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[ad_1] A Tesla Model 3 vehicle on an auto carrier in front of a store in Rocklin, California, July 21, 2021. David Paul Morris | Bloomberg | Getty Images 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. The stock closed at $245.01. It's still up almost 100% this year after gaining 2.7% for the week. While Tesla CEO Elon Musk has said in the past that the price of Tesla's premium driver assistance option, marketed as Full Self-Driving software, would only ever go up, the company cut the price by $3,000 from $15,000 in the U.S. for customers who purchase it upfront rather than through a monthly subscription. Subscribers pay between $99 and $199 per month, depending on whether they're upgrading from a standard or other premium version. Tesla is also cutting prices for inventory vehicles in the U.S., including its entry-level Model 3 sedan, luxury Model S ...

[ad_1] Another disappointing quarter for Tesla served as just another speed bump for shareholders. Shares plummeted more than 12% Thursday as the Elon Musk's electric carmaker warned about slowing growth. I want to deploy an options strategy to use this emotional overreaction as an opportunity to add to my Tesla position. The slowdown, of course, was not a news flash as we have seen Lithium futures tumble 80% in the last year. However, when coupled with the second consecutive quarter that Tesla missed earning expectations, nearly $100 billion in market cap rapidly evaporated. TSLA 5Y mountain Tesla, 5 years Tesla did not help themselves in the short-term, on the conference call by removing volume guidance for 2024 since it will be notably lower. Another concerning issue is Elon is asking for a 25% voting control. He currently owns 13% but, Musk holds nearly 300 million unexercised stock options representing another 9% of Tesla's 3.2 billion shares outstanding. Thus, invest...

[ad_1] A Tesla showroom is seen in the City Center shopping center on January 17, 2023 in Washington, DC. Anna Moneymaker | Getty Images DETROIT — Tesla vehicles in the U.S. are seeing significant price cuts, and that's proving to be a double-edged sword for the electric carmaker and the greater automotive industry. Tesla earlier this month slashed prices of its new cars by as much as 20% , making the vehicles more affordable and likely eligible for federal tax credits . But it also tanks the resale values of cars for current owners and is sending ripple effects through the auto industry. related investing news CEO Elon Musk hasn't directly addressed the price cuts, which are counterintuitive to his claims that the company's cars will be appreciating assets — a rarity for the market aside from classics and collectible vehicles. Analysts say the price cuts suggest Tesla is prioritizing sales over profits, potentially signaling a demand problem. "There's deman...

[ad_1] Akio Toyoda, president and CEO of Toyota Motor Corp. Kiyoshi Ota | Bloomberg | Getty Images DETROIT – Toyota Motor stock sealed its best week since 2009 on Friday, as the automaker laid out a robust plan for future all-electric vehicles and company scion Akio Toyoda became leader of the Japanese company's board. Shares of Toyota on the New York Stock Exchange closed Friday at $164.35 per share, down 2.3% for the day but still up 10.6% on the week. That 5-day gain is the stock's best week since April 2009 when shares increased 14.5%. Such a rally is not typical for the stock. It's only the third double-digit weekly gain in more than two decades for the relatively well-performing but mundane stock. Shares of the company are up 20% so far in 2023. The positive uptick this year comes as recent supply chain problems ease for the automotive industry, including Toyota, and after Toyoda, grandson of the company's founder, announced plans to transition from CEO to ...

[ad_1] Ford CEO Jim Farley announces at a press conference that Ford Motor Company will be partnering with the worlds largest battery company, a China-based company called Contemporary Amperex Technology, to create an electric-vehicle battery plant in Marshall, Michigan, on February 13, 2023 in Romulus, Michigan. Bill Pugliano | Getty Images News | Getty Images DETROIT – U.S. lawmakers are seeking to review a licensing deal between Ford Motor and China-based CATL that would allow the automaker to produce battery cells developed by the global supplier at a planned $3.5 billion plant in Michigan. In a letter Thursday addressed to Ford CEO Jim Farley, chairs of the House Select Committee on the Chinese Communist Party (CCP) and the House Ways and Means Committee demanded the automaker provide a copy of the licensing agreement and any communication about the deal between the two companies as well as between Ford and the Biden administration regarding any potential tax credits. The ...

[ad_1] U.S. President Joe Biden puts on a t-shirt of the UAW Local 1268 during a United Auto Workers (UAW) union members meeting, in Belvidere, Illinois, U.S., November 9, 2023.  Leah Millis | Reuters DETROIT – President Joe Biden said Thursday that all autoworkers deserve contracts like the ones recently won by the United Auto Workers from General Motors , Ford Motor and Chrysler-parent Stellantis . Biden, wearing a red UAW T-shirt given to him by a local union leader, said the deals won by UAW negotiators are "game changers" that set a "new standard" for blue-collar workers. The deals include 25% wage increases, including 11% upon ratification; reinstatement of cost-of-living adjustments; additional contributions for retirees; billions in new investments; and other benefits. The tentative deals must still be ratified by union members; voting is ongoing. "I'm a little selfish, I want this type of contract for all autoworkers," Biden said during ...

[ad_1] Social network Twitter, recently rebranded as X, has commandeered the handle "@music" from open-source software developer Jeremy Vaught, who told CNBC he created the account in 2007, and had built a community of around half a million followers there. While Elon Musk-led X gave Vaught no choice but to surrender the desirable username on its platform, he was offered the option to choose from a list of other handles related to the topic of music. His X-assigned account, which is "@musicfan," is not to his liking but he's settling for it for now. X ported his followers over to the new account at least, he said. The move on the part of the social media company raises questions about the worth of a handle on its platform. X terms of service , last updated in May, say, "We may also remove or refuse to distribute any Content on the Services, limit distribution or visibility of any Content on the service, suspend or terminate users, and reclaim username...

[ad_1] SpaceX, Twitter and electric car maker Tesla CEO Elon Musk looks on as he speaks during his visit at the Vivatech technology startups and innovation fair at the Porte de Versailles exhibition center in Paris, on June 16, 2023.  Alain Jocard | Afp | Getty Images Tesla reported earnings after the bell, showing a record for quarterly revenue but lower margins thanks to price cuts and incentives. The stock price remained flat after the initial report, but began dropping during the earnings call as CEO Elon Musk and other executives failed to deliver precise specs and start of delivery dates for the Cybertruck, and for a robotaxi-ready vehicle. Musk and other execs also said during the call that vehicle production would slow down during Q3 due to shutdowns for factory improvements. It's now down about 4% after hours. Here's how the company did versus expectations: Revenue: $24.93 billion, versus $24.47 billion expected according to Refinitiv. Earnings: 91 cents per s...

[ad_1] 2024 Chevrolet Silverado HD ZR2 GM DETROIT – General Motors' U.S. vehicle sales increased by 18.8% in the second quarter compared with subdued results a year ago when the automaker was battling supply chain issues. The Detroit automaker reported sales Wednesday of 691,978 new vehicles from April through June. That compared with 582,401 vehicles during the second quarter of 2022. It also is a sequential increase compared with GM's first-quarter sales of just over 600,000 new cars and trucks. GM's second-quarter sales, along with those of other automakers such as Honda Motor, Nissan Motor and Stellantis, indicate demand for new vehicles remains strong as inventories of cars and trucks improve from historically low levels during the coronavirus pandemic and supply chain problems. Auto industry forecasters project U.S. new vehicle sales to have increased 16% to 18% during the second quarter compared with a year earlier. Cox Automotive recently increased its full...

[ad_1] 2021 Dodge Durango SRT Hellcat Fiat Chrysler DETROIT – Higher sales of the Chrysler Pacifica minivan and Jeep Compass and Dodge Durango SUVs pushed Stellantis' second-quarter U.S. new vehicle sales up 6.4% from a year earlier. The uptick is another sign of demand for new vehicles rebounding, as inventories of cars and trucks improve from historically low levels during the coronavirus pandemic and supply chain problems. Stellantis' sales increase is expected to be among the lowest of the second quarter, according to auto industry forecasters who project industry sales to have increased 16% to 18% during that time compared with a year earlier. "We saw increased demand this quarter as market conditions continue to improve and our dealer network makes the necessary adjustments to drive sales growth across our brand portfolios," Stellantis' U.S. head of sales, Jeff Kommor, said in a release Monday. Shares of Stellantis gained about 1.5% after the news. Sa...

[ad_1] People walk by electric truck maker Rivian's newly opened storefront in the Meatpacking District of Manhattan on June 23, 2023 in New York City. Spencer Platt | Getty Images Shares of Rivian Automotive jumped 17.4% on Monday after the electric vehicle maker beat Wall Street expectations for quarterly deliveries. Rivian on Monday reported 12,640 vehicle deliveries during the second quarter, up 59% from the previous quarter and topping analyst expectations of 11,000 vehicles, according to estimates compiled by FactSet. The automaker, which makes electric R1T pickups and R1S SUVs for consumers, also reiterated its annual production target of 50,000 units. Rivian produced roughly 23,400 vehicles through the second quarter, including electric delivery vans and consumer models. The increase in the share price Monday pushes Rivian's stock into the green for the first time since late February. The stock is up about 5% in 2023. Rivian closed Monday at $19.56 per share – th...

[ad_1] Traders work on the floor of the New York Stock Exchange (NYSE), June 29, 2023. Brendan McDermid | Reuters U.S. stock futures were little changed Sunday night, as traders prepared for the second half of what's already been a stellar year on Wall Street. Futures tied to the Dow Jones Industrial Average dipped 17 points. S&P 500 and Nasdaq-100 futures traded flat. Tesla shares were little changed in overnight trading after the electric vehicle maker reported delivery and production numbers that beat analysts' expectations . Elsewhere, United shares inched marginally lower as bad weather contributed to a swath of flight disruptions for the airline over the long holiday weekend. Stocks are coming off a banner start to 2023. On Friday, the Nasdaq Composite closed out its biggest first-half gain since 1983, surging 31.7%, while the S&P 500 jumped 15.9% for its best first-half since 2019. The Dow Jones Industrial Average lagged, climbing a modest 3.8% d...

[ad_1] Aigen founders: Rich Wurden (CTO) and Kenny Lee (CEO) Courtesy: Aigen The Aigen Element looks like a drafting table on rugged tires. It drives itself continuously at around two miles per hour over farmland, using an advanced computer vision system to identify crops and unwanted botanical invaders. With two-axis robotic arms positioned close the ground, the Element can flick weeds out of the way where they'll dry out before they can grow seeds and spread. The robots, which are used in a fleet and sized to meet the needs of a particular growing operation, work continuously for 12 to 14 hours at a time and never need to be plugged in. They are equipped with a lithium iron phosphate battery pack, as well as flexible solar panels which are lighter than the kind typically used on rooftops. They can even run in the dark for about four hours, or six hours in light to moderate rain — all without the emissions associated with diesel-powered farm equipment. The company behind the ...