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☆ Here are Wednesday's biggest analyst calls: Apple, Nvidia, Amazon, Meta, Uber, Disney, Coinbase, Tesla & more
▼ + stars: | 2024-06-05 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's sticking with its overweight rating heading into the June 13 shareholder meeting. Bank of America reiterates Nvidia as buy Bank of America said it's sticking with its buy rating on shares of Nvidia . "We initiate coverage on Jazz Pharmaceuticals (JAZZ) with a Buy rating and 12-month price target of $169." Needham reiterates Coinbase as buy Needham said it's sticking with its buy rating on Coinbase . "We are initiating coverage of LFMD with an Overweight rating and $12 price target."

Persons: it's, ODFL, Morgan Stanley, Tesla, Elon, Gordon, Gordon Haskett, Oppenheimer, Uber, Guggenheim, Goldman, Bernstein, Needham, Coinbase, Raymond James, Meta, Key Organizations: BMO, Dominion, Bank of America, Nvidia, Barclays, Taiwan Semiconductor, Boston Beer, Materials, Applied Materials, JPMorgan, Citi, Apple, Apple's Worldwide, Conference, Disney, Walt Disney, Jazz Pharmaceuticals, EV, Meta, HSBC Locations: TSMC, China, U.S, CY25

☆ Here are Tuesday's biggest analyst calls: Apple, Nvidia, Netflix, Broadcom, Micron, Nike, Alphabet, First Solar & more
▼ + stars: | 2024-06-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Bank of America reiterates Alphabet as buy Bank of America said it's sticking with its buy rating on the search giant. Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's bullish heading into Apple's Worldwide Developers Conference. Morgan Stanley initiates Zeekr as overweight Morgan Stanley said it's bullish on shares of the electric vehicle company. Bank of America reiterates Nike as buy Bank of America said it's standing by its buy rating on shares of Nike. Morgan Stanley reiterates First Solar as overweight Morgan Stanley raised its price target on the stock to $331 per share from $248.

Persons: Oppenheimer, it's, JPMorgan, Morgan Stanley, Apple, Canaccord, ZEEKR, Barclays downgrades Stanley Black, Decker, Piper Sandler, Tesla, Piper, Bernstein, Wells, Guggenheim, Goldman Sachs, Goldman, MAXN, Mizuho, Linde, Williams, Columbus McKinnon Organizations: JPMorgan, Netflix, Price, Bank of America, Apple's Worldwide, " Bank of America, Nvidia, NVIDIA Corp, DraftKings Inc, Kirby Corp, FedEx Corp, Marvell Technology, Barclays, Tesla, Broadcom, Express, Logitech, UW, Autonomy, Nike, Mizuho, SUN, Kinder Morgan, Nat, Micron, Columbus Locations: OW, Kinder

☆ Politics playing a role in electric vehicle adoption: Michigan Gov. Gretchen Whitmer
▼ + stars: | 2024-06-04 | by ( Ian Thomas | ) www.cnbc.com time to read: +5 min

The future of the electric vehicle is a critical issue for the U.S. auto industry and its home base of Detroit, Michigan. "We've seen politics bleed into this space," Whitmer said at the CNBC CEO Council Summit in Washington, D.C., on Tuesday. "I don't think [listening] changes your values, but you always have to be able to learn and to understand what's going on," Whitmer said. "We're going to meet our energy goals and our climate goals and nuclear is an important part of the equation. Do the next right thing, on behalf of your employees, on behalf of your employees, on behalf of your community."

Persons: It's, Gretchen Whitmer, Biden, Donald Trump's, Whitmer, EVs, we've, We've, Carl Quintanilla, I'm, it's Organizations: U.S, Michigan Gov, CNBC, Summit, Washington , D.C, EV, Republican, Democratic Locations: Detroit , Michigan, Washington ,, Michigan

☆ EV concerns overshadow strong Ford sales. Jim Cramer says the stock is down enough
▼ + stars: | 2024-06-04 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Ford had another month of strong sales, but a wider appeal on Wall Street for the stock depends on cutting the automaker's massive EV division losses. In the first quarter, Ford lost more than $100,000 per EV sold. He also lamented the underperformance of Ford stock relative to rival General Motors — ever since GM announced a buyback in November. However, Jim thinks Ford stock has come down enough. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Ford, EVs, Jim Cramer, General Motors —, Jim, Jim Cramer's, Danielle DeVries Organizations: EV, Bloomberg, Ford, General, GM, Club, CNBC, New York

☆ Elon Musk ordered Nvidia to ship thousands of AI chips reserved for Tesla to X and xAI
▼ + stars: | 2024-06-04 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +12 min

Correspondence from Nvidia staffers also indicates that Musk diverted a sizable shipment of AI processors that had been reserved for Tesla to his social media company X, formerly known as Twitter. "Elon prioritizing X H100 GPU cluster deployment at X versus Tesla by redirecting 12k of shipped H100 GPUs originally slated for Tesla to X instead," an Nvidia memo from December said. In a post on X in November, Musk wrote, "X Corp investors will own 25% of xAI." At Tesla, Musk has promised to build a $500 million "Dojo" supercomputer in Buffalo, New York, and a "super dense, water-cooled supercomputer cluster" at the company's factory in Austin, Texas. WATCH: Musk ordered Nvidia to ship thousands of AI chips to X

Persons: Elon Musk, David Swanson, Reuters Elon Musk, he's, Tesla's, Musk, Tesla, Elon, Critics, OpenAI's ChatGPT, Axios Harris, Jensen Huang, Huang, David Paul Morris, xAI's Grok, xAI, he'd, He's, Leo Koguan, Gerber Kawasaki's Ross Gerber, Joel Fleming, Fleming, hasn't, Ethan Knight Organizations: SpaceX, Tesla, Reuters, Nvidia, Tesla's Texas, CNBC, X Corp, EV, Google, Meta, Microsoft, Blackwell, Nvidia Corp, Technology, Bloomberg, Getty, Twitter, Equity Litigation Locations: Beverly Hills , California, Tesla's, U.S, San Jose , California, Buffalo , New York, Austin , Texas, North Dakota, Delaware, Tesla, xAI, SolarCity, Texas, New York

Shares of Logitech are up 2% on the year and could rally another 17%, if Scemama's target price holds true. Analyst Kristine Liwag accompanied the move by raising her price target to $225 from $178. The bank reiterated its overweight rating on the credit card stock but lifted its price target to $275 from $265. International revs should run above the 10%+," the analyst added. Goldman analyst Tina Hou set a 12-month price target of $34, while Bank of America analyst Ming Hsun Lee set a price objective of $35.

Persons: Bernstein, Goldman Sachs, Goldman, TZE, Brian Lee, Lee, — Spencer Kimball, Didier Scemama, Scemama, — Lisa Kailai Han, Morgan Stanley, Kristine Liwag, Heico's, Liwag, Stanley Black, Decker, Julian Mitchell, Mitchell, Wells, Wells Fargo, Donald Fandetti, Fandetti, Canaccord, Kingsley Crane, Crane, Oppenheimer, Jed, Kelly foresees, FanDuel —, Kelly, Zeekr, Tina Hou, Ming Hsun Lee, Hou, Stacy Rasgon, Rasgon, Fred Imbert Organizations: CNBC, Broadcom, Bank of America, Investors, Technologies, Department of Energy, Logitech, Boeing, Barclays, Stanley, Nvidia, American, Express, American Express, U.S . American Express, Wall, Zeekr, China EV, China, Geely Automobile, AMD Locations: Monday's, EU, U.S, China, BofA

☆ Ford EV and hybrid sales surge 65% in May
▼ + stars: | 2024-06-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Ford Motor's U.S. new vehicle sales rose 11.2% last month compared with May of last year, boosted by strong sales growth for all-electric and hybrid models. The Detroit automaker on Tuesday reported roughly 65% increases in sales of both hybrid and all-electric vehicles. The boost to EV sales is a conundrum for investors. The spike in hybrid sales is part of Ford's plan to double down on the technology. Ford reported total year-to-date U.S. sales through May of 877,685 units, up 5.6% compared with the same time period in 2023.

Persons: DETROIT –, Ford Organizations: New York, DETROIT, DETROIT – Ford Motor's U.S, Detroit, EV, Ford

☆ While new electric vehicle sales are slowing, used sales are ramping up
▼ + stars: | 2024-06-04 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

CNN —Sales of new electric vehicles have started to slow, but the opposite is happening with used EVs. The used car sales website Carvana saw its used EV sales more than double since last year. While increases in used EV sales are huge, they still make up a small portion of overall used vehicle sales. Used EVs still cost more, on average, than used gas-powered vehicles, but they cost a lot less than new EVs. While prices for new EVs average around $63,000, prices for used ones average around $36,000, according to Cars.com.

Persons: EVs, Carvana, wasn’t, Price, Cars.com, Truecar, “, who’ve, ”, Matt Jones, ” Manheim, “ We’ve, it’s, Grace Huang, we’ve, Tesla, Jones, Rebecca Lindland, Courtney Vaughn, “ I’m, Lindland Organizations: CNN —, EV, TrueCar, Cox Automotive, Cox, Cars.com, Chevrolet, Hyundai, Hyundai Kona EV, US Department of Locations: Georgia, New York, California, ”

☆ Looking for top alternatives to Nvidia? These stocks still look cheap, according to the pros
▼ + stars: | 2024-06-04 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

We asked the pros which are the best stock alternatives to Nvidia that are still cheap. Meta Meta remains a good investment at its current price, said Adam Coons, portfolio manager at Winthrop Capital Management. In 2025, that revenue growth is set for a 12% increase and earnings growth for 15%. That would put Meta's multiples at 26 times 2024's earnings and 23 times 2025's earnings, according to Coons. Meta is trading at a 19 times EV/EBIT multiple, versus Microsoft's 28 times, and Nvidia's 25 times.

Persons: Adam Coons, it's, Coons, Qualcomm Angelo Zino, Zino Organizations: Nvidia, Nasdaq, U.S . Federal, Winthrop Capital Management, CNBC Pro, Meta, Microsoft, Netflix, Big, Google, Gemini, Qualcomm, CFRA Research, Micron Micron, Micron Locations: Big Tech, China

☆ Car prices are finally falling. Here's why people still aren't buying.
▼ + stars: | 2024-06-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Both new and used car prices are normalizing from pandemic peaks. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementCar prices are falling back down to earth, in a steady decline from 2021 peaks. According to Bank of America, overall car sales have flatlined, despite post-pandemic recoveries ing both pricing and supply. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Bank of America, EV, Service, Business

☆ A way to profit from a negative reversal in Chipotle if the consumer continues to weaken
▼ + stars: | 2024-06-03 | by ( Michael Khouw | ) www.cnbc.com time to read: +5 min

Investors may not have sufficiently accounted for the impact of stretched consumer finances on the discretionary sector. We'll review the dichotomy going on in the consumer discretionary sector and give a bearish trade on an outperforming stock once thought to be immune from some of the pressures. To some extent, the haves and have-nots divide explains the difference between the consumer discretionary stocks that have outperformed versus underperformed this year. Horton, YTD However, two industry groups within the consumer discretionary sector have not followed this pattern to the same degree. The trade: Chipotle The best-performing restaurant in the consumer discretionary sector so far this year is Chipotle Mexican Grill Inc. (CMG) up a market-crushing 36.8%.

Persons: Roland Garros, Ralph Lauren, Hermes, Versace, Prada, Calvin Klein, Tommy Hilfiger, Van Heusen, Horton, TOL, D.R, Tesla, Darden, YTD, Chipotle Organizations: Monaco, PVH Corp, IZOD, Carnival Corp, CCL, GM, Grill Inc, Darden, Starbucks Locations: Royal Caribbean, Horton

☆ Jeep expects to grow plug-in hybrid SUV sales by as much as 50% in 2024
▼ + stars: | 2024-06-03 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

A Jeep Wrangler plug-in hybrid electric vehicle (PHEV) during the 2023 New York International Auto Show (NYIAS) in New York, on Wednesday, April 5, 2023. NEW YORK – Jeep plans to grow U.S. sales of its plug-in hybrid electric vehicles by as much as 50% this year as it leans into the technology as a bridge between its traditional gas-guzzling SUVs and all-electric vehicles amid a slower-than-expected sales pace of EVs. The Stellantis brand expects to sell 160,000 to 170,000 plug-in hybrid electric vehicles, or PHEVs, in the U.S. this year, an increase of 40% to 50% from last year, Jeep CEO Antonio Filosa told CNBC. "One of the pillars of growth for the market is going to be freedom of choice." PHEV sales at the level Jeep is expecting this year would top Stellantis' total 2023 U.S. sales of the vehicles, at roughly 143,000 units.

Persons: Antonio Filosa, Filosa Organizations: New York, Auto, CNBC, Jeep Locations: New York, U.S

☆ Chinese companies are setting up shop anywhere but China — and the US
▼ + stars: | 2024-06-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Chinese companies like social media giant TikTok and IT giant Lenovo are already globally competitive behemoths with compelling products. Admittedly, it's not a new move for Chinese companies to invest outside of China. Related storiesThis means Chinese companies will set up facilities overseas under their own brand or subsidiaries. In 2022, the German government blocked Chinese companies from taking stakes in two German chip companies, citing national security concerns and concerns over technology transfer. But even in today's complex geopolitical environment, Chinese companies are expected to continue venturing away from home, per EY.

Persons: —, Chris Pereira, it's, It's, Pereira, Loletta Chow Organizations: Service, Lenovo, Chery, Business, Intelligence, EV, US, EY, EY China Overseas Investment Network, & $ Locations: China, New York, Asia, New York City, Swiss, Southeast Asia, Europe, Africa, America, Qatar, Spain, Norway, EY China

☆ China, Xi Jinping's Plan for AI Will Wreak Havoc on the World Economy
▼ + stars: | 2024-06-02 | by ( Linette Lopez | ) www.businessinsider.com time to read: +18 min

According to the CCP's plan, by 2020, China was supposed to have "achieved iconic advances in AI models and methods, core devices, high-end equipment, and foundational software." Censorship requirements may slow China's AI development and limit the commercialization of domestic models, but they will not stop Beijing from benefiting from AI where it sees fit. We're not seeing a huge gap between the models Chinese companies have been able to roll out. The current price war is a race to the bottom, similar to what we've seen in the Chinese technology space before. A race to the bottom may simply beggar China's AI ecosystem.

Persons: Xi Jinping, China doesn't, there's, Beijing's, Reva Goujon, We're, It's, ChatGPT, Xie Huanchi, couldn't, you'll, —, Kenneth DeWoskin, it's, Matt Sheehan, they're, chatbot, Sheehan, Ernie Bot, There's, Alibaba, ByteDance's, Paul Triolo, Albright, we've, haven't, DeWoskin, Sam Altman, Elon Musk Organizations: Chinese Communist Party, CCP, Intelligence, Cyberspace Administration, Getty, Freedom, University of Michigan, Deloitte, CAC, Carnegie Endowment, International Peace, Baidu, Bloomberg, Companies, Brookings Institution, Beijing, The Commerce Department Locations: China, Beijing, China's, Hong Kong, Xinhua, , Washington, Brussels, Berlin, Taiwan, US, Xinjiang

☆ Another top proxy advisor has recommended shareholders vote against Elon Musk's $56 billion Tesla pay package
▼ + stars: | 2024-06-01 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +4 min

Read previewInfluential proxy advisor Institutional Shareholder Services (ISS) has recommended that Tesla shareholders vote against Elon Musk's proposed $56 billion pay package. AdvertisementIt comes after Glass Lewis, another leading proxy advisory firm, also urged Tesla investors to vote against the deal. Tesla was quick to respond to the report in a letter to shareholders titled "What Glass Lewis Got Wrong About Tesla." Related storiesOn the other hand, Glass Lewis urged shareholders to reject the proposed move, saying it offered them "uncertain benefits and additional risk. "ISS and Glass Lewis effectively control the stock market," he added.

Persons: —, Elon Musk's, Musk, Glass Lewis, Tesla, John Thys, Lewis Organizations: Service, Services, ISS, Tesla, Bloomberg, Business, Company, Getty, Harvard Law, Corporate, SpaceX, Boring Company Locations: Texas, Amsterdam, AFP, Tesla, Delaware

☆ I spent a day with Chevrolet's two new electric cars. They may not be enough to turn the EV tide.
▼ + stars: | 2024-06-01 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Read previewChevy's electric aspirations are about to meet their toughest test yet with the launch of the Silverado EV and the Equinox EV. All of this adds up to the security that today's EV shopper is looking for, Majoros told me in an interview. The RST First Edition Silverado EV, which is on sale now, goes for $94,500. Equinox EV is a step in the right direction, but can it beat a hybrid? That could be bad news for Chevy dealers and Equinox EV, which might lose out in a comparison with Ford's or Toyota's hybrids.

Persons: —, Steve, Majoros, you've, it's, Ford's, Elon Organizations: Service, Silverado EV, GM, Business, Chevrolet, Motors, Silverado, Equinox Locations: Detroit

☆ Jeep CEO on Wagoneer S EV unveil: It's the perfect Jeep
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJeep CEO on Wagoneer S EV unveil: It's the perfect JeepAntonio Filosa, Jeep CEO, joins 'Squawk on the Street' to discuss why Jeep's first electric vehicle is so important to the company, if the company waited to long to go all-electric, and when Jeep's electric vehicle gets down to 'affordable' range.

Persons: Antonio Filosa

☆ Aston Martin postpones EV launch: Here's why
▼ + stars: | 2024-05-31 | by ( Robert Frank | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAston Martin postpones EV launch: Here's whyCNBC's Robert Frank joins 'Squawk Box' with the latest news from Aston Martin.

Persons: Aston, Robert Frank, Aston Martin Organizations: Aston

☆ These stocks are the most hated on the Street, but their fundamentals are improving
▼ + stars: | 2024-05-31 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Some stocks on Wall Street are absolutely hated by analysts and investors, but their fundamentals are improving, leaving a potential buying opportunity for contrarian investors, according to UBS. Most analysts currently covering the stock have assigned it a hold rating, with predicted upside of about 16% to consensus price targets. "The iconic automaker continues to enjoy strong profits from its core markets and a policy driven investment cycle in the U.S," the analyst wrote. Most analysts have assigned Airbnb stock a hold rating. The analyst consensus has shares at a hold rating, with predictions suggesting the stock could rise an average of 26% from its Thursday close.

Persons: Jonathan Golub, Bernstein, Daniel Roeska's, Wedbush, Scott Devitt, Ben Chaiken, Jan, Chaiken, Clorox, Estee Lauder, — CNBC's Michael Bloom Organizations: UBS, Stocks, Wall, Ford Motor, Ford, Cruise, Mizuho, Pfizer, Gartner, Northern Trust

☆ Here are Friday's biggest analyst calls: Tesla, Nvidia, Apple, Rivian, Nio, Costco, Qualcomm
▼ + stars: | 2024-05-31 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Wells Fargo reiterates Nvidia as overweight Wells said it's standing by shares of Nvidia. Bank of America reiterates Apple as buy Bank of America said it's bullish on an iPhone with artificial intelligence features. "We maintain our Buy rating on Apple for its multi-year upgrade cycle, gross margin upside and secular services growth." Bank of America reiterates Dell as buy Bank of America said it's sticking with its buy rating on the stock following earnings. Morgan Stanley reiterates Nio as overweight Morgan Stanley said it's standing by its overweight rating on shares of Nio.

Persons: Oppenheimer, Morgan Stanley, Wells, Wynn, it's, Jefferies, Tesla, Dell, Wolfe, Alex Chriss, Rivian, Nio, robustly, Cantor Fitzgerald, Cantor, Rosenblatt Organizations: Beazer, Nvidia, MGM, " Bank of America, Apple, Bank of America, Edison International, Qualcomm, JPMorgan, Banks, PayPal, New, Citi, Lionsgate, Lionsgate Studios, UBS, Tesla, Resilience Locations: Macau, Las Vegas, California, Cincinnati, China, Nio, NetApp

☆ Aston Martin Executive Chairman Lawrence Stroll on state of luxury cars
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAston Martin Executive Chairman Lawrence Stroll on state of luxury carsCNBC's Robert Frank sits down with Aston Martin Executive Chairman Lawrence Stroll to talk about luxury car demand, EV plans, Formula 1, and attracting younger buyers.

Persons: Lawrence, Robert Frank, Aston Martin Organizations: Aston

☆ Jeep reveals its first EV for America
▼ + stars: | 2024-05-30 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Jeep, widely known for making rugged off-road vehicles, has unveiled its first fully electric SUV for the North American market. The Wagoneer S will test the appetite of Jeep customers for a fully electric model. It comes at a time of waning interest in electric vehicles, even as regulatory requirements for them become more stringent. The new Wagoneer S has a sleeker, more aerodynamic shape than the Jeep Wagoneer models sold today. Jeep is working on putting the Wagoneer S Trailhawk into production, Filosa said in an interview with CNN.

Persons: Antonio Filosa, that’s, Stellantis, Peter Valdes, Filosa, ”, Gilles, “ Organizations: CNN, Jeep, North Locations: Europe, Canada, .

☆ Jeep reveals all-electric Wagoneer S in EV offensive, starting at $72,000
▼ + stars: | 2024-05-30 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

2024 Jeep Wagoneer S EV JeepNEW YORK – The first all-electric Jeep SUV for the U.S. will be the Wagoneer S, starting at about $72,000 when it's scheduled to go on sale this fall. The $71,995 starting price of the Wagoneer S EV sits between gas-powered versions of the Wagoneer, starting at about $63,000, and more luxurious Grand Wagoneer, starting at roughly $92,000. 2024 Jeep Wagoneer S EV JeepHe also said the company will release electric, extended-range versions of the traditional gas-powered Wagoneer and Grand Wagoneer in 2025. 2024 Jeep Wagoneer S EV "R-Wing" JeepDespite sharing the "Wagoneer" name with Jeep's current gas-powered model, the five-passenger, two-row EV shares little with its three-row traditional internal combustion engine counterpart other than some Jeep styling. Stellantis design chief Ralph Gilles during the unveiling of the Jeep Wagoneer S EV on May 30, 2024 in New York City.

Persons: Antonio Filosa, Filosa, Michael Wayland, Jeep, Carlos Tavares, Tavares, " Tavares, Massimo Pinca, Wagoneer, Ralph Gilles, Stellantis, Gilles Organizations: EV, CNBC, Reuters, Cherokee, CNBC Stellantis, U.S, Jeep Locations: U.S, North America, Turin, Italy, PHEVs, Europe, Mexico, New York City

☆ Elon Musk once mocked China’s BYD. Now it’s running circles around Tesla
▼ + stars: | 2024-05-30 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —The most important carmaker in the world right now is the Chinese-owned, Warren Buffett-backed company that has Elon Musk in a pickle. That’s 1,300 miles in one go — hundreds of miles beyond the standard ranges for other hybrids on the market. One: Tesla is America’s best-selling EV, but it’s losing market share overseas to foreign competitors that can make their cars cheaper. China is the world’s biggest auto market, and BYD is its top seller, surpassing Volkswagen last year. In that exchange, Musk responds to an honest question about BYD rivaling Tesla with a smug laugh.

Persons: CNN Business ’, Warren Buffett, Tesla, Musk, BYD Organizations: CNN Business, New York CNN, Elon, Toyota, Wall Street, Volkswagen, Toyota Prius, Bloomberg Locations: New York, Miami, BYD’s Hong Kong, China, United States

☆ China to invest $845 million on ramping up its advanced EV battery ambitions
▼ + stars: | 2024-05-30 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Earlier this month, the Biden administration imposed major new tariffs on Chinese EVs, advanced batteries and other goods. The European Commission is set to announce early next month its own decision on Chinese EV tariffs, which could spell trouble for Chinese EV makers that export hundreds of thousands of cars to Europe every year. In January, Toyota (TM) said it would launch vehicles with solid-state batteries in a few years, according to Reuters. Samsung SDI said in March that it would begin mass producing solid-state batteries in 2027. GAC Group, a state-owned automaker based in Guangzhou, said in November that it had achieved a breakthrough in solid-state batteries and would roll out vehicles with them in 2026.

Persons: Biden Organizations: Hong Kong CNN, China Daily, West, European, EV, Global, Toyota, Reuters, Samsung SDI, Volkswagen, GAC Locations: China, Hong Kong, Europe, Beijing, Guangzhou

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