The Ford display at the New York International Auto Show on March 28, 2024. Danielle DeVries | CNBC DETROIT — Ford Motor came in short of Wall Street’s second-quarter earnings expectations while beating on revenue, due to warranty costs that have plagued the automaker for several years now. The automaker increased its full-year target for… Continue reading Ford shares tumble 11% after massive earnings miss
Author: CNBC Online news
Tesla shares close down 12% after earnings miss for biggest slump since 2020
Elon Musk, CEO of Tesla. Antonio Masiello | Getty Images Tesla shares plummeted the most since 2020 after the electric vehicle maker reported weaker-than-expected quarterly earnings and another drop in automotive revenue. The stock closed down 12% on Wednesday at $215.99. It’s now down 13% for the year, while the Nasdaq is up 16% over… Continue reading Tesla shares close down 12% after earnings miss for biggest slump since 2020
Elon Musk says he expects China to approve Tesla’s Full Self-Driving by the end of the year
Tesla China sales fell by 5.4% in the first half of the year, although the company retained third place in new energy vehicle sales, behind BYD and Geely, according to the China Passenger Car Association. Bloomberg | Bloomberg | Getty Images BEIJING — Tesla CEO Elon Musk has again touted the impending rollout of advanced… Continue reading Elon Musk says he expects China to approve Tesla’s Full Self-Driving by the end of the year
Elon Musk wants Tesla to invest $5 billion into his newest startup, xAI — if shareholders approve
Musk is attending Cannes Lions this week with an aim to reassure ad groups and global brands over the future of X. Marc Piasecki | Getty Images Tesla CEO Elon Musk posted an informal poll on social network X asking whether his publicly traded automaker should invest $5 billion into his newest startup, xAI. Specifically,… Continue reading Elon Musk wants Tesla to invest $5 billion into his newest startup, xAI — if shareholders approve
Chinese EV stocks drop as Tesla’s earnings miss, General Motors delays EV plans
Spectators are looking at BYD Song L electric cars at the 21st Changchun International Automobile Expo in Changchun, Jilin province, China, on July 17, 2024. (Photo by Costfoto/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty Images Shares of major Chinese electric vehicle companies dropped Wednesday after U.S. giant Tesla‘s earnings fell short of analysts’… Continue reading Chinese EV stocks drop as Tesla’s earnings miss, General Motors delays EV plans
Tesla reports 7% drop in auto revenue as earnings fall short of Wall Street estimates
Elon Musk, Chief Executive Officer of SpaceX and Tesla and owner of X speaks during the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, U.S., May 6, 2024. David Swanson | Reuters Tesla reported weaker-than-expected earnings for the second quarter as automotive sales dropped for a second straight period.… Continue reading Tesla reports 7% drop in auto revenue as earnings fall short of Wall Street estimates
GM slows its EV plans again even as sales grow
GM’s 2024 Chevrolet Equinox EV during a media launch event for the vehicle in Detroit, May 16, 2024. Michael Wayland / CNBC DETROIT – General Motors said Tuesday it is again slowing its plans for all-electric vehicles by further delaying a second U.S. electric truck plant and the Buick brand’s first EV. The six-month delay… Continue reading GM slows its EV plans again even as sales grow
GM indefinitely delays Cruise Origin autonomous vehicle
Cruise Origin Cruise DETROIT – General Motors is indefinitely delaying production of its Origin autonomous vehicle as its embattled Cruise self-driving unit attempts to relaunch operations. The Detroit automaker said Tuesday its majority-owned robotaxi unit will instead focus on using the next-generation Chevrolet Bolt for development of autonomous vehicles. Cruise has been using now-discontinued Bolts… Continue reading GM indefinitely delays Cruise Origin autonomous vehicle
Porsche shares fall 5% after automaker cuts 2024 outlook on aluminium alloy shortage
The Porsche logo, the German automobile manufacturer specialising in high-performance luxury sports cars, SUVs, and sedans, headquartered in Stuttgart and part of the Volkswagen group, captured in their Porsche Zentrum Zrich shop, their main center in the biggest Swiss city, in Zrich on November 13, 2023, in Zrich, Switzerland. Joan Cros | Nurphoto | Getty… Continue reading Porsche shares fall 5% after automaker cuts 2024 outlook on aluminium alloy shortage
GM shares sink 7% despite second-quarter beat as Wall Street fears ‘good times won’t last’
watch now DETROIT — General Motors is raising several key financial targets for 2024 after easily beating Wall Street’s earnings expectations for the second quarter, while it restructures money-losing operations such as autonomous vehicles and its China business. The Detroit automaker now expects full-year adjusted earnings before interest and taxes of between $13 billion and… Continue reading GM shares sink 7% despite second-quarter beat as Wall Street fears ‘good times won’t last’