STR/AFP via Getty Images Electric-vehicle maker Nio tumbled as much as 7% on Monday on news that its autopilot system was involved in a fatal crash in China. A Chinese businessman named Lin Wenqin reportedly died last week while driving a Nio SUV called the ES8 after activating the autopilot system. The ES8 is equipped… Continue reading Nio tumbles 7% on reports of a fatal accident involving one of its self-driving SUVs
Author: Business Insider
The Mormon Church’s secretive $100 billion fund cashed out its GameStop profits — and trimmed its Tesla bet by 13%
A LDS church. Shutterstock The Mormon Church exited its GameStop position and cut its Tesla holdings last quarter. Ensign Peak Advisors disposed of its 46,000 GameStop shares, pocketing as much as $14 million. The church fund sold 13% of its Tesla shares, leaving a stake worth $382 million on June 30. See more stories on… Continue reading The Mormon Church’s secretive $100 billion fund cashed out its GameStop profits — and trimmed its Tesla bet by 13%
Tesla slides 5% after the US opens a new investigation into Autopilot crashes (TSLA)
Zhe Ji/Getty Images Tesla stock fell Monday on reports the US’s auto-safety regulator is starting a new investigation into the company’s Autopilot system. The NHTSA will look into an estimated 765,000 Tesla Models Y, X, S, and 3 from 2014 to 2021. The agency has identified 11 crashes involving Tesla vehicles at first-responder scenes. See… Continue reading Tesla slides 5% after the US opens a new investigation into Autopilot crashes (TSLA)
Elon Musk dished out some free advice to rival carmaker Rivian: Get your “first plant working” before making plans to expand
Elon Musk said on Twitter that Rivian should focus on production levels before building a new plant. In July, Rivian confirmed it was looking for a second US factory for its electric cars. The same month the startup delayed the first delivery of its electric pickup truck. Loading Something is loading. Tesla CEO Elon Musk… Continue reading Elon Musk dished out some free advice to rival carmaker Rivian: Get your “first plant working” before making plans to expand
Elon Musk made Tesla a success despite ignoring the golden rule that his rivals have been obsessed with for decades (TSLA)
Car companies with poor quality and reliability have had trouble breaking into the US market. Tesla has been the exception to that rule. The EV-maker has overshadowed its flaws with cutting-edge technology and strong branding. In the past 50 years, automakers have had little hope of breaking into the US market if they couldn’t master… Continue reading Elon Musk made Tesla a success despite ignoring the golden rule that his rivals have been obsessed with for decades (TSLA)
Volkswagen CEO’s vacation snafu led to a scathing review of a rival to Tesla’s supercharging network, highlighting the tough road to electric-car adoption
Volkswagen CEO Herbert Diess roasted Ionity for his poor experience with its charging network. The company is partially owned by VW and part of a bid to compete with Tesla’s Supercharger stations. The CEO’s vacation mishap highlights several major advantages Tesla drivers have over others. Loading Something is loading. Volkswagen CEO Herbert Diess lit into… Continue reading Volkswagen CEO’s vacation snafu led to a scathing review of a rival to Tesla’s supercharging network, highlighting the tough road to electric-car adoption
Uber and Lyft say drivers are earning more than $35 an hour in some cities as the companies scramble to recruit them back
Uber and Lyft are recovering from the COVID-19 pandemic as they push to regrow their fleet of US drivers. Incentives and benefits programs, along with increased COVID safety measures, are fueling drivers’ return to the app. The companies are citing higher hourly wages for their drivers, though they have oversold earnings to their drivers in… Continue reading Uber and Lyft say drivers are earning more than $35 an hour in some cities as the companies scramble to recruit them back
Uber is still losing a lot of money
Uber reported second quarter gross bookings of $21.9 billion, more than double the same period in 2020. Even so, the company posted an adjusted earnings loss of $509 million and a cash burn of $1.28 billion. The company’s CFO said bookings should rise, but losses likely will continue for another quarter. Loading Something is loading.… Continue reading Uber is still losing a lot of money
Elon Musk ruthlessly cleaned house of any Tesla workers who disagreed or got in his way, a new book says (TSLA)
A new book details numerous instances where Elon Musk appears to “rage-fire” employees. The CEO created an environment where workers who disagreed with him were swiftly ousted, the book says. In the past, Musk has denied allegations that he goes on such firing sprees. Loading Something is loading. Tesla CEO Elon Musk has denied allegations… Continue reading Elon Musk ruthlessly cleaned house of any Tesla workers who disagreed or got in his way, a new book says (TSLA)
Uber slides 4% on report SoftBank will shed a third of its stake in the ride-hailing app
Photo by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images Uber’s stock fell 4% on Thursday after CNBC reported SoftBank is offloading a large stake in the firm. The latest share sale could take SoftBank’s holdings in Uber to less than 100 million shares. Reports say the decision is unrelated to SoftBank’s $4 billion loss from its… Continue reading Uber slides 4% on report SoftBank will shed a third of its stake in the ride-hailing app