Posts belonging to Category automobile



Uber and Lyft drivers to remain independent contractors

California voters approve Prop. 22

Californians sided with the $200-million Proposition 22 campaign led by Uber and Lyft, voting to pass the measure and grant ride-hail and delivery companies an exemption from California employment law to continue treating workers as independent contractors.

The fight was one of the most closely watched ballot measure contests in the country and the costliest in state history. A win for the app-based companies has the potential to create a new campaign paradigm, with companies sidestepping government and spending large sums of money to sway voters with traditional advertisements and more unconventional direct marketing to customers. The measure’s passage also deals a blow to California’s powerful labor unions, underdogs in the race with far fewer financial resources than their foes.

https://www.latimes.com/

 

Tesla (NASDAQ:TSLA) is predicted to be the next trillion-dollar company

There’s still a way to play the EV boom 

Over 3,000 investors with over $110 trillion in assets under management can’t be wrong … That $110 trillion supports “responsible investment”, or ESG investing for a more sustainable future. Some of that $110 trillion dollars is now squarely focused on the electric vehicle (EV) industry. And Tesla (NASDAQ:TSLA) is predicted to be the next trillion-dollar company, with stocks soaring more than 300% this year thanks to record demand, record deliveries and even record-breaking revenues and profits.

Investors in EV delivery and utilities darling Workhouse Group (NASDAQ:WKHS) have seen 700% gainsChinese EV hot shot Nio (NYSE:NIO) is up nearly 950%Plug Power (NASDAQ:PLUG)–an EV tie-in that is producing hydrogen fuel cell systems–has witnessed a gain of over 530% this year alone. These gains have been remarkable. 

https://oilprice.com/

Tesla sets revenue record

Half a million vehicles delivered by the end of this year

Tesla Inc on Wednesday reported its fifth consecutive quarterly profit on record revenue of $8.8 billion, boosted by an uptick in vehicle deliveries and sales of environmental regulatory credits to other automakers. The electric car maker also affirmed its target to deliver half a million vehicles by the end of this year, a goal that will require it to significantly ramp up vehicle sales in the fourth quarter.

Shares were up 2.5% at $433.88 in extended trade as the carmaker beat analysts’ estimates. Tesla said it had the capacity installed to produce and deliver 500,000 vehicles this year, but added that achieving its goal has become more difficult.

https://www.reuters.com/

General Motors takes 11% stake in electric truck maker Nikola

Nikola shares pop as much as 53%

Shares of Nikola surged Tuesday after General Motors announced it’s taking an 11% stake in the electric truck maker and will produce its marquee hydrogen fuel cell electric pickup truck the Badger by the end of 2022. Shortly before the opening bell, Nikola shares were up 30% and GM’s were 6% higher. Nikola shares had surged as much as 53% while GM’s jumped as much as 9.1% in the premarket trading.

GM is getting a $2 billion stake in Nikola and the right to nominate one board member in exchange for in-kind services. GM will also supply Nikola’s fuel cells globally, except Europe, for its class 7/8 truck. Phoenix-based Nikola specializes in building zero-emission semi trucks using battery or hydrogen fuel cell technology, but it recently introduced its Badger pickup truck for consumers.
https://www.cnbc.com/

Oil Major Total, Carmaker PSA Set Up $6B EV Battery Venture

Ensuring industrial independence in Europe for the conception and manufacture of batteries

Supermajor Total continues to invest in clean energy by creating a joint venture with automaker Groupe PSA to manufacture batteries for electric vehicles in Europe—a project expected to mobilize investment of more than US$5.9 billion (5 billion euro). Total, via its subsidiary SAFT, will contribute to the project with industrialization and research and development (R&D) expertise, while PSA will contribute its automotive production experience, the French oil giant said in a statement.

An R&D center in Bordeaux and a pilot site in Nersac, France, have already launched work to develop new high-performance lithium-ion technologies. The companies plan to launch mass production after the R&D phase ends at two gigafactories in Europe, one in Douvrin, France, and one in Kaiserslautern, Germany. The joint venture plans to “ensure industrial independence in Europe for the conception and manufacture of batteries, with an initial capacity of 8 GWh, reaching a cumulative capacity of 48 GWh on both sites by 2030,” Total said.

https://oilprice.com/

Xpeng, a Chinese Rival to Tesla, Raises $1.5 Billion in U.S. IPO

Shares of electric-car maker jump 41% on the first day of trading in the U.S

Xpeng Inc., one of Tesla Inc.’s Chinese rivals, raised $1.5 billion through an initial public offering in the U.S., more than initially planned, because of high investor demand.

Xpeng sold 99.73 million American depositary shares at an offer price of $15 Thursday. That was more than the 85 million shares that were previously planned, and the offer price was higher than the initial guidance of $11-$13.
Shares  jumped as much as 67% after its U.S. market debut on Thursday, as capital markets continue to reward new listings in what has been one of the best years for IPOs since the dotcom boom.

https://www.reuters.com/

Uber and Lyft must classify drivers as employees in California, judge says

The ruling from San Francisco Superior Court won’t take effect right away

A judge has ordered ride-hailing giants Uber and Lyft to treat their California drivers as employees instead of independent contractors, a shift that would guarantee benefits like overtime, sick leave and expense reimbursement for workers who make up much of the freewheeling gig economy.
But the ruling from San Francisco Superior Court Judge Ethan P. Schulman won’t take effect right away as both Uber and Lyft said this week they will immediately appeal to a higher court, which could put the ruling on hold.

Still, advocates praised the ruling as a milestone in their fight to apply traditional worker protections to a fast-growing segment of the labor force. Uber and Lyft criticized the decision, saying it threatens to shut them down during a pandemic-induced economic downturn where many people who have lost their jobs turn to the ride-hailing companies to earn money.

https://www.cbsnews.com

The pandemic is giving e-bikes a boost

The number of E-bikes worldwide expected to hit 300m by 2023

Vanmoot, a dutch bicycle-maker, is known for sleek designs and clever advertising. In a television spot for its newest model, images of the evils of car culture—accidents, gridlock and pollution—are projected onto the skin of a luxury car, which melts, turning into one of the company’s elegant e-bikes.
Electrically assisted bicycles are not about to replace cars. But they are booming, especially in Europe, where sales rose by 23% in 2019, to 3m units. E-bikes are unlocking even saturated bicycle markets like the Netherlands, where the average person already owns 1.3 pushbikes. Last year Deloitte, a consultancy, estimated the number of e-bikes worldwide at 200m, and expected it to hit 300m by 2023.

https://www.economist.com/

Is Hydrogen The Future For U.S. Power Companies?

Europe  far ahead of the United States in the shift to renewable energy

Last month, the European Union set out a comprehensive hydrogen strategy as part of its goal to achieve carbon neutrality for all its  The EU has an ambitious target to build out at least 40 gigawatts of electrolyzers within its borders by 2030 and also support the development of another 40 gigawatts of green hydrogen in nearby countries that can export to the region by the same date. The announcement came as little surprise, given that Europe is regarded as being far ahead of the United States in the shift to renewable energy.

But the hydrogen bug has finally arrived stateside: The U.S. Department of Energy has unveiled the H2@Scale initiative whereby a handful of companies including Cummins Inc. (NYSE: CMI), Caterpillar Inc.(NYSE: CAT), 3M Company (NYSE: MMM), Plug Power Inc. (NASDAQ: PLUG) and EV startup Nikola Corp. (NASDAQ: NKLA) will receive $64 million in government funding for hydrogen research projects.

Hot on the heels of the DoE initiative: American electric utility and renewable energy giant, NextEra Energy Inc.(NYSE: NEE), has unveiled an equally ambitious plan to start replacing its natural gas-powered plants with hydrogen.

https://oilprice.com/

Tesla Will Have Fully Self-Driving Cars This Year

 Level five is completely autonomous is any situation: no human driver is required

Tesla will have essentially fully autonomous self-driving vehicles this year, CEO Elon Musk said in a video recorded for a Chinese AI conference. And it can be achieved with the existing technology inside Teslas shipping today.

“I remain confident that we will have the basic functionality for level five autonomy complete this year,” he said. “I think there are no fundamental challenges remaining for level five autonomy.”

There are many small problems, Musk acknowledged, and there’s the challenge of not just solving them but putting the whole system together. And even when almost complete, there could be challenges.

https://www.forbes.com/

Tesla shares surge past $1,000

Musk revs up the Semi

Tesla Inc’s (TSLA.O) stock jumped above $1,000 a share on Wednesday after Chief Executive Elon Musk told his staff it was time to bring the Tesla Semi commercial truck to “volume production.”

Musk, in an email seen by Reuters on Wednesday, did not specify a time frame for ramping up production of the Semi. Musk on Wednesday tweeted “Yes” to a question on Twitter about whether the report of the leaked Semi truck production email was accurate.

Tesla’s shares rose about 6% to hit $1,000 on Wednesday after Reuters reported Musk’s email, making the Silicon Valley company the second-most valuable automaker in the world, behind Japan’s Toyota Motor Corp (7203.T). Tesla’s share surge could position Musk for another payout from a stock compensation plan tied to the company’s market capitalization.

https://www.reuters.com/

Lyft Says Rides Are Slowly Rebounding

Up to 73% In Some Cities

Lyft said some cities were starting to see significant rebounds following the coronavirus’ decimation of ride-hailing requests. Overall, US rides were up 26% in May compared to April, with some cities like Austin, Texas up as much as 73%. Shares of Lyft rose about 4% in after-hours trading as investors welcomed the rebound.
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After near total decimation because of the coronavirus pandemic, Lyft said Tuesday that ride requests were starting to pick up again. Overall, rides were up 26% in the United States in May compared to April, but are still down 70% from the same period of last year, Lyft said in a regulatory filing.

Some cities, however, are seeing much larger upticks as parts of the country relax shelter-in-place orders sooner than others. Austin, for example, saw a 73% increase, while Miami was up 64%, Las Vegas up 59%, and Denver up 54%.

https://usa-today-news.com/

GM to increase North America vehicle production

Rising demand

General Motors (GM.N) said on Thursday it would start increasing vehicle production in North America from next week to meet rising demand.

Starting June 1 , three of the company’s crossover assembly plants in the United States and Canada will be operating two production shifts, and three U.S. assembly plants building mid-and full-size pickups will move from one to three-shift operations, GM said.

https://www.reuters.com/

Tesla’s secret batteries

The new “million mile” battery  makes EVs cost the same as gas cars

Electric car maker Tesla Inc (TSLA.O) plans to introduce a new low-cost, long-life battery in its Model 3 sedan in China later this year or early next that it expects will bring the cost of electric vehicles in line with gasoline models, and allow EV batteries to have second and third lives in the electric power grid.

For months, Tesla Chief Executive Elon Musk has been teasing investors, and rivals, with promises to reveal significant advances in battery technology during a “Battery Day” in late May.

New, low-cost batteries designed to last for a million miles of use and enable electric Teslas to sell profitably for the same price or less than a gasoline vehicle are just part of Musk’s agenda, people familiar with the plans told Reuters.

With a global fleet of more than 1 million electric vehicles that are capable of connecting to and sharing power with the grid, Tesla’s goal is to achieve the status of a power company, competing with such traditional energy providers as Pacific Gas & Electric (PCG_pa.A) and Tokyo Electric Power (9501.T), those sources said. The new “million mile” battery at the center of Tesla’s strategy was jointly developed with China’s Contemporary Amperex Technology Ltd (CATL) (300750.SZ) and deploys technology developed by Tesla in collaboration with a team of academic battery experts recruited by Musk, three people familiar with the effort said.

https://www.reuters.com/

Tesla can begin to restart Fremont factory operations next Monday

Proper safety plans have to be in place

Local health officials on Tuesday said Tesla could begin to increase its activities at its Fremont, California, factory this week and might be able to restart some operations as soon as Monday if proper safety measures were in place and properly enforced.

In a statement shared on Twitter on Tuesday, the Alameda County Public Health Department said it had reviewed Tesla’s COVID-19 prevention and control plan for its Fremont factory.

Tesla has faced backlash for restarting its production in defiance of local orders. The company had filed a lawsuit against Alameda County on Saturday, arguing it should be considered essential.

https://www.businessinsider.fr/