|Day's Range||1.3500 - 1.3500|
The U.S. auto safety agency said on Friday it will investigate a 12th Tesla crash that may be tied to the vehicle's advanced Autopilot driver assistance system after a Tesla Model 3 rear-ended a parked police car in Connecticut last week. The National Highway Traffic Safety Administration (NHTSA) special crash investigation program will investigate the Dec. 7 crash of a 2018 Tesla Model 3 on Interstate 95 in Norwalk, Connecticut, the agency confirmed.
While the Ford F-150 has been the claimed target for the Tesla Cybertruck, it looks like the government may classify it like even larger and more capable pickups. As first reported by Automotive News, the electric car company sent a letter to the California Air Resources Board (CARB) suggesting that the state not give Class 2b-3 trucks an exception to required electric vehicle sales until 2027, that instead it should have the requirements in 2024. Vehicle classes are based on gross vehicle weight ratings (GVWR).
(Bloomberg) -- Mercedes-Benz is putting off the U.S. debut of its first electric vehicle by a year in the latest sign of just how difficult a time automakers are having replicating Tesla Inc.’s success.Daimler AG’s luxury brand will start sales of the EQC crossover in 2021 rather than early next year. The German carmaker said in an emailed statement that it’s made the strategic decision to first support growing demand for the model in Europe, where deliveries began earlier this year.The world’s top-seller of premium autos has touted the EQC and the series of battery-powered models it has planned under the EQ sub-brand as an answer both to Tesla and its traditional rivals. But the initial electric vehicles Jaguar and Audi introduced in the U.S. market this year have underwhelmed on the sales charts, failing to keep up even with Tesla’s years-old Model S and X.Daimler has at least 10 purely battery-powered cars planned through 2022 to help meet tougher emissions rules around the globe. But while regulatory pressure is picking up, U.S. demand has been tepid for models other than Tesla’s lower-priced Model 3. Consumers continue to harbor concerns about limited driving range, long charging times and high sticker prices.Jaguar has sold 2,418 I-Pace SUVs in the U.S. this year through November, while Audi has delivered 4,623 e-tron crossovers, according to InsideEVs. By contrast, the website estimates that Tesla has sold about 111,650 Model 3 sedans.Luxury-car makers’ biggest retailers are divided over the outlook for electric cars in the U.S. In February, the president of Sonic Automotive Inc., the fifth-largest U.S. dealership group in the country, wondered aloud on an earnings call whether Tesla had built a cult following for its cars and said the brand needed to be taken seriously by BMW and others.But in October, Roger Penske, the chief executive officer of Penske Automotive Group Inc., said the I-Pace hasn’t sold as expected and that consumers have been canceling orders for the e-tron.“They’re expensive, and everyone has range anxiety, and to me, what’s going to be the residual value at the end?” Penske said during an earnings call. “The growth is going to be slow.”Automotive News first reported Mercedes’s decision to delay the EQC earlier Friday.\--With assistance from Christoph Rauwald.To contact the reporter on this story: Gabrielle Coppola in New York at email@example.comTo contact the editors responsible for this story: Craig Trudell at firstname.lastname@example.org, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The stock market hit record highs hit record highs the China trade deal and other news easing stock market uncertainty. Adobe, Facebook, Lululemon and Tesla were key movers on news
The U.S. auto safety agency said Friday it will investigate a 12th Tesla crash that may be tied to the vehicle's advanced Autopilot driver assistance system after a Tesla Model 3 rear-ended a parked police car in Connecticut on Saturday. The National Highway Traffic Safety Administration special crash investigation program will investigate the Dec. 7 crash of a 2018 Tesla Model 3 on Interstate 95 in Norwalk, Connecticut, the agency confirmed. The agency’s special crash investigation team has inspected 12 crashes involving Tesla vehicles where it was believed Autopilot was engaged at the time of the incident.
Tesla, General Motors and other players in the electric-vehicles sector have a role in the end-of-year scramble around a possible tax package with so-called “tax extenders,” as they could score an expansion for a key EV credit.
Analyst Emmanuel Rosner isn’t recommending the stock, although he notes that demand is “solid” and that free cash flow can end the year strong.
(Bloomberg) -- The perpetual war between Tesla Inc.’s bears and bulls may finally be simmering down.Passionate views about the outlook for the electric-vehicle maker have often led to polarizing takes from analysts, with some forecasting global dominance and others predicting an imminent death. But over the past year or so, those extremest stances have started to fade from the mainstream, according to Toni Sacconaghi, an analyst at Sanford C. Bernstein.“Bears are no longer expecting Tesla to run out of cash, while bulls have acknowledged the market’s lukewarm reception to unproven business models (Uber, WeWork, Peloton, etc.),” he wrote in a note to clients, adding that more investors have become focused on different ways to value Tesla shares.The zealots have backed off over the past year. Citron Research founder Andrew Left, once among the most prominent critics, threw in the towel on his short thesis. Morgan Stanley’s Adam Jonas, once an avid Tesla bull, conceded that a host of scenarios could call that optimism into question.Analysts’ average price target on the stock was $343 on Dec. 31, 2018, and currently stands at $292.Sacconaghi, who has the equivalent of a hold rating on the stock and a price target of $325, estimated that the company could be worth less than $250 a share or more than $500 per share, depending on how things shake out over the next few years. The stock fell 0.6% mid-day Friday to $357.37In the event that Tesla ultimately becomes the size of Volkswagen AG with the margins of BMW AG, the shares could rally to $530, the analyst said, ascribing a 20% chance to the outcome. The base-case assumption, in which Tesla matches the size and margins of BMW, yields a value of about $345, and has a 50% probability. The most pessimistic case, with a 30% possibility, will lead to a tumble to $155, Sacconaghi said.Jonas also published a note evaluating the most optimistic scenario for the company, raising his most bullish estimate to $500 from $440 per share, reflecting the potential for selling trucks and generating more revenue in China.Tesla shares are up 8.6% this year, compared with a 26% jump in the S&P 500 Index. If the stock price hovers around the same level, this would be the second straight year of single-digit percentage gain in the stock.\--With assistance from Gregory Calderone.To contact the reporter on this story: Esha Dey in New York at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Brendan Walsh, Richard RichtmyerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The major stock indexes were modestly higher in morning trade after taking an early hit from President Trump's latest tweet on the U.S.-China trade deal.
In September, a judge found that Tesla violated the National Labor Relations Act several times since 2017.
The telecommunications regulator's undivided decision to open up unused spectrum for Wi-Fi is likely to fend off stiff opposition for the implementation.
(AMZN) CEO Jeff Bezos’s privately held space company, Blue Origin, completed another successful launch this week. The trip brings the rocket company closer to its goal of carrying tourists into space—a journey that would be fun, but expensive. “This mission was another step toward verifying New Shepard for human spaceflight as we continue to mature the safety and reliability of the vehicle,” reads the company’s Wednesday news release.
More than 30 high-level leaders have left Tesla in recent years, according to an updated tally, including its third general counsel in a year.
(Bloomberg) -- Tesla Inc. has lost its third general counsel in the past year.Jonathan Chang, a longtime attorney for the electric-car maker who was promoted to the role in February, left the company Dec. 6, according to people familiar with the matter. He’s taken the general counsel job at SambaNova Systems, the artificial intelligence startup announced Thursday.Chang, 41, joined Tesla in 2011. He was thrust into the general counsel role in February after Washington-based trial lawyer Dane Butswinkas lasted just two months with the company. His predecessor was Todd Maron, a former divorce attorney who had been in the job since 2014.Tesla shares pared a gain of as much as 2.8% on the news, trading up 1.6% to $358.22 as of 3:30 p.m. in New York.It was an eventful 9 1/2 months for Chang and Tesla. He took over from Butswinkas a day after Chief Executive Officer Elon Musk published problematic tweets about the outlook for vehicle production this year. Within a week, the U.S. Securities and Exchange Commission asked a judge to hold the billionaire in contempt of a 2018 settlement that required him to get social media posts that could be material to investors pre-approved.Musk and the SEC settled in April. That month, Tesla started waging a legal battle against a short seller it accused of trespassing at its California assembly plant and menacing workers. And in August, Walmart Inc. sued Tesla over rooftop solar fires at more than a half-dozen of the retailer’s stores. The two companies resolved the issue out of court last month.Last week, Musk, 48, emerged victorious from a four-day trial over another series of tweets in which he attacked a British cave expert who help rescue members of a Thai soccer team from a flooded cave. An eight-member jury unanimously decided his statements fell short of defamation.Chang is leaving a company seemingly on firmer footing than it’s been when other senior managers have left the last few years. Tesla reported a surprise third-quarter profit in October and said it was ahead of schedule launching its next high-volume electric vehicle, the Model Y crossover. Its shares have surged more than 40% since then and are trading up for the year.Tesla didn’t respond to questions including who will replace Chang, who declined to comment. The company, which is notorious for churning through top executives, has promoted from within of late rather than replace senior managers with splashy outside hires.Other Tesla departures this year that the company back-filled internally include J.B. Straubel, the co-founder who ceded the role of chief technology officer in July, and Deepak Ahuja, the chief financial officer who retired in March.(Updates with SambaNova statement in second paragraph)To contact the reporter on this story: Dana Hull in San Francisco at email@example.comTo contact the editors responsible for this story: Craig Trudell at firstname.lastname@example.org, Chester Dawson, David WelchFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Tesla stock, in June, fell to levels not seen since early 2016. But with rapid growth in shipments, what does an analysis of the stock's fundamental and technical strength say about buying Tesla shares?
Thyssenkrupp is hoping to win contracts for a planned factory Tesla plans to build near Berlin, a board member of the German conglomerate told a business daily. "We are in talks over carrying out certain services," Klaus Keysberg, board member in charge of steel and materials services at Thyssenkrupp, told Handelsblatt, declining to be more specific. Thyssenkrupp makes everything from elevators and submarines to car parts, steel and fertilizers plants.
Jim Cramer has seen the light. The sharp, sleek light of a Tesla Inc (NASDAQ: TSLA ). And the experience has converted the "Mad Money" host from a long-time “agnostic skeptic” to an “outright ...
Tesla General Counsel Jonathan Chang stepped down from the electric-vehicle company to take a similar position at an artificial intelligence startup, a report said. Chang was the third person to hold the top legal position at Tesla in the past year, Bloomberg reported. People familiar with the matter told Bloomberg that Chang joined SambaNova, which has offices in Palo Alto, Calif., and Austin, Texas.
Here’s the math behind that projection: Each Qualcomm (QCOM) 5G modem costs about $20, and Apple (AAPL) will start making all its iPhone 5G compatible next year. The introduction of 5G iPhones next year is widely expected, but Apple hasn’t confirmed anything yet. Instead, Apple has been talking about its newly released slate of iPhones and increased subscription offerings.