Tesla Financial News

China's top electric carmaker BYD announced a record quarterly profit Monday, underscoring the firm's growing dominance in a high-tech sector that is fiercely contested by both domestic and foreign competitors. The Shenzhen-based firm posted a profit of 10.4 billion yuan ($1.42 billion) for the July-September period, its highest-ever earnings during a single quarter and up 82 percent on-year, a statement to the Hong Kong Stock Exchange showed. The figure was in line with BYD's previous forecast of between 9.55 billion yuan and 11.55 billion yuan in quarterly earnings. BYD's cumulative net profit for January-September reached 21.4 billion yuan, more than doubling on-year and surpassing last year's total annual earnings of 16.6 billion yuan. Electric vehicle demand has soared in recent years in China, which is the world's biggest producer of greenhouse gases in absolute terms. BYD, whose investors include US investment titan Warren Buffet, wants its sales to be dominated by electric and hybrid vehicles by 2035. Earlier this year, BYD became the first global manufacturer to pass the five million milestone in electric vehicle production, crowning itself «the world's leading manufacturer of new energy vehicles and power batteries». Originally specialising in the design and manufacture of batteries, the company diversified into the automotive sector in 2003. Many foreign automotive leaders — including Tesla, BMW, Mercedes and Audi — depend on BYD for their batteries. China's electric vehicle sector has benefited from decades of subsidies issued by Beijing in related technological fields. The growing success of Chinese electric car firms in foreign markets has also drawn scrutiny.

(Reuters) — Shares of Tesla (NASDAQ:TSLA) fell about 5% on Monday after key supplier Panasonic (OTC:PCRFY) Holdings said it cut automotive battery production in the September quarter, cementing concerns of a global slowdown in electric-vehicle (EV) sales.

Check out the companies making headlines in midday trading.

Reliance Industries, HDFC Bank and ICICI Bank helped the indices rebound from early lows amid a mixed trend in global markets. Besides, weakening Brent crude oil prices overseas also boosted investor confidence amid simmering tensions in the Middle East, traders said. Recovering after a sharp sell-off in morning trade, the 30-share BSE Sensex jumped 329.85 points or 0.52 per cent to settle at 64,112.65.

(Reuters) -Ford Motor said on Monday it would add more of Tesla (NASDAQ:TSLA)'s Superchargers to its electric-vehicle charging network, higher than previously forecast, as automakers tap into the EV leader's sprawling charger network to expand the range of their cars.

(Reuters) -Chipmaker Onsemi forecast a tepid fourth quarter and cut about 900 jobs, sparking fears that weak electric vehicle (EV) demand has begun to hurt orders for its chips from the auto sector and sending its shares tumbling 20% on Monday.

Bernstein reiterated their Underperform rating on Tesla (NASDAQ:TSLA), with a 12-month price target of $150.00 on the electric vehicle stock, as analysts with the research company believe FY24 consensus margin and volume estimates remain too high.

By Amruta Khandekar and Shashwat Chauhan

Former Kansas City Federal Reserve Bank president and CEO Thomas Hoenig joins 'Maria Bartiromo's Wall Street' to discuss the Federal Reserve's next move.

By David Shepardson and Joseph White

Investing.com — Here is your Pro Recap of the biggest insider trades and institutional investor headlines you may have missed last week: Corvex doubles stake in Southwest Gas, Ancora supports Forward Air’s decision to terminate Omni Logistics merger, Satori's Dan Niles covers shorts in Tesla and Apple and looks to re-short higher, and top brass buys at Truist Financial, Nasdaq, and Commercial Metals.

Investing.com — It’s going to be a very busy week for investors, with a Federal Reserve meeting, the latest U.S. jobs report and earnings from technology heavyweight Apple that could set the direction for stocks and bonds the rest of the year. Here’s what you need to know to start your week.

Investing.com — Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: EV makers are hitting pause on EV production; BP makes a deal; and Tesla escapes EU probe.

By David Randall

VinFast Auto is evaluating potential sites for its planned manufacturing facility and has already reviewed two locations in Tamil Nadu, people aware of the developments told ET. Touted as a rival to iconic EV maker Tesla, the auto company has been shown land in the Manalur region north of Chennai as well as in one of the state’s southernmost districts Tuticorin, according to sources who said that VinFast was also set to evaluate plots in Gujarat shortly.

In many ways, Elon Musk is the world’s biggest doomsday prepper. The billionaire entrepreneur has made his fortune and reputation chasing a future bettered by technology. The flip side of his optimism is a fixation on worst-case scenarios he is determined to avoid.

Elon Musk has offered internet support to war-hit Gaza after an Israeli offensive led to the shutdown of all communications. The development came as Israel expanded its ground operation in the Hamas-led region with massive strikes from the air and sea. According to the update shared on X (nee Twitter), Starlink will help restore connectivity to the UN and other internationally recognised aid groups operating in the narrow strip.

General Motors and Jeep maker Stellantis are meeting with United Auto Workers bargainers to see if they can reach a contract agreement that mirrors a deal signed with crosstown rival Ford

Wall Street is slipping amid the latest batch of corporate earnings from big technology companies and some mixed readings on the U.S. economy

(Reuters) — U.S. stock index futures climbed on Friday as robust forecasts from Amazon.com (NASDAQ:AMZN) and Intel (NASDAQ:INTC) along with a pullback in Treasury yields lifted megacaps, while investors awaited a key inflation data during the day.

President Biden praised what he called the “historic tentative agreement" that the United Auto Workers and Ford struck late Wednesday as a testament to collective bargaining. Perhaps, but the real test will be whether Ford can stay competitive, especially amid the government-forced electric-vehicle transition. UAW President Shawn Fain’s strategy of staging strikes at select plants operated by all three Detroit auto makers appears to be paying off.