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A Zeekr 001 electric vehicle (EV) by Geely is seen displayed at the Zeekr booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. Chinese electric vehicle maker Zeekr priced its initial public offering at $21 a share Thursday, at the top end of its range, according to news reports. Zeekr, which is backed by Chinese-based automotive group Geely, offers several luxury vehicle models, including an upscale sedan it began delivering in January. "Our sales gap with Tesla keeps on narrowing," Zeekr CEO Andy An told CNBC in an interview last month translated from Mandarin. Zeekr has said it plans to use the proceeds from the offering to develop more advanced battery electric vehicle technologies.
Persons: Geely, Tesla, Andy, Zeekr, Goldman Sachs, Morgan Stanley, Merrill Lynch Organizations: Auto Shanghai, New York Stock Exchange, Reuters, Bloomberg News, Securities and Exchange Commission, SEC, Tesla, CNBC, Underwriters, China International Capital Locations: Shanghai, China, Zhejiang, Europe, Latin America, Sweden, Netherlands
General Motors said on Wednesday that it would stop making the Chevrolet Malibu, the last affordable sedan in its U.S. model lineup and a venerable nameplate that was introduced in the 1960s when the company was a dominant force in the U.S. economy. For years, American drivers have been gravitating toward sport utility vehicles and away from sedans, compacts and hatchbacks. G.M.’s two Detroit rivals, Stellantis and Ford Motor, have also largely wiped their slates clean of cars in the United States. Last month, Subaru, a Japanese automaker, said it would stop making its Legacy sedan next year. produces the Malibu at a plant in Fairfax, Kan., and will continue to manufacture the car until later this year, when it plans to retool the factory to make a new version of the Chevrolet Bolt, an electric car, and the Cadillac XT4, a luxury S.U.V.
Persons: Motors, Chevrolet Organizations: Chevrolet Malibu, Detroit, Ford Motor, Foreign, Toyota, Honda, Hyundai, Toyota Camry, Honda Accord, Subaru Locations: U.S, United States, Japanese, Fairfax, Kan
Lucid Group reported first-quarter revenue above analysts' estimates on Monday as price cuts helped the company deliver more luxury electric sedans in the first three months of 2024. Revenue for the first quarter was $172.7 million, compared with analysts' estimate of $156.99 million, according to LSEG data. Lucid posted a net loss of $684.76 million, narrower than a $779.5 million loss a year earlier. It ended the first quarter with cash and cash equivalents of $2.17 billion, compared with $1.37 billion in the fourth quarter of last year. The company said it expects capital expenditure of $1.5 billion this year, compared with $910.6 million in 2023.
Persons: Lucid, Elon Musk, Tesla Organizations: Lucid, Air, Revenue, Saudi Arabia's Public Investment Fund Locations: Newark , California
Investment analysts are coalescing around a few potential winners in China's car market after a 10-day auto show in Beijing put the ferocious competition on full display. "This year, we notice[d] a meaningful amount of foreign visitors who are Chinese brands' overseas dealers or importers," JPMorgan analysts said. Open to the public After two days of restricting access only to business and media, the Beijing auto show opened to the general public. Jefferies' analysts estimate the policy could boost China's passenger vehicle sales by 1 million units this year, evenly split between electric and gas-powered models. The analysts highlighted their Chinese car stock picks as Leapmotor, Geely and BYD, all rated buy and listed in Hong Kong.
Persons: Nick Lai, BYD, Tesla, hasn't, Elon Musk, Nezha, Asensing, Zhang Haizhou, Morgan, Lei Jun, Xiaomi, Jefferies, Bank of America Merrill Lynch, Leapmotor, — CNBC's Michael Bloom Organizations: Asia Pacific, JPMorgan, Porsche, Apple Vision, Brands, Mazda, Auto, Morgan Stanley Asia Pacific, EV, Bank of America, Trade, Ministry of Commerce, Volkswagen, VW, Toyota Locations: Beijing, China, Asia, Europe, Nio, Zhejiang, Hong Kong
The automaker is the joint venture partner of Honda and Toyota in China, and has an electric car brand called Aion. Expanding outside ChinaLike other automakers in China, GAC is also turning overseas. China's overseas car sales surged last year, putting the country on par with Japan as the world's largest exporter of cars. Dyer expects that to drive overseas demand for Chinese electric cars. Chinese consumers placed almost twice as much importance on tech features compared with U.S. consumers, Dyer said, citing AlixPartners' survey.
Persons: Evelyn Cheng, Tesla, Feng Xingya, Feng, Wei Haigang, Wei, Stephen Dyer AlixPartners, There's, Stephen Dyer, AlixPartners, Dyer, BYD, Nio, CATL, Zhong Shi Organizations: CNBC, GAC, Labor, Huawei, Honda, Toyota, China Passenger Car Association, EU, U.S, Factories, Greater China Business U.S, Ministry of Commerce, Tech, Volkswagen, SAIC Motor, Battery, China Automobile Dealers Association, Automotive, Robotics, Lotus Technology, Geely Locations: Beijing, Evelyn Cheng BEIJING, China, East, Mexico, Japan, Malaysia, Thailand, Egypt, Brazil, Turkey, Amsterdam, Greater China, Asia, U.S, Europe
She loaded her carry-ons onto the conveyor belt at the security checkpoint and prepared to walk through the metal detector. “I just felt like they were searching for something.”At first, when they flagged her bags, Griner wasn’t too concerned. This was her eighth season in Russia; she paid taxes there and was familiar with the country and its laws. As soon as she felt the cannabis-oil cartridge stowed in a zippered inner pocket in her backpack, her stomach sank. Griner was told to wait while the agent took the cartridges for testing, along with her passport.
Persons: , , wasn’t, Cherelle, Griner, Lindsay Colas, Colas, Alex Boykov, Boykov, snickered, peered, “ I’ve Organizations: Moscow Locations: Moscow, Yekaterinburg, Russia, Arizona, United States, Russian
The 10-year Treasury yield at one point in April neared 4.75% after starting the year below 4%. The anecdote, coupled with troubling inflation and economic growth data in April, helped push Treasury yields higher. More worrisome Powell commentary Wednesday after the Fed decision could further spike Treasury yields — or perhaps, he will sound confident the Fed still has a handle on inflation and rates will decline in response. However, that climb could run out of steam if Federal Reserve comments on Wednesday force Treasury yields higher. Higher interest rates constrain technology companies' ability to post the type of strong growth the sector has become synonymous with in recent years.
Persons: Stocks, Jerome Powell, worrisome Powell, Goldman Sachs Organizations: Federal, Tesla, Micro, Treasury
Monday's analyst calls included an upgrade to Apple and a move in the opposite direction for athleisure giant Lululemon and electric car marker Tesla. The firm downgraded Ulta stock to equal weight from overweight, and lowered its price target to $434 per share from $612. — Brian Evans 6:30 a.m. Evercore slashes Tesla price target Evercore ISI says its forecast for Tesla stock is due for an update as headwinds from the start of the year converge and pressure the electric vehicle company. Apple stock has pulled back 12.1% in 2024 but was up 1.7% in premarket trading Monday. Lululemon stock has slipped nearly 29% in 2024 and was off 1.9% premarket Monday.
Persons: Bernstein, Toni Sacconaghi, Barclays downgrades Ulta, Adrienne Yih, Yih, — Brian Evans, Chris McNally, McNally, Bernstein's Toni Sacconaghi, Sacconaghi, Barclays downgrades Lululemon, headwinds, LULU Organizations: CNBC, Apple, Tesla, Barclays, ISI Locations: China, Friday's, Mexico
"Elon Musk's visit to China means far more than seeking approval for self driving tech on Chinese roads. Jonas reiterated an overweight rating on Tesla stock, alongside a $310 per share price target, implying more than 82% upside from Friday's $169.29 close. Tesla jumped as much as 14.4% on Monday following news of Musk's visit to China and meeting with Chinese Premier Li Qiang , as investors interpreted it as a sign of Musk's commitment to Tesla. To be sure, Musk's visit to China doesn't mean a breakthrough for FSD technology will come sooner. Tesla stock has faced increased pressure in 2024 on several fronts, and has still slumped 22% even after Monday's rally.
Persons: Elon, he's, Morgan Stanley's, Adam Jonas, Elon Musk's, Jonas, Tesla, Premier Li Qiang, Musk, Elon Musk, FSD Organizations: Premier, Twitter, SpaceX, Tesla Locations: China, Delaware, Beijing
Port-au-Prince, Haiti CNN —Vitel’homme Innocent’s picture on the FBI’s “Ten Most Wanted” list of fugitives suggests a crazed man – eyes wide and wild, teeth bared. But the man on the gold sofa preferred to talk about a brighter future – one that he claims Haiti’s gangs are prepared to usher in. Abandoned cars on the road between the US Embassy and the Kraze Baryé stronghold in Port-au-Prince, Haiti, on April 28, 2024. Kraze Baryé employs around 100 men and women, according to Innocent’s lieutenant and cousin, the bleach-blond Dezod Augustin, 34. But Haiti’s gangs maintain they deserve a seat at the negotiating table.
Persons: Haiti CNN —, Innocent, Evelio Contreras, , ” Innocent, de, , Kraze Baryé, , Viv Ansanm, Ariel Henry, Henry, Kraze, “ It’s, ’ Marie, Lucie Bonhomme Opont, Pierre, Louis Opont, territoire perdue, Opont, , Jimmy Chérizier, Robin Hood, Sanjou, Dezod Augustin, Gedeon Jean, Prince, Baryé, Delmas, Antony Blinken, Haiti Dennis Hankins, Rick Barton, Haiti’s, CNN Jean, Henry’s, Jean, CNN’s Rachel Clarke Organizations: Haiti CNN, CNN, Haiti’s, Prince, de Mars, United Nations, Haitian National Police, , Kenya, Haiti’s National Police, CARICOM, US Embassy, Security, , Washington, US, UN, Fund, Federal Bureau of, State Department Locations: Prince, Haiti, Tabarre, Haiti’s, Port, balaclavas, Haitian Creole, Haitian, Nairobi, , Canada, United States, Kraze Baryé, American, France, Kenya, Bahamas, Bangladesh, Barbados, Benin, Chad, Jamaica, it’s, Atlanta
So this factory expansion isn’t about making more cars, but making more expensive cars, which takes more time and requires more space for workshops and storage of exotic materials. The Rolls-Royce Phantom Syntopia's has glass flecks to create sparkling designs. Before that, Rolls-Royce cars were built alongside Bentleys — Rolls-Royce had acquired Bentley in 1931 — at a factory in Crewe, UK. The Phantom Syntopia likely would have cost more than $3 million according to sources, although Rolls-Royce would not confirm an exact price. The Phantom Syntopia has a special Weaving Water design in its Starlight Headliner.
Persons: Royce, “ We’re, , Martin Fritsches, “ That’s, Bentleys —, Bentley, Stephan Winkelmann, Javier Gonzalez Lastra, Fritsches, Cullinan Organizations: CNN, BMW, Royce, Bentley, Volkswagen, Lamborghini, Ferrari, ” Lamborghini, Tema Locations: Chichester , England, Crewe, cabinetry
Honda Motor on Thursday said it would invest $11 billion to build batteries and electric cars in Ontario, a significant commitment from a company that has been slow to embrace the technology. Like Toyota and other Japanese carmakers, Honda has emphasized hybrid vehicles, in which gasoline engines are augmented by electric motors, rather than cars powered solely by batteries. The Honda Prologue, a sport-utility vehicle made in Mexico, is the company’s only fully electric vehicle on sale in the United States. “This is a very big day for the region, for the province and for the country,” Prime Minister Justin Trudeau said at an announcement event in Alliston, where Honda manufactures the Civic sedan and CR-V S.U.V. The investment is the largest by an automaker in Canadian history, he said.
Persons: Justin Trudeau Organizations: Honda, Toyota Locations: Ontario, Mexico, United States, Alliston , Ontario, Toronto, Alliston
Pictured here is the Zeekr 001 electric car at a services trade fair in Beijing on Aug. 31, 2023. China News Service | China News Service | Getty ImagesBEIJING — Chinese electric car brand Zeekr is selling more vehicles than Tesla in parts of China, and plans to expand in Europe and Latin America this year, Zeekr CEO Andy An told CNBC on Wednesday. For the first three weeks of April, Zeekr sold 500 more cars than Tesla in the province of Zhejiang, where Zeekr and its parent company Geely are based. Zeekr also slightly outsold Tesla in the province of Anhui, near Shanghai, and Guangxi, an autonomous region in southern China. The rapid rise of Chinese electric car companies, however, has also prompted the EU and U.S. to consider measures for protecting their own auto industries.
Persons: Andy, Elon, Tesla, Zeekr Organizations: China News Service, Getty, CNBC, EU Locations: Beijing, BEIJING, China, Europe, Latin America, Zhejiang, Anhui, Shanghai, Guangxi, Sweden, Netherlands, America, Hong Kong, Macao, Singapore
The Xiaomi SU7 on display at the Mobile World Congress 2024. Arjun Kharpal | CNBCBEIJING — Chinese smartphone company Xiaomi 's new electric vehicle is selling better than expected, putting it closer to break-even despite undercutting Tesla 's Model 3 on price. For context, Tesla China sold more than 600,000 cars last year, according to the China Passenger Car Association. Li Auto had a gross margin of 23.5% in the fourth quarter last year, while Nio's gross margin was 7.5%, both up from the year-ago period. Tesla's gross margin has successively declined over the past five quarters to 17.4% in the first three months of this year.
Persons: Arjun Kharpal, undercutting Tesla, Xiaomi, Lei Jun, Li Auto, Nio, Lei Organizations: Mobile, CNBC BEIJING, Citi, China Passenger Car Association, Li, CNBC Locations: Beijing, China
Hong Kong CNN —A “life and death race” has begun to unfold in the world’s largest market for electric vehicles (EV). More than a dozen passenger carmakers disappeared from the market last year, according to statistics from the China Passenger Car Association. Too many playersOvercrowding is another major issue plaguing China’s EV industry. Last month, Xiaomi, a Chinese smartphone brand, launched its electric car, the SU7 sedan. “China’s EV industry has entered a stage of cyclical adjustment after two decades of growth,” he said at a forum in Beijing.
Persons: , Tesla, Mark Rainford, Richard Yu, Li Auto, “ They’re, Huawei’s Aito, Lei Jun, BYD, Rainford, Gan Jiayue, Wang Chuanfu, Yin Tongyue Organizations: Hong Kong CNN, Auto China, YouTube, China, , National Development, Reform Commission, China Passenger Car Association, WM, Mitsubishi Motors, Honda, Hyundai, Ford, Huawei, EV, China Association of Auto Manufacturers, China’s EV, Li, Tesla, Porsche, Geely Auto, Meizu, Chery Auto, International Energy Agency Locations: China, Hong Kong, Beijing, Shanghai, oversupply, Meizu
Inside a warming shelter, Laura Gutowski detailed how her life had changed since she became homeless two and a half years ago in Grants Pass, a former timber hub in the foothills of southern Oregon. She lived in a sedan, and then in a tent, in sight of the elementary school where her son was once a student. Many states and cities that are increasingly overwhelmed by homelessness are hoping the Supreme Court overturns that decision — or severely limits it. The case highlights the fierce divide over the thorny issue of how to regulate homelessness. Theane Evangelis, a lawyer representing Grants Pass, said the Supreme Court’s decision would reverberate widely.
Persons: Laura Gutowski, , , Gutowski, Theane, Ed Johnson Organizations: Oregon Law Center, Homelessness Locations: Oregon, Grants, United States
Hong Kong CNN —Tesla has announced aggressive price cuts in China and Germany, shortly after reducing prices in the United States, as the world’s largest maker of electric vehicles (EV) faces declining sales and growing competition in major markets. The first cuts were announced on Friday in the US, when Tesla reduced the prices of three of its five models. China gets tougherIn China, the largest EV market in the world, Tesla’s price cuts are expected to exacerbate an existing price war in a highly competitive sector. China’s EV price war started in October 2022, when Tesla cut prices to boost sales as consumers slashed spending in a slowing economy. The competition continues unabated in 2024, with more than 30 major car makers announcing further price cuts.
Persons: Hong Kong CNN — Tesla, Tesla, Elon Musk, Narendra Modi, Li Auto, Li Xiang, Li, China’s BYD, XPeng, BYD Organizations: Hong Kong CNN, EV, Tesla, Li Locations: China, Hong Kong, Germany, United States, Tesla’s, Europe, India, Guangzhou
Tesla cut car prices in the US, China, and Europe after sales fell. AdvertisementTesla lowered prices for most of its US cars, cutting the costs for the Model Y, X, and S by $2,000, Reuters reported. Related storiesIn the US, the cheapest Model Y and the Model X — both SUVs — are being offered at their lowest prices. The best-selling Model Y now starts at $42,990, per Tesla's website. "Tesla prices must change frequently in order to match production with demand," CEO Elon Musk wrote on X on Sunday.
Persons: Tesla, Cybertruck, , Elon Musk, Musk, Narendra Modi, He's Organizations: Service, Reuters Locations: US, China, Europe, India, Delaware
Tesla shares fell for a seventh straight day, reaching their lowest since January 2023, as further price cuts over the weekend added to mounting concerns heading into the company's first-quarter earnings report Tuesday. Tesla also lowered the price of its premium driver assistance system by one-third. The price cut follows a monthlong free trial that Tesla pushed out to customers throughout North America starting in late March. "Since late 2023, sentiment on Tesla (TSLA) has deteriorated," John Murphy, an analyst at Bank of America, wrote in a note on Monday. WATCH: Tesla stock hits 52-week low ahead of earnings
Persons: Elon Musk, Tesla, John Murphy, Murphy, Joseph Spak, Spak, — CNBC's Michael Bloom Organizations: New York Times, Jazz, Lincoln Center, North America, National, Traffic Safety Administration, CNBC, Bank of America, Reuters, UBS, EV, Traders, S3 Partners, Apple Locations: New York City, U.S, China, Europe
Inside a warming shelter, Laura Gutowski detailed how her life had changed since she became homeless two and a half years ago in Grants Pass, a former timber hub in the foothills of southern Oregon. She lived in a sedan, and then in a tent, in sight of the elementary school where her son was once a student. She constantly scrambled to move her belongings to avoid racking up more fines from the police. “I never expected it to come to this,” Ms. Gutowski, 55, said. She is one of several hundred homeless people in this city of about 40,000 that is at the center of a major case before the Supreme Court on Monday with broad ramifications for the nationwide struggle with homelessness.
Persons: Laura Gutowski, , Ms, Gutowski Locations: Oregon
A man who impersonated a priest and called himself Father Martin to steal from churches around the United States was arrested in California this month, the authorities in Riverside County said. The man, Malin Rostas, 45, of New York, was taken into custody on April 10 after sheriff’s deputies found a vehicle matching the description of one associated with the burglaries, according to the county sheriff in Riverside, Calif.Mr. Rostas, the driver of the black sedan, was arrested. Investigators determined that he was the man posing as Father Martin and that he had tried to steal from a church in Moreno Valley, a city about 60 miles east of Los Angeles, the sheriff’s office said. Mr. Rostas was booked at the Robert Presley Detention Center in Riverside on an outstanding burglary warrant from Pennsylvania. Additional charges were expected to be filed for the attempted church burglary in Moreno Valley, the authorities said.
Persons: Father Martin, Malin Rostas, Rostas Organizations: Mr, Robert Presley Detention Locations: United States, California, Riverside County, New York, Riverside , Calif, Moreno Valley, Los Angeles, Riverside, Pennsylvania
Tesla is stuck in the mud
  + stars: | 2024-04-17 | by ( Graham Rapier | ) www.businessinsider.com   time to read: +5 min
In all, Tesla said it would cut more than 10% of its workforce, amounting to more than 14,000 people. Tesla is also losing some key top executives: Drew Baglino and Rogan Patel announced this week they would leave the company. AdvertisementIt's unclear what, exactly, Tesla plans to show off in August as a self-driving, revenue-generating new product. He also reportedly said Tesla robotaxis would be able to do 100 hours of work a week for their owners. According to Reuters, Tesla has ended plans for another one of Musk's longtime pet projects: a truly affordable EV.
Persons: , Elon Musk, Tesla, Drew Baglino, Rogan Patel, Baglino, Patel, Musk, Ryan Brinkman, Kelley, Adam Jonas Organizations: Service, Business, CNBC, Reuters, JPMorgan, US Locations: China, Europe, Asia, Mexico
Andrew Lambrecht, who owns a 2019 Tesla Model 3, test drove the new 2024 Model 3. He says the more spacious Model Y, which is still eligible for a tax credit, is the better buy. Given the Model 3's relatively long lifecycle without any significant updates, the refreshed 2024 Model 3 has been long-awaited. The Model 3's new lookThe nose of the 2024 Tesla Model 3. Andrew LambrechtThe 2024 Tesla Model 3 is a massive improvement over the outgoing one.
Persons: Andrew Lambrecht, , Tesla Charlotte, you've, Tesla Organizations: Tesla, Service, Audi
Read previewAt the start of the year, Elon Musk issued a clear warning about who he thought posed the biggest challenge to Tesla's electric vehicle ambitions: Chinese EV makers. Kyle Chan, a postdoctoral research associate at Princeton, recently drew attention to how Xiaomi's EVs have been made with machines similar to the "giga press" machines Tesla uses in its die-casting process. AdvertisementWhen Tesla entered China, it helped Chinese firm LK Group develop the world’s largest casting machines to make Tesla parts. Later, LK sold similar casting machines to 6 Chinese firms, likely automakers. However, LK's die-casting expertise was no longer limited to Tesla after 2022, as the company was reported to have struck deals with six other Chinese companies to supply casting machines to them.
Persons: , Elon Musk, Tesla, Musk's, Lei Jun, Xiaomi, Kyle Chan, Chan, LK, pWQsy2KC7d — Kyle Chan, Liu Siong, Tesla's, LK's, there's Organizations: Service, Business, EV, Xiaomi, Princeton, Group, New York Times, Tesla, LK Group, giga Locations: Beijing, China
Just as the auto industry was grappling with BYD 's rapid rise, Chinese smartphone company Xiaomi has burst into the market — undercutting Tesla and vowing to become a global player. Meanwhile, Tesla last week revealed that its deliveries fell in the first quarter from a year ago . While he still likes Tesla longer-term , he and his team will hold a client webinar on Xiaomi, Tesla and global EVs on Tuesday. Xiaomi shares nearly reached that price during last week's surge. Meanwhile, Tesla shares are down 34% year to date.
Persons: BYD, Tesla, Lei Jun, Xiaomi, Morgan Stanley, Adam Jonas, Jonas, Morgan, Andy Meng, Meng, Taylor Ogan, Lei, Ogan, BEV, Nick Lai, Gokul Hariharan, Janet Yellen, overcapacity Organizations: Apple, Hong, Snow Bull, EV, JPMorgan, Treasury Locations: Hong Kong, China, Shenzhen, U.S
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