Tesla Financial News

German police say they have prevented hundreds of demonstrators from storming Tesla’s factory near Berlin during protests against the pioneering electric car maker over its environmental footprint

News of slowing demand for electric vehicles highlights the hazards of the federal government’s Soviet-style mandate that 100 per cent of new light-duty vehicles sold must be electric or plug-in hybrid by 2035 (with interim targets of 20 per cent by 2026 and 60 per cent by 2030 and steep penalties for dealers missing these targets).

Magnificent Seven tech companies are following Jeff Bezos and Mark Zuckerberg in realising gains from the stocks that have largely powered the boom in US equity markets. Almost a dozen executives and directors at the firms recently boosted their share sales, earning more than $160 million since late 2023 after not cutting their stakes in as long as nine years, according to data compiled by Bloomberg.

The 2024 stock market rally has some everyday investors looking to ratchet up the risk. Thrill-seeking investors are turning to single-stock exchange-traded funds, a relatively new product that aims to amplify the return of one stock using borrowed money or derivative contracts. For example, investors who aren’t satisfied with Nvidia’s 80% advance year-to-date can turn to the T-Rex 2X Long Nvidia Daily Target ETF, which aims to double the daily return of the graphics-chip maker.

Toyota reported record annual net profit of more than $30 billion on Wednesday but the world's largest automaker by sales warned that the current year would be less spectacular. Helped by a weak yen and strong hybrid vehicle sales, the Japanese giant's bottom line doubled to 4.94 trillion yen ($31.9 billion) in the year to March while revenues rose 21.4 percent to 45.1 trillion yen, also an all-time high.

SINGAPORE–When Elon Musk made a surprise visit last month to Beijing, the Tesla chief executive brought along a trusted lieutenant: Tom Zhu, the company’s former China head who had skyrocketed through the ranks as a turnaround guru. Now, Zhu—one of just three senior executives including Musk currently named on Tesla’s website—is getting deployed from Tesla’s Texas headquarters back to China at a vulnerable time for the world’s most valuable automaker, according to a person familiar with the matter. Zhu, who was born in China and educated in the U.S.

Federal safety investigators want Tesla to tell them how it developed the fix in a recall of more than 2 million vehicles with the company’s Autopilot partially automated driving system

Elon Musk, has recently faced scrutiny for its layoffs, particularly after promoting employees just weeks before. In April 2024, Tesla initiated a series of layoffs, affecting as many as 21,473 employees across 50 companies in the technology sector. This move came as Tesla sought to reduce its overall workforce by approximately 10%.

Pravaig Dynamics has made offers to Tesla interns, who saw their offers getting revoked weeks before their start date, inviting them to join the Silicon Valley of India that will recognize and appreciate their talents. Tech billionaire Elon Musk's latest cost-cutting victims are summer interns with his flagship Tesla Inc, rescinding offers just weeks before internships were to start. As several aspiring employees took to LinkedIn to express anguish at not being left with enough time to find replacement gigs for the summer, Pravaig offered help.

Also Read | Japan’s Kanda Declines to Say If Authorities Intervened on Yen Yellen acknowledged that the yen had experienced significant shifts in a short period, stating, “We would expect these interventions to be rare and consultation to take place." This statement follows reported actions by Japanese authorities who purportedly entered the market to bolster the yen after it fell beyond 160 to the dollar for the first time in 34 years, and again after comments by Federal Reserve Chair Jerome Powell on U.S. interest rates, the report further added.

Tesla Power" to market its products, on May 3. The lawsuit, heard in the Delhi High Court, seeks damages and a permanent injunction to stop the use of the Tesla brand name, as per Reuters. During a court session this week, it was revealed that the Indian company, Tesla Power India Pvt Ltd, continued to promote its products under the "Tesla Power" brand despite receiving a cease-and-desist notice in April 2022, as reported on the court's website, the report added.

Barron's senior writer Al Root discusses Tesla's market performance and automaker strategies when it comes to electric vehicles.

Tesla Chief Executive Elon Musk has made clear that he is making robotaxis a centerpiece of his long-term strategy. The hard part will come next. This summer Tesla plans to show a future model—which is expected to have no steering wheel and pedals—that the automaker can deploy in its own, Uber-like ride-hailing service.

Elon Musk’s move to lay off the department responsible for Tesla’s electric vehicle chargers has touched off worries in the auto industry that EVs from other automakers will have trouble joining Tesla’s network

Tesla’s move this week to lay off much of the team responsible for creating the largest and most successful electric-vehicle charging network in the U.S. threw the industry into a state of shock and confusion. The layoffs halted construction work at a dozen Supercharger sites in Texas.

Tesla has backed away from an ambitious plan for innovations in gigacasting, its pioneering manufacturing process, according to two sources familiar with the matter, in another sign that the electric-vehicle maker is retrenching amid falling sales and rising competition. Tesla has been a leader in gigacasting, a cutting-edge technique that uses huge presses with thousands of tons of clamping pressure to die-cast large sections of the car's underbody. On a typical vehicle, the underbody can consist of hundreds of individual parts. Last year, as Tesla developed a new small-vehicle platform, it aimed to punch out the underbody in a single piece, Reuters exclusively reported last September, citing five sources familiar with the automaker's gigacasting operations. The long-term goal was to radically simplify manufacturing and slash costs.

Elon Musk's Tesla is constantly restructuring its workforce leading to hundreds of lay offs. Several Tesla employees have shared their experiences on social media about how they were terminated overnight and not even allowed to enter the office the next day. Tesla is laying off around more than 10 per cent of its global workforce.

Elon Musk has shut down the division that runs Tesla Inc.‘s Supercharger business, dismissed two senior executives and fired hundreds more staff as the electric-car maker continues its restructuring amid a sharp downturn in the EV market.

Elon Musk's vision for personal mobility is cars running on clean fuel and driving themselves. He has got the fuel bit right with battery-operated Tesla cars recharging on electricity generated from solar or nuclear energy (revealed last year in the 'nuclear diamond battery'). Musk's problem with this is, so have others.

Tesla plans hundreds of additional job cuts beyond a recent company-wide layoff as it cracks down on costs in a tough electric vehicle market, according to a US media report. Elon Musk's EV company, which moved earlier this month to cut more than 10 percent of its 140,000 employes, will disband two departments and lay off most of the employees from the groups, reported the Information late Monday. The online technology publication quoted from a Musk email in which he vowed to be «absolutely hard core about headcount and cost reduction.»

F&O ban list: A total of two stocks have been banned for trade on Tuesday, April 30, 2024, under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they crossed 95% of the market-wide position limit (MWPL), according to the NSE. However, the stocks will be available for trading in the cash market.