Tag: Tesla Inc

Nvidia becomes Tesla’s successor as market flips from EV to AI
4Mar By adminNo Comments
Technology

Nvidia becomes Tesla’s successor as market flips from EV to AI

[ad_1] Nvidia Corp.'s rise is captivating the stock market and driving the S&P 500 Index to new highs. But it also raises cautionary reminders of another investor darling that soared on dreams of a technological transformation, only to tumble back to earth when those hopes turned to disappointment. That stock belongs to Tesla Inc., which sparked its own mania in 2017 as investors bet that electric vehicles were going to take over the world. Back then, Elon Musk's company was a phenomenon as it blew past established carmakers like General Motors Co. and Ford Motor Co. in market capitalization to become America's biggest auto manufacturer. Some analysts were looking beyond the industry and calling it “the next Apple Inc.” Now, Tesla shares are down more than 50% from their 2021 peak, ...
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Bill Ackman defends Elon Musk after backlash over antisemitism
19Nov By adminNo Comments
Technology

Bill Ackman defends Elon Musk after backlash over antisemitism

[ad_1] Hedge fund manager Bill Ackman defended Elon Musk after major advertisers pulled ads from social media site X over antisemitic commentary. Musk received backlash after he agreed with a post that said Jewish people hold a “dialectical hatred” of white people. “You have said the actual truth,” the billionaire owner of X posted on Wednesday.  That prompted criticism from the White House and shareholders of Tesla Inc., Musk's only publicly traded company, with some investors saying he should be suspended from his position as chief of the electric carmaker. Advertisers from Apple Inc. to Walt Disney Co. have also suspended or halted spending on X.  Ackman, who is chief executive officer of Pershing Square Capital Management, is worth roughly $2.2 billion, according to Bloomberg's Bill...
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Tesla woes bolster appeal of top China EV maker BYD: Tech Watch
30Oct By adminNo Comments
Technology

Tesla woes bolster appeal of top China EV maker BYD: Tech Watch

[ad_1] Even as the supercharged rally in Tesla Inc. cools on weaker sales growth, expectations are ramping up for China's top electric-vehicle maker BYD Co. thanks to record-high profits.BYD is rapidly closing in on Tesla as the world's biggest seller of pure electric vehicles. Yet shares of Elon Musk's company are still up 68% this year, even with the recent pullback, far outpacing the 28% rise in BYD's Hong Kong-listed stock. That could be poised to change. Traders have snapped up bullish options on BYD, while analysts have raised earnings-per-share projections for the Chinese company to a record high since its preliminary quarterly report this month. BYD posted all-time high sales despite intensifying competition and a broader slowdown in sales of China's new-energy cars. We are now ...
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Tesla, EV investors face a reckoning
28Oct By adminNo Comments
Technology

Tesla, EV investors face a reckoning

[ad_1] The electric-vehicle boom that spawned multibillion dollar startups overnight and pushed Tesla Inc.'s value into the stratosphere is starting to flounder just a few years after it began.A key theme from this earnings season is the waning demand for electric cars. First was Tesla's grim earnings report last week, that was followed by dour commentary from General Motors Co., Mercedes-Benz Group AG, Honda Motor Co. and car-rental company Hertz Global Holdings Inc.  The shift has been sobering for investors, as the valuations of most EV stocks assume a rapid industry expansion. Should that fail to materialize, share prices will likely unwind and many startups won't be able to rely on the capital markets to fund their unprofitable ventures. “People were always too aggressive on EV ado...
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Musk commits to attend President Erdogan’s technology festival
1Oct By adminNo Comments
Technology

Musk commits to attend President Erdogan’s technology festival

[ad_1] Billionaire Elon Musk in typical fashion took to X, formerly known as Twitter, to announce his intention to attend Teknofest in Turkey next year.Turkish President Erdogan welcomed Musk's commitment. The X conversation between the two was sparked by Musk extending his congratulations to the teams competing in Teknofest. The technology festival has evolved into a prominent platform for showcasing Turkey's aerospace and technology advancements. The online interaction transpired shortly after the two men met in New York to discuss potential collaborations in artificial intelligence and the potential establishment of a Tesla factory. Erdogan Meets Musk and Asks Him to Open Tesla Factory in TurkeyTeknofest, an annual Aerospace and Technology Festival since 2018, plays host to various t...
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Elon Musk’s Wealth Slumps $13.6 Billion as Tesla Shares Tumble
21Jul By adminNo Comments
Technology

Elon Musk’s Wealth Slumps $13.6 Billion as Tesla Shares Tumble

[ad_1] Elon Musk's fortune slumped $13.6 billion Thursday after Tesla Inc. warned it may have to keep cutting the prices of its electric vehicles, sending shares tumbling.The drop in net worth to $241 billion further narrows the wealth gap between Musk and Bernard Arnault, the world's two richest people, according to the Bloomberg Billionaires Index. Musk's fortune still exceeds that of Arnault, chairman of luxury goods maker LVMH, by about $40 billion. Shares of Austin-based Tesla dropped 7% to $271.02 at 11:30 a.m. in New York after the company warned of more hits to its already-shrinking profitability. Months of markdowns have taken a toll on automotive gross margin, which fell to a four-year low in the second quarter. Musk said Wednesday Tesla will have to keep lowering prices if in...
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Foxconn Unveils Pickup, Crossover Models to Expand EV Lineup
19Oct By adminNo Comments
Technology

Foxconn Unveils Pickup, Crossover Models to Expand EV Lineup

[ad_1] Foxconn took the wraps off two new electric vehicles, prototypes that embody the iPhone maker’s ambitions. Foxconn Technology Group took the wraps off two new electric vehicles on Tuesday, prototypes that embody the iPhone maker's ambitions of carving out a slice of a market led by the likes of Tesla Inc. The company, whose main listed arm is Hon Hai Precision Industry Co., unveiled the Model B crossover SUV and Model V pickup truck at its event in Taipei. Foxconn founder Terry Gou, 72, introduced the Model B by driving it onto the stage. The pickup will be produced in Taiwan, Thailand and the US, Hon Hai Chairman Young Liu said. Foxconn is hoping to replicate the way it muscled into electronics assembly to become the biggest manufacturing partner for Apple Inc. and other ...
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Tesla’s Vegan Leather Supplier Bets Material Will Be Used Everywhere
7Oct By adminNo Comments
Technology

Tesla’s Vegan Leather Supplier Bets Material Will Be Used Everywhere

[ad_1] The goal for Noboru Yoshimura is to make the company’s name synonymous with synthetic leather. For Ultrafabrics Holdings Co. supplying seating material to Tesla Inc., United Airlines Holdings Inc. and furniture makers isn't just good for the environment, it's a potentially lucrative, albeit challenging, business.The goal for Noboru Yoshimura, 60, president of the Tokyo-based manufacturer, is to make the company's name synonymous with synthetic leather. “More and more people are using our leather,” he said in an interview. “We're consciously developing premium products, and that strategy is in line with the times.” For years, leather made from processed cowhides or sheepskin was seen as a premium option for car buyers. Now, environmentally conscious consumers are seeking out pro...
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