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Tag: Alternative Fuel Vehicles

  • Mullen Automotive’s stock more than doubles in 2 days. Here’s why.

    Mullen Automotive’s stock more than doubles in 2 days. Here’s why.

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    Shares of Mullen Automotive Inc. rocketed on massive volume for a second-straight day, after the electric vehicle maker announced plans to buy back a chunk of its shares.

    The company
    MULN,
    +29.02%

    said it believes its stock is “significantly undervalued,” given its current cash position of about $235 million. Therefore, the board of directors have authorized the repurchase of up to $25 million worth of its outstanding shares through the end of this year.

    The buyback amount represents 17.1% of Mullen’s current market capitalization of about $145.8 million.

    “We are initiating this buyback program as an attractive opportunity to deploy capital and return value to our shareholders,” said Chief Executive Officer David Michery.

    The stock soared as much as 88.2% intraday, before paring gains to be up 32.8% in afternoon trading. Trading volume swelled to an already record 1.78 billion shares, compared with the full-day average over the past 30 days of about 205.0 million shares.

    On Wednesday, the stock blasted 69.4% higher, the biggest one-day gain since it ran up 145.6% on Feb. 28, 2022, on then-record volume of 1.39 billion shares. That followed the company’s announcement that it retained a law firm to combat illegal naked short selling.


    FactSet, MarketWatch

    A short sale is a way for investors to bet that prices will fall. The short seller must pay to borrow stock owned by another investor so they can sell it with the hope of buying the stock back at a lower price. If the investor who originally owned the stock sells their stock, the borrower must cover their short so they can return the stock.

    “Naked” short selling refers to the illegal act of shorting a stock without borrowing it first. While that is often blamed for what companies believe are unwarranted declines in their stock, market structure experts have often refuted those claims.

    Read: Short sellers are not evil, but they are misunderstood.

    Before the stock’s two-day bounce, it had closed Monday at a record low of 10.1 cents, even after the company reported last week that it recorded revenue for the first time, and that it received additional financing that put it in the “best financial position” in its history.

    Mullen had said on Wednesday that it “believes it may have been” targeted by naked short sellers, and therefore decided to investigate any “potential wrongdoing.”


    FactSet, MarketWatch

    The latest exchange data showed that the percent of Mullen’s public float, or shares freely available to trade, that have been shorted was 16.2%, according to FactSet data. That’s less than half what the percentage was a month ago.

    In comparison, fellow “meme” stock AMC Entertainment Holdings Inc.
    AMC,
    +0.94%

    has 23.6% of its float shorted and 20.8% of GameStop Corp.’s
    GME,
    -4.48%

    float is shorted.

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  • EV stocks get a broad boost after Tesla, Rivian, Nio report upbeat deliveries data

    EV stocks get a broad boost after Tesla, Rivian, Nio report upbeat deliveries data

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    Shares of electric vehicle makers got a broad boost Monday, after upbeat delivery and production data from a host of companies, including industry leader Tesla Inc. and those based in China.

    The Global X Autonomous and Electric Vehicles exchange-traded fund
    DRIV,
    +1.08%

    jumped as much as 1.7% intraday, before paring gains to close up 1.1%. It has climbed 5.7% amid a five-day win streak. The ETF outperformed the broader stock market by a wide margin, as the S&P 500 index
    SPX,
    +0.12%

    inched up 0.1% and the Nasdaq Composite
    COMP,
    +0.21%

    edged up 0.2%.

    The ETF’s most-active component was Tesla’s stock
    TSLA,
    +6.90%
    ,
    which climbed 6.9% to $279.82, the highest close since Sept. 28, 2022. It has run up 16.1% amid a five-day win streak.

    The rally comes after Tesla revealed over the weekend a blowout deliveries report, in which the EV leader said it delivered a record 466,000 vehicles in the most recent quarter, well above expectations of 449,000.

    The ETF’s second-most active member was Rivian Automotive Inc.’s stock
    RIVN,
    +17.41%
    ,
    which shot up 17.4% to its highest close since Feb. 17, and rocketed 45.4% amid a five-day win streak.

    The company reported second-quarter EV production that was more than triple that of a year ago, and deliveries that nearly tripled.

    Nio Inc.’s U.S.-listed stock
    NIO,
    +3.51%

    rallied 3.5% to $10.03, the first close above the $10 mark since March 31, after the Shanghai-based EV maker reported June deliveries that jumped 74% from May, but were down 17.4% from a year ago.

    Among its China-based peers, the U.S.-listed shares of Xpeng Inc.
    XPEV,
    +4.17%

    advanced 4.2% to the highest close since Sept. 26, 2022, of Li Auto Inc.
    LI,
    +3.42%

    hiked up 3.4% to the highest close since July 21, 2022 and of Boyd Co. Ltd.
    BYDDY,
    +3.07%

    rose 3.1%.

    Elsewhere, Lucid Group Inc. shares
    LCID,
    +7.26%

    charged 7.3% higher to a record sixth-straight gain and the highest close since May 31, as the EV sector’s rally helped offset an effective downgrade at Citi Research.

    Mullen Automotive Inc.’s stock
    MULN,
    -6.31%

    bucked the trend, as it sank 6.3% toward a record low close of 10.1 cents, even after the EV maker reported last week that it recorded revenue for the first time, and that it was in the “best financial position” in its history.

    In an interview on YouTube channel “Financial Journey,” as disclosed on Friday, Mullen Chief Executive Officer David Michery said he doesn’t believe the stock’s price reflects the true value of the company.

    He said he expects manufacturing of the Mullen One class 1 last-mile delivery cargo vans to begin in August with “sellable” vehicles available in September.

    For the Mullen Three class 3 trucks, with a gross vehicle Weight Rating (GVWR) of 11,000 pounds, Michery said manufacturing will start “right around the corner” in July, with sellable vehicles in August and September.

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  • Tesla’s stock jumps 6% premarket after second-quarter deliveries beat with 466,000 vehicles

    Tesla’s stock jumps 6% premarket after second-quarter deliveries beat with 466,000 vehicles

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    Tesla Inc. delivered a record number of vehicles in the second quarter, beating market estimates after the electric-car maker increased discounts and incentives, the company reported Sunday. The news sent the stock up more than 6% in premarket trade Monday.

    The Elon Musk-led electric vehicle manufacturer delivered 466,140 vehicles in the three months ended June 30 and produced 479,700 vehicles. The second quarter of 2023 marked the fifth period in a row when Tesla reported a higher level of vehicles produced compared to deliveries.

    Analysts on average had expected Tesla to deliver 445,000 cars, according to analysts polled by Refinitiv. Tesla delivered 254,695 vehicles in the year-ago quarter.

    “This was a massive delivery beat and will send the Tesla bears back into hibernation mode,” Wedbush analyst Dan Ives tweeted Sunday. “This was a trophy case quarter for Musk & Co.”

    Deliveries are a carefully watched number by Tesla shareholders and are the closest approximation of sales disclosed by the company.

    Tesla said total production rose 85.5% to nearly 480,000 vehicles in the three months ended June 30, from a year earlier.

    The company delivered 446,915 Model 3 compact cars and Model Y sport-utility vehicle, as well as 19,225 of its Model S and Model X premium vehicles.

    Tesla increased discounts for vehicles to a $1,600-to-$7,500 range and made all of its Model 3s eligible for full federal credits of $7,500 starting in June in the U.S.

    Earlier this year, Tesla cut prices globally by as much as 20% after missing Wall Street delivery estimates for 2022.

    Tesla is expected to achieve record sales yet again in China, its second-largest market after North America, despite competition from market leader BYD.

    The company said it will post financial results for the second quarter after the market close on Wednesday, July 19. 

    Earlier this year, Ford Motor
    F,
    +1.20%

    and General Motors
    GM,
    +0.94%
    ,
    as well as fast-charging equipment makers, agreed to adopt Tesla’s North American Charging Standard (NACS).

    Tesla
    TSLA,
    +1.66%

    shares closed at $261.77 on Friday ahead of the second-quarter deliveries report, and are up more than 112% year to date.

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  • Tesla beats 2nd quarter estimates with deliveries of 466,000 vehicles

    Tesla beats 2nd quarter estimates with deliveries of 466,000 vehicles

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    Tesla Inc. delivered a record number of vehicles in the second quarter, beating market estimates after the electric carmaker increased discounts and incentives, the company reported on Sunday.

    The Elon Musk-led electric vehicle manufacturer delivered 466,140 vehicles in the three months ended June 30 and produced 479,700 vehicles. The second quarter of 2023 marked the fifth period in a row when Tesla reported a higher level of vehicles produced compared to deliveries.

    Analysts on average had expected Tesla to deliver 445,000 cars, according to analysts polled by Refinitiv.

    Tesla delivered 254,695 vehicles in the year-ago quarter.

    Deliveries are a carefully watched number by Tesla shareholders and are the closest approximation of sales disclosed by the company.

    Tesla said total production rose 85.5% to nearly 480,000 vehicles in the three months ended June 30, from a year earlier.

    The company delivered 446,915 Model 3 compact cars and Model Y sport-utility vehicle, as well as 19,225 of its Model S and Model X premium vehicles.

    Tesla increased discounts for vehicles to a $1,600-to-$7,500 range and made all of its Model 3s eligible for full federal credits of $7,500 starting in June in the United States.

    Earlier this year, Tesla cut prices globally by as much as 20% after missing Wall Street delivery estimates for 2022.

    Tesla is expected to achieve record sales yet again in China, its second-largest market after North America, despite competition from market leader BYD.

    The company said it will post financial results for the second quarter after the market close on Wednesday, July 19, 2023. 

    Earlier this year Ford Motor
    F,
    +1.20%

    and General Motors
    GM,
    +0.94%
    ,
    as well as fast-charging equipment makers agreeing to adopt Tesla’s North American Charging Standard (NACS).

    Tesla
    TSLA,
    +1.66%

    shares closed at $261.77 on Friday ahead of the second-quarter deliveries report.

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  • Li Auto, XPeng, and NIO Deliver Record Number of EVs in June

    Li Auto, XPeng, and NIO Deliver Record Number of EVs in June

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    Deliveries in June from Chinese electric-vehicle producers


    Li Auto



    XPeng


    and


    NIO


    were great but uneven. The results hold a couple of lessons for investors ahead of


    Tesla


    ‘s closely watched delivery report due Sunday.

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  • Nvidia Stock Is Down. Blame Tesla.

    Nvidia Stock Is Down. Blame Tesla.

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    Shares of newly minted $1 trillion company


    Nvidia


    were taking it on the chin Monday, and investors searching for a reason should look to


    Tesla


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  • Ford Venture Gets Record $9.2 Billion Government Loan for EV Batteries

    Ford Venture Gets Record $9.2 Billion Government Loan for EV Batteries

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    Ford Venture Gets Record $9.2 Billion Government Loan for EV Batteries

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  • Tesla’s stock suffers deepest loss in two months

    Tesla’s stock suffers deepest loss in two months

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    Shares of Tesla Inc. ended more than 5% lower Wednesday in the wake of a downgrade by Barclays.

    The electric-vehicle maker’s
    TSLA,
    -5.46%

    stock notched its worst one-day percentage drop since April 20, when it fell 9.75%.

    Earlier Wednesday, analyst Dan Levy at Barclays said that for all that Tesla has been a momentum stock often “driven by more than fundamentals,” the surge that started in April, in which Tesla shares have gained about 70%, is likely “too sharp” against “challenging” near-term trends.

    The analyst downgraded his rating on Tesla shares to the equivalent of hold.

    Tesla shares have been on a tear in recent weeks, boosted by news that major U.S. automakers such as Ford Motor Co.
    F,
    -1.41%

    and General Motors Co.
    GM,
    -0.83%

    have forged agreements that will allow their EV owners to use Tesla’s fast-charging network, which has stations located alongside major highways.

    On Tuesday, EV startup Rivian Automotive Inc.
    RIVN,
    -6.88%

    announced a similar deal. The agreements have made Tesla’s EV fast-charging connector type, which it calls the North American Charging Standard, or NACS, the de facto standard in North America.

    See also: Tesla’s EV charging standard is becoming widely adopted, in another boost for the stock

    Shares of Tesla have more than doubled this year, up 111%, compared with gains of around 14% for the S&P 500
    SPX,
    -0.52%

    in the same period. The stock is also in the black for a 12-month span, up 10%, while the S&P 500 has advanced 16%.

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  • Cathie Wood Sold More Tesla Stock. She Might Not Be Done.

    Cathie Wood Sold More Tesla Stock. She Might Not Be Done.

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    Cathie Wood Sold More Tesla Stock. She Might Not Be Done.

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  • This Pennsylvania city hopes Biden’s infrastructure law can help revitalize its downtown | CNN Politics

    This Pennsylvania city hopes Biden’s infrastructure law can help revitalize its downtown | CNN Politics

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    Reading, Pennsylvania
    CNN
     — 

    Reading, the fourth-largest city in Pennsylvania, may be most recognized for the iconic Monopoly board game’s Reading Railroad property.

    The railroad was one of the first in the US and was one of the biggest companies in the world in its heyday, connecting northeast Pennsylvania’s coal region with Philadelphia and the rest of the country.

    But the Reading Railroad went bankrupt in 1971. The last passenger train left Reading a decade later, and the city found itself detached from the rest of the country.

    Now Reading, a working-class city, is looking to regain its footing with a big investment in a new iteration of transportation: electric vehicle charging stations.

    City officials have a multimillion-dollar plan to install dozens of EV charging stations, with high hopes of revitalizing the city by making it easier for more workers and visitors to go to Reading and perhaps attract a new, younger generation of residents as well.

    To help make it happen, city officials are seeking federal money provided by the massive infrastructure law passed by Congress in 2021. The law not only provides funding for roads and bridges but also allocates billions of dollars to build a nationwide network of plug-in electric vehicle chargers – a key climate priority for the Biden administration.

    The measure garnered bipartisan support, despite facing some backlash from a handful of Republicans. After many previous administrations had failed to get a comprehensive infrastructure package through Congress, the Biden administration celebrated the law as a huge legislative win.

    In late May, Reading submitted an application for a new grant known as the Charging and Fueling Infrastructure program. The program will provide $2.5 billion over the next five years to local governments – and Reading officials hope to get a piece of that pie.

    The city recently exited a state oversight program for “financially distressed” cities after nearly 13 years, and seeking federal and state funding for a variety of projects is key to helping it rebuild.

    “We don’t give up,” said Mayor Eddie Moran, noting that it was a no-brainer for the city to apply for the federal grant.

    “We know these opportunities exist that can give us a better future,” he said.

    Mayor Eddie Moran speaks during the State of the City address at the DoubleTree by Hilton in Reading, Pennsylvania, on January 28, 2022.

    An electric vehicle revolution could be on the horizon, but there are reasons to be skeptical.

    EVs made up just 5.8% of new car sales last year, according to Kelley Blue Book.

    In addition to being expensive, it’s not always easy for drivers to find a charging station when they need one. There are currently only about 63,000 EV chargers publicly available in the US. Tesla has an extensive nationwide network, including a handful at a hotel in Reading, but those chargers are currently only compatible with Tesla vehicles.

    And let’s face it: EV plug-in chargers are of no use to people who don’t own electric vehicles. But Moran argues Reading’s proposed EV charger plan is an “encouragement” for people to buy EVs.

    There is federal money available for drivers too. The Inflation Reduction Act – a sweeping, federal climate and health care law passed last year – revamped a federal EV tax credit worth up to $7,500 for consumers who purchase certain vehicles.

    The Biden administration has also proposed ambitious new car pollution rules that could require electric vehicles to account for up to two-thirds of new cars sold in the US by 2032.

    “Electric vehicles still have a long way to go; there’s still a lot of bugs that need to be worked out,” said Donna Reed, president of the Reading City Council.

    “But if you’re going to be an economic development leader or political leader, you always have that eye to the future,” she said.

    And while the number of EVs on the road is small, it’s been growing.

    In 2022, the number of registered electric and hybrid vehicles jumped more than 75% compared with the prior year in Berks County, where Reading is the county seat, according to data from the Pennsylvania Department of Transportation.

    Other than the Reading Railroad, there’s another fun fact about the city. A seven-story pagoda atop Mount Penn overlooks the city. Originally meant to be a luxury hotel when it was built in 1908, the unique landmark now serves as a symbol of Reading – and is one of the seven locations where city officials have proposed installing EV chargers.

    Overall, Reading has asked for nearly $2.6 million from the federal grant program to help install more than 30 public electric vehicle chargers and expects to find out later this year whether it will receive the grant money.

    The city will be on the hook for covering at least 20% of the project, but it can use other grants and in-kind contributions, such as land value and city workers’ salaries, to make up that amount.

    The Pagoda in Reading, Pennsylvania.

    The plan calls for two mobile charging trailers that would be tested at the pagoda. The site draws visitors to the area, and there’s access to hiking and biking trails nearby. The road up the mountain is also home to two annual hill-climb races in which cars race up Duryea Drive, named for an automobile maker who used the road to test his cars in the early 1900s.

    But building the needed infrastructure up the mountain could prove challenging. The mobile chargers will help the city evaluate whether there is demand for permanent EV chargers at that location.

    Permanent EV chargers are planned for two city parks and Albright College’s campus.

    The GoggleWorks Center for the Arts, the former site for a safety goggles manufacturer, is another proposed location for EV chargers. It features dozens of resident artists, holds workshops and has a number of studios for trades such as ceramics, woodworking and photography.

    The GoggleWorks Center for the Arts is a community art and cultural resource center located in Reading, Pennsylvania.

    City officials expect chargers at city hall and the public works department to be the first ones up and running, operable in late 2024. Installation at these locations may move the quickest because existing electricity sources can be utilized.

    Currently, Reading spends about $800,000 annually on fuel for city-owned vehicles – a cost that could be reduced with the pivot to electric vehicles, according to Jamar Kelly, the city’s director of finance and deputy managing director.

    Additionally, the EV chargers could help the city reach its sustainability goals.

    The grant would be “instrumental in us starting and leading the City of Reading and the County of Berks to a safer, healthier, ecofriendly community,” the application reads.

    Whenever a massive federal spending law is enacted, there’s concern over whether the money will go out fairly – reaching small towns, rural areas and urban metropolises alike.

    While there may be plenty of money to go around, smaller cities may lack the staffing needed to prepare and submit applications. The infrastructure law offers nearly 400 different funding programs.

    For Reading, a boot camp offered by the Local Infrastructure Hub – which helps cities access the funds provided by the federal infrastructure law – was invaluable. It provided tips on how to apply, the ins and outs of how EV chargers work, and how other cities have had success or challenges installing chargers previously.

    “Seeing how people in other places have already addressed these issues allows us to be able to write a better grant,” said Lisa Unrath, Reading’s former grant coordinator.

    She learned how to structure the grant so that if Reading receives the money, it can complement projects funded by other grants. The city can apply for more money from the same federal grant again over the next five years, creating an opportunity for the city to plan for the future now.

    The Local Infrastructure Hub is sponsored by a variety of groups, including Bloomberg Philanthropies and the Kresge Foundation, as well as the National League of Cities and the US Conference of Mayors, among others.

    “Working with already more than 950 municipalities across the US, we’re placing a concentrated focus on America’s traditionally underserved areas who each have ambitious dreams, but need the expertise, resources, and network the Hub offers to put forward competitive applications,” said James Anderson, who leads the government innovation programs at Bloomberg Philanthropies.

    “It’s about getting as many of the so-called left-behind places a once-in-a-generation foothold in the new economy – and we’re well on our way,” he added.

    This headline has been updated.

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  • Tesla Stock’s Winning Run Analyzed by Wall Street. Here’s What Drove It.

    Tesla Stock’s Winning Run Analyzed by Wall Street. Here’s What Drove It.

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    Tesla Stock’s Winning Streak Ended. Wall Street Says Ford, GM, AI Made It All Happen.

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  • Tesla stock surges to its 10th straight gain

    Tesla stock surges to its 10th straight gain

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    Shares of Tesla Inc. rose Thursday to a 10th straight gain, as data out of China showed that the electric vehicle giant sold more cars in May than the previous month.

    The stock
    TSLA,
    +4.58%

    surged 4.6% to $234.86, for its highest close since Oct. 6, when it closed at $238.13, and its largest one-day percentage increase since May 30, when it rose 4.14%. Shares continued rising around 3% in after-hours trading Thursday.

    It has charged up 27.3% over the past 10 days, its longest win streak since the 11-day streak that ended Jan. 8, 2021.

    The China Passenger Car Association reported overnight that May retail sales of new-energy vehicles, which includes electric and plug-in hybrids, jumped 60.9% from a year ago to 580,000 vehicles, or 33.3% of the total passenger cars sold of 1.74 million, according to a Dow Jones Newswires report.

    Tesla delivered 77,695 cars that were made at its Shanghai facility in May, the DJ report said, which is up from 75,842 cars delivered in April but down from the more than 88,800 EVs delivered in March.

    Meanwhile, shares of other China-based EV makers were mixed, as Nio Inc.’s stock
    NIO,
    +0.39%

    dropped 1.5%, but Xpeng Inc. shares
    XPEV,
    +0.95%

    climbed 0.9% and Li Auto Inc.’s stock
    LI,
    +0.66%

    tacked on 0.7%.

    See also: Tesla Model 3s now qualify for $7,500 in federal tax credits

    Tesla generated $4.89 billion in sales from China during the first quarter, or 21.0% of total sales. In 2022, the company’s China sales totaled $18.15 billion, or 22.2% of total sales for the year.

    Separately, the Associated Press reported that late Wednesday that Tesla may face a class-action lawsuit after 240 Black factory workers described racism and discrimination at the company’s plant in the San Francisco Bay Area.

    Tesla’s stock has soared 91% year to date, while the Global X Autonomous and Electric Vehicles exchange-traded fund
    DRIV,
    +0.77%

    has run up 25.4% and the S&P 500 index
    SPX,
    +0.62%

    has advanced 11.6%.

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  • Rivian stock has ‘clear opportunity’ to pull ahead, Barclays says

    Rivian stock has ‘clear opportunity’ to pull ahead, Barclays says

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    Rivian Automotive Inc.’s recent “clear improvements” reinforce investor’s confidence that the EV maker is on path to break even next year, presenting an opportunity for the stock.

    That’s from analysts at Barclays, led by Dan Levy, who said in a note Friday that they recently visited Rivian’s
    RIVN,
    -0.69%

    plant in Normal, Ill.

    “Our clear takeaway is that [Rivian] has moved past the many challenges/fire fights which deeply challenged operations in 2022,” the Barclays analysts said.

    Don’t miss: U.S. car sales are stronger than a year ago, but rising interest rates could hit demand

    The EV maker now has the bandwidth to address its manufacturing process improvements and cost-cutting goals.

    “There is much low hanging fruit, much runway, and clear improvements are being made … we see improved confidence on the path to reaching gross margin breakeven in 2024,” they said.

    The analysts reaffirmed their rating on Rivian stock at the equivalent of buy, with a price target of $22. That represents upside of about 59% over Rivian share prices on Friday.

    The automaker is not “out of the woods yet,” however.

    Related: Ford EVs will be able to use Tesla charging stations under new agreement

    “There is much work ahead, and execution is a key question. We believe demand is increasingly emerging as a question – just as it is for other EV automakers. And we see significant capital needs ahead,” the Barclays analysts said.

    Yet with that improved confidence that Rivian is on track to break even, and the company’s “great” products and the strength of Rivian’s vertical integration, “we see clear opportunity ahead for the stock,” they said.

    Rivian shares have lost 20% so far this year, contrasting with gains of around 12% for the S&P 500 index.

    The automaker last month reported a narrower-than-expected first-quarter loss and stuck with its production outlook for the year, in contrast with guidance cuts for two other EV startups.

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  • Tesla Stock Rises After Annual Meeting. Here’s Why.

    Tesla Stock Rises After Annual Meeting. Here’s Why.

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  • Tesla’s Elon Musk expects ‘a year of difficulty’ for the global economy

    Tesla’s Elon Musk expects ‘a year of difficulty’ for the global economy

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    Tesla Inc. Chief Executive Elon Musk said late Tuesday he foresees “a year of difficulty” for the global economy, with “lots of companies” going bankrupt, and said that the EV maker will not be immune to the downdraft, even as he teased two new products for Tesla in the future.

    “It’s is going to be a challenging 12 months, and Tesla is not immune to the global economic environment,” Musk said at the Tesla
    TSLA,
    +0.10%

    shareholder meeting in Austin, Texas, where he spoke for nearly two hours on a wide range of topics.

    The macroeconomic environment will be “difficult for at least the next 12 months,” Musk said. A turnaround, however, would come in the following 12 months, and long-term investors in Tesla will do “extremely well,” he said.

    A shareholder in the audience asked about “rumors” that Musk would be about to step down as CEO, ending with “say it ain’t so.” Musk responded with “it ain’t so,” but offered no further details.

    The executive also surprised the audience by saying that Tesla, which famously has eschewed traditional advertising, will now do it. “We will try advertising and see how it goes,” he said.

    Musk teased two new products to be unveiled in the future, and promised more details at a yet-to-be-detailed launch event. The unnamed products would be “head and shoulders above anything else” currently in the market, he said.

    Tesla has been working on a next-generation vehicle that would be cheaper than its current offerings, but nothing has been detailed.

    Musk promised a revamp for the Tesla Roadster in 2024, although he said that wasn’t a firm commitment. A new Roadster “will not be a huge contributor to revenue, but it will be sick,” he said.

    The CEO’s remarks were largely upbeat, to the applause of the shareholders at the event. Musk also spoke about autonomous driving and Tesla’s plans for alternative energy, and confirmed the Cybertruck, Tesla’s electric pickup truck which has been delayed a couple of times, is on track to be sold this year.

    “We will make as many as people want them” eventually, but the production ramp will be slow at first, he said.

    See also: Rivian, Lucid and Fisker navigate a ‘treacherous road’ as they struggle to match Tesla’s success

    Earlier, a preliminary tally indicated that shareholders voted yes on the proposals endorsed by the company, including approving the nomination of former Chief Technology Officer JB Straubel to the board.

    Some shareholders had questioned Straubel’s nomination, saying that Tesla’s board already had too many ties with Musk.

    A failed proposal, which had been introduced in previous years and called for a third-party audit into Tesla’s cobalt supply chain to prevent child and forced labor, ended up being embraced by Musk.

    “You know what, we will do a third-party audit,” although he said that Tesla products don’t use that much cobalt.

    Tesla shares gained 1.2% in after-hours trading. So far this year, Tesla has gained 35%, compared with gains of around 7% for the S&P 500 index
    SPX,
    -0.64%
    .

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  • Tesla’s Elon Musk expects ‘a year of difficulty’ for the global economy

    Tesla’s Elon Musk expects ‘a year of difficulty’ for the global economy

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    Tesla Inc. Chief Executive Elon Musk said late Tuesday he foresees “a year of difficulty” for the global economy, with “lots of companies” going bankrupt, and said that the EV maker will not be immune to the downdraft, even as he teased two new products for Tesla in the future.

    “It’s is going to be a challenging 12 months, and Tesla is not immune to the global economic environment,” Musk said at the Tesla
    TSLA,
    +0.10%

    shareholder meeting in Austin, Texas, where he spoke for nearly two hours on a wide range of topics.

    The macroeconomic environment will be “difficult for at least the next 12 months,” Musk said. A turnaround, however, would come in the following 12 months, and long-term investors in Tesla will do “extremely well,” he said.

    A shareholder in the audience asked about “rumors” that Musk would be about to step down as CEO, ending with “say it ain’t so.” Musk responded with “it ain’t so,” but offered no further details.

    The executive also surprised the audience by saying that Tesla, which famously has eschewed traditional advertising, will now do it. “We will try advertising and see how it goes,” he said.

    Musk teased two new products to be unveiled in the future, and promised more details at a yet-to-be-detailed launch event. The unnamed products would be “head and shoulders above anything else” currently in the market, he said.

    Tesla has been working on a next-generation vehicle that would be cheaper than its current offerings, but nothing has been detailed.

    Musk promised a revamp for the Tesla Roadster in 2024, although he said that wasn’t a firm commitment. A new Roadster “will not be a huge contributor to revenue, but it will be sick,” he said.

    The CEO’s remarks were largely upbeat, to the applause of the shareholders at the event. Musk also spoke about autonomous driving and Tesla’s plans for alternative energy, and confirmed the Cybertruck, Tesla’s electric pickup truck which has been delayed a couple of times, is on track to be sold this year.

    “We will make as many as people want them” eventually, but the production ramp will be slow at first, he said.

    See also: Rivian, Lucid and Fisker navigate a ‘treacherous road’ as they struggle to match Tesla’s success

    Earlier, a preliminary tally indicated that shareholders voted yes on the proposals endorsed by the company, including approving the nomination of former Chief Technology Officer JB Straubel to the board.

    Some shareholders had questioned Straubel’s nomination, saying that Tesla’s board already had too many ties with Musk.

    A failed proposal, which had been introduced in previous years and called for a third-party audit into Tesla’s cobalt supply chain to prevent child and forced labor, ended up being embraced by Musk.

    “You know what, we will do a third-party audit,” although he said that Tesla products don’t use that much cobalt.

    Tesla shares gained 1.2% in after-hours trading. So far this year, Tesla has gained 35%, compared with gains of around 7% for the S&P 500 index
    SPX,
    -0.64%
    .

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  • Rivian’s Earnings Fell Short. The Stock Is Rising.

    Rivian’s Earnings Fell Short. The Stock Is Rising.

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    Rivian’s Earnings Fell Short. The Stock Is Rising.

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  • Here’s how to play oil-industry stocks for long-term growth of 20% or more

    Here’s how to play oil-industry stocks for long-term growth of 20% or more

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    Oil demand is likely to hold up longer than many people expect during the anticipated transition to electric vehicles. And changes in the industry point to oilfield services companies as good long-term growth investments as offshore production ramps up.

    Below is a list of oil producers and related companies favored by two analysts who have followed the industry for decades.

    U.S….

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  • Mullen Automotive now a ‘go to’ meme stock, says influential trader

    Mullen Automotive now a ‘go to’ meme stock, says influential trader

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    Mullen Automotive Inc. is attracting more meme-like attention from retail investors than traditional meme stock darlings AMC Entertainment Holdings Inc. and GameStop Corp., according to an influential meme-stock trader.

    The electric vehicle company’s stock has become the “meme go to” for retail investors, said the trader, who goes by the name Obi. The trader participates in the WallStreetBets group on Reddit under the user name Major-Access2321.

    Obi, whose Making Easy Money YouTube channel has over 28,000 subscribers, said that Mullen
    MULN,
    -7.98%

    is generating plenty of buzz across social media. “When it comes to meme stock world on Reddit, Twitter and now even Facebook, groups are popping up calling themselves the ‘MULN army’,” he told MarketWatch.

    The trader said that “less and less” people are speaking about AMC Entertainment
    AMC,
    +3.14%

    and GameStop
    GME,
    +2.38%
    .
    “More and more people are speaking about MULN … they call it the meme that makes sense,” he added.

    Mullen shares have seen a dramatic spike in trading volume recently, with average trading volume of 1.1 billion shares Wednesday and 547.8 million shares over the past five days, according to FactSet data. The stock’s 65-day average trading volume is 279 million shares. Mullen ended Wednesday’s session down 21.1% on the company’s announcement of a reverse stock split.

    Related: Mullen Automotive shares plunge on reverse stock split announcement

    AMC’s stock ended Wednesday’s session up 4.4% on trading volume of 25.1 million shares, below its 65-day average trading volume of 35.4 million shares. GameStop’s stock closed up 1.7% Wednesday on trading volume of 3.2 million shares, below its 65-day average of 4.8 million shares.

    The stock was down 18% on Thursday.

    The over outlook for the EV market looks bright, according to Obi. “Retail feel like they have something special here with MULN,” he added.

    On Wednesday Mullen Automotive Inc. announced that it will conduct the 1-for-25 reverse stock split as the electric-vehicle company looks to maintain its Nasdaq listing.

    The stock will continue to trade on the Nasdaq Capital Market under the existing symbol “MULN” and will begin trading on a split-adjusted basis at market open Thursday.

    In March, Mullen announced that the Nasdaq had approved the company’s request for a 180-day extension to meet the $1 minimum-bid-price requirement. On Sept. 7, 2022, the Nasdaq notified the company that its stock was not compliant with rules as it had traded below $1 for more than 30 days.

    Related: After TOP Financial’s surge, influential meme-stock trader looks for next big opportunity

    Mullen’s stock soared last year after Amazon.com Inc.’s
    AMZN,
    +0.34%

    delivery partner placed an order for up to 600 cargo vans, and the company has since teamed up with Rapid Response Defense Systems to supply vans for federal government business.

    In December, Mullen announced that it is partnering with Loop Global Inc. to build public and private EV-charging technology, infrastructure and network solutions. Earlier this year, Mullen joined forces with Qiantu Motors to launch what they called an EV supercar.

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