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Stifel Maintains Buy on Eos Energy Enterprises, Raises Price Target to $15
Tesla Parks Over Key Indicator, Readies For Another Trek North: The Bull, Bear Case For The Elon Musk-Led Stock
Mentioned: ARKK ROKU TARK TSLA
Tesla, Inc (NASDAQ: TSLA) was popping up slightly higher Thursday, in tandem with many other big tech stocks after U.S. Personal Consumption Expenditures data came in softer-than-expected.
The market is currently pricing in just a 9.5% chance that the Federal Reserve will hike rates in September, during a data-heavy week that has shown the Fed's monetary tightening is working to slow the economy and bring down inflation.
While the economy has been slowing, Tesla has been growing its market share, propelled by price cuts that initially worried investors. The EV giant grew its global market share from 16% in the second quarter of 2022 to 20% in the second quarter of this year. Read More Here...
On Thursday, Tesla was trading in an inside bar pattern, but the stock has seen a major upswing recently, rising over 21% since its Aug. 18 low of $212.36. The move higher has caused ETFs that hold the company to also see increased prices, such as Cathie Wood's Ark Innovation ETF (NYSE: ARKK), which Benzinga pointed out on Tuesday.
For traders looking to maximize the potential gains in ARKK, AXS 2x Innovation ETF (NASDAQ: TARK) offers 2X leverage, allowing sophisticated traders to see daily gains of 200% of the daily performance of Wood's ETF. This leverage boosts trade performance, which can offer significant gains for traders.
ARKK's largest holdings are Tesla, weighted at 10.75%, Roku, Inc (NASDAQ: ROKU), weighted at 8.35% and Zoom Video Communications-A, which makes up 7.65% of the fund's holdings.
It should be noted that leveraged funds are designed for short-term traders and shouldn't be held for a long period of time.
Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.
The Tesla Chart: Tesla has been trading mostly sideways since Tuesday, when the stock surged almost 8% higher to reach the 50-day simple moving average (SMA). On Wednesday, Tesla regained the 50-day SMA as support and on Thursday, the stock appeared to be consolidating above that area, forming an inside bar.
Tesla's inside bar leans bullish for continuation because the stock was trading higher before forming it and has regained the 50-day. Traders and investors can watch for Tesla to break up or down from Wednesday's mother bar on higher-than-average volume to gauge whether another bull run is on the horizon or a retracement is in the cards.
Tesla is trading in a confirmed uptrend, making a series of higher highs and higher lows. If the uptrend continues, a gap that exists between $280.93 and $289.52 is likely to fill. If big bearish volume comes in and drops Tesla back under the 50-day SMA, bullish traders want to see the stock hold support at the eight-day exponential moving average.
Tesla has resistance above at $265.10 and at $271.71 and support below at $254.98 and at $234.35.
Autoworkers want 40% raises. Analysts worry about higher car prices and competing with Tesla
INSIDER
Aug 30th 2023 at 2:59PM
If automakers have to pay more for their labor, they might pass on increased costs to consumers, analysts fear. Eric Thayer/Getty Images
Workers at Ford, GM, and Stellantis are fighting the automakers for higher wages.
The United Auto Workers union is targeting a 40% wage increase in its ongoing contract negotiations.
That could ultimately result in higher car prices for consumers — especially for EVs.
Workers at Ford, GM, and Stellantis are fighting for 40% pay increases — but analysts worry that will drive up car prices and ultimately, make it harder for these auto giants to compete with Tesla.
The United Auto Workers union fight with Detroit's Big Three carmakers is heating up. The union recently passed a strike authorization vote, and its looming deadline is September 14. The workers are asking for improved benefits, a reduced workweek, elimination of the compensation tier model they've been operating under, and substantial wage increases that, if agreed to, could mean costs eventually trickle down to buyers.
Pricing journey
Vehicle shoppers have been through a whirlwind over the past few years as the pandemic halted the global auto supply chain, sending inventory to record-low levels and prices for new and used cars to record-highs. Not only did automakers cash in from the panic, their dealers did, too.
Only recently are new vehicle prices starting to creep down as inventory builds on lots and dealers employ incentives to get cars in customers' hands. July saw the smallest year-over-year increase in average transaction price (ATP) in a decade, less than 1%, per Kelley Blue Book.
For the brands with more days' supply on their dealership lots, buyers might be able to find good deals.
Dealers are especially motivated to move cars now that they're coming down from the period of ultra-high profits during COVID and are paying elevated floor plan costs to keep cars around. There is still plenty of new car demand, but it's easing as interest rates and monthly payments hit unprecedented levels and consumers hold onto their vehicles for longer.
The wage challenge
But just as buyers might be seeing some relief on the pricing side, the UAW's wage demands could throw a wrench into that.
Union workers are arguing that they deserve a greater slice of the pie after seeing those COVID-era profits line automaker pockets instead of theirs.
Yet experts say it's possible automakers will try to recoup these increased expenses by passing some of the potential wage cost onto buyers, reversing any positive movement on the pricing front for shoppers.
The EV shift exacerbates this threat. These vehicles are already, on average, more costly upfront than gas-powered ones, and these automakers are betting their future livelihoods on electric. (Keep in mind, workers are also looking for job security even as their work inevitably changes with EVs.)
"If negotiations take place and some of these major proposals come through the billions of incremental annual costs will be damaging and ultimately increase the prices of EVs rolling out over the next 12 to 18 months to consumers," Wedbush Securities analysts said in an August 30 note.
"This will be a major headwind on the cost front," the analysts added. "With any $3k, $5k, $7k, etc added to the slew of vehicles coming out would result in demand churn in our opinion."
Any gains made on Tesla could vanish
The Detroit auto companies have had something of an advantage over the past year as EV production scales and their vehicles qualify for federal tax credits more than many of the non-domestic car makers, based on rules about where the EVs can be built and more. Getting EV costs down via tax credits has incentivized some buyers to go for domestic EVs. That advantage could disappear if Ford, GM, and Stellantis choose to keep costs high — and it will most certainly impact their ability to stay competitive with Tesla.
Tesla has hit a nerve with its price cuts this year, forcing Ford to slash its prices, too.
The increase that workers are seeking would boost pay and benefits at the Detroit automakers from a combined $64 an hour to $150 an hour and raise labor costs by $80 million, per a Bloomberg estimate.
If Ford or the other Detroit companies see labor costs go up that much as a result of union negotiations, they may act as if there's less room to budge on pricing, ultimately negating any marginal gains they might have made on Tesla.
Elon Musk Affirms Training Compute Will Not Be A Constraint For Tesla's Full Self-Driving Improvements Much Longer
Mentioned: NVDA TSLA
Tesla Inc (NASDAQ:TSLA) CEO Elon Musk on Wednesday said that version 12 of its full self-driving (FSD) software is still training but compute training will not slow it down.
What Happened: 'Training compute should soon not be so much of a limiting factor,' Musk wrote. He was responding to a user who calculated that the training speed of V12 should at least quadruple once chip-maker Nvidia Corpâ??s (NASDAQ:NVDA) H100 cluster is fully operational or even further if there's a lot of Dojo online.
Tesla activated the 10,000-unit Nvidia H100 GPU cluster this week, which Musk said is three times faster than the A100 in the company's tests.
However, talking about the difficulties of bringing the H100 online, Musk said, 'Very difficult bringing the 10k H100 cluster online btw. Similar experience to bringing our now 16k A100 cluster online.'
'Uptime & performance are low at first, then improve with lots of work by Tesla & Nvidia,' he explained.
Training compute should soon not be so much of a limiting factor.Very difficult bringing the 10k H100 cluster online btw. Similar experience to bringing our now 16k A100 cluster online. Uptime & performance are low at first, then improve with lots of work by Tesla & Nvidia.
â?? Elon Musk (@elonmusk) August 31, 2023
Why It Matters: Earlier this week, Musk reiterated that Tesla is going to use both NVIDIA and Dojo to process a large amount of data from Tesla's growing fleet of vehicles and train its FSD software.
Dojo is Tesla's custom-built supercomputer platform, specifically designed from scratch for AI machine learning purposes, with a particular focus on video training using data obtained from its fleet of vehicles.
The ‘worst of all worlds’ for EV charging companies as Tesla swoops in
EV charging networks ChargePoint and Blink Charging are burning through cash quickly as automakers frustrated with poor charger reliability start to create their own networks.
What Ignited Tesla's Electrifying Tuesday Rally? Analyst Spotlights 2 Key Catalysts Behind Surge
Mentioned: NVDA RIVN TSLA
Tesla, Inc. (NASDAQ:TSLA) surged ahead on Tuesday, overshadowing other mega-cap stocks, and Gary Black of Future Fund examined the factors underpinning this remarkable performance.
The Impetus: Tesla's stock gained traction from Tuesday's Job Openings and Labor Turnover report, which revealed job openings hitting a two-year low of 8.87 million, according to Black.
This development led bond traders to bolster their bets on a Federal Reserve pause in rate hikes for September. Consequently, the 10-year Treasury note yield experienced an 8.6 basis point drop to 4.116%, he noted.
See Also: Everything You Need To Know About Tesla Stock
Unleashing Growth: The rally particularly favored growth stocks, with heightened interest in long-term prospects for companies such as Tesla, Rivian Automotive, Inc. (NASDAQ:RIVN), and Nvidia Corp. (NASDAQ:NVDA), emphasized the fund manager.
Boost From China: Black attributed a portion of the upward momentum to robust weekly China registrations for Tesla. Recent data revealed that insured registrations for Tesla vehicles in China reached 17,000 units in the reporting week. This encouraging trend sets the stage for the company to potentially surpass the second-quarter record of 156,700 units in the third quarter.
Why It Matters: Tesla's stock encountered some turbulence after a strong first half, mainly due to concerns over price cuts. These reductions raised worries about diminishing profit margins and softer demand dynamics, which could impact the company's overall performance.
CEO Elon Muskâ??s discussion of price cuts during the second-quarter earnings call, tied to a rising rate environment, added to these concerns.
Macro Impact: The prospect of a Federal Reserve pause or potential rate cuts holds the potential to stimulate volume growth on a broader scale. The next rate-setting meeting of the central bank is slated for Sept. 19-20.
Beyond this, Gary Black views the impending Cybertruck launch as a significant catalyst that could create a 'halo effect' across the Tesla ecosystem, further propelling the company's prospects.
Tesla Reverses Course, Indicates A New Bull Run Could Be On The Horizon: The Bull, Bear Case For The EV Giant.
Mentioned: TSLA
Tesla, Inc (NASDAQ: TSLA) closed near flat on Monday, ahead of key economic data set to print this week, which will offer investors clues as to whether the Federal Reserve will hike rates again in September or apply a pause.
The EV giant reversed course on Aug. 21 after trending lower within a steep downtrend, which began on July 19. On Monday, the stock formed a higher high, confirming a new uptrend may be in the cards.
An uptrend occurs when a stock consistently makes a series of higher highs and higher lows on the chart.
The higher highs indicate the bulls are in control while the intermittent higher lows indicate consolidation periods.
Traders can use moving averages to help identify an uptrend, with rising lower time frame moving averages (such as the eight-day or 21-day exponential moving averages) indicating the stock is in a steep shorter-term uptrend.
Rising longer-term moving averages (such as the 200-day simple moving average) indicate a long-term uptrend.
Although the stock is showing bullish signs, if the stock market reacts bearishly to this week's data a downtrend could resume for Tesla. If that happens, volatility in the stock market is likely to pick up.
Traders wishing to play the potential volatility in the stock market can use MIAX's SPIKES Volatility products. The products, which are traded on SPIKES Volatility Index (XMIO: SPIKE), track expected volatility in the SPY over the next 30 days.
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The Tesla Chart: Tesla formed a higher high on Aug. 22 at $240.82 and a higher low at the $228.18 mark on Thursday, which negated the downtrend. On Monday, the stock formed another higher high, which confirmed a new uptrend is on the horizon.
On Aug. 22, Tesla broke up bullishly from a descending trend line, which is a strong indication that a rebound is on the horizon. The stock formed a bearish hanging man candlestick on Monday, which indicates a retracement could come on Tuesday before the uptrend possibly continues.
Bullish traders want to see Tesla regain the 21-day exponential moving average (EMA) as support. If the stock can regain that area and trade above it for a period of time, the eight-day EMA will cross above the 21-day, which would give bullish traders more confidence going forward.
Bearish traders want to see big bearish volume come in and break Tesla down to form a lower low, which would suggest the recent upswing was a bull trap. If that happens, the stock may retrace to test the 200-day simple moving average as support.
Tesla has resistance above at $254.98 and at $265.10 and support below at $234.35 and at $225.03.
Tesla Rolls Out FSD Beta For Vehicles Equipped With Hardware 4, A Day After Musk Warns 6-Month Delay
Mentioned: TSLA
Tesla Inc (NASDAQ:TSLA) has seemingly rolled out its full self-driving (FSD) software for Tesla vehicles equipped with hardware 4. The move comes a day after CEO Elon Musk warned that FSD on hardware 4 will lag hardware 3 by at least another six months.
What Happened: Tesla enthusiasts on X.com noted the new update from the EV giant.
'FSD Beta on HW4!! Confirmed!!! Thanks Elon Musk !!,' a user wrote. Another user shared a video of their first drive with HW4 FSD Beta. The software was made possible via a firmware update version 2023.26.11.
'Just got back from my first #FSDBeta drive on our brand new #HW4 Model Y. Genuinely the best beta drive I've ever had since first getting beta in October 2021. So smooth and confident. Even my wife, who doesn't like beta, said "I'm blown away',' another individual wrote on the social media platform.
FSD Beta on HW4!! Confirmed!!! Thanks @elonmusk !! #fsd #beta #models #plaid #modelx #hw4 #ev pic.twitter.com/ITUkiT8guV
â?? Imran (@4monstergadgets) August 29, 2023
Hardware 3 and 4 refer to computers that help Tesla in its self-driving efforts. A suite of sensors backs it.
Tesla did not immediately respond to Benzinga's request for comment.
Why It Matters: On Sunday, Musk told a person looking for recommendations on purchasing a new Tesla that FSD software on hardware 4 will lag hardware 3 by at least another six months. He said that Tesla would focus on getting FSD on hardware 3 working â??super well' and providing it internationally, thereby delaying it on hardware 4.
This spurred concerns from Tesla customers with vehicles equipped with the latest hardware without the software. 'I wonder if Elon saying 6 months is a real 6 months or really means like 2 years. I can't imagine Tesla is gonna let HW4 be missing beta for too long,' a user wrote, to which the CEO responded that it would be a real six months or less.
Hardware 4 started to be integrated into new vehicles starting earlier this year. It has better cameras and a new FSD computer.
BYD Reports Strong Earnings. It and Tesla Are Pulling Ahead. -- Barrons.com
Mentioned: TSLA
Al Root
Tesla and the Chinese EV company BYD are separating themselves from the pack.
Both are profitable, which few EV rivals can claim. Both are also boosting EV deliveries faster than the overall market, while BYD is increasing its profitability, closing the gap with Tesla.
Monday, BYD (ticker: 1211.Hong Kong) reported its first-half numbers. Sales and gross profits in the car business came in at roughly $21 billion and $3 billion respectively. Sales grew 66% year over year. Gross profits grew 75%. Gross profit margins were 13.5%, compared with 12.8% in the same span of 2022, partly because the company is operating at a larger scale.
The company delivered 1.2 million passenger vehicles and about 642,000 battery-electric vehicles, or BEVs, up about 95% and 92% from a year earlier, respectively. That isn't bad.
Tesla (TSLA) reported first-half sales and gross profits of about $48 billion and $9 billion, respectively. Sales grew 35% year over year, but gross profits declined by 7%. Gross profit margins came in at about 18.7%, higher than BYD's but down from 27.2% in the first half of 2022.
The significant price cuts that Tesla rolled out to start the year explain what happened. Margins fell as a result, but the lower prices kept sales high. Tesla sold almost 890,000 BEVs in the first half of 2023, up 57% from the roughly 565,000 sold in the first half of 2022.
Both companies' growth and profitability was impressive considering the overall market.
Ford Motor (F) says it is on pace to lose $4.5 billion selling EVs in 2023. It delivered about 26,000 BEVs in the U.S. in the first half of 2023, up about 10%. The level of sales, however, isn't enough to achieve the scale needed for profits. A typical auto plant can make roughly 300,000 to 500,000 units a year.
As for growth, the Chinese market for new energy vehicles, or NEVs, which includes plug-in hybrids and BEVs, grew about 43% year over year in the first half of 2023, according to Citi analyst Jeff Chung. BEV sales grew about 30% year over year.
China is the largest market for new EVs. About 3.5 million NEVs and 2.5 million BEVs were sold in the first half of 2023.
BEV sales in the U.S. totaled about 557,000 in the first half of 2023, according to Cox Automotive, up about 47% from a year earlier. European BEV sales totaled roughly 700,000 units, according to the European Automobile Manufacturers' Association, up about 53%.
Global BEV sales rose roughly 33% in the first half of 2023. Both BYD and Tesla easily outpaced that rate. It was a pretty good half for both, but Tesla is beating BYD in another metric. Its stock is up 94% so far this year, while BYD shares are up about 17%.
BYD's U.S.-listed American depositary receipts (BYDDY) were up 1.3% in morning trading Monday, while the S&P 500 and Nasdaq Composite were both up about 0.6%.
Tesla stock was up 0.2%.
Did my best to warn people that LiDAR isn’t optimal for cars. Roads are designed for biological neural nets & eyes, so digital neural nets & cameras will work best.
I say this even though Dragon uses LiDAR for docking with Station, so I don’t intrinsically hate that technology.
Elon Musk
Musk Takes A Swipe At Slow-Moving Legacy Automakers: 'Will Probably Take Major Car Companies About Three Years'
Mentioned: F RIVN TSLA
Tesla Inc (NASDAQ:TSLA) CEO Elon Musk on Sunday took yet another dig at the slow pace of legacy automakers.
What Happened: 'Designing in the cameras, liquid-cooled Tesla computer (always go liquid-cooled!) and high-security internet gateway will probably take major car companies about three years,' Musk wrote.The CEO was responding to an X.com user who opined that it would still take Ford Motor Co (NYSE:F) years to integrate autopilot into its vehicles even if Tesla handed over the entire Autopilot source code to them.
'We want to be helpful, as we were with making our patents available for free, as well as our advancers charging connector,' Musk wrote in his reply. He added that legacy automakers might also benefit from Tesla's online vehicle management system on the server side.
Designing in the cameras, liquid-cooled Tesla computer (always go liquid-cooled!) and high security internet gateway will probably take major car companies about three years.Might as well start now! We want to be helpful, as we were with making our patents available for free,â?¦
â?? Elon Musk (@elonmusk) August 27, 2023
Why It Matters: Only last week, Musk noted the slow pace of transition to EVs by legacy automakers. "Some companies do understand, but their pace of change is nonetheless slow," Musk wrote on X.com. The CEO was responding to a user who said that legacy automotive companies are about to have their â??Kodak moment.'
"It is unfortunately trending that way for many automakers," Musk then said.
Despite Musk's seeming eagerness to part with Tesla's knowledge base, it was reported earlier this month that the EV giant might take its competitor Rivian Automotive Inc (NASDAQ:RIVN) to trial over alleged theft of trade secrets. Filed in 2020, Tesla's lawsuit alleges that Rivian hired its former employees, who in turn passed on to the startup documents comprising 'highly sensitive trade secret, confidential, and proprietary engineering information.'
Tesla expanded the lawsuit in 2021, claiming that Rivian stole core technology related to its next-gen batteries. Rivian, meanwhile, has denied any wrongdoing.
It is, end to end
Tesla fsd 12 live stream with Elon
Might run into early 24
Just wait
Next year
‘Load Up,’ Says Goldman Sachs About These 2 ‘Strong Buy’ Stocks
TipRanks
Tue, August 22, 2023 at 7:43 AM PDT·6 min read
Riding the wave of positive economic developments in 2023, investors have significantly increased their exposure to the stock market this year.
The evidence is in the data, as pointed out by Goldman Sachs’ Chief US Equity Strategist, David Kostin. The investment firm’s US Equity Sentiment Indicator rebounded from -1.8 in December to +1.5 in July. However, during August, the bears have been trying to regain a foothold, and over the past week, that metric has fallen to +0.8.
Now, Kostin says that a common question asked by investors is whether the current “level of equity length will limit upside for stocks.”
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And here, Kostin has a reassuring answer for those worried about what’s coming next. “We find that US investors have room to further increase their exposure to equities,” he said. “Should the US economy continue on its path to a soft landing, we believe the recent decrease in equity length will be short-lived.”
Running with this positive sentiment, the analysts at Goldman have pinpointed two names that they see as poised to deliver the goods as the stock market regains momentum. We ran this pair of Goldman-recommended names through the TipRanks database to find out what the rest of the Street has to say about them. It turns out that both are rated as Strong Buys by the analyst consensus. Let’s find out why.
Revance Therapeutics (RVNC)
The first Goldman Sachs-backed company we’ll look at is Revance Therapeutics, a biotech company that specializes in developing innovative treatments for various medical and aesthetic conditions.
Revance has been making strides in the aesthetic drug market, a segment that pharmaceutical colossus Abbvie has dominated for the last couple of decades with its anti-wrinkle treatment Botox. And it appears that Revance is ready for the challenge.
Achieving the ultimate goal every biotech company aims for, last September, the FDA gave the green light for its neuromuscular blocker Daxxify, approving the therapy for injection to temporarily improve moderate to severe frown lines. The approval was followed by the launch of Daxxify. In Q2, the treatment generated revenue of $22.6 million, marking a sequential increase of 47.1% over Q1 – the period when Daxxify was introduced to the market.
More recently, the FDA granted a label expansion for the product. Earlier this month, based on the positive results from the Phase 3 ASPEN study, the FDA approved Daxxify for the treatment of Cervical Dystonia, a condition characterized by involuntary contractions of neck muscles. This marked Daxxify’s first approval for a therapeutic indication.
This potential across various applications is the bedrock of Goldman analyst Chris Shibutani’s bullish thesis for Revance.
“We remain constructive on the outlook for Daxxify’s commercial opportunity in therapeutic indications as we believe a longer-lasting neurotoxin could be of interest for many patients, particularly for those who regularly seek symptom relief with neurotoxins but see loss of treatment effect before 12 weeks (Botox’s label recommends to not dose more than once every 3 months)… We model ~$140mn in peak sales and market penetration of ~25% for the indication,” the 5-star analyst noted.
These comments underpin Shibutani’s Buy rating, while his $38 price target implies shares will deliver returns of ~121% in the year ahead. (To watch Shibutani’s track record, click here)
Overall, 8 analysts have recently waded in with RVNC reviews and they break down into 6 Buys and 2 Holds, all coalescing to a Strong Buy consensus rating. It’s not as if Shibutani’s optimistic outlook stands out here; going by the $36.13 average target, the shares will see upside of ~110% over the coming months. (See RVNC stock forecast)
Hu?
FORBES says Tesla has started shipping #Cybertruck
Kelley Blue Book says: “We currently estimate it will start at around $50,000. That would put it right in line with the mass-market Ford F-150 Lightning which starts at $49,995.” $TSLA
Being popular is bad 😁
2M people have ordered it so I guess they like the look
Don't disagree and can't time it perfectly. All I see is potential but...
Really, I've founded a few companies that ended up on the big board. Two thing are important, motivate your staff (money) and make sure people buy stock and don't sell. Top brass have paid themselves plenty in stock/options, I never took salary so that expense drop to the bottom line.
It's tough when everybody describe your product as xerox and not copier. They've spent $1b+ already and.....
What is the motivation for the top brass, they've already made their money. This could be a great company but for the bottle neck which is on top of the bottle.
Where is the PR and ir department?
Fsd, can't edit on mobile.
Been here a long time and still sitting on the dry powder, there will be blood in the streets but at $140 I'll start buying. After the major correction that I expect there will be a hockey stick upwards. Tesla can triple from wherever in a month as no other company can match there fundamental outlook. Tons of potential drivers such as megapack, fad, insurance, starlink connection, in car advertising, cybertruck, subsidies .......
$EOSE JUST IN 🚨
Stifel reiterates $13 PT on Eos.
“With management confirming the loan is in the 30 day final review process with timeframe implying an announcement by Labor Day, we comfortably maintain our Buy rating despite the funding-driven delay to Z3 ramp up”
California Adds $2,000 EV Credit For Residents, Here's How Much You Can Save Now
Mentioned: TSLA
Electric vehicles in the U.S. qualify for federal credits, state credits and other credits that can knock the starting price down to make them in line with traditional automobiles.
Tesla Inc (NASDAQ: TSLA) is among the companies that benefit from certain credits for electric vehicles.
One state is increasing the amount of credits for those seeking to buy an electric vehicle.
What Happened: California has wanted for several years to ban the sale of traditional automobiles by 2035.
One way to achieve its goal of more electric vehicles on the road may be to increase the tax credits for buyers who purchase one.
As shared by Electrek, California is increasing the incentives for low- and moderate-income consumers in the state when purchasing an electric vehicle.
The additional $2,000 in incentives means some California residents will get savings of $9,500 from the state. Residents also qualify for $7,500 in tax credits federally for electric vehicles for many models.
This brings the total savings to $17,000 or more for qualifying residents in California when purchasing a new electric vehicle.
An 'EV Charge Card' will be issued for qualifying residents according to Electrek, to be used at public charging stations.
To qualify for the increased incentives from California, a household has to have income less than or equal to 400% of the federal poverty level. This means that individuals or a family of four with income of $59,230 or $120,000 respectively and anything less would qualify.
Related Link: Used Tesla Vehicles May Now Qualify For $4,000 Tax Credit
Why It's Important: On top of the increased incentives from the state, certain regions of California also have incentives of $2,000 to $4,000 for new electric vehicle purchases.
Residents of some regions in the state could get over $20,000 in incentives to purchase a new electric vehicle.
Benzinga recently shared a story of a California resident using incentives to buy a new Tesla Model 3 for under $14,000.
A story of Colorado incentives also saw interest on social media with new tax incentives getting $21,000 off the purchase of a new electric vehicle, bringing the cost of a new Tesla Model 3 RWD to $19,240.
For years, Tesla CEO Elon Musk has had a goal of having a new electric vehicle that cost consumers under $25,000. With certain state and federal incentives, this price point has now become closer to reality.
$TSLA #TSLA = NEW 13F Filings - Massive Buying!
BlackRock = 7.23M
Jane Street = 6.3M
Bank of Montreal = 5.6M
State Street = 4.43M
Goldman = 3.21M
Price T.Rowe = 1.76M
Newlands = 1.66M
Geode = 1.61M
Imprint = 1.42M
Barclays = 1.38M
HSBC = 1.2AM
Loomis = 1.09
Fisker Owners May Charge EVs On Tesla Chargers, Company Says -- MarketWatch
Don't get caught by good news
Tesla May Soon Compete With Amazon On Data: Could The Musk, Bezos Rivalry Escalate?
Mentioned: AMZN GOOG GOOGL MSFT TSLA
Tesla Inc (NASDAQ: TSLA) may soon have another business segment in addition to the electric vehicle space, which it currently dominates.
What Happened: The company, also known for its operations in solar, energy storage and charging infrastructure, may expand operations into data centers â?? a move that could put Tesla in direct competition with Amazon.com Inc (NASDAQ: AMZN), Microsoft Corporation (NASDAQ: MSFT) and Alphabet Inc (NASDAQ: GOOG)(NASDAQ: GOOGL).
A job posting from Tesla, spotted by Electrek, calls for a 'Sr. Engineering Program Manager, Data Center.'
'This role will lead the end-to-end design and engineering of Tesla's 1st of its kind Data Centers and will be a key member of the factory engineering team,' the job description reads.
The job posting lists a location of Austin, Texas where Tesla is headquartered.
Related Link: Tesla Q2 Earnings Highlights: Revenue Beat, EPS Beat, Cybertruck Update And More
Why It's Important: According to Electrek, the data center business is worth over $250 billion, which could make it attractive to newcomers like Tesla.
Tesla has expanded several customer offerings that could require a large amount of data storage, including its 'premium connectivity' and virtual power plants.
The Information reported in June that Tesla took over the lease of at least one data center previously leased by Twitter, the social media company Tesla CEO Elon Musk purchased.
Based on the job description and reports that Tesla needs more places to house its own data, Tesla's growth in the data centers could be strictly an internal move.
This would mean Tesla is only looking to have its own data centers for its growing pile of data from users, and not to serve as a competitor of other technology companies that sell data storage solutions.
Amazon's AWS business has been one of its biggest drivers of growth in recent years. The company has been a market leader in cloud storage and enterprise storage solutions.
In the most recently reported second quarter, Amazon saw revenue for AWS hit $22.1 billion, up 12% year-over-year.
'Our AWS growth stabilized as customers started shifting from cost optimization to new workload deployment, and AWS has continued to add to its meaningful leadership position in the cloud with a slew of generative AI releases,' Amazon CEO Andy Jassy said.
If Tesla were to offer data storage solutions for other companies and non-Tesla customers, it would add yet another layer to Musk's rivalry with Amazon founder Jeff Bezos.
Musk and Bezos already have a mutual interest in space exploration.
Short seller Jim Chanos has soured on data centers in recent years. Chanos, who is also an opponent of Tesla, launched a big bet against data centers in 2022 and called it his 'big short."
'The story is that although the cloud is growing, the cloud is their enemy, not their business. Value is accruing to the cloud companies, not the brick-and-mortar legacy data centers,' Chanos said last year.
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My point is that institutions typically are long. 90% held buy institutions is about 80M shared. That leaves a float of 9M shares.
90% owned by institutions, why would an institution-hedge fund sell the good news? Something's not adding up here
Somebody jumping ship, should pass
Jan 2025 30's, locked and loaded. Sales barely started for DAX and I'm impressed.
I think Tesla might be seen as a safe haven
AustralianSuper slashed positions in Apple (ticker: AAPL) and Microsoft (MSFT), bought more shares of electric-vehicle maker Tesla (TSLA), and initiated a position in chip provider Nvidia (NVDA) in the second quarter.
The pension dramatically raised its Tesla stock investment by buying 138,573 shares to end June with 159,336 shares.
Tesla Acquires Wireless Charging Firm Wiferion
Charlie Munger, Berkshire Hathaway's vice chairman, praised Tesla's achievements in the American auto industry, calling it a 'minor miracle.'