Tag: Tesla

Tesla names Musk ‘Technoking’ in cryptic regulatory filing

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Last month, Tesla revealed it had purchased $1.5 billion of bitcoin and would soon accept it as a form of payment for cars, sending the price of the world’s most popular cryptocurrency soaring

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Tesla Inc added “Technoking of Tesla” to billionaire Chief Executive Elon Musk’s list of official titles on Monday in a formal regulatory filing that also named finance chief Zachary Kirkhorn “Master of Coin”.

The electric-car maker did not elaborate on the reasons for the cryptic new titles in a pair of statements that also said President of Automotive Jerome Guillen had moved to the role of President for Tesla Heavy Trucking, effective March 11.

Also Read | Elon Musk wants clean power, but Tesla’s carrying bitcoin’s dirty baggage

Last month, Tesla revealed it had purchased $1.5 billion of bitcoin and would soon accept it as a form of payment for cars, sending the price of the world’s most popular cryptocurrency soaring.

Musk’s recent promotion of dogecoin on Twitter has also lifted the price of that cryptocurrency.

Bitcoin hit new highs of near $62,000 over the weekend but retreated around 5% early in the European day on Monday.

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Tata Power, Tesla in talks over setting up charging infrastructure: Report – Times of India

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BENGALURU: Tesla Inc is exploring an arrangement with Indian conglomerate Tata Sons’ power generation unit, Tata Power, to set up charging infrastructure for electric vehicles in the country, CNBC-TV18 reported on Friday, citing sources.
Shares of Tata Power rose 5.5% to their best closing level since June 9, 2014 after the report, which comes as the Palo Alto-based electric-car maker gears up for an India launch later this year with plans to import and sell its Model 3 electric sedan in India.
Tesla will set up an electric-car manufacturing unit in Karnataka, according to a government document.
The talks between Tata Power and Tesla are in the initial stages and no arrangements have been finalised yet, the report said.
Neither of the two companies were not immediately available for comment.
In January, the US electric-car maker incorporated Tesla Motors India and Energy Private Ltd with its registered office in the southern city of Bengaluru, a hub for global technology companies.
Tata Motors Ltd, the carmaking unit of Tata Sons, last week denied any tie-up with Tesla, after media reports suggested the two companies were discussing a partnership.

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Tesla share price: Tesla surges almost 20%, biggest daily rise in a year | International Business News – Times of India

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NEW DELHI: Shares of electric vehicle maker Tesla Inc surged nearly 20% on Tuesday, rebounding from a deep selloff with its largest daily gain in a year after data showed an increase in China sales and an analyst raised his rating on the stock.
The jump, which added over $100 billion to Tesla’s market capitalisation, stopped a five-day streak of losses for the company in a Nasdaq slump in which investors spooked by rising interest rates have abandoned growth stocks with heady valuations.
New Street Research analyst Pierre Ferragu raised his Tesla rating to “buy” from “neutral,” and upped his target price to $900 from $578.
Tesla’s stock ended at $673.58 after its strongest daily rise since February 2020. The stock remains down more than 20% from its January record high.
Traders exchanged nearly $43 billion worth of Tesla shares, more than any other stock and almost triple the second most-traded company, which was Apple, according to Refinitiv data.
“As much as the market severely corrected the recent excesses of optimism reflected in Tesla’s valuation, our recent work strengthened our confidence about the solid outlook for the company in the next two years,” Ferragu wrote in a client note.
Tesla sold 18,318 China-made vehicles in February, up from 15,484 in January, Chinese auto industry body CPCA said.
Cathie Wood, whose $25 billion ARK Innovation exchange-traded fund is the largest actively managed ETF tracked by Lipper, said on a webcast that she saw the recent stock market selloff as a buying opportunity, the Financial Times reported.
Tesla is the largest holding of ARK Innovation, which is popular with retail investors. The ARK Innovation fund was up 10% on Tuesday.
Tesla’s stock remains up about 70% over the past six months. Thirteen analysts have neutral ratings on Tesla, while 12 recommend buying and 10 recommend selling, according to Refinitiv.
Tuesday’s Tesla rally accompanied a 3.7% jump in the Nasdaq, as US bond yields retreated and investors picked up battered technology stocks. Tesla was the biggest contributor to the 1.4% gain in the S&P 500, which it joined in December.

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Tesla loses a third of its value for the third time in a year – Times of India

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NEW DELHI: Tesla Inc’s stock extended losses on Monday and is now down by a third from its January record high, making it the third time in about a year that the electric car maker’s shares have corrected that dramatically.
With investors worried about rising interest rates and dumping high-valuation stocks in recent weeks, Tesla’s market capitalisation has fallen by almost $300 billion since its January 26 record high to $550 billion, moving behind Facebook Inc, which it overtook in December after joining the S&P 500.
Tesla shares fell over 4% on Monday and were down almost 35% from their peak on January 26. The ARK Innovation ETF, which has 10% of its assets invested in Tesla, fell 6%.

Technology and other growth stocks have fallen broadly since February 12, when the Nadsaq closed at its most recent record high. However, Tesla’s decline during that time has been much deeper than Wall Street’s other heavyweights.

Tesla’s surge in recent months is rooted in expectations it will expand car production quickly and profitably. The stock’s latest dip follows a tweet by chief executive Elon Musk on Saturday that an update on Tesla’s planned Cybertruck pickup would likely be provided in the second quarter. Musk unveiled the Cybertruck in 2019.
The most volatile among Wall Street’s largest companies, Tesla’s shares have fallen by amounts similar to or greater than the current selloff twice since early 2020. The stock slumped over 60% in February and March last year, when the coronavirus pandemic shocked global markets. After soaring to new highs in August, it dropped 33% before resuming its meteoric rise.

Tesla is now down almost 30% since the Nasdaq peaked on February 12, reducing its gain in the past six months to about 43%. Since February 12, Apple Inc is down about 13%, with Amazon.com Inc, Microsoft Corp and Facebook Inc down less than 10%.
Since Tesla announced on February 8 that it bought $1.5 billion worth of bitcoins, its stock has steadily fallen, while the price of bitcoin has climbed over 10%. Tesla said it bought the bitcoins during January, and if it hypothetically bought them at the mid-point price of about $45,000 for that month, its investment could now be worth around $1.7 billion, according to Reuters calculations.

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Tesla, Ford only carmakers not gone bankrupt: Elon Musk – Times of India

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NEW DELHI: As several carmakers bleed in the US and beyond, Tesla is profitable and according to Elon Musk, his electric car company and Ford are the only two carmakers in the US which have not gone bankrupt.
Tesla reported another profitable quarter as revenue hit $10.74 billion in the fourth quarter of 2020. In last year, Tesla achieved free cash flow of nearly $2.8 billion after spending more than $3 billion on building new factories and other expenditures.
US automaker Ford last month announced to more than double its investment in electric and autonomous vehicles to $29 billion. The automaker had previously committed to spend $11.5 billion on electrifying its vehicle lineup through 2022.
“Tesla, Ford are the only American carmakers not to have gone bankrupt out of 1000’s of car startups. Prototypes are easy, production is hard being cash flow positive is excruciating,” Musk said in a tweet on Friday.
Ford CEO Jim Farley responded to his tweet, saying: “Respect”. In 2020, Tesla produced and delivered half a million vehicles. In addition, Model Y production in Shanghai has begun.

Tesla this year also registered its Indian subsidiary with the Registrar of Companies (RoC) in Bengaluru, on January 8.
“2020 was a defining year for us on many levels. Despite a challenging environment, we’ve reached an important milestone of producing and delivering 0.5 million cars,” Musk had said.
On the other hand, Ford’s increased investment is aimed at catching up with the EV market leader Tesla and keep pace with other automakers like GM and Volkswagen.
“We are accelerating our plans right now, breaking constraints, increasing battery capacity, improving our costs and getting more battery electrics into our cycle plan,” Ford CEO Farley said last month.



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