Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
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.'
Q2 results August 9
They were not recalled anywhere but needed a minute worth of over the air software
Looks like game over
Cathie Wood-Led Ark Investment Management Identifies Tesla's Three Key Growth Catalysts
Mentioned: TSLA
Analysts from Cathie Wood-led Ark Investment Management on Monday listed three updates provided by Tesla Inc (NASDAQ:TSLA) during its second-quarter earnings call that it sees as effective drivers of growth. These updates are important, potential long-term drivers of value creation that Wall Street may have overlooked, the Tesla bulls said.
The Three Golden Updates:
Robotaxi: Tesla CEO Elon Musk suggested on Wednesday evening that its robotaxi is likely to generate â??quasi-infinite' demand. "It'll be by far the highest units per hour of any vehicle production ever," Musk said. The analysts at ARK see robotaxis accounting for over two-thirds of Tesla's enterprise value in 2027.
Full Self-Driving Software: Discussions are ongoing with a major automaker on licensing its FSD software, Musk said. As per ARK's foresight, very few traditional automakers can create fully autonomous vehicles. However, Tesla, it believes, has an advantage in terms of data given that its fleet is now gathering more than 2 million miles of FSD data per day.
Dojo: According to Musk, Tesla is set to invest over $1 billion in its project Dojo Supercomputer by the end of 2024. Given that NVIDIA cannot supply enough GPUs to meet its needs, Tesla's investment in Dojo will pay off over time, the analysts said. Further, it Is necessary, they added.
Why Tesla's Cybertruck Can Become A $30 Billion Business Overnight, According To One Tech Chronicler
Mentioned: GM TSLA
Tesla, Inc.'s (NASDAQ:TSLA) Cybertruck continues to make a buzz as its launch date closes in.
What Happened: The Cybertruck could soon become a $30 billion business, said Bloomberg news anchor and tech news chronicler Jon Erlichman in a tweet on Saturday.
Still, the market for full-sized pickups has been dominated by Ford Motor Co. (NYSE:N), General Motors Corp. (NYSE:GM) and Ram, the three of which control more than 90% of sales, Erlichman added.
The journalist noted that Tesla CEO Elon Musk first unveiled the Cybertruck in 2019, whose unique design piqued the public's curiosity and led to a pile-up of preorders. The uniqueness of the vehicle's design will likely impact production ramp-up, Erlichman added.
Erlichman further noted that, in May, Musk hinted at Cybertruck sales volume of 500,000 per year once production ramps up. This would match the sales of the Chevy Silverado, the anchor said. He added that the average price of a full-size pickup truck is more than $60,000, and, therefore, half a million sales would generate $30 billion in sales for Tesla.
Erlichman also highlighted some potential challenges, including the margin impact of having an electrified pickup truck. '[Traditional] trucks make big profits. Making EV's affordable hurts profit,' he said.
He also wondered aloud about the possibility of the Cybertruck's radical new design not finding traction among traditional pickup truck buyers, which would required Tesla to go back to the drawing board.
Why It's Important: Cybertruck reservations swelled to 1,943,876 as of Friday, according to an online crowd-sourced data tracker, suggesting a high-interest level for the vehicle.
Tesla Options Traders Betting That Stock Will Surge Above $400 By September Expiration
Mentioned: TSLA
Tesla, Inc. (NASDAQ: TSLA) shares traded sharply lower on Thursday after the company reported second-quarter results.
On CNBC's "Options Action," Mike Khouw of Optimize Advisors said Tesla is usually the busiest single stock option, but it nearly doubled its volume on Thursday, and represented 15% of all single stock options volume on Thursday.
Don't forget to check out our premarket coverage here
There were buyers of 85,000 of the September 400-calls at an average price of around $1.24 per contract, Khouw said.
Traders expect Tesla's stock rebounding above the $400 level by September expiration.Tesla reported second-quarter revenue of $24.93 billion, which was up 47% year-over-year. The revenue total beat a Street consensus estimate of $24.48 billion. Tesla reported a profit of 91 cents per share in the quarter, beating a Street estimate of 82 cents per share.
Oversold on good news
Nuclear
Could not disagree more. We have unlimited amounts of available energy
Years away
It's about sales data, let's see
So you think the information is false?
Hardly any float left could produce a gold rush in price while also triggering short squeeze. The stock could shoot to $1,000 in a blink of an eye
Tesla Updates Order Pages On Website, Excludes Model X — Releases New Video on Model 3
10:11 pm ET June 29, 2023 (Benzinga) Print
Electric vehicle giant Tesla Inc (NASDAQ: TSLA) has updated its website to show a video instead of a still image on the order page of all its models but Model X.
What Happened: A newly updated near-20-second video on the Model 3 order page flaunts the vehicle's glass roof, multiple color options and spacious frunk. Earlier this month, Tesla updated both its Model Y and Model 3 order pages with videos.
For Model Y, the short, 15-second video shows the car covering different terrains including wet mud tracks and snow while accommodating families and children with ease. The video also showcases the car’s ample trunk space and infotainment system.
The video on Model S, meanwhile, flaunts its spacious trunk, choices of yoke/circular steering wheel, and its front and rear touchscreen, among others.
Tesla first updated the Model S order page with a video. The order pages of Model X, as well as the Cybertruck and the Roadster, continue to display a static image.
Why It Matters: The Model 3 is Tesla's cheapest EV. While Model 3 rear-wheel drive now starts at $40,240, Long Range starts at $47,240 and Performance at $53,240. Further, they are eligible for a tax credit of $7,500, together with the Model Y.
Tesla Model Y starts at $47,740, Model S at $88,490 and Model X at $98,490.
Tesla's NACS Charging Revolution Explained: Who's In And Who's Out So Far
7:33 am ET June 29, 2023 (Benzinga) Print
In recent years, the electric vehicle industry has witnessed a significant shift in charging standards, particularly in North America. Previously, the prevailing standards for AC and DC charging were the SAE J1772 (Type 1) and Combined Charging System (CCS1) connectors, respectively.
However, Elon Musk-led Tesla Inc (NASDAQ:TSLA) has developed its proprietary North American Charging Standard (NACS) connector and aims to establish it as a continent-wide charging standard. This transition has sparked interest and led to several companies in various industries evaluating or adopting it. Tesla’s Superchargers constitute about 60% of total available U.S. fast chargers, according to Reuters.
Here’s a quick overview of who’s joined the NACS bandwagon and the ones still on the charging fence:
Automakers On Board:
Tesla: As the creator of the NACS, Tesla has been utilizing this charging standard since 2012 across all its new car models. Tesla announced the opening of its proprietary charging standard and the NACS name on Nov. 11, 2022, signaling its intention to establish NACS as the dominant standard.
Aptera: In January 2023, Aptera Motors became the first EV maker to integrate Tesla’s charging standard, as it said its upcoming solar electric vehicle would feature the NACS connector.
Ford Motor Co (NYSE:F): Ford, one of the largest North American vehicle manufacturers, made headlines in May 2023 by announcing its switch from CCS1 to the NACS charging connector. Starting with their next-generation EV models in 2025, Ford plans to incorporate the NACS connector. Adapters for existing CCS1-compatible models will be made available in 2024.
General Motors (NYSE:GM): Following Ford’s announcement, General Motors also declared its commitment to the NACS charging connector in June 2023. General Motors plans to equip its next-generation EVs, starting from 2025, with the NACS charging inlet. They also intend to provide NACS adapters for their existing CCS1-compatible models.
Rivian Automotive Holdings (NASDAQ:RIVN): Rivian, an emerging electric vehicle manufacturer, announced in June 2023 that it will implement the Tesla charging port on the R1S, R1T, and upcoming R2 platforms starting in 2025.
Volvo Group (OTC:VLVLY): The Swedish automaker intends to adopt the NACS charging inlet for its North American battery electric vehicles (BEVs) from 2025. NACS adapters for existing CCS1-compatible models will be available from H1 2024.
Tesla Nearly Sells Out Inventory In This Country As Monumental Q2 Looks More Inevitable
5:04 am ET June 29, 2023 (Benzinga) Print
Tesla, Inc. (NASDAQ:TSLA) seems set for more good news as reports indicate that the electric vehicle manufacturer may have achieved a strong second quarter in Australia, one of several countries where it recently scrapped the option to order either a Model S or a Model X.
What Happened: According to a report by Driven.io, Tesla has nearly sold out its new inventory in the country, with fewer than 20 vehicles remaining available for purchase nationwide.
Earlier this month, Tesla experienced an inventory buildup across all vehicle variants, including the Model 3 rear-wheel drive. However, the recent clearance of inventory can be attributed to the company’s offering of free Supercharging for select Australian models, as well as a discount of A$4,000 on certain vehicle models.
See Also: Everything You Need To Know About Tesla Stock
Why It Matters: This inventory clearance potentially positions Tesla for a significant and record-breaking sales quarter in Australia, as stated in the Driven.io report.
Additionally, weekly vehicle insurance data from China suggests that Tesla could achieve record quarterly sales in that market, which is crucial for the success of the Elon Musk-led company.
Tesla is expected to announce its global second-quarter delivery figures on July 2. Gary Black from Future Fund anticipates that Tesla will report record quarterly sales of 450,000 units, surpassing the consensus estimate of 448,000 units.
Price Action: Tesla stock rose 2.41% to $256.24 in premarket trading on Thursday, according to Benzinga Pro data.
any charging at Tesla stations will be done by Tesla directly to consumers credit card, I assume the others will do the same unless Tesla has a lock on the standard and users then need the Tesla app
Tesla's Next Key Number Comes From China -- Barrons.com
9:10 am ET June 28, 2023 (Dow Jones) Print
Al Root
Next up for Tesla investors are second-quarter deliveries expected on July 2. Elon Musk's company will need a record number, by a comfortable margin, to keep its stock moving in the right direction. Sales to Chinese customers could make or break the result.
Investors try to get whatever edge they can when projecting quarterly deliveries for Tesla (ticker: TSLA). That includes following Chinese insurance registration data, which should correlate with the actual number of cars sold. Of course, weekly data don't always line up with the start and close of any month, and there could be a short, variable lag between sales and reported registrations.
Whatever the correlation problems might be, the data for June look solid. Roughly 61,000 vehicles were registered in the first four weeks of June, according to tracking from Citi analyst Jeff Chung.
That puts Tesla on track to deliver up 70,000 vehicles to Chinese customers in June and between 145,000 and 155,000 vehicles to Chinese customers for all of the second quarter, an increase of almost 70% year over year. The second quarter of 2022 was impacted by Covid lockdowns which constrained production at Tesla's plant in Shanghai.
Combined with Europe and U.S. data tracked by various analysts, Tesla might be able to deliver roughly 450,000 vehicles in the second quarter, depending on how things go in the final days of the period.
The current Wall Street consensus is about 445,000 units, according to FactSet. Estimates range from about 430,000 units to 460,000 units. Tesla delivered about 423,000 vehicles in the first quarter.
Investors likely will need something in the area of 450,000 units to keep Tesla stock stable. That's only a guess. Predicting any number reported by Tesla is one thing, predicting what Tesla stock will do after a result is another matter entirely.
Baird analyst Ben Kallo wrote earlier this week that shares could be weak headed into second-quarter earnings, after delivery results are reported. He's a Tesla bull with a Buy rating on the shares. His price target is $252 a share. With the stock up almost 25% over the past month, however, investors might be expecting too much.
The first-quarter delivery result was in line with expectations, maybe. Not everyone could agree on the Wall Street consensus. Tesla aggregates data from several brokers and distributes it to investors. The brokers included are listed on the note. First-quarter results were close to that figure. Other aggregated estimates come from Bloomberg and FactSet. The Bloomberg consensus was about 421,000 units. The FactSet consensus was about 430,000 units.
The number was a record and close to all the figures. Investors didn't like the confusion though. Tesla stock fell about 13% between the delivery report and earnings. Shares fell another 10% after first-quarter results disappointed. Shares closed at about $163 on April 20. Investor sentiment has improved since then. Shares closed at $250.21 on Tuesday.
Tesla stock always is a wild ride. Shares were up 0.6% in premarket trading Wednesday. S&P 500 and Nasdaq Composite futures fell 0.2% and 0.4%, respectively.
Volvo Joins Tesla's Charging Network In New Deal: WSJ
8:51 am ET June 28, 2023 (Benzinga) Print
Volvo Car has announced a deal that will allow drivers of its electric cars to access Tesla Inc.’s (NASDAQ:TSLA) network of 12,000 superchargers across the U.S., Canada, and Mexico, The Wall Street Journal reports.
Expanding Charging Options
According to the Wall Street Journal, the agreement will see Volvo equip its new cars with a North American Charging Standard (NACS) port from 2025. Current electric-car drivers will be able to access the Tesla network from the first half of 2024 with an adaptor.
Volvo’s Electric Journey
“As part of our journey to becoming fully electric by 2030, we want to make life with an electric car as easy as possible,” said Jim Rowan, Volvo Cars' chief executive. “One major inhibitor to more people making the shift to electric driving…is access to easy and convenient charging infrastructure.”
See Also: Happy Birthday, Elon Musk! If You Invested $1,000 In Tesla IPO 13 Years Ago, Here’s How Much It Would Be Worth Now
Adapting to Current Charging Systems
Drivers of future Volvo cars equipped with the NACS charge port that wish to continue charging with the current combined charging system chargers will be able to do so with an adapter provided by Volvo Cars, the Wall Street Journal noted.
Following the Trend
The deal follows similar announcements in recent weeks from Ford Motor and General Motors. Both also signed agreements with Tesla, allowing their electric vehicle line-ups to access Tesla's extensive charging network, according to the Wall Street Journal.
Blink Charging Expands Electric Vehicle Charging Accessibility By Incorporating NACS Into Entire Product Line
https://blinkcharging.com/?locale=en
Bear trap
You'll have until end July
Allspring Global Investments Holdings LLC lifted its stake in Revance Therapeutics, Inc. (NASDAQ:RVNC - Get Rating) by 40.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,537,250 shares of the biopharmaceutical company's stock after purchasing an additional 442,726 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.83% of Revance Therapeutics worth $49,515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Get Revance Therapeutics alerts:
Enter Your Email Address
Wall Street Sees 23% Upside In Revance, Maker Of Botox Competitor
Several other large investors have also recently modified their holdings of RVNC. Advisor Group Holdings Inc. raised its position in shares of Revance Therapeutics by 60.6% in the 1st quarter. Advisor Group Holdings Inc. now owns 2,838 shares of the biopharmaceutical company's stock worth $56,000 after purchasing an additional 1,071 shares during the last quarter. Citigroup Inc. increased its holdings in Revance Therapeutics by 114.2% in the 1st quarter. Citigroup Inc. now owns 12,451 shares of the biopharmaceutical company's stock worth $243,000 after buying an additional 100,141 shares in the last quarter. MetLife Investment Management LLC increased its holdings in Revance Therapeutics by 53.8% in the 1st quarter. MetLife Investment Management LLC now owns 39,127 shares of the biopharmaceutical company's stock worth $763,000 after buying an additional 13,694 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in Revance Therapeutics by 358.8% in the 1st quarter. Panagora Asset Management Inc. now owns 49,123 shares of the biopharmaceutical company's stock worth $958,000 after buying an additional 38,416 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Revance Therapeutics by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 3,645,311 shares of the biopharmaceutical company's stock worth $71,084,000 after buying an additional 43,014 shares in the last quarter. Hedge funds and other institutional investors own 90.45% of the company's stock.
Wall Street Analyst Weigh In
Ad Edge On The Street
The $193 Billion US-China War You Don't Know About
They're fighting for control of lithium – a key ingredient in EVs and clean energy technology. It's arguably the most important commodity of the 21st century. China owns 80% of global supply. But the US plans to grab a massive slice of the lithium market, which is forecasted to quadruple to $193 billion by 2028, according to Fortune Business Insights.
This Is Creating Huge Investment Opportunities
Several research firms recently commented on RVNC. Needham & Company LLC reiterated a "buy" rating and issued a $40.00 price objective on shares of Revance Therapeutics in a report on Wednesday, April 19th. Piper Sandler lifted their price objective on Revance Therapeutics from $39.00 to $50.00 in a report on Wednesday, May 10th. Mizuho lifted their price objective on Revance Therapeutics from $33.00 to $35.00 in a report on Wednesday, June 7th. Wells Fargo & Company boosted their price target on Revance Therapeutics from $22.00 to $30.00 in a research note on Tuesday, March 14th. Finally, HC Wainwright boosted their price target on Revance Therapeutics from $42.00 to $48.00 in a research note on Wednesday, May 10th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Revance Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $42.55.
Insider Activity
In related news, SVP Dwight Moxie sold 21,401 shares of the business's stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $34.55, for a total value of $739,404.55. Following the transaction, the senior vice president now directly owns 69,165 shares of the company's stock, valued at approximately $2,389,650.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Mark J. Foley sold 70,447 shares of the business's stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $34.55, for a total value of $2,433,943.85. Following the transaction, the chief executive officer now directly owns 923,212 shares of the company's stock, valued at approximately $31,896,974.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Dwight Moxie sold 21,401 shares of the business's stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $34.55, for a total value of $739,404.55. Following the completion of the transaction, the senior vice president now directly owns 69,165 shares in the company, valued at $2,389,650.75. The disclosure for this sale can be found here. Insiders have sold a total of 160,745 shares of company stock valued at $5,371,961 in the last ninety days. Corporate insiders own 3.60% of the company's stock.
Revance Therapeutics Stock Down 5.2 %
RVNC stock opened at $25.35 on Tuesday. Revance Therapeutics, Inc. has a twelve month low of $13.51 and a twelve month high of $37.98. The company has a quick ratio of 3.79, a current ratio of 4.14 and a debt-to-equity ratio of 30.11. The stock has a market cap of $2.13 billion, a P/E ratio of -5.50 and a beta of 0.84. The business's 50-day moving average price is $31.44 and its 200-day moving average price is $29.99.
Revance Therapeutics (NASDAQ:RVNC - Get Rating) last posted its quarterly earnings data on Tuesday, May 9th. The biopharmaceutical company reported ($0.74) earnings per share for the quarter, beating analysts' consensus estimates of ($0.75) by $0.01. Revance Therapeutics had a negative return on equity of 1,091.00% and a negative net margin of 224.65%. The firm had revenue of $49.33 million for the quarter, compared to analysts' expectations of $46.21 million. During the same period in the previous year, the firm earned ($0.94) EPS. The business's quarterly revenue was up 95.3% on a year-over-year basis. On average, equities research analysts forecast that Revance Therapeutics, Inc. will post -2.78 EPS for the current year.
Revance Therapeutics Profile (Get Rating)
Revance Therapeutics, Inc, a biotechnology company, engages in the development, manufacture, and commercialization of neuromodulators for various aesthetic and therapeutic indications in the United States and internationally. The company's lead drug candidate is DaxibotulinumtoxinA for injection, which has completed phase III clinical trials for the treatment of glabellar (frown) lines and cervical dystonia; is in phase II clinical trials to treat upper facial lines, moderate or severe dynamic forehead lines, and moderate or severe lateral canthal lines; and has completed Phase II clinical trials for the treatment of adult upper limb spasticity and plantar fasciitis.
Tesla's stock reiterated as Best Pick for 2023 at Baird, but sentiment negative as Q2 earnings loom
6:25 am ET June 27, 2023 (MarketWatch)
Print
Baird analyst Ben Kallo reiterated his buy rating on Tesla Inc.'s stock (TSLA) on Tuesday and said he likes it as Best Pick for the year. "With that said, we think sentiment headed into the quarter is negative and stock likely trades down into the quarter which should be low point for gross margins," the analyst wrote in a note to clients. "Although we are cautious into the print, we think it will be a "derisking" event and buyers are likely to step in following results." For now, Baird is advising investors to wait until closer to second-quarter deliveries which are expected by July 3 to buy more shares. Tesla's stock has gained 20.1% since May 31, while the S&P 500 has gained about 3.8%, he said. Tesla will report second-quarter earnings on July 24. Bright spots should be stationary storage demand and the outlook for margin expansion in storage, he wrote. "Catalysts include progress on 4680 cell production, expanding margins, Cybertruck release, Model 3 refresh, and more information on additional production," said Kallo.
Revance Therapeutics Becomes Oversold (RVNC)
June 22, 2023 — 04:06 pm EDT
Written by BNK Invest for BNK Invest ->
Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy when others are fearful. One way we can try to measure the level of fear in a given stock is through a technical analysis indicator called the Relative Strength Index, or RSI, which measures momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In trading on Thursday, shares of Revance Therapeutics Inc (Symbol: RVNC) entered into oversold territory, hitting an RSI reading of 28.9, after changing hands as low as $27.105 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 66.1. A bullish investor could look at RVNC's 28.9 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of RVNC shares:
Revance Therapeutics Inc 1 Year Performance Chart
Looking at the chart above, RVNC's low point in its 52 week range is $13.51 per share, with $37.98 as the 52 week high point — that compares with a last trade of $27.16.
Analysts downgrading while raising targets, typical of trying to get their clients in to the stock. Golden cross is the override. Q2 should set the story straight.
I ordered 3 years ago
Link/source?
Morgan Stanley raises target 25% from $200->$250
they want their customers to buy cheap
Q2, fsd, new supercharger licenses, Cybertruck, megapacks, dojo, Optimus
Nah, not selling but also have dry powder should it fall 20%
Agreed. There will be temporarily short attacks
Tesla Sweeps Top Spots In Cars.com American Made Index. Ford, GM Fall Off. -- Barrons.com
8:00 am ET June 21, 2023 (Dow Jones) Print
Al Root
Tesla swept the top four spots on the Cars.com annual list of the most American-made cars, quite an achievement for Elon Musk's company. But the big surprise is who didn't make the top 10 list.
The 2023 top 10, in order, are: The Tesla (TSLA) Model Y, 3, X, and S. The Passport from Honda Motor (HMC) is fifth and ID.4 from Volkswagen (VOW.Germany) is sixth. Then comes the Honda Odyssey, Acura MDX, Honda Ridgeline, and Acura RDX.
Ford Motor (F) and General Motors (GM) didn't make the top 10.
Tesla makes vehicles for the U.S. market in two plants located in California and Texas. It also makes batteries for its vehicles in Nevada. In 2022, Tesla's four models -- the Y, 3, X, and S -- captured four of the top six spots.
Acuras are made by Honda, and many of the Honda vehicles on the list are manufactured in Lincoln, Ala.
So what happened to Ford and GM? In 2022, GM had two vehicles on the list. The Corvette and GMC Canyon. Ford's Lincoln Corsair came in at number three that year. None made the 2023 list.
One issue for Ford and GM is their vehicles are North American-made. They have plants producing vehicles and parts in the U.S., Canada, and Mexico.
Without spelling out exactly what happened, Cars.com Detroit Bureau Chief Aaron Bragman points out that components get re-sourced with major systems moving from plant to plant. An engine that was once manufactured in the U.S. might be moved to a facility in Mexico. "Same engine, different plant," he says.
While falling to make the 2023 top 10, Ford and GM are plenty American. GM has 18 vehicles in the top 100, the most of any auto maker. Ford, Toyota Motor (TM), and Honda tied for second with 13 each.
What is more, GM has about 104,000 U.S. employees, according to its annual proxy statement. Ford has about 88,000 U.S. employees, according to the company's social impact report. Both figures likely top Tesla in the U.S.
Tesla ended 2022 with about 127,000 employees worldwide. It doesn't break down employment by region and didn't respond to a request for comment. Tesla has significant operations in China and Europe. Tesla is also building a plant in Mexico.
Cars.com (ticker: CARS) has produced a version of the American Made index since 2006. The list provides auto makers with bragging rights, but it can also mean cash in their pockets.
"It's important to [car] shoppers...which is why we do this," says Bragman. "The purpose of what we do is to help shoppers make the most informed [buying] decisions they can."
American-made is one factor in a buying decision. Cars.com finds that half of customers asked say they are willing to pay more for a car if it creates U.S. jobs.
Being the most American-made means the most U.S. jobs. One primary automotive assembly job can create more than six other jobs, according to Oxford Economics. Auto plants need parts and auto-related workers need services in communities surrounding a manufacturing site.
The emergence of the ID.4 on the list was one thing Bragman found particularly interesting. "I think that might potentially presage a trend that's coming over the next few years...a result of the Inflation Reduction Act."
That law passed in mid-2022, requires EVs to be assembled in North America to qualify for purchase tax credits. There are also requirements for local sourcing of batteries and battery materials.
Cars are set to get even more American thanks to new EV laws. And Tesla's dominance of the American-made list is a good reminder that mass-market electric vehicles are an American innovation.
Tesla Chargers Required At State-Funded Charging Stations: Texas Mandate
10:57 pm ET June 20, 2023 (Benzinga) Print
The state of Texas reportedly requires all electric vehicle charging companies to have both Tesla Inc‘s (NASDAQ:TSLA) charging standard NACS and rival charging standard CCS to be part of the program to electrify highways using federal dollars.
What Happened: Texas, where Tesla headquarters are located, is the first state to mandate its charging standard, reported Reuters.
Earlier in the day, Rivian Automotive Inc (NASDAQ:RIVN) said that it will adopt Tesla’s North American Charging Standard across the United States and Canada. Further, South Korean automaker Hyundai Motor Corp said that it would consider attaining NACS if it is in the interest of its customers.
The adoption of NACS was kickstarted by Ford Motor Co (NYSE:F) when it announced a collaboration with Tesla in late May aimed at increasing customer access to Tesla’s 12,000 superchargers across U.S. and Canada. General Motors followed up in June and said it too will integrate the charging standard into its EVs starting in 2025.
Why It Matters: Several charging equipment makers including Blink Charging Co, ChargePoint Holdings Inc, Tritium DCFC Ltd and BTC Power have also said that they will add NACS connectors to their network.
According to Tesla CEO Elon Musk, the Tesla design is “fundamentally better in every way for consumers.”
NACS vehicles outnumber CCS two-to-one and Tesla's Supercharging network has 60% more NACS posts than all the CCS-equipped networks combined, Tesla said in a blog in November.
Tesla Charges Ahead In Europe As May Registrations Surge Over 2000% While Ford Falters
5:32 am ET June 21, 2023 (Benzinga) Print
Tesla Inc (NASDAQ:TSLA) experienced a remarkable surge in registrations in the European Union last month, with a staggering 2000% increase compared to May 2022.
What Happened: Data from the European Automobile Manufacturers‘ Association revealed that 21,927 Tesla vehicles were registered in May, a substantial jump from the 957 vehicles registered in the same month last year. The EV giant also saw its market share rise from a mere 0.1% to an impressive 2.3%.
In contrast, American automaker Ford Motor Co (NYSE:F) faced a slump in May registrations, witnessing a 4.2% decline. This drop resulted in Ford’s market share declining from 4.3% to 3.5% compared to the previous year.
The overall car market in the European Union experienced an 18.5% growth, with 938,950 new passenger car registrations. This marks the tenth consecutive month of growth. Gasoline-powered vehicles remained the most popular choice, accounting for 36.5% of new registrations, followed by hybrid electric vehicles with a 25% share. Battery electric vehicles claimed a market share of 13.8% with 129,847 registrations, marking a significant year-over-year increase of 70.9%.
Volkswagen (OTC:VWAGY) retained its position as the top-selling vehicle brand in the EU, with 243,013 new registrations, representing a 19.5% increase compared to May 2022. Stellantis NV (NYSE:STLA) closely followed with 170,296 registrations.
Why It Matters: The significance of this surge for Tesla lies in its ongoing expansion efforts in Europe. Currently, the company’s sole European Gigafactory is located in Berlin, Germany. During his recent visit to Europe, Tesla CEO Elon Musk met with French President Emmanuel Macron, as well as Italian Prime Minister Giorgia Meloni and Deputy Prime Minister Antonio Tajani, emphasizing collaboration and partnerships.
Moreover, Tesla experienced an astonishing 13,656% year-over-year increase in new vehicle registrations in the UK last month, further highlighting its growing presence in the European market.
Software, Chips, Robots: Elon Musk Touts 'Super Exciting Work Happening At Tesla'
12:32 am ET June 21, 2023 (Benzinga) Print
Tesla Inc (NASDAQ:TSLA) CEO Elon Musk said on Tuesday that ‘super exciting work’ is happening at the company.
What Happened: “Super exciting work happening at Tesla in AI software, chip design & robots!” Musk said on Tuesday. The CEO was responding to a tweet by Tim Zaman who leads AI Infrastructure at Tesla and Twitter.
Super exciting work happening at Tesla in AI software, chip design & robots!
— Elon Musk (@elonmusk) June 20, 2023
Zaman called for people to either drop a message to Clive Chan, Senior software engineer at Tesla, or drop by the Tesla booth at the IEEE/CVF Conference on Computer Vision and Pattern Recognition (CVPR) if they ‘want to work on the world’s biggest supercomputers.’ CVPR is an annual computer vision event including a conference, workshops and short courses. It started on June 18th and will go on till Thursday at the Vancouver Convention Center.
Zaman also retweeted a thread by a former intern at Tesla’s autopilot team who termed it ‘an amazing experience.’ “Overall, I think the Autopilot team is the best place to be if you want to work with amazing people on one of the biggest challenges in robotics and AI today,” the former intern wrote.
The Autopilot team is hiring and will be hosting a happy hour on Wednesday, June 21st.
Why It Matters: Tesla’s AI and robotics team seeks to develop Tesla bot, Full Self-Driving chip, Dojo chip, neural networks and Dojo system, among others. The company has sought staff who have done “exceptional work” in software, hardware or AI on its website.
In May, Tesla showed off the progress of the Tesla Bot walking and completing basic tasks at its annual shareholder meeting. Tesla is now training them for increasingly complex tasks. Musk later also flexed Tesla’s achievements on the AI front saying, "It’s not like we didn’t see it coming."