|Day's Range||40.36 - 41.10|
Walmart is suing Tesla with claims that the company’s solar panels caused roof fires to break out at seven Walmart stores. Yahoo Finance’s Alexis Christoforus and Brian Sozzi discuss.
The two big companies come to legal blows over allegedly faulty solar panels, while the LED lighting specialist disappoints on guidance.
for a role in Saudi Aramco’s planned stock market listing after a charm offensive by top executives, including former Trump administration official Dina Powell. The Wall Street bank had failed to secure a top advisory role in 2017 when Saudi Aramco nominated banks including JPMorgan Chase, Morgan Stanley, Moelis, Evercore and HSBC for what could be the world’s largest listing. The successful launch of a $12bn international bond by Saudi Aramco this year renewed momentum for the IPO and revived optimism about the Saudi economy after the international condemnation that followed the killing of journalist Jamal Khashoggi.
Tesla’s service quality has been in focus this month, and reports of a Walmart solar panel fire could compound the company's troubles.
Tesla is building a Gigafactory 3 in China to offset some of the tariffs and expand its reach. Tesla wants to supply the Model 3 to Chinese consumers.
Walmart Inc. sues Tesla Inc. over a spate of roof fires at several Walmart stores that the retailer alleges were caused by Tesla solar panels.
Another day brings news of another Tesla lawsuit. But this time, it's not from a disgruntled consumer. Walmart — the $320bn market cap mega-retailer — has alleged that Tesla’s solar panels caused fires ...
On Tuesday, Walmart Inc. (WMT) sued Tesla Inc. (TSLA) in the New York State Supreme Court for breach of contract and years of gross negligence when it comes to the solar panels it installed and maintains on the roofs of over 200 of the retail giant's stores. The lawsuit, which alleges that Tesla failed to live up to industry standards, mentions seven fires involving Tesla's solar panels that broke out on Walmart roofs across the country last year and claims the technology company has failed to provide specifics about why its systems proved defective for over a year. One fire occurred in a Walmart in Yuba City, California even after Tesla had de-energized the panels for safety reasons.
Mohamed El-Erian Says Europe Headed Down Mohamed el Erian, chief economic adviser of Allianz, doesn’t have a greatly optimistic view of the European economy. He says there is a 70% chance of the continent plunging into a recession. The United Kingdom, Italy, and Germany are all paralyzed by domestic issues including Brexit, a broken government, […]The post Market Morning: Europe Falters, Alibaba Postpones On Hong Kong, appeared first on Market Exclusive.
The news comes the same week that Tesla CEO Elon Musk announced a solar panel rental program that seemed designed to boost business at the division.
U.S. stock futures rise as Wall Street looks ahead to the release Wednesday of the minutes from the Federal Reserve's meeting in July and a speech Friday from Chairman Jerome Powell; Donald Trump says he's looking at cutting payroll taxes for Americans; Target and Lowe's report earnings.
Walmart is suing Tesla after seven solar panels “allegedly caught fire,” CNBC reported. The companies had partnered to promote renewable energy.
Moody's Investors Service ("Moody's") affirmed Tesla, Inc.'s ratings including the B3 Corporate Family Rating (CFR) and Caa1 senior unsecured ratings, and changed the speculative grade liquidity rating to SGL-3 from SGL-4. Tesla's B3 CFR reflects its achievement of scale production of the Model 3 after struggling with significant manufacturing and assembly hurdles.
Walmart sued the company for what it called “gross negligence” in its installation and maintenance of solar panels.
People like to joke that Tesla Chief Executive Officer Elon Musk always wants to go to space. But he’s now announced a plan to use a little bit of the solar system to help with your bills. If you live in the right state. Getting Some Sun Tesla is relaunching their solar panel rental program. If you live in Arizona, Connecticut, Massachusetts, New Jersey, and New Mexico, you can get a panel for starting at $50 a month, and Californians get it for $65. Musk says that Tesla plans to get Europe panel’d up starting next year. Save That Cash “With the new lower Tesla pricing, it's like having a money printer on your roof if you live in a state with high electricity costs," Musk tweeted, adding that customers could potentially save $500 a year on their energy bills. Customers can also buy the panels outright, if they want. There’s no cancellation fee if customers break the rental contract, but it will cost $1,500 to have it removed, which Musk emphasized Tesla would make no profit from. Going Green Tesla bought the panel company SolarCity in 2016, but the company has struggled to get the service off the ground, losing out to rival services such as Sun Run. But this rebranding with a lower price point shows that Tesla is getting serious about its sustainability efforts. Earlier this year, Tesla’s Impact Report, outlining the effects of its operations on the environment and its respective communities, received nods of approval from Trillium Asset Management, a firm that tracks corporate sustainability. Though Trillium, which oversees around $2.5 billion for socially-conscious investors, added that it would like to see more concrete goals from the company about its plans to green up the world, it praised Tesla for preventing more than four million tons of C02 from entering the environment with its electric and zero-emission vehicles. -Michael Tedder Photo by Adobe
(Bloomberg) -- Walmart Inc. sued Tesla Inc., claiming it failed to live up to industry standards in the installation of solar panels on top of hundreds of stores, resulting in multiple fires across the U.S.The retailer said it had leased or licensed roof space on top of more than 240 stores to Tesla’s energy operations unit, formerly known as SolarCity, for the installation and operation of solar systems. But as of November, fires had broken out at no fewer than seven of the stores, forcing the disconnection of all the solar panel systems for the safety of the public.Walmart’s inspectors found that Tesla “had engaged in widespread, systemic negligence and had failed to abide by prudent industry practices in installing, operating and maintaining its solar systems,” according to a breach-of-contract complaint filed Tuesday in New York state court.Walmart is pushing to source 35% of its electricity from renewable sources by 2020. The company has more than 350 on-site solar installations and has signed contracts to add more than 120 new installations by next year, it said in its 2019 report on environmental, social and governance goals. The company didn’t reply to a request for comment on whether those totals include the Tesla systems.How Solar Energy Was Transformed From Nutty to Normal: QuickTakeTesla is best known for its electric cars, but its solar unit acquired in 2016 had sought to sell solar power plus batteries for storing electricity to commercial businesses eager to reduce their electric bills and carbon footprints. Walmart was an early customer of SolarCity’s rooftop solar panels as well as Tesla’s batteries, and has pre-ordered the company’s electric Semi truck, which is not yet in production.Many of the Tesla panels had defects that could be seen by the naked eye or were easily identifiable with proper equipment, Walmart said, indicating that Tesla had deficient inspection procedures or hadn’t been inspecting the sites at all. The retailer’s inspectors saw dangerous connections, including loose and hanging wires at several locations, according to the complaint.“Many of the problems stemmed from a rushed, negligent approach to the systems’ installation,” Walmart said in the complaint.Why a Green Future Means Building Lots of Batteries: QuickTakeTesla didn’t immediately address the retailer’s complaint.Walmart said Tesla isn’t the only solar vendor it works with. In October, the retailer signed a deal with SunPower Corp. for installation of solar systems at 19 stores and two distribution centers in Illinois.“Solar is a vital component of Walmart’s expanding renewable energy portfolio,” said Mark Venderhelm, vice president of energy at Walmart. “Walmart plans to tirelessly pursue renewable energy projects that are right for our customers, our business and the environment.”Tesla shares fell as much as 1.7% to $222.11 as of 5:45 p.m. Tuesday in New York, after the close of regular trading. The stock is down 32% this year.Tesla acquired SolarCity, which was founded by founder Elon Musk’s cousins, for $2.6 billion in 2016. Musk last month won a ruling by a federal judge dismissing a lawsuit accusing him of making short-swing profits from buying SolarCity.The Palo Alto, California-based company is now offering rental panel packages with “no long-term contract” as part of a relaunch announced Sunday by Musk. The rental option harks back to a leasing product popularized by SolarCity that had propelled its growth, although the company borrowed heavily to support the strategy.After the acquisition, Tesla prioritized outright sales in an effort to boost profitability, ended door-to-door marketing and a partnership with Home Depot Inc. and cut jobs. The company recently shifted to offering standardized panel systems online, rather than the bespoke arrays that have driven the rooftop-solar industry’s growth in the U.S.Walmart said the first blaze broke out at a store in Beavercreek, Ohio, a suburb of Dayton, in March 2018, and two more fires occurred at stores in California and Maryland in May of that year. While Tesla disconnected the panels at Walmart’s request that same month, it wasn’t enough to stop fires from occurring, and another blaze broke out in November at a store in Yuba City, California, according to the suit."To state the obvious, properly designed, installed, inspected and maintained solar systems do not spontaneously combust, and the occurrence of multiple fires involving Tesla’s solar systems is but one unmistakable sign of negligence by Tesla," Walmart said in the suit. "To this day, Tesla has not provided Walmart with the complete set of final ‘root cause’ analyses needed to identify the precise defects in its systems that caused all of the fires described above."Walmart is asking a judge to declare Tesla in breach of contract, order the company to remove the solar panels from all of its stores and award damages equal to its costs and consulting fees in connection with the fires.The case is Walmart Inc. v. Tesla Energy Operations, New York State Supreme Court, New York County.(Updates with details from complaint in sixth paragraph.)\--With assistance from Brian Eckhouse, Dana Hull and Matthew Boyle.To contact the reporter on this story: Chris Dolmetsch in Federal Court in Manhattan at firstname.lastname@example.orgTo contact the editors responsible for this story: David Glovin at email@example.com, Joe Schneider, Peter BlumbergFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Solar energy systems installed and maintained by the electric car maker were responsible for fires at seven locations, with dozens showing hazardous problems such as loose wiring and "hot spots" on panels, according to court papers filed in New York State Supreme Court. Tesla did not respond to a request for comment. The lawsuit accuses Tesla of having untrained workers putting up shoddy installations and showing "utter incompetence or callousness, or both," court papers said.
Walmart Inc on Tuesday sued Tesla Inc, accusing it of "widespread negligence" that led to repeated fires of its solar systems and asking a court to force Tesla to remove solar panels from more than 240 of its U.S. stores. Solar energy systems installed and maintained by the electric car maker were responsible for fires at seven locations, with dozens showing hazardous problems such as loose wiring and "hot spots" on panels, according to court papers filed in New York State Supreme Court. Tesla did not respond to a request for comment.
Tesla Inc. Chief Executive Elon Musk tweeted late Tuesday that a price increase on the company's FSD, or full self-driving feature, is postponed until a latest version is in "wide release," some four to eight weeks away. Musk had tweeted in July that the cost of the feature was increasing by about $1,000 in mid-August. In April, he tweeted along the same lines about an increase that took effect later in the spring. That same month, Tesla unveiled in-house self-driving hardware and promised a fleet of Tesla "robo-taxis". Tesla shares fell 0.4% in the extended session, matching its decline for the day during the regular session. The stock is down 32% this year, contrasting with gains of 16% and 11% for the S&P 500 index and the Dow Jones Industrial Average .
Nio Inc (NASDAQ:NIO) stock has been on a downward slide since a lukewarm intial publi offering (IPO) in September 2018.Source: THINK A / Shutterstock.com By the looks of it, some analysts are still bullish on NIO stock, but if the company disappoints on their projection of between 2,000 and 2,500 deliveries for August, whatever bullish sentiment remains may fade quickly. Nio Is Stuck in the Middle of China's ProblemsYes, it's fair to point out that the Chinese economy is slowing. It's also accurate to note that Chinese auto sales have slumped. While some of that is due to the trade war with the United States, the Chinese government has recently reduced subsidies that were providing a buying incentive for electronic vehicles.InvestorPlace - Stock Market News, Stock Advice & Trading TipsNio also self-reported a battery recall for its ES8 vehicles. While recalls are never a good thing, investors are willing to overlook them, particularly in an industry that is still in its infancy.When you're looking at a stock as a long-term investment, you have to expect some eggs to get broken along the way. Failing forward is forgivable. And with shares hovering around the $2 mark, the potential reward might be worth the risk. But Declining Deliveries Equal Limited Growth PotentialPutting those issues aside, a car company has to sell cars. And Nio is just not doing enough of that for my liking. The company reported delivery of 837 vehicles in July, a number that was down 38% from its June peak. CEO William Li cited the voluntary battery recall as the reason its deliveries plunged. Li also remarked that the company brought some July deliveries forward into June ahead of the subsidy cuts. * The 10 Best Cheap Stocks to Buy Right Now But July deliveries only tell part of the story. As my colleague Laura Hoy pointed out Nio has been reporting disappointing delivery numbers for quite some time. You see, the 38% decline in deliveries since July was on the heels of an underwhelming 1,340 deliveries in June. This was after a disappointing Q1 earnings report largely due to, you guessed it, lower-than-expected deliveries. The Bullish Case Is Becoming Harder to MakeThe bullish sentiment for NIO stock (and other manufacturers such as Tesla (NASDAQ:TSLA) is that the electric car market is a tide that will rise all boats. Put another way, "if you build it, they will come."OK, enough with the cliches.There is no arguing that the electric car market is growing. According to a McKinsey report, global sales for new electric vehicles passed the one million mark in 2017, and the market is expected to grow to 4.5 million cars by 2020. That is approximately 5% of the overall global light-vehicle market. China is unquestionably the leading market for electric cars, surpassing the United States and Europe combined. The Chinese market is also set up with government subsidies and a favorable regulatory environment.With that said, mainstream market adoption is still a way's off for most developed countries. A separate McKinsey study defines four stages of market adoption: * Detectable -- there are faint signals with lots of noise * Clear -- there is emergence of a validated model * Inevitable -- there is critical mass of adoption * New Normal -- the industry is at scale and matureAccording to that same McKinsey study only China and Sweden are even in the second phase of market adoption. And if China is leaps and bounds ahead of everybody else, it's fair to say the market is far from mature.The electric car market can be viable and growing.Nio stock may not be a great investment.Both statements can be true. It's up to Nio to prove otherwise, and that's why their August delivery numbers will be so important.As of this writing, Chris Markoch did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Cheap Dividend Stocks to Load Up On * The 10 Biggest Losers from Q2 Earnings * 5 Dependable Dividend Stocks to Buy The post The Future for NIO Stock Is in the Delivery appeared first on InvestorPlace.