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☆ Hertz pulls back on EV plans citing Tesla price cuts, high repair costs
▼ + stars: | 2023-10-26 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Hertz also disclosed on Thursday that about 80% of the battery electric cars in its fleet are Teslas today. About 11% of Hertz's entire fleet is comprised of electric cars now. With around 50,000 electric cars in its fleet currently, that means Hertz has around 35,000 Teslas in its fleet now. That number is far shy of the 100,000 Tesla electric cars Hertz originally said it was ordering from Tesla by the end of 2022. Musk frequently says that electric cars require less maintenance than counterparts with internal combustion engines (including plug-in hybrid electrics).

Persons: Hertz, Stephen Scherr, Scherr, Tesla, Tom Brady, Elon Musk, Nikhil Naikal Organizations: Hertz, Hertz Global, GM, Twitter, CNBC Locations: EVs

☆ California DMV suspends Cruise's self-driving car permits, effective immediately
▼ + stars: | 2023-10-24 | by ( Hayden Field | ) www.cnbc.com time to read: +4 min

"When there is an unreasonable risk to public safety, the DMV can immediately suspend or revoke permits," the California DMV said in a statement. The California Department of Motor Vehicles on Tuesday suspended Cruise's deployment and testing permits for its autonomous vehicles, effective immediately. A Cruise self-driving car, which is owned by General Motors Corp, is seen outside the company's headquarters in San Francisco. "We learned today at 10:30 am PT of the California DMV's suspension of our driverless permits," Cruise spokesperson Hannah Lindow told CNBC in a statement. The probe, spearheaded by the National Highway Traffic Safety Administration, was prompted by multiple reports involving pedestrian injuries and Cruise vehicles in recent months, and it concerns an estimated 594 self-driving Cruise vehicles, according to the filing.

Persons: Hannah Lindow, Cruise, Philip Koopman, that's, Koopman, Kyle Vogt, — CNBC's Lora Kolodny Organizations: DMV, California DMV, Cruise, General Motors, The California Department of Motor Vehicles, General Motors Corp, CNBC, National, Traffic Safety Administration, Carnegie Mellon University, California's Public Utilities Commission, Google, LinkedIn Locations: California, San Francisco, U.S

☆ Tesla discloses DOJ probes over vehicle range, personal benefits and more
▼ + stars: | 2023-10-23 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

A Tesla Model Y is seen on a Tesla car lot in Austin, Texas, on May 31, 2023. The Wall Street Journal reported in August that federal prosecutors were investigating whether Tesla used company funds to design and build a "glass house project" for Musk. Last year, Reuters reported that a federal criminal investigation was underway concerning Tesla's claims that its cars were self-driving. Reuters has reported, and research by Recurrent and others have revealed, that Tesla's cars frequently fail to achieve the mileage stated in range estimates and shown on the in-vehicle displays. Shares in Tesla were ticking higher Monday midday, starting to recover from a 15% decline last week following the company's pessimistic third-quarter earnings call.

Persons: Tesla, Elon, Musk, Vaibhav Taneja, Zachary Kirkhorn Organizations: Tesla, U.S . Department of Justice, Elon Musk's, Street, Reuters, SpaceX, X Corp, Tesla's, CNBC Locations: Austin , Texas

☆ Tesla stock ends the week down 15%, the worst performance of the year
▼ + stars: | 2023-10-20 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Elon Musk, chief executive officer of SpaceX and Tesla, and owner of X. formerly known as Twitter. Tesla shares dropped more than 15% over the last few days to close the week at $211.99 after CEO Elon Musk waxed pessimistic about macroeconomic issues on a third-quarter earnings call Wednesday. It marks the worst week for Tesla stock of the year, although shares of the electric automaker are still up 96% year-to-date. For the period ending Sept. 30, 2023, Tesla reported $23.35 billion in revenue and $1.85 billion in profits, a decline versus the prior quarter. His forecast still implies more than a 56% upside in a note out after the Q3 Tesla call.

Persons: Elon Musk, Tesla, Musk, Didi, it's, Vaibhav Taneja, We've, Wells, Colin Langan, Morgan Stanley's Adam Jonas, Jonas, Toni Sacconaghi, Bernstein Organizations: SpaceX, Tesla, CNBC Pro Locations: U.S, China

☆ Tesla shares sink 9% following earnings report, cautious commentary from Elon Musk
▼ + stars: | 2023-10-19 | by ( Ashley Capoot | ) www.cnbc.com time to read: +3 min

SpaceX and Tesla CEO Elon Musk arrives for a U.S. Senate bipartisan forum on artificial intelligence at the U.S. Capitol in Washington, D.C., on Sept. 13, 2023. Shares of Tesla tumbled more than 9% Thursday, a day after the electric automaker released third-quarter results that missed on top and bottom lines. It was the first time Tesla has missed on both earnings and revenue since the second quarter of 2019. "Interestingly, Elon Musk (CEO) dedicated a large amount of time to the broader macro environment and the effects of currently high interest rates," the Bank of America analysts wrote in a Thursday note. "In our opinion, 3Q23 was one of the most cautious Tesla conference calls we've heard in years," the Morgan Stanley analysts wrote.

Persons: Elon Musk, Tesla, Musk, Morgan Stanley, 3Q23, we've, — CNBC's Lora Kolodny, Michael Bloom Organizations: SpaceX, Tesla, U.S, Senate, Capitol, Washington , D.C, Bank of America, Deutsche Bank Locations: Washington ,, Mexico

☆ Tesla set to report third quarter earnings after the bell
▼ + stars: | 2023-10-18 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Tesla is set to report third-quarter results after the bell on Wednesday. The Q3 2023 earnings call will be Tesla's first since its previous CFO, Zachary Kirkhorn, announced he was stepping aside. Earlier this month, Tesla reported a 7% decline in vehicle deliveries for the third quarter compared to the previous three-month period. Tesla reiterated at the time that it was still aiming for 1.8 million vehicle deliveries for the full year in 2023. Tesla uses an online platform called Say Technologies to pick out questions from shareholders to answer in advance of earnings calls.

Persons: Tesla, Zachary Kirkhorn, Vaibhav Taneja, Elon Musk Organizations: LSEG, Elon, Technologies, Highland, Tesla, Twitter, Say Technologies Locations: U.S, China, EU, Austin

☆ PaintJet puts robots to work in construction and maintenance as labor shortage drags on
▼ + stars: | 2023-10-18 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Hegeman tells CNBC, "With painting, the labor shortage hits you right in the face. It was not so much a challenge to sell and book work, but it was always a challenge to do the work. Instead of selling or renting its robots out to construction crews, the startup offers an end-to-end service and maintains control of the entire painting process. PaintJet can use any commercially available paint in its machines, but also makes and sells its own line of paints. Hegeman said the company is also developing capabilities to handle more tasks in construction and maintenance with robotics including pressure washing, caulking and sanding.

Persons: Nick Hegeman, Steve Wasilowski, Sonia Chacko, Hegeman, PaintJet, Ryan Gembala, It's Organizations: Hegeman, CNBC, SRI, Foreman Technologies, Dynamo Ventures Locations: Hendersonville , Tennessee, Nashville, Virginia, Metaprop, New York, Chattanooga, San Francisco

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow this startup uses AI and robots to paint buildingsWith just 20 employees and a fleet of remote-controlled robots, a startup called PaintJet has managed to cover more than 1.5 million square feet of building exteriors and ships in less than three years. The startup, based in Hendersonville, Tennessee, is the brainchild of CEO Nick Hegeman along with cofounders Steve Wasilowski and Sonia Chacko. PaintJet's early customers have included construction companies and real estate developers, and the startup aims to expand rapidly within exterior painting.

Persons: Nick Hegeman, Steve Wasilowski, Sonia Chacko Locations: Hendersonville , Tennessee

☆ Tesla whistleblowers filed a complaint to the SEC in 2021, but the agency never interviewed them. Here's what the complaint said
▼ + stars: | 2023-10-12 | by ( Lora Kolodny | ) www.cnbc.com time to read: +22 min

With a "goodwill" repair, Tesla essentially foots the bill for labor, parts or accessories given to keep a customer happy. "Were Tesla to accurately categorize its 'goodwill' repairs as warranty repairs, it would likely need to restate earnings for every quarter since at least 2017," the tipsters wrote in their submission. In one example, the tipsters said screenshots showed other Tesla employees changed the status of material used in manufacturing from "scrap" to "work in progress." In another example, the complaint said screenshots showed Tesla employees had manually changed the status of "used" cars to "new" in a program that tracked vehicle deliveries data. In correspondence to the agency expanding on their complaint, the whistleblowers alleged this raises questions about the firm's independence and objectivity in judging Tesla's financials.

Persons: Brandon Bell, Elon, Tesla's, Tesla, Musk, Ann Lipton, Lipton, Karen Nelson, Nelson, Nicholas Parks, it's, Oxley, restate financials Organizations: Getty, U.S . Securities, Exchange Commission, SEC, PricewaterhouseCoopers, CNBC . Agency staff, CNBC, Twitter, Tulane Law School, University of Chicago Law School, Securities, Sarbanes, Oxley, Texas Christian University, Public Company, Tesla, Parks, Nelson, Business, Exchange, Board, SpaceX, The Boring, California Alternative Energy, Transportation Financing Authority Locations: Austin , Texas, Tesla, California, U.S, Delaware

☆ Regent aims to fly its electric seagliders over the waterways of Japan
▼ + stars: | 2023-10-05 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Billy Thalheimer (CEO) and Michael Klinker (CTO) of REGENT with a full-scale mockup of their first electric seaglider. Regent, a startup developing electric seagliders to transport people and cargo, has raised a $60 million round of venture funding and struck a partnership with Japan Airlines to figure out how to bring the company's flying electric ferries to the waterways of Japan. Venture fund 8090 Industries co-led Regent's series A round alongside Peter Thiel's Founders Fund, with Japan Airlines Innovation Fund and Point72 Ventures also participating among others. The commercial version of this battery powered 12-seater, named the Viceroy, will fly higher above the water at speeds of up to 180 mph, Thalheimer says. Thalheimer said, "You can build as many decks or pitches as you want but this is the experience that unlocks excitement."

Persons: Billy Thalheimer, Michael Klinker, REGENT, Peter Thiel's, Regent, seaglider, Thalheimer Organizations: Japan Airlines, Venture, Japan Airlines Innovation Fund, Point72 Ventures, CNBC Locations: Japan, Rhode, Narragansett

☆ Tesla reported 435,059 deliveries for the third quarter, and production of 430,488 vehicles
▼ + stars: | 2023-10-02 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Tesla vehicles waiting to be loaded on board a cargo vessel at Nangang port, in Shanghai, China, on Sept. 6, 2023. Here are the key numbers from the electric vehicle maker:Total deliveries Q3 2023: 435,059Total production Q3 2023: 430,488During the previous quarter, Tesla reported total deliveries of 466,140 and total vehicle production of 479,700. During the same period in 2022 Tesla reported total vehicle production of 365,923 and deliveries of 343,830. Wall Street was expecting Tesla deliveries to reach 461,640 for the period ending Sept. 30, according to a consensus of analysts polled by StreetAccount. That number showed Wall Street was expecting around 455,000 total deliveries, with a median estimate of 453,128 deliveries for the quarter, based on 25 analysts' estimates.

Persons: Tesla, Elon Musk, Troy Teslike, Martin Viecha, Zachary Kirkhorn, Vaibhav Taneja, Tesla's Organizations: Tesla, PepsiCo, StreetAccount, U.S, Taneja Locations: Shanghai, China

☆ EEOC sues Tesla alleging widespread racist harassment of Black workers, retaliation against those who spoke out
▼ + stars: | 2023-09-28 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Equal Employment Opportunity Commission (EEOC) has sued Tesla accusing Elon Musk's electric car maker of violating "federal law by tolerating widespread and ongoing racial harassment of its Black employees and by subjecting some of these workers to retaliation for opposing the harassment." The federal agency responsible for enforcing civil rights laws against workplace discrimination announced it was filing suit against Tesla on Thursday. Last year, a financial filing from Tesla revealed that the EEOC had issued a cause finding against the company. After that, Tesla engaged in a mandatory conciliation process with the EEOC the filing said. The lawsuit (EEOC v Tesla, Inc., Case No.

Persons: Tesla, Elon, Owen Diaz, Read Organizations: Tesla Inc, Opportunity Commission, Tesla, CNBC, Inc, Northern, Northern District of Locations: Fremont , California, U.S, California, Northern District, Northern District of California

☆ China's capital city is letting the public take fully driverless robotaxis — and has bigger rollout plans, startup Pony.ai says
▼ + stars: | 2023-09-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Vcg | Visual China Group | Getty ImagesBEIJING — China's capital city is taking swift steps to allow robotaxi businesses to grow. As of Tuesday, the suburban Beijing city district of Yizhuang is officially letting local robotaxi operators — primarily Baidu and startup Pony.ai — charge fares for fully autonomous taxis, with no human staff inside. "We have very high confidence ... maybe only in three years, our full driverless vehicles are going to be running over the whole Beijing city," he said in an interview with CNBC on Monday. Out of more than 200 robotaxis that Pony.ai operates in the region, only about ten are currently fully driverless, Zhang said. Beijing city did not immediately respond to a CNBC request for comment.

Persons: Ning Zhang, Beijing's, Zhang, Yin Yong, Pony.ai, Baidu, Alphabet's Waymo, Pony.ai's Zhang, —, Leswing, Lora Kolodny Organizations: Visual China, Getty, BEIJING, Baidu, CNBC, Daxing International, robotaxis, General Motors, California Department of Motor Vehicles, Beijing Daxing, Google Locations: Beijing, Yizhuang, Pony.ai, Yizhuang district, Daxing, U.S, San Francisco, California, China, Shenzhen, Wuhan, Chongqing, Guangzhou, Shanghai

☆ Elon Musk says Twitter, now X, is moving to small monthly subscription and has 550 million users
▼ + stars: | 2023-09-18 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Among other things, Musk said the social network is "moving to having a small monthly payment for use of the X system" in order to combat "vast armies of bots. During the livestream, Musk also divulged some new metrics from X, claiming it now has 550 million "monthly users," who generate 100 million to 200 million posts per day there. However, Musk also used it to dispute the perception that his social network is full of hate speech and antisemitism. Before meeting with Netanyahu, Musk also accused George Soros's foundation of wanting to "destroy" western civilization. On Twitter, Musk has repeatedly disparaged trans people, federal regulators, politicians, journalists, whistleblowers, critics of his companies, and short sellers.

Persons: Elon Musk, Benjamin Netanyahu, Musk, Netanyahu, George Soros's, Tesla, Donald Trump, Marjorie Taylor Greene, Andrew Anglin Organizations: SpaceX, Tesla, Artificial Intelligence, Twitter, Israeli, Anti Defamation League, ADL, X Corp, Open Society, Nazi Locations: Washington ,, West, Jewish, Hungarian, American, U.S

☆ Agility Robotics is opening a humanoid robot factory, beating Tesla to the punch
▼ + stars: | 2023-09-18 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Agility Robotics is wrapping up construction of a factory in Salem, Oregon, where it plans to mass-produce its first line of humanoid robots, called Digit. The 70,000 square-foot facility, which the company is calling the "RoboFab," is the first of its kind, according to Damion Shelton, CEO and co-founder of Agility Robotics. For now, though, Agility Robotics is focused on the installation and testing of its first production lines. Matt Ocko, managing partner at DCVC and an investor in Agility, told CNBC that Digit should "fill millions of unmet roles that human beings don't want." At the same time, he emphasized, Agility Robotics has designed its humanoid robots to work safely and autonomously as a "robotic co-worker."

Persons: Damion Shelton, Aindrea Campbell, Campbell, that's, Optimus, Shelton, crouch, Agility's, Matt Ocko Organizations: Agility Robotics, Ford, CNBC, Robotics, DCVC, Playground Global Locations: Salem , Oregon

In the book, author Walter Isaacson wrote that a Ukrainian drone submarine attack on Russian warships was disrupted by a disconnect from Starlink, ordered by Musk. Excerpts from the book raised alarm bells in Washington, among NATO allies and in the Ukrainian capital. Musk also argued, as he has in the past, that Ukraine should strike a "truce" with Russia. Musk's "peace plan" argument was shouted down by Ukraine officials, politicians and Putin experts. Earlier in the week, Sen. Warren called for a Congressional probe of Musk and SpaceX.

Persons: Elon Musk, Democratic Sens, Jeanne Shaheen of, Elizabeth Warren of Massachusetts, Tammy Duckworth, Lloyd Austin, Musk, Tesla, Walter Isaacson, Isaacson, CNBC's, Putin, Jeff Jurgensen, Sen, Warren Organizations: WASHINGTON —, Democratic, Armed Services, Pentagon, SpaceX, Ukrainian Armed Forces, Illinois, Twitter, NATO, CNBC, U.S . Department of Defense, Department of Defense, Congressional, Bloomberg Locations: Ukraine, Jeanne Shaheen of New Hampshire, U.S, Ukrainian, Washington, Crimea, Russia

☆ Tesla shares soar 10% after Morgan Stanley upgrade
▼ + stars: | 2023-09-11 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

SHANGHAI, CHINA - SEPTEMBER 06: Aerial view of Tesla vehicles waiting to be loaded on board a roll-on-roll-off cargo vessel at Nangang port on September 6, 2023 in Shanghai, China. Morgan Stanley analysts argued that Tesla should be viewed as a tech company as much as an electric car maker. Morgan Stanley believes Dojo could theoretically add up to $500 billion to the company's value long-term. Tesla vehicles still only offer advanced driver assistance systems, which require a human behind the wheel, ready to steer or brake at any second. But after the Morgan Stanley note on Monday, Tesla shares spiked above $272 mid-day.

Persons: Tesla, Morgan Stanley, Elon Musk, Adam Jonas Organizations: Getty, Nvidia, Tesla, Tesla's Dojo, Dojo, Deutsche Bank Locations: SHANGHAI, CHINA, Shanghai, China, U.S

☆ FAA orders Musk's SpaceX to take 63 corrective actions on Starship, keeps rocket grounded
▼ + stars: | 2023-09-08 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

The Federal Aviation Administration said Wednesday that SpaceX is not yet clear for another test flight of its Starship Super Heavy launch vehicle. The Federal Aviation Administration on Friday said Elon Musk's SpaceX must keep its Starship Super Heavy rocket grounded, saying the company needs to take 63 corrective actions before it is cleared for another test flight. The FAA has now wrapped its probe into the April launch, which saw the rocket explode mid-flight. In an emailed statement, the agency said a final report "cites multiple root causes of the April 20, 2023, mishap and 63 corrective actions SpaceX must take to prevent mishap reoccurrence." The FAA oversaw the SpaceX mishap investigation while NASA and the National Transportation Safety Board served as official observers.

Persons: Elon, Musk Organizations: Federal Aviation Administration, SpaceX, FAA, Autonomous Flight Safety, NASA, National Transportation Safety Locations: Boca Chica , Texas, Boca Chica, Ukraine, Crimea, Russian

☆ SpaceX is not yet cleared for another Starship Super Heavy test flight, FAA says
▼ + stars: | 2023-09-07 | by ( Lora Kolodny | ) www.cnbc.com time to read: +1 min

The Federal Aviation Administration said Wednesday that SpaceX is not yet clear for another test flight of its Starship Super Heavy launch vehicle. The Federal Aviation Administration on Wednesday that SpaceX is not yet clear for another test flight of its Starship Super Heavy launch vehicle. SpaceX CEO Elon Musk had claimed Tuesday, in a post on X (formerly Twitter) which he now owns, that "Starship is ready to launch, awaiting FAA license approval." However, his aerospace and defense company hasn't met the FAA's requirements to be able to fly again after an explosion in April 2023 during the first test flight of this vehicle. It also sparked an approximately 4-acre fire on state park land.

Persons: Elon Musk, hasn't Organizations: Federal Aviation Administration, SpaceX, FAA

☆ Tesla shares close down 5% after price cuts, Model 3 refresh
▼ + stars: | 2023-09-01 | by ( Lora Kolodny | ) www.cnbc.com time to read: +4 min

Tesla shares dropped 5% Friday after the electric car company cut prices on some models in the U.S. and reduced the price for its premium driver assistance software. Tesla is also cutting prices for inventory vehicles in the U.S., including its entry-level Model 3 sedan, luxury Model S sedan and the Model X SUV. In China, Tesla is reducing the price of the Model S and Model X about 7%. The price cut for some Model X cars in the U.S. makes the SUV eligible for a $7,500 tax break for qualified buyers. The base Model 3 refresh comes with an approximately 12% higher price tag in China compared to its predecessor.

Persons: Tesla, It's, Elon Musk, Han, Musk Organizations: Tesla, Traffic, Bank of America, U.S . Securities, Exchange Commission, BYD Locations: U.S, China, Tesla China, Manhattan, Austin , Texas

☆ Tesla reportedly facing DOJ, SEC probes over plans to build Elon Musk a large glass house
▼ + stars: | 2023-08-31 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Tesla is reportedly facing two new federal probes over possible misuse of company resources by or for the personal benefit of CEO Elon Musk. However, the new probes add to a litany of other investigations that Tesla is facing from state and federal regulators. Following that revised settlement agreement, the SEC has issued subpoenas to Tesla concerning its governance processes and compliance in regards to their settlement agreement. Tesla also disclosed in its second-quarter financial filing for 2023 that the DOJ has sought documents "related to Tesla's Autopilot and FSD features." The NHTSA investigation was initiated after a string of crashes in which Tesla vehicles with Autopilot systems installed reportedly crashed into stationary first responders' vehicles.

Persons: Elon Musk, Porte, Tesla, Elon, Musk Organizations: SpaceX, Tesla, Twitter, Viva Technology, Porte de, Street Journal, U.S, Attorney's, Southern, of, Securities and Exchange Commission, Manhattan, Reuters, Manhattan federal, SEC, CNBC, National, Traffic Safety Administration, National Transportation Safety Board, Department of Justice, DOJ, Highway Transportation, Safety Administration, Beta, NHTSA Locations: Paris, France, of New York, Austin , Texas

☆ 'Elon mode' Autopilot configuration: What you need to know
▼ + stars: | 2023-08-30 | by ( ) 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 Email'Elon mode' Autopilot configuration: What you need to knowCNBC’s Lora Kolodny and Phil LeBeau join 'Power Lunch' to discuss new vehicles rolling out autopilot overrides.

Persons: CNBC’s Lora Kolodny, Phil LeBeau

☆ Tesla ordered by auto regulators to provide data on 'Elon mode' Autopilot configuration
▼ + stars: | 2023-08-30 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Tesla has received a special order from federal automotive safety regulators requiring the company to provide extensive data about its driver assistance and driver monitoring systems, and a once secret configuration for these known as "Elon mode." If the driver leaves the steering wheel unattended for too long, the "nag" escalates to a beeping noise. As CNBC previously reported, with the "Elon mode" configuration enabled, Tesla can allow a driver to use the company's Autopilot, FSD or FSD Beta systems without the so-called "nag." Tesla CEO Elon Musk who also owns and runs the social network X, formerly Twitter, often implies Tesla vehicles are self-driving. His use of Tesla's systems would likely comprise a violation of the company's own terms of use for Autopilot, FSD and FSD Beta, according to Greg Lindsay, an Urban Tech fellow at Cornell.

Persons: Elon Musk, Porte, Tesla, Elon, John Donaldson, Philip Koopman, Koopman, Ann Carlson, Ashok Elluswamy, Greg Lindsay, Grep, Bruno Bowden, Musk Organizations: SpaceX, Twitter, Porte de, CNBC, Traffic Safety Administration, Bloomberg, NHTSA, Automotive, Carnegie Mellon University, California DMV, FSD, Urban Tech, Cornell Locations: Paris, California

☆ Redwood Materials, run by ex-Tesla CTO, raises $1 billion to expand recycling operations in U.S.
▼ + stars: | 2023-08-29 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Redwood Materials, the battery and e-waste recycling startup founded by former Tesla CTO JB Straubel, announced Tuesday that it has closed a $1 billion funding round to expand operations in the U.S. The company takes spent electric vehicle batteries, breaks them down, and uses the metals from them —including nickel, copper, cobalt, and lithium — to produce new components that can go into electric vehicle batteries. One of Redwood's major goals is to produce battery components domestically to reduce some of the global trade and geopolitical risks around the electric vehicle industry. As CNBC previously reported, earlier this year Redwood locked in a $2 billion loan commitment from the Department of Energy. For its new growth funding round, Goldman Sachs Asset Management, Capricorn's Technology Impact Fund, and other un-named funds advised by T. Rowe Price Associates led the deal, according to a company statement.

Persons: JB Straubel, Redwood, Straubel, Energy Jennifer M, Granholm, Goldman, Rowe Price Organizations: Materials, U.S, CNBC, Department of Energy, Energy, Energy Information Administration, Argonne National Laboratory, Asset Management, Technology, Fund, Rowe Price Associates, Caterpillar Inc, Innovation Fund Locations: U.S, Carson City , Nevada, Charleston , South Carolina . U.S, Argonne

☆ X, formerly Twitter, faces 2,200 arbitration cases and filing fees over $3 million
▼ + stars: | 2023-08-28 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

In this photo illustration, the new Twitter logo rebranded as X (X Corp.) is seen on a smartphone and Elon Musk Twitter account with the new X logo on a pc screen. X, the social network formerly known as Twitter, is facing 2,200 arbitration cases that ex-employees filed after Elon Musk took over the company, slashed headcount, and made other sweeping changes there. The filing fees alone for that volume of cases could amount to $3.5 million. The case is Chris Woodfield v. Twitter, X Corp. and Elon Musk (No. Since JAMS decided that this basic fee applies across the board to X's 2,200 arbitration cases, that would amount to around $3.5 million, with other fees possibly to follow.

Persons: Elon Musk, Chris Woodfield, Woodfield Organizations: X Corp, Elon, Twitter, CNBC, Musk's X Corp, Northern District of Locations: Delaware, Seattle, San Francisco federal, Northern District, Northern District of California

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