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Tag: TSLA News

  • Elon Musk Announces Tesla (TSLA)’s Robotaxi Unveiling on August 8

    Elon Musk Announces Tesla (TSLA)’s Robotaxi Unveiling on August 8

    On Friday, Elon Musk—the visionary CEO at the helm of Tesla Inc. (TSLA) and renowned as one of the wealthiest people on the planet—set the tech and automotive sectors abuzz. Taking to social media, Musk dropped a hint that has been long awaited by enthusiasts and investors alike: Tesla is slated to roll out its much-talked-about Robotaxi this coming summer. This tease sent Tesla’s shares climbing in after-hours trading, adding a buzz of excitement to the market.

    So What Exactly Happened?

    Musk’s revelation was succinct, only sharing the date “8/8” for the robotaxi’s reveal, stirring curiosity and speculation among followers and investors. This isn’t the first time Musk has projected ambitious visions for Tesla’s foray into autonomous driving; he’s been known to forecast such advancements before, albeit with timelines that have yet to be realized.

    History shows that Musk’s projections for self-driving technology have been a moving target. In 2016, he suggested a Tesla would autonomously traverse the country by the end of 2017. More promises followed, including claims of nearly achieving ‘level 5′ autonomous driving by 2020 and achieving full self-driving capabilities without human oversight in the following years—targets that have so far stretched beyond their due dates.

    The stock market reacted favorably to Musk’s latest announcement, with Tesla shares climbing more than 4.8% in the hours post-closure on Friday, even though the stock had ended the regular trading day 3.6% down.

    2024 has been tough on Tesla stocks, with the company’s shares dropping sharply by over 30%. Tesla’s challenges include softening demand for electric vehicles and stiff competition, particularly from China, leading to a 40% drop in quarterly profits and a muted revenue increase as per their January financial statement.

    In the robotaxi arena, Tesla is not alone. General Motors’ Cruise and Alphabet’s Waymo have been key players, with Cruise recently facing regulatory hurdles in California, and Waymo expanding its services in several cities and teaming up with Uber Eats for delivery in Phoenix.

    Musk’s personal fortune, meanwhile, is valued at approximately $189.2 billion, per Forbes, maintaining his position as one of the global elite in wealth.

     

  • Auto Stocks to watch on Tuesday: Baidu is All Set to Jump in EV

    Auto Stocks to watch on Tuesday: Baidu is All Set to Jump in EV

    China’s BaiduInc is exploring producing its own electric vehicles and has held talks with automakers about the prospect, said 3 persons with knowledge of the case, the latest step in a battle between tech firms to build smart cars.

    China’s leading search engine, which also advances automated driving technologies and internet communication networks, explores contract production, one of the people said or creating a majority-owned venture with automakers.

    The project will move up from internet peers such as Tencent Holdings Ltd, Amazon.com Inc and Alphabet Inc, which have either developed auto-related technologies or invested in smart-car start-ups.

    NIO Limited (NYSE:NIO) shares were trading down -2.38% at $40.98 at the time of writing on Monday after reporting the pricing of the offering of 68,000,000 American depositary shares, each representing one Class A ordinary share of the Company, at a price of US$39.00 per ADS.

    NIO Limited (NYSE:NIO) share price went from a low point around $2.11 to briefly over $57.20 in past 52 weeks, though shares have since pulled back to $40.98. NIO market cap has remained high, hitting $60.13B at the time of writing, giving it price-to-sales ratio of more than 30.

    If we look at the recent analyst rating NIO, Goldman upgraded coverage on NIO shares with a Neutral rating and a $37.72 price target, which implies room for -3.26% downside momentum this year.

    Ford Motor Company (F) last closed at $8.91, in a 52-week range of $3.96 to $9.57. Analysts have a consensus price target of $8.94.

    Tesla Inc. (TSLA) stock soar by 4.89% to $639.83. The most recent rating by Jefferies, on December 11, 2020, is at a Hold.

    XPeng Inc. (NYSE:XPEV) Shares headed rising, higher as much as 6.45% following the declaration from the firm that that its P7 super-long range sports sedan was named the Car of the Year 2021 by the Xuanyuan Awards, China’s most prestigious badge of auto quality and innovation. The most recent rating by Deutsche Bank, on December 14, 2020, is at a Buy.

    Nikola Corporation (NASDAQ:NKLA) fall -6.87% after losing more than -$1.21 on Monday. The company on November 30, 2020 reported the signing of a non-binding Memorandum of Understanding (“MOU”) with General Motors for a global supply agreement related to the integration of GM’s Hydrotec fuel-cell system into Nikola’s commercial semi-trucks.

    Fisker Inc. (FSR) last closed at $15.59, in a 52-week range of $8.70 to $23.63 after declaring that it has signed agreements with Cox Automotive U.K. and Rivus Fleet Solutions to provide a range of after-sales services for the U.K. market. Analysts have a consensus price target of $24.00.

    Li Auto Inc. (LI) stock drop by -0.10% to $31.33. The most recent rating by Citigroup, on November 16, 2020, is at a Buy. On December 4, 2020, the company announced the pricing of follow-on public offering of American Depositary Shares.

    Kandi Technologies Group Inc. (NASDAQ:KNDI) Shares headed falling, lower as much as -7.67%.

    General Motors Company (NYSE:GM) fall -0.72% after losing more than -$0.3 on Monday. On November 30, 2020, the firm revealed it has signed a non-binding memorandum of understanding with Nikola Corporation for a global supply agreement to provide its Hydrotec fuel cell system for Nikola’s Class 7/8 semi-trucks.

    Workhorse Group Inc. (WKHS) last closed at $21.39, in a 52-week range of $1.32 to $30.99. Analysts have a consensus price target of $26.80.

    Electrameccanica Vehicles Corp. (SOLO) stock drop by -2.02% to $6.31. The most recent rating by ROTH Capital, on July 09, 2019, is at a Buy.

    Lordstown Motors Corp. (NASDAQ:RIDE) Shares headed falling, lower as much as -2.96%. The company on December 5, 2020 reported that the United States Securities and Exchange Commission has declared Lordstown’s registration statement on Form S-1 (File No. 333-250045). The most recent rating by Goldman, on December 11, 2020, is at a Buy.

    Fiat Chrysler Automobiles N.V. (NYSE:FCAU) rose 0.84% after gaining more than $0.14 on Monday. Alfa Romeo Announces 4C Spider 33 Stradale Tributo.

    Ayro Inc. (AYRO) last closed at $5.52, in a 52-week range of $1.80 to $10.60. On November 24, 2020, the company reported the Closing of $10.0 million registered direct offering.

    Niu Technologies (NIU) stock drop by -2.50% to $28.43. The most recent rating by Citigroup, on November 06, 2020, is at a Buy.