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Read previewAfter a long wait, the Chevrolet Silverado EV has officially entered the electric truck wars. On this first drive with the truck, two things struck me immediately: its size and handling. Ultimately, I came away with the impression that the Silverado EV is built for people who love trucks — because of course it is. Trucks have always been Detroit's crown jewel, but big trucks and SUVs are going out of style in the EV segment. AdvertisementIn the end, the Silverado EV was fun to drive and handled well, but it's just too beefy for my taste.
Persons: , let's, you'll, Tesla, it's Organizations: Service, Chevrolet Silverado EV, Business, EPA, Detroit, Silverado
If we apply a multiple of 21.6 on DuPont's business, it puts the enterprise value at $25 billion. So being conservative and using a 20 times multiple, DuPont's water business could have an enterprise value of $7.2 billion. Add these three up and the total enterprise value is about $52 billion. To get the equity value, we subtract the net debt (which is total debt minus cash) from the total enterprise value. If we subtract this from the $52 billion enterprise value, the total equity value could be worth $46.2 billion.
Persons: Ed Breen, DuPont's, Breen, , Jim Cramer's, Jim Cramer, Jim, Dow DuPont, Adam Jeffery Organizations: DuPont, Electric, United Technologies, CNBC, Dow
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. We welcome the bullish call, but maintain a 2 rating on F shares. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, chipmaker, Jim, Bernstein, Jim Cramer's Organizations: CNBC, Nasdaq, Nvidia, Treasury, P Global, PMI, Dow Jones, DuPont de Nemours, DuPont, Ford Motor Locations: U.S
Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., speaks at the Milken Institute's Global Conference at the Beverly Hilton Hotel,on May 6, 2024 in Beverly Hills, California. PARIS, France — Tesla CEO Elon Musk said on Thursday that he doesn't support President Biden's recent announcement of a tariff on Chinese electric vehicles. "Neither Tesla nor I asked for these tariffs," Musk said during a question and answer session at the VivaTech conference Wednesday in Paris. "Tesla competes quite well in the market in China with no tariffs and no deferential support," Musk said Thursday. It's a change of tune for Musk, who suggested earlier this year that Chinese EV companies will crush competitors elsewhere in the absence of trade restrictions.
Persons: Elon Musk, Tesla, Biden's, Musk, Biden Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, Revenue Locations: Beverly Hills , California, PARIS, France, Paris, China, Europe
Bank of America reiterates Nvidia as buy Bank of America raised its price target on the stock to $1,320 per share from $1,100 following earnings. Deutsche Bank initiates Freshpet a buy Deutsche said it sees "multiple structural tailwinds" for shares of the pet food and health company. Deutsche Bank initiates BellRing Brands as buy Deutsche said it sees a long runway for growth for the food company. " Deutsche Bank initiates Legend Biotech as buy Deutsche said it's bullish on the biotech company's multiple myeloma drug Carvykti. Bank of America reiterates Super Micro Computer as buy Bank of America said Nvidia's earnings report on Wednesday bode well for companies like Super Micro.
Persons: Bernstein, Ford, Morgan Stanley downgrades NetEase, Morgan Stanley, Evercore, BRBR, Wedbush, Jefferies, GDRX, Oppenheimer, Armour, Kevin, Dell, Chubb, Stephens, FHN, Tesla, Argus, it's bullish, bode Organizations: " Bank of America, Nvidia, Bank of America, Deutsche Bank, Deutsche, BellRing Brands, JPMorgan, Hasbro, RBC, Norfolk Southern, NSC, GE Vernova, GE, UBS, Eastman Chemical, Eastman, SAP, underperform Bank of America, Berkshire Hathaway's, of America, Rockstar Games, NextEra Energy Partners, Argus, Wynn, Biotech, Computer Locations: U.S, China, Berkshire, Macau, Las Vegas, 2H24
Morgan Stanley accompanied the move by cutting its price target to $100 from $120. His $185 price target, up from $160, forecasts that shares of Take-Two could rally 23% from Wednesday's close. — Lisa Kailai Han 5:55 a.m.: Bernstein initiates Ford at an outperform rating Investors who don't own Ford are missing out, according to Bernstein. — Lisa Kailai Han 5:55 a.m.: JPMorgan upgrades Hasbro Don't expect Hasbro's momentum to slow in the near future, according to JPMorgan. It also raised its price target on shares to $74 from $61, implying upside of 22%.
Persons: Bernstein, Morgan Stanley downgrades NetEase, Morgan Stanley, Alex Poon, Poon, Lisa Kailai Han, Omar Dessouky, Dessouky, — Lisa Kailai Han, Sam Poser, Sean Dodge, Dodge, GoodRx, Ford, Daniel Roeska, Roeska didn't, Roeska, Christopher Horvers, Fred Imbert Organizations: CNBC, Ford, JPMorgan, Hasbro, NetEase, Bank of America, Rockstar Games, Rockstar, Supreme, Corp, Trading, EMEA, Timberland, RBC, RBC Capital Markets, pharma, Kroger Locations: China, Wednesday's, Americas
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Focus is the key, Tesla could use more of it,' says former board member WestlySteve Westly, managing director of The Westly Group and former Tesla board member, discusses the EV automaker and Elon Musk with CNBC's Karen Tso and Arjun Kharpal at VivaTech in Paris.
Persons: Tesla, Steve Westly, Elon Musk, Karen Tso, Arjun Kharpal Organizations: EV, Elon Locations: VivaTech, Paris
The stylish EV3 is built on the same electric platform used across the Hyundai, Kia, and Genesis brands. A Kia EV3 compact electric SUV KiaThe EV3 will compete with other compact electric crossovers like the Hyundai Ioniq 5, Tesla Model Y, and the new Chevrolet Equinox EV. However, buyers can opt for the EV3 Long Range, which will be equipped with a larger 81.4 kWh pack. All versions of the EV3 will be powered by a single 201 hp (150kW) electric motor driving the front wheels. Kia says the EV3 can run from 0 to 62 mph in 7.5 seconds and reach a top speed of 106 mph.
Organizations: Hyundai, Kia, Tesla, Equinox
Elon Musk said he wasn't involved in President Joe Biden's tariff on Chinese electric cars. The White House announced the 100% tariff on Chinese EV imports on May 14. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk said he was surprised when President Joe Biden announced a tariff on Chinese electric vehicles. "Neither Tesla nor I asked for these tariffs," the Tesla CEO said during an interview at the VivaTech conference in Paris on Thursday.
Persons: Elon Musk, wasn't, Joe Biden's, Musk, , Joe Biden, Tesla Organizations: White House, Service, Business Locations: Paris, China
BEIJING — Chinese electric car company Xpeng saw its shares soar after reporting an improvement in profit margin and an upbeat outlook for second-quarter deliveries. The company's Hong Kong-listed shares rose more than 13% in morning trade Wednesday. Xpeng reported that vehicle margin rose 5.5% in the first three months of the year, from a negative 2.5% in the prior quarter. Vehicle margin is a measure of profitability — the higher the margin, the greater the profit the company is making on its car sales. The company forecast deliveries of 29,000 to 32,000 cars in the second quarter, a year-on-year increase of at least 25%.
Persons: Xpeng Organizations: U.S Locations: Beijing, BEIJING, Hong Kong, U.S
Bottom row, from left, Associate Justice Sonia Sotomayor, Associate Justice Clarence Thomas, Chief Justice of the United States John Roberts, Associate Justice Samuel Alito, and Associate Justice Elena Kagan. Top row, from left, Associate Justice Amy Coney Barrett, Associate Justice Neil Gorsuch, Associate Justice Brett Kavanaugh, and Associate Justice Ketanji Brown Jackson. And environmental attorneys are intrigued by Barrett, who has had some tough questions for EPA’s challengers during recent Supreme Court arguments. The Supreme Court ruled in 2007 that the EPA can use its authority to regulate greenhouse gases. That gives the agency the recent Congressional direction the Supreme Court has said it so badly needs, some experts said.
Persons: Joe Biden’s, Richard Lazarus, , Michael Regan, ” “, ” Regan, Regan’s, ” Lazarus, Samuel Alito, Clarence Thomas, Neil Gorsuch, Gorsuch, Alito, ” David Doniger, “ Alito –, , Reagan, Anne Gorsuch, Sonia Sotomayor, John Roberts, Elena Kagan, Amy Coney Barrett, Brett Kavanaugh, Ketanji Brown Jackson, J, Scott Applewhite, Amy Coney Barrett –, Roberts, Barrett, Kavanaugh, Sackett, “ He’s, he’s, doesn’t, Ann Carlson, ” Carlson, ” Doniger Organizations: CNN, Joe Biden’s Environmental Protection Agency, Harvard Law, EPA, Republican, Natural Resources Defense Council, Chevron, DC, Appeals, DC Circuit, University of California, Biden, Congress Locations: China, United, Virginia, University of California Los Angeles, West Virginia, Congress
Why Tesla is losing share in Europe
  + stars: | 2024-05-22 | 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 EmailWhy Tesla is losing share in EuropeJon McNeill, DVx Ventures CEO and former Tesla president, joins CNBC's 'Squawk on the Street' to discuss Tesla's weak Europe sales, the company's competition with China EV makers, CEO Elon Musk's outlook on autonomous vehicles, and more.
Persons: Tesla, Europe Jon McNeill, Elon Organizations: DVx, China EV Locations: Europe
The Equinox EV is launching with higher-priced models that start at roughly $43,000 to $51,100 (without any incentives). The Equinox EV is arriving to market following the Blazer EV and alongside GM's more than $96,000 Silverado EV RST. Equinox EVAll of that being said, the Equinox EV is an Equinox in name only. Outside of the U.S., the Equinox EV will be sold in Canada, Mexico, the Middle East and some South American markets such as Brazil. GM's 2024 Chevrolet Equinox EV (right) next to a gas-powered Chevy Equinox on May 16, 2024 in Detroit.
Persons: Michael Wayland, Mark Reuss, Tesla, Kathleen Murawski, Chevy Bolt, It's, We've, Rory Harvey, we've, Marissa West, West, Paul Waatti, Waatti Organizations: CNBC DETROIT, General Motors, GM, CNBC, Chevy, GMC Hummer EV, Blazer, Global, Silverado EV RST, Silverado, GM North America, Chevrolet, Motors, EV Locations: Detroit, China, U.S, Canada, Mexico, Brazil
Push to repeal Biden's EV rule
  + stars: | 2024-05-22 | 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 EmailPush to repeal Biden's EV ruleRep. Carol Miller (R-W. Va.) joins 'Squawk Box' to discuss the bipartisan effort to repeal President Biden's latest electric vehicle credit rule.
Persons: Carol Miller, Biden's Organizations: EV Locations: Va
Any significant reduction or a rollback of the Inflation Reduction Act's support for electric vehicles would benefit China, according to General Motors board member Jon McNeill. "I think we risk losing the auto manufacturing share to China. The IRA of 2022 includes incentives for consumers to purchase EVs as well as significant support for carmakers and suppliers to produce all-electric vehicles and their components in North America rather than overseas. The expansion of Chinese automakers has been a growing concern for companies from Detroit to Germany. Global automakers are worried that BYD and other Chinese rivals could flood their markets, undercutting domestic production and vehicle prices.
Persons: Jon McNeill, McNeill, Donald Trump Organizations: General Motors, DVx Ventures, CNBC, Global, Biden Locations: China, North America, Detroit, Germany
CNN —Federal regulators are investigating a California crash that killed four occupants who rode in a VinFast electric SUV, which had automated steering features the owner had earlier complained about. Someone claiming to be the vehicle’s owner filed the complaint. The SUV was being driven by one of the owner’s coworkers with the coworker’s family when the fatal crash occurred, according to the complaint. The vehicle owner had complained about the performance of the SUV’s automated steering, although it’s not clear if that was a factor in the crash. It’s not clear if the vehicle’s Advanced Driving Assistance features were involved in the fatal crash.
Persons: it’s, It’s Organizations: CNN, NHTSA, Ford, Media, Investigations Locations: California, Vietnam
CNN —Nissan is postponing a push to build new electric vehicles at its Canton, Mississippi, factory as sales of EVs are now growing more slowly than many industry experts had expected. EV sales in the US grew 2.6 % in the first quarter of 2024 compared to the same period in 2023, according to Kelley Blue Book. First quarter EV sales last year had outpaced 2022’s by a stunning 46.4%. Nissan still plans to offer a total of 19 EV models globally by 2030, a spokesperson said. Nissan previously announced it would invest $500 million in the factory to prepare it build the new electric vehicles.
Persons: Kelley, ” Nissan, Ford Organizations: CNN, Nissan, EV, Power, Infiniti, Automotive News, GM, Silverado EV Locations: Canton , Mississippi, Canton, Mississippi
Macy's — The department store operator added about 3% after beating earnings estimates for the first quarter and raising its full-year outlook. AutoZone reported revenue of $4.24 billion while analysts polled by FactSet forecast $4.29 billion. XPeng — Shares gained 5% after the Chinese electric vehicle firm beat first-quarter estimates on the top and bottom line. The company reported revenue of 25.6 billion yuan, a 38.6% decrease from the fourth quarter of 2023. Zoom Video — Shares slipped nearly 3% even after the video conferencing company reported better-than-expected earnings and revenue for the first quarter.
Persons: Macy's, Lowe's, XPeng, Baird, David Koning, billings, Li Auto, Paul Lejuez, Wall, LSEG, — CNBC's Michelle Fox, Sarah Min, Jesse Pound Organizations: FactSet, Palo Alto Networks, , Technologies, Lam Research, Citi Locations: Keysight
On top of that, the Inflation Reduction Act (IRA) subsidies to reshore the battery supply chain to the U.S. are also "having the desired impact," it added. It named companies such as LG Energy Solution and Samsung SDI which have more than 65% of U.S. battery manufacturing capacity. LG Energy Solution has the additional benefit of being the most exposed to growth and IRA benefits, they added. But Bernstein said it prefers Samsung SDI to LG Energy Solution for now, as the former offers "growth at a reasonable price." Bernstein gave Samsung SDI and LG Chem an outperform rating and LG Energy Solution a market perform rating.
Persons: Bernstein, Freyr, — CNBC's Michael Bloom Organizations: U.S, LG Energy, Samsung SDI, LG Chem, Umicore, Basf, LG, Panasonic, Tesla, SolidEnergy Systems Locations: U.S, North America, decouple, China, South Korea, Europe
An aerial view of the Tesla Fremont Factory on April 24, 2024 in Fremont, California. A fire broke out at Tesla 's vehicle assembly plant in Fremont, California on Monday afternoon, according to a statement from the Fremont Fire Department, posted on social network X. The Fremont factory is Tesla's first mass EV manufacturing facility. On May 17, 2024 Tesla celebrated a milestone for its Fremont factory in conjunction with their battery factory outside of Reno, Nevada, saying they had surpassed production of 3 million vehicles. Fires at the Fremont factory in the past have sometimes necessitated a pause in production.
Persons: Tesla, Tesla's Fremont Organizations: Tesla Fremont Factory, Fremont Fire Department, Elon, Fremont, Environmental Health, Safety, California Employment, Bay, Air Quality Management, CNBC Locations: Fremont , California, Fremont, Reno , Nevada, California, Tesla's, Alameda County
Lowe's — The home improvement stock fell 2.9% despite the company posting a first-quarter earnings and revenue beat. By comparison, analysts surveyed by FactSet had penciled in $1.45 in earnings per share on $1.21 billion in revenue. XPeng — U.S-listed shares jumped nearly 5% after the Chinese EV company topped first-quarter estimates for revenue and said it anticipates a rise in quarterly deliveries. AutoZone reported $4.24 billion in revenue for the quarter, below the $4.29 billion expected by analysts, according to FactSet. Sprout Social — Shares dropped 4% after Sprout Social responded to a Reuters report, citing sources familiar, that said its founders are in talks to take the social media strategy company private.
Persons: Lam, Macy's, Tony Spring, Marvin Ellison, BlackLine, FactSet, Keysight, AutoZone, Li Auto, Li, Yun Li, Jesse Pound, Sarah Min, Alex Harring, Lisa Han, Samantha Subin Organizations: AstraZeneca — U.S, Traffic Safety Administration, Dell Technologies, Citi, Baird, Palo Alto Networks, Keysight, EV, Reuters, Li Auto Locations: billings,
Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter, which explores what you need to know about the country’s rise and how it impacts the world. CNN —China has hinted at possible tit-for-tat action against trade barriers imposed by the United States last week, as relations between the two economic superpowers become increasingly fraught. On Sunday, China’s Ministry of Commerce said it was launching an anti-dumping probe into polyoxymethylene or POM copolymers, a thermoplastic used in various industries ranging from auto parts to electronics, imported from the US, the European Union, Taiwan and Japan. Thermoplastics are malleable when heated but become fixed in a solid shape when cooled, and can partially replace metals such as copper and zinc. The investigation should take a year to complete, but may be extended by another six months, the ministry added.
Persons: Joe Biden Organizations: CNN, United, China’s Ministry of Commerce, European Union, EV Locations: China, United States, Taiwan, Japan
Denpasar, Indonesia Reuters —Elon Musk and Indonesian Health Minister Budi Gunadi Sadikin launched SpaceX’s satellite internet service for the nation’s health sector on Sunday, aiming to improve access in remote parts of the sprawling archipelago. Musk, wearing a green batik shirt, said the availability of the Starlink service in Indonesia would help millions in far-flung parts of the country to access the internet. Asked about whether he planned to also invest in Indonesia’s electric vehicle industry, Musk said he was focused on Starlink first. Prior to Sunday’s launch, Starlink obtained a permit to operate as an internet service provider for retail consumers and had been given the go-ahead to provide networks, having received a very small aperture terminal (VSAT) permit, Budi Setiadi told Reuters. SpaceX’s Starlink, which owns around 60% of the roughly 7,500 satellites orbiting earth, is dominant in the satellite internet sphere.
Persons: Indonesia Reuters — Elon Musk, Budi Gunadi Sadikin, Musk, ” Starlink, , , Joko Widodo, Budi Arie Setiadi, Starlink, Budi Setiadi, SpaceX’s Organizations: Indonesia Reuters, Indonesian Health, SpaceX, Tesla, Indonesian, . Communications, Reuters Locations: Denpasar, Indonesia, Bali, Aru, Maluku, Southeast Asia, Malaysia, Philippine, Ukraine
A chipmaker was among Monday's biggest analyst calls along with a hospital stock. Morgan Stanley upgraded Micron Technology and raised its price target on the stock — though it sees only limited gains ahead. U.S. Steel shares have dropped more than 26% year to date. The bank upgraded the computer memory stock to equal weight from underweight and increased its price target to $130 per share from $98. He also raised hi 12-month price target to $226 from $189, implying upside of 27% from Friday's close.
Persons: Morgan Stanley, Dell, Samik Chatterjee, Bernstein, Toni Sacconaghi, DELL, — Brian Evans, Jefferies, Christopher LaFemina, LaFemina, Stifel, Ruben Roy, Baird, Tristan Gerra, Tom O'Malley, Brian Evans, Micron Technology Morgan Stanley, Morgan Stanley's, Joseph Moore, Moore, AJ Rice, Rice, Fred Imbert Organizations: CNBC, Micron Technology, UBS, Universal Health Services, JPMorgan, Dell, Jefferies, U.S, Steel, U.S . Steel, Nippon Steel's, Wall, TAM, Nvidia, Barclays Locations: U.S, Friday's
AdvertisementWhen I received the email stating that my position had been eliminated, I was already on my way to work. Camping in the car parkI worked really hard while I was at Tesla and wanted to be as efficient and productive as possible. In 2021, I started sleeping in my car and showering in the factory to avoid my lengthy commute. AdvertisementI was camping in the car between my work shifts for a whole year. I worked hard for them, but that does not mean I plan to give up being a hard worker.
Persons: , Nico Murillo, Tesla, doesn't, I'd, I've, It's Organizations: Service, Tesla, Business Locations: Fremont , California, GNC
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