- Tesla’s VP of Investor Relations Defends MKBHD’s Cybertruck Review Against “He Should Stay in His Lane” Comments & Production Quality Concerns Torque News
- Honesty, Journalism And The Perils Of Access: A Defense Of Jason Cammisa’s Cybertruck ‘Review’ The Autopian
- Watch how Tesla Cybertruck performs in a crash safety test against ICE pickup trucks Tesla Oracle – Elon Musk, Tesla, SpaceX News
- Marques Brownlee reveals biggest concern with Telsa Cybertruck after testing Dexerto
- Tesla CyberTruck Demolished Online After Crash Test Footage Shows It Could Turn You Into Pancake Pedestrian.TV
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Tag Archives: Teslas
Tesla’s stock bounces into positive territory, to erase losses suffered after CEO Elon Musk’s controversial comments – MarketWatch
- Tesla’s stock bounces into positive territory, to erase losses suffered after CEO Elon Musk’s controversial comments MarketWatch
- With antisemitic tweet, Elon Musk reveals his ‘actual truth’ CNN
- ‘Repellant’: Elon Musk’s ‘shocking pronouncement of antisemitism’ MSNBC
- By affirming an antisemitic trope, Elon Musk sinks to a dangerous new low The Guardian
- Elon Musk Tries to Backpedal After Agreeing With Anti-Semitic Tweet – and Fails Spectacularly Mediaite
- View Full Coverage on Google News
Elon Musk lost a fortune on Tesla’s earnings, but ARK’s Cathie Wood says the ‘intensity of his brain cells’ takes him to new levels when facing hardship – Yahoo Finance
- Elon Musk lost a fortune on Tesla’s earnings, but ARK’s Cathie Wood says the ‘intensity of his brain cells’ takes him to new levels when facing hardship Yahoo Finance
- Cathie Wood Stocks: Ark Invest’s Biggest Holdings Are Tumbling, Including Tesla Investor’s Business Daily
- How Cathie Wood’s major stock moves have hit recent snags TheStreet
- Cathie Wood’s Ark Stays Bullish On Tesla Despite Short-Term ‘Growing Pains’ As EV Maker ‘Years Ahead’ Of Benzinga
- Elon Musk lost a fortune on Tesla’s earnings, but ARK’s Cathie Wood says the ‘intensity of his brain cells’ takes him to new levels when facing hardship Fortune
- View Full Coverage on Google News
Read This: Nearly Half Of Tesla’s Buffalo Solar Panel Factory Staff Just Analyzes Autopilot Data – Jalopnik
- Read This: Nearly Half Of Tesla’s Buffalo Solar Panel Factory Staff Just Analyzes Autopilot Data Jalopnik
- Elon Musk and the $1 Billion ‘Bad Deal’ in Buffalo | WSJ Tech News Briefing Wall Street Journal
- Tesla Solar Factory Not Living Up to New York’s $1 Billion Investment Reason
- Cuomo’s failed subsidized solar factory is also a monument to Obamanomics Washington Examiner
- New York spent $950 million in past decade on a solar-panel factory in Buffalo for Elon Musk. The promised jobs and benefits did not materialize: WSJ MarketWatch
- View Full Coverage on Google News
Tesla’s AI Could Kill, Says Steve Wozniak — Apple Co-Founder Criticizes Elon Musk’s Self-Driving Car Failures – Yahoo Finance
- Tesla’s AI Could Kill, Says Steve Wozniak — Apple Co-Founder Criticizes Elon Musk’s Self-Driving Car Failures Yahoo Finance
- Tesla’s AI Could Kill, Says Steve Wozniak — Apple Co-Founder Criticizes Elon Musk’s Self-Driving Car Failures Benzinga
- Steve Wozniak calls for AI content to be labeled, regulated The Hill
- AI cannot be stopped, says Steve Wozniak; we must prepare for more convincing scams 9to5Mac
- Apple co-founder issues stark AI warning to all iPhone owners – it could cost you big time… The US Sun
- View Full Coverage on Google News
Tesla’s Struggle to Win Buyers Paints Grim US Economic Outlook – Bloomberg
- Tesla’s Struggle to Win Buyers Paints Grim US Economic Outlook Bloomberg
- Tesla’s stock is plummeting. Here’s why one analyst thinks it’s ‘one of the most overvalued’ on the market and could drop another 80% Yahoo Finance
- Podcast: more Tesla price cuts, TSLA earnings, and a ton of new EV unveilings Electrek
- Tesla’s stock FALLS 10% after weak earnings | Latest World News | English News | WION WION
- Tesla’s coming crash: As 7 analysts lower their price targets, one predicts the stock is heading to $28 Yahoo Finance
- View Full Coverage on Google News
Elon Musk’s wealth drops by nearly $13 billion — the biggest slide this year — after Tesla’s share prices slumped and SpaceX’s Starship rocket exploded – Yahoo! Voices
- Elon Musk’s wealth drops by nearly $13 billion — the biggest slide this year — after Tesla’s share prices slumped and SpaceX’s Starship rocket exploded Yahoo! Voices
- Elon Musk Net Worth Tumbles on Day Tesla Earnings Miss, SpaceX Rocket Explodes Bloomberg
- Elon Musk’s Disastrous Week The Atlantic
- Elon Musk Celebrates 4/20 With SpaceX Launch, Twitter Check Removal and More Bloomberg
- S&P 500: Elon Musk’s $55.8 Billion Blowup Boosts Mark Zuckerberg’s Gain | Investor’s Business Daily Investor’s Business Daily
- View Full Coverage on Google News
Exclusive: Tesla’s Musk met top Biden officials on EVs in Washington Friday
WASHINGTON, Jan 27 (Reuters) – Tesla (TSLA.O) Chief Executive Elon Musk met two top White House officials on Friday in Washington to discuss how the car maker and Democratic President Joe Biden could work together to advance electric vehicle production and speed electrification of U.S. vehicle networks.
Musk met John Podesta, a Democratic stalwart who serves as Biden’s senior advisor for clean energy innovation, and Mitch Landrieu, who oversees infrastructure spending, a White House spokesperson told Reuters.
“John Podesta and Mitch Landrieu met with Elon Musk to discuss shared goals around electrification and how the Bipartisan Infrastructure Law and Inflation Reduction Act can advance electric vehicle production and charging as well as the broader cause of electrification,” the White House spokesperson said.
Musk responded on Twitter to a link to an earlier version of this story with “True.”
A Reuters witness on Friday saw Podesta, Landrieu and Musk entering a downtown building that houses both Tesla’s Washington lobbying operation and the Center for American Progress, a think tank Podesta founded. Landrieu and Podesta left about half an hour later and did not answer questions.
Musk left about 45 minutes after Podesta and Landrieu. He too ignored questions from a Reuters reporter.
BIDEN, MUSK TENSIONS
Relations have often seemed antagonistic between Biden, who has pushed for companies to use union labor, and Musk, who has pushed to keep unions out of his factories.
Musk called Biden “a damp sock puppet in human form” last year after Biden highlighted EV production by GM and Ford in a tweet but left out Tesla.
Biden only publicly acknowledged the role of Tesla in U.S. electric vehicle manufacturing over a year after taking office, after Musk repeatedly complained about being ignored.
In June, Biden compared Tesla unfavorably to Ford and sarcastically wished Musk “lots of luck” on his “trip to the moon” after the billionaire expressed reservations about the economy.
Still, Musk has long-standing important relationships with the U.S. government, and those have continued under the Biden administration.
Tesla has benefited from tax subsidies given to buyers of its electric vehicles while SpaceX, Musk’s rocket company, has contracts worth billions of dollars to deliver astronauts and cargo to and from the International Space Station, and to build a moon lander.
U.S. consumers who bought Teslas became eligible again this month for up to $7,500 in consumer tax credits, under the $430 billion U.S. Inflation Reduction Act (IRA) passed last August. An earlier tax credit for Tesla buyers expired after the automaker sold its first 200,000 vehicles in the United States.
The law imposes requirements that EVs receiving the tax credits must be North American-made. There are also caps on vehicle prices and income for buyers who are eligible for the credits.
The law also sets new battery sourcing restrictions expected to take effect in March. It also includes new U.S. battery production credits that Musk said earlier this week could have significant benefits to the company.
Reporting by Nandita Bose, David Shepardson and Raphael Satter; Editing by Heather Timmons, David Gregorio and Rosalba O’Brien
Our Standards: The Thomson Reuters Trust Principles.
Tesla’s price cuts could spur an EV pricing war
A Tesla showroom is seen in the City Center shopping center on January 17, 2023 in Washington, DC.
Anna Moneymaker | Getty Images
DETROIT — Tesla vehicles in the U.S. are seeing significant price cuts, and that’s proving to be a double-edged sword for the electric carmaker and the greater automotive industry.
Tesla earlier this month slashed prices of its new cars by as much as 20%, making the vehicles more affordable and likely eligible for federal tax credits. But it also tanks the resale values of cars for current owners and is sending ripple effects through the auto industry.
CEO Elon Musk hasn’t directly addressed the price cuts, which are counterintuitive to his claims that the company’s cars will be appreciating assets — a rarity for the market aside from classics and collectible vehicles.
Analysts say the price cuts suggest Tesla is prioritizing sales over profits, potentially signaling a demand problem.
“There’s demand weakening, and they want to improve their sales — or it’s a market share grab,” said Michelle Krebs, Cox Automotive executive analyst.
For the industry at large, Tesla’s price cuts put pressure on other automakers to offer more affordable EVs despite rising commodity costs, creates havoc for used vehicle retailers that will need to write down the vehicles and has Wall Street concerned about the first EV pricing war amid recessionary fears.
“Tesla’s price cuts make all other EVs and [internal combustion engine vehicles] look incrementally more expensive, is margin compressive and sends a chill across the used car market,” Morgan Stanley analyst Adam Jonas wrote in a Friday investor note.
Automakers change prices regularly on new vehicles. It’s typically done through incentives or when a new model year comes out. But the adjustments, upward or downward, are historically small to avoid upsetting the automotive ecosystem for both consumers and car dealers.
Musk foreshadowed such a move last month in predicting a recession later this year.
“Do you want to grow unit volume, in which case you have to adjust prices downward? Or do you want to grow at a lower rate, or go steady?” Musk said Dec. 22 during a Twitter Spaces conversation. “My bias would be to say let’s grow as fast as we can without putting the company at risk.”
Tesla is due to report fourth-quarter earnings Wednesday after market close.
Used prices
When the price of a new vehicle drops, the value of the used models also takes a hit. In the case of Tesla, some of the new models were going for almost the same price — just thousands of dollars off — as their used counterparts. That’s problematic for current owners as well as used vehicle retailers and Tesla, which sells used models directly to consumers.
In the first 17 days of January, Edmunds reports, used prices of 2020 model year or newer Teslas dropped to an average price of $58,657 — 24.5% off their June peak of $76,626.
Tesla’s stock performance over the past year.
Cars.com reports list prices for used vehicles on the consumer-shopping website declined 3.3% for the Model Y and Model 3 as owners attempt to hold the line on resell pricing despite cuts to the new vehicles.
“The Tesla price cuts will affect consumers quite differently depending on which side of the news they sit,” Ivan Drury, Edmunds’ director of insights, said.
On one hand, Tesla owners have complained to billionaire CEO and Twitter owner Musk on the social media platform that the price cuts devalue their vehicles. In China, where price cuts took effect earlier than in the U.S., protesters reportedly gathered at the automaker’s showrooms and distribution centers demanding rebates and credits.
Recent Tesla buyers who missed out on the fresh price cuts are petitioning Musk and the company to make them whole. They have sought free, premium driver-assistance upgrades, free Supercharging and other pluses to offset their higher price tags.
At the same time, Cars.com and Edmunds both report interest in and searches for Tesla vehicles have skyrocketed since the reductions.
CarMax, the nation’s largest seller of used vehicles, quickly sold hundreds of Teslas after realigning prices. It only had about 150 Tesla cars for sale as of Tuesday, down from hundreds before the company cut prices.
“We continuously adjust retail vehicle pricing in real time to match market conditions and offer competitive pricing,” CarMax Chief Operating Officer Joe Wilson said in an emailed statement. “As such, we adjusted pricing to respond to the market conditions related to new car price reductions and this has been received positively from consumers looking to purchase a used Tesla.”
Peer pressure
Wall Street analysts were largely positive on the cuts for Tesla as a boon for sales.
Tesla has enjoyed significantly higher profit margin on its EVs compared to traditional automakers. Its software and subscription offerings, including its advanced-driver assistance systems and in-vehicle Wi-Fi, could help cushion anticipated profit losses due to the recent price cuts, as could EV tax credits.
Plus, the price reductions pressure other automakers, or OEMS, to cut prices on their own EVs.
“Most OEMs are currently losing money on EVs, and these price cuts are likely to make business even more difficult, just as they are attempting to ramp production of EV offerings,” BofA Securities analyst John Murphy wrote to investors earlier this month.
Gerald Johnson, General Motors’ head of global manufacturing, said Tesla’s cuts don’t change the company’s manufacturing plan for electric vehicles. The automaker currently sells its sub-$30,000 Chevy Bolt EV models — among the most affordable in the industry — as well as higher-priced models on a new battery system.
“We believe we have an EV for every price bracket and every market segment that we’re rolling out here,” Johnson said Friday during an event in Flint, Michigan. He said Tesla’s price cuts signal that the vehicles “may have been overpriced to begin with.”
GM cut the prices of its Bolt models by thousands of dollars last year, only to recently raise them by hundreds of dollars, citing industry pricing pressures.
– CNBC’s Lora Kolodny and Michael Bloom contributed to this report.
Dow Jones Futures Due: Market Rally Clears Resistance; Tesla’s Big Transition
Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures.
X
The stock market rally picked up steam in the past week, with strong gains, clearing key levels. The S&P 500 briefly faced resistance at the 200-day line, but moved above that key level on Friday. A large number of leading stocks flashed buy points.
Investors can be adding exposure gradually as the market rally improves. While many top stocks are now extended, Wendy’s (WEN), Exxon Mobil (XOM), Quanta Services (PWR), Celsius Holdings (CELH) and Insulet (PODD) are all actionable from early entries. Wendy’s and PWR stock have new flat bases, joining XOM stock and Insulet. CELH stock needs another week to forge a proper base.
CELH stock is on SwingTrader and the IBD 50. Celsius, Insulet and Wendy’s were the most recent three IBD Stock Of The Day selections.
Meanwhile, Tesla (TSLA) on Friday announced big price cuts in the U.S. and Europe, a week after slashing prices in China and key Asian markets.
Tesla stock closed modestly lower but rebounded solidly for the week. But the EV giant faces a painful transition as investors increasingly view Tesla as an automaker, not a tech company.
The video embedded in this article discussed the strong week for the market rally, and analyzed WEN stock, Quanta Services and Celsius.
Bitcoin Price
The Bitcoin price briefly topped $21,200 Friday night, a two-month high. The leading cryptocurrency is currently trading around $20,800. Bitcoin was trading just below $17,000 as recently as Jan. 8.
Bitcoin’s rise coincides with the stock market rally, which is showing a return to more speculative investments. That includes growth stocks, especially speculative-type plays like the ARKK ETF. Some meme stocks had a big week, notably Bed Bath & Beyond (BBBY). BBBY stock skyrocketed 179%, even though the retailer has signaled it’s heading toward bankruptcy.
Dow Jones Futures Today
Dow Jones futures open at 6 p.m. ET, along with S&P 500 futures and Nasdaq 100 futures.
U.S. stock and bond markets will be closed Monday for the Martin Luther King Jr. holiday, but other exchanges around the world will be open.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live
Stock Market Rally
The stock market rally had a strong week, with the major indexes closing near session highs.
The Dow Jones Industrial Average rose 2% in last week’s stock market trading. The S&P 500 index popped 2.7%. The Nasdaq composite leapt 4.8%. The small-cap Russell 2000 jumped 5.3%.
The 10-year Treasury yield fell 6 basis points to 3.51%, even with Friday’s bounce. Markets strongly expect quarter-point Fed rate hikes in February and March, but then see policymakers on hold. Falling Treasury yields and brighter economic prospects elsewhere are pressuring the dollar, providing another boost to stocks and commodities.
U.S. crude oil futures jumped 8.3% to $79.86 a barrel last week. Copper prices jumped 7.65%.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF (FFTY) rallied 4.4% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) climbed 2.1%. The iShares Expanded Tech-Software Sector ETF (IGV) leapt 4.9%. The VanEck Vectors Semiconductor ETF (SMH) soared 6.7%.
Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) spiked 14.7% last week and ARK Genomics ETF (ARKG) just over 16%. TSLA stock is a major holding across Ark Invest’s ETFs. Cathie Wood’s Ark has restocked its Tesla holdings in recent days and weeks.
SPDR S&P Metals & Mining ETF (XME) bounced 6.3% last week to a seven-month high. The Global X U.S. Infrastructure Development ETF (PAVE) rolled 4.2% higher. U.S. Global Jets ETF (JETS) ascended 9.4%. SPDR S&P Homebuilders ETF (XHB) gained 4.6%, despite weak KB Home (KBH) earnings. The Energy Select SPDR ETF (XLE) edged up 0.14%, with XOM stock a major component. The Financial Select SPDR ETF (XLF) rose 2.1%. The Health Care Select Sector SPDR Fund (XLV) edged down 0.2%.
Five Best Chinese Stocks To Watch Now
Stocks In Buy Areas
Wendy’s stock staged a big upside reversal Friday, jumping 6% to 23.08 after hitting an intraday low of 21.36. WEN stock regained its 50-day line, moved above the 21-day and broke above a trendline. That offered an early entry in the new flat base. The official buy point is 23.88, according to MarketSmith analysis.
Wendy’s on Friday reported a fourth-straight quarter of accelerating sales growth, doubled its dividend and announced a $500 million buyback.
XOM stock rose 2.4% to 113.16 last week, its fifth straight weekly gain. Shares are slightly below the official 114.76 buy point, and they wouldn’t seem extended from the 50-day line with that move. But investors already could enter Exxon stock.
PWR stock jumped 6.7% to 148.50 last week, rebounding back above the 50-day line, offering an early entry. Shares also reclaimed a prior 144.41 buy point that’s no longer valid.
CELH stock popped Wednesday above the 50-day and 21-day line, breaking a downtrend, offering multiple reasons for an early entry. Shares held support at the 21-day, then peeked higher Friday. Celsius stock is actionable now after soaring 13.2% for the week.
Insulet stock rose 4.65% in the past week to 305.89, rebounding from the 21-day and 50-day lines. Shares are actionable now. But investors could wait for a break of a trendline, currently slightly above Friday’s high of 309.44.
Tesla Stock Downshifts To Auto?
Tesla stock rallied 8.3% to 122.40 last week, continuing a bounce from the Jan. 6 bear market low of 101.81. Shares edged down 0.9% Friday, well off intraday lows despite Tesla announcing sweeping price cuts in the U.S. and Europe. That came a week after Tesla slashed prices in China and key Asian markets.
The price cuts should fuel sales, especially in the U.S., with more Tesla EV variants eligible for a $7,500 tax credit. That means a huge price cut for U.S. consumers. But Tesla’s prized margins are likely to take a hit.
On Tuesday, investors will get weekly China EV registrations, which should show a big jump in Tesla sales, as well as any possible impact on rivals. But will Tesla have a lasting boost, especially in China and Europe? Orders significantly lagged deliveries in late 2022, so Tesla needs a big boost in new demand just to maintain the current delivery pace in 2023.
Already-fierce competition in China will intensify in 2023, with Tesla’s price reductions perhaps triggering a wave of margin-killing cuts. Europe is increasingly crowded, as well. Even the U.S. EV market will be more competitive in a year, with the tumble in used-car prices already a big drag on new-vehicle prices.
But setting aside Tesla’s EV sales, TSLA stock has a bigger problem. Investors increasingly view the EV giant as an automaker, not a tech company. Tesla’s current price-earnings ratio of 33 is not too steep for a tech growth company. But it’s unusually high for an automaker. Auto industry advantages and margins tend to erode relatively quickly, which may be happening to Tesla right now.
TSLA stock may deserve a high valuation for an automaker, reflecting the EV giant’s still-robust EPS and sales growth. But even so, that would suggest a much-lower valuation than it’s boasted up until recently.
General Motors (GM), Ford (F) and Chrysler-and-Fiat parent Stellantis (STLA) all have P-E ratios in the single digits. Toyota (TM) is at 10.
Tesla Vs. BYD: EV Giants Vie For Crown, But Which Is The Better Buy?
Market Rally Analysis
The stock market rally had an encouraging week, building on strong Jan. 6 gains. The major indexes rose solidly, regaining key levels. A large number of leading stocks flashed buy signals during the week, with most holding or extending gains.
The S&P 500 index moved above its 50-day moving average and came up to its 200-day line. The benchmark index hit resistance at that key level on Thursday-Friday, but ultimately powered above it.
The Dow Jones, Russell 2000 and S&P MidCap 400 are above all their moving averages and closing in on their December short-term highs.
The Nasdaq reclaimed its 50-day moving average and moved above the 11,000 level. The laggard index had been close to its bear market lows at the start of the year.
On Friday, stocks opened solidly lower, as earnings initially hit airlines, health insurers and bank stocks, Tesla price cuts slammed auto stocks and an analyst downgrade hit big defense contractors.
Even without the negative headlines, the market arguably was due for a pullback after the strong gains and with the S&P 500 at the 200-day line.
Yet the market quickly bounced back and closed higher.
Industrials, the broad housing sector, many medicals as well as some retailers and restaurants are showing strength.
Tech names are still scarce among leading stocks, though they are trying to come back. The SMH chip ETF cleared its 200-day line this past week, while the IGV software ETF and ARKK are above their 50-day average.
The S&P 500 still needs to decisively clear the 200-day line. The December highs loom large for all the main indexes.
While the stock market appears to be less concerned about the Federal Reserve, with a path toward a rate hike pause, earnings season will take center stage.
Time The Market With IBD’s ETF Market Strategy
What To Do Now
Investors can be making new buys as stocks continue to improve. But do so gradually. While the market rally has shown strength and resilience in recent days, a pullback would not be a surprise for the major indexes, key sectors or individual stocks.
Earnings season will intensify for the next few weeks, creating the potential for major swings. Exxon and Tesla stock will report within the next three weeks, along with tech giants Apple (AAPL), Microsoft (MSFT), Amazon.com (AMZN) and Google parent Alphabet (GOOGL).
So don’t get too concentrated into a particular sector, even if it’s performing well. Strive for a diversity of leading stocks.
Bulk up your watchlists. Look for stocks that are actionable, setting up, or potentially actionable if they pause or pull back. Broad strength, at least outside of tech, should offer a number of opportunities.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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