|Day's Range||41.70 - 43.07|
It was only January when Tesla founder Elon Musk broke ground on his first factory in China. Now the electric vehicle pioneer is adding Germany to his list of locations. Musk said late Tuesday (November 12) his firm would build a factory in Berlin, near the city's new airport. In a Tweet he said the plant would build batteries, powertrains and finished cars. The first vehicles off the line will be Tesla's new Model Y. It's a compact SUV designed to be more affordable than the company's current Model X. The news comes after Tesla posted a surprise quarterly profit last month. That sent its stock soaring. But the firm faces huge investment demands. Besides the factories in Germany and China, it's also developing new models including a pickup truck. Analysts say there's still a long way to go before Tesla proves it can be consistently profitable.
(Bloomberg) -- Boris Johnson deployed troops to flood-hit parts of northern England, as the threat of further rain underlined the risk of holding a general election in December. The prime minister faced criticism from opposition parties over his response, and got a frosty reception from some voters during a visit to affected communities. He’ll try to shift the focus back to campaigning with a speech in the key election battleground of the West Midlands later.Key Developments:Johnson speaks at 4.30 p.m., warning that a government led by Labour leader Jeremy Corbyn would offer “more political self-obsession and onanism”Corbyn said a Labour government would not allow a referendum on Scottish independence in its first termFormer Tory minister David Gauke urges voters not to back JohnsonCabinet minister Michael Gove says a majority Conservative government would get a free-trade agreement with the EU done by the end of the Brexit transition period in Dec. 2020Judge Blocks Postal Strike During Election (2:40 p.m.)A London judge blocked a potential strike by Royal Mail Plc workers during the peak Christmas holiday season, which this year includes the Dec. 12 general election. The Communication Workers Union members voted 97% in favor of action, but Royal Mail complained of “potential irregularities” in the ballot.The court’s decision removes the risk that large numbers of postal votes could be caught up in strike action ahead of the general election.Brexit Cost U.K. Tesla’s Gigafactory (2:30 p.m.)There was bad news for Boris Johnson’s claim that Brexit will unleash commercial opportunities, as Elon Musk said Tesla Inc. has rejected the U.K. as “too risky” for its European gigafactory.The U.K. was once a candidate for the company’s research and manufacturing facilities, Musk said as he announced he has opted for Germany instead. The uncertainty around the U.K. leaving the European Union made it far too risky a proposition, he told Auto Express.Corbyn: No Scottish Referendum in First Term (12:10 p.m.)Jeremy Corbyn said a Labour government would not allow a referendum on Scottish independence in its first term.“No referendum in the first term for a Labour government because I think we need to concentrate completely on investment across Scotland,” Corbyn said in pooled comments. “I’m very clear that a Labour government’s priority is investment in Scotland.”The issue is a key one because Boris Johnson’s Conservatives have repeatedly said a vote for Corbyn means a vote for two referendums next year -- one on Brexit and one on Scottish independence.Lib Dems See Boost in Farage Pullback (11:45 a.m.)The Liberal Democrats are trying to cash in on Nigel Farage’s decision to pull Brexit Party candidates out of Conservative-held seats.In an interview, party leader Jo Swinson said Farage’s gambit makes it easier for her party to appeal to moderate Tory voters who are appalled by the association with the Brexit Party. She’s also keen to remind voters that U.S. President Donald Trump urged Farage and Johnson to work together.Read more: U.K.’s Liberal Democrats See Opportunity in Brexit Party RetreatVoter to Johnson: Flood Aid ‘Too Late Now’ (10:15 a.m.)Boris Johnson’s visit to flood-stricken areas of northern England has not yet produced the kind of footage the prime minister will have been hoping for.Walking around with reporters and TV cameras in tow, he asked a local woman: “What more can we do?”“It’s a little bit too late now,” she replied, filming the encounter on her smartphone. Another voter declined to discuss the issue with Johnson, turning away when the premier approached.Speaking to Sky News, Johnson said there’s “a lot more still to be done” to help areas affected by flooding, and to prevent recurrences.Labour Pledges ‘Rescue Plan’ for NHS (10 a.m.)The opposition Labour Party pledged to end what it described as a “crisis” in the state-run National Health Service with a funding boost of 26 billion pounds ($33.4 billion). The increase in health spending by an average 4.3% a year will be funded by higher taxes on businesses and the wealthiest taxpayers, Labour said in an emailed statement. The party said it represents 6 billion pounds more in real terms than the government announced last year.“The world-class health service we all need and depend on needs proper funding,” Labour’s economy spokesman John McDonnell will say in a speech in London on Wednesday, according to the party. “Labour’s policies to tax the richest in society and invest for the future through our Social Transformation Fund mean we will be able to improve millions of lives.”Johnson to Vow to End Brexit ‘Groundhoggery’ (9:40 a.m.)In a speech later on Wednesday, Boris Johnson will vow to end the “groundhoggery” of Brexit if he wins a majority in the Dec. 12 election and “unleash Britain’s potential” with a clean energy revolution.“We can get out of the rut,” Johnson will say, according to lines briefed by his office. A coalition formed by Labour Party Leader Jeremy Corbyn and Nicola Sturgeon’s Scottish National Party lies in wait for the U.K. if the Tories don’t succeed, he’ll say.“The country can either move forwards with policies that will deliver years of growth and prosperity, or it can disappear into an intellectual cul-de-sac of far-left Corbynism,” Johnson will say. “We can honor the wishes of the people, or else we can waste more time, at the cost of a billion pounds per month, and have two more referendums, one on Scotland and one on the EU -- an expense of spirit and a waste of shame, more political self-obsession and onanism.”Gove: Tory Majority Only Way to Get Brexit Done (8:30 a.m.)Cabinet minister Michael Gove disputed David Gauke’s assertion (see 7:30 a.m.) that voting for the Conservatives risked a hard split from the European Union. During his broadcast round, Gove told the BBC that Gauke was “precisely wrong” and said a parliamentary majority for the Tories would allow the government to deliver a free-trade agreement with the EU by the end of 2020.“The only way we can get Brexit done and move on with the people’s priorities, investing in policing and education, is by making sure that we have a functioning majority government,” Gove said. He said politicians’ warnings of a no-deal Brexit at the end of 2020 are attempts to “raise bogeys and make people’s flesh creep.”Gove also addressed the flooding in northern England that has rapidly become a key campaign issue. He said the government is releasing extra funds to help affected communities. “It’s certainly an emergency and it deserves a national response.”Gauke: A Vote for Johnson Means ‘Hard Brexit’ (7:30 a.m.)Former Tory Cabinet minister David Gauke urged voters not to support Boris Johnson, warning that “a Conservative majority after the next election will take us in the direction of a very hard Brexit.” Gauke told BBC radio it’s doubtful a free-trade deal with the European Union can be negotiated by Dec. 2020, when the Brexit transition period is due to end.“I think in reality the prime minister is so boxed in that the Conservative Party would not allow him to extend the implementation period even if he wanted to -- and he shows no signs of wanting to do so,” said Gauke, who plans to stand as an independent candidate.Gauke also said he’s “impressed” by Liberal Democrat leader Jo Swinson. “I think if I was living in a lot of constituencies, I would lend my vote to the Liberal Democrats.”Earlier:Johnson Asks Troops to Fight Floods as Weather Hits U.K. BallotU.K. Recent Election Polls Summary: Conservative 40%, Labour 29%Brexit Bulletin: Johnson Told He Can’t Avoid EU ResponsibilitiesJohnson Aims Not to Be Swept Away By Floods: U.K. Campaign TrailTo contact the reporters on this story: Alex Morales in London at firstname.lastname@example.org;Kitty Donaldson in London at email@example.comTo contact the editors responsible for this story: Tim Ross at firstname.lastname@example.org, Stuart Biggs, Thomas PennyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
On a campaign trip to central England, Johnson will reiterate that only he can break the deadlock over Britain's departure from the European Union. The election was called to end three years of disagreement over Brexit that has sapped investors' faith in the stability of the world's fifth largest economy and damaged Britain's standing since it voted in a 2016 referendum to leave the EU. "The UK is admired and respected around the world but people are baffled by our debate on Brexit and they cannot understand how this great country can squander so much time and energy on this question and how we can be so hesitant about our future," Johnson will say, according to his office.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Elon Musk picked a glitzy event in Germany, a few hours’ drive from the birthplace of the internal combustion engine, to drop the news before some of the world’s biggest car bosses: Tesla Inc. plans to set up shop in their backyard.The billionaire chief executive officer announced Tuesday that Tesla will expand its global manufacturing network with a factory near Berlin. At a red-carpet awards ceremony attended by the heads of BMW AG, Volkswagen AG and Audi AG, he said the company will also establish an engineering-and-design center.“Some of the best cars in the world are obviously made in Germany,” Musk said while accepting a trophy for the Model 3, which beat out BMW and Audi sedans for midsize car of the year. He said the country is “not that far behind” in electric cars, while also acknowledging that the market for them is “unproven.”The news wasn’t completely out of left field -- Musk has said before that Tesla would announce the location for a factory in Europe before the end of this year, and that Germany was a front-runner. But it nonetheless bolstered the CEO’s flair-for-the-dramatic reputation. Fresh off a surprise profit report that sent Tesla shares surging, he threw down the gauntlet in front of rival executives that no longer dismiss his company as a niche automaker.“Elon Musk has an ability to make a splash,” said John Boyd, principal of an eponymous manufacturing site-selection firm based in Princeton, New Jersey. “Not only does Germany bring top-level manufacturing skill sets and positive supply chain dynamics to the table, but there is a cachet value to Tesla establishing a brick-and-mortar presence in Germany -- a nation synonymous with precision car manufacturing.”Tesla shares traded up as much as 1.7% shortly after the start of regular trading Wednesday in New York, rising a sixth straight day. The stock closed Tuesday at $349.93, the highest in 11 months.Making a StatementMusk has until now relied on a single auto assembly plant in Fremont, California, to build a $63 billion company. That facility is supported by the first of the company’s so-called gigafactories near Reno, Nevada, that makes batteries. Tesla is on the verge of starting sales of Model 3s produced at its latest production facility, near Shanghai.While adding a European factory raises the stakes for established automakers already facing a serious threat from the electric upstart, it’s likely going to take time for the plant to get up and running. Musk estimated earlier this year that Tesla’s European gigafactory probably won’t be operational until 2021.“The Berlin location serves two unique goals,” said Gene Munster, a managing partner at venture capital firm Loup Ventures. “It’s strategic to lure German automotive talent to Tesla, and it’s a statement that Elon wants to one-up auto companies from that region.”The gigafactory will be located near Gruenheide, just outside Berlin in eastern Germany, according to Tagesspiegel newspaper -- near the coming Berlin Brandenburg Airport. It’s expected to produce both the Model Y and Model 3.For Tesla’s design center, Berlin has offered locations including the site of the existing Tegel airport, which will be phased out after the new hub is opened, according to a letter from the city’s economy minister. Around 10,000 jobs will be created, Bild reported.Tesla’s modest presence in Berlin now includes a store and service center near the Schoenefeld airport, and showrooms near Potsdamer Platz and on the West Berlin shopping boulevard Kurfuerstendamm.While the future of Germany’s electric-car market looks crowded, the politics of shifting away from the internal combustion engine also are going to be messy. Daimler AG, the maker of Mercedes-Benz cars, is running into labor-union resistance over where future electric cars will be produced ahead of a critical meeting with investors Thursday in London. Audi, the biggest profit contributor to Volkswagen AG, faces similar fights over safeguarding employment at its main German factories that specialize in sedans and station wagons.Chancellor Angela Merkel’s government and local automakers have agreed to boost incentives for EVs, intensifying Germany’s effort to move away from the combustion engine to reduce exhaust emissions. Still, building vehicles in a country that has some of the highest labor and energy costs worldwide is bound to be a challenge. European customers also expect a network of dealers and repair shops to reliably handle maintenance and repair work, which Tesla has struggled with lately.“There was very intense competition in recent months among different European nations,” Economy Minister Peter Altmaier told reporters in Berlin, adding that subsidies haven’t been discussed. “It’s an important and positive development that Germany was chosen.”Demand BoostAdding production in Germany and China will probably help Musk boost Tesla’s sales in those regions, according to Kevin Tynan, a Bloomberg Intelligence auto analyst. “The sustainability of the demand will be more the question,” he said. “And if local competition becomes real competition, it will be more difficult.”Merkel’s government announced last week that cash incentives will jump by 50% to as much as 6,000 euros ($6,680) per electric vehicle, with the auto industry covering half the cost. The changes will take effect this month and run through 2025.For Musk, choosing greater Berlin for a factory was “surprising but not fallacious,” said Ferdinand Dudenhoeffer director of Center for Automotive Research at the University of Duisburg-Essen. Battery-cell manufacturing requires space, infrastructure and subsidies, and the city is a good fit for a premium brand like Tesla’s, he said.Shortly after dropping the news, Musk sent out a pair of tweets to make sure it wouldn’t be missed by his 29.3 million Twitter followers. He said the factory will make batteries and powertrains in addition to cars, beginning with the Model Y crossover unveiled earlier this year.(Updates shares in sixth paragraph)\--With assistance from Gabrielle Coppola, Chris Reiter, Birgit Jennen, Iain Rogers and Stefan Nicola.To contact the reporters on this story: Christoph Rauwald in Frankfurt at email@example.com;Dana Hull in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com;Anthony Palazzo at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The premier of the Brandenburg state that surrounds Berlin said on Wednesday any support for U.S. electric vehicle pioneer Tesla - which has said it will build its first European factory near Berlin - would be in accordance with EU rules. "We're operating within the framework of the European Union's state aid rules," Dietmar Woidke told regional broadcaster rbb. "That applies to all European countries - that's our framework.
There are certainly good reasons for picking Germany, and Berlin in particular, as a site for a battery plant and a research-and-development center for Tesla Inc. A reporter for the BBC, Faisal Islam, tweeted that one issue Brexit raises for Tesla in particular is whether parts produced in the U.K. would qualify as E.U. content.
Tesla will build its first European factory and design centre near Berlin, giving the U.S. electric car pioneer the coveted "Made in Germany" label just as local rivals Audi, BMW and Mercedes prepare to launch competing cars. Tesla Chief Executive Elon Musk announced the move at a prestigious German car awards ceremony late on Tuesday and said the new plant would make batteries, powertrains and cars - starting with the Model Y sports utility vehicle. You know that is part of the reason why we are locating Gigafactory Europe in Germany," Musk said at the ceremony in Berlin.
Tesla will build its first European factory and design centre near Berlin, giving the U.S. electric car pioneer the coveted "Made in Germany" label just as local rivals Audi, BMW and Mercedes prepare to launch competing cars. Tesla Chief Executive Elon Musk announced the move at a prestigious German car awards ceremony late on Tuesday and said the new plant would make batteries, powertrains and cars - starting with the Model Y sports utility vehicle.
Chinese electric vehicles maker Xiaopeng Motors has raised $400 million in a Series C funding round, the company said in a statement on Tuesday. What Happened Xiaopeng Motors, better known as Xpeng, ...
Tesla Inc (NASDAQ: TSLA ) is planning its fourth gigafactory to be located in Berlin, Elon Musk confirmed at an event in Germany on Tuesday. What Happened “Everyone knows that German engineering is outstanding, ...
of the trade war with China, saying US tariffs on Chinese goods would be “raised very substantially” if no truce was reached with officials in Beijing. The comments by the president, in a speech at the Economic Club of New York, highlight the trouble the US administration is having in its efforts to strike an interim deal with China that would bring a halt to the commercial conflict afflicting the world’s two largest economies. Mr Trump said a “significant phase one deal with China” remained “close” and “could happen soon”, as Beijing was “dying to make a deal”.
(Bloomberg) -- Chinese electric-car maker Xpeng Motors Technology Ltd. has raised $400 million from investors including technology company Xiaomi Corp., as it seeks a spot among China’s more serious contenders in the market.Private-equity firms and individual investors including founder He Xiaopeng also took part in the funding round, the company said Wednesday in a statement.The startup said in June it has produced 10,000 units of its G3 sport utility vehicle, putting it in competition with local rivals such as NIO Inc. and global competitors including Tesla Inc. in the world’s biggest EV market.Yet demand in China is sputtering, with EV sales falling for months since the government cut subsidies earlier this year. The slump has raised speculation among investors that only a small fraction of China’s aspiring electric-car makers will survive.Xpeng is working with Xiaomi in developing technologies connecting smartphones with vehicles. Xpeng’s backers also include ecommerce giant Alibaba Group Holding Ltd.The carmaker said it also secured “several billions” of yuan in unsecured credit lines from China Merchants Bank Co., China Citic Bank Corp. and HSBC Holdings Plc.To contact the reporters on this story: Ville Heiskanen in Singapore at email@example.com;Chunying Zhang in Shanghai at firstname.lastname@example.orgTo contact the editors responsible for this story: Young-Sam Cho at email@example.com, Ville Heiskanen, Will DaviesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Chinese EV maker Kandi Technologies reported Q3 revenue slid 17% but recorded an adjusted profit on a per-share basis.
Tesla Inc Chief Executive Officer Elon Musk said on Tuesday the electric-car maker will build its first European factory as well as an engineering and design center in Berlin. Berlin also has earmarked financial support for manufacturing electric car battery cells. Musk, in a tweet, said that Tesla will build batteries, powertrains and vehicles, starting with Model Y lower-priced sports utility vehicle at the Berlin factory.
Shares of Tesla Inc (NASDAQ: TSLA ) are up more than 40% since October, and investors shouldn't fight the trend, Ari Wald, Oppenheimer's head of technical analysis, said on CNBC's "Trading Nation." ...
Tesla stock has come a long way since dropping 46% to start the year. Following the release of its deliveries on June 3, Tesla closed at $178.97, its lowest level since 2017. Since then, it’s been all upside.
Tesla Inc. CEO Elon Musk tweeted Tuesday that a new Gigafactory near Berlin will build batteries, powertrains and vehicles. Musk announced plans for the plant during an awards ceremony in Germany, according to multiple published reports.
While many analysts remain skeptical about Tesla, the company has managed to surprise the markets with its Q3 results, and some analysts are now convinced the stock will reach $400