This comes after earlier price cuts in the US in the wake of tougher competition, especially since BYD, the Chinese EV maker, overtook Tesla as the foremost EV company globally. Earlier this month, the company’s Q1 financials reflected a drop in global vehicle deliveries – the first in approximately four years. Elon Musk, Tesla’s co-founder…
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The first point covered by board chair Robyn Denholm was that they want to move the corporate home of the electric vehicle maker to Texas, where the physical headquarters are based. The other point raised by Denholm is that they want to reinstate the giant $56bn pay package awarded to CEO Elon Musk in 2018…
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The Tesla founder and CEO took to X soon after this announcement and indicated that he is not surprised about Rivian’s performance and ensuing layoff action. Musk also said that, should Rivian continue on its current trajectory, the company would become insolvent in another six quarters. He commented: Maybe that trajectory will change, but so…
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Based on Yahoo Finance data, Tesla lost approximately $200bn in market value over the past six months, and this move may be one of the measures aiming to revive it. Even though the US Labour Department recorded a general upsurge in hiring new employees, tech job cuts are front and centre as companies increasingly onboard…
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This development puts Tesla on the back foot as the payment scheme was tailored to ensure Musk’s commitment to the company, despite his SpaceX and X ventures. In 2018, when this package was tabled, many regarded it as far-fetched. After the court decision, Musk took to his social media platform, X, and commented: Never incorporate…
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These developments follow hot on the heels of research predicting that the growth in the electric vehicle (EV) industry will fall to roughly 27% in 2024. At the start of this year, Canalys, a global technology market analyst firm, stated that a reduction in government subsidies would spill over to consumer interest in EVs. In…
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While Tesla reported producing 1.35 million cars in the first three quarters of 2023, BYD's production included battery-powered and hybrid models, predominantly in a lower price range than Tesla's solely battery-powered vehicles. Despite a slight miss in annual sales against expectations, BYD's figures reflect a significant presence in the electric vehicle market, with a diverse…
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Analysts from the investment firm noted Tesla as a top-quality stock and, as a result, raised their target levels from $250 to $400 – an almost 20% increase from previous price levels. Following this price rise, Tesla announced that its in-house Dojo supercomputer could fuel a $500bn jump in the company’s overall market value. Not…
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Price Action Closing in on Daily Demand Across the page on the daily chart, you might recall that I noted the possibility of a sell-off emerging from channel resistance extended from the high of $214.00, which was accompanied by negative divergence from the RSI. You may also recall that recent writing pointed to the possibility…
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Technical View: Markets to Watch for the Week Ahead Currencies: US Dollar Eyeing the 101.92 Low With Friday’s one-sided decline, it was a disappointing week for the Dollar Index, down -0.6%. Trend studies on the monthly timeframe show price action has been northbound since bottoming in 2008 at 70.70. Q4 (2022), as you can see,…
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