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Uber’s CEO sent an email to employees addressing its disastrous IPO, drawing on Amazon’s and Facebook’s rough starts (UBER)

Getty/Spencer Platt Uber CEO Dara Khosrowshahi sent an email to employees on Monday, addressing the ride-hailing giant’s brutal stock-market debut. He said that while the market has so far punished Uber’s newly minted shares, employees should be mindful that its early post-initial-public-offering trading won’t necessarily give way to long-term issues. Khosrowshahi pointed to Facebook, which… Continue reading Uber’s CEO sent an email to employees addressing its disastrous IPO, drawing on Amazon’s and Facebook’s rough starts (UBER)

This Tiny Electric Car Is Made From 80 Percent Recycled Plastics

Green Light Milan-based design studio Mandalaki recently unveiled the Birò O2, a concept car that puts a sustainable twist on Italian carmaker Estrima’s Birò, a tiny two-seater electric vehicle currently available for sale in Europe. According to Mandalaki, 80 percent of the Birò O2’s parts are made from recycled plastics, a higher percentage than any other… Continue reading This Tiny Electric Car Is Made From 80 Percent Recycled Plastics

Volkswagen wins worker backing for restructuring with $1.1 billion battery plan

BERLIN (Reuters) – Volkswagen workers backed a restructuring of the world’s largest carmaker on Tuesday after Chief Executive Herbert Diess pledged to spend 1 billion euros ($1.1 billion) on a new battery cell production plant near its headquarters in Lower Saxony. Volkswagen’s CEO Herbert Diess speaks ahead of Volkswagen Group’s annual general meeting in Berlin,… Continue reading Volkswagen wins worker backing for restructuring with $1.1 billion battery plan

Nissan full-year net profit more than halves to near-decade low

Ghosn denies that charge and insists he is innocent of all allegations against him. TOKYO: Crisis-hit Nissan on Tuesday revealed full-year net profits at a near-decade low and forecast a further decline as it battles to recover after the shock arrest of its talismanic former boss Carlos Ghosn. The Japanese firm’s bottom-line profit for the… Continue reading Nissan full-year net profit more than halves to near-decade low

Daimler’s CEO designate will push alliances to cut costs

Kaellenius said Daimler had moved from using an equal amount of nickel, cobalt and manganese in its electric car batteries, towards a new ratio of 8:1:1. Germany: Daimler will cut development costs of new Mercedes-Benz cars by a significant amount by 2025 and will intensify alliances with rivals as a way to improve margins, Ola… Continue reading Daimler’s CEO designate will push alliances to cut costs

Tesla may be about to lose a key group of investors that have stuck with the struggling stock

Elon Musk, co-founder and chief executive officer of Tesla Inc., speaks during an unveiling event for the Tesla Model Y crossover electric vehicle in Hawthorne, California, U.S., on Friday, March 15, 2019.Patrick T. Fallon | Bloomberg | Getty ImagesTesla's recent move to raise cash may quiet down its skeptics. Yet Elon Musk has given them new ammo as he shifts his focus to autonomous vehicles — which pushes out the automaker's path to profitability even further.
Musk last week tapped Wall Street to raise $2.7 billion in stock and bond offerings, which sparked a relief rally in its stock that had been struggling amid disappointing production and the company's legal woes.
But on an investor call hosted by the deal's underwriters, Musk changed his tune, talking up Tesla's self-driving strategy right off the bat, confidently saying autonomous driving will transform Tesla into a company with a $500 billion market cap.
VIDEO2:5002:50Trading Nation: Tesla picks up speedTrading Nation “Case for a trillion-dollar market cap used to center around high-volume, high-profit auto sales … now it's all in on autonomy,” Barclays autos analyst Brian Johnson said in a note Tuesday. “Tesla [is] apparently pivoting from auto profits to autonomy profits.”
The pivot to autonomy now means growth investors will have to wait around even longer for any payoff, Johnson notes. The so-called rational bulls, typically large institutional investors with a growth mandate, believed that “Tesla will be a multi-product automaker in the next five to seven years with its light vehicle lineup,” Johnson said.
Now that's changed.
Shares of Tesla surged more than 4% the day the company announced its the stock and bond offering, and they jumped another 4% a day later when Tesla decided to upsize the deal to $2.7 billion from $2.3 billion as the offering eased the concerns about the company's liquidity and financing. Tesla's stock is still down more than 24% this year.
Musk first touted the idea of robotaxis on the company's investor day on April 22, saying Tesla would be able to offer robotaxis next year and it will be making cars with no steering wheels or pedals in two years.
Barclays rates Tesla at underweight and has a 12-month price target of $192, which would represent a 25% loss based on Monday's close of $255.
“We believe the appeal of Tesla shares to growth investors may fade,” Johnson said. “Some of the rational bulls may need to reassess the idea that Tesla will become a profitable auto market.”
— With reporting by Michael Bloom
WATCH: David Einhorn calls out Tesla Founder Elon Musk
VIDEO1:2501:25Hedge fund manager David Einhorn calls out Tesla's Musk at Sohn conferenceThe Bottom Line

All Variants Of Tesla Model 3 Get Small Price Hike

The question here is, when will Tesla change prices next? It seems that just about as soon we update our Compare EVs page, Tesla makes another adjustment to pricing and features on its vehicles. This latest price increase is small, but it’s an increase, nonetheless. More Related Tesla News: While we’ve noted our frustration with… Continue reading All Variants Of Tesla Model 3 Get Small Price Hike