Wealth moves from the impatient to the patient....
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I think I read somewhere that it will be in the morning... But who knows with Tesla. Could be after hours, but most likely pre-market.
$TSLA
That would be sweet for my $22 call options... Depending where we close today, which is looking pretty good. I think $23+ is possible, but it probably won't stay there, and hopefully settle in the $22 area for a nice stair step up! I wonder if they will announce deliveries in the morning like Tesla.
$NIO
Sweet... Like that price!
$TSLA
You're welcome Sir! Sorry I didn't answer about ThinkorSwim. It is a trading platform you can download from TD's website. There are lots of learning video's in the Education tab on TD's website. Also has an Education tab in ThinkorSwim. I use it everyday...
$TSLA
$NIO I thought we would be well about $22 in anticipation of the discovery numbers for September... Hopefully she come back this afternoon... Amateur hour is over so time to move up...
$NIO
Not sure what it could be... Call the broker and let them know what happened. They can look into it and hopefully give you a good explanation and then fix it...
Good luck brother!
$TSLA
Yep, that is all you can do... Do you use ThinkorSwim platform? That always seems to have the right numbers.
$TSLA
$NIO Get you dipper here... We got dippers, sliders, movers and groovers...
Blink Charging To Deploy 14 IQ 200 Charging Stations in Richmond, California
Miami Beach, FL, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ: $BLNK, $BLNKW) ("Blink" or the "Company"), a leading owner and operator of electric vehicle (EV) charging equipment and services, has announced the sale and planned deployment of 14 IQ 200 charging station at five locations in the City of Richmond, California. Funds have been awarded to the City of Richmond by the Bay Area Air Quality Management District through the Transportation Fund for Clean Air program making this public EV access expansion project possible. The units are scheduled for installation at the ferry terminal building, the Bayview Library, the May Valley Fire Station, the Hilltop Fire Station, North Richmond Fire Station #62 and at the Port of Richmond, and will consist of several configuration options including dual-port, smart/kiosk, and advanced units. The first units are tentatively scheduled for installation at the ferry terminal building during National Drive Electric Week, from September 28 to October 4, 2020.
"California continues to lead the nation in the adoption of EV usage, and we're pleased that the City of Richmond has selected Blink to expand its EV infrastructure. One of our competitive advantages is our product's deployment flexibility. The City certainly represents how we can work together to find the perfect deployment configuration for each location," commented Brendan Jones, Chief Operating Officer of Blink Charging.
"We look forward to working with the City of Richmond on this deployment to expand the availability and convenience of their EV charging infrastructure. California has long been a strong market for our products. We look forward to future opportunities in the state, particularly as municipalities evaluate their EV framework in light of Governor Newsom's recent executive order banning the sale of new gas-powered passenger cars and pick-up trucks by 2035," Mr. Jones added.
Richmond Mayor Tom Butt stated, "Our City is committed to the ongoing transition to cleaner, environmentally friendly EVs, and we recognize that an important part of this evolution is our ability to provide reliable and convenient charging alternatives to our residents and visitors. Our goal is to truly become “electric city,” leading the region in charging infrastructure. Blink is an important part of meeting this goal. We're excited to finalize the installations and begin welcoming users to these new charging locations."
Blink Charging will be taking part in Richmond's National Drive Electric Week event educating residents about EV charging. The Company will also provide multiple home charging stations for the City to promote this event. For more information regarding the City of Richmond's National Drive Electric Week event, please visit https://driveelectricweek.org/event?eventid=2195.
Blink's IQ 200 units are the fastest level 2 AC charging stations available on the market, have a maximum output of 80 amps, and deliver up to 65 miles of charge in an hour. The Blink IQ 200 chargers have been well received by leading EV industry experts, including in the recent independent review by Tom Moloughney of InsideEvs.com.
EXCLUSIVE: ElectraMeccanica's CEO On US Assembly Plans, Tesla, Driving $SOLO
5:30 pm, September 30, 2020
Portfolios: First Watchlist
Tickers: $NKLA $TSLA $SOLO $TM
The landscape of electric vehicles has changed dramatically.
At the turn of the century, electric vehicles seemed like a thing of the future, but earlier this year, Tesla Inc (NASDAQ: TSLA) surpassed Toyota Motor Corp (NYSE: TM) as the most valuable car company in the world.
Adding to the momentum, California Gov. Gavin Newsom signed an executive order calling for a ban on the sale of all new gasoline-powered passenger vehicles in the state in 2035.
These milestones send a clear message to the world: the future is electric.
But Tesla isn’t the only company making waves in the EV space. Another well-known company on the rise, and with a different vision than its EV counterparts, is Electrameccanica Vehicles Corp (NASDAQ: SOLO) and its flagship SOLO vehicle.
ElectraMeccanica's Niche: Instead of competing with other traditional full-size cars, ElectraMeccanica decided to carve out a niche segment in the EV space.
The SOLO entered production Aug. 26 and is exactly what it sounds like: a one-seater vehicle meant to fulfill the needs of drivers who don’t need much space.
“We are not trying to compete with Tesla,” ElectraMeccanica CEO Paul Rivera told Benzinga in an interview.
Tesla is usually seen as the gold standard of EVs, so it’s not uncommon to see investors using the company helmed by Elon Musk as a benchmark.
Tesla and ElectraMeccanica operate in different spaces, though, and could even be seen as complementary vehicles.
“What’s really different about this vehicle is it’s designed to solve urban driving challenges. What makes us unique is that this single-occupant vehicle is not like any other vehicle out there.”
The question ElectraMeccanica poses to drivers is why they need to drive a vehicle with three or four empty seats.
“If you’re driving solo right now in your daily activities, then drive SOLO,” Rivera said.
The SOLO Experience: Being a one-seater, it’s safe to say the SOLO offers a different driving experience.
“When you’re driving this car, it's just you, and you’re focused on the road,” Rivera said.
The car helps eliminate driving distractions by dint of its design, potentially making it safer for newer drivers who may be easily distracted.
Before going into production, the SOLO went through a number of design changes with safety and driving experience in mind, ElectraMeccanica's CEO said.
“Occupant safety is the No. 1 concern for me, our executive team and our board of directors,” he said.
Some of the design changes included reengineered front steering geometry and electronic power steering; improvements to thermal performance; more side impact protection; torque limiting stability; a rollbar; and more.
“You get one chance to get it right, and for us it was worthwhile to take a step back and make sure we get it right.”
ElectraMeccanica's US Assembly Plans: U.S.-China tensions are high, which can leave American companies with relationships in China caught in the crossfire of economic retaliation between the two nations.
ElectraMeccanica is partnered with Zongshen in China to help assemble SOLOs.
“We’re very concerned about the U.S.-China relationship. It’s one of the driving factors into the reason we’re looking to build a U.S. assembly operation,” Rivera said.
An assembly operation in the United States would make distribution easier regardless of U.S.-China tensions, he said.
“We have a great partner in China and I envision our Chinese partner can help us supply vehicles to the rest of the world.”
Many countries have mandates to phase out gas-powered vehicles within a few decades. Zongshen could help ElectraMeccanica supply Europe and southeast Asia as they expand into other markets, Rivera said.
ElectraMeccanica has narrowed down the potential locations for a U.S. assembly operation to Arizona, Tennessee or Florida, he said.
Assembly in the U.S. would do the following, the CEO said:
Mitigate tariffs from China.
Take advantage of a global supply chain.
Tap into a local U.S. talent base.
Build out an engineering tech center.
Take advantage of the U.S. logistics on transportation.
As technology continues to advance and automakers continue to push out new products to help satisfy the diverse, growing demand for EVs, such as Tesla’s full-sized sedan Model S, ElectraMeccanica’s urban-oriented SOLO and Nikola Corporation's (NASDAQ: NKLA) Tre semitruck, the sector is bound to receive more attention and interest from consumers and investors alike.
Tesla Slashes China-Made Standard, Long Range Model 3 Prices
5:13 am, October 1, 2020
Portfolios: First Watchlist
Tickers: $TSLA $BYDDF $LI $XPEV
Tesla Inc (NASDAQ: $TSLA) has cut prices of its domestically-made Model 3 vehicles in China.
What Happened: The Elon Musk-led electric vehicle maker’s Chinese website shows that the starting price of its Shanghai-made standard range Model 3 sedan has been reduced 8% to RMB 249,900 ($36,800) on a post-subsidy basis. The earlier price for Model 3 was RMB 271,550 ($39,990) after subsidies.
The price for local longer-range Model 3 electric car has also been slashed 11% from RMB 344,050 ($50,667) to RMB 309,900 ($45,638).
The standard range Model 3 sedans would now come with cheaper lithium iron phosphate (LFP) batteries rather than the nickel-cobalt-manganese (NMC) ones, people familiar with the matter told Reuters, which first reported the news.
Why It Matters: This is the third time the Palo Alto-based company has cut the price of its Model 3 range this year in China. Prices were also cut in January and April.
Chinese rivals of Tesla are increasingly becoming price competitive and are attracting consumer and investor attention.
Warren Buffett-backed BYD Auto Co. Ltd, subsidiary of BYD Company Limited (OTC: BYDDF) received 40,000 orders for its recently launched “Han” range of electric cars, which are priced between $33,000 to $40,000, CNBC reported.
Xpeng Inc’s (NASDAQ: XPEV) Vice Chairman Brian Gu said his company can compete with Tesla's planned lower-cost electric vehicle with mid-range EVs priced near the $25,000 mark.
Li Auto Inc (NASDAQ: LI) prices its vehicles between $21,000 and $70,000 and raised $1.1 billion at an initial public offering in August.
Price Action: Tesla shares traded nearly 1.6% higher at $435.80 in the pre-market session on Thursday.
If it breaks $435 today or tomorrow we most likely will see a move up to next resistance area. But you never know...
$TSLA
Yep, me too... Now we will see what the numbers are on Friday and what the Market thinks about it. Hopefully more $$$$
$TSLA
Cool little safety feature updates... $TSLA
Traditional Automakers Announce New EV Initiatives
11:52 am, September 30, 2020
Portfolios: First Watchlist
Tickers: $NKLA $TSLA $BMWYY $GM $HMC $VWAGY
Industry's experts find that Tesla Inc's (NASDAQ: $TSLA) upcoming $25,0000 vehicle will force its rivals to make painful sacrifices in order to deliver a product with comparable price and features. Such initiatives will require automakers to pull out the big guns, on top of already costly investments needed to adapt to an all-electric future. Musk failed to impress Tesla's investors last week at Battery Day. This may be the opening competitors need to catch up to the EV leader.
GM is reconsidering its partnership with Nikola
On Wednesday, General Motors (NYSE: GM) was due to close its 10-year deal with Nikola Corporation (NASDAQ: NKLA) which would be its entry ticket to the electric era. But, GM has pushed back the closing date after allegations of fraud against Nikola's founder. The talks will continue, but the $2 billion deal could be terminated by either side if it's not closed by December 3rd, according to a public filing. It doesn't help that since the deal was announced, Nikola shares plummeted more than 60%, significantly reducing its appeal and prospects and therefore, its negotiating power.
BMW M is entering the EV race
BMW's (Pink: BMWYY) motorsport division has announced its first EV based on the i4. CarAdvice reported that CEO Markus Flasch revealed the first M-branded EV will be unveiled next year during an event for the Australian media. Although it lagged behind its Audi and Mercedes rivals, BMW is quickly catching up as its Munich plant is now ready to begin i4 production following a $237 million investment that was needed by its assembly line.
Honda's new EV attempt
There are many electric SUVs and pickups with scheduled debuts over the next 12-24 months. Honda Motor's (NYSE: HMC) candidate is an SUV that was just revealed during Beijing's Auto China 2020 trade fair. Not long ago, Honda discontinued the only EV it sold in the U.S. The new concept features a long and squared-off hood, amplified wheels, and delicately thin lights. The concept does not seem to be related to the Honda e, the cute new retro-futuristic electric car, emphasizing Honda's ‘fresh and fun' approach to EVs.
Volkswagen
On Monday, Volkswagen Group (Pink: VWAGY) revealed its plans to invest about $17.44 billion in its electric future with three local joint ventures in China by the end of 2024. The investment will allow VW and FAW Group, SAIC Motor and JAC to build 15 different full-electric or plug-in hybrid models in China by 2025, giving the German giant the capacity of 150 GWh of battery capacity in the biggest EV market in the world.
Outlook
If Tesla delivers the $25,000 electric vehicle within three years, it will be able to cater to a much wider demographic. This achievement would equip the electric pioneer to dominate the automotive industry. But, getting the price of EVs comparable to that of their internal combustion engine counterparts is just a promise. Tesla did not reveal a revolutionary battery during its Battery Day as its competitors feared, reminding the global market that it is pretty challenging to improve battery technology. The EV and battery market is expanding rapidly, but there is a long way to go before EVs entirely replace traditional vehicles.
$NIO I wonder if they will give us their delivery numbers on Friday. Anybody know? Tesla is supposed to announce their numbers Friday morning, so that should give these guys a good bump. And then with $NIO having better than expected numbers, we should be looking mighty pretty on Friday.
$TSLA will announce September deliveries probably Friday morning... Time for another pop up towards the $500 mark....
It's coming to a ticker near you! LOL
$TSLA Battery Banks will be built around the country to help store energy... They are already doing it in other countries... and Home Battery Packs are getting better all the time.
South Australia's giant Tesla battery output and storage set to increase by 50 per cent
How Tesla Battery Farms Changed the Lives of Australians
Exploring Tesla Powerwall and home batteries - worth it?
How Tesla's New Battery Will Destroy Gas Cars
How CleanSpark Technology Helps Store Solar Energy In Tesla Batteries
7:00 pm, September 29, 2020
Portfolios: First Watchlist
Tickers: $TSLA $CLSK
Earlier this year, California began experiencing rolling blackouts due in part to unstable energy supply and demand dynamics, as well as inadequate transmission.
Benzinga chatted with Matthew Schultz, Chairman at CleanSpark Inc (NASDAQ: CLSK), a disruptive innovator working to create sustainable energy infrastructures.
About CleanSpark
The larger, "macro-grid" has become antiquated, experiencing problems from generation, transmission, natural disasters and growth. Microgrids, which are collections of energy generation, storage and distribution assets, have become more prevalent of late. The challenges include the difficulties of integrating multiple brands of assets within a single ecosystem.
Founded in 2014, CleanSpark is a microgrid software and services company that improves energy infrastructures using proprietary, data-driven technologies.
In the simplest way possible: CleanSpark enables energy users to obtain resiliency and economic optimization.
“Our core focus is data analytics, software, and intelligent controls,” said Schultz. “According to a recent IBM white paper, they stated that "We’re on the leading edge of the cutting edge.' Our approach puts the decisions and the control of the purchase and consumption of energy back into hands of the consumer."
Core Product Portfolio
“We take the volatility of energy certainty and the volatility of energy costs off the table," Schultz said, "and allow businesses to build economic models into the future, knowing exactly what the energy is going to cost them, and what they can count on as far as power quality and production.”
CleanSpark comes as a holistic solution for energy resiliency, cost avoidance and emissions reduction. The company’s core product portfolio consists of two core products:
Microgrid Value Stream Optimizer (mVSO): A Software as a Service (SaaS) energy platform used by developers to properly model microgrids for end-use customers.
Distributed Energy Controls (mPulse): Technology agnostic energy management and supervisory control software that uses A.I.-honed principles to forecast and modify microgrid behavior.
In providing an example, Schultz pointed to a 2014 completed project in which CleanSpark delivered analytics, coupled with their mPulse software and controls to Marine Corps Base Camp Pendleton, helping offset the impact of rolling blackouts on mission-critical infrastructure.
“There were 55 different energy companies that already deployed some type of energy asset at Camp Pendleton,” said Schultz. “All of those energy assets were working independently and still didn’t provide the resiliency needed to keep the guidance, navigation, and data center loads online when San Diego Gas and Electric was experiencing brownouts and blackouts.”
CleanSpark prevailed on the California Energy Commission Grant, creating a single "software defined" ecosystem in which all the different energy assets worked together to provide resilient power for mission-critical components.
Recent Events
CleanSpark recently commissioned software on a new solar plus storage microgrid project in Central America for Micro Technologies SA, an assembly and manufacturing company.
As part of the development, CleanSpark’s mPulse system helped the manufacturer cut costs and store solar power in Tesla Inc (NASDAQ: $TSLA) batteries.
“It allows them to generate power through solar and then store that power in the Tesla battery system that we deployed,” Schultz noted.
“They can buy cheap power from the grid during the day and then use that stored solar energy later on in the day when utility rates have gone up, thereby avoiding those increased utility costs and saving that industrial equipment facility overall on their power bill for years to come.”
Innovation Outlook
CleanSpark is filling a gap, operating in an environment that is both vendor and hardware agnostic.
According to Schultz, through a software approach, CleanSpark maximizes the value of existing energy asset investments while adding flexibility for future energy deployments: “We allow that flexibility and choice for the end-user and developer as we support them in disrupting the traditional energy space.”
Going forward, the company will further mend the supply-demand mismatch across existing energy infrastructures through partnerships and acquisitions, as well as innovation.
“We recently made an acquisition of GridFabric,” the CEO said. “They provide a buy-not-build communications protocol to allow the government, through these federally regulated public utilities, to do business with private industries that have some type of energy assets on site.”
The acquisition will scale access to Demand Response, a protocol that works in conjunction with existing infrastructures to manage over-supply or -demand situations on the grid.
“Rather than having transformers explode and power lines fail, through Demand Response, the utility can send a signal to these larger facility that they’re going to be deploying energy to those facilities to be used, consumed, or stored, and for that service of acting as a shock absorber on the grid, the utility pays those end users a fee.”
Schultz continued, “The opposite side of the transaction is when there is a huge demand on the grid. In that case, the utility can send a signal to those facilities and say, we're going to draw energy from you in order to supply to other customers, and they pay premiums for that Demand Response.”
Walmart Triples Tesla Semi Order In Canada
3:48 pm, September 29, 2020
Portfolios: First Watchlist
Tickers: $TSLA $WMT
Walmart Canada has more than tripled its order for Tesla Semi trucks in a show of confidence for the all-electric heavy-duty vehicles and the ability of its maker to deliver them.
The Canadian division of retailer Walmart, Inc. (NYSE: WMT) said Tuesday it reserved 130 of the trucks. Once in service, Walmart will have one of the biggest electric truck fleets in Canada as part of a companywide goal to achieve zero emissions by 2040.
"I'm excited to have my drivers drive this truck," Francis Lalonde, Walmart Canada's vice president for transportation, told FreightWaves.
Walmart Canada expects to get its Teslas in 2021. Lalonde wouldn't detail the delivery schedule, but said the company has full confidence in Tesla Inc. (NASDAQ: TSLA) ability to deliver them.
"We trust our partner," he said.
The Teslas will operate within Canada as part of Walmart's private fleet of around 300 trucks with about 500 drivers. Their 500-mile range provides a good fit for Canadian fleet operations, which have drivers return to their distribution centers each day.
Walmart Canada has looked at other zero-emissions vehicles, but the Tesla Semi has so far proven the best one for its fleet, Lalonde said. Beyond the range and ability to haul 80,000-pound loads, the Tesla safety features — including its collision-avoiding autopilot — were an important selling point.
"I firmly believe these are the safest trucks out there," Lalonde said.
‘We've done our homework' on Tesla, Walmart executive says
Walmart Canada plans to have 20% of its fleet converted to electric power by the end of 2022. It hopes to have the entire fleet running on an alternative power source by 2028.
It also has no qualms about being an early adopter of the Tesla Semi. The truck has been considerably hyped by Tesla CEO Elon Musk and also delayed.
"We've done our homework," Lalonde said.
Walmart Canada's bet on the Tesla Semi comes as part of the larger embrace of new technology in the supply chain. The company successfully deployed a blockchain-based freight payment system with DLT Labs.
"It's called innovation," Lalonde said. "Is there there any risk in being one of the first ones? Yes. But we're proud to be innovators."
$RIGL should be making some moves soon with an $8 price target on it...
Tesla to design, build ‘original’ electric cars in Shanghai, Berlin, giving its offshore operations clout to compete on rivals’ turf
CEO Elon Musk says Shanghai and Berlin factories to make new car models, according to his Twitter feed.
Model 3 is outselling its nearest rival by three to one since Tesla started selling in the mainland Chinese market in January.
Tesla plans to design and assemble new car models
in Shanghai and Berlin, giving the offshore operational centres outside its Palo Alto, California head office more clout to offer electric cars that track more closely to local consumer preferences.
Chief executive Elon Musk confirmed in a response to a tweet about the factories that Tesla was preparing to build two new and differing car models at the facilities. “Both will do original cars,” he said on Monday.
The statement portends heated competition
in China, the world’s biggest new-energy vehicle market, after a number of Chinese rival producers shored up their capital through stock offerings to fund new model development and expand production lines to catch up with the global leader. Europe, with a strong consumer preference for energy efficient vehicles, is also a key market for Tesla.
Tesla rolled out Model 3 sedans in January from its US$2 billion Gigafactory 3 facility in Lingang outside Shanghai. In the short span of time, the locally built model has become a top-selling car in the mainland market by outselling its nearest rival BYD by three to one.
The California-based carmaker cut the price of Model 3 in April with a standard-range battery pack to 271,550 yuan (US$39,817) after subsidies, from 299,050 yuan. The cut fuelled demand from wealthy Chinese fans with a penchant for luxurious cars to boost their social status.
They helped propel the delivery of Model 3 to 14,954 units, giving Tesla a 23 per cent share of the pure electric car segment, according to the China Passenger Car Association (CPCA). BYD, one of the oldest producers based in Shenzhen, came a distant second, with the sale of 4,106 units of Qin EV3 model.
Yale Zhang, managing director of industry researcher Automotive Foresight, said local brands would need to slash their cars’ prices before taking on Tesla. As the most established NEV brand worldwide with the most mature technology, it enjoys stronger consumer awareness, he added.
At present, Model 3 is the only Tesla model that is assembled at the Gigafactory 3 and sold on the mainland. Tesla has started making Model Y test vehicles there, which is expected to be delivered to local customers from early next year.
Automotive industry officials are also hoping the US electric vehicle maker to create a local supply chain on the mainland to cut production costs in the industry.
Chinese rivals including Nio, Xpeng and Li Auto are offering models with longer driving ranges and sophisticated electronic gadgetry to compete against Model 3, but they have yet to mount a real challenge to the US rival.
Xpeng’s P7 sedan sells at 229,900 yuan and Li Auto’s Li One SUV sports a price tag of 328,000 yuan. Nio’s ES6 sports-utility vehicle starts at 343,600 yuan after subsidies.
Sunnova Energy Ticks Lower As Short Seller Calls For 80% Downside
11:30 am, September 29, 2020
Portfolios: First Watchlist
Tickers: $TSLA $NOVA
Sunnova Energy International Inc (NYSE: NOVA) shares are moving to the downside after Spruce Point Capital issued a short report.
Solar Industry Trends Prove Headwinds: The solar industry is shifting from third-party ownership such as leases and PPAs to 100% customer ownership, according to Spruce Point. Sunnova, however, continues to realize about 90% of its revenues from thirty-party ownership, the firm said.
New entrants into the loan market, shifting a large portion of financings through loans, are likely cannibalizing highly profitable solar renewable energy certificate revenue, according to Spruce Point, and the loss of investment tax credit will all hurt Sunnova.
Undifferentiated Business Model: Sunnova is a smaller player relative to peers doesn't offer a value proposition to differentiate it from its peers, the firm said. Sunnova's asset ownership is relatively light and its local dealer network increases counterparty risk.
"We have found several examples of concerning sales practices and other activities by Sunnova and dealer partners," Spruce Point wrote in its report.
Floundering Financials: Sunnova's top-line growth is slowing and reported margins are contracting, Spruce Point said. The firm also said the company's gross margins are inflated, relative to peers, due to two highly unusual industry practices – prepaid inventory and inventory accounting model.
"As the balance sheet continues to grow, the economics of the business are stripped out by debt holders and tax equity investors, leaving equity shareholders with an overleveraged business dependent on management assumptions that will likely never generate cash flow for equity holders," said Spruce Point.
The firm also sees a limited probability of an acquisition by Tesla Inc (NASDAQ: $TSLA), since the EV maker's market share of the installation and financing market has declined since its SolarCity acquisition.
Spruce Point has a $5-$8 price target for Sunnova shares, suggesting 70%-80% downside from current levels.
$TSLA One in the same... Solar Panels and Home batteries, too...
I agree... He is innovating the future of EV's, Energy, Batteries, Travel, Leisure, Space Flight, etc... What he does effects many markets, not just cars. $TSLA is worth mega $$$$$...
Workhorse, DiamondPeak SPAC Gain On Trump's Lordstown Motors Event
3:45 pm, September 28, 2020
Portfolios: First Watchlist
Tickers: $WKHS DPHC GM
Lordstown Motors is one of the electric vehicle companies going public via the special purpose acquisition route.
The company was in the spotlight Monday with one of its prototype electric trucks on display at the White House.
What Happened: A Lordstown Motors Endurance truck was shown off on the lawn of the White House Monday by President Donald Trump and Lordstown Motors representatives.
Trump used the event to highlights jobs brought back to Lordstown Ohio, after the loss of former plant owner General Motors (NYSE: GM).
“We’ve been working on this very long and very hard,” Trump said as he looked at the Endurance truck.
“This is a really unique thing because the four wheels are — hub motor, hub motor — this is the only one that does this in the world. It has a lot of advantages.”
Why It’s Important: Lordstown Motors is set to go public and trade on the Nasdaq under the ticker symbol "RIDE" through a merger with SPAC DiamoondPeak Holdings Corp (NASDAQ: DPHC).
The merger deal is expected to raise $675 million in funding for Lordstown Motors, including $75 million from General Motors. Existing shareholders will own 50% of the company after the merger. The initial valuation is $1.6 billion.
Publicly traded Workhorse Group Inc (NASDAQ: WKHS) owns 10% of Lordstown Motors through a prior deal. Workhorse also stands to benefit from production of the Endurance truck, as it will earn a royalty on the sales of the vehicle.
At the event Monday, Lordstown Motors CEO Steve Burns said the company hopes to make 100,000 or more trucks each year at the plant. Lordstown plans to make multiple models, he said.
The Endurance pickup truck is expected to cost $52,500 and up. The truck has a 250-mile range on a single charge and comes with 7,500-pound towing capacity.
The company has said it has over 40,000 reservations for the Endurance truck. That would represent $2.1 billion in sales for Lordtown Motors.
The company had $1.4 billion in pre-orders at the time of its merger announcement.
What’s Next: The Endurance electric pickup truck is targeting the commercial fleet market. The truck is expected to begin production in 2021.
The merger between DiamondPeak and Lordstown Motors is expected to close in the fourth quarter.
WKHS, DPHC Price Action: Shares of Workhorse were trading 14.23% higher to $28.14 at the time of publication Monday.
The stock is up over 700% in 2020.
Shares of DiamondPeak Holdings were trading 12.39% higher to $26.85. The stock is up 140% in 2020.
Space Race: The Top Players In A Market That Could Be Worth $1.4 Trillion By 2030
1:50 pm, September 28, 2020
Portfolios: First Watchlist
Tickers: $TSLA AMZN BA GD LHX LMT NOC SPCE
Bank of America is out with a guide to the commercial space market and the major companies involved.
The Space Market: Bank of America’s Ronald J. Epstein believes the commercial space market will hit $1.4 trillion by 2030. Epstein cites increased defense spending, growth in satellites, space tourism and resource extraction as ways the industry can grow.
The space market was worth $414.8 billion in 2018, with government spending of $85.5 billion making up 21% of the total.
Bank of America tracks 23 aerospace and defense companies and listed 14 of them in the report that had some exposure to the space industry.
The Pure-Play Companies: “Pure play space companies tend to be private, most aerospace and defense companies under our coverage have some exposure to the space industry,” Epstein wrote in a note.
Virgin Galactic (NYSE: SPCE) was assigned a Street-high price target of $35 by Epstein on Monday. This came as he sees the company as one of the only pure-play space companies being publicly traded.
The space tourism sector also includes privately held Blue Origin, Sierra Nevada and SpaceX. Boeing Company (NYSE: BA) is also listed in the space tourism sector. Epstein said SpaceX is firmly in the lead over Boeing for ferrying passengers into space.
SpaceX, founded by Tesla Inc (NASDAQ: $TSLA) CEO Elon Musk, hit a valuation of $36 billion recently. The company is the first private company to complete manned and unmanned missions to the International Space Station.
Musk has been hesitant to discuss a possible IPO date for SpaceX, with eyes set on reaching Mars before that happens.
The High Exposure Companies: Boeing was listed as one of three tracked companies that has high exposure to the space industry. The other two covered by Bank of America are Lockheed Martin Corporation (NYSE: LMT) and Northrop Grumman Corporation (NYSE: NOC).
Boeing and Lockheed Martin are major players in the space market with their 50/50 joint venture called United Launch Alliance, which was founded in 2005.
The Moderate Exposure Companies: Bank of America highlighted General Dynamics Corporation (NYSE: GD) and L3Harris Technologies (NYSE: LHX) as the companies with moderate exposure to the space industry.
Increased Investments for Space Companies: In 2019, space startups saw $5.7 billion invested in their businesses. This was an increase of 61% over the prior year.
Bank of America also highlights the involvement of some of the richest people in the world behind the space industry. This include Amazon.com (NASDAQ: AMZN) founder Jeff Bezos (Blue Origin), which he funds with $1 billion of Amazon shares sold each year as well as Bill Gates (Kymete), Richard Branson (Virgin Galactic), Larry Page (Planetary Resources), Paul Allen (Scaled Composites).
Benzinga’s Take: Epstein has set a large target for the space industry to hit in 2030. The increase in government spending, space tourism, satellites, and the militarization of space are all key reasons behind this price target.
Virgin Galactic remains the best pure-play way to play the space tourism boom, with Boeing and Lockheed Martin as other benefactors.
Investors continue to hope a SpaceX IPO will happen sometime in the future, which could put even higher valuations on space-related stocks.
2 New Tesla Vehicles To Be Produced At Gigafactory Berlin, Shanghai 2:10 pm, September 28, 2020
Portfolios: First Watchlist
Tickers: $TSLA
At its Battery Day last week, Tesla Inc. (NASDAQ: TSLA) revealed plans to build a smaller, more affordable $25,000 all-electric vehicle. While no details were presented, the company's new 4680 battery is what will allow it to produce a low-cost car.
Now, a new tweet from CEO Elon Musk has revealed plans for multiple new vehicles. When responding to a fan, Musk said both Tesla Gigafactory Berlin and Gigafactory Shanghai would be producing new vehicles, unique to each factory. Whether the new $25,000 Tesla is one of these vehicles is unknown.
Both will do original cars
— Elon Musk (@elonmusk) September 28, 2020
Benzinga's Take: This is a pretty surprising development, considering after the unveiling of the Cybertruck, Musk said Tesla was done with new vehicles for a while. Although these cars won't be out for a few years, that Musk is already talking about them means Tesla probably knows what they will be producing.
It does make sense to have local variants of cars. Something like the Cybertruck is not as friendly on European roads, while at the same time, smaller cars are not very popular in the U.S.
$NIO Very nice day today! Deliveries should take this $20+ and hopefully make a higher base...