Brokerage stats – Tesla Shanghai added to inventory at its fastest rate ever last month
Brokerage data revealed that Tesla (TSLA.O) increased its electric vehicles inventory in Shanghai at its quickest rate ever in October, at a time when investors and manufacturers are preparing for a decline in the world’s largest auto market.According to data from China Merchants Bank International, Tesla manufactured 87,706 Model 3s plus Model Ys in Shanghai…
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Musk seeks to market away 20 mil EVs which may pull billions from Tesla
Elon Musk, the CEO of Tesla Inc. (TSLA.O), has put his young firm on an aggressive expansion route that no other automobile executive has ever imagined.However, this path is full of potholes and other obstacles that could delay or derail the voyage.The company’s growth promises for shareholders and its commitment to promoting the use of…
S.Korea anxious over EV credits; U.S. visit to increase battery supply
This week, South Korean officials will meet with their American counterparts to discuss their “concerns” with the Inflation Reduction Act, which places limitations on who can receive subsidies from the United States for the manufacture of electric vehicles and where businesses can source battery materials.A $430 billion bill, regarded as the largest climate package in…
Unity the U.S. game maker is in talks to spin off a unit in China
Four sources with knowledge of the situation told Reuters that Unity Software Inc. (U.N), a U.S. producer known best for software used to make video games, is in discussions to spinoff off its China division to assist it to expand in the largest games market in the world. Two of the persons, who declined to…
Uber seals taxi deal to expand in Italy
Uber Technologies Inc has clinched a deal to integrate its ride-hailing app with Italy’s largest taxi dispatcher as it seeks to boost its presence in the eurozone’s third-largest economy. The move is part of Uber’s strategy of working with established taxi operators, tapping into a recovery in demand after the pandemic-driven downturn. Under the agreement…
Lyft to slow hiring, assess budget cuts
Ride-hailing firm Lyft Inc said that it would slowdown hiring and assess budget cuts in some departments, joining rival Uber Technologies Inc in attempting to rein in costs. Lyft said no employee layoffs are planned and added it would grant special stock options to eligible employees. The company gave a statement that they are also…
Ericsson to restructure operations
Ericsson laid out plans to restructure its operating units to focus on mobile infrastructure and business customers, and announced that two senior executives will leave the company. A new business unit was created by merging digital services and managed services to increase its cloud expertise and build products for automation and artificial intelligence. The unit…
China in talks with automakers on EV subsidy extension
China is in talks with automakers about extending costly subsidies for electric vehicles (EV) that were set to expire in 2022. This is by aiming to keep a key market growing as the broader economy slows. The move by policymakers comes as the world’s second-biggest economy has slowed sharply and auto sales along with it…
Investors think unlikely Musk buys Twitter at agreed $44 BLN price
The stock market took the view for the first time that it was unlikely that Elon Musk will acquire Twitter Inc for $44 billion. The implied probability of the deal closing at that price fell below 50% when Twitter shares hit $46.75, based on the $54.20 deal price and Twitter’s shares having closed at $39.31 on…
AMD says data center boom will boost revenue
Advanced Micro Devices Inc forecast stronger- than-expected full year and second-quarter revenue, with the data center boom boosting demand for its chips,and its shares rose in after-hours trade. AMD chief executive Lisa Su stated that, each of their businesses grew by a significant double digit percentage year-over-year, led by EPYC server processor revenue more than…