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☆ Greenpeace-led case against Volkswagen admissible, unlikely to succeed, German court says
▼ + stars: | 2023-01-10 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

BRAUNSCHWEIG, Germany, Jan 10 (Reuters) - A case led by Greenpeace against Volkswagen (VOWG_p.DE) demanding that the automaker tighten its carbon reduction targets is admissible but unlikely to succeed, a German district court said on Tuesday, with a further hearing scheduled for Jan 31. However, the Braunschweig court said it was not clear whether the German ruling was applicable in a case between private entities. The peculiarity here is that this is a case of a private individual against a privately acting company... the lawsuit is unlikely to succeed," said Bastian Willers, spokesperson for the Braunschweig court. The NGO has appealed the ruling, which Greenpeace lawyer Roda Verheyen said her clients will also do if the court dismisses their case later this month. Another case by DUH against BMW in Munich is ongoing, with the next hearing scheduled for February 7.

☆ Stocks making the biggest moves premarket: Lululemon, Duck Creek, Mastercard, Uber and more
▼ + stars: | 2023-01-09 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Visa , Mastercard — Shares of the payments companies gained 1.1% and 1.7% respectively, after Keybanc upgraded their ratings to overweight from from sector weight. Shares gained 2.8% premarket. Uber — Shares gained 2.8% after the rideshare platform was upgraded to overweight from neutral by Piper Sandler. Nvidia — The stock gained 1.6% premarket after being named a top pick by Wells Fargo analysts, who said they see a positive data center product-cycle materializing through 2023. Ferrari — Shares rallied more than 2% premarket after being named a top pick for 2023 by Bank of America.

☆ Rolls-Royce sees record sales 2022, no slowdown in spending by the wealthy
▼ + stars: | 2023-01-09 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

Rolls-Royce sold a record number cars in 2022 as demand for its $500,000 vehicles remained strong, despite recession fears, according to CEO Torsten Muller-Otvos. "We haven't seen seen any slowdown or downturn," Muller-Otvos told CNBC. Still, the U.S. was the largest market overall for Rolls-Royce in 2022, accounting for nearly 35% of its global sales, Muller-Otvos said. China, its second-largest market, saw a slight decline in sales but still claimed 25% of global sales and posted its second-strongest year for the company. The company's SUV, the Cullinan, was its best seller in 2022 making up about half of global sales, Muller-Otvos said.

☆ Elon Musk's Twitter chaos has investors asking Tesla to act like a basic automaker
▼ + stars: | 2023-01-08 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Tesla investors think Elon Musk's Twitter controversies are hurting the automaker's value. Tesla shares dropped 65% in 2022, and are still sliding. While Tesla deals with these time-worn industry problems, Musk has courted controversy at Twitter, and Tesla investors are tiring of the potential effect on Tesla's value. Shares of Tesla dropped 65% last year, and continue to slideBut investors have reason to worry. Shares of Tesla dropped 65% in 2022, with much of that slide happening after Musk took over Twitter in October.

☆ Tesla owners in China protest against surprise price cuts they missed
▼ + stars: | 2023-01-07 | by ( ) www.reuters.com time to read: +5 min

[1/3] People protest at a Tesla showroom in Chengdu, Sichuan, China, released January 6, 2023 in this picture obtained by Reuters from social media. After Friday's surprise discounts, Tesla's EV prices in China are now between 13% and 24% below their September levels. 'RETURN THE MONEY'Other videos appearing to be of Tesla owners protesting were also posted to Chinese social media platforms on Saturday. Tesla does not plan to compensate buyers who took delivery before the most recent price cut, a spokesman for Tesla China told Reuters on Saturday. Analysts have been positive about the potential for Tesla's price cuts to drive sales growth at a time when it is a year from announcing its next new vehicle, the Cybertruck.

☆ Tesla upgraded by Edward Jones as it tumbles for yet another day
▼ + stars: | 2023-01-05 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

Tesla 's dramatic decline has started to catch the eye of some Wall Street firms that were previously skeptical of the stock, including Edward Jones. Analyst Jeff Windau upgraded Tesla to buy from hold during Thursday's trading session, saying in a note to clients that the stock now looks cheap in the context of Tesla's long-term growth prospects. In our opinion, the share price of Tesla does not reflect its long-term growth opportunities," the note said. Windau cited potential improvements to Tesla's full-self driving feature and batteries as growth drivers for the company. TSLA 5D mountain Tesla's stock has fallen in the first week of 2023.

☆ BMW teases a talking car that shifts colors like a chameleon
▼ + stars: | 2023-01-05 | by ( Joseph White | ) www.reuters.com time to read: +2 min

BMW plans to launch a new lineup of electric vehicles, which it is calling the Neue Klasse, or new class. The BMW concept was very much a show car, with elements that could be challenging to put into mass production at competitive prices. But Zipse told a packed theater at the Palms Casino that BMW "will bring this technology into our Neue Klasse ... in serious production." Playing on its long-time slogan "the ultimate driving machine," BMW said the "Dee" technology could make future cars the "ultimate companion." The i Vision Dee car has 240 separate color cells that can change individually.

☆ A doctor accused of intentionally driving a Tesla off a 250-foot California cliff with another adult and 2 kids inside the car has been arrested
▼ + stars: | 2023-01-04 | by ( Natalie Musumeci | Grace Kay | ) www.businessinsider.com time to read: +3 min

A doctor has been arrested after police accused him of intentionally driving a Tesla off a cliff. The man's wife and two kids were reportedly inside the vehicle at the time of the incident. They all miraculously survived and were rescued via helicopter after the Monday car wreck. The passengers inside the car were reportedly Patel's wife, his 7-year-old daughter, and 4-year-old son, KABC-TV reported. Robin Johnson, who said she witnessed the crash, told NBC on Monday that she saw the Tesla "driving extremely fast" toward an exit on California Highway 1 before the electric car went "over the edge and straight down" the cliff.

☆ 4 Tesla passengers survived a 250-foot plunge down a cliff called Devil's Slide
▼ + stars: | 2023-01-03 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

A Tesla plunged down a 250-foot cliff called Devil's Slide om Monday, Cal Fire said. A rescuer told Fox News it was "nothing short of a miracle" the four passengers survived the incident. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyFour Tesla passengers survived a 250-foot drop off a cliff known as Devil's Slide on Monday, according to Cal Fire. A Tesla that was carrying two adults and two minors plunged down the cliff on Monday morning, Cal Fire's San Mateo branch reported. Coastside Fire Protection Battalion Chief Brian Pottenger told Fox News that it was remarkable the passengers had survived the 250-foot fall.

☆ Rheinmetall wins quarter-billion euro order for e-vehicle parts
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: 1 min

Jan 2 (Reuters) - Germany's Rheinmetall (RHMG.DE) has won an order worth more than a quarter billion euros in the electromobility segment, the industrial group said in a statement on Monday. Rheinmetall said it would be providing the new 900-volt generation of electrically powered vehicles with a new type of contactor to a premium German automaker. Contactors are electrically controlled switches that make it safe to turn electric vehicles on and off, said Rheinmetall. Starting in 2025, Rheinmetall will supply tens of millions of these contactors for the automaker's new vehicle platform, the company said. Reporting by Anastasiia Kozlova, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla's set to grow its lead in the electric car race despite its worrying demand slump, Morgan Stanley says
▼ + stars: | 2022-12-29 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

But Elon Musk's automaker remains poised to lead the EV race in 2023, Morgan Stanley said this week. EV supply outpacing consumer demand next year will benefit Tesla. Tesla will "widen its lead in the EV race" next year, Adam Jonas said. Even with the increased competition, Tesla may be in a position to extend its lead in 2023, Jonas wrote. All automakers, Tesla included, have struggled to get the cost of their EVs down.

☆ Tesla or Rivian? The pros predict what 2023 will look like for the two stocks
▼ + stars: | 2022-12-29 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

It's been a tumultuous year for electric vehicle stocks, and two investor favorites, Tesla and Rivian , have been no exception. More recently, in early December, he told CNBC Pro that his price target for Tesla is $304. For now, we view this as short-term noise and, over the medium to long term, see Tesla's stock tied to Tesla's earnings." Evercore gave Rivian a price target of $35 for 2023, or 97% upside — lower than its 220% for Tesla. "The fact that Ford decided to sell Rivian stock rather than partner with Rivian is a long-term problem," he added.

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☆ Elon Musk's conservative politics are hurting his personal brand and alienating Tesla's main customers, Nobel laureate Paul Krugman says
▼ + stars: | 2022-12-29 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Elon Musk's conservative political views are alienating Tesla customers, Paul Krugman said. Krugman slammed Musk's political shift as "stupid" and impulsive as many Tesla buyers are liberals. The self-described centrist has voiced conservative views on numerous issues since then. Tesla shares have plunged by more than 70% from their peak in November 2021, slashing the automaker's market capitalization from over $1.2 trillion to under $400 billion. Tesla shares have also been hit by fears of flagging EV demand, supply disruptions, and Twitter being a costly distraction for Musk.

☆ Elon Musk, Jeff Bezos, and the 6 other richest Americans have suffered a nearly $400 billion wealth wipeout this year
▼ + stars: | 2022-12-28 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The eight richest Americans have seen close to $400 billion erased from their fortunes this year. Elon Musk's net worth has shrunk by $140 billion, while Jeff Bezos' wealth has slid by $86 billion. Meanwhile, Amazon founder Jeff Bezos' wealth has fallen by $86 billion, while Alphabet cofounders Larry Page and Sergey Brin have seen their fortunes shrink by a combined $91 billion. The upshot is that the eight richest Americans have seen an estimated $386 billion erased from their combined fortunes. That figure rivals JPMorgan's market capitalization, and comfortably exceeds the market value of Tesla ($345 billion), Nvidia ($352 billion), and all but a handful of America's biggest companies.

☆ Tesla shares extend losses on demand worries in China
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

Dec 27 (Reuters) - Tesla Inc (TSLA.O) shares fell 8% on Tuesday after a Reuters report that Tesla was planning to run a reduced production schedule in January at its Shanghai plant sparked worries of a drop in demand in the world's biggest car market. The world's most valuable automaker's production cuts at the Shanghai plant come amid a rising number of COVID-19 infections in the country. Hayes also added that Tesla's stock was facing a "perfect storm" of high-interest rates, tax loss selling and share sales by some funds that hold a significant amount of Tesla stock. Tax loss selling is when an investor sells an asset at a capital loss to lower or eliminate the capital gain realized by other investments, for income tax purposes. Reporting by Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk says he sold Tesla stock to free up cash in case a 'worst-case scenario' strikes. Here's what he's so worried about.
▼ + stars: | 2022-12-23 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Elon Musk sold Tesla stock this month to free up cash in case a "worst-case scenario" emerges. The Tesla CEO warned higher interest rates and a recession may hit Tesla's profits and stock price. At the same time, higher rates mean people get better returns from safe assets such as savings accounts and government bonds. As well as pointing to rates, Musk warned a severe recession would hammer sellers of big-ticket items bought on credit. Tesla stock has already plunged nearly 70% this year, as investors have fled growth stocks and swapped equities for safer assets.

☆ Tesla driver in multi-car crash told police self-driving software malfunctioned
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

Chief Executive Elon Musk has touted Tesla "Full Self-Driving" software as a potential cash cow for the world's biggest electric carmaker. But Tesla's advanced driver assistance systems - and Musk's claims about them - face growing legal, regulatory and public scrutiny. Tesla sells the $15,000 FSD software as an ad-on which enables its vehicles to change lanes and park autonomously. The National Highway Traffic Safety Administration (NHTSA), which has been investigating the automaker's advanced driver assistance systems, did not comment. Tesla's says "Full Self-Driving" gives access to more advanced driver assistance features but emphasizes "all Tesla vehicles require active driver supervision and are not autonomous."

☆ Tesla shares tumble, on track for worst month ever
▼ + stars: | 2022-12-22 | by ( Noel Randewich | ) www.reuters.com time to read: +2 min

Dec 22 (Reuters) - Tesla Inc (TSLA.O) shares are on track for their worst month ever as a sell-off deepened on Thursday over worries about softening demand for electric cars and Chief Executive Elon Musk's distraction with Twitter. Tesla's stock has tumbled 36% so far in December, putting it on track for its worst ever monthly performance. By comparison, Tesla's shares dropped 22% in March 2020, when the coronavirus pandemic tipped financial markets into a tailspin. Musk has also sold almost $40 billion worth of his Tesla shares this year, adding to pressure on the stock as investors worry he could sell more to keep Twitter afloat. Tesla's market cap vs analyst price targetsReporting by Noel Randewich; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk touts beaten-down Tesla stock as a potential bargain - and blasts the Fed for going overboard with interest-rate hikes
▼ + stars: | 2022-12-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Elon Musk said the plunge in Tesla stock might present a "buying opportunity." The automaker's CEO blasted the Fed for hiking interest rates when prices may already be declining. "I keep saying that Fed rate is insane, because data I'm seeing says we're already in deflation," he tweeted. He appeared to be speaking from experience, given he's personally borrowed against his Tesla stock, and relied on leverage to finance his Twitter purchase this year. Musk may blame Tesla's stock plunge on the Fed slashing the appeal of stocks this year.

☆ BMW to make Solid Power's battery cells under expanded agreement
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Solid Power Inc (SLDP.O) said on Wednesday it will offer some intellectual property rights related to its solid-state batteries to BMW (BMWG.DE) and allow production of the battery cells at the automaker's facilities in Germany. Colorado-based Solid Power will license the cell design and manufacturing processes to BMW, which will pay the company $20 million through June 2024, subject to certain conditions. As part of the agreement, Solid Power will retain the intellectual property rights related to its electrolyte material, which it will supply to BMW once the carmaker's battery production lines are up and running. BMW, an investor in Solid Power, already has an agreement to receive finished battery cells. Solid-state batteries use a solid electrolyte, compared with a liquid one in lithium-ion batteries, and have a lower risk of catching fire.

☆ I drove hundreds of miles 'hands-free' in GM, Ford and Tesla cars – here's how it went
▼ + stars: | 2022-12-21 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

It aims to make Super Cruise available on 22 cars, trucks and SUVs globally by the end of 2023. When the steering-wheel light bar illuminates in green with GM's Super Cruise, drivers may remove their hands from the steering wheel. When Super Cruise did disengage, it would typically be available again minutes, if not seconds, later. Both Ford and GM systems would have likely hit a temporary concrete construction barrier if I hadn't taken over and disengaged on a large S-curve roadway near Detroit. Super Cruise and BlueCruise both disengaged several times for what seemed like no reason, only to reengage quickly after.

Investors have urged Musk to step down as Twitter CEO and punished Tesla stock, which is down nearly 60% this year and hit a fresh two-year low on Monday. On a Twitter poll from Musk on Sunday asking whether he should step down as Twitter CEO, 57.5% of 17.5 million people voted "yes." Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management and a big Tesla bull, said last week that he would run for Tesla board and had notified Tesla. Leo KoGuan, a major individual Tesla shareholder, wrote on Twitter earlier that Musk had "abandoned Tesla and Tesla has no working CEO." "The whole situation is just weird, and weird is being kind," said Matthew Tuttle, CEO of Tuttle Capital Management.

☆ Elon Musk could lose control of Tesla if the automaker's stock keeps tumbling, ex-Facebook security chief says
▼ + stars: | 2022-12-17 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Elon Musk could face activist investors as Tesla's stock falls, an ex-Facebook exec warns. Activist investors buy up big stakes in public companies and then agitate for change — sometimes in the board room. Stamos was previously Chief Security Officer at Facebook and he was also previously Chief Information Security Officer at Yahoo. Last week, some Tesla investors expressed concern that Twitter had become too much of a distraction for the carmaker's CEO. Tesla's stock was trading a little over $150 a share late Friday.

☆ Elon Musk has sold nearly $40 billion of Tesla stock in under 14 months. That figure dwarfs the automaker's profits and rivals its underlying value.
▼ + stars: | 2022-12-16 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Elon Musk has disposed of almost $40 billion of Tesla stock in under 14 months. That figure vastly exceeds Tesla's $9 billion of net income in the nine months to September. Musk appears to have sold Tesla shares to cover tax bills, buy Twitter, and service debts. Bloomstran's remark underscores the massive scale of Musk's stock sales, relative to the size of Tesla's business. Since then, Tesla shares have more than halved in value.

Corey Williams, plant manager at Ford's Dearborn Truck Plant and Rouge electric vehicle center, outlines the automaker's production plans for the F-150 Lightning electric pickup during a facility tour on Dec. 13, 2022. DEARBORN, Mich. — Ford Motor has added a third production shift to its Michigan plant that produces the electric F-150 Lightning as it looks to boost output. The addition of the third shift comes as the automaker is expanding the newly built facility to hit a top capacity of 150,000 units by next fall. Ford is on track to hit that previously announced production milestone, Corey Williams, plant manager of the Dearborn Truck Plant and Rouge electric vehicle center, said during a tour of the facility Tuesday. The third shift was added in November, bumping up the electric truck plant's employment from 500 to roughly 750 people.

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