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China Extends EV Tax Breaks For 4 More Years: What This Means For Tesla, BYD, Nio And Others
3:51 am ET June 21, 2023 (Benzinga) Print
China has decided to extend a sop for the electric vehicle industry that was originally set to expire by the end of the year.
What Happened: China announced on Wednesday the details of a policy that would extend the purchase tax exemption for new energy vehicles (NEVs), which includes pure electric energy vehicles, fuel-cell vehicles, and plug-in hybrids.
According to CnEVPost, citing a Ministry of Finance release, the purchase tax exemption on NEVs will be applicable for vehicles purchased between Jan. 1, 2024, and Dec. 31, 2025. However, the tax exemption will not exceed 30,000 yuan ($4,169) per vehicle.
For NEVs purchased between Jan. 1, 2026, and Dec. 31, 2027, the vehicle purchase tax will be levied at half the normal rate, with an upper ceiling of 15,000 yuan per vehicle.
The original tax exemption, first implemented in 2014 to incentivize sales, was set to expire by the end of 2017. Through multiple extensions, it was scheduled to continue until the end of 2023.
China imposes a standard purchase tax rate of 10% on vehicles.
According to a report, Xu Hongcai, Vice Minister of Finance, stated at a press conference that the vehicle purchase tax exemptions will total 520 billion yuan from 2024-27.
Why It’s Important: The extension of the purchase tax exemption comes at a time when the economy is experiencing a soft patch, even after the reopening following prolonged COVID-19 lockdowns.
The NEV industry, in particular, faces intense competition due to the entry of numerous players. Major companies such as Tesla, Inc. (NASDAQ:TSLA) and BYD Company Limited (OTC:BYDDY) have reduced prices to focus on volume and market share.
Campbell & CO Investment Adviser LLC acquired a new stake in Revance Therapeutics, Inc. (NASDAQ:RVNC - Get Rating) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 28,390 shares of the biopharmaceutical company's stock, valued at approximately $524,000.
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Wall Street Sees 23% Upside In Revance, Maker Of Botox Competitor
A number of other institutional investors have also recently made changes to their positions in the stock. Two Sigma Investments LP increased its stake in shares of Revance Therapeutics by 20.4% in the fourth quarter. Two Sigma Investments LP now owns 1,351,154 shares of the biopharmaceutical company's stock worth $24,942,000 after buying an additional 229,331 shares during the period. Granahan Investment Management LLC increased its position in shares of Revance Therapeutics by 42.1% in the fourth quarter. Granahan Investment Management LLC now owns 348,064 shares of the biopharmaceutical company's stock valued at $6,425,000 after acquiring an additional 103,147 shares during the period. Engineers Gate Manager LP purchased a new position in shares of Revance Therapeutics in the fourth quarter valued at about $619,000. Charles Schwab Investment Management Inc. raised its stake in shares of Revance Therapeutics by 6.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 606,618 shares of the biopharmaceutical company's stock valued at $11,198,000 after acquiring an additional 38,059 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in shares of Revance Therapeutics by 389.6% during the fourth quarter. Deutsche Bank AG now owns 158,319 shares of the biopharmaceutical company's stock worth $2,923,000 after purchasing an additional 125,982 shares during the period. Hedge funds and other institutional investors own 82.68% of the company's stock.
Might wanna buy that chicken now
Tesla Supercharger network could be worth $100 billion, analyst says
Avatar for Fred Lambert
Fred Lambert
| Jun 16 2023 - 5:55 am PT
113 Comments
Tesla Supercharger hero
Analysts are trying to estimate the value of Tesla’s Supercharger network as the NACS connector becomes the North American standard and could widen Tesla’s charging lead.
One of the top Tesla analysts believes it could be worth more than $100 billion.
The Supercharger network is the only global EV fast-charging network, and in North America, it is by far the most extensive and reliable.
Initially, Tesla meant it as a service to its owners and didn’t want to make it a profit center, but the automaker assumed that a more robust EV charging industry would emerge.
In North America, it hasn’t really been the case.
That’s why automakers like GM and Ford are now announcing that they are adopting Tesla’s NACS connector in order to give their EV buyers access to the Tesla Supercharger network.
It could lead to Tesla owning a large part of the EV charging business, especially in North America.
Morgan Stanley’s Adam Jonas, one of the top Tesla analysts, tried to estimate what kind of value this charging business could add to Tesla.
Elon Musk on Twitter today: "Supercharger network will reach $100b"
Could not agree more
Q3 will blow your mind followed by annual
This will age better
Hopefully that will not age well
Tesla Set To Rally After Pause? Analyst Sees Q2 Deliveries, Cybertruck Frenzy Boosting Stock
5:21 am ET June 16, 2023 (Benzinga) Print
Tesla, Inc. (NASDAQ:TSLA) rally stalled on Thursday after the stock's 13-session winning streak, and an analyst sees further upside over the year, thanks to a few catalysts.
Bracing For Record Q2: The next big data point for Tesla is likely to be its second-quarter deliveries update, likely to be announced on July 2, said Future Fund's Gary Black.
The analyst is bracing for a record second-quarter volume of 450,000 units, up 76% year-over-year. The number is higher than the consensus estimate of 448,000, he said.
Black said he expects more analysts to upwardly revise their price targets. Close on the heels of Wedbush's Daniel Ives upping his Tesla price target from $215 to $300, RBC Capital Markets analyst Tom Narayan hiked his price target from $212 to $3-5 on Thursday.
Black said, "We expect more WS analysts with TSLA Buy ratings to raise their TSLA PTs (avg $205) as they post 2Q previews over the next two weeks."
He also noted the second-quarter employee trading window for Tesla stock closes on Friday.
See Also: Everything You Need To Know About Tesla Stock
Cybertruck Frenzy: Black is more enthusiastic about the Cybertruck launch. "When a new product creates news like Cytruck will in 4Q, potential EV customers will go to the $TSLA website or TSLA store and the entire brand lineup benefits," he said.
This happened in 2020-21 when the Model Y was launched, Black said. Tesla's volume growth swelled from 36% in 2020 to 87% in 2021, he noted. The analyst is of the view that the consensus volume growth estimate for 2024 is way too low at 27%.
Tesla ended Thursday’s session down 0.34% at $225.90, according to Benzinga Pro data. This is despite the broader market moving higher in the session. In after-hours trading, Tesla shed an incremental 0.94%.
OT: Take a look at RVNC, wouldn't be surprised to see this company bought for $100+/sh
Revance Therapeutics Inc (RVNC) is around the top of the Biotechnology industry according to InvestorsObserver. RVNC received an overall rating of 67, which means that it scores higher than 67 percent of all stocks. Revance Therapeutics Inc also achieved a score of 75 in the Biotechnology industry, putting it above 75 percent of Biotechnology stocks. Biotechnology is ranked 20 out of the 148 industries.
The main difference between the DAXI and Botox (Dysport, and Xeomin) is how long it lasts. “Instead of having your treatment last about three to four months, we've seen that DAXI lasts a lot longer at about six to eight months,” Dr. Katz says.
Watch this stock, July should be hot
Stock-Market Bulls See Room to Run
5:36 pm ET June 13, 2023 Editor's Picks Print
By Hardika Singh
Stock-market bulls are in the driver’s seat in the midst of a busy stretch that features key economic data and the Federal Reserve’s next interest-rate decision.
bear market The S&P 500 entered a new bull market last week after rising more than 20% from its October low. The bear market, which lasted 248 trading days, was the index’s longest since 1948, according to Dow Jones Market Data. It is up 14% in 2023.
few investors had much confidence Below the surface, there are encouraging signs the rally has legs, even though Investor sentiment rose few investors had much confidence in it until recently. number of stocks participating Investor sentiment rose last week to the highest level in a year and a half. Market breadth, or the number of stocks participating in the rally, has finally widened beyond shares of big technology companies.
sitting on the sidelines Meanwhile, individual investors have jumped back into the market after largely institutional investors are piling back in sitting on the sidelines for the past three months, and institutional investors are piling back in as well, based on recent fund-flows data.
“It’s certainly been a pleasant surprise,” said Kristina Hooper, chief global market strategist at Invesco. “What we’re seeing is a fear of missing out. There’s been a significant portion of investors that have sat out since last fall, and they’ve seen the stock market go up and up.”
has been cut by more than half Tuesday’s consumer-price index data showed inflation has been cut by more than half from last year’s peak but remains well above the Fed’s 2% annual target. Stock futures gained after the report. Markets have been particularly volatile in recent months around its release.
hold interest rates steady Stocks will face their next test on Wednesday when the Fed is widely expected to hold interest rates steady but could signal further rate increases ahead. Fed Chair Jerome Powell’s press conference will be closely parsed by investors for any insight into his thinking about the resiliency of the labor market and the economy. U.S. retail sales data, which has generally been robust, will follow Thursday.
interest-rate-raising campaign Hopes that the central bank is nearing the end of its interest-rate-raising campaign have fueled the 2023 rally. The blue-chip Dow Jones Industrial Average has gained 3.2%, while a boom in artificial intelligence has helped to power tech stocks higher, with the Nasdaq Composite up almost 30%.
Employers are still hiring Worries about a potential recession have also eased of late. housing market Employers are still hiring aggressively, consumers are spending freely and the housing market appears to be stabilizing, as does the banking sector.
“People are starting to become more positive on equity markets as the place to go,” said Brett Bernstein, chief executive at XML Financial Group. Bernstein said he is looking to add to equities exposure over bonds, also noting the income earned on money-market funds will go down if the Fed cuts rates.
stocks have more room Wall Street appears to think stocks have more room to run. Goldman Sachs Group on Friday boosted its year-end price target on the S&P 500 to 4500 from 4000, which would represent a gain of 3% from Tuesday’s close. The bank based its assessment on receding odds for a recession and an improving corporate earnings picture.
Meanwhile, history suggests that stocks keep rising after kicking off a new bull market. In such cases going back to the 1950s, the S&P 500 rose 92% of the time over the next 12 months, with an average return of 19%, according to Bank of America Global Research.
Investor sentiment has shifted in turn. Bullish sentiment, or expectations that stock prices will gain over the next six months, jumped last week to 44.5%, the highest level since November 2021, when tech and other growth stocks peaked, according to the American Association of Individual Investors. That snapped a 16-week stretch in which the reading was below the long-term average of 37.5%.
Some signs of market breadth have also improved in recent days. Through Wednesday, 20 stocks were responsible for the S&P 500’s positive return this year, up from eight at the end of May, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Joining Apple, Microsoft and Nvidia on that list were Eli Lilly, General Electric and Berkshire Hathaway.
Even shares of small-cap stocks, which are often perceived to be risky and economically sensitive, are gaining. The Russell 2000 has gained 8.4% in June, its best start to a calendar month since February 2021, according to Dow Jones Market Data. Small caps started the year strong, but the rally didn’t last long.
handful of stocks To be sure, the market’s breadth is still quite narrow, and when just a handful of stocks are driving its gains, investors worry it becomes vulnerable to a pullback if even one or two big companies misstep.
purchased a daily average As for individual investors, they purchased a daily average of $1.36 billion of U.S. equities on a net basis in the week ended Wednesday, according to Vanda Research. That’s roughly double the daily inflows seen in May. Some of their most popular buys were Tesla, Apple, Advanced Micro Devices, Nvidia and Amazon.com, all stocks on the 2023 leaderboard.
Professional money managers are following suit. Stock-focused mutual and exchange-traded funds posted the biggest weekly inflow of the year during the week ended May 31, a Deutsche Bank note said. In contrast, net inflows into bond funds have slowed. Earlier in the year, fund managers had their lowest exposure to stocks relative to bonds since 2009.
Of course, many investors worry the rally is still fragile. A hot labor market and stubborn inflation could propel the Fed to raise interest rates higher than currently expected, which would likely put more pressure on stocks.
Matt Miskin, co-chief investment strategist at John Hancock Investment Management, said he is looking to add to large-cap quality tech stocks because their healthy balance sheets can help them withstand economic headwinds better than smaller caps.
“The rally’s eventually going to lose steam as the lagged impact of the Fed’s tightening becomes a greater weigh on the economy in the second half,” Miskin said.
This will not age well
Short squeeze
Just wait for the same companies to license fsd
Should have a range of about 500 miles they said when announced
Tesla Unusual Options Activity
9:46 am ET May 19, 2023 (Benzinga) Print
Someone with a lot of money to spend has taken a bullish stance on Tesla (NASDAQ:TSLA).
And retail traders should know.
We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with TSLA, it often means somebody knows something is about to happen.
So how do we know what this whale just did?
Today, Benzinga's options scanner spotted 67 uncommon options trades for Tesla.
This isn't normal.
The overall sentiment of these big-money traders is split between 55% bullish and 44%, bearish.
Out of all of the special options we uncovered, 11 are puts, for a total amount of $739,595, and 56 are calls, for a total amount of $3,083,392.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $170.0 to $250.0 for Tesla over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Tesla options trades today is 17322.18 with a total volume of 653,031.00.
Nuclear
Eos Energy Enterprises Announces First Quarter 2023 Financial Results Release and Conference Call
April 25 2023 - 04:30PM
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Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos" or the “Company”), a leading provider of safe, scalable, efficient, and sustainable zinc-based long duration energy storage systems, today announced it will release its first quarter 2023 financial results after the U.S. market closes on May 9, 2023. A conference call to discuss its results will take place the following morning on May 10 at 8:30 a.m. Eastern Time.
A live webcast of the call will be available on the “Investor Relations” page of the Company’s website at https://investors.eose.com. To access the call by phone, please register in advance using this link (registration link), and you will be provided with dial in details via email upon registration. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.
The conference call replay will be available via webcast through Eos’ investor relations website for twelve months following the live presentation. The webcast replay will be available from 11:30 a.m. ET on May 10, 2023, and can be accessed by visiting https://investors.eose.com/events-and-presentations.
About Eos
Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficient, sustainable—and manufactured in the U.S—it's the core of our innovative systems that today provide utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3- to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.
Tesla will do great 24-25 but believe we'll test lows by July
Tesla's Model 3 Cars Chosen By Dubai Taxi Operator Amid Larger Clean Energy Push
2:42 am ET April 25, 2023 (Benzinga) Print
Tesla Inc (NASDAQ:TSLA) and Dubai-based taxi operator Arabia Taxi LLC entered into an exclusive agreement for the purchase of 269 Model 3 cars.
What Happened: The taxi company- a unit of Economic Group Holdings– will add 269 Tesla Model 3 vehicles to its Dubai taxi fleet in April 2023, the company said in a statement. The agreement is in line with Dubai’s vision to convert all taxis in Dubai to environmentally friendly vehicles by 2027.
Economic Group Holdings is owned by businessman Sheikh Majid bin Hamad Al Qasimi who is also the group’s Chairman.
The company claims to own the largest fleet of private taxi vehicles in the United Arab Emirates and has about 6000 taxi vehicles. 83 percent of the cars in the Dubai fleet are presently operating with environmentally friendly hybrid engine technology, the Chairman said in a statement.
See Also: Best Online Stock Brokers for 2023
Al Qasimi said that the company said it is working on a plan to convert its remaining vehicles into EVs and is also looking into using hydrogen-powered vehicles in the future.
He said Economic Group Holdings is looking forward to "expanding cooperation" with the Elon Musk-led company and other EV manufacturers.
Why It Matters: The Tesla Model 3 was reportedly the first all-electric yellow taxi cab in New York City. After receiving approval to operate as a taxi in 2019, the first Model 3 taxi completed over 100 trips in its first week of service and was operated by DriveSally.
Taxi services have been striving to be increasingly electric. Ride-hailing platform Lyft is seeking to have a 100% electric fleet by 2030. Meanwhile, last month, Vingroup Chairman Pham Nhat Vuong announced the establishment of the Green and Smart Mobility Joint Stock Company (GSM) dedicated to using VinFast electric cars for rental and taxi services.
GM has a P/E off 5.5, Tesla has a P/E of 48.6. Tesla P/E of 25 is $80 stock price. I'm convinced we'll test lows, accumulate below $100
Long term I'm there biggest bull but due to macro events I think we test the lower range this year. Lots of dry powder when that happens
I'm very bullish on Tesla but the writing is on the wall for the economy. All policies are 180 degrees wrong so when you destroy oil and gas combined with printing trillions you get inflation. Then you have the fed who's increasing rates to see what else they can break. There will be some incredible opportunities coming over there next 6-12 months
Waiting for $100
25PE is $80
Economy in a lot of trouble which will hit all. Turn around second half 2024 and then off to the races
Tesla Base Model 3: $36,240 after Fed tax credit, when it was launched in 2019 it cost $35,000
Tesla Base Model Y: $42,490 after Fed tax credit, when it was launched in 2020 it cost $47,000
Imagine margins if cost has been cut 30-50%
Certain states will give $1,000 or more in credit also
Ford mac E starts at $46,000
Hyundai Ioniq 5—$42,785
Hyundai Ioniq 6—$42,715
Kia Niro EV—$40,875
Volkswagen ID.4—$40,290
as the article states the driver hit the wrong pedal. that accident would happen with any car
EV demand surging as 50% say they want to buy one. Problem is supply where only Tesla can deliver volume (2M/2023 and growing). $TSLA will sell every car they can possibly make. Mexico, Cybertruck & Megapacks on top is what justifies a $3T marketcap right now.
Don't Underestimate This Fast-Growing Tesla Business
By Daniel Sparks – Apr 15, 2023 at 4:06AM
KEY POINTS
Though Tesla's energy business only accounts for a fraction of the electric car maker's revenue today, it's growing as a percentage of total revenue.
The segment will likely, once again, grow faster than vehicle sales this year.
Tesla has more demand than supply for its energy storage products.
Motley Fool Issues Rare “All In” Buy Alert
Megapacks
I agree, think the public at large will get a huge surprise. Tesla already said costs have been cut 30% on its way to 50%.
Looking at the competition the picture becomes crystal clear, nobody above or close to even. This stock could be setting a new high by end of May!
Piper Sandler Downgrades Rivian Automotive, Cuts Price Target By 76%: 'Frugality Matters More Than Ambition'
9:57 am ET April 14, 2023 (Benzinga) Print
Rivian Automotive Inc (NASDAQ: RIVN) shares dropped 3.4% on Friday morning after one Wall Street firm downgraded the electric vehicle maker.
The Analyst: Piper Sandler analyst Alexander Potter downgraded Rivian from Overweight to Neutral and cut his price target from $63 to $15.
Related Link: Clean Energy Stocks Plug Power, First Solar Face Elevated Risks, Morgan Stanley Says: Analyst Names Top Bullish Picks
The Thesis: In the downgrade note, Potter said Rivian is the only EV maker other than Tesla Inc (NASDAQ: TSLA) using a strategy of vertical integration, which he believes is the best way to capture after-sales revenue. However, he said that vertical integration strategy is also very costly.
"In order for RIVN to justify its cost structure, the company must spread its investment over millions of units (just like Tesla does), and in order to finance such aggressive expansion, RIVN will need capital," Potter said.
Related Link: X Gonna Give It To EVs: How U.S. Steel Is Catering To Growing Auto Industry
In fact, he estimates Rivian will need to raise more than $4 billion in capital to fund its growth beyond 2025.
While he doesn't believe Rivian should abandon its vertical integration strategy, Potter said the stock is unlikely to trade significantly above book value until its funding needs are addressed.
In the meantime, Potter said it will be difficult for Rivian to significantly improve its cash burn profile without shifting its strategy in a major way.
Potter said his previous $63 price target assumed Rivian would eventually be selling at least 3.5 million units per year. He added that investors may no longer be willing to pay for the company's long-term prospects given its cash constraints and much more difficult capital markets.
Benzinga's Take: Tesla notoriously completed round after round of fundraising during its early expansion phase, but it did so when interest rates were at all-time lows. With interest rates now much higher, Rivian may face a much more difficult and expensive path that the one Tesla navigated.
Lucid Vs. Rivian Vs. Tesla: How Q1 Deliveries, Production Numbers Stack Up
2:50 am ET April 14, 2023 (Benzinga) Print
All of the major U.S. pure-play electric vehicle makers have reported their first-quarter delivery numbers, highlighting the growing production-ramp pangs of startups in particular.
The Numbers: Luxury EV maker Lucid Group, Inc. (NASDAQ:LCID) was the latest to report its quarterly deliveries. The Newark, California-based company said after the market close on Thursday that it delivered 1,406 vehicles in the first quarter.
In comparison, Rivian Automotive, Inc. (NASDAQ:RIVN) sold 7,946 vehicles, and market leader Tesla, Inc. (NASDAQ:TSLA) delivered 422,000 units.
On the production front, Lucid manufactured 2,314 vehicles compared to 9,395 units by Rivian and 440,808 units by Tesla. By proportion, Lucid produces just 0.53% of the numbers that Tesla churns out of its factories. Rivian's production as a proportion of Tesla's is slightly better at 2.13%.
The Growth: While Lucid's deliveries declined 27.23% quarter-over-quarter and Rivian saw a 1.37% drop, Tesla reported a 4.34% sequential increase in deliveries.
On a year-over-year basis, Tesla's deliveries jumped 36.39% compared to Rivian's nearly 548% jump from the 1,227 vehicles sold in the first quarter of 2022. Lucid, which made its first commercial sales in November 2021, delivered merely 360 vehicles in the first quarter of 2022.
For companies that recently transitioned to the commercial stage, production could be a more reasonable metric to consider, given the problems with the ramp-up.
Compared to the fourth quarter, Tesla's production climbed 44.34%, while Rivian and Lucid reported declines of 6.24% and 67.77%, respectively.
The dip in quarterly figures for some companies is partly due to the usual seasonal slowdown in the first quarter. However, the numbers also demonstrate Tesla’s edge as a pioneer in the EV industry, with a global manufacturing presence that takes advantage of operating in diverse regions.
Additionally, Tesla’s integrated business model and robust supply chain partnerships set it apart from the competition.
While Lucid's EVs are premium cars and the weak sales reflect the tough economic milieu that has dented consumer confidence and in turn consumer spending, the company has set itself a 2023 production target of 10,000 to 14,000 units.
Rivian looks ahead to a production ramp-up to 50,000 units for the year. Tesla has a long-term delivery growth goal of 50% but it tempered its expectations and currently targets full-year deliveries of 1.8 million units.
Lucid shares ended Thursday’s session up 1.48% at $8.25 but fell 6.30% to $7.73 in after-hours trading, according to Benzinga Pro data.
Disappointed With Tesla's Latest 13% Slump? Analyst Sees These 2 Factors Priming Stock For A 740% Surge!
2:02 am ET April 13, 2023 (Benzinga) Print
Since reporting its first-quarter deliveries, shares of electric vehicle maker Tesla, Inc. (NASDAQ:TSLA), which had a strong run-up this year, have been on a lean trot.
An analyst, however, sees the possibility of a reignition of the rally.
What Happened: Tesla’s total addressable market, or TAM, will increase from 30% to 100% of the industry due to the addition of Cybertruck and the rumored $25,000 Model 2, Black said.
In 2020, the Model Y added 40% of the crossover utility vehicle market to Tesla’s TAM, according to Black, which resulted in Tesla’s stock increasing by 743%, compared to the Nasdaq 100 index, which increased by only 48%.
Investors who don't believe $TSLA can grow EV share don't get TAM math.
CT adds 21% pickup TAM. $25K M-2 adds 48% mass TAM. TSLA TAM goes from 30% to 100% of industry.
This is similar to 2020 when M-Y added 40% CUV to TSLA TAM.$TSLA +743% in 2020 vs NDX +48% due to M-Y CUV. pic.twitter.com/V7M3iVYcZV
— Gary Black (@garyblack00) April 12, 2023
See Also: Everything You Need To Know About Tesla Stock
EV Market Share To Rise: Black expressed confidence in Tesla's global EV market share returning to 20%, premised on the Cybertruck and the Model 2 for the masses.
"Both huge TAMs [are] not currently being advanced. Same as M-Y in CUVs in 2020," he added.
He was replying to a comment by one of his Twitter followers who expressed concerns that Tesla will likely continue to bleed share as there is “a new EV every day on the market.”
Not sure about tomorrow but think this could be a great month for Tesla
Bear trap
Eos Energy Enterprises, Inc. Announces $40M Registered Direct Offering Of 16M Shares Of Common Stock At A Price Of $2.50/Share And Purchase Of 16M Concurrent Private Placement Unregistered Warrants With An Excersize Price Of $3.14
9:34 am ET April 12, 2023 (Benzinga) Print
Eos Energy Enterprises, Inc. (NASDAQ:EOSE) ("Eos" or the "Company"), a leading provider of safe, scalable, efficient, and sustainable zinc-powered long-duration energy storage systems, today announced that it has entered into a definitive agreement for the purchase and sale of an aggregate of 16,000,000 shares of the Company's common stock at a purchase price of $2.50 per share in a registered direct offering. The Company has also agreed to issue in a concurrent private placement unregistered warrants to purchase up to an aggregate of 16,000,000 shares of common stock. The warrants will have an exercise price of $3.14 per share, are not exercisable until six months from the date of issuance, and will expire five and one-half years from the date of issuance. The closing of the offering is expected to occur on or about April 14, 2023, subject to the satisfaction of customary closing conditions.
The gross proceeds to the Company from the offering are expected to be approximately $40 million, before deducting advisory fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering as working capital for general corporate purposes.