Tesla told workers at its Fremont, California factory it would temporarily shut down production, a source told Bloomberg. The Tesla Model 3 line shutdown would last from February 22 to March 7, the source said. Tesla said last month that production could be impacted by the global semiconductor shortage. Visit the Business section of Insider… Continue reading Tesla has reportedly temporarily halted production on its Model 3 line in California
Author: Business Insider
Uber stock slips as Chinese rival reportedly plans to enter the Western European market (UBER)
Nisian Hughes/Getty Images Uber shares fell Wednesday with a report that rival Didi is preparing to operate in Europe. Didi is considering ride-hailing services in the UK, France and Germany, The Wall Street Journal reported. Didi is making expansion plans ahead of a possible IPO for the Beijing-based company. Visit the Business section of Insider… Continue reading Uber stock slips as Chinese rival reportedly plans to enter the Western European market (UBER)
Lucid Motors is set to go public with a $24 billion valuation. It probably couldn’t have happened without billions in Saudi money.
Electric vehicle startup Lucid Motors plans to go public via SPAC at a $24 billion valuation. The company struggled for years before getting $1.3 billion from Saudi Arabia in 2019. The deal increases Saudi Arabia’s ownership stage from 67% to 85%. Visit the Business section of Insider for more stories. Somewhere out there, there’s a… Continue reading Lucid Motors is set to go public with a $24 billion valuation. It probably couldn’t have happened without billions in Saudi money.
Nikola could fall 30% as ‘ambitious’ profit forecasts and Tesla’s first-mover advantage weigh on valuation, CFRA analysts say (NKLA, TSLA)
Nikola truck prototype. Nikola CFRA analyst Garrett Nelson initiated coverage on EV maker Nikola with a “sell” rating and a $15 price target. The price target implies a nearly 30% drop from Monday’s closing price. Nelson said Nikola has “ambitious” profit forecasts and faces stiff competition from Tesla and others. Watch Nikola trade live here.… Continue reading Nikola could fall 30% as ‘ambitious’ profit forecasts and Tesla’s first-mover advantage weigh on valuation, CFRA analysts say (NKLA, TSLA)
Nio’s 2-day plunge stretches to 24% as electric-vehicle stock momentum slows (NIO, TSLA)
STR/AFP via Getty Images Nio shares fell as much as 18% Tuesday, extending their two-day loss to 24%. The company is one of several electric-vehicle makers to see sharp two-day declines. Tesla specifically has led a broader sell-off in tech stocks. Visit the Business section of Insider for more stories. Nio stock slid as much… Continue reading Nio’s 2-day plunge stretches to 24% as electric-vehicle stock momentum slows (NIO, TSLA)
BMW’s CEO says Tesla will struggle to maintain its rapid growth because of mounting competition among electric-car makers
Tesla may struggle to maintain its rapid growth as other carmakers launch their own EVs, Oliver Zipse said Monday. “The rest of the industry is moving ahead big time,” the BMW CEO said. Tesla delivered almost 500,000 vehicles in 2020. Other automakers have committed to boosting electric-car sales. Visit the Business section of Insider for… Continue reading BMW’s CEO says Tesla will struggle to maintain its rapid growth because of mounting competition among electric-car makers
Tesla drops 9% after stopping new orders for the lowest-priced version of its Model Y SUV (TSLA)
Tesla Model Y. Tesla Shares of Tesla close 9% lower on Monday after the electric-vehicle maker stopped taking new orders for the lowest-priced version of its Model Y. According to reports out of Electrek, Tesla has halted new orders for the lowest-priced version of the Model Y electric SUV and removed the car from its… Continue reading Tesla drops 9% after stopping new orders for the lowest-priced version of its Model Y SUV (TSLA)
Uber drops 2% after the UK Supreme Court rules that its drivers are employees, not contractors (UBER)
A black-cab driver waves a Union Jack flag whilst standing on a taxi on London Bridge, during a protest against TfL and Uber. Kirsty O’Connor – PA Images / Getty Images Uber fell as much as 2% on Friday after the UK Supreme Court ruled that its drivers are employees rather than contractors. The ruling… Continue reading Uber drops 2% after the UK Supreme Court rules that its drivers are employees, not contractors (UBER)
Morgan Stanley’s investment arm is reportedly considering a stake in bitcoin
An investment unit under Morgan Stanley is exploring a stake in bitcoin, according to Bloomberg. Morgan Stanley Investment Management’s Counterpoint Global, a $150 billion investing unit, was looking into whether the cryptocurrency would be a “suitable option for its investors,” Bloomberg reported, citing people familiar with the matter. The investment would require regulatory approval, the… Continue reading Morgan Stanley’s investment arm is reportedly considering a stake in bitcoin
Tesla will set up an electric car manufacturing unit in India
Tesla will set up an electric car manufacturing unit in the southern Indian state of Karnataka, CNBC TV 18 reported on Saturday, citing Karnataka chief minister B.S. Yediyurappa. Last month the company incorporated Tesla Motors India and Energy Private Limited with its registered office in the southern city of Bengaluru, a hub for several global… Continue reading Tesla will set up an electric car manufacturing unit in India