, rights to mobile applications, and will also assume certain liabilities of Bed Bath & Beyond. The retailer had delivered 10% of the purchase price in cash to an escrow agent in immediately available funds, Overstock said in a regulatory filing. Bed Bath & Beyond had in April filed for Chapter 11 bankruptcy protection after struggling with dwindling sales and a failed merchandising strategy. The Wall Street Journal last week reported that retail investment firm Go Global Retail was in talks with Bed Bath & Beyond for its Buybuy Baby chain.

Persons: Overstock, Savyata Mishra, Sriraj Kalluvila, Maju Samuel Organizations: Bed, U.S, Reuters, Go, Thomson Locations: Bengaluru

☆ Analysis: EV charger makers guardedly look to adopt Tesla standard
▼ + stars: | 2023-06-12 | by ( Abhirup Roy | ) www.reuters.com time to read: +5 min

The White House said on Friday that EV charging stations that offer Tesla plugs would be eligible for billions of dollars in federal subsidies as long as they included CCS connectivity. The White House aims to spur deployment of hundreds of thousands of chargers, which it sees as integral to EV adoption. The person, who now works for a charging company, is not authorized to speak to the media and declined to be named. The company that is developing CCS chargers, is "reviewing" its strategy because of the Tesla-GM deal. Logvinov, who is also chief executive of EV charging parts supplier IoTecha, said CCS was worth backing because it had worked for more than a decade with multiple vendors.

Persons: Biden, Tesla, Asaf Nagler, Ashley Horvat, BLNK.O, Jonathan Levy, Aatish Patel, Patel, Superchargers, Oleg Logvinov, Abhirup Roy, Hyunjoo Jin, Jarrett Renshaw, Sayantani Ghosh, Jonathan Oatis Organizations: Ford, GM, Tesla Inc, Tesla's, EVgo Inc, ABB, America, ABB Ltd, Schneider, EV, Ford Motor Co, General Motors Co, ChargePoint Holdings, Reuters, Tesla, CharIN, Logvinov, IoTecha, Thomson Locations: U.S, Swiss, America, CharIN North America, San Francisco, Philadelphia

☆ EV charging body says Tesla's charger connector is not standardized yet
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - CharIN, the industry body promoting the Combined Charging System (CCS) standard to power electric vehicles, said on Monday Tesla's (TSLA.O) charging model is not a standard yet and does not provide an open charging ecosystem for the industry. U.S. automakers General Motors (GM.N) and Ford (F.N) said they will adopt Tesla's model of charging cars with their vehicles having North American Charging Standard (NACS) ports, starting 2025. Charging equipment makers Blink Charging (BLNK.O), ChargePoint (CHPT.N) and Tritium (DCFC.O) said they will offer NACS as a connector option along with CCS in their charger offerings. Tesla's NACS connector is known to be more compact and lighter than a CCS charger for fast charging, making it easier for motorists to use. The partnerships between Tesla, Ford and GM will enable the NACS standard to dominate 60% of the U.S. EV market.

Persons: CharIN, Akash Sriram, Krishna Chandra Organizations: U.S, General Motors, Ford, CCS, GM, EV, Thomson Locations: Bengaluru

☆ Blink, ChargePoint to launch EV chargers with Tesla's charging connector
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Electric vehicle charging equipment makers Blink Charging (BLNK.O), ChargePoint (CHPT.N) and Tritium (DCFC.O) said on Monday they will offer chargers with Tesla's connector, as the standard Combined Charging System (CCS) connector falls out of favor with automakers. Tesla's NACS is known to be more compact and lighter, making it easier for motorists to use. ChargePoint said it will offer an NACS connector option for its products, and upgrades for chargers that are already in service. Meanwhile, Australia-based Tritium said it will add the NACS connector to its chargers in the United States and other markets that decide to adopt it. "Given recent announcements by Tesla, GM, and Ford, we are clearly witnessing the continued evolution of the EV charging industry as technologies advance and industry stakeholders come together and evaluate best practices," Blink said.

Persons: ChargePoint, Tesla, Blink, Piper Sandler, Akash Sriram, Shinjini Organizations: General Motors, U.S, Ford, EV, Consumer Electronics, GM, Thomson Locations: Australia, United States, U.S, Bengaluru

June 9 (Reuters) - The White House on Friday said electric-vehicle charging stations using Tesla (TSLA.O) standard plugs would be eligible for billions of dollars in federal subsidies as long as they included the U.S. charging standard connection, CCS, as well. The statement follows separate announcements by U.S. automakers Ford Motor (F.N) and General Motors (GM.N) that they were adopting the Tesla model of charging, known as the North American Charging Standard (NACS). Tesla shares rose 4.1%. Some of them said on Friday that they would work to adapt to the Tesla standard. [1/2] Tesla charging stations are pictured in a parking lot in Shanghai, China March 13, 2021.

Persons: Biden, Tesla, Robyn Patterson, Patterson, Tesla's, Oleg Logvinov, Aly, Logvinov, Sam Houston, Danni Hewson, AJ Bell, Blink, Jonathan Levy, We've, They've, Asaf Nagler, ChargePoint, Jarrett Renshaw, Abhirup Roy, Hyunjoo Jin, Chavi Mehta, Bhanvi, Sayantani Ghosh, David Gaffen, Peter Henderson, Matthew Lewis Organizations: U.S, Ford Motor, General Motors, American, CCS, Analysts, Ford, GM, EV, Reuters, Volkswagen, Hyundai Motor, Kia, IoTecha, REUTERS, CharIN, Union of Concerned, Tesla, ABB, America, Thomson Locations: United States, Shanghai, China, CharIN North America, Swiss, Philadelphia, San Francisco, Bengaluru

☆ White House welcomes Tesla to take advantage of federal dollars
▼ + stars: | 2023-06-09 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +5 min

June 9 (Reuters) - The White House on Friday said electric-vehicle charging stations using Tesla (TSLA.O) standard plugs would be eligible for billions of dollars in federal subsidies as long as they included the U.S. charging standard connection, CCS, as well. Tesla shares rose as much as 7.5% on Friday but pared gains to close 4.1% higher at $244.40. Analysts said the Ford and GM news was a big win that could make Tesla Superchargers an industry standard in the United States. GM and Ford shares closed up 1.1% and 1.3%, respectively. Musk on Friday said in a tweet it would be "ideal" for Tesla chargers to need only CCS adapters to meet federal charging standards.

Persons: Biden, Tesla, Robyn Patterson, Patterson, Tesla's, Sam Houston, Danni Hewson, AJ Bell, Blink, Jonathan Levy, ChargePoint, Musk, Jarrett Renshaw, Hyunjoo Jin, Abhirup Roy, Chavi Mehta, Bhanvi, Sayantani Ghosh, David Gaffen, Peter Henderson, Matthew Lewis Organizations: U.S, Ford Motor, General Motors, American, CCS, Ford, GM, EV, Reuters, Volkswagen, Hyundai Motor, Kia, Union of Concerned, Tesla, Elon, Thomson Locations: United States, Philadelphia, San Francisco, Bengaluru

The deal, announced last month, would open more than 12,000 Tesla Superchargers to drivers of Ford vehicles in North America starting in 2024. SS&C has invested in such charging companies as ChargePoint Holdings Inc (CHPT.N), EVgo Inc (EVGO.O) and Blink Charging Co (BLNK.O). The Ford deal was a boost to Tesla's more widespread, reliable North American Charging Standard (NACS) and dented the value of smaller players offering the rival Combined Charging System (CCS). Complaints about other charging companies' software bugs or broken charging hardware only opens the door to greater access for Tesla's standard, however, industry officials said. Under its new deal, Ford will distribute Tesla adapters to customers and starting in 2025 will equip future EVs with NACS.

Persons: Joe Biden, Paul Baiocchi, Ford, Elon Musk, Tesla's, Biden, Pete Buttigieg, Tesla, Lazard, Mohit Kohli, Chris Harto, Arcady Sosinov, Chris Anthony, Sosinov, Abhirup Roy, Hyunjoo Jin, David Shepardson, Jarrett Renshaw, Ben Klayman, Matthew Lewis Organizations: FRANCISCO, Ford, North America, U.S, SS, C ALPS Advisors, ChargePoint Holdings, EVgo Inc, CNBC, CCS, EVs, Volta, Volkswagen AG, General Motors Co, BMW, Consumer, Aptera, Thomson Locations: U.S, North, Europe, San Francisco, Washington

Search resuls for: "K.O"

25 mentions found