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☆ Tesla's value plunged nearly $200 billion since mid-July – and Elon Musk's EV maker faces a bumpy road ahead
▼ + stars: | 2023-08-23 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Tesla's value has fallen nearly $200 billion in just over a month. That's dragged Tesla's market cap down almost $200 billion to about $730 billion as of Tuesday's close, per Google Finance. A mix of inflation, higher interest rates, and recession fears have driven Tesla's decline. Higher interest rates tend to be bad news for high-growth stocks, including Tesla, because it eats away at company profitably through expensive borrowing costs. Investors also get deterred from piling into equities as rising interest rates tend to push up returns on bond investments, making them a safer investment compared to stocks.

Persons: Elon Musk's, That's, Jerome Powell's, Tesla, Gordon Johnson, Cathie Wood, Johnson, she'd Organizations: Elon Musk's carmaker, Service, Elon Musk's, Google Finance, Federal Reserve, Investors, CNBC Locations: Wall, Silicon

☆ Tesla was dealing with 2,000 cases a week amid a surge in driving-range complaints from frustrated customers, report says
▼ + stars: | 2023-07-27 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

Tesla dealt with up to 2,000 cases a week amid concerns over driving ranges, per Reuters reported. Citing sources, Reuters reported that Tesla set up a secret unit to shut down customer complaints. The diversion team was expected to close around 750 complaints cases a week, the report said. Tesla was dealing with up to 2,000 complaints cases a week from customers over issues around driving range after it set up a secret team to shut down complaints, Reuters reported as part of an investigation. The app update led complaints about range to be sent to a secret team in Nevada, known as the diversion team.

Persons: Tesla Organizations: Reuters, Morning, Elon Musk's EV, EV Locations: Nevada

☆ Is this a leaked video of Tesla's rumored futuristic self-driving passenger pod? You be the judge.
▼ + stars: | 2023-07-13 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

A Las Vegas content creator shared a video that says shows a prototype vehicle from The Boring Company. The leaked video appears to show a steering wheel with Tesla's insignia. Courtesy of Jacob OrthOrth's video looks roughly similar to early renderings of autonomous pods that The Boring Company shared in 2018. Since 2018, Musk has had little to say about The Boring Company's people-mover, but the billionaire has been known to announce surprise products every once and while. Representatives for Tesla and The Boring Company did not respond to a request for comment ahead of publication.

Persons: Elon Musk, Jacob Orth, Orth, he's, Tesla, Jacob Orth Orth's, Musk Organizations: Boring Company, Twitter, Las Vegas Convention Center, YouTube, Elon Musk's EV, The Boring, Tesla Locations: Vegas, Hawthorne , California

☆ China's auto group retracts pledge to avoid 'abnormal pricing'
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +1 min

[1/5] Cars drive on the road during the evening rush hour in Beijing, China, July 1, 2019. REUTERS/Jason Lee/File PhotoSHANGHAI, July 8 (Reuters) - The China Association of Auto Manufacturers (CAAM), citing antitrust law, on Saturday retracted a pledge to avoid "abnormal pricing" made two days earlier by 16 automakers, including Tesla. Thursday's CAAM-organised pledge by the companies, including Chinese electric vehicle (EV) makers Nio, Li Auto and Xpeng, had been interpreted by some as signalling a truce in a price war that has threatened industry-wide profitability. CAAM said it would urge the 16 companies and other association members to strictly comply with the antitrust law and compete fairly with independent pricing. Reporting by Zhang Yan and Brenda Goh; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Lee, Thursday's, Li Auto, CAAM, Zhang Yan, Brenda Goh, William Mallard Organizations: REUTERS, China Association of Auto Manufacturers, Tesla, Elon, Ministry of Industry, Information Technology, Thomson Locations: Beijing, China, SHANGHAI

☆ Tesla is offering cash rebates to buyers in China despite promising to end 'abnormal pricing' in the world's biggest EV market
▼ + stars: | 2023-07-07 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Tesla is offering rebates worth nearly $500 to Chinese buyers of a Model 3 or Y, Reuters reported. The move comes just a day after Elon Musk's carmaker pledged to help end price wars in China. Just a day after Tesla pledged to end a lengthy price war in China, Elon Musk's EV maker hatched a new plan to sell more cars. Tesla began cutting prices of its Model Y and Model 3 in China in October last year amid an economic downturn hit sales. According to data from the China Passenger Car Association, Tesla delivered a record 93,000 vehicles in China in the three months to June 30.

Persons: Tesla, Elon Musk's carmaker Organizations: Reuters, Morning, Elon Musk's, EV, Bloomberg, China Passenger Car Association Locations: China

☆ The Federal Reserve thinks catastrophe is coming for US businesses
▼ + stars: | 2023-06-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

One report, written by the Federal Reserve's own economists, left me with not exactly an upbeat outlook. Federal Reserve Board Chair Jerome Powell testifies during a House Committee on Financial Services hearing, Wednesday, July 18, 2018, Capitol Hill in Washington. That is, more than a third of companies could default in the coming months, thanks to tightening monetary policy. Basically, they are predicting that companies feel pain in times of policy tightening, especially those with weaker balance sheets to begin with. Investors should monitor these bearish signals to stay ahead of a potential sell-off in the stock market.

Persons: Phil Rosen, You'll, Jerome Powell, Jacquelyn Martin, Ander Perez, Orive, Yannick Timmer, Kevin Rendino, he's shorting, Goldman Sachs, Morgan Stanley, Max Adams, Hallam Bullock Organizations: Federal, Financial Services, Capitol, European Central Bank, Bloomberg, Bank of America, Barclays, Elon Musk's Locations: New York, Washington, London

☆ Tesla is offering 3 years of free supercharging and big discounts to sell more cars by June 30
▼ + stars: | 2023-06-18 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +2 min

Tesla is offering big discounts on its Model S and Model X cars. It is also offering three years of free supercharging for customers who buy before June 30. It appears that Elon Musk's EV maker has cut $8,000 off both the Model X and Model S, as well as offering three years of free supercharging to customers who buy before June 30. The moves mean that customers could now get a 2023 Tesla Model S from about $83,000, according to Tesla's website, with the Model X at around $93,000. It then cut the Model X and Model S by $10,000 and $5,000 respectively.

Persons: Tesla, Musk, Electrek Organizations: Morning, Elon Musk's, EV, Ford, GM, Plaid, Tesla Locations: North America

☆ This investor holds $74 million in Tesla stock. Here's why he's bullish on the future of Elon Musk's EV company.
▼ + stars: | 2023-05-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Phil Rosen here — today I'm excited to share my conversation with a high-profile Tesla shareholder who recently campaigned for a board seat at Elon Musk's company. Twitter CEO Elon Musk appearing at a 2022 Tesla event. Suzanne Cordeiro/AFP via Getty ImagesRoss Gerber is the cofounder and CEO of Gerber Kawasaki Wealth and Investment Management, and holds 420,000 shares of Tesla stock, or about $74 million based on Tesla's current stock price. RG: You gotta own Tesla in your portfolio with Elon re-focused on Tesla. The strength of the US consumer is at risk as 43 million borrowers are set to resume student loan payments.

☆ Elon Musk's everything app could include Twitter. But industry experts can't make sense of the strategy.
▼ + stars: | 2023-04-26 | by ( Paige Hagy | ) www.businessinsider.com time to read: +8 min

Elon Musk wants to create a US super app, but industry experts have some concerns. And while he's never publically detailed specific plans for a super app, recent changes at Twitter offer some clues. He first teased his intentions to transform Twitter into a super app called "X" prior to acquiring it in October 2022. It 'makes no sense' to build on TwitterFor starters, Twitter is a peculiar place to build a super app, some experts said. A super app in the US is difficultPerhaps a bigger issue not specific to Musk's plans for Twitter is whether a super app in the US is even possible.

☆ Crypto is either dead in the water or about to notch new records as soon as next year - it depends on who you ask
▼ + stars: | 2023-04-25 | by ( Max Adams | ) www.businessinsider.com time to read: +6 min

You can scroll a bit further down for the market's reaction to the stunning Tucker Carlson announcement, but for today, we're turning our attention to crypto. If you ask Chamath Palihapitiya, that's because crypto crossed the wrong people and now it's dead, at least in the US. While crypto may be "dead in America," bitcoin is still going to $100,000. The housing market is close to bottoming and that could stave off a bad recession. That's according to Morgan Stanley, which wrote in a research note that housing is linked to broader business cycles.

☆ The housing market’s still in limbo - but homebuyers could pile back into the market if mortgage rates hit this key level
▼ + stars: | 2023-04-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

"Home sales are trying to recover and are highly sensitive to changes in mortgage rates," NAR economist Lawrence Yun said. He added that home prices are still climbing in regions where jobs are being added and housing is relatively affordable. cutting rates) in the next 12 months, which will again sway the housing sector. With that outlook in mind, the economist said "home sales will steadily rebound despite several months of fluctuations." Even in a tight market, this home expert still sees potential to save money on interest rates.

☆ Elon Musk's new Master Plan for Tesla should've introduced cheap EVs. Instead, we got a whole lot of nothing.
▼ + stars: | 2023-03-02 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

The world is waiting for cheap EVs, but Tesla isn't ready to deliver — yet. Elon Musk's EV company held an Investor Day in Texas that had everything but cheap EVs. He needs one now — and fast — as competitors are putting the pedal to the metal in their own quests for low-cost EVs. On the investor front, low-cost EVs help make Tesla a truly global phenomenon. But the lack of any firm details on a cheap EV made for a puzzling omission from what was meant to be a showcase of Tesla's offerings.

☆ Here's why it's time to bet against a key sector of the market ahead of the coming recession
▼ + stars: | 2023-01-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Today, I'm sharing a research note from one analyst who's eyeing a new bet to place against a corner of the stock market that offered refuge last year. He's talking about the S&P 500 Consumer Staples Sector SPDR Fund. In his view, the consumer staples sector, which served as a haven last year, presents a bubble about to burst. How much credence do you give to chart analysis for stock market outlooks? The stock market is about to be flipped upside down, according to Bank of America.

☆ Cathie Wood's Ark funds plow another $19 million into Tesla stock after Elon Musk's EV maker missed delivery targets
▼ + stars: | 2023-01-04 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Two of Cathie Wood's Ark Invest funds snapped up another $19 million worth of Tesla shares Tuesday. Tesla shares fell over 12% Tuesday after the EV maker said it had delivered fewer cars than expected in the previous 12 months. The moves add to Wood's dip-buying spree that saw Ark buy roughly $88 million of Tesla stock in the fourth quarter of last year. Tesla stock fell 65% over the course of last year, and plunged 40% in December alone. In premarket trading Wednesday, Tesla shares were up almost 1% at $109.04.

☆ Tesla stock is on the brink of its longest losing streak ever as shares threaten to falter for 8 consecutive days
▼ + stars: | 2022-12-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Tesla stock has endured seven consecutive losing sessions, and an eighth would mark its longest losing streak ever. After rallying early Wednesday, shares of Elon Musk's EV company gave up gains. Tesla has tumbled roughly 40% in December alone, and almost 70% year to date. On Tuesday, the stock tumbled 11% after Reuters reported that Tesla's Shanghai factory will extend its production slowdown through the end of January. Meanwhile, Tesla has proven to be the most profitable short bet this year, with traders doubling down on bearish plays.

☆ Tesla stock drops as Elon Musk's EV maker extends slowdown of Shanghai plant through January
▼ + stars: | 2022-12-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Tesla will run a reduced production schedule at its Shanghai plant from January 3 to January 19 and will halt output from January 20 to January 31, Reuters reported. Tesla had already moved up its planned eight-day production stoppage a day early. The company's largest worldwide plant by output is facing a wave of COVID-19 infections among staff. Earlier, Reuters reported that Tesla moved up its planned eight-day production stoppage a day early amid a surge in COVID-19 cases among workers and suppliers. Still, Tesla has built up sufficient inventories of vehicles, the Wall Street Journal reported, and a production halt won't impact the company's ability to meet orders.

☆ Elon Musk may have a bigger problem than Twitter as Tesla slashes prices to offload inventory and investors get nervous
▼ + stars: | 2022-12-22 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Tesla price cuts are "not a good sign," Wedbush analyst Dan Ives said. The automaker is advertising a $7,500 credit on Model 3 and Model Y vehicles. Industry analysts say that's a sign Tesla is battling an inventory backup as demand for its all-electric vehicles cools. Tesla long resisted traditional auto industry discounts as its ramped up production and customers clamored for its vehicles. And without the $7,500 federal tax credit, which expired for Tesla in late 2019, many first-time EV buyers are considering other brands over Tesla.

☆ A Warren Buffet-backed Tesla competitor is making a dent in Elon Musk's EV empire
▼ + stars: | 2022-12-08 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

China's BYD is quickly gaining on Tesla, the world leader in electric car sales. This year, it kicked combustion-engine cars to the curb and has grown its EV business at an explosive pace. In 2021, the Warren Buffet-backed carmaker shipped some 320,000 pure electric vehicles (not including the plug-in hybrid vehicles that still make up much of BYD's sales). BYD's epic rise comes amid signs that Tesla is losing steam in China, the world's biggest market for electric cars. Some industry watchers like Michael Dunne, founder of the EV industry consultancy ZoZoGo, think BYD is primed to become the EV sales leader and dethrone Tesla.

☆ Tesla's German gigafactory is in 'total chaos' due to staff shortages, report says
▼ + stars: | 2022-12-07 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +2 min

Tesla is struggling to recruit and retain enough staff at its German gigafactory, Wired reported. The Berlin plant is falling behind on production goals, leaving it in "total chaos," per the report. One worker told Wired: "Many people are signed off sick because the motivation isn't there." One anonymous worker told the publication that the plant was in "total chaos" due to staffing issues. Union representatives told Wired that Tesla's recruitment and retention problems reflected the company's reputation as an unattractive employer in Germany's heavily-unionized automotive sector.

☆ A 62-year old engineer alleges he was sidelined at SpaceX over fears that he might 'retire or die'
▼ + stars: | 2022-12-01 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +4 min

An engineer alleges he was sidelined at SpaceX over fears he might "retire or die." John Johnson, 62, made the allegations in an essay published on Wednesday on whistleblower site Lioness. John Johnson said he had been the victim of age discrimination at Elon Musk's rocket company in an essay published on Wednesday on the whistleblower website Lioness. In his essay, Johnson wrote that one engineer was asked to shadow him because there were fears he might "retire or die." In his essay Johnson wrote: "As an older white male, I hadn't confronted the impediments to success that many people face—until I started at SpaceX."

☆ FTX's bankruptcy hearing is underway and the details are wild. Here's what to know.
▼ + stars: | 2022-11-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

FTX kicked off its bankruptcy hearing on Tuesday, and the initial statements give Sam Bankman-Fried and company little to cheer. James Bromley, counsel to FTX's new management, had choice words during the first day in the Delaware hearing. Ray and his new management team's estimate of FTX's cash holdings has nearly doubled, a Saturday filing showed. In the letter, seen by the Financial Times, Bankman-Fried said excessive borrowing by Alameda Research was responsible for FTX's collapse. Elon Musk's EV maker has seen its market cap plunge from a high of $1.2 trillion.

☆ Musician says he set up a fake Tesla account on Twitter to show how 'thin-skinned' Elon Musk was
▼ + stars: | 2022-11-14 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

A musician says he set up a fake Tesla account to show Elon Musk was "thin-skinned." Connor Musarra told Newsweek he created a parody verified Tesla account to highlight the issues with some of Musk's decisions for Twitter. The LA-based musician told the outlet: "The goal of my fake Tesla account was to highlight how much of a thin-skinned, incompetent buffoon Elon is, but also I just wanted to make people laugh." Musarra told Newsweek that Musk had "introduced a new level of unmanageable insanity" with his new paid verification system. Musarra said in a TikTok that his parody Tesla account was active for six or seven hours.

☆ Tiger-cub hedge fund Coatue slashes big Tesla bet, doubles down on chip stocks
▼ + stars: | 2022-11-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Coatue Management's Philippe Laffont trimmed his big Tesla holding in the third quarter, while ramping up his exposure to semiconductor stocks. The stock has shed 27% in the fourth quarter partly because Musk has been selling billions of dollars worth of Tesla shares to fund his acquisition of Twitter. The hedge fund significantly added to its Nvidia holding, making it the fifth-largest bet at the end of the third quarter, the filing showed. Coatue kept its big Moderna holding unchanged in the third quarter. The hedge fund's other top holdings included Rivian , Uber, PayPal , Amazon and Disney at the end of the third quarter.

☆ Tesla shares down 3% in premarket after Elon Musk's EV firm cuts price of cars in China
▼ + stars: | 2022-10-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Tesla CEO Elon Musk attends an opening ceremony for Tesla China-made Model Y program in Shanghai, east China, Jan. 7, 2020. Tesla shares slipped in pre-market trade on Monday after the company cut the price of some of its cars in China. Tesla slashed the price of its Model 3 and Model Y vehicles in China, one of the company's most critical markets. The Model Y sports utility vehicle now costs 288,900 yuan versus the previous price of 316,900 yuan. The price cuts also come after Musk said he sees elements of a recession in China.

☆ GM takes on Tesla with scheme to let homeowners store power and use their EVs as batteries
▼ + stars: | 2022-10-12 | by ( Stephen Jones | ) www.businessinsider.com time to read: +2 min

General Motors is launching a division that provides homeowners with power storage technology. GM Energy will provide battery storage devices, and let drivers use EVs to power their homes. GM Energy will offer solar energy and battery storage products so electric vehicle owners can use their cars as power sources when needed, the company announced on Tuesday. GM Energy will use SunPower to provide customers with solar panels, with wall-mounted battery storage from Ultium and include its existing charging service called Ultium Charge 360. Tesla's energy storage business includes its Powerwall storage and Megapack storage units.

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