Elon Musk, here seen at an event in New York in early-May, is being aggressively wooed to set up facilities to produce his electric vehicles “end-to end” in resource-rich Indonesia. Taylor Hill | Getty Images Entertainment | Getty Images Activist investors SOC Investment Group have asked federal financial regulators to investigate Tesla over plans to … Read more
DETROIT – It’s the beginning of the end for Tesla’s dominance of the US electric vehicle industry, according to Bank of America Securities. As startups and legacy automakers introduce a significant number of new electric vehicles, Tesla’s domestic share of the EV market is expected to decrease from 70% or more in recent years to … Read more
A security guard stands next to a Bed Bath & Beyond sign at the entrance to a New York City store location. Scott Mlyn | CNBC Check out the companies making headlines in midday trading. Bed Bath & Beyond – Shares of the retailer plummeted about 21% after the company missed revenue estimates and posted … Read more
Elon Musk talks at the Automotive World News Congress at the Renaissance Center in Detroit, Michigan. Rebecca Cook | Reuters Tesla is closing its office in San Mateo, California, and eliminating an estimated 200 jobs there, CNBC has confirmed, as part of a broader cost-cutting effort at the electric vehicle company. At the San Mateo … Read more
BMW’s iX electric SUV in China was the first global car brand to include the automobile version of Tencent’s WeChat messaging app, according to the Chinese tech company. Tencent BEIJING – Chinese internet giant Tencent wants to sell technology which the company says will help foreign automakers that want to sell cars in China’s massive … Read more
Market watchers have been reluctant to call the bottom on the sell-off in global stocks this year, but some assets are now looking oversold – and could be ripe for a bounce. The stock market has tumbled into a bear market in the first half of this year amid fears that an overly aggressive rate … Read more
Salesforce CEO Marc Benioff, Microsoft co-founder Bill Gates, and departing Meta COO Sheryl Sandberg were among noteworthy tech executives speaking out publicly on Friday’s Supreme Court ruling which overturned Roe v. Wade. The ruling ends constitutional right to abortion in the US, which has stood since 1973. Apple CEO Tim Cook, Tesla and SpaceX CEO … Read more
Toyota’s bZ4X electric sport utility vehicle photographed in Chiba Prefecture, Japan, on Feb. 24, 2022. The Japanese automotive giant has issued a safety recall related to the bZ4X’s wheels. Kiyoshi Ota | Bloomberg | Getty Images Japanese automotive giant Toyota issued a safety recall for more than 2,000 of its all-electric SUV, the bZ4X. Announced … Read more
Here are Wall Street’s biggest calls on Friday: Goldman Sachs upgrades Wolfspeed to buy from neutral Goldman said it’s getting “tactically more bullish” on the semiconductor company. “While WOLF’s growth story tied to EVs is likely well appreciated by investors given the company’s ongoing investment and backlog growth in this space over the past couple … Read more
Japanese investment bank Nomura has named the battery stocks it thinks are set to pop on rising electric vehicle adoption. The bank estimates that global EV penetration will reach 27.2% in 2030, up from 11.8% in 2022, driven by the “irreversible trend” for carbon neutrality. In a note from Jun. 22, Nomura’s analysts, led by … Read more