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Tesla axes electric vehicle charging team
  + stars: | 2024-05-01 | by ( Hanna Ziady | Peter Valdes-Dapena | ) edition.cnn.com   time to read: +2 min
London/New York CNN —Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use. Tesla “has let our entire charging org go,” William Navarro Jameson, strategic charging programs lead at Tesla, wrote on X. Following an invitation by Tesla chief executive Elon Musk, virtually every big automaker in the United States has committed to making EVs compatible with Tesla’s charging technology, now known as the North American Charging Standard. In response, major EV charging providers such as Electrify America and EVgo have also announced they will begin building chargers with NACS cables. “What this means for the charging network, NACS and all the exciting work we were doing across the industry, I don’t yet know,” Jameson wrote in his post.
Persons: New York CNN — Tesla, Tesla “, ” William Navarro Jameson, Lane Chaplin, Tesla, Elon Musk, ” Jameson, Musk, Dan Ives, Organizations: New York CNN, Motors, Ford, The, Tesla, American, EV, Wedbush Securities, CNN Locations: London, New York, United States, America
The second is the rate of EV sales growth is slowing, at least temporarily. The EV market is not collapsing, experts say, it’s just entering a new phase. Teslas still make up slightly more than half of all the electric vehicles sold in America, according to a report from Cox Automotive. But, just one year ago, Tesla produced more than 60% of all the EVs sold America. After having trouble cranking up production of its new generation of electric vehicles, GM seems to be accelerating.
Persons: it’s, , Coco Zhang, , Teslas, Tesla, Cox, Ford, China’s Geely, Michael Lenox, Corey Cantor, Cantor, ” Cantor Organizations: New, New York CNN, International Energy Agency, ING, CNN, Cox Automotive, Ford, General Motors, Blazer, European Federation for Transport, Volvo, EV, China Passenger Car Association, University of Virginia, Bloomberg New Energy Finance, Vehicles, Chevrolet Bolt, Dodge Locations: New York, That’s, EVs, America, China, Europe, United States,
Feelings of anger adversely affect blood vessel health, according to a study published Wednesday in the Journal of the American Heart Association. How 40 minutes could turn into a longer problemResearchers in this study observed three major ways that anger impacted blood vessel health, Shimbo said. First, it made it harder for blood vessels to dilate in response to ischemia, or a restriction, he said. After the eight-minute task meant to induce anger, the impacts on blood vessels were seen for up to 40 minutes, he said. Maybe there are ways — such as exercise or medication — to treat the adverse effects of anger on blood vessels, he speculated.
Persons: , Daichi Shimbo, Shimbo, Joe Ebinger, ” Ebinger, Anger, Ebinger, Brett Ford, Deborah Ashway, Ashway Organizations: CNN, American Heart Association, Columbia University, Smidt Heart, University of Toronto Scarborough Locations: New York City, Cedars, Sinai, Los Angeles, New Bern , North Carolina
Cramer's Lighting Round: Dell is a buy
  + stars: | 2024-05-01 | by ( Julie Coleman | ) www.cnbc.com   time to read: 1 min
Stock Chart Icon Stock chart icon Matterport's year-to-date stock performance. Stock Chart Icon Stock chart icon Nextracker's year-to-date stock performance. Stock Chart Icon Stock chart icon Dell's year-to-date stock performance. Stock Chart Icon Stock chart icon Okta's year-to-date stock performance. Stock Chart Icon Stock chart icon Ford's year-to-date stock performance.
Persons: You've Organizations: Dell Locations: Ford
The Tesla CEO may be rehiring some of the laid off staff, according to a Bloomberg report. Musk confirmed a slower growth rate for Tesla, which could impact other EV carmakers. Still, the job cuts concerned EV executives at companies like Rivian, Ford, and General Motors, according to the Bloomberg report. AdvertisementThe departure of the senior director for charging infrastructure, Rebecca Tinucci, meant these brands lost a main point of communication, the Bloomberg report said. "It may be possible Mr. Musk will reconstitute the EV charger team in a bigger, badder, more Muskian way," Pinter said.
Persons: Elon, Tesla, Musk, , Elon Musk, Rebecca Tinucci, Andres Pinter, Pinter Organizations: Bloomberg, Tesla, carmakers, Service, General Motors, Solutions, Reuters
Lightning Round: Okta is teriffic, says Jim Cramer
  + stars: | 2024-05-01 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: Okta is teriffic, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stock including: Matterport, Nextracker, Dell, Okta, and Ford.
Persons: Jim Cramer Organizations: Dell, Ford
Seoul, South Korea CNN —China’s newest, largest and most-advanced aircraft carrier, the Fujian, took a big step to joining the world’s largest naval fleet on Wednesday as it set out from Shanghai for its first sea trials. “The sea trials will primarily test the reliability and stability of the aircraft carrier’s propulsion and electrical systems,” read an announcement from the state-run Xinhua news agency on Wednesday. The warship was launched in 2022 and has “completed its mooring trials, outfitting work and equipment adjustments” working up to the latest sea trials, Xinhua said. A tugboat tows China's third aircraft carrier, the Fujian, away from a dock in east China's Shanghai on May 1, 2024. The American aircraft carrier USS Gerald R. Ford is seen from the air anchored in Italy in the Gulf of Trieste on September 18, 2023.
Persons: Li Tang, , John Bradford, Carl Schuster, Gerald R Ford, ” Bradford, Gerald R, Ford, Andrej Tarfila, Schuster, ” Schuster, Brian Hart, Yuan Huazhi, John F Kennedy, Doris Miller Organizations: South Korea CNN —, Jiangnan Shipyard, Maritime Safety Administration, Xinhua, Liberation Army, United States Navy, PLAN, Foreign Relations International Affairs, US, Pacific Command’s Joint Intelligence, Nimitz, Ford, Center for Strategic, International Studies, Analysts, American, Chinese Defense Ministry, China Power, CSIS, Times, US Navy, Enterprise Locations: Seoul, South Korea, Fujian, Shanghai, East China, Jiangnan, Shandong, Liaoning, Italy, Gulf of Trieste, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRecent Tesla announcements and leaks have created opportunities for peers, says former Ford CEOFormer Ford CEO Mark Fields joins 'Money Movers' to discuss what investors make of recent headlines on Tesla, if less commitment to the charging network hastens the slowdown in EV adoption, and more.
Persons: Mark Fields Organizations: Ford
Ford says the main goals of the "Ford University" platform are to improve customer service, better engage employees — especially younger ones who are accustomed to binge-watching videos — and provide dealers and the company with more data to assist business. Vietor, who joined Ford in March 2023 after leading global games learning for Amazon Web Services, will oversee Ford University. She declined to disclose how much the company has spent on the new training. Dealership employees, who are independently employed by dealers, are crucial to the company's sales, performance and customer engagement and satisfaction. Automakers have long touted the idea that better dealer experiences lead to happier customers who are more likely to become repeat customers.
Persons: Abby Vietor, Vietor Organizations: Netflix, Ford, Amazon Web Services, Ford University Locations: Mich
So, when Youthforia launched 10 new makeup shades in March, George gave the new darkest option — shade 600 — a chance. Widespread beauty backlashFollowing George's video, beauty fans and creators across the internet have criticized Youthforia and its attempt to make its foundation range more inclusive. George posted another TikTok video on Wednesday, which she captioned: "It's biologically impossible to be PURE black. Shade 600 seems to have no undertone, but it looks like they had more of a red undertone. Specifically, Rihanna's Fenty Beauty changed the game with its massive foundation range — it now boasts 51 shades — and the foundation from Halsey's brand About Face has become a new favorite.
Persons: , Golloria George, influencer, Fiona, Chan, George, Youthforia, Mark Cuban, Jackie Aina, Javon Ford, George's, didn't Organizations: Service, Business Locations: The California
“Disclose, divest, we will not stop, we will not rest,” protesters at Columbia and universities across the country have chanted. Student protesters who oppose Israel’s military action in Gaza are demanding that their universities sell investments in companies with ties to Israel. Pro-Palestinian protesters say divestment would send an important message of disapproval of Israel’s conduct in Gaza. But while demonstrators have spread their messages across the country, many schools haven’t acquiesced to protesters’ calls for divestment. There are historical precedents for university divestment.
Persons: Israel’s, haven’t, Columbia’s, , Christina Paxson, ” Nicholas Dirks, , Dirks Organizations: CNN — College, Student, Columbia University Apartheid, Microsoft, Protesters, Cornell, Yale, University of Michigan, The University of California, University of California, University, University of Texas, Brown, Brown Daily Herald, Portland State University, Boeing, Columbia, Ford, CNN Locations: Israel, Columbia, Gaza, Dallas, South Africa, Berkeley
About half a million light vans are sold in the United States every year, with many of those going to companies like Amazon and FedEx. Light vans are those with a gross vehicle weight rating of less than 10,000 pounds. Lane departure prevention technology could have helped prevent or, at least, reduce the seriousness of, about 11% of those fatal crashes. That tech could help prevent 37% of fatal crashes involving delivery vans, the Institute said. In more than 60% of crashes and more than half of fatal crashes, the occupant of another vehicle or a pedestrian or cyclist was killed or injured.
Persons: Ram ProMaster, Ram, Van Organizations: CNN —, Amazon, FedEx, Insurance Institute for Highway Safety, Ford Transit, Mercedes Sprinter, Institute, Stellantis, IIHS, Ford Locations: America, United States
Elon Musk has gutted the part of Tesla responsible for building electric vehicle charging stations, sowing uncertainty about the future of the largest and most reliable U.S. charging network. Tesla’s agreements with other makers of electric cars assured buyers that they would be able to find fast chargers on road trips, addressing one of the main reasons that many people are hesitant to buy such cars. It was also seen as a coup for Mr. Musk, validating Tesla’s technology and giving the company outsize influence over the auto industry. Almost all major manufacturers announced plans to switch the hardware and software in their cars to make them compatible with Tesla’s chargers. Ford has been mailing adapters to owners of its older electric vehicles so they can connect to Tesla’s chargers.
Persons: Elon, Tesla Organizations: General Motors, Ford Motor, Ford
Federal regulators are investigating Ford's BlueCruise system following two fatal crashes. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFederal auto regulators are looking into Ford Motor's driver-assistance system following two fatal crashes that the safety agency linked to the automation technology. The National Highway Traffic Safety Administration has opened an investigation into Ford's BlueCruise system, according to an agency filing made public Monday.
Persons: Ford's, , BlueCruise Organizations: Service, Ford, Traffic, Administration, Business
Tesla shares fell nearly 6% on Tuesday following news that CEO Elon Musk was pressing ahead with more job cuts at Tesla , impacting an estimated 500 employees in its Supercharger team. In the email, Musk also expressed consternation that Tesla management hadn't thinned out the company's staff more promptly at his direction. Other laid-off Tesla employees posted publicly about Tesla shrinking the Supercharger team. In cutting that group, Tesla revealed it's throttling the expansion of its Supercharger network in the U.S. The move comes after Tesla struck partnerships with Ford , GM and other industry players ensuring they would manufacture cars using the Tesla NACS (North American Charging Standard) for compatibility with Tesla charging stations, and allowing those companies' customers to use Tesla stations.
Persons: Tesla, Elon Musk, Musk, Rebecca Tinucci, Daniel Ho, Andres Pinter, Pinter, Junheng Li Organizations: EV, CNBC, U.S, Ford, GM, Tesla, U.S . Transportation, Clean Transportation, Baidu, Warren Capital Locations: Tesla, California, United States, U.S, China
Tesla finally has to deal with the EV slowdown. The EV company can't rely on hybrids and gas cars like competitors. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Both Ford and GM exceeded analyst expectations for the first quarter thanks to cost cutting and stronger demand for gas-powered cars. But the tables have turned now as traditional automakers are able to tap into a newly popular segment unoccupied by Tesla: hybrids.
Persons: Tesla, Musk, , Elon, Mary Barra, Barra, ruffle Musk Organizations: EV, Service, Ford, GM Locations: North America
CNN —The National Highway Traffic Safety Administration (NHTSA) is formally investigating Ford’s Blue Cruise hands-free driving system following two fatal crashes. Blue Cruise was first introduced in the 2021 model year and is now available in several models from Ford and Lincoln, the carmaker’s luxury vehicle brand. The investigation specifically involves Blue Cruise in 130,000 Ford Mustang Mach-E electric SUVs. Blue Cruise allows users to take their hands off the steering wheel and feet away from the pedals while driving on selected highways. In both crashes, the Blue Cruise system was in use immediately before the crash.
Persons: Ford’s, Cruise, Blue, Ford Organizations: CNN, Traffic Safety Administration, Ford, Lincoln, Blue Cruise, Reuters, NHTSA Locations: San Antonio, Philadelphia
Valuations coming down So if earnings are up, why is the S & P off its highs? Today, a month later, 2024 earnings estimates are essentially the same but the multiple has declined to 20.8. The S & P 500 hit a low of 4,117 on Oct. 27 and only recovered when rates came down in early November. There are some big drags on earnings Some companies are seeing large declines in earnings estimates that are weighing on their sectors. When including this one-time item, the S & P 500 earnings growth rate for the first quarter declines to 5.6%, from 8.7%, LSEG has noted.
Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Christopher Suh, Stephen Squeri, Hess, Nick Raich, LSEG, Hal Lawton, Brian Niccol, CNBC's Kate Rogers, Horton, Paul Romanowski, Kimberly, Clark, Michael Hsu Organizations: Companies, Netflix, JPMorgan, GE Aerospace, Caterpillar, Microsoft, Merck, Ford, Waste Management, Royal, Consumer, American Express, Energy, Marathon Petroleum, Apache, Valero Energy, Oil, Occidental Petroleum, Devon Energy, ConocoPhillips, Exxon Mobil, Scout, Bristol Myers Squibb, Karuna Therapeutics, Boeing, Nvidia, Meta, AMD Locations: financials, industrials, Royal Caribbean, North America
Today, I'm focusing my attention on minerals used in modern technology and presenting a way to use options to play a lithium miner. The strategy gives a lower-risk way to get somewhat long this beaten-up miner without going all-in, and generating some income in the process. Lithium is used, as the name suggests, in lithium-ion batteries which are crucial for portable electronics, energy storage, and electric vehicles. Combined with understandably elevated options premiums this could set as a spot to begin entering a partial position, with some options overlays. Or, if the stock falls, would add to the long position at the short-put strike.
Persons: Tesla, Elon Musk, Albemarle Organizations: Albemarle Corporation, Volkswagen, BMW, Mercedes, Hyundai, GM, Ford, Toyota, Kia, Renault, Nissan Locations: Charlotte , NC, U.S, Albemarle, ALB
New York CNN —President Joe Biden praised the United Auto Workers and Daimler Truck for reaching a tentative in the eleventh hour Friday night, preventing a potential strike affecting 7,300 workers. Daimler is a major manufacturer of trucks and buses, responsible for producing Thomas Built buses, one of the most popular brands of school buses in the United States. CNN has reached out to Daimler Truck for comment. The tentative agreement comes on the heels of increased momentum for the UAW. The subsequent contract negotiations won record pay increases for UAW members at the three companies.
Persons: Joe Biden, ” Biden, Shawn Fain, Thomas Organizations: New, New York CNN, United Auto Workers, Daimler, UAW, Facebook, CNN, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, , Motors, Ford Locations: New York, United States, Chattanooga , Tennessee, Vance , Alabama, Tuscaloosa
CNN —As US supply chains decouple from China, Mexico’s manufacturing sector is emerging as a winner. Ramos said Mexico and China have been competing for the US manufacturing market for years, but amid a shifting US-China relationship, Mexico looks poised to pull ahead. Those exports were driven by manufacturing, which comprises 40% of Mexico’s economy, according to Morgan Stanley. Meanwhile, Chinese exports to the US were down 20% in 2023, compared to 2022. Analysts at Morgan Stanley see the value of Mexico’s exports to the United States growing from $455 billion to about $609 billion in the next five years.
Persons: That’s, nearshoring, Alberto Ramos, Goldman Sachs, Ramos, Morgan Stanley, Katherine Tai, CNN’s Julia Chatterley, Tai, United States Jose Luis Gonzalez, Xeneta, Peter Sand, Jose Enrique Sevilla, John Raines, Goldman’s Ramos, Biden, Raquel Buenrostro, , Joe Biden, Donald Trump, Trump, , Global’s, Raines, Christoffer Enemaerke, , Tesla, Elon Musk, Julio Cesar Aguilar, BYD doesn’t, RBC’s Enemaerke, Michael Nam Organizations: CNN, Manufacturing, Commerce Department, US Trade, General Motors, Ford, Reuters, Shipping, Container Trade, Xeneta, Moody’s Analytics, P Global Market Intelligence, steelworkers, , Global’s Sevilla, Macip, RBC, Getty, BYD, ” Sevilla, Monterrey Locations: China, Mexico, Canada, North America, US, Ciudad Juarez, United States, Pittsburgh, Mexican, Monterrey, , Nuevo Leon, Asia
An eActros is unveiled at the Mercedes-Benz truck plant of Daimler Truck AG on Ocotber 7, 2021. Daimler Truck agreed to a new labor contract on Friday with over 7,300 hourly workers represented by the United Auto Workers (UAW) at six facilities in the U.S. South, averting a strike at the 11th hour. Daimler Truck, which makes Freightliner and Western Star trucks and Thomas Built buses, had faced the possibility of a strike beginning at midnight ET. Fain's speech on Friday started almost an hour later than scheduled as Daimler Truck made late concessions, Fain explained. Under Friday's deal, Daimler Truck workers will receive a minimum 25% general wage increase over the four-year contract, Fain said.
Persons: Shawn Fain, Thomas, Daimler Truck, Fain Organizations: Mercedes, Benz, Daimler Truck AG, Daimler, United Auto Workers, UAW, YouTube, Freightliner, Western Star, Daimler Truck, Detroit Three, General Motors, Ford, Detroit Locations: U.S, Charlotte , North Carolina, Alabama
The action quickly and sharply reversed back to the upside Friday after blowout earnings reports from Alphabet and Microsoft . In the week ahead, earnings are likely to drive the action again, though we'll get a few important macroeconomic reports. Earnings: We've got the biggest week of the earnings season ahead of us, with 12 Club holdings set to report. Eli Lilly 's report Tuesday morning continues to be all about sales of type-2 diabetes treatment Mounjaro and weight-loss drug Zepbound. In DuPont 's report Wednesday morning, we're looking for a continued rebound in its semiconductor business following a sequential increase last quarter.
Persons: Ford, we'll, Dow Jones, We've, Buckle, Eaton, Eli Lilly, Lilly, We're, Estee Lauder, Fabrizio Freda, we've, Linde, Bausch, Royal Philips, Woodward, SIRI, Archer, Johnson, Stanley Black, Decker, BAX, Cardinal Health, Parker, Belden, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Microsoft, Meta, Google Search, Big Tech, Nvidia, Broadcom, Ford Motor, Honeywell, Danaher, Labor Department, Labor, PMI, Services PMI, GE Healthcare, Amazon Web Services, Starbucks, Deutsche Bank, DuPont, Bausch Health, U.S ., Appeals, Apple, iPhones, Vision, ON Semiconductor, Resource Partners, Franklin Resources, Paramount, Transocean Ltd, Semiconductors, Arch Capital, Logitech International, Lattice Semiconductor, F5 Networks, Sanmina Corporation, GE HealthCare, PayPal, 3M Company, McDonalds, Enterprise Products Partners, Cola Company, Melco Resorts, Entertainment, SiriusXM Holdings, Oatly, American Electric Power Company, Leidos Holdings, Marathon Petroleum, Daniels, Midland Co, Equitrans Midstream Corporation, HSBC Holdings, HSBC, Devices, Caesars Entertainment, Lumen Technologies, Mondelez, Pfizer, CVS Health, Barrick, Mastercard Inc, Cruise Line Holdings Ltd, Kraft Heinz Company, Marriott International, Ares, Generac Holdings, Johnson Controls, Cenovus Energy Inc, Qualcomm, Devon Energy, Paycom, Axcelis Technologies, Coeur D'Alene Mines, Sunnova Energy International, MGM Resorts International, MGM, Solar Inc, Oil, Allstate, Co, Tenable Holdings, Enovix Corporation, Gladstone Capital, Avis Budget Group, eBay, EBAY, LIN, Novo Nordisk, Natural Resources, PENN Entertainment, Apache, ConocoPhillips, InMode Ltd, Baxter International, Cardinal, Regeneron Pharmaceuticals, Apollo Global Management, LLC, Cinemark Inc, Dominion Energy, Coterra Energy, Coinbase, Bill.com Holdings, Booking Holdings, United States Steel, AXT Inc, Materials, Energy, Hershey Company, XPO Logistics, Cboe, American Pipeline, Amneal Pharmaceuticals, Brookfield Business Partners, Brookfield Renewable Corporation, Magna International, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Bloomberg, Getty Locations: U.S, megaprojects, China, Eaton, Corning, Coeur D'Alene, Albemarle, ALB, Novo, New York
Columbia University Apartheid Divest submitted a formal proposal to the committee for withdrawing investments related to Israel in December, which has yet to yield success. Students at Columbia College, the university’s undergraduate school, voted to support the divestment proposal last week. Heading a nationwide South Africa divestment movementCurrently, Columbia lists five areas where it refrains from investing: tobacco, private prison operations, thermal coal, Sudan and fossil fuels — all decisions that were made in the past decade. In April 1985, students led a three-week student demonstration against Columbia’s investments in South Africa, the New York Times reported at the time. Pete Seeger, right, speaks to the crowd at Columbia University as hundreds of students continued to protest the school's ties to South Africa, April 8, 1985.
Persons: ” Israel, Catherine Elias, Daniel Armstrong, , ” Armstrong, Pete Seeger, Frankie Ziths, G4S, Karla Ann Cote, divests, , Savannah Pearson, Michael Cusack Organizations: New, New York CNN, Columbia University, Columbia University Apartheid, , Columbia, Columbia College, CNN, Coalition, New York Times, American Express, Ford, Ivy League, University of California, Johns Hopkins University, University of North, Corrections Corporation of America, Library, , Columbia’s, Trustees, Columbia’s Teachers College Locations: New York, Gaza, Palestine, Columbia, Vietnam, Upper Manhattan, Israel, South Africa, Sudan, Los Angeles, Chevron, Berkeley, University of North Carolina, Hill, South, United States
Read previewFord's bet on hybrids looks like it's paying off. By comparison, the company's pure EV business has struggled. Ford's crosstown rival General Motors, meanwhile, has reversed its "all-in" electric vehicle strategy and pledged to bring back hybrids into its North American vehicle lineup. Not to be outdone, Ford is also doubling down on hybrids, even as it cuts back on some EV investments. "The EV adoption rate globally is under pressure, and a lot of other auto manufacturers are pulling back on EVs and pursuing plug-in hybrids instead," said Musk in the company's earnings call.
Persons: , Jim Farley, Farley, Ford, Elon Musk, Motors, Jim Baumbick Organizations: Service, Detroit, US, Toyota, Honda, Business, Ford Model, Motors, Volkswagen, EV, The New York Times, American, Elon Locations: North America
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