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Seven U.S. bombs from World War II have been found in the plot of land outside Berlin where electric car pioneer Tesla wants to build its first European factory, local authorities said on Thursday. The duds weigh about 110 pounds each, and explosives experts plan to defuse them in future, said a spokesman for the interior minister in the state of Brandenburg where the property is.
Apparently so, according to consumer advocate and former presidential candidate Ralph Nader, who issued a stark warning this week, not only on the electric-car maker’s pricey stock, but on the stock market as a whole. “Deep in debt, selling less than 400,000 vehicles last year and challenged by several competing electric car models in 2020, Tesla’s stock valuation stunningly exceeds (VOW3) which sold over 10 million vehicles last year,” Nader added in a follow-up tweet. On the opposite end of the spectrum from Nader, plenty of others are wildly optimistic about the Tesla, even after the latest rally.
UBS analysts reiterated a Sell rating on the electric-car maker, but lifted their price target. It’s still far lower than where shares are now.
Tesla shares — unsafe at any speed? Apparently so, according to the consumer advocate and former presidential candidate, who issued a stark warning this week, not only on the pricey stock, but on the market as a whole.
U.S. antitrust officials have begun asking companies about communications with their biggest shareholders as part of merger investigations.
Amazon has boosted its position as the world’s most valuable brand surpassing Google, Apple and Microsoft, according to a global report.
Ford and GM are part of the traditional Detroit-based "commodity auto business" and it's unfair to compare the two with Tesla, Cramer said Wednesday on "Mad Money." Instead, Tesla is a tech company on wheels and its home base in Silicon Valley speaks to its disruption status.
Seven U.S. bombs from World War Two have been found in the plot of land outside Berlin where electric car pioneer Tesla wants to build its first European factory, local authorities said on Thursday. The duds weigh about 50 kg each and explosives experts plan to defuse them in future, said a spokesman for the interior minister in the state of Brandenburg where the property is. Tesla has agreed to buy land in Gruenheide just outside Berlin where it wants to build a giant factory that would give its cars the "Made in Germany" branding.
The Dow Jones industrials fell as many as 200 points on spreading virus fears and earnings results. Tesla was downgraded.
Even the most skeptical Tesla Inc (NASDAQ: TSLA ) analysts have conceded the company’s long-term potential. Still, some continue to sell at present valuation. The Rating UBS analyst Patrick Hummel maintained ...
While Ford's (F) Q4 results are likely to be hit by a pre-tax charge of $2.2 billion, Fiat Chrysler (FCAU) teams up with Foxconn to develop EVs in China.
Fears around the coronavirus grew stronger as the number of cases rose and China shut down travel from a city of 11 million people. Asian markets got hit pretty good last night, with the market in Shanghai down nearly 3%. Now some of that negativity appears to be crossing the Pacific, judging from weakness in pre-market trading here in the U.S.
(Bloomberg) -- Tesla Inc.’s legal victory to sell its electric vehicles in Michigan without dealers could clear a path for other carmakers to follow.As long as it complies with a few unrestrictive legal technicalities, the electric-car maker is free to deliver Model 3, S and X vehicles directly to customers and service them through a subsidiary, the state ruled Wednesday. While Michigan will consider other businesses’ approaches on a case-by-case basis, as long as a manufacturer doesn’t have an existing dealer network, it could follow in Tesla’s footsteps, according to Kelly Rossman-McKinney, a spokeswoman for the attorney general.That’s significant for electric-car upstarts including Rivian Automotive Inc., the truck and SUV maker that raised almost $3 billion last year from the likes of Amazon.com Inc. and Ford Motor Co. The Plymouth, Michigan-based company planning to start selling its R1T pickup and R1S sport utility vehicle late this year is waging the same costly legal battles state-by-state that Tesla faced in its early days.“Having settled on these terms with Tesla, it would seem legally very difficult for the state to deny a similar arrangement to any other company situated like Tesla,” Daniel Crane, a University of Michigan law professor who specializes in antitrust and regulatory issues, wrote in a blog post after the settlement was announced.Rivian declined to comment, as did the Michigan Automobile Dealers Association. Other new entrants planning to sell cars directly to consumers include Lucid Motors, which has said it aims to start production of its Air sedan late this year, and Byton Ltd., which is targeting 2021 for the launch of its M-Byte SUV.Federal FightTesla secured a victory in Michigan after filing a federal lawsuit against the state in 2016 challenging its ban on direct-to-consumer car sales. The attorney general’s office insists the accord doesn’t jeopardize existing state franchise laws, which prevent manufacturers from opening stores that would compete with dealers.Michigan ruled that sale contracts Tesla signs with Michigan consumers will have to indicate that the transaction took place elsewhere. But customers won’t actually have to leave the state to complete the contracts, so the stipulation amounts to a paperwork requirement.The decision isn’t a slam dunk for Tesla because Michigan’s ruling fell short of setting a national precedent, according to Patrick Anderson, principal of an eponymous consulting firm that has assisted dealers in other state battles over franchise laws.Easier ServiceExisting Tesla owners in the state, who until now have had to travel to Ohio and other states to have their cars repaired, are poised to benefit from the ruling.Robert Vogt, an automotive engineer living in Ann Arbor, said Tesla used to pick up his Model S and haul it more than 50 miles (80 kilometers) away to work on his car in Toledo and would drop off a loaner car for him. But that stopped last summer, when Model 3 deliveries surged and started taxing the company’s mobile-service support network.“I have a service light on mine that just popped up, and I’m trying to figure out how to get that dealt with, because I’m not going to Toledo,” Vogt said. “If they had a service place in Ann Arbor, that would be totally fine; I would be happy to take it there.”To contact the reporter on this story: Gabrielle Coppola in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com, David WelchFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Tesla's stock has more than doubled in value in the last three months, with its market capitalization piercing $100 billion on Wednesday, a first for a listed U.S. automaker. During the rally, its value has leapfrogged more established global rivals: Honda <7267.T>, BMW , General Motors and Daimler . On Wednesday, it eclipsed VW's $99.4 billion value.
Toyota (TM) to recall 2.9 million U.S. vehicles, which includes Corolla 2011-2019, Matrix 2011-2013, Avalon 2012-2018 and Avalon Hybrid vehicles 2013-2018.