|Day's Range||46.76 - 47.05|
Nasa is "throwing five on it". Five million dollars that is. A Politico report says NASA footed the bill for a mandatory review of workplace culture at Elon Musk's SpaceX. The report claims the review was prompted by Musk's alleged marijuana use.
Tesla’s (TSLA) demand trend slid after its October earnings. An analysis of the options market suggests that some traders expect its stock to drop soon.
When the lights went out in California last week, one resident used the power stored in his electric vehicle (EV) to keep his oxygen machine up and running. Opportunities to wrest energy from EVs will only increase as more electric cars and trucks come online.
(Bloomberg) -- Volvo Cars isn’t just electrifying its lineup to cut carbon emissions. Now the Swedish automaker says it will pay customers to make sure they plug in.Volvo is tying the launch of its first all-electric vehicle -- the XC40 Recharge crossover -- to a broader plan for shrinking the carbon footprint of its models by 40% through 2025. And it’s backing that pledge with a promise to pay the first year’s worth of charging costs for owners of its plug-in hybrids, starting with the 2021 model year.Volvo placed itself at the forefront of electric car hype in 2017 when it vowed to rid its lineup of cars running purely on fossil fuels by 2025. To get there, it’s going to roll out a new battery-electric model every year until 2025, starting with its XC SUVs, Chief Executive Officer Hakan Samuelsson said. Those will join a growing range of hybrid models.“We believe we should treat sustainability as as much of an integrated part of our business as safety, not just something we do as an add-on,” Samuelsson said in a phone interview. “We’re making it part of our product offering.”Model 3 RivalBuyers of 2021 model year hybrids will be able to claim a refund for their electricity costs during the first year of ownership based on power consumption data extracted from Volvo’s app for Apple and Android smartphones. Volvo plug-in hybrid owners drive in electric mode only about 40% of the time, Samuelsson said in an interview with Bloomberg Television.The XC40, which Volvo unveiled earlier today in Los Angeles, will have 200 miles of range in the U.S., 402 horsepower and take 40 minutes to get to 80% battery capacity on a fast-charging system, the company said. That compares to the 240-mile range of Tesla Inc.’s Model 3 sedan.Samuelsson said Volvo will start producing its first EV late next year and price it to compete with the Model 3, which starts at about $39,000 but has been selling on average for roughly $50,000.“It’s affordable for a much broader range of people” than higher-priced luxury brand electric cars, said Volvo’s Chief Technology Officer Henrik Green. The XC40 is “more like a $50,000 car than a $100,000 car,” he said.The electric XC40 will join a wave of new EVs debuting to keep up with tightening emissions regulations in China and Europe. While uptake remains slow, carmakers including Volkswagen AG and Daimler AG have launched new models like the Audi e-tron and Mercedes EQC to chase after Tesla.Volvo is pushing ahead with its electric ambitions as others in the space struggle. NIO Inc., China’s would-be Tesla competitor, is running short of cash. Jia Yueting, founder of electric vehicle start-up Faraday & Future Inc., filed for bankruptcy. And Dyson Ltd., the famed maker of vacuum cleaners, pulled the plug on its battery-powered car project.‘Midterm’ Profitability GoalVolvo would not be making a fully electric XC40 if it wasn’t “absolutely sure” the car will be profitable, Samuelsson said.“It might be lower profit margin initially, but what counts is more midterm” profitability goals, he said.The bet on electrics comes at a time when the carmaker is coping with a global sales slowdown and tariffs that led to a 30% drop in first-half operating income. To cut costs, the company plans to merge engine operations with Chinese parent Geely.Samuelsson said Volvo wants to increase the appeal of electrified vehicles so they sell without government subsidies -- and incentives like free charging for the first year. “Long term, if this is really going to do something to the climate or the environment, the cars need to be attractive and need to be bought by customers with their own money,” he said.(Adds CTO comment in eighth paragraph.)\--With assistance from Shery Ahn and Amanda Lang.To contact the reporters on this story: Gabrielle Coppola in New York at email@example.com;Ed Ludlow in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com, Gabrielle Coppola, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
General Motors is focusing on profitable SUVs now and self-driving cars for the future. But a new GM strike adds to challenges. Is GM stock a buy now? Take a look under the hood.
SpaceX is moving forward with long-term plans for Starlink, filing paperwork to launch 30,000 more satellites into low-Earth orbit. The request, filed with the International Telecommunication Union (ITU), is on top of the 12,000 satellites that SpaceX has already gotten approved from the Federal Communications Commission (FCC), which filed the paperwork with the ITU on behalf of Elon Musk's aerospace company. SpaceNews first reported the filing for the additional 30,000 satellites.
If Wednesday’s gains hold Tesla stock will have gained the eighth straight day. The current rally has been catalyzed—apparently—by the third quarter delivery disappointment.
France and Germany have signed a binding deal on arm exports control rules for jointly developed programmes, such as the tank and the warplane of the future, the two countries said on Wednesday in a statement issued after a joint cabinet meeting held in Toulouse. German curbs on arms exports to non-European Union or non-NATO countries have been a thorn in bilateral co-operation for years. Germany's SPD party, part of the ruling coalition, is particularly concerned about the trade.
On Tuesday, the House of Representatives passed the Hong Kong Human Rights and Democracy Act of 2019. President Trump an edge during the trade talks.
Tesla Inc. stock on Wednesday vied for its highest close since July 24 and an eighth straight session higher, which would be its longest winning streak since January 2013. The stock rose 1%, bringing the eight-day run to a gain of nearly 13%. It is up nearly 9% in October, which would follow a 7% increase in September. Tesla is scheduled to report third-quarter results next Wednesday, with Wall Street keeping an eye of profit margins and signs of progress on the company's stated sales and profitability goals. Tesla stock has lost 22% this year, contrasting with gains of around 19% for the S&P 500 index. .
Tesla (TSLA) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
The delivery numbers are known, so Wall Street now has turned its attention to predicting Tesla profits and cash flow.
Tesla Inc.’s third-quarter results are a ‘fork-in-the-road moment’ for the company, which still promises profits and sales of nearly half a million vehicles by year-end.
On Tuesday, the IMF released its World Economic Outlook report. The global economy could grow at the slowest pace this year since the sub-prime crisis.
On October 15, Tesla CEO Elon Musk tweeted, “So much respect for those doing high volume manufacturing,” and talked about reaching "a whole new level."
Shares of Nio Inc. dropped 5.2% in active premarket trading Wednesday, after a report that talks for a sizable investment to build a factory in China were called off. On Tuesday, the China-based electric car maker's stock rose 1.3% after the National Business Daily (NBD) reported that Nio was in talks with Wuxing District of Huzhou City on funding of over 5 billion renminbi, or about $704 million at current exchange rates, for a factory in the district with a capacity to make 200,000 vehicles a year. On Wednesday, NBD reported the talks were halted given the heavy risks, with no agreement of intent having been reached. Nio's stock has plunged 53.0% over the past three months through Tuesday, while U.S.-based rival EV maker Tesla Inc. shares have gained 2.2% and the S&P 500 has eased 0.3%.
There’s a lot that makes Tesla stand apart from other automakers — but probably nothing is as unusually playful as the electric cars’ not-so-secret features, known as Easter eggs.
Electric bike-sharing startup Wheels said it has raised more than $50 million in its latest funding round led by venture capital firm DBL partners, as the company looks to expand into the U.S. and international markets. DBL Partners' founder and managing partner Ira Ehrenpreis, who is also a board member at Tesla Inc, will join Wheels' board, a source familiar with the matter told Reuters on Tuesday. DBL Partners is also an investor in Tesla, according to its website.
China’s slowdown concerns have intensified amid a flurry of soft data points. On October 15, China released its September producer price inflation data.