Supercharged: Tesla shares rise to record high | Technology News

Elon Musk’s electric vehicle company is one step closer to a $1 trillion market value. Shares of Tesla Inc. rose to an all-time high on Friday, bringing the electric vehicle maker another step closer to an elite group of companies with market valuations of at least $1 trillion. The stock rose a whopping 1.8%, reaching … Read more

Tesla’s quarterly results beat estimates as auto sales soar | Automotive industry news

Revenue at Elon Musk’s electric vehicle and clean energy business rose 57 percent to $13.8 billion, while earnings came in on an adjusted basis at $1.86 per share, the California-based company said. Tesla Inc. reported sales that fell short of Wall Street estimates, but managed to beat third-quarter earnings forecasts despite a semiconductor shortage and … Read more

Vroom Vroom: Tesla’s Shares Rise More Than 50% From March Lows | Financial Market News

The automaker has posted eight weeks of profit, its longest streak since before the pandemic hit the markets. Tesla Inc. shares are making a comeback as investors expect the Elon Musk-led electric carmaker to navigate the crippling semiconductor shortage better than rivals that have been severely disrupted. The stock gained a staggering 1.7% on Monday … Read more

US factory production falls due to backlog in supply chains | Business and economic news

Total industrial output, which includes mining and utilities, fell 1.3 percent last month. Through Olivia RockemanBloomberg Production at US plants fell the most in seven months in September, partly due to a sharp decline in motor vehicle production, as well as broader supply chain backlogs and material shortages. The 0.7% decline for manufacturers followed a … Read more

Tata Motors Rises 20 Percent on EV Fundraising News | Business and economic news

The owner of Jaguar Land Rover has raised $1 billion for its EV business, for which it will form a separate unit. Tata Motors will invest more than $2 billion in its electric vehicle (EV) business over the next five years, a company executive has said after the Indian automaker announced it was raising money … Read more

South African car industry fears impact as union goes on strike | Business and economic news

Largest South African metal workers union calls for indefinite strike after salary talks with employers’ organizations fail. South Africa’s largest metal workers union has gone on indefinite strike, seeking wage increases and threatening to block supplies of parts for making new cars and accessories, industry and union officials said. With about 155,000 members organized in … Read more

Driver in China successfully sues Tesla for fraud | Automotive industry news

A Chinese driver has bought Tesla Inc. successfully sued for fraud with his purchase of a pre-owned Model S, adding to a series of setbacks for Elon Musk’s electric car pioneer in one of its key markets. A Beijing court ruled that Tesla had misrepresented the condition of the car Han Chao bought for 379,700 … Read more

Cathie Wood’s Ark Investment Sells $270 Million in Tesla Stake | Automotive industry news

Cathie Wood’s Ark Investment Management has sold more than 340,000 Tesla shares through three of its exchange traded funds (ETFs). Cathie Wood sold a nearly $270 million stake in Tesla Inc. as the bond sell-off hit price-sensitive technology stocks to drive outflows from its growth-oriented funds. Wood’s Ark Investment Management unloaded more than 340,000 Tesla … Read more

Tesla faces charges of racism from black worker in public courtroom | Automotive industry news

Tesla faces charges of racism from black worker in public courtroom |  Automotive industry news

A former factory worker at Tesla Inc. who claims that racism was rampant has already accomplished a rare feat: forcing the electric car maker to fight him in public court. But when Owen Diaz submits his case to a jury trial that begins Friday in San Francisco, he takes on a company that almost never … Read more

Evergrande Debt Troubles: EV Unit Stops Paying Employees, Suppliers | Automotive industry news

Evergrande Debt Troubles: EV Unit Stops Paying Employees, Suppliers |  Automotive industry news

China’s electric vehicle manufacturer Evegrande Group has failed to pay a number of employees and is behind in paying factory equipment suppliers, sources tell Bloomberg News. The China Evergrande Group’s electric car unit has missed salary payments to some of its employees and has fallen behind in paying a number of factory equipment suppliers. its … Read more