Ford stock price jumps after automaker inks Tesla deal for EV charging
Synopsis by Car and Driver May 30 23
The announcement that Ford will build the Tesla connector into its future EVs rocked the industry; it’s smart for a lot of reasons.Read full article 
Car and Driver: Ford Will Use Tesla EV Charging, but That's Only Part of the Story
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| Last Updated | May 30 23 |
| Total Articles | 5 |
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Ford stock price jumps after automaker inks Tesla deal for EV charging: With Ford pinning its future on electric vehicles, ensuring its customers increased ...
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Ford stock price jumps after automaker inks Tesla deal for EV charging: With Ford pinning its future on electric vehicles, ensuring its customers increased ...
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Quick Glance: Tesla Cybertrucks Recall Issued
- Tesla responds to defective accelerator pedals in nearly 3,900 Cybertruck pickups causing unintended acceleration.
- The recall involves Cybertruck vehicles manufactured between November 2023 and April 2024.
- An unauthorized use of soap during the accelerator pedal assembly likely led to the defect.
- Tesla voluntarily recalled the vehicles on April 12 due to two customer complaints.
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Quick Glance: Tesla responds to declining sales with global price reductions
- Tesla has lowered prices in various key markets, including China and Germany, to address the declining sales and increasing price competition for electric vehicles.
- The recent price reductions come in light of a decrease in Tesla's global vehicle deliveries in the first quarter, marking the first time in nearly four years.
- The starting price of the revamped Model 3 in China was reduced by 14,000 yuan to 231,900 yuan. Similarly, in Germany, the price of the rear-wheel-drive Model 3 was decreased from 42,990 euros to 40,990 euros.
- In addition to the mentioned price cuts, there were reductions in many other countries across Europe, the Middle East, and Africa. Prices for the Model Y, Model X, and Model S vehicles in the US were decreased by $2,000. Moreover, Tesla slashed the price of its Full Self-Driving Software in the US from $12,000 to $8,000.
Live news: Tesla notches seventh straight loss ahead of Tuesday earnings release
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- Elon Musk's underlings at Tesla Inc. are accustomed to chaos, but this year has been particularly turbulent. The stock price has plummeted, there has been confusion around product decisions and price cuts. Tesla's position in the Chinese EV market is under threat, and a meeting with India's Prime Minister for a planned investment announcement was abruptly called off.
- Tesla is expected to report a significant drop in operating profit and its first revenue decline in four years. Musk has ordered massive layoffs and is staking the company's future on a self-driving vehicle concept called the robotaxi. Many employees are unsettled by the changes the CEO wants to implement.
- Musk has been discussing the concept of an autonomous taxi service for at least eight years, but Tesla has not yet built the infrastructure required for it. The focus is now on the robotaxi instead of a cheaper mass-market vehicle that many investors deem crucial. Key managers have left the company, and analysts are concerned about Tesla's strategy.
- Musk has announced that more than 10% of the workforce will be laid off. Transitioning to the robotaxi service is risky, as regulation at the state and local level can be challenging. Nevertheless, Musk is betting on Tesla making robotaxis a reality by promoting FSD and cutting prices. Some of the Tesla layoffs were poorly organized and perceived as humiliating.
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Quick Glance: Tesla cuts prices in US, China and Germany as competition intensifies
- Tesla has announced aggressive price cuts in China and Germany, shortly after reducing prices in the United States, as the world’s largest maker of electric vehicles (EV) faces declining sales and growing competition in major markets.
- The prices of four models were slashed in China by 14,000 yuan ($1,932), while in Germany, the price of the Model 3 rear-wheel drive was lowered by 2,000 euros ($2,132). Earlier cuts were made in the US, with prices of three models reduced, while prices for the Model 3 and Cybertruck remained unchanged.
- The price cuts come during a tough time for Tesla, with a significant stock plunge and a drop in quarterly deliveries. Elon Musk postponed his planned India trip due to company obligations. In China, Tesla's price cuts escalate an existing price war in a highly competitive sector influenced by other manufacturers like BYD offering more affordable options.
- The price wars in China began in 2022 and continue with over 30 car makers announcing further price reductions, impacting the entire auto industry's profit margins. Competitors like BYD and XPeng are also offering subsidies and lowering prices to attract buyers in the EV market, posing challenges to Tesla's market dominance.
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Quick Glance: Building Commences on High-Speed Rail Line Between Sin City and City of Angels
- Work is set to begin on a $12 billion high-speed passenger rail line between Las Vegas and the Los Angeles area.
- Brightline West aims to lay 218 miles of new track between a terminal south of the Las Vegas Strip and a new facility in Rancho Cucamonga, California.
- The project is touted as the nation's first true high-speed passenger rail line, designed to reach speeds of 186 mph comparable to Japan’s Shinkansen bullet trains.
- The trains will offer restrooms, Wi-Fi, food and beverage sales, and luggage check options, with an expected 11 million passengers per year and fares well below airline travel costs.
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Quick Glance: Elon Musk Postpones India Trip, Sources Say
- Tesla's CEO Elon Musk has postponed a planned trip to India where he was to meet Prime Minister Narendra Modi and announce plans to enter the South Asian market, according to three people familiar with the matter.
- Musk was expected to announce an investment of $2 billion to $3 billion, mainly to build a factory in India, following the government's policy of lowering high tariffs on imported cars if companies invest locally.
- His planned Sunday arrival was set to follow two days after the start of India's national elections, where Modi is projected to secure a rare third term.
- Reasons for the trip postponement were not immediately disclosed, and neither Tesla nor Modi's office responded promptly to requests for comments.
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Quick Glance: Tesla Stocks Plummet Before Earnings Announcement
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- Tesla cut prices in the USA, China, and across Europe, offering reductions of up to $2,000 on their popular Model Y SUV and entry-level Model 3 sedan.
- These reductions compound investors' growing concerns following weak first-quarter deliveries, layoffs, and a Cybertruck recall.
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