U.S. might delay decision to add EVs to biofuel credit program

UAW holds off on endorsing Biden for 2nd term citing EV policies

May 3, 2023 3:22 PM EDT

United Auto Workers (UAW) President Shawn Fain said in a letter to members seen by Reuters Wednesday that the Detroit-based union has yet to endorse President Joe Biden for a second term, citing concerns about electric vehicle policies.

"The federal government is pouring billions into the electric vehicle transition, with no strings attached and no commitment to workers. The EV transition is at serious risk of becoming a race to the bottom. We want to see national leadership have our back on this before we make any commitments," Fain... More

Ford (F) CEO says EV price cuts are 'a worrying trend'

May 3, 2023 3:07 PM EDT

Ford (NYSE: F) CEO, Jim Farley told a Wall Street Journal forum on Wednesday that price cuts in the electric vehicle market "is a worrying trend".

Rival EV automaker Tesla (NASDAQ: TSLA) incited what others are... More

Apple's Steve Wozniak to CNN: buy a Tesla (TSLA) 'if you want a study of AI gone wrong'

May 3, 2023 2:42 PM EDT

Apple (NASDAQ: AAPL) co-founder Steve Wozniak spoke with CNN This Morning Tuesday when he offered some off-hand commentary on Teslas (NASDAQ: TSLA) Autopilot struggles.

When asked if the tech guru ever speaks to Tesla CEO Elon Musk, Wozniak said hed never met Musk but that he admires some of the things Musk has done for the world. However, he said much of those achievements... More

Marco Rubio seeks investigation into Ford’s (F) Chinese partnerships

May 3, 2023 11:58 AM EDT

Republican U.S. Senator Marco Rubio on Wednesday asked President Joe Bidens administration to investigate Fords (NYSE: F) plan to partner with PT Vale Indonesia and China's Zhejiang Huayou Cobalt in a $4.5 billion nickel processing plant in Indonesia.

Rubio is the top Republican on the Senate Intelligence Committee and... More

Ford (F) expects $1.5B to $2B in restructuring charges in 2023

May 3, 2023 8:12 AM EDT

Ford (F) said in a regulatory filing on Wednesday that the company expects to take up restructuring charges between $1.5 billion and $2 billion in 2023. The charges come as part of the U.S. automaker's move to exit unprofitable locations and cut headcount.

The charges will be primarily attributed towards "employee... More

Tesla (TSLA) cuts price, resumes orders of long-range Model 3 in US

May 3, 2023 7:54 AM EDT

Teslas (NASDAQ: TSLA) website, late Tuesday, showed the EV automaker has resumed taking orders for its Model 3 long-range version in the United States following a temporary halt last year due to delivery backlogs.

The long-range version of the Model 3 is currently priced at... More

General Motors (GM) GM North America names Rory Harvey President as Steve Carlisle announces retirement

May 2, 2023 2:26 PM EDT

American Automotive brand General Motors (NYSE: GM) announced Tuesday that Steve Carlisle, executive vice president and president of GM North America, is retiring after more than four decades with the company. Carlisle, 61, has been the president of GM North America since September 2020.

The company also... More

Ford (F) cuts price of Mach-E after Tesla (TSLA) raises prices in multiple markets

May 2, 2023 11:36 AM EDT

Ford (NYSE: F) announced Tuesday that the American automaker is cutting prices on its Mustang Mach-E electric vehicle and reopening orders after a series of price cuts by rival automaker Tesla Inc (NASDAQ: TSLA).

Ford said it is cutting most Mach-E prices by $3,000 or $4,000 depending on the version. Last month, the federal EV tax credit for the Mach-E fell in half to $3,750 from $7,500 after new... More

Piper Sandler cuts price target on Tesla (TSLA) following 10-Q filing

May 2, 2023 8:19 AM EDT

Piper Sandler reiterated an Overweight rating on Tesla (NASDAQ: TSLA) and cut their price target on the stock to $280.00 (From $300.00) to reflect information extracted from the electric automakers 10-Q filing.

Analyst Alexander Potter wrote in a note, Most investors will be unsurprised to learn that... More

Tesla (TSLA) raises prices in key markets around the world; not about demand say Citi

May 2, 2023 7:45 AM EDT

American electric vehicle giant, Tesla (NASDAQ: TSLA) announced a price hike Tuesday for all variants of the companys Model 3 and Model Y vehicles in key markets, including the U.S., China, Japan, and Canada after several cuts this year. Citi analyst Jeff Chung believes that the hike is not about recovering demand.

According to our channel checks with dealers, we estimate new order... More

General Motors (GM) cuts 'several hundred' contract workers over the weekend

May 1, 2023 11:49 AM EDT

The Wall Street Journal announced Monday that American automaker General Motors (NYSE: GM) has laid off several hundred full-time contract workers at its Global Technical Center in Warren as well as other locations this weekend in its bid to shave $2 billion from its budget by the end of next year.

The cuts come nearly a month after... More

GM cuts several hundred full-time contract workers

May 1, 2023 11:17 AM EDT

By David Shepardson and Nathan Gomes

(Reuters) -General Motors Co on Monday said it had cut several hundred full-time contract workers over the weekend including at its engineering hub in suburban Detroit, the latest effort by the U.S. automaker to streamline operations.

The contractors losing their jobs were within global product development at locations such as the company's Warren Tech Center. The Wall Street... More

General Motors (GM) Cuts Several Hundred Contract Workers Over Weekend - WSJ

May 1, 2023 10:24 AM EDT

GM (NYSE: GM) Cuts Several Hundred Contract Workers Over Weekend - WSJ

GM: Contractor Cuts Were From Auto Maker's Product-Development Operation... More

Ford Motor (F) option implied volatility into quarter results

May 1, 2023 10:21 AM EDT

Ford Motor (NYSE: F) May weekly call option implied volatility is at 65, May is at 45; compared to its 52-week range of 33 to 587 into the expected release of quarter results after the bell on May 2.

... More

Active options: TSLA NVDA AMZN SOFI AAPL AMD AMC JPM MSFT

May 1, 2023 9:46 AM EDT

Active options: TSLA NVDA AMZN SOFI AAPL AMD AMC JPM MSFT

... More

First Republic, ExxonMobil fall premarket; JPMorgan, GM rise

May 1, 2023 9:16 AM EDT

Investing.com -- Stocks in focus in premarket trade on Monday, May 1st. Please refresh for updates.

First Republic Bank (NYSE: FRC) stock fell 34% and JPMorgan... More

Dow Jones, Nasdaq, S&P 500 weekly preview: The end of the Fed hiking cycle?

May 1, 2023 9:11 AM EDT

The S&P 500 (SPX) ended 0.9% higher last week to secure the highest weekly close since August last year. The index is now approaching a key 100 weekly moving average at 4203 in what would be the first test of this important technical indicator in 8 months.

The Dow Jones Industrial Average (DJI) also rose 0.9%. More importantly, the index secured the first weekly close above the key descending trend line (~33800), which acted as major resistance for several months. This should be seen as a bullish sign.

Finally, strong Big Tech earnings lifted Nasdaq Composite Index (IXIC) 1.3% higher last week. The... More

First Republic, Fed meeting, Apple earnings - what's moving markets

May 1, 2023 7:16 AM EDT

Investing.com -- First Republic Bank has been taken over by Californian authorities with JPMorgan Chase assuming its deposits, at the start of a week that includes a Federal Reserve meeting, Apple earnings, and the monthly U.S. jobs report.

1. First Republic Bank falls

First Republic Banks (NYSE: FRC) days as a stand-alone entity are over, after California's financial regulator announced on Monday that it has taken possession of the San Francisco-based lender, while JPMorgan Chase (NYSE:... More

Biden Administration Considers Delaying Final Rule On Incorporating Electric Vehicle Industry Into Us Biofuel Blending Program - Reuters

May 1, 2023 7:00 AM EDT

Biden Administration Considers Delaying Final Rule On Incorporating Electric Vehicle Industry Into Us Biofuel Blending Program - Reuters

... More

Morgan Stanley upgrades General Motors (GM), sees attractive risk reward

May 1, 2023 6:35 AM EDT

Morgan Stanley analyst Adam Jonas upgraded General Motors (NYSE: GM) shares to Overweight from Equal Weight with the price target also raised ($38 vs prior $35 per share).

The analyst also hiked the bull-case forecast for GM stock to $60 from $50 per share. Jonas believes GM stock is oversold... More

Morgan Stanley Upgrades General Motors (GM) to Overweight, 'the stock is oversold'

May 1, 2023 6:03 AM EDT

(Updated - May 1, 2023 6:03 AM EDT)

Morgan Stanley analyst Adam Jonas upgraded General Motors (NYSE: GM) from Equalweight to Overweight with a price target of $38.00 (from $35.00).

The analyst comments "GM may be overearning, but the stock is oversold. The market has... More

Ford Motor (F) May weekly 12 straddle into quarter results

May 1, 2023 4:18 AM EDT

Ford Motor (NYSE: F) May weekly 12 straddle is priced for a move of 6% into the expected release of quarter results after the bell on May 2.

... More

Daimler joint venture to build $650M nationwide charging network for electric trucks

April 28, 2023 2:30 PM EDT

Mercedes-Benz owned Daimler Truck on Friday introduced Greenlane, the name of its joint venture with NextEra Energy and BlackRock Alternatives.

The more than $650 million joint venture was formed to design, develop, install and operate a U.S. nationwide, high-performance zero-emission public charging and hydrogen fueling network for medium- and heavy-duty battery-electric and hydrogen fuel cell vehicles.

They also unveiled renderings of the site layout as a major milestone in the development of the... More

Active options: TSLA AMZN AAPL MSFT FRC META NVDA INTC SNAP GOOGL

April 28, 2023 2:04 PM EDT

Active options: TSLA AMZN AAPL MSFT FRC META NVDA INTC SNAP GOOGL

... More

Texas house approves $200 annual fee on EVs, bill heads to Gov. Abbott’s desk

April 28, 2023 1:27 PM EDT

A Texas bill requiring electric vehicle drivers to pay an additional annual $200 fee passed the state House of Representatives Thursday with a unanimous vote of 145-0. SB 505 will now head to Gov. Greg Abbotts desk where it is expected to be signed.

Republican state Sen. Robert Nichols, who sponsored the legislation, said an additional electric vehicle fee is necessary because EV drivers don't pay gas taxes when they fuel their vehicles.

"As... More

Stellantis (STLA) Signs Offtake Agreement and Invests in Alliance Nickel for Battery-grade Nickel and Cobalt Sulphate

April 28, 2023 12:02 PM EDT

Binding offtake agreement of battery-grade nickel and cobalt sulphate from the NiWest project in Western AustraliaOfftake agreement for approximately 40% of forecast annual production for an initial term of five yearsStellantis purchases 9.2 million (AUD 15 million) in new equity in Alliance Nickel, giving it an 11.5% shareholdingAgreement strengthens Stellantis' value chain for electric-vehicle battery production that supports Dare Forward 2030 strategic plan... More

Tesla (TSLA) drops price of 7-seat Model Y option by $1,000

April 28, 2023 11:50 AM EDT

Electric auto company Tesla (NASDAQ: TSLA) has dropped the price of its 7-seat option for its Model Y to $3,000, down from $4,000 previously.

The standard Model Y includes five seats, but buyers can upgrade to an option for seven seats. The Model Ys rear seats face forward, unlike the rear-facing seat... More

Ford Motor (F) option implied volatility into quarter results

April 28, 2023 11:39 AM EDT

Ford Motor (NYSE: F) May weekly call option implied volatility is at 54, May is at 45; compared to its 52-week range of 33 to 587 into the expected release of quarter results after the bell on May 2.

... More

Japan announces $1.8B in subsidies for storage battery, chip projects

April 28, 2023 7:35 AM EDT

Industry Minister Yasutoshi Nishimura announced Friday that Japan will provide as much as $1.8 billion in subsidies for a slate of storage battery and chip-related projects, marking Tokyo's latest push towards greater supply chain security.

The Japanese government plans to give up to 184.6 billion yen ($1.38 billion) in subsidies for eight storage battery-related proposals and up to 56.4 billion yen for two semiconductor-related projects,... More

Stellantis (STLA) signs offtake agreement, invests in Alliance Nickel

April 28, 2023 7:23 AM EDT

American carmaker, Stellantis (NYSE: STLA) announced alongside Alliance Nickel Friday the signing of a binding offtake agreement for the supply of 170,000 tons of nickel sulphate and 12,000 tons of cobalt sulphate in total over an initial five-year period.

This represents approximately 40% of forecast annual production of the NiWest Nickel-Cobalt Project in Western Australia. Pricing for the nickel and cobalt sulphate is linked to index prices.

In addition to the offtake deal,... More

Ford Motor (F) May weekly 11.50 straddle into quarter results

April 28, 2023 5:20 AM EDT

Ford Motor (NYSE: F) May weekly 11.50 straddle is priced for a move of 6.5% into the expected release of quarter results after the bell on May 2.

... More

Stellantis (STLA) Signs Offtake Agreement and Invests in Alliance Nickel

April 28, 2023 4:14 AM EDT

Stellantis Signs Offtake Agreement and Invests in Alliance Nickel for Battery Grade Nickel and Cobalt Sulphate

Binding offtake agreement of battery-grade nickel and cobalt sulphate from the NiWest project in Western AustraliaOfftake agreement for approximately 40% of forecast annual production for an initial term of five yearsStellantis purchases 9.2 million (AUD 15 million) in new equity in Alliance Nickel,... More

Glass Lewis recommends vote against Tesla board nominee JB Straubel

April 27, 2023 3:35 PM EDT

SAN FRANCISCO (Reuters) - Proxy advisory firm Glass Lewis recommended Tesla Inc shareholders vote against board nominee JB Straubel at the electric carmaker's annual meeting next month, raising concerns regarding his independence.

Straubel is a co-founder of Tesla and served as its chief technology officer before stepping down in 2019. Straubel has since founded Redwood Materials Inc, a battery recycling and materials company.

"The unwinding of conflicting relationships between former management and board members is more likely... More

Tesla (TSLA) pulls Models S and X orders from Australian website

April 27, 2023 3:22 PM EDT

American electric vehicle giant Tesla (NASDAQ: TSLA) updated its Australian website Wednesday night to reflect that the company is no longer accepting orders for either the Model S or Model X from customers in the country. Prospective buyers will only be able to receive updates and not place orders for the companys flagship vehicles.

The $400 refundable pre-order option... More

BYD posts fivefold jump in 1Q profit

April 27, 2023 12:04 PM EDT

Chinese electric automaker BYD Co. posted a fivefold jump in its first-quarter profit on Thursday.

Net profit for the first three months of the year was 4.13 billion yuan ($596.56 million), up 410.9% from 808.41 million yuan a year earlier, on revenue up 79.8% at 120.17 billion yuan, the company said in a stock... More

Morgan Stanley adjusts estimates ahead of Ford’s (F) 1Q release

April 27, 2023 8:02 AM EDT

Morgan Stanley reiterated an Overweight rating and $14.00 price target on Ford Motor Company (NYSE: F) ahead of the American automakers 1Q earnings release. Ford is scheduled to report 1Q earnings results on Mary 2nd.

Analyst Adam Jonas wrote in a note,... More