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This basket consists of stocks expected to benefit from self-driving cars.
Lawmakers in Texas just gave Tesla and its CEO Elon Musk another incentive to locate its next factory there. Commissioners in Travis County, home to Austin and the possible next Tesla factory, approved Tuesday property tax breaks worth at least $14.7 million — and potentially more — over 10 years. The incentives are on top of $46.6 million in property tax abatement that the Del Valle School District Board approved earlier this month.
Wall Street darling Tesla is holding on to its recent gains today on the back of a bullish analyst report, despite some weakness in tech shares. Tesla has seen its value skyrocket in recent quarters, rising from a 52-week low share price of $211 to $1,548.81 today. The Piper analyst report, which was first released late Monday, gives Tesla a new price target of $2,322, up from the group's prior price target of a little over $900 per share.
Google Cloud today announced the private beta launch of Assured Workloads for Government, the company's version of what some of its competitors would call their "government cloud." With Assured Workloads for Government, Google Cloud ensures that government agencies and their contractors can ensure that all data stays in its U.S. regions. Government agencies can also limit access to Google Cloud support personnel based on their citizenship, background check and geography.
Afterpay has struck deals with Apple and Google to link its payment service to their mobile pay apps, and will offer its service in the US this month.
(Bloomberg Opinion) -- For weeks, those of us in Asia watched the U.S. stock frenzy with amazement — how a video game-like trading interface could lure millennials, cost fortunes and some even their lives; how Tesla Inc. founder Elon Musk became richer than Warren Buffett; and why on earth retail investors were rushing to buy shares of Hertz Global Holdings Inc., even though the car rental company had filed for bankruptcy. Well, gawk no more. The mania has landed in Hong Kong, too. Take a look at Evergrande Health Industry Group Ltd., a healthcare facilities provider under the umbrella of real estate giant China Evergrande Group. Its stock price has soared more than 200% this year, with most of the gain notched in July. That’s resulted in a market cap as high as $30 billion this week. The catalyst is not its Elderly Care Valley business, which operates specialized centers, but its electric vehicle operations, accounting for only 12% of sales last year. There’s little news on Evergrande Health — it isn’t even covered by the sell-side equity analysts Bloomberg polls — but some investors have latched onto this stock as a Tesla play. Its parent company has the grand ambition to be more Tesla than Tesla, vowing to become the world’s biggest maker of electric vehicles. Since late 2018, Evergrande has spent billions on an array of EV-related companies. Goodwill, accrued upon a series of acquisitions, came in at 6.2 billion yuan ($885 million), or 17% of the company’s non-current assets at the end of 2019.Never mind that Evergrande has yet to release its first pure battery vehicle under the flagship Hengchi brand — that deadline was already pushed back once — or that its factories in Guangdong and Shanghai won’t start production until 2021. That Tesla stock could draw 40,000 Robinhood users in a four-hour window shows there’s enough appetite for anything remotely like the U.S. market darling. Investors may also feel reassured now that Evergrande Health owns National Electric Vehicle Sweden AB, an EV maker that acquired Saab Automobile in 2012. It also has a joint venture with Koenigsegg Automotive AB, a top-tier supercar manufacturer. If anyone bothered to look at the company’s financials, though, they’d quickly get cold feet. According to its latest annual report, “equity attributable to owners of the company” was negative 1.3 billion yuan. In other words, while stock investors think Evergrande Health is worth $30 billion, an accountant could reckon that this company has zero value to shareholders. Building electric vehicles from scratch is an expensive endeavor. Evergrande Health’s negative equity stems from the fact that it has accrued 94.7 billion yuan in debt. Its parent, for instance, has provided a three-year, 32.2 billion yuan loan due next July, with interest rates ranging from 7.6% to 8%. Last year, finance costs in the EV business alone came in at 2.2 billion yuan, or 2.6 times the profit generated from the healthcare segment. As a result, Evergrande Health has no price-to-earnings, or price-to-book, to speak of — both are negative. But then liquidity and policy-driven markets can create very strange phenomena. Speculative capital flows have have already arrived in Hong Kong — just look at the stronger local dollar, which by ordinary logic would have weakened as U.S. moved to strip the city of its special status. Trading will become even cheaper, too. Huatai International Ltd., the Hong Kong arm of China’s third largest broker, is no longer charging commissions.Meanwhile, animal spirits returned to China’s $9.7 trillion stock market in July. At this market cap, Evergrande Health can just do a secondary listing on the mainland if it’s short on cash, without having to prove to regulators that it has an “edge” or “world-leading technology.” A sky-high valuation in China, in turn, would support its Hong Kong-listed shares, one could argue. Hong Kong’s stock market is an interesting hybrid, part-American because of the Hong Kong dollar peg, and part-Chinese because many mainland companies list there. Now that both U.S. and China markets have gone into a trading frenzy, it's only natural that Hong Kong will catch up. So don’t be surprised if more Tesla wannabes start cropping up. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron's, following a career as an investment banker, and is a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shares of automaker Ford Motors (F) spiked as much as 4.8% on Tuesday after unveiling its highly-anticipated 2021 Bronco.
(Bloomberg) -- Texas is moving forward with efforts to woo Tesla Inc. and lure its next electric-vehicle factory after the county that’s home to the state capital signed off on a tax-relief package.Commissioners in Travis County voted Tuesday to approve a 70% property-tax rebate on the first $1.1 billion the company invests in a site near Austin. The abatement is worth at least $13.9 million.The areas of Austin and Tulsa, Oklahoma, are the finalists for landing the facility where Tesla plans to build the Cybertruck pickup that Chief Executive Officer Elon Musk first unveiled late last year. He has said on Twitter that the site also will supplement production of Model Y crossovers already being made at the company’s lone U.S. car-assembly plant in Fremont, California.Tesla has told Travis County that its planned factory will eventually employ 5,000 full-time workers with an average salary of roughly $47,000 a year. At least half of those will be county residents.The weeks-long effort to secure the abatement from the Austin area has played out as Musk, 49, has openly tweeted about the level of support the city of Tulsa and state of Oklahoma have offered. He visited the area on July 3, and Governor Kevin Stitt shared photos the next day of the small contingent who welcomed the billionaire to town.Nate Jensen, a government professor at the University of Texas-Austin, said securing county-level abatements could be a step toward Tesla eventually accessing bigger forms of support from the state, including from Texas Enterprise Fund, one of the largest payers of economic-development incentives in the nation.“They’ll promise the world to the county -- high environmental and wage standards, yearly audits -- and then as soon as they get other, larger incentives, they’ll back out of city incentives,” Jensen said.The other incentives the county is offering Tesla include a $46.4 million property-tax break from the local school district over ten years and an $80 million cap on the taxable value of the plant. If Tesla follows through with the project, it will be one of the largest economic-development agreements in Austin history.Landing the factory would be a major boost to an area that saw its unemployment rate surge to 11.6% in May from 2.6% in February, with more than 81,000 losing their jobs in the midst of coronavirus-related shutdowns across the country. Half of those were earning less than $30,000 a year before being laid off from leisure and hospitality jobs, according to the Texas Workforce Commission.Thousands of jobs would quickly open up for the start of construction, which Tesla wants to initiate this quarter.The project hasn’t been unequivocally supported by all. Labor leaders and progressive groups urged the five-member board of commissioners to take their time and negotiate the best deal possible, calling for elected officials to ask for in-writing worker protections and a guarantee of a $15-an-hour wage for all employees.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Tesla (TSLA) closed at $1,516.80 in the latest trading session, marking a +1.32% move from the prior day.
The Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite were all up sharply, with the Dow leading the higher. Nowhere has that been clearer than in the auto industry, where Tesla (NASDAQ: TSLA) and a host of electric-vehicle upstarts have made well-established automaker giants seem hopelessly out of date. On Tuesday, though, Ford Motor (NYSE: F) and General Motors (NYSE: GM) managed to post bigger gains than Tesla's stock did.
(Bloomberg) -- Google is in advanced talks to buy a $4 billion stake in Indian billionaire Mukesh Ambani’s technology venture, people familiar with the matter said, seeking to join rival Facebook Inc. in chasing growth in a promising internet and e-commerce market.The Mountain View, California-based company has been discussing the investment in Jio Platforms Ltd., the digital arm of Ambani’s Reliance Industries Ltd., the people said, asking not to be identified because the information is private. An announcement could come as soon as the next few weeks, according to the people.Jio is at the center of the Indian tycoon’s ambition to transform his energy conglomerate into a homegrown technology behemoth akin to China’s Alibaba Group Holding Ltd. The venture has turned into a magnet for Silicon Valley investors, attracting almost $16 billion from Facebook to KKR & Co. in the past three months.Should the talks with Google result in a deal, that would further burnish Jio’s credentials in its push to upend online retail, content streaming, digital payments, education and health care in a market of more than a billion people.Global technology leaders from Facebook to Intel Corp. are looking for multiple ways to grab a slice of the Indian market, where millions of first-time internet users are added every month. Jio Platforms, which boasts almost 400 million customers through its wireless network, offers the largest base of such users who are increasingly buying consumer goods online and downloading music and video, using cheap smartphones and Jio’s own cut-price data services.Trade war politics have all but eliminated Google’s odds of returning to China. That leaves India as one of the remaining large digital markets where Google’s key business lines, Search and YouTube, have room to grow. It’s also a country where Google has made headway in more nascent efforts, such as payments and health care.Chetan Sharma, a tech industry consultant, said cloud-computing is the main reason Google is investing in Jio. The move would also support Google’s Android smartphone operating system and its mobile payments efforts in the country, he added.Telecom giants are turning to cloud-computing for their next wave of expansion. As a provider, Google has lagged behind competitors in this growing sector, Sharma said. “Google has been more reactive than proactive,” he said. “This gives them a leg in.”Last year, Reliance entered a 10-year deal with Microsoft Corp. for cloud services. The announcement did not describe the partnership as exclusive, and Google’s cloud strategy has centered on offering businesses ways to spend across multiple providers.Read more: Facebook Helps Asia’s Richest Man Shed Dependence on OilAn arm of Qualcomm Inc. is the latest in Jio’s growing list of high-profile investors, which also includes Intel Capital, Silver Lake Partners and Mubadala Investment Co. As of July 12, Reliance had sold 25.2% of Jio, valuing the venture at $65 billion.Google invests widely in companies, through its venture capital units as well as off its own balance sheet. A $4 billion investment would be the largest Google has made in a company outside of the U.S.Here’s a list of confirmed investors in Jio Platforms:Details of the potential deal with Google could change, and negotiations could still be delayed or fall apart, the people said. Reliance’s representatives didn’t immediately respond to requests for comment. A spokeswoman for Google in California declined to comment on Tuesday.The string of investments in Jio has spurred a rally in the shares of parent Reliance. The stock has more than doubled from its March 23 low, rewarding investors who will get to hear Ambani, 63, lay out his road map for the future of the group at the conglomerate’s annual shareholders meeting on Wednesday.The stock surge has also helped Ambani, Asia’s richest man, to break into the exclusive club of the world’s 10 wealthiest people. With a net worth of $72.4 billion, according to the Bloomberg Billionaires Index, the titan has rocketed past Elon Musk, Google co-founders Larry Page and Sergey Brin, as well as legendary investor Warren Buffett in the past few days to become sixth on the list.Just like Facebook, Google is expanding its presence in the Indian market. On Monday, the company said it plans to spend $10 billion over the next five to seven years to help accelerate the adoption of digital technologies in the country. The amount could be put into partnerships and equity investments among others, it said.Sundar Pichai, who was born in the country and is now chief executive officer of Google parent Alphabet Inc., said the coronavirus outbreak has made clear the importance of technology for conducting business and connecting with friends and family.Founded in 1998 in Silicon Valley, Google entered India six years later with offices in Bangalore and Hyderabad. The India business has since grown into one of the company’s most important. The country now has more than 500 million internet users, second only to China, with growth that has proved a lure to a raft of American technology giants.In the last decade, Google has successfully launched several products in India, including an Internet Saathi service to bring women in rural areas online and its Google Pay service.(Updates with Google strategy in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Tesla’s biggest bull predicts the electric vehicle maker’s stock to reach $2,322, prompting founder and CEO Elon Musk to tweet “Wow” to the new Street-high price target.
In an effort to encourage the electrification of the trucking industry, 15 states and the District of Columbia today announced the signing of a joint memorandum of understanding (MOU). Directed at the use of medium and heavy vehicles, the group that inked the MOU aspires to eliminate the sales of new diesel trucks by 2050.
(Bloomberg) -- Tesla Inc. shares rose again on Tuesday, rebounding from Monday’s rare decline, after at least one analyst said the stock’s dizzying rally isn’t over yet.“Is it time to redeploy capital after an amazing run? Resoundingly, we think the answer is NO,” Piper Sandler analyst Alexander Potter wrote in a note. “In our view, Tesla is the most consequential company in the mobility ecosystem, and this is unlikely to change in the next decade.”Potter lifted his price target to $2,322, the highest among the 30 analyst targets tracked by Bloomberg, from $939, a target he’s held since April. The new price target implies another 55% of upside over the next 12 months.That steep valuation reflects Potter’s expectation that the company will deliver nearly 4 million vehicles in 2025, implying an overall market share of about 7% in China and 9.5% in the United States. Before the pandemic hit, Tesla had said it expected 2020 deliveries to exceed 500,000 units.However, a more significant driver of the new price target is the company’s full-self-driving software, the analyst said. Tesla said earlier it may earn gross margins of over 30%, if more customers opt to buy that software. Piper Sandler’s analysis showed the company could be earning mid-20s operating margin by the end of a 20-year forecast period, even with less than half of the users opting for full self driving.“We assume that the lump-sum price of the full-self-driving software package will eventually rise to nearly $40,000, up from $9,000 at present, with a 6-year subscription plan costing about 125% more (in aggregate) than an up-front purchase,” Potter wrote. Due to the high margins associated with the software package, Tesla could “conceivably” be selling vehicles at cost, or even below cost, while still achieving higher operating margins by the 2030s, the analyst added.Tesla gained as much as 6.2% to $1,569 in New York, before paring those gains. The stock fell 3.1% Monday. No stranger to volatility, the stock has been on a relentless rally, more than tripling since the start of the year and advancing 60% in the past month alone. That compares to a 21% gain in the high-flying Nasdaq 100 for the year, or 9.7% in the past month.The reasons behind the gains aren’t always clear. Improving operations and profitability, a potential for “game-changing” battery technology at an upcoming event, short covering and a potential inclusion in the S&P 500 Index have all helped push the price higher.The surge has added $202.3 billion to its market value -- or more than Exxon Mobil’s entire market cap these days -- and propelled it to displace Toyota Motor Corp. as the world’s biggest carmaker by stock value. An average of 17.7 million shares have traded hands daily since the beginning of the year, more than double the activity in the same period last year.Much of the trading has come from retail investors clamoring to get into the growing electric vehicle space. On the Robinhood trading app, more than 40,000 accounts took positions in Tesla in a single four-hour span on Monday. It was the 10th most popular stock on the platform.Still, not everyone is cheering the run. The stock last week was poised to cross $20 billion in short interest bets, the first to do so, according to data from S3 Partners. Amid the rally, the skeptics have suffered more than $18 billion in mark-to-market losses, including $4.1 billion in losses in July alone.“If Tesla’s stock price continues to trend upward, we expect even more short covering as mark-to-market losses accumulate,” S3 said in its July 9 report.(Updates first and seventh paragraphs to reflect new stock move, adds details in fourth to sixth.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- Legendary investor Bill Miller, this week's guest on Masters in Business, is anything but your standard-issue value-stock money manager. He has owned high-flying stocks such as (Google parent) Alphabet and Amazon since their initial public offerings. At one time, he was one of the 100 biggest holders in Bitcoin, personally, buying the cryptocurrency between $200 and $400 (it recently traded at about $9,200). He has not yet sold any.Miller says that “value has led markets out of every recession as far back as the data goes.” That is because value stocks tend to be more cyclical and their returns on capital decline when the economy peaks. Whatever advantage value may have had will be short -ived, as growth will reassert itself. Low nominal growth rates and low inflation are much more challenging for value stocks and make growth stocks look cheap.Miller rebooted his investing philosophy after the 1987 stock-market crash and his fund’s terrible market returns in 1989 and 1990. He began integrating academic research that had showed a benefit of focusing on return on capital through a market cycle. Instead of the using traditional measures embodied in generally accepted account principles, he focused on free cash flow yield, return on invested capital and full-cycle earnings.The result of these changes was the fund he was managing, Legg Mason’s Capital Management Value Trust, soon went on an unprecedented winning streak: after-fees returns beat the S&P 500 Index for 15 consecutive years from 1991 through 2005.Today, his firm, Miller Value Partners, manages more than $2 billion in client assets.A list of his favorite books are here; a transcript of our conversation is here.You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Overcast, Google, Bloomberg and Stitcher. All of our earlier podcasts on your favorite pod hosts can be found here.Be sure to check out our Masters in Business next week with Martin Franklin of Mariposa Capital. Franklin is credited with successfully reviving the use of special purpose acquisition companies, or so-called blank-check companies, as public vehicles for mergers and acquisitions with closely held companies.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Barry Ritholtz is a Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
It's not surprising to see Tesla shares rising following this bullish outlook from Piper Sandler analyst Alexander Potter; a $2,322 price target represents a 50% gain over the next 12 months. To support his optimism, Potter cites Tesla's strong potential to lead in vehicle technology over the next 10 years. Next week, when the electric-car maker reports earnings, investors will get to see whether Tesla is living up to high expectations.
Shares of Tesla (NASDAQ: TSLA) were moving higher on Tuesday, as auto investors reacted to a very bullish note from Piper Sandler -- and a court decision in Germany that didn't go Tesla's way. Here are the stories that were moving Tesla's shares on Tuesday morning. In a note that gained wide attention after its release after the market closed Monday, Piper Sandler analyst Alexander Potter raised his firm's price target on Tesla's shares to $2,322, from $939, while unsurprisingly maintaining the equivalent of a buy rating on the stock.
(Bloomberg) -- Tesla Inc.’s eye-popping run has left stock prognosticators in the dust, brought smaller imitators along for the ride and triggered a race by entrants new and old to cash in.It’s a phenomenon that alarms valuation experts and even gives pause to those who stand to gain from the electric-car euphoria. The companies whose shares are surging along with Tesla’s are a long way from the sales volume achieved by Elon Musk -- and his automaker is coming off a quarter in which vehicle deliveries shrank from a year ago and remain far short of the world’s top-producing manufacturers.This week’s trading has been a microcosm of just how fleeting momentum can be even for the world’s most successful EV company. Tesla’s stock soared 16% during Monday’s session, abruptly fell and then finished down 3%, shedding $55 billion of market capitalization in the process. Retail investors -- including the 10,000 users an hour who were adding shares on the investing platform Robinhood during a stretch -- likely were burned in the process.On Tuesday, the stock traded up as much as 6.2% and down as much as 4.4% within the first hour of New York trading. Shares of NIO Inc. and Nikola Corp. also pared their big gains for the year.Investors valued Nikola as high as $28.8 billion last month, despite the company being a year away from producing its first battery-powered semi truck. Two other electric-vehicle makers are now trying to replicate its reverse-merger listing strategy, with one being led by the founder of an EV maker that went bankrupt less than seven years ago.“There’s a lot of delirium,” said Aswath Damodaran, a professor at New York University’s Stern School of Business. “Each company is looking up the ladder: Tesla is the next Amazon, Nikola is the next Tesla, and so on.”Damodaran said he doubts that each new entrant will be able to pull off their growth projections and that the electric-vehicle market is not big enough for every one of the companies to succeed. “We are all now reaching for a dream,” Damodaran said, “and that’s not the way to invest.”Signs of the TimesFor almost all of Monday’s roller-coaster ride, Tesla shares traded above $1,500, where the two most optimistic analysts surveyed by Bloomberg had set their fair-value estimates just last week. A new biggest bull emerged after Monday’s close, though Piper Sandler & Co.’s Alexander Potter signaled some expectation of client pushback. He ended the title of his report: “Defending Our New $2,300+ Price Target.”RBC Capital Markets analyst Joe Spak nodded to the heady times for the clean-transportation sector with a report initiating coverage of Nikola last week that asked: “Can Zero Emissions Remain Zero Gravity?” He rated the stock the equivalent of a hold, calling the company “still more of a business plan than business.”After Nikola, the most valuable U.S.-listed electric-auto entrant is NIO Inc., the Chinese maker of battery-powered SUVs. Through June, it’s handed over less than 50,000 vehicles in the roughly two years since it started delivering vehicles. But its stock has surged 244% this year.Then there’s Workhorse Group Inc., which is trying to produce and sell just 400 electric delivery vehicles this year. Its shares started surging in the run-up to Vice President Mike Pence’s visit to a politically significant factory that an affiliate acquired from General Motors Co. and is trying to revive. The stock is up 408% year-to-date.Few SurvivorsInvestors are rewarding these companies based on their business plans, but Tesla may prove to be the exception rather than the rule when it comes to mass-producing, retailing and servicing vehicles. They face an uphill battle getting the cash they need to compete with Tesla and major carmakers, said Tony Posawatz, a consultant who led development of GM’s plug-in hybrid Chevrolet Volt.“It’s a craze,” said Posawatz, who’s on the board of Lucid Motors Inc., which is trying to start producing its debut electric sedan by year-end. “There are 20-something EV startups in the U.S. Knowing the history of the industry, the kind of capital needed, I’ll say Tesla and two or three others will survive.”Lucid handed majority ownership to Saudi Arabia’s sovereign wealth fund in exchange for a $1.3 billion investment last year. That haul pales in comparison to the roughly $4.85 billion Rivian Automotive Inc. has brought in since early 2019 from the likes of Amazon.com Inc., Ford Motor Co. and T. Rowe Price Associates Inc.Cautionary TaleFisker Automotive, the EV startup founded before the global financial crisis by decorated auto designer Henrik Fisker, offers a cautionary tale of just how difficult the auto business can be. The company generated buzz by getting its snazzily styled Karma hybrid onto the driveways of celebrities including Justin Bieber and Leonardo DiCaprio back when Musk was still getting Tesla off the ground. But it went bankrupt in 2013, losing U.S. taxpayers $139 million.China’s Wanxiang Group acquired the company out of Chapter 11 and renamed it Karma Automotive. Last week, it announced having raised $100 million from outside investors and plans to seek an additional $200 million. Chief Strategy Officer Greg Tarr said that he’s getting plenty of incoming calls but turning down some offers from opportunists who are just chasing a hot trend and don’t understand Karma’s business model.“I would say there’s too much enthusiasm,” Tarr said in a phone interview. “You have some investors that don’t have any knowledge of the EV space and aren’t asking proper due-diligence questions.”Seeking RedemptionFor Fisker, 56, his ticket to redemption could be to follow in Nikola’s footsteps. Fisker Inc., his second EV venture, announced Monday that it too plans to combine with a special purpose acquisition company, or SPAC, in a deal that could generate more than $1 billion of proceeds and fund the development of an electric SUV called the Ocean, which is slated for production in late 2022.The Fisker deal with Spartan Energy Acquisition Corp. is the third time in the last four months that an EV company has sought to go public via a SPAC transaction. After Nikola’s deal closed in June, Hyliion Inc., a maker of electrified powertrains for semi trucks, announced it was planning to combine with Tortoise Acquisition Corp.Whereas Tesla has gone its own way after doing joint-venture projects in its early years with Toyota Motor Corp. and Daimler AG, the new entrants listing their shares by way of SPACs all are going to lean heavily on incumbents for the foreseeable future.Nikola has a joint venture with commercial-vehicle maker CNH Industrial NV and has said it will need to team up with a to-be-named manufacturer for a planned pickup. Hyliion plans to be a supplier to manufacturers of big rigs. And Fisker is negotiating with Volkswagen AG to use the German giant’s electric-vehicle platform for its SUV.(Updates with Tuesday trading in the fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
With EV trends getting hotter day by day, it seems that investors are worried about missing out on betting big on the same. NIO is a rising player in the industry and is currently riding the EV wave.
Alphabet's (GOOGL) Google plans to invest $10 billion in India over the next five-seven years.
The Zacks Analyst Blog Highlights: Alphabet, Merck, Medtronic, Netflix and Anheuser-Busch InBev
Tesla's (TSLA) Model Y will now be sold at $49,990 following similar price cuts to other vehicles in the company's range in May.
Dow Jones futures rose on positive Moderna coronavirus vaccine news, following a stock market rally rebound. Three key earnings reports loom.
Options investors are ramping up bets on some of this year's biggest winners, including Amazon.com Inc, Netflix Inc and Tesla Inc, even as they turn cautious on the wider market amid a resurgent U.S. coronavirus outbreak. Investors are betting that tech-related stocks will remain comparatively resilient to the coronavirus-fueled economic disruptions that have battered sectors such as retail and travel, despite growing concerns about stretched valuations following steep rallies. Analysts also see another factor driving the momentum stocks: fear of missing out, or FOMO.