Autos
Tesla’s bitcoin holdings could result in a $460 million hit for the car maker, Barclays says
Tesla ‘s bitcoin holdings could have taken a big bite out of the electric car maker’s upcoming earnings, according to Barclays. Analyst Brian Johnson said he expects Tesla to report an impairment of roughly $460 million due from bitcoin. Tesla is slated to post earnings Wednesday after the bell. “With Bitcoin ending the quarter at […]
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Elon Musk asks court to reject Twitter’s request for speedy trial
“The past two years have been an absolutely nightmare of supply chain disruptions, one thing after another, and we are not out of it yet,” Tesla CEO Elon Musk said. Patrick T. Fallon | Reuters Elon Musk wants time to prepare for a trial over his contentious withdrawal from an agreement to buy Twitter for […]
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Musk says Tesla can lower car prices if inflation ‘calms down’
Tesla CEO Elon Musk said in a tweet Friday that the electric car company could lower prices if inflation “calms down.” The Bureau of Labor Statistics reported a higher-than-expected inflation rate this week with the consumer price index rising 9.1% from a year ago. Tesa increased the prices of all of its car models in […]
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Morgan Stanley’s Jonas trims price target for Tesla, citing slowing economy
Morgan Stanley auto analyst Adam Jonas cut his price target for many stocks in his sector, including Tesla . Jonas said in a note to clients that a slowing economy dampens the outlook for autos, leading to estimate cuts and lower price targets. “We make material cuts to our forecasts across our coverage to reflect […]
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Hyundai unveils new Ioniq 6 EV — an ‘electrified streamliner’ with unique design
The newest electric vehicle from Hyundai Motor is a sedan with a unique bubbly design. The South Korean automaker unveiled the Ioniq 6 Wednesday night as an “electrified streamliner,” a nod to its aerodynamic design that Americans may know best through the design of an Airstream trailer. It’s a major shift in styling from the […]
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Truist initiates coverage of Tesla with a buy rating and $1,000 price target
Tesla has another bull in its corner. Truist Securities on Wednesday initiated coverage of the electric vehicle maker with a buy rating and price target of $1,000. That represents a more than 40% upside from where shares closed at $711.12 during Wednesday’s session. “We believe the company’s best days, in terms of volume production, product […]
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Tesla AI leader Andrej Karpathy announces he’s leaving the company
A Tesla Model S car equipped with Autopilot David Paul Morris | Bloomberg | Getty Images Tesla AI and Autopilot leader Andrej Karpathy announced Wednesday that he’s no longer working for the electric vehicle maker. “It’s been a great pleasure to help Tesla towards its goals over the last 5 years and a difficult decision […]
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Americans are paying record-high prices for new vehicles
A sign advertises to purchase cars at a used car dealership in Arlington, Virginia, February 15, 2022. Saul Loeb | AFP | Getty Images DETROIT – If investors are looking for signs of a recession or weakening consumer spending, they can skip over new vehicle prices, which hit a new record in June. Fueled by […]
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Panasonic reportedly building new factory in Kansas to produce batteries for Tesla and rest of EV industry
An aerial view of the Tesla Gigafactory near Sparks, Nevada Bob Strong | Reuters Panasonic is planning to build a new battery factory in Kansas to produce high-capacity cells for Tesla, according to a report out Wednesday from Nikkei Asia. Kansas Gov. Laura Kelly, a Democrat, has scheduled a news conference in Topeka today at […]
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Shares of Tianqi Lithium slump around 10% in first day of trading in Hong Kong
Shares of Tianqi Lithium slumped about 10% in their Hong Kong market debut Wednesday, after the Chinese company raised about $1.7 billion in the city’s biggest listing so far this year. The stock traded at around 74.50 Hong Kong dollars ($9.49), lower than the offer price of HK$82 ($10.45) a share. It slipped to as […]
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