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Business Automotive

All articles tagged with #business automotive

business-automotive1 year ago•3 min saved

Tesla's Stock Plummets Below $150, Erasing Yearly Gains

Tesla's stock has plummeted below $150 per share, erasing all gains made over the past year, as the company faces declining sales and increased competition in the electric vehicle market. The stock's decline has also impacted Elon Musk's $56 billion pay package. Analysts are concerned about Tesla's future, with sales falling and uncertainty surrounding the release of a new affordable electric vehicle. The company has also announced significant job cuts and the departure of two high-placed executives amidst the challenging market conditions.

via The Associated Press|

#business-automotive #electric-vehicles #elon-musk

business-automotive1 year ago•3 min saved

Tesla Stock Plummets Below $150, Facing 'Thesis-Changing' Downgrade

Tesla's stock has plummeted below $150 per share, erasing all gains made over the past year, as the company faces falling sales and steep discounts. The electric vehicle maker's shares are down 12.4% this week and more than 39% this year, with analysts expressing concern over the company's future. Tesla's recent announcement of job cuts and the departure of high-placed executives adds to the company's challenges, while uncertainty looms over the release of a new affordable electric vehicle. The stock slide has also impacted Elon Musk's $56 billion pay package, which has now decreased to $44.9 billion.

via ABC News|

#business-automotive #electric-vehicles #elon-musk

business-automotive1 year ago•1 min saved

"Deutsche Bank's Warning on Robotaxi Focus Sends Tesla Shares Tumbling"

Tesla shares hit a 15-month low as Deutsche Bank downgraded the stock and expressed concerns over the company's focus on autonomous vehicle products amid profit pressure. The cancellation of the promised inexpensive car and layoffs, coupled with challenges in achieving full driverless autonomy, have contributed to the stock's decline. Despite this, Tesla remains the most valuable automaker globally.

via Yahoo Finance|

#autonomous-vehicles #business-automotive #deutsche-bank

business-automotive1 year ago•4 min saved

Tesla's Stock Tumbles as Wall Street Sours on Elon Musk's Strategy

Tesla's corporate directors are standing by CEO Elon Musk despite a series of challenges including a massive delivery miss, layoffs, and a sinking stock price. The company's stock has fallen over 35% this year, and Musk's divided attention between Tesla, SpaceX, and xAI has raised concerns. Competition in the electric vehicle market is increasing, and the company's long-anticipated entry-level vehicle has been scrapped in favor of focusing on self-driving robotaxis. Analysts are calling for a clear growth strategy and realistic goals from Musk, as the company faces pressure to detail its next phase at the upcoming shareholder meeting.

via Yahoo Finance|

#autonomous-vehicles #business-automotive #elon-musk

business-automotive1 year ago•1 min saved

Tesla Faces Turmoil: Musk Calls for Overhaul Amid Slumping Sales and Layoffs

Elon Musk stated that Tesla needs a "complete organizational overhaul" every "half decade or so" to reach the next level, following mass layoffs at the company. The layoffs, which amount to more than 10% of staff, are attributed to the need to eliminate duplication of roles and job functions due to rapid growth. This comes amid the departure of two longtime Tesla executives and increased competition from Chinese automakers.

via Business Insider|

#business-automotive #electric-vehicles #elon-musk

business-automotive1 year ago•4 min saved

"Tesla's Layoffs Signal Trouble in the EV Market"

Tesla is facing challenges with aging product lines, stalling sales, quality problems, and executive departures, leading to layoffs of "more than 10%" of its global workforce. The EV market as a whole is experiencing slower growth, with major automakers scaling back EV ambitions and startups facing financial difficulties. EV sales growth is slowing, and there are signs of customer resistance, particularly among mainstream buyers who are less affluent and face challenges with charging infrastructure. Policymakers and automakers, including Tesla, have work to do to meet climate goals and address market challenges.

via Los Angeles Times|

#business-automotive #electric-vehicles #ev-market

business-automotive1 year ago•4 min saved

Tesla Halts Cybertruck Deliveries Over Accelerator Pedal Issues

Tesla has reportedly halted Cybertruck deliveries due to an accelerator issue, where the pedal cover comes off, potentially causing unintended acceleration and accidents. Customers have complained about canceled delivery appointments and malfunctions shortly after receiving their trucks. This comes as Tesla faces falling sales and announces a workforce reduction of over 10%. CEO Elon Musk called the decision "difficult" as the company grapples with an intensifying price war for electric vehicles.

via New York Post |

#accelerator-issue #business-automotive #cybertruck

business-automotive1 year ago•2 min saved

"Tesla Executives Depart and Layoffs Announced: What It Means for the Company"

Tesla executives Drew Baglino and Rohan Patel have announced their departure from the company as it undergoes a round of layoffs, with Baglino having been with Tesla since 2006 and Patel joining in 2016 after working with former President Barack Obama. The departures come amid reports of a shift in strategy towards developing a "robotaxi" and increased competition in the electric vehicle market. CEO Elon Musk thanked both executives on social media, while also mentioning the need for periodic company reorganization.

via CNBC|

#business-automotive #electric-vehicles #elon-musk

business-automotive1 year ago•3 min saved

"Tesla Announces Layoffs of Over 10% of Global Workforce"

Tesla CEO Elon Musk announced in a memo that the company will lay off more than 10% of its global workforce as part of cost reduction and productivity increase efforts. The decision comes as Tesla faces challenges including slowing electric vehicle sales growth, increased competition, and logistical disruptions. Musk acknowledged the difficulty of the decision and expressed gratitude to departing employees, while emphasizing the importance of remaining employees in driving the company's growth in auto, energy, and artificial intelligence technologies.

via NBC News|

#business-automotive #electric-vehicles #elon-musk

business-automotive1 year ago•1 min saved

"Tesla Plans to Cut Over 10% of Global Workforce in Bid for Innovation and Efficiency"

Tesla is reportedly laying off more than 10% of its global workforce, impacting over 14,000 employees, as CEO Elon Musk aims to cut costs and boost productivity amid a cooling demand for EVs and a warning of lower sales growth in 2024. The layoffs come as Tesla is in between product cycles and facing increased global competition, with the company also dropping or delaying plans for a lower-cost EV in favor of focusing on a platform for a robotaxi.

via TechCrunch|

#business-automotive #cost-cutting #electric-vehicles

business-automotive1 year ago•2 min saved

Tesla Plans to Cut Over 10% of Global Workforce

Tesla's shares dipped over 1% in premarket trade following reports that the company plans to lay off more than 10% of its global workforce as it seeks cost reductions and increased productivity. The decision comes amid waning demand for electric vehicles, stiffening competition from Chinese automakers, and logistical challenges. CEO Elon Musk cited the need to prepare the company for its next phase of growth. Tesla will release its first-quarter financial results on Tuesday.

via CNBC|

#business-automotive #competition #electric-vehicles

business-automotive1 year ago•1 min saved

"Ford's Massive Truck Deployment: 144,000 Units Head to North American Dealers"

Ford is set to send 144,000 redesigned F-150 and Ranger pickup trucks to North American dealers after holding them back to address quality issues, with the aim of hitting its 2024 profit target. Shipments of F-150 Lightning electric trucks will also resume this month, following a price cut on some variants. The delay in sending the trucks may impact the automaker's first quarter numbers, and the company had 60,000 F-150s in stock expected to ship in the current quarter. Ford engineers discovered electronic component issues in the F-150s, but updated the software before any trucks left the plant.

via Yahoo Finance|

#business-automotive #f-150 #ford

business-automotive1 year ago•2 min saved

BMW Surpasses Milestone with Strong Electric Vehicle Sales

Despite concerns about the EV market, Volkswagen and BMW reported positive progress in their EV efforts. Volkswagen saw success in China with a nearly 8% increase in deliveries, particularly a 91% rise in battery-run vehicles, while BMW achieved a major milestone by selling its one millionth EV and experiencing a 40.6% increase in EV sales during the first quarter.

via Yahoo Finance|

#bmw #business-automotive #china

business-automotive1 year ago•4 min saved

"Can Tesla Bounce Back from Stock Plunge?"

Tesla's stock has dropped over 25% this year due to shrinking car sales, setbacks in autonomous driving, and increased competition, resulting in a $200 billion loss in market value. Analysts are divided on the company's recovery prospects, with critics citing slowed demand and competition, while proponents highlight potential innovation and new EV models. Tesla's recent decline in car sales and challenges with autonomous driving have further fueled uncertainty about its future, with differing opinions on whether the company can bounce back.

via ABC News|

#autonomous-driving #business-automotive #electric-vehicles

business-automotive1 year ago•1 min saved

"Lucid Motors Sets Record Q1 EV Deliveries Amid Stock Jump"

Lucid (LCID) achieved a record first quarter EV deliveries of 1,967 vehicles, despite a 27% production decrease, following significant price cuts. The company aims to build 9,000 vehicles in 2024, requiring a substantial increase from the 1,727 produced in Q1 to meet its target. Lucid's stock is up slightly, but still down over 65% in the past year. The company is set to release its Q1 2024 earnings on May 6, 2024, providing further insight into its financial situation.

via Electrek|

#business-automotive #deliveries #ev