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ASE Technology obtains orders for EV charging piles

ASE Technology has obtained packaging orders for power modules used in electric vehicle (EV) charging piles while enjoying a ramp-up in orders for automotive microcontroller units (MCU), according to industry sources......»»

Category: topSource: digitimesJun 24th, 2022

Futures Start New Month Flat As Fed"s QT2 Begins

Futures Start New Month Flat As Fed's QT2 Begins Stocks traded off session highs as weaker-than-average volumes mark the beginning of summer, and as traders awaited the jobs report later this week and eyed the official start of the Fed's second Quantitative Tightening program (which will end as "gloriously" as the first one) which will drain the Fed's balance sheet by $95BN per month. Contracts on the S&P 500 were 0.2% higher by 730 a.m. in New York, after the underlying index finished May up exactly 0.1%;  Nasdaq 100 futures were up 0.1%. European bourses and Asian stocks were modestly in the red to stgart the new quarter. The latest drop in Treasuries pushed 10-year yields closer to 2.9% as traders raised bets on Federal Reserve interest-rate hikes. The dollar advanced against major peers, and bitcoin traded around $31,500. Oil rose as investors assessed the future of OPEC+ unity, just as ministers from the group prepare to meet on Thursday to discuss its supply policy for July. Crude advanced about 10% in May, stoking more inflation worries.   Concerns that the Fed's rate hikes may induce a recession are keeping investors guessing about the outlook for the economy as rising food and energy costs squeeze consumers, and volatility has picked up. “US markets, and by default, global markets, will still indulge in schizophrenic swings in market sentiment as the FOMO dip-buyers become increasingly frantic in their attempts to pick a cyclical low in equity markets,” said Jeffrey Halley, a senior market analyst at Oanda Asia Pacific Pte. On Tuesday, Joe Biden used a rare meeting with Federal Reserve Chair Jerome Powell to declare that he’s respecting the central bank’s independence and to throw Powell under the bus for any continued high inflation. The meeting came ahead of US payroll numbersFriday. “There are heightened concerns around inflation and where central banks are likely to go trying to combat inflation,” Kristina Hooper, Invesco Advisers chief global markets strategist, said on Bloomberg Radio. “This has gone from just an inflation scare to a growth scare. Uncertainty has grown.” In premarket trading, Salesforce shares jumped 8.3% after the software company raised its full-year forecast for adjusted earnings. HP will be in focus after the company reported better-than-expected sales and profit driven by steady demand for computer systems.  Other notable premarket movers: Digital Turbine (APPS US) fell 4.1% in New York premarket trading on Wednesday after the mobile services platform’s fourth-quarter results and first-quarter forecast. Roth Capital Partners analyst Darren Aftahi says the company provided soft guidance, but noted that its commentary around SingleTap licensing should be supportive. View (VIEW US) shares surge as much as 30% in US premarket trading, after the glass manufacturing firm reported its full-year results late Tuesday, with the company saying it expects to file its delinquent 10-K and 10-Q on or before June 30. ChargePoint (CHPT US) analysts noted that the EV charging network firm’s margins came under pressure due to rising costs and supply-chain disruption, leading some brokers to trim their targets on the stock. ChargePoint shares dropped 2.7% in US postmarket trading on Tuesday after posting a 1Q lossthat was wider than expected. Victoria’s Secret (VSCO US) analysts were positive on the lingerie company’s results, with Wells Fargo saying that its turnaround is on track despite a tough macroeconomic environment, while VitalKnowledge said that the update was a “big victory” amid the retail gloom. The shares gained 7.3% post-market Tuesday. HP (HPQ US) shares edged up in extended trading on Tuesday, after the company reported better-than- expected sales and profit driven by steady demand for computer systems. Analysts lauded the company’s execution as it navigates a challenging supply and macroeconomic environment. Ambarella (AMBA US) shares fell 5.6% in extended trading on Tuesday after the semiconductor device company issued a tepid second-quarter revenue forecast as lockdowns in China weigh on its near-term outlook. Analysts said that there is weakness in the near-term, but the long-term thesis remains intact. Late on Tuersday, Fed's Bostic said there could be a significant reduction in inflation this year and that his suggestion for a pause in September should not be interpreted as a "Fed put" or belief that the Fed would rescue markets, according to an interview in MarketWatch. Elsewhere, Treasury Secretary Yellen said US President Biden's top concern is inflation and shares the Fed's priority of slowing inflation, while she added she was wrong about the path inflation would take and doesn't expect the same pace of job gains going forward, according to Reuters. Citigroup Inc. strategists said that after a difficult first five months of 2022, the pain may not be over yet for global equity markets. The prospect of downward revisions to earnings estimates is the latest headwind to face stock investors, already rattled by runaway inflation and the potential impact of central-bank tightening aimed at controlling it, the strategists led by Jamie Fahy wrote in a note. In Europe, the Stoxx 600 Index erased earlier gains to trade 0.2% lower a day after euro-zone figures showed a record jump in consumer prices and on investor concerns that record inflation will pressure the European Central Bank to act more aggressively, increasing the risk of an economic slump. The DAX outperformed, adding 0.3%. Miners, utilities and real estate are the worst-performing sectors.  Autos are the day’s best performing sector and one of few rising subgroups amid declining markets; the Stoxx 600 Automobiles & Parts Index rises 2.1% as of 1:10pm CET, rebounding after a session of declines on Tuesday and on course for a fifth day of gains in six. Carmakers such as Stellantis, Renault and Volkswagen lead the advances. Stellantis +3.4%, VW +3.4%, Renault +3.4%, Porsche Automobil Holding SE +3.2%, BMW +2.8%, Volvo Car +2.5%, Mercedes-Benz Group +2.5%. Here are the biggest European movers: Dr. Martens shares surge as much as 30%, the most since January 2021, after the UK bootmaker reported pretax profit for the full year that beat the average analyst estimate. Lanxess shares rise as much as 2.5%, adding to an 11% gain on Tuesday. The chemicals group is raised to buy from hold at Stifel. Berenberg also hikes its PT on the stock. Societe Generale shares up as much as 2.6% after UBS upgrades the investment bank to buy from neutral, noting the company’s valuation is “too cheap to ignore.” Capricorn Energy shares rise after company reached an agreement on the terms of a recommended all-share combination with Africa-focused oil and gas developer Tullow Oil. Stadler Rail shares jump as much as 4.3%, most since March, after it signed a contract to deliver up to 510 FLIRT trains to the Swiss Federal Railways, according to a statement. OVS gains as much as 7.1% to highest since end of March after Banca Akros upgrades its rating to buy, saying in note that May appears to have been a strong month for the Italian fashion retailer. Saint-Gobain shares fluctuate after the building material company agreed to buy Canadian siding producer Kaycan for $928m to strengthen its position in the North American building-products market. Zalando shares fall as much as 5.1% after being downgraded to equal- weight from overweight at Barclays, which cites near-term challenges for the online fashion retailer. Earlier in the session, Asian stocks edged lower after fluctuating in a narrow range, as traders assessed China’s easing virus restrictions and the persistent risk of global inflation. The MSCI Asia Pacific Index was down less than 0.1%, with declines in technology and utilities shares offsetting gains in consumer discretionary stocks. Japan’s Topix Index rose more than 1% as the yen weakened, while indexes in Malaysia and the Philippines fell the most. China’s shares were slightly lower after a private gauge showed factory activity in May contracted from the previous month as both production and new orders fell. Meanwhile, Shanghai’s Covid-19 cases continued to decline as most parts of the city reopened after two months under one of the world’s most restrictive pandemic lockdowns.  Asian equities completed their first monthly advance this year in May amid optimism China’s easing lockdowns will improve the region’s growth outlook, even as soaring oil prices and global inflation fuel concerns of tighter monetary policies. Near-term concerns over inflation, economic growth and China’s Zero Covid policy are likely to persist, but investors can expect a “stabilization in 3Q as valuations reset and positive catalysts emerge,” Chetan Seth, Asia Pacific equity strategist at Nomura, wrote in a note. Markets in South Korea and Indonesia were closed for holidays. In FX, the Bloomberg Dollar Spot Index rose 0.1% as the greenback strengthened against all its Group-of-10 peers apart from the Australian dollar. The yen was the worst performer and fell to a two-week low. The euro neared the $1.07 handle before paring losses. Bunds were little changed with focus on ECB rate hike pricing and possible comments by policy makers including President Christine Lagarde before the ‘quiet’ period kicks ahead of next Thursday’s policy decision. The Aussie inched up and Australian bonds fell as data showed the economy grew faster than expected in the fourth quarter. Rising Treasury yields also weighed on Aussie debt. In rates, Treasury yields inched up with the curve slightly bear-flattenning, before the Federal Reserve starts its quantitative-tightening program today. The Fed will start shrinking its balance sheet at a pace of $47.5 billion a month before stepping that up to $95 billion in September. Treasuries were slightly cheaper across the curve, with yields off session highs in early US session. Yields are up 2bp-3bp across the curve, led higher by 5-year sector; the 10-year yield is at 2.87% underperforms bunds and gilts. Economists expect a second straight half-point rate increase from the Bank of Canada at 10am ET; swaps market prices in 52bp and 184bp by year-end. IG dollar issuance slate empty so far; six entities priced a total of $12.6b Tuesday, and two stood down. Bunds and Italian bonds are little changed, with the 10-year yields on both trading off session high after ECB’s Holzmann said new inflation record backs need for a 50bps hike. Money markets are pricing a cumulative 119bps of tightening in December. In commodities, WTI trades within Tuesday’s range, adding 1.6% to above $116. Most base metals are in the red; LME nickel falls 2.4%, underperforming peers. Spot gold falls roughly $8 to trade around $1,829/oz. Looking the day ahead now, data releases include the global manufacturing PMIs for May and the US ISM manufacturing reading for May. Otherwise, there’s German retail sales for April, the Euro Area unemployment rate for April, US construction spending for April, the JOLTS job openings for April and, May ISM manufacturing and the latest Fed Beige Book. From central banks, the Bank of Canada will be making its latest policy decision and the Fed will be releasing their Beige Book. Otherwise, speakers include ECB President Lagarde and the ECB’s Knot, Villeroy, Panetta and Lane, the Fed’s Williams and Bullard, and PBoC Governor Yi Gang. Market Snapshot S&P 500 futures little changed at 4,133.50 STOXX Europe 600 down 0.3% to 442.18 MXAP down 0.1% to 169.26 MXAPJ down 0.5% to 556.42 Nikkei up 0.7% to 27,457.89 Topix up 1.4% to 1,938.64 Hang Seng Index down 0.6% to 21,294.94 Shanghai Composite down 0.1% to 3,182.16 Sensex down 0.4% to 55,336.61 Australia S&P/ASX 200 up 0.3% to 7,233.98 Kospi up 0.6% to 2,685.90 German 10Y yield little changed at 1.14% Euro little changed at $1.0727 Brent Futures up 1.4% to $117.23/bbl Gold spot down 0.2% to $1,834.26 U.S. Dollar Index up 0.16% to 101.92 Top Overnight News from Bloomberg The latest all-time high for euro-zone inflation strengthens the case for the European Central Bank to lift interest rates by a half-point in July, according to Governing Council member Robert Holzmann Croatia is about to find out whether it’s in good enough shape to become the euro zone’s 20th member. Progress made by country will be assessed in reports due Wednesday from the ECB and the European Union’s executive arm Sweden’s main stock exchange venue, Nasdaq Stockholm, is looking into a new service that will provide clearing for inflation-linked swaps in Swedish kronor China’s financial capital reported its fewest Covid-19 cases in almost three months as residents celebrated a significant easing of curbs on movement, while some companies took a more cautious approach, maintaining some restrictions in factories China’s factory activity in May contracted from the previous month as both production and new orders fell, although the slowdown wasn’t as fast as in April, a private gauge showed Wednesday Treasury Secretary Janet Yellen gave her most direct admission yet that she made an incorrect call last year in predicting that elevated inflation wouldn’t pose a continuing problem President Joe Biden said he’ll give Ukraine advanced rocket systems and other US weaponry to better hit targets in its war with Russia, ramping up military support as the conflict drags into its fourth month New Zealand’s central bank is seeking feedback on whether its monetary policy remit is “still fit for purpose,” Deputy Governor Christian Hawkesby said. “It’s not about should it still be about price stability and maximum sustainable employment,” he said. “It’s more about have we got the right inflation targets, are we measuring it the right way, what horizon are we trying to achieve it over, what other things should we have regard to.” A more detailed look at global markets courtesy of Newsquawk Asia-Pacific stocks traded mixed as risk sentiment only mildly improved from the lacklustre performance stateside as the region digested another slew of data releases including the continued contraction in Chinese Caixin Manufacturing PMI. ASX 200 was kept afloat by strength in industrials, telecoms and the top-weighted financials sector, while better-than-expected Q1 GDP data provides some mild encouragement. Nikkei 225 was underpinned by further currency depreciation and with BoJ Deputy Governor Wakatabe reiterating the BoJ's dovish tone. Hang Seng and Shanghai Comp were indecisive after Chinese Caixin Manufacturing PMI remained in contraction territory and amid mixed COVID-related developments with Shanghai reopening from the lockdown whilst Beijing's Fengtai district tightened curbs and required all residents to work remotely. Top Asian News Beijing reports two COVID cases during 15hrs to 3pm local time on June 1st Hong Kong Retail Sales Unexpectedly Rebound as Covid Curbs Ease Sri Lanka’s President Won’t Be Stepping Down Soon, Minister Says Europe, Asian Factories Under Pressure on China, War in Ukraine Philippine IPO’s Stellar Gain May Wane With Inflation: ECM Watch European bourses are mixed, Euro Stoxx 50 +0.1%, and have struggled to find a clear direction after mixed APAC trade with a busy docket ahead. Stateside, futures are posting similar performance and looking to a busy data and Central Bank afternoon session, ES +0.2%. Top European News UK government is drawing up plans that will task the BoE with stepping in and handling the implosion of a stablecoin in preparation for future crises in the crypto markets, according to The Times. EU Commission President von der Leyen will, on Wednesday, approve Poland’s national recovery plan; however, Politico reports that commissioners, including Timmermans and Vestager, will raise objections to this as Poland has not taken the necessary steps for Commission approval. UK House Prices Defy Slowdown Fears With 10th Consecutive Gain ECB Half-Point Hike Seen as Deutsche Bank Breaks With Consensus Wood to Sell Built-Environment Unit to WSP for $1.9 Billion BT’s Sport TV Deal With Warner Bros. Discovery Gets UK Probe FX Yen extends losses through more technical support levels, 129.0O and 129.50 as BoJ reiterates dovish stance and maintains that it is undesirable for monetary policy to target FX rates. Dollar drifts otherwise after month end squeeze as attention turns to busy midweek agenda and run in to NFP on Friday, DXY retracts into tighter 102.060-101.760 range. Aussie outperforms on the back of firmer than forecast Q1 GDP data, but hampered by decent option expiry interest sub-0.7200 vs Greenback. Euro unable to glean much impetus from hawkish ECB Holzmann as option expiries sit between 1.0740-75. Loonie pivots 1.2650 pre-BoC awaiting confirmation of the 50bp hike expected or something more hawkish. Marked slowdown in Hungarian manufacturing PMI piles more pressure on Forint following half point NBH rate rise vs 60bp consensus, EUR/HUF inching closer to 400.00, at circa 398.50. Commodities WTI and Brent are recovering from yesterday's WSJ source report induced downside, with participants awaiting clarity/details at Thursday's OPEC+ gathering. Currently, the benchmarks are holding around/above USD 117/bbl, vs respective lows of USD 114.58/bbl and USD 115.40/bbl respectively. Russian Foreign Minister Lavrov met with his Saudi counterpart on Tuesday in which they both praised the level of cooperation in OPEC+, while they noted stabilising effect that tight Russia-Saudi coordination has on the global hydrocarbon market, according to Reuters. UAE is considering a plan to increase its oil capacity by an additional 1mln bpd to a total 6mln bpd by 2030, according to Energy Intel. JMMC on Thursday now scheduled for 13:00BST (prev. 12:00BST), OPEC+ at 13:30BST, via Argus' Itayim. Police clashed with communities blocking MMG's Las Bambas copper mine in Peru. China's State Planner says renewable energy consumption is to reach circa. 1bln/T of standard-coal-equivalent by 2025, equal to 20% of total consumption; aims to secure around 33% of electricity from renewable sources by 2025. Spot gold is modestly softer amid ongoing USD upside and continuing to draft from a cluster of DMAs above USD 1840/oz, with base metals broadly lower as well. Central Banks ECB's Holzmann says the record Eurozone inflation print backs the need for a 50bps hike, decisive action is required in order to avoid harsher steps later. A clear rate signal could support EUR. BoJ Deputy Governor Wakatabe said the BoJ must maintain powerful monetary easing and sustain an environment where wages can rise, while he added that the BoJ shouldn't rule out additional easing steps if risks to the economy materialise. Wakatabe also noted that most goods prices aren't increasing with recent inflation driven mostly by energy and some food price increases, as well as noted that consumer inflation has not yet achieved the BoJ's price goal in a sustained and stable manner, according to Reuters. Adds, it is undesirable to target FX in guiding monetary policy; desirable for FX to reflect fundamentals. US Event Calendar 07:00: May MBA Mortgage Applications, prior -1.2% 09:45: May S&P Global US Manufacturing PM, est. 57.5, prior 57.5 10:00: April JOLTs Job Openings, est. 11.3m, prior 11.5m 10:00: April Construction Spending MoM, est. 0.5%, prior 0.1% 10:00: May ISM Manufacturing, est. 54.5, prior 55.4 14:00: U.S. Federal Reserve Releases Beige Book Central Banks 11:30: Fed’s Williams Makes Opening Remarks 13:00: Fed’s Bullard Discusses the Economic and Policy Outlook 14:00: U.S. Federal Reserve Releases Beige Book DB's Jim Reid concludes the overnight wrap We'll be off here in the UK tomorrow and Friday as we'll be celebrating the Queen being on the throne for an astonishing 70 years. I find the best way to celebrate is via the medium of golf! To put things in perspective, when I get to 100 years old I'll be celebrating exactly 70 years at DB. In our absence Tim will still be publishing the EMR for the next couple of days. Believe it or not it's now June! It only seems like yesterday it was Xmas. Perhaps 70 years isn't so long after all. Since it’s the start of the month, our usual performance review for the month just gone will be out shortly. A number of financial assets began to stabilise in May, helped by a combination of factors such as easing Covid restrictions in China and the potential that the Fed wouldn’t hike as aggressively as some had feared. That said, it’s still been an awful performance on a YTD basis, with the S&P 500 having seen its biggest YTD loss after 5 months since 1970, whilst most of the assets in our main sample are still beneath their levels at the start of the year. But after some respite over the last couple of weeks, the last 24 hours have seen equities and bonds sell off in tandem once again as inflation fears cranked up another notch. The main catalyst was the much stronger-than-expected flash CPI reading for the Euro Area, which at +8.1% was the fastest annual pace since the single currency’s formation. In terms of that Euro Area CPI reading, the main headline number of +8.1% was some way above the +7.8% reading expected, whilst core CPI also rose to a record +3.8% (vs. +3.6% expected). Unsurprisingly, this has only intensified the debate on how rapidly the ECB will hike rates, and Slovakian Central Bank Governor Kazimir became the latest member of the Governing Council to say that he was “open to talk about 50 basis points”, even if his baseline was still for a 25bps move in July. The investor reaction was evident too, and overnight index swaps moved to price in 119bps worth of ECB hikes by the December meeting, which is the highest to date. It also implies that the ECB would do more than simply four 25bp moves from July, which would only sum to 100bps. The European economics team published a blog taking a deep dive into underlying inflation across the continent (link here). There are lots of different cuts of the data in the piece, but the headline is a number of underlying metrics are scoring record highs, and that a lot of the pressure is being produced domestically and not just from external shocks. In particular, Germany registers above the rest of the continent with record high underlying inflation readings. All of this underscores the call for tighter ECB policy. Speaking of which, as previewed at the top, DB’s European economists released their ECB preview ahead of next week’s meeting yesterday, and they are now expecting the ECB to implement at least one +50bp rate hike by September, the first shop to take such a stance according to the latest Bloomberg survey. They note a +50bp hike is more likely in September but there’s a risk it comes in July. There is actually a precedent for 50bps from the ECB, although you have to go all the way back to June 2000 to find the last time they moved so quickly at a single meeting, and a +50bp hike is consistent with the reaction function President Lagarde outlined in her recent blog. Our economists also believe the ECB will be underestimating inflation with their forecast updates at next week’s meeting, necessitating a bigger rate increase early in their hiking cycle. Additionally, they expect the ECB to get rates 50bps above neutral by the middle of next year for a modestly restrictive policy stance to fight inflation. For next week’s meeting, they believe the GC will signal the end of net APP (asset purchases), clearing the way for a July liftoff. They also expect the ECB staff to raise 2024 inflation forecast to 2% and confirm the expiration of TLTRO discounts. Elsewhere on the inflation front, it appeared that Brent crude futures were set for a 9th consecutive daily gain and their second highest close in over a decade. However a post-European close Wall Street Journal article reported that OPEC was considering exempting Russia from its oil production deal in light of sanctions, which would pave the way for other members to pump a lot more oil. This drove an intraday reversal in Brent and WTI which closed down -1.14% and -0.35%, respectively having been up +2.97% and +4.27% at their peaks for the day. Growing fears that inflation will prove even stickier than previously hoped led to a major selloff among sovereign bonds on both sides of the Atlantic yesterday. In Europe, yields on 10yr bunds (+6.7bps), OATs (+7.5bps) and BTPs (+12.1bps) all moved higher thanks to a rise in both real rates and inflation breakevens. Meanwhile in the US, yields on 10yr Treasuries were up +10.6bps to 2.84% as markets caught up following the Memorial Day holiday and then added a bit more for good measure. We're another +1.5bps higher this morning. As it happens, today also marks the start of the Fed’s quantitative tightening process, which starts at a pace of $30bn per month for Treasuries, and $17.5bn for MBS, although those numbers will both double after 3 months. For those wanting more details, Tim on my team released a playbook for the process a couple of weeks back (link here). That prospect of stickier inflation and thus more aggressive rate hikes from central banks meant that equities took a knock yesterday as well. The S&P 500 was down -0.63% following its strongest weekly performance since November 2020, and small-cap stocks suffered in particular as the Russell 2000 shed -1.26%. It was a different story for the megacap tech stocks however, with the FANG+ index advancing another +0.69%, having gained more than +12% since its recent closing low last week. Over in Europe, the main indices also lost ground following their Monday gains, with the STOXX 600 (-0.72%), the DAX (-1.29%) and the CAC 40 (-1.43%) all falling back on the day. Equity futures are indicating a more positive start with contracts on the S&P 500 (+0.39%), NASDAQ 100 (+0.30%) and DAX (+0.64%) all higher. Asian equity markets are mixed this morning. The Hang Seng is down -0.67% in early trade, tracking declines in US equity markets along with a pullback in Chinese listed tech stocks. Additionally, in mainland China, the Shanghai Composite (-0.10%) and CSI (-0.13%) are also lagging. Elsewhere, the Nikkei (+0.71%) is leading gains as the Japanese yen weakened -0.32% to 129.08 against the US dollar. Markets in South Korea are closed today for a holiday. Meanwhile, in Australia, the S&P/ASX 200 (+0.12%) is edging higher after Q1 GDP advanced +0.8% from the final three months of last year (v/s +0.7% expected), taking the annual pace to +3.3% and outpacing the pre-pandemic average of around +2%. Other data showed that South Korea’s exports accelerated, growing +21.3% y/y in May (v/s +18.4% expected), against April’s upwardly revised +12.9% increase as shipments to Europe and US improved offsetting disruptions with China's trade. Separately, China’s Caixin manufacturing PMI improved to 48.1 from 46.0 in April. Back to yesterday on the data front, the Conference Board’s consumer confidence indicator for May surprise to the upside at 106.4 (vs. 103.6 expected), although it was still a decline on the previous month. Otherwise in the US, the FHFA house price index for March came in at just +1.5% month-on-month (vs. +2.0% expected), but the S&P CoreLogic Case-Shiller 20-city index surprised on the upside with a +21.2% year-on-year gain (vs. +20.0% expected). Then the MNI Chicago PMI also surprised to the upside with a 60.3 reading (vs. 55.0 expected). Finally, the number of UK mortgage approvals in April fell to their lowest in nearly 2 years at 66.0k (vs. 70.5k expected). To the day ahead now, and data releases include the global manufacturing PMIs for May and the US ISM manufacturing reading for May. Otherwise, there’s German retail sales for April, the Euro Area unemployment rate for April, US construction spending for April and the JOLTS job openings for April. From central banks, the Bank of Canada will be making its latest policy decision and the Fed will be releasing their Beige Book. Otherwise, speakers include ECB President Lagarde and the ECB’s Knot, Villeroy, Panetta and Lane, the Fed’s Williams and Bullard, and PBoC Governor Yi Gang. Tyler Durden Wed, 06/01/2022 - 07:50.....»»

Category: blogSource: zerohedgeJun 1st, 2022

Best Ways To Cut Business Expenses Without Compromising Quality

The economic landscape has been reshaped by a number of events in the last few years. First, the global pandemic took hold, seeing employers rapidly downsizing, and others completely ceasing operations. As the pandemic seems to wind down, economic uncertainty, the high cost of business operations, and inflationary circumstances are squeezing consumers’ savings and business […] The economic landscape has been reshaped by a number of events in the last few years. First, the global pandemic took hold, seeing employers rapidly downsizing, and others completely ceasing operations. As the pandemic seems to wind down, economic uncertainty, the high cost of business operations, and inflationary circumstances are squeezing consumers’ savings and business owners from every angle. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Series in PDF Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more A survey by Goldman Sachs on 1,107 small business owners found that 91% of respondents mentioned that broader economic changes have hurt their business. Supply chain constraints, rampant inflation, which has reached its highest in more than four decades, and labor shortages have all weighed on businesses, leading them to make dire financial choices. Zooming out even further, production and manufacturing costs have also increased. In March this year, the producer price index or PPI rose by 11.2% from the same period a year ago. If you take this on a month-to-month basis, this averaged at around 1.4%, according to reports by CNBC. And according to JPMorgan Chase & Co CEO, Jamie Dimon, even harsher and more challenging economic times are coming in the months ahead, leading well into 2023. Business owners are now faced with making tough financial decisions, having to increase prices without having to sacrifice the quality of their products and services. While internal operations have increased, from staff wages, rent, and other necessities — is it at all possible to make some changes to your expenses and budget that can help you save a bit more every month without compromising on quality? Here’s how we’d do it. Lower Existing Costs Not all businesses are run the same, and neither do they share the same range of expenses. It is however possible to lower existing expenses, before making significant cutbacks on the broader business side of things. This could also help you to manage cash flow better. For starters, look at how you can legally lower your tax bill every year and explore options that would suit your business needs while keeping your accountant happy. Various strategies include offering insurance to workers (if the budget allows), hiring employees from disadvantaged groups, or engaging in sustainable and environmentally-friendly business practices. If you’re unsure which strategies currently exist that could help you lower your tax bill, while still abiding by regulations, talk to your accountant to help devise a plan. You can also review your credit card processing merchant. Look at the fees and commissions card processing merchants are charging your business. Not every business might use the same merchant, and in some instances, credit card merchants might charge you more than what is required depending on their structure and how they categorize business transactions. Order in Bulk Buying in bulk can be cheaper, and that’s why so many consumers are looking to shop in large formats rather than buying items individually at product-specific stores. Shopping or ordering in bulk could mean you can save a few extra dollars per purchase, and if you count that together over time, you’ll be able to see the difference it can make on your budget. Although, keep in mind that buying in bulk requires a bit of logistical knowledge to help control and manage your business operations and the larger quantities of stock on hand. Of course, some businesses might require a specific range of products and goods that can’t sit for too long in storage. And while it might not seem possible, consider which items are more popular or are frequently used in your shop. When you notice something is running low, purchase a large amount at once to save on production and transportation cost. Reduce Unprofitable Products and Services Your business was created to produce and offer clients a specific product or service — something that other businesses might not have. These items make your business unique, and help you stand out from competitors. If you already know what these products or services may be, why faff with other unprofitable goods that are not bringing any money or seeing significant turnover. If you notice that a line or range of products has been moving slow, or isn’t selling as well anymore, consider either reviving the range or completely discontinuing it. Yes, there might be a few customers or clients who won’t be too happy about the change, but this could be a perfect opportunity to sell something different or new to them without losing their loyalty. Cut-out Expensive Suppliers It’s perhaps time you start shopping around for newer and cheaper suppliers – even if this means cutting ties with your existing suppliers. Many times, small businesses tend to work with suppliers they know and trust. While this is a good thing, especially when starting, it’s at all possible a range of other suppliers exist that can offer the same quality and service at a cheaper price point. Some suppliers may offer customer incentives, especially if you’ve been a loyal buyer for quite some time, so it’s a good idea to look into that as well. Look for suppliers that can still offer you the same type of quality, perhaps even better, without having to splurge an exuberant amount of cash every month. Cutting out expensive suppliers can help ensure product quality remains the same and mitigate the chances of the business going under. Lease Pricey Equipment Consider leasing equipment rather than buying if your business relies on specific equipment and machinery to manufacture products and goods. While it may not make sense right from the start, smaller businesses that tend to have lower-lying levels of cash flow might need to lease some apparatus during the first few months or years before purchasing their desired equipment. With that in mind, business owners can also use smaller, less expensive equipment to help them get the job done. Let’s say you roast and sell ethically sourced coffee online, but an industrial coffee roaster will cost thousands, if not hundreds of thousands of dollars. If you’ve been getting by with a smaller, batch-like roaster that can keep up with your capacity and orders, then why consider purchasing an expensive coffee roaster that might take you years to repay. On that note, if you notice that orders start to increase, look where you can lease a machine, or in this case, a roaster, to help keep up with demand. Leasing tends to cost a little bit more than having your own, but for cash-strapped businesses, it might be a good idea to consider how this could be beneficial to their business in the short term. Keep The Customers You Have Some entrepreneurs and business owners know the cost of retaining loyal clients and how much it can cost to win over a new range of clients. Yes, having to keep existing clients is a lot cheaper than having to acquire new customers. With this, it’s best said to keep the clients you already have happy, even if your business is going through some financial hardships. The clients you currently have, have supported you until now and will most probably do so for the time being. Of course, we’re not saying you shouldn’t attract any other customers, as this is still essential to running a successful business. Still, driving revenue from the ones you already have could work out much cheaper than you think. Customers come back when they’re impressed with your service and offer, so focus on that, and see where you can improve to help attract a new range of clients. Don’t Hesitate To Outsource Tasks Running a business is overwhelming, and as a business owner, you’re often expected to have a hand in almost every aspect of your business. Yes, some business owners can do this seamlessly, but not all of us are the same. If you start to notice things you’re spending or wasting too much time on that are costing your business money, consider outsourcing those tasks to other people within the business or perhaps a third-party agent. Whether it’s bookkeeping, accounting, human resources, or even social media, there’s always someone available to fill that position. Although we’re not completely suggesting you should hire a brand new employee or establish a new position, consider where you can outsource tasks or work to existing employees to help free up your schedule. Focus on the things you can control and the business aspects that excite you and power you to do more. Rent The Space You Need Retail spaces in modern, busy, high-end neighborhoods can be costly. With the rate at which commercial rents are increasing, it’s only becoming more challenging for small businesses to tap into the high-end market – for now at least. As a business owner, you need to consider what your business needs are and, in this case, what are the space needs. If you solely operate online but pay and make use of a retail space where you can service walk-in clients or even use the space as a collection point for online orders – it’s time to consider how viable this space is for your business. Let’s say you sell products online but also have a small brick-and-mortar location where you see a handful of walk-ins coming through the door every day. Of course, the space is also used as your production area, but you can make most of your products from home. If you notice that rent is taking a massive chunk out of your budget each month, leaving you with less legroom to work with, consider both the pros and cons of your store-front space. Often, and it’s not always a bad thing, small business owners rush to open their brick-and-mortar stores, only to realize later that the actual source of income and business comes from online sales. It’s a hard and bitter pill to swallow, but if the need for a store is outweighed by financial security and well-being, it might be time to shut your doors. Simplify Operations The best way to make some financial cutbacks without sacrificing quality is to make operations easier and more streamlined. Look at your business and areas where you think you can make some changes that can help you save both time and money. For example, there might be some areas where it’s possible to automate processes and mundane tasks. There might be instances where human intervention leads to excessive and costly mistakes, which over time can accumulate. If there’s a chance that you can automate these tasks or completely take them out of the operation or production line, you might be able to save a bit of money while doing soo. Not only will this help you save more on unnecessary spending, but you will also be able to improve your customer experience. Using automated systems, you can accept payments faster and more efficiently, get data points based on your client behavior, track orders better, and understand your customer’s viewpoint. Look for solutions that can help simplify matters, not complicate them. What Expenditure Is Helping Increase Cash Flow For business owners, return on investment is the most fundamental equation they can use to help ensure that their expenses add value and cash back into their business. When you’re looking to make some cutbacks while not seeing your quality decrease, look for things that aren’t really making a difference to your business or improving operations but still costing you money. A straightforward example could perhaps be using ingredients in food if you own a restaurant that might be out of season every few months. During out-of-season periods, these ingredients tend to be more expensive and less frequently available in shops. As an owner, you need to consider how this is helping the business. For example, if a specific item is not selling during slower months, why keep that range of products available? Look at your purchases and consider how you can make a return on your investment. The Bottom Line Every business owner these days is looking to save on costly expenses without having to compromise on the quality of their products and services. These actions all boil down to how well you know your business and how you can make tasks easier and more streamlined to help save on unnecessary expenses while also running a lucrative business. Article by Pierre Raymond, Due About the Author Pierre Raymond is a 25-year veteran of the Financial Services industry. Driven by his passion for financial technology he has transitioned from being a quantitative stock picker, to an award-winning hedge fund manager, credit risk manager to currently a RISK IT Business Consultant. Pierre is the cofounder of Global Equity Analytics & Research Services LLC (GEARS) and a current partner at OTOS Inc. Updated on Jun 24, 2022, 3:37 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJun 24th, 2022

General Motors" (GM) BrightDrop Supplies 150 E-Vans to FedEx

General Motors' (GM) tech startup BrightDrop delivers the first e-delivery vehicles to FedEx. GM will suspend production of its Hummer EV unit in Michigan for four weeks due to re-modeling work. General Motors GM recently announced that its technology startup, BrightDrop, has delivered its first 150 electric delivery vehicles to FedEx throughout Southern California, out of a total order of 2,500 units. The first five vans had already been delivered in December 2021.All the 150 vehicles delivered comprise the larger Zevo 600 model, formerly known as the EV600. It is designed for last-mile deliveries and is powered by GM’s Ultium Platform. This marks an important milestone for FedEx as it plans to transform its entire parcel pickup and delivery (PUD) fleet to all-electric and achieve zero-tailpipe emissions by 2040. Also, this is part of a larger agreement, according to which FedEx will add a total of 2,500 BrightDrop Zevo 600 electric delivery vans across its operations over the next few years.As pre-requisites of the new fleet, FedEx is developing charging infrastructure across its network of facilities and have already installed more than 500 charging stations across California. It is also investing to upscale on-site generation and procurement of renewable energy in its facilities. The company is optimistic that it has set an example of a sustainable delivery chain.In another development, General Motors has decided to suspend production of its all-electric pickup, Hummer EV, at the Factory Zero facility in Michigan for four weeks to modify and increase the unit’s production capacity. Per media sources, the downtime will stretch from Jun 27 to Jul 22. The company noted that the upgrades were taking place earlier than the scheduled date, and affected employees have already been notified.GM delivered a mere 99 of the Hummer EV Edition 1 pickups during the first quarter of 2022. However, it has more than 77,500 reservations in hand and will be bolstering its output throughout the year to cope with the demand.The company was forced to hike prices of the premium EV last week to combat increased supply chain costs. The base prices of the Hummer EV pickup and future SUV will be raised by $6,250. However, for orders placed before Jul 18, the price would be the original one.The plant aims to launch the Chevrolet Silverado EV and GMC Sierra Denali EV pickups next year together with an autonomous van, the Origin, for its self-driving ride-share company, Cruise.Shares of GM have lost 45.7% over the past year compared with its industry’s 23.6% decline.Image Source: Zacks Investment ResearchZacks Rank & Key PicksGM carries a Zacks Rank #3 (Hold), currently.Some better-ranked players in the auto space are Wabash National Corporation WNC, sporting a Zacks Rank #1 (Strong Buy) and Fox Factory Holdings FOXF and Standard Motor Products SMP, each carrying a Zacks Rank #2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank stocks here.Wabash National has an expected earnings growth rate of 239.3% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.Wabash National’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. WNC pulled off a trailing four-quarter earnings surprise of 51.26%, on average. The stock has declined 12.4% over the past year.Fox Factory has an expected earnings growth rate of 14.9% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.Fox Factory’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF pulled off a trailing four-quarter earnings surprise of 10.18%, on average. The stock has declined 49.1% over the past year.Standard Motor has an expected earnings growth rate of 5.2% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 3.1% upward in the past 30 days.Standard Motor’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has declined 3.1% over the past year. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report General Motors Company (GM): Free Stock Analysis Report Standard Motor Products, Inc. (SMP): Free Stock Analysis Report Wabash National Corporation (WNC): Free Stock Analysis Report Fox Factory Holding Corp. (FOXF): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksJun 22nd, 2022

European Stocks, US Futures, Cryptos All Rise With US Out On Holiday

European Stocks, US Futures, Cryptos All Rise With US Out On Holiday Asian stocks dipped, and European bourses gained alongside US equity futures and cryptos in subdued, choppy trading on Monday as fears over an imminent recession faded away briefly and investors bought the dip after last week's jarring selloff, and near record shorting... ... expecting markets to bounce amid speculation the rout had gone far enough to price in concerns about rising rates and slowing growth. S&P futures rose 0.7% or 25 points in muted trading, while Nasdaq 100 and Dow futures were up 0.8 and 0.5% respectively, however cash stocks are closed Monday for the Juneteenth market holiday.  Bitcoin gyrated around the key $20,000 mark, rebounding above the "nice, round number" after a weekend rout dragged bitcoin briefly below $18,000 amid widespread margin-call driven liquidations. A volatile crypto slump has become emblematic of the pressure on a range of assets from sharp Federal Reserve interest-rate hikes to tame high inflation. Volatility measures remained elevated as investors look for an entry point into equity markets roiled by soaring price pressures and worries that aggressive monetary tightening will tip major economies into recession. Like a broken record, JPMorgan strategists said pressure on stocks should ease in the second quarter as inflation moderates, which of course they say every other week, even as others - including Morgan Stanley - cautioned that more losses may be in store. “Both prolonged inflation and/or a sharp increase in rates from central banks will have a deep impact on growth perspectives,” said Jean-François Paren, global head of market research at Credit Agricole CIB. “If anything, current valuations are more the ‘exit point’ than the ‘entry point’.” European equities rebounded following the worst week for the gauge since March to trade near session highs with the Euro Stoxx 600 rising 0.5% with peripheral indexes faring slightly better. Banks, energy and autos are the best performing sectors.  Basic resources underperformed amid a slump in raw-material prices. Swedish engineering group ABB Ltd. declined after postponing a listing of its electric-car charging business, citing volatile market conditions. France’s equity benchmark lagged after President Emmanuel Macron lost his absolute majority in parliament, putting his reform agenda in peril. V2X drops back on to a 29-handle. Here are some of the most notable European movers: Renault shares rise as much as 7.6% after Jefferies upgraded the shares to buy, saying the carmaker offers a combination of strategic initiatives, capital release, near-zero core value and cost-driven earnings upside. Axfood gains as much as 7.7%, the most since March 23, as Handelsbanken upgrades the food retailer to buy as a “top-notch inflation hedge,” and sees strong earnings support ahead. Travel and Leisure stocks are among the best-performing subgroups on the wider Stoxx 600 after IATA predicted that the airline industry will return to profit next year. Among best performers on the SXTP are TUI, the world’s biggest tour operator, +5.6%; British Airways owner IAG +3.1%; Lufthansa +3.5%; Ryanair +2% Interparfums gains as much as 4.5% after Oddo BHF upgraded the stock to outperform from neutral, citing cheap valuation and good business levels. Varta jumps as much as 5% after Goldman Sachs initiates coverage with a buy rating, saying EV battery order announcements could be a major catalyst for a stock trading near an all-time low on enterprise value-to-Ebitda multiple basis. Euromoney rises as much as 29% after the information service business received an approach from Astorg Asset Management and Epiris regarding a possible cash offer. Kingspan plunges as much as 16% after its pre-close trading update, with the focus on declining orders that analysts say underline slowing demand, with peers such as Rockwool falling, too. Assa Abloy drops as much as 4.8%, the biggest laggard on Stockholm’s large-cap OMXS30 index, after Pareto Securities said it expects demand for the Swedish lock maker’s products to drop. EasyJet falls as much as 4.2% as analysts expect downgrades to consensus after the low-cost carrier cut 3Q and 4Q capacity outlook after cutting flights amid disruptions. Societe Generale and BNP Paribas retreat in Paris trading after President Emmanuel Macron and his allies failed to win an outright majority in the second round of French legislative elections. Earlier in the session, Asian stocks edged lower with MSCI’s index of Asian shares dropped for an eighth day, the longest stretch since February 2020, as investors worried about the odds of a global recession amid tighter monetary policies.  The MSCI Asia Pacific Index was down 0.3%, poised for an eighth session of declines that’s the longest since early 2020. Rate-sensitive technology shares dragged on the gauge. Materials stocks also fell as a dimming outlook for demand pushed prices of iron ore and some other commodities lower.  South Korean and Japanese equities led declines in the region. Chinese stocks stood out with gains as the nation’s banks kept key lending rates unchanged, in line with the People’s Bank of China’s measured easing stance. China has kept monetary policy loose even as global central banks embraced aggressive tightening, and that divergence has been giving the nation’s equities an advantage in recent weeks. Shares of China’s power producers rally after thermal coal futures fell 4.1%, the most since March 10. , amid a gloomy demand outlook. Iron ore and coking coal also tumbled. Iron ore is headed for its eighth straight day of losses, the longest falling streak since September. Chinese prices of coking coal used for steel-making have also slumped since the middle of last week, falling about 12%. The Asian stock benchmark is at a two-year low, tracking broader risk-off sentiment as concerns over global growth and inflation remain high. Monetary authorities’ focus on battling inflation is increasing worries that tightening may eventually push major economies into recessions.  Still, the MSCI regional gauge has performed better than its global peers this month, supported by China resilience.  While the recovery road may still be bumpy, “China this year could give the market a surprise,” Yifan Hu, regional chief investment officer and head of Asia Pacific macroeconomics for UBS Global Wealth Management, said in a Bloomberg TV interview. “Monetary policy is quite relaxed, and the economy is recovering. So I think as long as there’s no prolonged city-level lockdowns in the second half, we are positive for China’s market to continue to rally.” Japanese stocks fell amid growing concerns the US economy will enter a recession as the Federal Reserve tightens monetary policy.  The Topix fell 0.9% to 1,818.94 at market close in Tokyo, while the Nikkei 225 declined 0.7% to 25,771.22. Shin-Etsu Chemical contributed the most to the Topix’s decline, decreasing 6.4%. Out of 2,170 shares in the index, 423 rose and 1,679 fell, while 68 were unchanged. “Investors are concerned about holding stocks as an asset class with US recession fears exceeding 50%,” said Masafumi Oshiden, a fund manager at BNY Mellon Asset Management. In FX, US cash Treasuries are closed for holiday. As such, European fixed income was relatively quiet with Bunds bull-steepening and richening ~3bps across the short end with money markets slightly trimming the policy tightening priced by year end. Gilts bear-flatten, the 2y yield rising 3bps near 2.23%. T-note futures drift sideways, cash USTs remain closed for US holiday. Peripheral spreads are generally steady. French bonds drop, leading semi-core underperformance after President Macron failed to win an absolute majority in Sunday’s Parliamentary elections. In FX, the Bloomberg dollar index dropped 0.3% after rising last week to the highest since April 2020, while the Norwegian krone outperformed along with commodity currencies as broader market sentiment revived. The greenback weakened against all of its Group-of-10 peers as haven demand declined due to a lack of trading incentives stemming from the US holiday and caution ahead of testimony from Federal Reserve Governor Jerome Powell later this week. The Norwegian krone gained as much as 1.4% against the dollar, after USD/NOK reached the highest level since 2020 last week. “The broader macro backdrop is still characterized by elevated recession risks, plus uncertainties from the Russian/Ukraine war and the challenge of controlling Covid in China,” Goldman Sachs strategists wrote in a note on Monday. “In this high risk market environment we would expect the broad dollar to remain relatively strong against most crosses” EUR/USD gained 0.3% to 1.0533: President Emmanuel Macron became the first president in decades to fail to garner an absolute majority in parliament, meaning he will have a hard time passing legislation, putting much of his agenda in peril. “The news doesn’t seem to have bothered the euro, and being more of a longer-term risk to the eurozone outlook, it is not too surprising,” say ING strategists including Francesco Pesole. “EUR/USD has once again found some anchor around the 1.0500 level, something we expect to happen over the summer months despite volatility looking likely to remain elevated” AUD/USD advances 0.8% to 0.6989 after tumbling 1.6% on Friday: “AUD led a mild improvement in pro-growth G-10 pairs, but with the US out on holidays and hawkish Fed rhetoric over the weekend, AUD remains vulnerable in a still uncertain market,” says Rodrigo Catril, a foreign-exchange strategist at National Australia Bank. USD/JPY falls 0.1% to 134.88: Prime Minister Fumio Kishida said that BOJ Governor Haruhiko Kuroda expressed his concern over currency movements during a meeting, a comment that briefly strengthened the yen on Monday. In commodities, crude futures are quiet with WTI near $109.80. Most base metals trade in the red; LME tin falls 1.7%, underperforming peers. Spot gold is little changed at $1,841/oz. There is nothing on today's calendar since US markets are close for national holiday. Tyler Durden Mon, 06/20/2022 - 07:51.....»»

Category: blogSource: zerohedgeJun 20th, 2022

Ford to Tesla: “We got it from here”

  The most fascinating thing about Tesla is how the electric vehicle maker forced the entire automotive industry forward. Elon Musk deserves much of the credit, but it’s easy to overlook the contributions of Amazon‘s Jeff Bezos. Over the past 25 years, Amazon has cut a devastating swath across the entire retail sector, as stores,… Read More The post Ford to Tesla: “We got it from here” appeared first on The Big Picture.   The most fascinating thing about Tesla is how the electric vehicle maker forced the entire automotive industry forward. Elon Musk deserves much of the credit, but it’s easy to overlook the contributions of Amazon‘s Jeff Bezos. Over the past 25 years, Amazon has cut a devastating swath across the entire retail sector, as stores, malls, wholesalers, and retailers watched profit margins shrink and their customers abandon them in droves. Legacy automakers saw the devastation wrought by Amazon and decided they were having none of it. They would not allow Musk to do to them what Bezos did to the retailers. Despite being calcified, bureaucratized, century-old legacy automakers, they reacted quicker than retailers did. The result is a burgeoning EV market with dozens of new models for sale today and many dozens more coming over the next 36 months. This is how the $40,000 Ford F150 Lightning came to be. I spent a week with this behemoth and it’s quite a spectacular vehicle, very different than my usual rides. I will share a few thoughts about the F150 Lightning, my expectations for how it will do, and what the future might bring for EVs, Tesla, and legacy automakers. One other thing: Wherever we went, the Lightning attracted attention. people came up to us in parking lots outside of restaurants at the beach and wanted to ask about the F150. Once these become more common, I expect the attention will fade. The Lightning This is a full-sized pickup truck, with the same dimensions as the traditional Ford F-150, the best-selling vehicle in America for the past 40-plus years. If a pickup is your regular drive, you will feel right at home in this vehicle. The Lightning comes in four flavors: Pro ($39,947), XLT ($52,974), Lariat ($67,474) and Platinum ($90,874). My tester was a maxed-out Platinum with a $94k sticker. It’s a high-quality Luxo-barge, with excellent fit and finish and all sorts of great tech. The dual-motor extended-range battery cranked out 580 horsepower (about the same as my BMW M6) and 775 lb-ft of torque. On a full charge, you can expect 300 miles for the Platinum (320 miles for the Lariat). How you drive has a huge impact on range. With the truck fully loaded and driving a careful 55 mph east got much better gas mileage than I did stomping it on the way home with an empty pickup bed. The base version at $40k is a whole lot of truck for the money: AWD, dual motors good for 452 horsepower and 775 lb-ft of torque and a range of 230 miles. Ford noted more than half of the pre-orders were the midrange models. It’s handsome, as far as pickups go. The light bars front and back and the charge port on the driver side (the one on the passenger side is a dummy) are the only external cues this is not your usual internal combustion engine (ICE) F-150. The immense vertical touch screen in the center of the dashboard is another clue. Driving I normally don’t drive a pickup truck or even a full-sized SUV. I tend towards low-slung, high-horsepower fun machines; my past three utility vehicles were a BMW X4, Porsche Macan S, and Honda Crosstour. It took a little getting used to something of this size and heft. Slide 1,500-1,800 pounds of battery underneath and you have a 6,855 pound vehicle that handles rather differently than a sports car. It takes more than a gentle thumb to move the steering wheel of this beast through any sort of turn. Bringing the behemoth to a dead stop requires planning and anticipation. This is a genuine issue because the Lightning accelerates to 60 mph in just 4 seconds. It pains me to say this, but it’s testimony to the superiority of the EV platform versus traditional ICE just how fast this truck is. The Platinum is a very comfortable ride with all of the creature comforts and luxury settings you would expect from a near 6 figure truck. If your usual SUV is an Acura or Lexus, you will find yourself surprisingly comfortable in the Lightning. Space The F150 is huge inside. Grab handles on the A pillars make it easy to pull yourself into the driver or passenger seat of the spacious cabin. The rear seats of the Crew Cab were spacious for even the largest inhabitants. They fold up, in case you need even more space. The five and a half feet bed (67.1 inches) swallowed up a big 4 burner grill, a 6 foot outdoor table, and a disassembled Roman hammock, along with other assorted stuff for our drive out to the beach house. But the show-stopper was the “Frunk” – the massive front trunk that was about the size of a normal passenger car trunk. I tossed a few overnight bags and other goods in it with plenty of room to spare. Features and Options I really liked the wonderful driver assist / lane keep / cruise control. It works well, nearly invisibly, and only requires you stare ahead at the road – hands on the wheel or not. But look at the giant center screen for more than moment and it nags you to pay attention. about that screen: My beef is the same one I’ve had with every EV I’ve driven: controls buried two or three screen layers in that would have worked better as physical buttons. In fact, I would prefer if all EV makers had a simple strip of climate controls as physical buttons including heated and cooled seats and ventilation recirculation. Before you “OK, Boomer” me, it is obvious to someone who has been driving longer than you have been alive that this is going to cause accidents — it’s just too distracting. Probably less damage than cell phones have caused, but there will be accidents nonetheless. But the center screen is fast and responsive, with Ford’s trademark giant volume knob bottom center. The bottom 2 inches of the screen is reserved for climate controls. It’s as good an automobile infotainment screen as any I’ve seen, regardless of price. There are outlets and charging ports everywhere: In the front, the back, the frunk, the pickup bed. This is a vehicle that expects to be busy at work sites. Range and Charging The truck arrived 85% charged and I thought I would top it off. I plugged the truck’s charger into an extension cord running into the garage and the orange light came on which I assumed meant it was charging. It was not as I discovered the next morning. a quick search of the Ford message boards and I discovered that I needed to make sure the plug was clicked into place and when that occurred the charging light turned blue. Chalk it up to a newbie error. A regular 120-volt source of power adds only a few miles of range per hour. Overnight gets you barely 30-40 miles. At the beach, we were able to snag primo parking at the chargers. I use the app “EV Connect” and added another 35 or so miles of range for $6 over 2 hours. I had no idea at the time that this would be a bargain with gas over $5 a gallon. By now, you probably have heard you can run your entire house off of a fully charged truck for 3 days. I was amused by how much of my usual vocabulary has been driven by a lifetime of experiences with ICE: “Step on the gas, fill up the tank, exhaust note, engine – all phrases that served as constant reminders this is a new era. ~~~ Would I buy a Ford F-150 Lightning or any other EV today? I have no need for a pickup truck so the Lightning is out of the question for me. However, I have no doubt that this is going to be a massive seller for Ford. I suspect this is likely to be the vehicle that gets middle America to adopt electric vehicles. As to other EVs, what I like seem wildly overpriced relative to their ICE competitors: Porsche Taycan, Audi GT eTron, even the Lucid Air and Tesla Plaid are quite expensive,  even with gas over $5 a gallon. That’s before we install a 240 charger in the garage here and at the beach house. As of today, I am not an ideal customer for pure EVs, much more inclined toward hybrids. We were looking at winter homes pre-covid – if the housing market returns to sanity we would want an SUV we can load up for the trip back and forth down the coast without the need to plan around charging. My shortlist includes new versions of Defender 110 or the HSE Sport available soon in the US; the UK versions are high-performance hybrids garnering high double-digit MPG. If BMW ever decided to share their X5 hybrid technology with the X6, I would add that to our shortlist as well. And ever since I totaled my wife’s Panamera 4S (T-boned at 5 mph) the hybrid version of that vehicle has been on my list also. We are in the transition period from ICE to EV – a hybrid would serve my family’s needs well. Spending a week with the Ford F-150 lightning left me with no doubt about a few things: -The truck is going to be a huge hit (even if I don’t feel the need to be an early adopter). -The transition to EVs is going to happen much faster than people expect; -Ford has gotten its game together and is going to be a serious challenger to Tesla. They’re fit and finish is vastly superior, but Tesla still has the edge in terms of software and programming. -Don’t be surprised to see an electrified version of the smash hit Bronco within two years also. -We are already past peak ICE, but they will stay on the road for another 10 to 20 years after initial sale; -Credit to Elon Musk (and Jeff Bezos) for driving us into the future. EVs are here, and the future is coming fast. Faster than you might think…     Previously: Ford vs Ferrari Tesla (January 6, 2022) 2021 Mustang Mach E (December 18, 2020)   The post Ford to Tesla: “We got it from here” appeared first on The Big Picture......»»

Category: blogSource: TheBigPictureJun 17th, 2022

Ford to Tesla: We got it from here

  The most fascinating thing about Tesla is how the electric vehicle maker forced the entire automotive industry forward. Elon Musk deserves much of the credit, but it’s easy to overlook the contributions of Amazon‘s Jeff Bezos. Over the past 25 years, Amazon has cut a devastating swath across the entire retail sector, as stores,… Read More The post Ford to Tesla: We got it from here appeared first on The Big Picture.   The most fascinating thing about Tesla is how the electric vehicle maker forced the entire automotive industry forward. Elon Musk deserves much of the credit, but it’s easy to overlook the contributions of Amazon‘s Jeff Bezos. Over the past 25 years, Amazon has cut a devastating swath across the entire retail sector, as stores, malls, wholesalers, and retailers watched profit margins shrink and their customers abandon them in droves. Legacy automakers saw the devastation wrought by Amazon and decided they were having none of it. They would not allow Musk to do to them what Bezos did to the retailers. Despite being calcified, bureaucratized, century-old legacy automakers, they reacted quicker than retailers did. The result is a burgeoning EV market with dozens of new models for sale today and many dozens more coming over the next 36 months. This is how the $40,000 Ford F150 Lightning came to be. I spent a week with this behemoth and it’s quite a spectacular vehicle, very different than my usual rides. I will share a few thoughts about the F150 Lightning, my expectations for how it will do, and what the future might bring for EVs, Tesla, and legacy automakers. One other thing: Wherever we went, the Lightning attracted attention. people came up to us in parking lots outside of restaurants at the beach and wanted to ask about the F150. Once these become more common, I expect the attention will fade. The Lightning This is a full-sized pickup truck, with the same dimensions as the traditional Ford F-150, the best-selling vehicle in America for the past 40-plus years. If a pickup is your regular drive, you will feel right at home in this vehicle. The Lightning comes in four flavors: Pro ($39,947), XLT ($52,974), Lariat ($67,474) and Platinum ($90,874). My tester was a maxed-out Platinum with a $94k sticker. It’s a high-quality Luxo-barge, with excellent fit and finish and all sorts of great tech. The dual-motor extended-range battery cranked out 580 horsepower (about the same as my BMW M6) and 775 lb-ft of torque. On a full charge, you can expect 300 miles for the Platinum (320 miles for the Lariat). How you drive has a huge impact on range. With the truck fully loaded and driving a careful 55 mph east got much better gas mileage than I did stomping it on the way home with an empty pickup bed. The base version at $40k is a whole lot of truck for the money: AWD, dual motors good for 452 horsepower and 775 lb-ft of torque and a range of 230 miles. Ford noted more than half of the pre-orders were the midrange models. It’s handsome, as far as pickups go. The light bar’s front and back and the charge port on the driver side (the one on the passenger side is a dummy) are the only external cues this is not your usual internal combustion engine (ICE) F-150. The immense vertical touch screen in the center of the dashboard is another clue. Driving I normally don’t drive a pickup truck or even a full-sized SUV. I tend towards low-slung, high-horsepower fun machines; my past three utility vehicles were a BMW X4, Porsche Macan S, and Honda Crosstour. It took a little getting used to something of this size and heft. Slide 1,500-1,800 pounds of battery underneath and you have a 6,855 pound vehicle that handles rather differently than a sports car. It takes more than a gentle thumb to move the steering wheel of this beast through any sort of turn. Bringing the behemoth to a dead stop requires planning and anticipation. This is a genuine issue because the Lightning accelerates to 60 mph in just 4 seconds. It pains me to say this, but it’s testimony to the superiority of the EV platform versus traditional ICE just how fast this truck is. The Platinum is a very comfortable ride with all of the creature comforts and luxury settings you would expect from a near 6 figure truck. If your usual SUV is an Acura or Lexus, you will find yourself surprisingly comfortable in the Lightning. Space The F150 is huge inside. Grab handles on the A pillars make it easy to pull yourself into the driver or passenger seat of the spacious cabin. The rear seats of the Crew Cab were spacious for even the largest inhabitants. They fold up, in case you need even more space. The five and a half feet bed (67.1 inches) swallowed up a big 4 burner grill, a 6 foot outdoor table, and a disassembled Roman hammock, along with other assorted stuff for our drive out to the beach house. But the show-stopper was the “Frunk” – the massive front trunk that was about the size of a normal passenger car trunk. I tossed a few overnight bags and other goods in it with plenty of room to spare. Features and Options I really liked the wonderful driver assist / lane keep / cruise control. It works well, nearly invisibly, and only requires you stare ahead at the road – hands on the wheel or not. But look at the giant center screen for more than moment and it nags you to pay attention. The center screen was fast and responsive, with Ford’s trademark giant volume knob bottom center. The bottom 2 inches of the screen was reserved for climate controls. It’s as good an automobile infotainment screen as any I’ve seen regardless of price. There are outlets and charging ports everywhere: In the front, the back, the frunk, the pickup bed. This is a vehicle that expects top be on work sites. My only beef is the same one I’ve had with every EV I’ve driven: controls buried two or three screen layers in that would have worked better as physical buttons. In fact, I would prefer if all EV makers had a simple strip of climate controls as physical buttons including heated and cooled seats and ventilation recirculation. Before you “OK, Boomer” me, it is obvious to someone who has been driving longer than you have been alive that this is going to cause accidents — it’s just too distracting. Probably less damage than cell phones have caused, but there will be accidents nonetheless. Range and Charging The truck arrived 85% charged and I thought I would top it off. I plugged the trucks charger into an extension cord running into the garage and the orange light came on which I assumed meant it was charging. It was not as I discovered the next morning. a quick search of the Ford message boards and I discovered that I needed to make sure the plug was clicked into place and when that occurred the charging light turned blue. Chalk it up to a newbie error. A regular 120 volt source of power adds only a few miles of range per hour. Overnight gets you barely 30-40 miles. At the beach, we were able to snag primo parking at the chargers. I use the app “EV Connect” and added another 35 or so miles of range for $6 over 2 hours. I had no idea at the time that this would be a bargain with gas over $5 a gallon. By now, you probably have heard you can run your entire house off of a fully charged truck for 3 days. I was amused by how much of my usual vocabulary has been driven by a lifetime of experiences with ICE: “Step on the gas, fill up the tank, exhaust note, engine – all phrases that served as constant reminders this is a new era. ~~~ Would I buy a Ford F-150 Lightning or any other EV today? I have no need for a pickup truck so the Lightning is out of the question for me. However, I have no doubt that this is going to be a massive seller for Ford. I suspect this is likely to be the vehicle that gets middle America to adopt electric vehicles. As to other EVs, what I like seem wildly overpriced relative to their ICE competitors: Porsche Taycan, Audi GT eTron, even the Lucid Air and Tesla Plaid are quite expensive,  even with gas over $5 a gallon. That’s before we install a 240 charger in the garage here and at the beach house. As of today, I am not an ideal customer for pure EVs, much more inclined towards hybrids. We were looking at winter homes pre-covid – if the housing market returns to sanity we would want an SUV we can load up for the trip back and forth down the coast without the need to plan around charging. My short list includes new versions of Defender 110 or the HSE Sport available soon in the US; the UK versions are high performance hybrids garnering high double-digit MPG. If BMW ever decided to share their X5 hybrid technology with the X6, I would add that to our short list as well. And ever since I totaled my wife’s Panamera 4S (T-boned at 5 mph) the hybrid version of that vehicle has been on my list also. We are in the transition period from ICE to EV – a hybrid serves my family’s needs well. Spending a week with the Ford F-150 lightning left me with no doubt about a few things: -The truck is going to be a huge hit (even if I don’t feel the need to be an early adopter). -The transition to EVs is going to happen much faster than people expect; -Ford has gotten its game together and is going to be a serious challenger to Tesla. They’re fit and finish is vastly superior, but Tesla still has the edge in terms of software and programming. -Don’t be surprised to see an electrified version of the smash hit Bronco within two years also. -We are already past peak ICE, but they will stay on the road for another 10 to 20 years after initial sale; -Credit to Elon Musk (and Jeff Bezos) for driving us into the future. EVs are here, and the future is coming fast. Faster than you might think…     Previously: Ford vs Ferrari Tesla (January 6, 2022) 2021 Mustang Mach E (December 18, 2020)   The post Ford to Tesla: We got it from here appeared first on The Big Picture......»»

Category: blogSource: TheBigPictureJun 17th, 2022

Futures Slide As Sell-The-Rippers Emerge, Encouraged By Target"s Dismal Update

Futures Slide As Sell-The-Rippers Emerge, Encouraged By Target's Dismal Update It was a relatively quiet session for stocks with futures trading modestly lower overnight as yields eased their Monday surge and when the biggest news was Australia's unexpected 50bps rate hike (double consensus) before all hell broke loose at 7am, when Target cut guidance for the second time in two weeks due to the infamous bullwhip effect we had warned about just a few weeks ago, sending TGT stock crashing more than 9% and encouraging the cold risk-off wind that pushed S&P futures 0.8% lower to session lows around 4,080... ... while Nasdaq 100 futures fell 1% as Treasury yields hovered around 3.05%, their highest in nearly a month. Europe's Stoxx Europe 600 Index slipped as telecom and technology stocks weighed. In the premarket, shares of Target tumbled as much as 10% after the retailer cut its profit outlook for the second time in three weeks amid an inventory surplus. The news sent retailers such as Walmart and Costco also sliding premarket; WMT was down as much as 4.3% ahead of the bell, COST -2.9%, Kroger -1.3%, Macy’s -3%. Among other notable movers, cryptocurrency-exposed stocks tumbled in premarket trading as Bitcoin slid back below $30,000. Meanwhile Kohl’s shares rose 12% in premarket trading as the company holds exclusive talks with Franchise Group regarding a deal that would value the retail chain at about $8 billion. Here are some other notable premarket movers: Cryptocurrency-exposed stocks decline in premarket trading as Bitcoin slides back below $30,000, with another attempt at upward momentum losing traction amid risk-off markets. Riot Blockchain (RIOT US) -5%, Marathon Digital (MARA US) -3.7%. Kohl’s (KSS US) shares jump 12% in US premarket trading as the company holds exclusive talks with Franchise Group regarding a deal that would value the retail chain at about $8 billion. Peloton’s (PTON US) shares rose 1.4% in US after-hours trading on Monday. Former vice president of Amazon Web Services Liz Coddingtonis “well-positioned” to help Peloton in its next stage of growing subscribers, Citi says, after the exercise machine maker appointed Coddington CFO. Gitlab (GTLB US) shares rose 9.8% in postmarket trading on Monday after the software company’s first-quarter report. HealthEquity (HQY US) shares climbed 5.8% in postmarket Monday. It boosted its revenue guidance for the full year as its results beat the average analyst estimate in what RBC analyst Sean Dodgesaid could be the start of a years-long upside driven by rising interest rates. ProFrac (PFHC US) shares could be active after analysts initiated coverage of oil services firm with three overweight ratings and one buy, with both Piper Sandler and Morgan Stanley positive on the company’s valuation and vertical business model. Veru Inc. (VERU US) gained 2.8% in postmarket trading after Tang Capital Partners LPdisclosed a 5.2% passive stake in the firm. On Monday, investors once again sold the rip, showing their reluctance to take on risk amid fears policy to subdue inflation will go overboard and kill off economic recoveries, rather than cooling off price pressures in a so-called soft landing. “This debate around ‘are we going to see a recession, are we going to see a soft landing?’ -- that’s really keeping markets relatively range bound,” Laura Cooper, a senior investment strategist at BlackRock Inc., said in an interview with Bloomberg TV. “We likely need to see a dovish pivot from policymakers to really have conviction that we’re going to a sustained rally in equities." Rising bond yields are adding to worries about risks to economic growth as central banks ratchet up policy tightening. US benchmark Treasury yields stabilized near 3%, a psychological threshold that may burden new supply due this week before crucial inflation data. “The combo of declining growth, rising rates and falling liquidity is pretty ugly for equities,” said James Athey, investment director at abrdn. “Reluctant as investors in those market are to admit, the outlook for multiples and earnings isn’t great and is probably getting worse.” Meanwhile, Friday's CPI reading for May will be crucial for clues on the Federal Reserve’s pace of monetary tightening, especially the clothing and apparel component where we expect prices to plunge amid the inventory liquidation. Strong hiring data last week already cleared the way for the central bank to remain aggressive in its fight against inflation by raising interest rates. Higher rates particularly hurt growth sectors that are valued on future profits, like tech.  In Europe, the benchmark Stoxx 600 Index also resumed losses on Tuesday led by drops of more than 1% in technology and travel shares. European equities traded poorly with several indexes giving back over half of Monday’s gains. Euro Stoxx 50 drops as much as 0.8%, cash DAX underperforming at the margin. Tech, retail and telecoms are the weakest Stoxx 600 sectors. FTSE 100 trades flat.  The European Central Bank on Thursday is set to end trillions of euros of asset purchases and cement a path to exiting eight years of negative interest rates. Earlier in the session, Asian stocks declined with chipmakers coming under pressure as traders reassessed the outlook for demand, offsetting Japan’s boost from a weak yen. The MSCI Asia Pacific Index dropped as much as 1.2%, with TSMC and Samsung Electronics the biggest drags. Most sectors traded lower, while some Chinese internet giants and Japanese automakers were among the notable gainers. Tech hardware stocks fell as worries about demand for handsets and other gadgets outweighed hopes for a recovery in China on the easing of Covid lockdowns. South Korean equities dropped as the market reopened after a holiday, while shares in Australia slumped after the Reserve Bank of Australia blindsided the market with an outsized hike to combat rising costs. The RBA responded to price pressures with its biggest rate increase in 22 years -- predicted by just three of 29 economists -- and indicated it remained committed to “doing what is necessary” to rein in inflationary pressures. There are persistent worries about demand for semiconductors as the market consensus is that a demand slowdown for handsets and other consumer electronics is highly likely,” said Lee Jinwoo, chief strategist at Meritz Securities in Seoul. Most Chinese tech stocks finished lower in volatile trading after climbing Monday following a report that regulators are concluding their investigation of transport firm Didi. Japanese shares rose as the yen weakened to its lowest level in two decades, boosting exporters such as Toyota and Honda. Read: Yen Slides to Two-Decade Low, Reigniting Focus on Intervention Asian stocks are down in June after posting their first monthly gain in five months in May. Traders will be assessing the inflation and growth outlook ahead of the Federal Reserve’s meeting next week while monitoring the state of Covid restrictions in China.  “Stock market valuations have de-rated quite significantly and from our perspective, there is a lot of the bad news largely in the price. Possibly there’s more to go,” Chetan Seth, Asia Pacific equity strategist at Nomura Holdings said at a conference in Singapore In FX, Bloomberg dollar spot rises as much as 0.4% and the dollar was steady or higher against all of its Group-of-10 peers; NOK is the weakest G-10 performer. JPY softness extends, briefly trading at 133/USD. The yen extended its slump to a fresh 20- year low near 132.60/USD as BOJ’s Kuroda continued to emphasize persistent easing commitment. Senior Japanese government officials said they were closely watching currency markets with a sense of urgency Tuesday as they returned to a heightened state of alert following a renewed slide in the yen to fresh two-decade lows. The dollar’s steep rally to the 133 handle versus the yen and the Australian central bank’s biggest rate hike in 22 years make the case for long-volatility exposure in the major currencies and traders follow suit. The pound fell to an almost three-week low versus the greenback before paring losses to trade around $1.25. The gilt yield curve bull flattened. The euro was little changed, trading around $1.07. Bunds and European bonds reversed opening losses even as wagers earlier crossed half the way toward calling a historic half-point. In rates, treasuries swung from losses to gains, sending yields as much as 3bps lower as the yield curve flattened. Treasury futures rose led led by the long-end amid weakness in European stocks and S&P 500 futures.Bloomberg notes that gains were helped by block trade in 10-year note futures as cash yield eases back toward 3%. US yields were richer by nearly 3bp across long-end of the curve, flattening 2s10s, 5s30s by ~1bp; 10-year, down ~2bp to 3.02%, outperforms bunds slightly, while gilt is little changed. German bunds outperform, richening ~3bps from the 5y point out, gilts are relatively quiet. Peripheral spreads are slightly tighter to core, semi-core widens a touch. Australian bond yields soared and the Aussie briefly reversed a loss after the central bank surprised investors by raising its cash rate by 50 basis points -- the biggest increase in 22 years -- to 0.85%, a result predicted by just three of 29 economists. It also committed itself to “doing what is necessary” to rein in inflationary pressures. In commodities, crude futures drift higher with WTI near $120 and Brent back around $122. Spot gold adds ~$6 to near $1,847/oz. Base metals are in the red with LME nickel down over 3%. Bitcoin is pressured and back below the USD 30k mark and incrementally below last week's trough of USD 29.04k. Looking to the day ahead now, and data releases include German factory orders for April, the final UK services and composite PMI for May, as well as the US trade balance and consumer credit for April. Otherwise central bank speakers include the ECB’s Wunsch. Market Snapshot S&P 500 futures down 0.4% to 4,106.00 STOXX Europe 600 down 0.4% to 442.31 MXAP down 0.9% to 167.50 MXAPJ down 1.1% to 552.94 Nikkei up 0.1% to 27,943.95 Topix up 0.4% to 1,947.03 Hang Seng Index down 0.6% to 21,531.67 Shanghai Composite up 0.2% to 3,241.76 Sensex down 1.2% to 55,018.56 Australia S&P/ASX 200 down 1.5% to 7,095.74 Kospi down 1.7% to 2,626.34 Brent Futures up 0.3% to $119.88/bbl Gold spot up 0.1% to $1,843.79 U.S. Dollar Index up 0.10% to 102.54 German 10Y yield little changed at 1.30% Euro little changed at $1.0694 Top Overnight News The ECB will begin a new era of monetary policy this week as officials complete their pivot to confront the threat of inflation running out of control. Armed with new forecasts and with prices rising at a record pace, President Christine Lagarde and her colleagues will end trillions of euros of asset purchases and cement a path to exiting eight years of negative interest rates The yen has tumbled to a two-decade low against the dollar, caught in the crossfire between the two wildly different monetary policy regimes in Japan and the US. The Bank of Japan is pinning interest rates to zero in a bid to boost a sputtering economy and spur price growth, while the Federal Reserve is hiking furiously to beat back raging inflation Investors from Tokyo to New York are betting on further weakness in Japan’s currency, which is already wallowing at a two-decade low against the greenback Bank of Japan Governor Haruhiko Kuroda walked back some of his comments that consumers are now more willing to accept higher prices after criticism on social media and a grilling in parliament A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks traded cautiously amid recent upside in yields and ahead of upcoming risk events. ASX 200 declined with losses exacerbated after the RBA delivered a larger-than-expected rate hike. Nikkei 225 swung between gains and losses although a weak JPY boosted the index above 28k. Hang Seng and Shanghai Comp. were varied as the mainland was kept afloat by reopening optimism and with Hong Kong subdued by property names, although tech benefitted from hopes Beijing may be easing its crackdown on the sector with China reportedly to conclude the cybersecurity probe into certain companies. Top Asian News China's Tianjin city reopened all subway stations that were closed due to COVID, while Shanghai Port's daily volume rose to 95% of the normal level, according to local press. Labor Advisory Committee urged US President Biden to extend China tariffs, according to Axios. Japan set up a team to monitor land sales near bases and nuclear plants or on strategically located islands under a new law designed to prevent hostile foreigners from affecting national security, according to Nikkei. RBA hiked rates by 50bps to 0.85% (exp. 25bps increase) and said inflation in Australia has increased significantly, while it is committed to doing what is necessary to ensure that inflation in Australia returns to the target over time. RBA added that inflation is likely to be higher than was expected a month ago and the Board expects to take further steps in normalising monetary conditions over the months ahead with the size and timing of future interest rate increases to be guided by the incoming data and the assessment of the outlook for inflation and the labour market. Furthermore, it noted the Australian Economy is resilient although one source of uncertainty about the economic outlook is how household spending evolves, given the increasing pressure on Australian households' budgets from higher inflation. Japan's Economy Minister Yamagiwa says they are closely watching any impact of FX movements on the economy, wants to refrain from commenting on FX levels, via Reuters. European bourses are modestly pressured, Euro Stoxx 50 -0.9% , with newsflow relatively limited once more and participants looking ahead to the week's risks events. Stateside, performance is in-fitting with this directionally, though marginally more contained in terms of magnitudes, with a limited US docket ahead; ES -0.5%. EU lawmakers have come to an agreement on a single mobile charging point, via Reuters; will be USB-C by fall-2024. Top European News UK PM Johnson won the confidence vote, as expected, with total votes at 211 vs 148, according to Reuters. However, the Telegraph highlights that Johnson is not "out of the woods yet" given that he has lost the support of so many backbenchers. UK PM Johnson said he is grateful for colleagues' support and that they need to come together as a party now. PM Johnson added that they can now focus on what they are doing to help people in the country and have a chance to continue strengthening the economy, while he responded that is certainly not interested when asked about a snap election, according to Reuters. Subsequently, the 1922 Committee is, according to the understanding of UK MP Ellwood, looking at altering party rules to allow another no-confidence vote within a one-year period, via Sky's Degenhardt. Barclaycard UK May consumer spending rose 9.3% Y/Y, which reflected the rising cost of living and base effects, according to Reuters. FX Dollar takes time out after rallying further on yield factors and frailty of others, DXY midway between 102.830-450 range. Yen continues to underperform on rate and relative BoJ policy dynamics, with Franc also feeling the heat from SNB vs Fed, ECB etc policy divergence; USD/JPY touches 133.00 before easing back, USD/CHF tops 0.9675 and EUR/CHF crosses 1.0400. Kiwi hit by abrupt turnaround in AUD/NZD tide after RBA exceeded market expectations with a 50bp hike compounded by hawkish guidance; NZD/USD sub-0.6500 around 0.6450, AUD/NZD above 1.1100 and AUD/USD within sight of 0.7200. Sterling volatile after PM Johnson wins confidence vote, but significant minority of Conservative Party want him out; Cable choppy either side of 1.2500 and EUR/GBP whipsaws around 0.8550. Loonie softer with oil ahead of Canadian trade data and Ivey PMIs, USD/CAD near 1.2600 after probe beyond round number. Lira continues to slide after Turkish President Erdogan repeats intention to keep cutting rates irrespective of ongoing rise in inflation, USD/TRY tests 14.7500. Fixed Income Firm bounce in bonds following extension of bear run to new cycle lows. Bunds lead the way in core debt circles with a near full point recovery to 149.80, while BTPs remain to the fore at the margins between 121.27-122.86 bounds. Gilts flat after falling short of 115.00 before solid 2025 DMO auction, T-note a tad firmer and curve flatter for choice ahead of 3 year sale. Commodities Crude benchmarks have waned from initial upside stemming from bullish bank commentary amid a broader easing in risk sentiment. Thus far, WTI and Brent have been as low as USD 117.76/bbl and USD 118.62/bbl respectively, circa. USD 2.00/bbl from initial highs. Goldman Sachs hiked its Q3 Brent oil forecast to USD 140/bbl from USD 125/bbl and increased its Q4 forecast to USD 130/bbl from USD 125/bbl. Morgan Stanley's base case view is for Brent to reach USD 130/bbl during Q3 with an upside to the bull case estimate of USD 150/bbl. Spot gold languished near the prior day's lows amid a firmer greenback. JPMorgan continues to see gold trading softer towards USD 1,800/oz in Q3 2022 on an expected rebound in investor risk sentiment and continued push higher in US yields. Spot gold is firmer but capped by USD 1850/oz, which now coincides with its 10-DMA, after losing the level late on Monday; base metals are generally pressured, amid risk aversion and following yesterday's price action. US Event Calendar 8:30am: Revisions: Trade Balance 8:30am: April Trade Balance, est. -$89.5b, prior -$109.8b 3pm: April Consumer Credit, est. $35b, prior $52.4b DB's Jim Reid concludes the overnight wrap Yesterday I published the 24th Annual Default Study. While nothing much will change for the remainder of 2022, we think we might be coming to the end of the ultra-low default world we’ve discussed so much in previous editions. First, we will likely have a cyclical US recession to address in 2023, and after that, a risk of the reversal of trends that have made the last 20 years so subdued for defaults. We see US HY defaults peaking at just over 10% in 2024 with Europe just under 7% helped by a higher BB weighting. After that we see many of the trends of the last couple of decades reversing, helping to leave the ultra-low default era behind. You can read all about this in the note but these factors include: higher structural inflation, less ability for central banks to be as aggressive across all fixed income - they will be forced to pick their battles (eg Peripherals), less global FX reserve accumulation, a turn up in the free float of global government bonds, higher term premium, a structural fall from peak corporate profits, and shorter gaps between recessions. None of this need be a disaster just a change in the long-term trend. Clearly our view relies a lot on inflation being sticky and helping set off a 2023 recession and then remaining sticky after this, and thus changing the landscape of the last 20 years. If we’re wrong on both, the ultra-low default world will survive. See the report here. The biggest story yesterday was a surge in yields but before we get there, a big curiousity to those of us in the UK, albeit with very limited implications for global markets, was the confidence vote last night for Prime Minister Boris Johnson from within his own party. That came after the threshold of 15% of his own MPs called for a vote, and the final result saw him win by just 211-148, meaning that 41% of his own party’s MPs voted against him. For reference, that’s more than the 37% of MPs who voted against his predecessor Theresa May in a similar vote in December 2018, and it was only 5 months later that she announced her resignation after failing to deliver Brexit and witnessing a dramatic turn in the Conservatives’ poll ratings. The next big hurdle for Johnson will likely be two by-elections on June 23rd, one of which is in a “Red Wall” seat that the Conservatives gained off Labour for the first time in decades to win their majority at the last election, whilst the other is in a traditionally safe Devon seat for the Conservatives but where the bookmakers have the Liberal Democrats as the favourite to win. So bad showings in those two would keep questions about Johnson’s leadership in the headlines and further intensify the pressure on him. In theory the Conservative leadership rules give him another year before a repeat confidence vote can happen, but history tells us that once this process gets set in motion it is incredibly difficult to reverse the negative momentum, and both Theresa May and Margaret Thatcher resigned well within a year even though they also won a majority of their own MPs at the confidence vote. Sterling actually climbed around +0.5% in the morning as the vote was officially triggered before giving back half these gains as the day progressed. However even after the surprise result at 9pm last night Sterling didn't move, and this morning it’s just -0.09% lower, trading at 1.252 against the US dollar. Back to the main event, which was the global rates sell-off, where 10yr Treasury yields poked back up above 3% for the first time in nearly a month, whilst European yields hit fresh multi-year highs of their own ahead of this Thursday’s ECB meeting. There’ve been a couple of catalysts behind those moves higher, but a key one over the last week and a half has been the perception that near-term recession risks (at least in 2022) are fading back again, which in turn is set to give central banks the space to continue hiking rates and thus take bond yields higher. On top of that, the fact that recent inflation data has proven stickier than expected has also pushed yields higher, and investors are eagerly awaiting to see if we get another upside surprise from the US CPI reading out on Friday. All-in-all, those moves sent the 10yr Treasury yield up by +10.3bps yesterday to 3.04%, with a rise in real yields of +8.3bps behind the bulk of the move. That came as investors dialled back up their bets on Fed tightening over the rest of the year, with the implied rate by the December FOMC meeting at a 1-month high of 2.85%, whilst the rate priced in by the Feb-2023 meeting went back above 3% for the first time in a month as well. But it was in Europe where there were even more significant milestones, with the amount of ECB rate hikes priced in by December exceeding 125bps for the first time, meaning that markets are fully pricing in at least one 50bp hike by year-end, assuming the ECB begins liftoff at the July meeting. That prospect of a 50bp hike from the ECB sent yields on 10yr bunds up +4.9bps to 1.32%, which is their highest level since mid-2014, whilst the German 2yr yield (+3.0bps) hit its highest level since 2011. It was a similar picture elsewhere on the continent, with yields on 10yr OATs (+4.1bps) at a post-2014 high, and those on 10yr BTPs (+1.3bps) at a post-2018 high. Gilts underperformed however, with 10yr yields up +9.2bps as investors moved to price in at least one 50bp hike from the BoE by year-end. Those moves have gained further momentum overnight after the Reserve Bank of Australia hiked rates by a larger-than-expected 50bps, helping 10yr Treasury yields to rise a further +1.9bps this morning to hit 3.06%. Their statement also pointed to further tightening ahead, and said that they expect “to take further steps in the process of normalizing monetary conditions in Australia over the months ahead”, and that they were “committed to doing what is necessary to ensure that inflation in Australia returns to target over time.” Unsurprisingly, the Australian dollar is also the top-performing G10 currency this morning, up +0.50% against the US Dollar. The strong rise in bond yields wasn’t enough to stop equities from posting a decent start to the week, although they did pare back their initial gains following the US open. By the close, the S&P 500 (+0.31%) had held onto a broad-based advance, with 8 of 11 sectors advancing, even after paring back gains as high as +1.5% in the morning. Tech stocks fared slightly better than the broader index, with the NASDAQ gaining +0.40%. The clearest split was between mega- and small-cap shares, as mega-cap shares were clear outperformers as the FANG+ Index ended the day +1.68% higher while the small-cap Russell 2000 (+0.36%) lagged behind. It was much the same story in Europe too, where the STOXX 600 (+0.92%), the DAX (+1.34%) and the CAC 40 (+0.98%) all moved higher as well. Whilst equities were making further gains, there wasn’t much respite on the inflation side since commodities continued their advance, with Bloomberg’s Commodity Spot Index (+1.86%) hitting a fresh record on the back of the latest moves. Admittedly, Brent Crude (-0.18%) and WTI (-0.31%) oil prices fell back slightly, and we also saw European natural gas prices (-1.75%) fall to their lowest levels since Russia’s invasion of Ukraine began. But US natural gas prices surged another +8.37% to a fresh post-2008 high, whilst agricultural goods also saw some serious movements, with futures on corn (+2.13%), wheat (+5.10%) and sugar (+1.40%) all rising on the day. This morning we’ve seen even further momentum behind commodity prices, with Brent crude moving back above the $120/bbl mark thanks to a +0.69% gain. Overnight in Asia, equity markets have put in a pretty mixed performance as they grappled with that monetary tightening mentioned above. The Nikkei (+0.51%), the CSI 300 (+0.65%) and the Shanghai Comp (+0.48%) have all moved higher, but the Hang Seng (-0.12%) has posted a marginal decline and the Kospi (-1.37%) has lost significant ground. Meanwhile in Australia, the S&P/ASX 200 has deepened its loses since the RBA’s hawkish decision, and is currently down -1.63%, whilst futures in the US are also pointing lower, with those on the S&P 500 down -0.59% this morning. On the FX side, we’ve also seen the Japanese Yen fall to a 20-year low against the US Dollar of 131.88 by the close yesterday, and this morning it’s lost further ground to hit 132.86. That comes as the BoJ stands out among its global peers in not tightening policy, which is leading to a widening interest rate differential as other central banks continue hiking. Finally we started on credit so let's end there too before the day ahead preview. Our colleagues in the European Leveraged Finance Research team have just published their quarterly top trade ideas. You can find the report here. To the day ahead now, and data releases include German factory orders for April, the final UK services and composite PMI for May, as well as the US trade balance and consumer credit for April. Otherwise central bank speakers include the ECB’s Wunsch. Tyler Durden Tue, 06/07/2022 - 08:03.....»»

Category: blogSource: zerohedgeJun 7th, 2022

5 ETFs That Gained 6% Plus in Thursday"s Trading Session

Wall Street rallied on Thursday to end the week in positive territory as cheap valuation has compelled investors to buy stocks at a discount. Wall Street rallied on Thursday to end the week in positive territory. This is especially true as cheap valuation has compelled investors to buy stocks at a discount. Additionally, easing inflation and strong manufacturing data bolster confidence. The most beaten-down growth and technology stocks were the biggest beneficiaries.We have highlighted five of them from different corners of the market that gained more than 6% on the day. These include Simplify Volt Cloud and Cybersecurity Disruption ETF VCLO, ETFMG Prime Junior Silver ETF SILJ, Renaissance IPO ETF IPO, Amplify Online Retail ETF IBUY and Invesco WilderHill Clean Energy ETF PBW.U.S. manufacturing activity picked up in May as new orders and output growth quickened, suggesting solid demand. Meanwhile, an inflation gauge closely tracked by the Federal Reserve rose 6.3% year over year in April, just below a four-decade high set in March and the first slowdown since November 2020.Further, the latest Fed minutes rekindled some interest in the stock market as there were no surprises. The minutes showed that the central bank will continue raising interest rates by half-percentage point each in June and July to combat surging inflation and avoid an economic downturn (read: Fed Minutes Rekindle Optimism: 5 ETFs That Surged the Most).Let’s dig into the detail of the above-mentioned ETFs:Simplify Volt Cloud and Cybersecurity Disruption ETF (VCLO) – Up 9.6%Simplify Volt Cloud and Cybersecurity Disruption ETF is a thematic investment product and is actively managed. It is designed to concentrate on those few disruptive companies that are poised to dominate the new era of cloud technology and then enhance the concentrated exposure with options.Simplify Volt Cloud and Cybersecurity Disruption ETF is a high-cost choice, charging 0.95% in annual fees. VCLO has accumulated $8.4 million in its asset base and trades in an average daily volume of 9,000 shares.ETFMG Prime Junior Silver ETF (SILJ) – Up 8.1%ETFMG Prime Junior Silver ETF provides direct exposure to the small-cap silver mining exploration and production industry by tracking the Prime Junior Silver Miners & Explorers Index. It holds 57 stocks in its basket, with the Canadian firms taking the lion’s share at 83.5%, while the United States takes 7.1% exposure (read: Can Value ETFs Continue to Outperform Growth?).ETFMG Prime Junior Silver ETF has managed assets worth $734.6 million and trades in a good volume of nearly 1.8 million shares a day. It charges 69 bps in annual fees.Renaissance IPO ETF (IPO) – Up 6.6%Renaissance IPO ETF provides exposure to the largest and most-liquid, newly listed companies by tracking the Renaissance IPO Index. It currently holds 100 stocks in its basket, with each accounting for less than 7.2% exposure.Renaissance IPO ETF has amassed $191.2 million in its asset base while trading in a light volume of about 123,000 shares, probably implying additional cost beyond the expense ratio of 0.60%.Amplify Online Retail ETF (IBUY) – Up 6.1%Amplify Online Retail ETF offers global exposure to companies that derive 70% or more revenues from online and virtual retail by tracking the EQM Online Retail Index. IBUY holds 74 stocks in its basket, with none accounting for more than 2.5% of assets. Amplify Online Retail ETF has the largest allocation in traditional retail at 49.5%, followed by 36.9% in the marketplace (read: Wave of Dismal Q1 Earnings Drags Retail ETFs Down).Amplify Online Retail ETF has attracted $258 million in its asset base and charges 65 bps in annual fees. IBUY trades in an average daily volume of 66,000 shares.Invesco WilderHill Clean Energy ETF (PBW) – Up 6.7%Invesco WilderHill Clean Energy ETF offers exposure to companies that are publicly traded in the United States and are engaged in the business of advancement of cleaner energy and conservation. It follows the WilderHill Clean Energy Index and holds 79 stocks in its basket.Invesco WilderHill Clean Energy ETF has amassed $1.1 billion in its asset base and trades in a solid volume of around 337,000 shares a day. It charges investors 61 bps in fees per year.  Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Invesco WilderHill Clean Energy ETF (PBW): ETF Research Reports Renaissance IPO ETF (IPO): ETF Research Reports ETFMG Prime Junior Silver Miners ETF (SILJ): ETF Research Reports Amplify Online Retail ETF (IBUY): ETF Research Reports Simplify Volt Cloud and Cybersecurity Disruption ETF (VCLO): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksJun 5th, 2022

Elon Musk Knows That Tesla Is “The Next Netflix”; Here Is What Happens Next

Stanphyl Capital’s commentary for the month ended May 31, 2022, discussing their short position in Tesla Inc (NASDAQ:TSLA). The latest on Tesla… In May Business Insider published a heretofore unknown story about Elon Musk paying $250,000 to settle a sexual harassment case brought by a flight attendant on one of his “global warming-fighting” private jets. […] Stanphyl Capital’s commentary for the month ended May 31, 2022, discussing their short position in Tesla Inc (NASDAQ:TSLA). The latest on Tesla… In May Business Insider published a heretofore unknown story about Elon Musk paying $250,000 to settle a sexual harassment case brought by a flight attendant on one of his “global warming-fighting” private jets. Yes, the same Musk who soon after the story broke tweeted this: if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more In fact, following that story’s publication Musk had a complete “Twitter legal meltdown”: What’s behind THAT??? Could it be that there’s rarely “just one cockroach”??? My comment to any investor who still owns this bubble-fraud with that guy in charge: Have fun staying long! More “fundamentally” we remain short Tesla, the biggest bubble-stock in modern market history, because: It has a flat-to-sliding share of the world’s EV market and a share of the overall auto market that’s only around 1.5%, yet a market cap roughly equal to the next 9 largest automakers combined despite selling fewer than 3% of the cars they do. It has no “moat” of any kind; i.e., nothing meaningfully proprietary in terms of its electric car technology (which has now been equaled or surpassed by numerous competitors), while existing automakers—unlike Tesla­—have a decades-long “experience moat” of knowing how to mass-produce, distribute and service high-quality cars consistently and profitably. Meanwhile, its previously proprietary Superchargers are being opened to everyone. Excluding working capital benefits and sunsetting emission credit sales Tesla generates only minimal free cash flow. Growth in sequential unit demand for Tesla’s cars is at a crawl relative to expectations. Elon Musk is a pathological liar. Tesla Is Netflix For years I’ve said “Tesla is Blackberry”—the maker of a first-generation version of a product that—once the market was proven—would be supplanted into niche obscurity by newer, better versions; now I can provide a much more recent analogy: Tesla is Netflix. For years Netflix had an absurd valuation based on its pioneering position in streaming media, but once it proved that such a market existed myriad competitors swarmed all over it, and in April the stock collapsed when we learned that not only is Netflix no longer in “hypergrowth” mode but for the first time since 2011 (when it transitioned from physical DVDs) it actually lost subscribers. I believe Musk knows that Tesla is “the next Netflix” (hence his recent “Twitter buying distraction”), with VW, Hyundai/Kia, Ford, GM, BMW, Mercedes, BYD & other Chinese competitors and, in a few years, Toyota & Honda, being the Disney, HBO Max, Amazon Prime, Peacock, Hulu, Paramount +, etc., of the electric car market, stealing Tesla’s share and eventually pounding its stock price down 95% or so from today’s, into the valuation of “just another car company.” In fact, Tesla’s Q1 deliveries were sequentially nearly flat (just 1398 additional cars, a gain of just 0.45%) vs. the previous quarter, and even that was only “achieved” by a sneaky redefinition by Tesla of what “a delivery” is. Yes, the company is chip-constrained, but its competitors (who, unlike Tesla, are unwilling to delete safety equipment or use untested chips to maintain production) are even more constrained, and in fact waiting times are longer for Tesla’s direct EV competitors than they are for a Tesla; for instance, Ford’s Mustang Mach-E is so in demand that it has even halted additional orders for the 2022 model year. (Current annual Mach-E production capacity is around 65,000 for the U.S. & Europe and tens of thousands more for China, but in 2023 U.S. & European capacity will expand to 200,000.) The worst thing that can possibly happen to “the Tesla story” will be when its German and Texas plants are fully operational and the subsequent excess capacity stares the world right in the face, thereby ending its myth of “unlimited demand” (especially at current, drastically-raised prices, where the cheapest Model 3 now starts at $47,000 and the cheapest Model Y begins at $63,000); in fact, look for margin-destroying price cuts by late this year or early 2023. Meanwhile, the “record” profits that accompanied Q1’s nearly flat delivery number were obtained via myriad one-time items, including $679 million of emission credit sales that will disappear over the next year or two as every automaker ramps up its EV sales, a mysterious $502 million reduction in SG&A expense (of which only $140 million was due to reduced stock comp) despite opening new factories in Germany and Texas (what is Tesla capitalizing instead of expensing???) and a combination of FIFO accounting and multiple sticker price increases that allowed Tesla to expense rapidly rising raw materials costs at older, lower prices while selling cars built from those materials at new, considerably higher prices. Adjusting for these factors, Tesla had GAAP earnings for the quarter that were at least $1/share lower than the posted $2.86, and annualizing that realistic $1.86/share to $7.44 means that at May’s closing price Tesla (on a no-growth quarter) had a PE ratio of around 102 vs. an industry-wide figure of less than 10. Meanwhile, excluding growth in net payables and $993 million in sunsetting emission credit sales, Tesla’s free cash for Q1 2022 and Q4 2021 combined was just $950 million, which annualizes to only around $1.9 billion*. A 15x multiple on this (roughly a 100% premium to BMW’s multiple) would make TSLA stock worth only around $28/share! *And I’m not even backing out Tesla’s massively dilutive stock comp And for those of you who think that Tesla is “really an energy company,” in Q1 “Tesla Energy” had revenue of just $616 million (down 10.5% sequentially) and cost of revenue of $688 million, meaning it had a negative gross margin. So if Tesla is “really an energy company,” it’s even more screwed than if it’s just a car company! Meanwhile, many Tesla bulls sincerely believe that ten years from now the company will be twice the size of Volkswagen or Toyota, thereby selling around 20 million cars a year (up from the current run-rate of around 1.3 million); in fact in March Musk himself even raised this as a possibility. To illustrate how utterly absurd this is, going from 1.3 million cars a year today to 20 million in ten years means that in addition to one million cars a year of eventual production from the new German and Texas factories, Tesla would have to add 35 more brand new 500,000 car/year factories with sold out production; i.e., a new factory nearly every single quarter for ten years! And what then? Well, then you’d have a car company approximately twice the size of Toyota (current market cap: $229 billion) or Volkswagen (current market cap: $111 billion). If that would make Tesla worth, say, $500 billion in 10 years, discounting that back at 15%/year and allowing for enough share dilution to pay for all those factories, Tesla—in that absurdly optimistic scenario—would be worth just $100/share today, down almost 90% from its current price. (To be clear, I think it’s going much lower than that!) The China Market Another favorite hype story from Tesla bulls has been “the China market,” but Tesla’s Q1 2022 domestic China sales sequentially declined by approximately 8000 units vs. Q4 2021, and it had only around 1.9% of the overall Chinese passenger vehicle market and has flatlined at only around 10% of the BEV market. In other words, “Tesla China” is no longer “a growth story”: Meanwhile,  as Tesla continues to sell its fraudulent & dangerous so-called “Full Self Driving” the head of that program recently took a four-month sabbatical; the last major Tesla executive who did that never returned. In a sane regulatory environment Tesla, having sold this garbage software for over 5  years now… …would be prosecuted for “consumer fraud,” and Guidehouse Insights continues to rate Tesla dead last among autonomous competitors. In fact, as of May the NHTSA had investigated 39 crashes involving “automated driver assistance” systems and Tesla’s “Autopilot” was involved in 14x as many fatalities as all other systems combined: Is this deadly product about to be banned, with massive write-downs and refunds to follow? Stay tuned! (And for all Tesla deaths cited in the media—which is likely only a small fraction of those that have occurred—see TeslaDeaths.com.) Another favorite Tesla hype story has been built around so-called “proprietary battery technology.” In fact though, Tesla has nothing proprietary there—it doesn’t make them, it buys them from Panasonic, CATL and LG, and it’s the biggest liar in the industry regarding the real-world range of its cars. And if new-format 4680 cells enter the market some time in 2024 (as is now expected), even if Tesla makes some of its own,  other manufacturers will gladly sell them to anyone. Tesla Build Quality Remains Awful Meanwhile, Tesla build quality remains awful (it ranks second-to-last in the latest Consumer Reports reliability survey) while the latest survey from British consumer organization Which? found it to be one of the least reliable cars in existence. And Tesla’s worst-rated Model Y faces current (or imminent) competition from the much better built electric Audi Q4 e-tron, BMW iX3, Mercedes EQB, Volvo XC40 Recharge, Volkswagen ID.4, Ford Mustang Mach E, Nissan Ariya, Hyundai Ioniq 5, Kia EV6 and Polestar 3. And Tesla’s Model 3 now has terrific direct “sedan competition” from Volvo’s beautiful Polestar 2, the great new BMW i4 and the premium version of Volkswagen’s ID.3 (and upcoming Volkswagen Aero B, plus multiple local competitors in China. And in the high-end electric car segment worldwide the Audi e-tron (substantially improved for 2022) and Porsche Taycan outsell the Models S & X (and the newly updated Tesla models with their dated exteriors and idiotic shifters & steering wheels won’t change this), while the spectacular new Mercedes EQS, Audi e-Tron GT and Lucid Air make the Tesla Model S look like a fast Yugo, while the extremely well reviewed new BMW iX and Mercedes EQS SUV do the same to the Model X. And oh, the joke of a “pickup truck” Tesla previewed in 2019 (and still hasn’t shown in production-ready form) won’t be much of “growth engine” either, as it will enter a dogfight of a market; in fact, Ford’s terrific 2022 all-electric F-150 Lightning now has over 200,000 retail reservations (plus many more fleet reservations), GM has introduced its fantastic 2023 electric Silverado which already has nearly 200,000 reservations and Rivian’s pick-up has gotten excellent early reviews. Regarding safety, as noted earlier in this letter, Tesla continues to deceptively sell its hugely dangerous so-called “Autopilot” system, which Consumer Reports has completely eviscerated; God only knows how many more people this monstrosity unleashed on public roads will kill despite the NTSB condemning it. Elsewhere in safety, the Chinese government forced the recall of tens of thousands of Teslas for a dangerous suspension defect the company spent years trying to cover up, and now Tesla has been hit by a class-action lawsuit in the U.S. for the same defect. Tesla also knowingly sold cars that it knew were a fire hazard and did the same with solar systems, and after initially refusing to do so voluntarily, it was forced to recall a dangerously defective touchscreen. In other words, when it comes to the safety of customers and innocent bystanders, Tesla is truly one of the most vile companies on Earth. Meanwhile the massive number of lawsuits of all types against the company continues to escalate. So Here Is Tesla’s Competition In Cars… (note: these links are regularly updated) Porsche Taycan Porsche Taycan Cross Turismo Porsche Macan Electric SUV Officially Coming in 2023 Volkswagen ID.3 Volkswagen ID.4 Electric SUV Volkswagen unveils ID.6 SUV EV in China Volkswagen ID.Buzz Electric Van Volkswagen Aero B saloon to rival Tesla Model 3 - could come with up to 435 miles of range  New sketch of 2025 Volkswagen ID.1 unveiled VW’s Cupra Born Volkswagen unveils $7.1B commitment to boost product line-up, R&D, mfg in N. America Audi e-tron Audi e-tron Sportback Audi E-tron GT Audi Q4 e-tron Audi Q6 e-tron confirmed for 2022 launch 2022 Audi A6 e-tron set to take on Tesla Audi will expand EV lineup with electric A6 wagon Audi TT to be axed in 2023 for 'emotional', electric replacement Hyundai Ioniq 5 Hyundai Ioniq 6 Will Be a Slick-Looking EV Sedan Hyundai Kona Electric Genesis reveals their first EV on the E-GMP platform, the electric GV60 crossover Genesis Electrified GV70 Revealed With 483 Horsepower And AWD Kia Niro Electric: 239-mile range & $39,000 before subsidies Kia EV6: Charging towards the future Kia EV9 to land in US in 2023 with 300-miles range, $50,000 price Kia EV4 on course to grow electric SUV range Jaguar’s All-Electric i-Pace Jaguar to become all-electric brand; Land Rover to Get 6 electric models Daimler will invest more than $47B in EVs and be all-electric ready by 2030 Mercedes EQS: the first electric vehicle in the luxury class 2023 Mercedes EQS SUV Is a Seven-Seat EV Flagship with up to 536 HP 2023 Mercedes EQE Electric Sedan Mercedes EQE SUV to rival BMW iX and Tesla Model X Mercedes EQC electric SUV available now in Europe & China Mercedes-Benz Launches the EQV, its First Fully-Electric Passenger Van Mercedes-Benz EQB Makes Its European Debut, US Sales Confirmed Mercedes-Benz unveils EQA electric SUV with 265 miles of range and ~$46,000 price Ford Mustang Mach-E Available Now Ford F-150 Lightning electric pick-up available 2022 Ford set to launch ‘mini Mustang Mach-E’ electric SUV in 2023 Ford to launch 7 EVs in Europe in big electric push Ford unveils Lincoln Star electric SUV concept as it readies to add four new EVs by 2026 Polestar 2 sedan Polestar 3 SUV to debut in October 2022 Volvo XC40 Recharge Volvo C40 Recharge Polestar 3 will be an electric SUV that shares its all-new platform with next Volvo XC90 Chevrolet Bolt sedan, 259-mile range starting at $31,000 Chevrolet Bolt EUV electric crossover Cadillac All-Electric Lyriq Available Spring 2022 GMC 2022 ALL-ELECTRIC SUPERTRUCK HUMMER EV GM’s 2023 electric Silverado pickup truck GMC to launch electric Hummer SUV in 2023 GM announces electric versions of the 2023 Chevy Equinox & Blazer SUVs starting @ $30,000 GM Launches BrightDrop to Electrify the Delivery of Goods and Services GM & Honda Will Codevelop Affordable EVs Targeting Most Popular Vehicle Segments Honda pours $40 billion into electrification, targets 2 million EV production by 2030 BMW leads off EV offensive with iX3 BMW expands EV offerings with iX tech flagship and i4 sedan BMW i7 EV, with 600 hp, will be most powerful variant of new 7 Series flagship BMW iX1 testing photos released and 272-mile range confirmed Renault-Nissan alliance plows $26B into EV blitz- will jointly launch 35 new EVs Nissan vows to hop back on EV podium with Ariya Nissan LEAF e+ with 226-mile range is available now Nissan Unveils $18 Billion Electric-Vehicle Strategy Renault upgrades Zoe electric car as competition intensifies Renault Dacia Spring Electric SUV Renault to boost low-volume Alpine brand with 3 EVs Renault's electric Megane will debut new digital cockpit Stellantis promises 'heart-of-the-market SUV' from new, 8-vehicle EV platform Chrysler to go all-EV by 2028 Alfa Romeo's First Electric Car Will Arrive in 2024 Peugeot e-208 PEUGEOT E-2008: THE ELECTRIC AND VERSATILE SUV Peugeot 308 will get full-electric version Subaru shows off its first electric vehicle, the Solterra SUV Citroen compact EV challenges VW ID3 on price Rivian R1T Is the Most Remarkable Pickup We’ve Ever Driven Maserati going fully electric by 2030 -all vehicles will offer a BEV version by 2025 Mini Cooper SE Electric Toyota’s Electric bZ4X Goes On Sale in Spring 2022 Toyota will have lineup of 30 full EVs by 2030; Lexus will be all-electric brand Honda and Sony to build, sell EVs by 2025 Opel sees electric Corsa as key EV entry 2021 Vauxhall Mokka revealed as EV with sharp looks, massive changes Skoda Enyaq iV electric SUV offers range of power, battery sizes Electric Skoda Enyaq coupe to muscle-in on Tesla Model 3 Skoda plans small EV, cheaper variants to take on French, Korean rivals Nio to launch in five more European countries after Norway BYD will launch electric SUV in Europe The Lucid Air Achieves an Estimated EPA Range of 517 Miles on a Single Charge Bentley will start output of first full EV in 2025 All-electric Rolls-Royce Spectre to launch in 2023 – firm to be EV-only by 2030 Aston Martin will build electric vehicles in UK from 2025 Meet the Canoo, a Subscription-Only EV Pod Coming in 2021 Two new electric cars from Mahindra in India; Global Tesla rival e-car soon Former Saab factory gets new life building solar-powered Sono Sion electric cars Foxconn aims for 10% of electric car platform market by 2025 And In China, Where Tesla’s EV Market Share Is Stuck At 10% And Not Growing… BYD is #1 in Chinese EVs, selling FAR more than Tesla Volkswagen to boost Chinese EV capacity to 1m by 2023 Audi-FAW's $3.3 billion electric vehicle venture Nio Xpeng Motors Hozon/Neta Li Auto GAC Aion Leap Motors GM launches Ultium EV production platform in China Ford Mustang Mach-E Rolls Off Assembly Line in China Cheaper than Tesla: Honda takes aim at China's middle class BMW i3 Debuts As All-Electric 3 Series Only For China Hongqi Geely Zeekr Premium EVs by Geely Baidu and Geely put nearly $400 million more into their electric car venture Mercedes-Benz Said To Build EV In China From 2024 BAIC Hyundai, BAIC Motor to inject $942 mn in China JV for EVs Toyota partners with BYD to build affordable $30,000 electric car Lexus RZ 450e Steers For China Dongfeng SAIC Renault launches sales of first EV in China Nissan expects 40% of sales in China to be electrified by 2026 Changan forms subsidiary Avatar Technology to develop smart EVs with Huawei, CATL WM Motors/Weimar Chery Seres Enovate Singulato JAC Motors Iconiq Motors Aiways Skyworth Auto Youxia Human Horizons Xiaomi announces plans for four electric vehicle models Here’s Tesla’s Competition In Autonomous Driving; The Independents All Have Deals With Major OEMs… Waymo ranked top & Tesla last in Guidehouse leaderboard on automated driving systems Tesla has a self-driving strategy other companies abandoned years ago Waymo operates robotaxis NOW GM’s Cruise operates robotaxis NOW Argo AI (owned by Ford & VW) Begins Driverless Vehicle Operations in Miami & Austin Mobileye operates driverless test fleets in Europe and the U.S. Cadillac Super Cruise Sets the Standard for Hands-Free Highway Driving Ford’s hands-free “Blue Cruise” Mercedes Launches SAE Level 3 Drive Pilot System Honda Legend Sedan with Level 3 Autonomy Now Available in Japan Hyundai + Motional Bringing IONIQ 5 robotaxis to the streets from 2023 Amazon’s Zoox will test its autonomous vehicles on Seattle’s rainy streets Baidu Apollo’s autonomous driving service is now inclusive to all the megacities in China Alibaba-backed AutoX unveils first driverless RoboTaxi production line in China Pony.ai approved for public driverless robotaxi service in Beijing Here’s Where Tesla’s Competition Will Get Its Battery Cells… Panasonic (making deals with multiple automakers) LG Samsung SK Innovation Toshiba CATL BYD Sweden’s Northvolt begins shipments Volkswagen to Build Six Electric-Vehicle Battery Factories in Europe How GM's Ultium Battery Will Help It Commit to an Electric Future GM to develop lithium-metal batteries with SolidEnergy Systems Ford, SK Innovation announce EV battery joint venture BMW & Ford Invest in Solid Power to Secure All Solid-State Batteries for Future Electric Vehicles Stellantis affirms commitment to build battery factory in Italy with Mercedes, TotalEnergies Stellantis and Samsung SDI to Invest Over $2.5B in Battery Production Plant in United States Stellantis and LG to Invest Over $5 Billion CAD in Joint Venture for Li-Ion Battery Plant in Canada Stellantis and Factorial Energy to Jointly Develop Solid-State Batteries for Electric Vehicles Mercedes-Benz to build 8 battery factories in push to become electric-only automaker Mercedes-Benz and Sila achieve breakthrough with high silicon automotive battery Toyota to build plant in N.C. capable of making up to 1.2M batteries a year Toyota Outlines Solid-State Battery Tech, $13.6 Billion Investment Nissan Announces Proprietary Solid-State Batteries Daimler joins Stellantis as partner in European battery cell venture ACC Renault signs EV battery deals with Envision, Verkor for French plants Nissan to build $1.4bn EV battery plant in UK with Chinese partner UK companies AMTE Power and Britishvolt plan $4.9 billion investment in battery plants Freyr Verkor Farasis Microvast Akasol Cenat Wanxiang Eve Energy Svolt Romeo Power ProLogium Hyundai Motor developing solid-state EV batteries Morrow Here’s Tesla’s Competition In Charging Networks… Infrastructure Bill: $7.5 billion Towards Nationwide Network of 500,000 EV Chargers Electrify America EVgo Chargepoint Ionity Europe Shell 51 U.S. electric companies commit to build nationwide EV fast charging network by end of 2023 GM to Expand Access to EV Charging with More than 40,000 Charging Stations Volkswagen powers up the grid to take on Tesla Circle K begins North American EV fast charger rollout, plans 200-site network by 2024 Porsche to build out its own network of EV charging stations Petro-Canada Coast-to-Coast Canadian Charging Network Volta E.On BP Volkswagen and BP partner to deploy up to 8,000 EV chargers across EU/UK Smatric Allego Podpoint Instavolt Fastned Total Nio Battery Swap Stations BMW to Build 360,000 Charging Points in China to Juice Electric Car Sales Evie And Here’s Tesla’s Competition In Storage Batteries… Panasonic Samsung LG Energy Solutions CATL BYD AES + Siemens (Fluence) Hitachi ABB Toshiba Saft Johnson Contols EnerSys SOLARWATT Sonnen Generac Kokam Eaton Tesvolt Leclanche Lockheed Martin Honeywell EOS Energy Storage ESS Electriq Power Redflow Primus Power Simpliphi Power Invinity Murata Bollore Adara Blue Planet Aggreko Orison Powin Energy Nidec Powervault Kore Power Shanghai Electric LithiumWerks Natron Energy Energy Vault Ambri Voltstorage Cadenza Innovation Morrow Gridtential Villara Elestor SolarEdge Q-Cells Huawei ADS-TEC Form Energy Enphase Sumitomo Electric Stryten Energy Freyr Growatt Polarium Thanks, Mark Spiegel Updated on Jun 1, 2022, 10:40 am (function() { var sc = document.createElement("script"); 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Category: blogSource: valuewalkJun 1st, 2022

Tesla’s Free Cash Flow Is Still Resoundingly Negative

Stanphyl Capital’s commentary for the month ended March 31, 2022, discussing their short position in Tesla Inc (NASDAQ:TSLA). We remain short the biggest bubble in modern stock market history, Tesla Inc. (TSLA) which, despite a steadily sliding share of the world’s EV market and a share of the overall auto market that’s only around 1.5%, […] Stanphyl Capital’s commentary for the month ended March 31, 2022, discussing their short position in Tesla Inc (NASDAQ:TSLA). We remain short the biggest bubble in modern stock market history, Tesla Inc. (TSLA) which, despite a steadily sliding share of the world’s EV market and a share of the overall auto market that’s only around 1.5%, Trevor Scott points out has a market cap roughly equal to the next 20 largest automakers combined: if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2021 hedge fund letters, conferences and more So here’s why we remain short Tesla: Tesla has no “moat” of any kind; i.e., nothing meaningfully proprietary in terms of its electric car technology (which has now been surpassed by numerous competitors), while existing automakers—unlike Tesla­—have a decades-long “experience moat” of knowing how to mass-produce, distribute and service high-quality cars consistently and profitably. Excluding working capital benefits and sunsetting emission credit sales Tesla generates negative free cash flow. Growth in sequential unit demand for Tesla’s cars is at a crawl relative to expectations. Elon Musk is a pathological liar who under the terms of his SEC settlement cannot deny having committed securities fraud. Tesla’s Q1 Deliveries Tesla’s Q1 2022 delivery number (to be reported in early April) will likely only be slightly better than Q4 2022’s 308,000, perhaps a 20,000 (or fewer) unit gain that would be a rounding error for an auto company trading at even one-tenth of Tesla’s valuation. If in any quarter GM or VW or Toyota sold 2.02 million vehicles instead of 2 million or 1.98 million, no one would pay the slightest bit of attention to the difference. Seeing as Tesla is still being valued at over seventeen GMs, it’s time to start looking at its relatively tiny numerical sequential sales growth, rather than Wall Street’s sell-side hype of “percentage off a small base.” In other words, if you want to be valued at a giant multiple of “the big boys,” you should be treated as a big boy. And yes, Tesla is somewhat capacity constrained, but so are all its competitors. Let’s see how quickly “constraint” morphs into “excess capacity” when the German and Texas factories are fully online! Meanwhile in January Tesla reported results for Q4 2021 and once again proved that it’s a truly horrible business. Although the company claimed to have generated $2.8 billion in free cash flow for the quarter, that was almost entirely created by massively increased payables & accrued liabilities, and by stock-based compensation. After adjusting for those factors (and a tiny increase in receivables), Tesla’s free cash flow was just $119 million, and that undoubtedly included several hundred million dollars of previously earned & billed emission credit sales, a revenue stream which will almost entirely disappear next year as other automakers begin selling enough electric cars of their own. Thus, despite all the sell-side and media hype, on a sustainable basis Tesla’s free cash flow is still resoundingly negative. An Energy Company And for those of you who think that Tesla is “really an energy company,” in Q4 “Tesla Energy” had revenue of $688 million (down 8.5% year-over-year and 8% sequentially) and cost of revenue of $739 million, meaning it had a negative gross margin. So if Tesla is “really an energy company,” it’s even more screwed than if it’s just a car company! Meanwhile, perhaps the biggest reason Tesla has recently been able to post marginally increasing sequential quarterly deliveries is because competitors’ production is at the lowest level in decades due to the massive chip shortage, thereby eliminating a number of “Tesla alternatives.” Yet Tesla is enjoying record production because Musk (a notorious “corner-cutter”) is apparently willing to either substitute untested, non-auto-grade chips for the more durable chips he can’t get (please see my Twitter post about this) or simply eliminate entire crucial safety systems such as back-up steering and crash-avoidance radar. Meanwhile, many Tesla bulls sincerely believe that ten years from now the company will be twice the size of Volkswagen or Toyota, thereby selling around 20 million cars a year (up from the current run-rate of around 1.3 million); in fact in March Musk himself even raised this as a possibility. To illustrate how utterly absurd this is, going from 1.3 million cars a year today to 20 million in ten years means that in addition to one million cars a year of eventual production from the new German and Texas factories, Tesla would have to add 35 more brand new 500,000 car/year factories with sold out production; i.e., a new factory nearly every single quarter for ten years! And what then? Well, then you’d have a car company approximately twice the size of Toyota (current market cap: $249 billion) or Volkswagen (current market cap: $110 billion). If that would make Tesla worth, say, $500 billion in 10 years, discounting that back at 15%/year and allowing for enough share dilution to pay for all those factories, Tesla—in that absurdly optimistic scenario—would be worth just $100/share today, down almost 93% from its current price. Another favorite hype story from Tesla bulls has been “the China market.” But based on the Chinese domestic (non-export) sales numbers we have for January and February it appears that Q1 2022 sales there barely grew (or may have even contracted)  from Q4 2021’s. And in Q4 Tesla had only around 1.5% of the overall Chinese passenger vehicle market and just 11% of the BEV market. Meanwhile,  as Tesla continues to sell its fraudulent & dangerous so-called “Full Self Driving” the head of that program just took a four-month sabbatical; the last major Tesla executive who did that (Doug Field) never returned. In a sane regulatory environment Tesla, having sold this garbage software for over five years now… …would be prosecuted for “consumer fraud,” and indeed the regulatory tide may finally be turning, as two U.S. senators continue to question its safety and in October the NHTSA appointed a harsh critic of this deadly product to advise on its regulation. (For all known Tesla deaths see here.) Are major write-downs and refunds on the way, killing the company’s slight “claimed profitability”? Stay tuned! Meanwhile, Guidehouse Insights continues to rate Tesla dead last among autonomous competitors: Another favorite Tesla hype story has been built around so-called “proprietary battery technology.” In fact though, Tesla has nothing proprietary there—it doesn’t make them, it buys them from Panasonic, CATL and LG, and it’s the biggest liar in the industry regarding the real-world range of its cars. And if new-format 4680 cells enter the market some time in 2024 (as is now expected), even if Tesla makes some of its own,  other manufacturers will gladly sell them to anyone. Build Quality Meanwhile, Tesla build quality remains awful (it ranks second-to-last in the latest Consumer Reports reliability survey) while the latest survey from British consumer organization Which? found it to be one of the least reliable cars in existence. And Tesla’s worst-rated Model Y faces current (or imminent) competition from the much better built electric Audi Q4 e-tron, BMW iX3, Mercedes EQB, Volvo XC40 Recharge, Volkswagen ID.4, Ford Mustang Mach E, Nissan Ariya, Hyundai Ioniq 5 and Kia EV6. And Tesla’s Model 3 now has terrific direct “sedan competition” from Volvo’s beautiful Polestar 2, the great new BMW i4 and the premium version of Volkswagen’s ID.3 (in Europe), plus multiple local competitors in China. And in the high-end electric car segment worldwide the Audi e-tron (substantially improved for 2022!) and Porsche Taycan outsell the Models S & X (and the newly updated Tesla models with their dated exteriors and idiotic shifters & steering wheels won’t change this), while the spectacular new Mercedes EQS, Audi e-Tron GT and Lucid Air make the Tesla Model S look like a fast Yugo, while the extremely well reviewed new BMW iX does the same to the Model X. And oh, the joke of a “pickup truck” Tesla previewed in 2019 (and still hasn’t shown in production-ready form) won’t be much of “growth engine” either, as it will enter a dogfight of a market; in fact, Ford’s terrific 2022 all-electric F-150 Lightning now has over 200,000 retail reservations (plus many more fleet reservations), GM has introduced its fantastic 2023 electric Silverado with over 110,000 reservations and Rivian’s pick-up has gotten excellent early reviews. Regarding safety, as noted earlier in this letter, Tesla continues to deceptively sell its hugely dangerous so-called “Autopilot” system, which Consumer Reports has completely eviscerated; God only knows how many more people this monstrosity unleashed on public roads will kill despite the NTSB condemning it. Elsewhere in safety, the Chinese government forced the recall of tens of thousands of Teslas for a dangerous suspension defect the company spent years trying to cover up, and now Tesla has been hit by a class-action lawsuit in the U.S. for the same defect. Tesla also knowingly sold cars that it knew were a fire hazard and did the same with solar systems, and after initially refusing to do so voluntarily, it was forced to recall a dangerously defective touchscreen. In other words, when it comes to the safety of customers and innocent bystanders, Tesla is truly one of the most vile companies on Earth. Meanwhile the massive number of lawsuits of all types against the company continues to escalate. So here is Tesla’s competition in cars... (note: these links are regularly updated) Porsche Taycan Porsche Taycan Cross Turismo Porsche Macan Electric SUV Officially Coming in 2023 Volkswagen ID.3 Volkswagen ID.4 Electric SUV Volkswagen unveils ID.6 SUV EV in China Volkswagen ID.Buzz electric van Volkswagen ID Vizzion confirmed - answer to the Tesla Model 3 VW’s Cupra brand counts on performance for Born EV Cupra, VW brand to get entry-level battery-powered cars Volkswagen unveils $7.1B commitment to boost product line-up, R&D, mfg in N. America Audi e-tron Audi e-tron Sportback Audi E-tron GT Audi Q4 e-tron Audi Q6 e-tron confirmed for 2022 launch 2022 Audi A6 e-tron set to take on Tesla Audi will expand EV lineup with electric A6 wagon Audi TT to be axed in 2023 for 'emotional', electric replacement Hyundai Ioniq 5 Hyundai Ioniq 6 Will Be a Slick-Looking EV Sedan Hyundai Kona Electric Genesis reveals their first EV on the E-GMP platform, the electric GV60 crossover Genesis Electrified GV70 Revealed With 483 Horsepower And AWD Kia Niro Electric: 239-mile range & $39,000 before subsidies Kia EV6: Charging towards the future Kia EV4 on course to grow electric SUV range Jaguar’s All-Electric i-Pace Jaguar to become all-electric brand; Land Rover to Get 6 electric models Daimler will invest more than $47B in EVs and be all-electric ready by 2030 Mercedes EQS: the first electric vehicle in the luxury class 2023 Mercedes-Benz EQS SUV Interior Unveiled With Up To Seven Seats Mercedes-Benz unveils EQE electric sedan with impressive 400-mile range Mercedes EQE SUV to rival BMW iX and Tesla Model X Mercedes EQC electric SUV available now in Europe & China Mercedes-Benz Launches the EQV, its First Fully-Electric Passenger Van Mercedes-Benz EQB Makes Its European Debut, US Sales Confirmed Mercedes-Benz unveils EQA electric SUV with 265 miles of range and ~$46,000 price Ford Mustang Mach-E Available Now Ford F-150 Lightning electric pick-up available 2022 Ford set to launch ‘mini Mustang Mach-E’ electric SUV in 2023 Ford to launch 7 EVs in Europe in big electric push Ford’s Lincoln brand to launch full slate of electric SUVs by 2026 Volvo Polestar 2 Polestar 3 will hit U.S. market in Q1 2023 Volvo XC40 Recharge Volvo C40 electric sedan to challenge Tesla Model 3, VW ID3 Polestar 3 will be an electric SUV that shares its all-new platform with next Volvo XC90 Chevrolet Bolt sedan, 259-mile range starting at $31,000 Chevrolet Bolt EUV electric crossover Cadillac All-Electric Lyriq Available Spring 2022 GMC 2022 ALL-ELECTRIC SUPERTRUCK HUMMER EV GM’s 2023 electric Silverado pickup truck GMC to launch electric Hummer SUV in 2023 GM announces electric versions of the 2023 Chevy Equinox & Blazer SUVs starting @ $30,000 GM Launches BrightDrop to Electrify the Delivery of Goods and Services BMW leads off EV offensive with iX3 BMW expands EV offerings with iX tech flagship and i4 sedan BMW i7 EV, with 600 hp, will be most powerful variant of new 7 Series flagship 2022 BMW iX1 electric SUV spied Renault-Nissan alliance plows $26B into EV blitz- will jointly launch 35 new EVs Nissan vows to hop back on EV podium with Ariya Nissan LEAF e+ with 226-mile range is available now Nissan Unveils $18 Billion Electric-Vehicle Strategy Renault upgrades Zoe electric car as competition intensifies Renault Dacia Spring Electric SUV Renault to boost low-volume Alpine brand with 3 EVs Renault's electric Megane will debut new digital cockpit Stellantis promises 'heart-of-the-market SUV' from new, 8-vehicle EV platform Chrysler to go all-EV by 2028 Alfa Romeo's First Electric Car Will Arrive in 2024 Peugeot e-208 PEUGEOT E-2008: THE ELECTRIC AND VERSATILE SUV Peugeot 308 will get full-electric version Subaru shows off its first electric vehicle, the Solterra SUV Citroen compact EV challenges VW ID3 on price Rivian R1T Is the Most Remarkable Pickup We’ve Ever Driven Maserati going fully electric by 2030 -all vehicles will offer a BEV version by 2025 Mini Cooper SE Electric Toyota’s Electric bZ4X Goes On Sale in Spring 2022 Toyota will have lineup of 30 full EVs by 2030; Lexus will be all-electric brand Honda and Sony to build, sell EVs by 2025 Opel sees electric Corsa as key EV entry 2021 Vauxhall Mokka revealed as EV with sharp looks, massive changes Skoda Enyaq iV electric SUV offers range of power, battery sizes Electric Skoda Enyaq coupe to muscle-in on Tesla Model 3 Skoda plans small EV, cheaper variants to take on French, Korean rivals Nio to launch in five more European countries after Norway BYD will launch electric SUV in Europe The Lucid Air Achieves an Estimated EPA Range of 517 Miles on a Single Charge Bentley will start output of first full EV in 2025 All-electric Rolls-Royce Spectre to launch in 2023 – firm to be EV-only by 2030 Aston Martin will build electric vehicles in UK from 2025 Meet the Canoo, a Subscription-Only EV Pod Coming in 2021 Two new electric cars from Mahindra in India; Global Tesla rival e-car soon Former Saab factory gets new life building solar-powered Sono Sion electric cars Foxconn aims for 10% of electric car platform market by 2025 And in China… How VW Group plans to dominate China's EV market VW Goes Head-to-Head With Tesla in China With New ID.4 Crozz Electric SUV Volkswagen’s ID.3 EV to be produced by JVs with SAIC, FAW in 2021 2022 VW ID.6 Revealed With Room For Seven And Two Electric Motors China-built Audi e-tron rolls off production line in Changchun Audi Q2L e-tron debuts at Auto Shanghai Audi will build Q4 e-tron in China Audi Q5 e-tron Confirmed For China Audi in cooperation company for local electric car production with FAW FAW Hongqi starts selling electric SUV with 400km range for $32,000 FAW (Hongqi) to roll out 15 electric models by 2025 BYD goes after market left open by Tesla with four cheaper models for budget-conscious buyers BYD said to launch premium NEV brand ‘Dolphin’ in 2022 Top of Form Bottom of Form Daimler & BYD launch DENZA electric vehicle for the Chinese market Geely announces premium EV brand Zeekr Geely, Mercedes-Benz launch $780 million JV to make electric smart-branded cars Mercedes styled Denza X 7-seat electric SUV to hit market Mercedes ‘makes mark’ with China-built EQC BMW, Great Wall to build new China plant for electric cars BAIC Goes Electric, & Establishes Itself as a Force in China’s New Energy Vehicle Future BAIC BJEV, Magna ready to pour RMB2 bln in all-electric PV manufacturing JV Toyota partners with BYD to build affordable $30,000 electric car Ford MUSTANG MACH-E ROLLS OFF ASSEMBLY LINE IN CHINA FOR LOCAL CUSTOMERS Lexus to launch EV in China taking on VW and Tesla GAC Aion about to start volume production of 1,000-km range AION LX GAC Toyota to ramp up annual capacity by 400,000 NEVs GAC kicks off delivery of HYCAN 007 all-electric SUV Nio – Ready For Tomorrow Nio steps up plans for mass-market brand to compete with VW, Toyota Xpeng Motors sells multiple EV models SAIC-GM to build Ultium EV platform in Wuhan Chevrolet Menlo Electric Vehicle Launched in China Buick Introduces New VELITE 6 EV with Extended Range Buick Velite 7 EV And Velite 6 PHEV Launch In China Dongfeng launches the all-electric Voyah  PSA to accelerate rollout of electrified vehicles in China SAIC, Alibaba-backed EV brand IM begins presale of first model L7 Hyundai Motor Transforming Chongqing Factory into Electric Vehicle Plant Polestar said to plan China showroom expansion to compete with Tesla Jaguar Land Rover's Chinese arm invests £800m in EV production Renault reveals series urban e-SUV K-ZE for China Renault & Brilliance detail electric van lineup for China Renault forms China electric vehicle venture with JMCG Honda plans China EV plant to expand lineup GAC Honda launches pure electric car brand ‘e:NP’ Geely launches new electric car brand 'Geometry' – will launch 10 EVs by 2025 Geely, Foxconn form partnership to build cars for other automakers Fiat Chrysler, Foxconn Team Up for Electric Vehicles Baidu to create an intelligent EV company with automaker Geely Leapmotor starts presale of C11 electric SUV on Jan. 1 2021 Changan forms subsidiary Avatar Technology to develop smart EVs with Huawei, CATL WM Motors/Weltmeister Chery Seres Enovate China's cute Ora R1 electric hatch offers a huge range for less than US$9,000 Singulato JAC Motors releases new product planning, including many NEVs Seat to make purely electric cars with JAC VW in China Iconiq Motors Hozon Aiways Skyworth Auto Youxia CHJ Automotive begins to accept orders of Leading Ideal ONE Infiniti to launch Chinese-built EV in 2022 Human Horizons Chinese smartphone giant Xiaomi to launch electric car business with $10 billion investment Lifan Technology to roll out three EV models with swappable batteries in 2021 Here’s Tesla’s competition in autonomous driving… Waymo ranked top & Tesla last in Guidehouse leaderboard on automated driving systems Tesla has a self-driving strategy other companies abandoned years ago Fiat Chrysler, Waymo expand self-driving partnership for passenger, delivery vehicles Waymo and Lyft partner to scale self-driving robotaxi service in Phoenix Jaguar and Waymo announce an electric, fully autonomous car Renault, Nissan partner with Waymo for self-driving vehicles Geely’s Zeekr, Waymo partner on autonomous ride-hailing vehicle for the U.S. market Volvo, Waymo partner to build self-driving vehicles Volvo Cars’ unsupervised autonomous driving feature Ride Pilot to debut in California Cruise and GM Team Up with Microsoft to Commercialize Self-Driving Vehicles Cadillac Super Cruise Sets the Standard for Hands-Free Highway Driving Honda Joins with Cruise and General Motors to Build New Autonomous Vehicle Honda launching Level 3 autonomous cars Volkswagen moves ahead with Autonomous Driving R&D for Mobility as a Service VW, Bosch partner to develop autonomous driving systems Volkswagen teams up with Microsoft to accelerate the development of automated driving VW taps Baidu's Apollo platform to develop self-driving cars in China Ford “Blue Cruise” ARGO AI AND FORD TO LAUNCH SELF-DRIVING VEHICLES ON LYFT NETWORK Hyundai and Kia Invest in Aurora Toyota, Denso form robotaxi partnership with Aurora Aptiv and Hyundai Motor Group complete formation of autonomous driving joint venture Amazon’s Zoox unveils electric robotaxi that can travel up to 75 mph Nvidia and Mercedes Team Up to Make Next-Gen Vehicles Daimler's heavy trucks start self-driving some of the way SoftBank, Toyota's self-driving car venture adds Mazda, Suzuki, Subaru Corp, Isuzu Daihatsu  Continental & NVIDIA Partner to Enable Production of Artificial Intelligence Self-Driving Cars Mobileye and Geely to Offer Most Robust Driver Assistance Features Mobileye Starts Testing Self-Driving Vehicles in Germany Mobileye and NIO Partner to Bring Level 4 Autonomous Vehicles to Consumers Lucid Chooses Mobileye as Partner for Autonomous Vehicle Technology Alibaba-backed AutoX unveils first driverless RoboTaxi production line in China Nissan gives Japan version of Infiniti Q50 hands-free highway driving Hyundai to start autonomous ride-sharing service in Calif. Pony.ai Receives Approval for Paid Autonomous Robotaxi Services in Beijing Baidu Apollo’s autonomous driving service is now inclusive to all the megacities in China Toyota to join Baidu's open-source self-driving platform Baidu, WM Motor announce strategic partnership for L3, L4 autonomous driving solutions Volvo will provide cars for Didi's self-driving test fleet BMW and Tencent to develop self-driving car technology together BMW, NavInfo bolster partnership in HD map service for autonomous cars in China GM Invests $300 M in Momenta to deliver self-driving technologies in China FAW Hongqi readies electric SUV offering Level 4 autonomous driving Tencent, Changan Auto Announce Autonomous-Vehicle Joint Venture Huawei teams up with BAIC BJEV, Changan, GAC to co-launch self-driving car brands GAC Aion, DiDi Autonomous Driving to co-develop driverless NEV model BYD partners with Huawei for autonomous driving Lyft, Magna in Deal to Develop Hardware, Software for Self-Driving Cars Xpeng releases autonomous features for highway driving Nuro Becomes First Driverless Car Delivery Service in California Deutsche Post to Deploy Test Fleet Of Fully Autonomous Delivery Trucks ZF autonomous EV venture names first customer Magna’s new MAX4 self-driving platform offers autonomy up to Level 4 Groupe PSA’s safe and intuitive autonomous car tested by the general public Mitsubishi Electric to Exhibit Autonomous-driving Technologies in New xAUTO Test Vehicle Apple acquires self-driving startup Drive.ai Motional to begin robotaxi testing with Hyundai Ioniq 5 in Los Angeles JD.com Delivers on Self-Driving Electric Trucks NAVYA Unveils First Fully Autonomous Taxi Fujitsu and HERE to partner on advanced mobility services and autonomous driving Great Wall’s autonomous driving arm Haomo.ai receives investment from Meituan Plus.ai, Iveco to start L4 autonomous heavy-duty truck test in Europe, China T3 Mobility, IDRIVERPLUS to pilot Robotaxi operation in Suzhou with autonomous+manual model Here’s where Tesla’s competition will get its battery cells… Panasonic (making deals with multiple automakers) LG Samsung SK Innovation Toshiba CATL BYD Volkswagen to Build Six Electric-Vehicle Battery Factories in Europe How GM's Ultium Battery Will Help It Commit to an Electric Future GM to develop lithium-metal batteries with SolidEnergy Systems Ford, SK Innovation announce EV battery joint venture BMW & Ford Invest in Solid Power to Secure All Solid-State Batteries for Future Electric Vehicles Stellantis affirms commitment to build battery factory in Italy with Mercedes, TotalEnergies Stellantis and LG to Invest Over $5 Billion CAD in Joint Venture for Li-Ion Battery Plant in Canada Stellantis and Factorial Energy to Jointly Develop Solid-State Batteries for Electric Vehicles Mercedes-Benz to build 8 battery factories in push to become electric-only automaker Toyota to build plant in N.C. capable of making up to 1.2M batteries a year Toyota Outlines Solid-State Battery Tech, $13.6 Billion Investment Nissan Announces Proprietary Solid-State Batteries Daimler joins Stellantis as partner in European battery cell venture ACC Renault signs EV battery deals with Envision, Verkor for French plants Nissan to build $1.4bn EV battery plant in UK with Chinese partner UK companies AMTE Power and Britishvolt plan $4.9 billion investment in battery plants Freyr Verkor Farasis Microvast Akasol Cenat Wanxiang Eve Energy Svolt Romeo Power ProLogium Hyundai Motor developing solid-state EV batteries Morrow Here’s Tesla’s competition in charging networks… Infrastructure Bill: $7.5 billion Towards Nationwide Network of 500,000 EV Chargers Electrify America EVgo Chargepoint Ionity Europe Shell Plans To Deploy Around 500,000 Charging Points Globally By 2025 51 U.S. electric companies commit to build nationwide EV fast charging network by end of 2023 GM to distribute up to 10 chargers to each of its dealerships starting early 2022 Circle K Owner Plans Electric-Car Charging Push in U.S., Canada 191 U.S. Porsche dealers are installing 350kw chargers ChargePoint to equip Daimler dealers with electric car chargers Ford introduces 12,000 station charging network, teams with Amazon on home installation Petro-Canada Introduces Coast-to-Coast Canadian Charging Network Volta is rolling out a free charging network E.ON and Virta launch one of the largest intelligent EV charging networks in Europe Volkswagen plans 36,000 charging points for electric cars throughout Europe Smatric has over 400 charging points in Austria Allego has hundreds of chargers in Europe PodPoint UK charging stations BP Will Invest £1 Billion In UK Charging Infrastructure Instavolt is rolling out a UK charging network Fastned building 150kw-350kw chargers in Europe Aral To Install Over 100 Ultra-Fast Chargers In Germany Deutsche Telekom launches installation of charging network for e-cars Total to build 1,000 high-powered charging points at 300 European service-stations NIO teams up with China’s State Grid to build battery charging, swapping stations BYD, Shell to build joint venture for EV charging network development in China Volkswagen-based CAMS launches supercharging stations in China Volkswagen, FAW Group, JAC Motors, Star Charge formally announce new EV charging JV BMW to Build 360,000 Charging Points in China to Juice Electric Car Sales BP, Didi Jump on Electric-Vehicle Charging Bandwagon Evie rolls out ultrafast charging network in Australia Evie Networks To Install 42 Ultra-Fast Charging Sites In Australia And here’s Tesla’s competition in storage batteries… Panasonic Samsung LG Energy Solutions BYD AES + Siemens (Fluence) GE Hitachi ABB Toshiba Saft Johnson Contols EnerSys SOLARWATT Sonnen Kyocera Generac Kokam Eaton Tesvolt Kreisel Leclanche Lockheed Martin Honeywell EOS Energy Storage ESS UET electrIQ Power Stem ENGIE Redflow Primus Power Simpliphi Power Invinity Murata Bluestorage Adara Blue Planet Aggreko Orison Moixa Powin Energy Nidec Powervault Kore Power Shanghai Electric LithiumWerks Natron Energy Energy Vault Ambri Voltstorage Cadenza Innovation Morrow Gridtential Villara Elestor Flexgen SolarEdge Q-Cells Huawei ADS-TEC Form Energy Enphase Sumitomo Electric Stryten Energy Freyr Growatt Polarium C4V Thanks, Mark Spiegel Updated on Apr 1, 2022, 11:00 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkApr 1st, 2022

BP Forms Partnership With Uber to Boost Delivery Services

BP plans to bring the delivery platform to more than 3,000 locations globally in the next three years. BP plc BP announced a global strategic convenience delivery partnership with Uber Technologies, Inc. UBER, which will extend their current local arrangements to reach more consumers worldwide.BP aims to bring the delivery platform to more than 3,000 locations globally in the next three years. The partnership will cover retail sites in Australia, New Zealand, Poland, South Africa and the west coast of the United States. It will include its U.K. and eastern U.S. sites for the first time this year. The companies also plan to bring it to other Europe markets, beginning from 2023.Since February 2021, the companies have been working on mobility services, wherein BP provides electric vehicle charging for Uber drivers. With the latest partnership, BP and Uber will provide an extensive range of quality convenience products. This includes fresh and prepared ranges from select retail locations. The companies will explore other opportunities for collaboration, including the scope for using low-carbon methods to deliver orders from BP sites.BP is the first convenience retailer to form an alliance with Uber Eats on a global scale. As part of the deal, BP and Uber Eats will introduce delivery options on BP’s app — BPme. This was initially expected to be available in the U.K., the United States and Australia by the end of 2023. The latest offer will enable BP to directly connect its customers to Uber Eats’ delivery riders.BP has 20,500 retail sites globally, with 550 million customers living within 20 minutes of one of those retail sites. The sites provide a range of products suitable for local markets, including hot and cold drinks, food-for-now options, staple groceries, fresh produce and ready meals, and wine, beer and flowers. Hence, the partners identify immense growth opportunities.BP will gain from Uber’s operational footprint, superior technology to ship orders, and more than 4.4 million drivers and couriers globally. Notably, the partnership backs BP’s target to increase its access to customers and expand its delivery footprint amid the mounting demand for food, groceries and daily essentials fetched to the door.Company Profile & Price PerformanceHeadquartered in London, the U.K., BP is a fully integrated energy company with a strong focus on renewable energy.Shares of the company have underperformed the industry in the past three months. The stock has gained 12.3% compared with the industry's 29.5% growth. Image Source: Zacks Investment Research Zacks Rank & Key PicksBP currently has a Zack Rank #3 (Hold).Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.DCP Midstream, LP DCP, based in Denver, CO, is a leading energy infrastructure firm. For the year ended Dec 31, 2021, DCP generated $122 million of excess free cash flow, which is about 44% higher than the 2020 level of $85 million.DCP Midstream's earnings for 2022 are expected to surge 139% year over year. For 2022, DCP projects adjusted EBITDA of $1,350-$1,500 million, significantly higher than $330 million in 2021.PDC Energy, Inc. PDCE is an independent upstream operator engaged in exploring, developing and producing natural gas, crude oil and natural gas liquids. On Dec 31, 2021, PDCE's total estimated proved reserves were 213,845 thousand barrels of oil, 240,389 MBbls of natural gas liquids and 2,159,725 million cubic feet of natural gas.PDC Energy's earnings for 2022 are expected to increase 75.6% year over year. As of Dec 31, 2021, PDCE had $1.5 billion in total liquidity, while its credit facility currently has a total borrowing base of $2.4 billion. Moreover, PDC Energy’s debt maturity profile is favorable. Just Released: Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? From inception in 2012 through 2021, the Zacks Top 10 Stocks portfolios gained an impressive +1,001.2% versus the S&P 500’s +348.7%. Now our Director of Research has combed through 4,000 companies covered by the Zacks Rank and has handpicked the best 10 tickers to buy and hold. Don’t miss your chance to get in…because the sooner you do, the more upside you stand to grab.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BP p.l.c. (BP): Free Stock Analysis Report PDC Energy, Inc. (PDCE): Free Stock Analysis Report DCP Midstream Partners, LP (DCP): Free Stock Analysis Report Uber Technologies, Inc. (UBER): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksMar 30th, 2022

KIA sets up EV6 charging stations at dealership in Taiwan

Kia is displaying its battery-powered EV (electric vehicle), EV6, and single-vehicle charging piles at the Kia EV6 Cafe, located at Taipei 101. The south Korean carmaker has seen sales in Taiwan grow by 40% to over 5,800 orders during 2021, the best sales since the brand entered the Taiwan market......»»

Category: topSource: digitimesJan 14th, 2022

Q&A On Electric Vehicles And Renewable Energy With Ideal Power

Two major growth industries in the U.S. and globally are electric vehicles and renewable energy. As governments and businesses worldwide get more serious about climate change and the need for a sustainable energy grid, these two emerging solutions are being considered necessities for human civilization. Q4 2021 hedge fund letters, conferences and more But like […] Two major growth industries in the U.S. and globally are electric vehicles and renewable energy. As governments and businesses worldwide get more serious about climate change and the need for a sustainable energy grid, these two emerging solutions are being considered necessities for human civilization. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Icahn eBook! Get our entire 10-part series on Carl Icahn and other famous investors in PDF for free! Save it to your desktop, read it on your tablet or print it! Sign up below. NO SPAM EVER (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2021 hedge fund letters, conferences and more But like all new technologies, EVs and renewable energy face an uphill battle. Not only is the proof of concept in need of refining to drive more efficiencies and lower costs, the tipping point for mass adoption has yet to be reached. Still, the future is clear; renewable energy and electric vehicles are on the rise. To learn more about how these new technologies can be refined to lower costs and improve efficiency, we spoke with Dan Brdar and Tim Burns of Ideal Power (Nasdaq: IPWR) to find out how they see these industries evolving over the next few years and the role their company aims to play. Q: What are some of the major inefficiencies facing emerging industries like electric vehicles (EVs) and renewable energy? A: They both have cost and energy losses as inefficiencies. Both of those will continue to improve over time. Electric vehicles are still being sold in small volumes compared to combustion engine-based vehicles, so they don’t yet have the same supply chain economies of scale. As the volume grows, the costs will come down, but it’s also new technology. Combustion engines have been around for over 100 years, which makes them a much more mature technology. As electric vehicle technologies mature, we'll see improved batteries, semiconductors, and vehicle manufacturing techniques that will drive higher performance, greater vehicle range, and lower cost. With renewable energy, the costs for wind and solar power have dropped significantly over the last 10 years, but there is still the issue of intermittency. The sun is not always shining, and the wind is not always blowing. So you need to think about highly efficient energy storage to maximize the value and available kilowatt-hours from renewable energy. The rapidly declining cost of batteries and innovative approaches to their use can largely mitigate the intermittency issues. Q: How can these inefficiencies be addressed? A: One way is by improving power conversion technologies because both renewable energy and electric vehicles require power converters to convert direct current (DC) energy to alternating current (AC) and AC to DC. The semiconductors for the power conversion technology that goes into these products are some of that. If you have solar energy at your home, solar panels actually generate direct current. That has to be converted into alternating current so that you can use it in your home. That conversion process from direct current to alternating current isn't 100% efficient because some energy is lost. The way to improve that is to improve the semiconductor devices in those power converters so that they can pull out more useful energy captured from the sun or stored in batteries. The same is true with electric vehicles. Semiconductors are the second-largest cost in an electric vehicle after the batteries. They are used in the drivetrain, onboard charger and many other locations. Improving the performance of these semiconductors can significantly improve the range of an electric vehicle. Q: What is Ideal Power’s approach to solving these problems? A: We've come up with a really unique, high-efficiency semiconductor power switch. It really is targeting that conversion step from DC to AC, AC to DC or changing the DC voltage more efficiently. As a result of that, these products will become lower cost and more efficient. Part of reducing the cost is that if you could convert power more efficiently, there’s less thermal management and less waste heat to deal with, which allows the products to be smaller, lighter and less expensive. Our technology is inherently bidirectional, so the energy can flow in both directions. Q: What is the overall impact that solving these issues might have on the broader EV and renewable energy industries? A: If you think about electric vehicles, one of the greatest issues that customers have is range anxiety. If you were to use Ideal Power’s Bidirectional, Bipolar Junction Transistor (B-TRANTM) technology in the drivetrain, you could actually improve the range of the vehicle by 7% to 10%. That's a very big impact in terms of the actual useful range you can get out of the vehicle. If you want to focus on lowering the cost, you could actually have fewer batteries on the vehicle for the same range because you can have more efficient power conversion by using things like B-TRANTM. In terms of its visibility to the end user of electric vehicles or renewable energy, the impact could be substantial. Q: How do you believe solving these problems would impact the mass adoption of these technologies? A: It could be a pretty significant impact because the two big issues facing both electric vehicles and renewables are cost and efficiency. In electric vehicles, this takes the form of range. For renewable energy, it takes the form of useful kilowatt-hours. If you could bring a technology like our B-TRAN to these applications, you could potentially lower their costs and get more useful energy out of them, addressing both the range and inefficiency challenges. It makes these technologies more competitive and more attractive, and it reduces the perceived risk of both new technologies for the consumer. Overall, solving these problems could lead to an acceleration in the mass adoption of these technologies. Q: What was the initial idea behind the Bidirectional, Bipolar Junction Transistor (B-TRANTM)? A: We saw that the conventional semiconductor devices used to make bidirectional switches were just not efficient. Particularly with the adoption of batteries for energy storage, there's going to be an increasing need for bidirectional switching because batteries need to charge and then discharge energy. Thus, energy has to flow in both directions to and from the battery. We were looking for a more efficient semiconductor device that you could use to make a bidirectional power switch. That's where we came up with B-TRANTM as a way that could improve both the conduction and switching losses associated with controlling the flow of energy in either direction in a circuit. Q: What is the B-TRANTM and how does it work? What are some of its applications? A: The B-TRANTM is a semiconductor device that is used to form a switch to control the flow of energy. For example, a light switch controls all the energy flowing to a light. Switching can also be done with semiconductor devices. It gives you the ability to switch energy on and off thousands of times per second, which allows you to do a lot of things with energy products and power conversion. It allows you to be a lot more efficient; the losses are reduced because you're using one efficient semiconductor device as opposed to multiple less efficient semiconductors. It also gives you a more compact arrangement in terms of how you manage waste heat. Applications include things like electric vehicles; electric vehicle charging; renewable energy, solar and wind power, which can be coupled with energy storage; standalone energy storage; solid-state circuit breakers for utility transmission and distribution systems; military applications; and things like uninterruptible power supply systems for data centers. Q: What can you tell us about Ideal Power’s work with the U.S. Navy’s ship electrification program? A: We're working with Diversified Technologies, Inc., which has expertise in designing solid-state circuit breakers, as part of a program funded by the U.S. Navy to develop a solid-state circuit breaker for the ship electrification program. The Navy wants to reduce the amount of liquid fuels it uses to run ships by putting a direct current infrastructure in the ships that uses batteries and other technologies to reduce the amount of fuel it must transport throughout the world. The Navy also wants to make its ships quieter and more efficient, but so far, it hasn't been able to do that because you need a fast-acting, efficient, solid-state circuit breaker to control the flow of energy around the ship. Traditional mechanical circuit breakers are much too slow; it needs to be a solid-state device that can act on orders of magnitude faster. Unfortunately, conventional semiconductor devices are too inefficient. Traditional semiconductors produce too much energy in the form of waste heat. That requires heavy, expensive and complex cooling systems to get rid of the waste heat. Because B-TRAN has significantly lower conduction losses, the cooling is simpler, and the breaker can be much smaller. Along with Diversified Technologies, we were awarded a project by the Navy to produce a solid-state breaker that relies on our B-TRAN technology for a large-scale demonstration with the Navy later this year. The project aims to demonstrate a 12-kilovolt direct current solid-state circuit breaker at a Navy-sponsored facility. Q: What challenges do you expect Ideal Power to face in the next 12 to 18 months, and how do you plan to overcome them? A: I think for us, one of the challenges as a small public company is raising awareness of the technology. There are very large global automobile manufacturers, and there are large solar companies involved in the power converters for solar and energy storage. As a small company with new technology, you've got to make them aware of the technology. You've got to get through their qualification and validation processes. And you're competing against some very large players that have high volume, traditional technologies out there. I think a lot of it is just talking to the right people at these potential users, getting them comfortable with the technology, educating them about it, and getting them to spend time and resources to evaluate it. We put out whitepapers that describe the technology. We have an active outreach with potential customers where our business development team is educating them about the technology and getting their engagement in terms of how they could use it. We're participating in trade shows. A lot of it is really just fundamental educational work in terms of outreach to make the community aware that there is this new technology that they need to be looking at. Updated on Jan 12, 2022, 4:01 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJan 13th, 2022

Tritium Announces Record-Breaking Fourth Quarter and 2021 Results

BRISBANE, Australia, Jan. 4, 2022 /PRNewswire/ -- Tritium Holdings Pty Ltd ("Tritium" or the "Company"), a global developer and manufacturer of direct current ("DC") fast chargers for electric vehicles ("EVs"), today announced record sales, backlog and revenue results for and as of the year ended December 31, 2021, and provided a business update. Except as otherwise indicated or unless the context otherwise requires, all financial figures are in U.S. dollars and references herein to "quarter," "year," "2020," "2021" or "2022" are to the relevant calendar period. For the three months ended December 31, 2021, Tritium booked revenue of approximately $41 million, equivalent to a last quarter annualized (LQA) run-rate of $164 million, and set a new quarterly record.  The Company more than doubled its Q3 2021 revenue, the next largest quarterly revenue in its 19-year operating history, and achieved more than 2.5x revenue compared to the fourth quarter of 2020. For 2021, revenue was approximately $78 million, which is only slightly lower than the previous forecast of $84 million, due in large part to logistics and supply chain challenges, including delays at the ports of Long Beach and Los Angeles, which delayed certain product deliveries at year end. Tritium expects to record those revenues as products are received by customers in the first quarter of 2022. As reported by CNBC, the twin ports of Long Beach and Los Angeles account for 40% of sea freight entering the United States, and the back-up escalated throughout the year. Tritium has begun to see supply chain constraints ease, with these ports reporting a 33% decline in lingering cargo containers in December 2021 compared to November 2021. The Company expects 2021 EBITDA and Free Cash Flow to be approximately $(39) million and $(43) million, respectively. Underscoring the record demand for Tritium's products, sales for 2021 were $141 million, which represents more than a 136% increase over 2020 sales of $60 million. The Company's sales grew significantly in the second half of 2021 to $98 million, an increase of 416% compared to the second half result of $19 million the previous year. Tritium believes that this growth in sales substantiates its thesis that DC fast charging infrastructure is rolling out at an accelerating pace to support the rapid shift towards electric vehicles globally. Tritium enters 2022 with the largest year-opening order book in its history. Tritium's backlog continued to grow throughout 2021, ending at approximately $82 million, an increase of approximately 316% since year end 2020. This backlog is expected to be completely delivered in 2022, and is now expected to account for over 48% of Tritium's 2022 revenue guidance, or approximately 5 months of forward production capacity at current production levels. Tritium continues to be engaged in a number of additional and potentially high-impact orders under several of its recently announced commercial partnerships and tender wins, and is expanding production capacity to fulfill growing demand in the United States and Europe. Other recent business highlights include: Won a Shell global EV charging tender to provide fast charging technology and services to the world's largest mobility retailer with over 46,000 retail sites. This agreement is expected to help accelerate the supply of Tritium DC fast chargers to their business operations in Europe, South Africa, Asia, the Middle East and North America, in pursuit of Shell's ambition to operate 500,000 charge points by 2025 and 2,500,000 by 2030. Refinanced $90 million of debt out to 2024, giving Tritium more cash following the listing on the Nasdaq to invest in its business to maintain and increase growth in line with the Company's customers' rollout plans, conditional on closing of the business combination. Unveiled the PKM, a groundbreaking line of EV fast chargers designed for more cost-effective operations and infrastructure deployment. The PKM150 is the first charger in the PKM line and the first charger that utilizes Tritium's shared power system, designed to reduce customers' capital investment while maintaining high charger availability and power output to EVs. Like Tritium's successful predecessor product launches, the PKM system was developed in response to customer demand pull for its features. Opened a world-class EV charger testing facility, featuring one of the highest power commercially accessible electromagnetic compatibility ("EMC") testing chambers in the world, with thermal testing capable of producing temperatures ranging from -70°C (-94°F) to +180°C (+356°F), and more to accelerate the time-to-market for new products. Tritium is in advanced stages of site selection for its new U.S. factory, expected to increase the Company's global production capacity up threefold in 2022. Two states – Texas and Tennessee – are the finalists in this process, and the Company expects an announcement in the first quarter of 2022 as engagement with private and public sector representatives related to this process nears conclusion. As of December 31, 2021, Tritium had sold more than 6,700 DC fast chargers around the world, compared to the more than 4,400 DC fast chargers sold as of May 26, 2021, the time of the announcement of the business combination. Business Combination Update The special meeting of stockholders of Decarbonization Plus Acquisition Corporation II (NASDAQ:DCRN, DCRNW, DCRNU)) ("DCRN") to approve the proposed business combination with Tritium, among other related matters, is scheduled to be held on Wednesday, January 12, 2022 at 10:00am Eastern time. Credit Suisse Securities (USA) LLC ("Credit Suisse") is acting as the exclusive financial advisor to a consortium of certain Tritium shareholders in connection with the business combination between Tritium and DCRN. DCRN engaged Credit Suisse as its lead placement agent and Citi Global Markets ("Citi") and J.P. Morgan Securities LLC ("JPMorgan") as placement agents for its PIPE Financing (as defined below). Raymond James & Associates, Inc. ("Raymond James") is acting as Capital Markets Advisor for DCRN. Citi and JPMorgan are acting as financial advisors to DCRN. The board of directors of DCRN has unanimously recommended stockholders vote in favor of the proposed business combination, ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaJan 4th, 2022

Tesla Will Recouple With Reality When The Bulls Least Expect It

Stanphyl Capital’s commentary for the month ended December 31, 2021, discussing their short position in Tesla Inc (NASDAQ:TSLA). Q3 2021 hedge fund letters, conferences and more Tesla’s Absurd Diluted Market Cap We remain short the biggest bubble in modern stock market history, Tesla Inc. (TSLA), which has a completely absurd diluted market cap of almost […] Stanphyl Capital’s commentary for the month ended December 31, 2021, discussing their short position in Tesla Inc (NASDAQ:TSLA). if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more Tesla's Absurd Diluted Market Cap We remain short the biggest bubble in modern stock market history, Tesla Inc. (TSLA), which has a completely absurd diluted market cap of almost $1.2 trillion despite a steadily sliding share of the world’s EV market and a share of the overall auto market that’s only around 1.1% (yes, one POINT one percent). At some point when momentum-riding Tesla bulls (or, for that matter, bears) least expect it, TSLA will recouple with “reality,” and that’s why I continue to maintain a short position. So here’s “reality”… Tesla has no “moat” of any kind; i.e., nothing meaningfully proprietary in terms of electric car technology, while existing automakers—unlike Tesla­—have a decades-long “experience moat” of knowing how to mass-produce, distribute and service high-quality cars consistently and profitably. Excluding sunsetting emission credit sales Tesla is barely profitable. Growth in sequential unit demand for Tesla’s cars is at a crawl relative to expectations. Elon Musk is a pathological liar who under the terms of his SEC settlement cannot deny having committed securities fraud. Many Tesla bulls sincerely believe that ten years from now the company will be twice the size of Volkswagen or Toyota, thereby selling around 21 million cars a year (up from the current one million). To illustrate how utterly clueless this is, going from a million cars a year today to 21 million in ten years means Tesla would have to add a brand new 500,000 car/year factory with sold out production EVERY single quarter for ten years! To do this even in twenty years would require adding a new factory with sold out production every six months, at which point Tesla would then be approximately twice the size of Toyota (current market cap: $257 billion) or Volkswagen (current market cap: $130 billion), making a Tesla twenty times its current size worth perhaps $500 billion in twenty years. If you discount that $500 billion back by 15% a year (which is likely a much smaller return than any Tesla bull expects) for twenty years, you get a net present value for Tesla stock of approximately $30 a share, down over 97% from 2021’s closing price. That’s why when idiot Tesla bulls look at the company’s current large trailing percentage growth from its recent tiny base and extrapolate that into the future they’re being, well… idiot Tesla bulls! Q3 Deliveries In October Tesla reported Q3 deliveries of 241,000 cars, a 40,000-unit gain over Q2 that’s a rounding error for an auto company trading at even one-tenth of Tesla’s valuation. (For Q4 the gain is expected to be another 45-50,000.) If in any quarter GM or VW or Toyota sold 2.04 million vehicles instead of 2 million or 1.96 million, no one would pay the slightest bit of attention to the difference. Seeing as Tesla is now being valued at over fourteen GMs, it’s time (as noted above) to start looking at its relatively tiny numerical sequential sales growth, rather than Wall Street’s sell-side hype of “percentage off a small base.” In other words, if you want to be valued at a giant multiple of “the big boys,” you should be treated as a big boy. Perhaps the biggest reason Tesla has recently been able to post marginally increasing sequential quarterly deliveries is because competitors’ production (and thus inventories) are at the lowest level in decades due to the massive chip shortage, thereby eliminating a number of “Tesla alternatives.” Meanwhile, Tesla is enjoying record production because Musk (a notorious “corner-cutter”) is apparently willing to substitute untested, non-auto-grade chips for the more durable chips he can’t get; please see my Twitter post about this. A favorite hype story from Tesla bulls has been “the China market” and its “record” number of 73,659 Q3 deliveries there. Let’s put this in perspective: this was only around 4000 more cars than in Q1 and only around 11,000 more than in Q2—again, these are “growth” rounding errors. (Thanks to drastically slashed production from chip-starved competitors, look for around 30,000 more in Q4.) And that “record” Q3 China quarter gave it just 1.5% of the overall passenger vehicle market and just 11% of the BEV market, and it had so much excess capacity that it exported tens of thousands of cars to Europe. Remember when Musk claimed that Tesla’s Chinese domestic demand alone would need multiple factories to satisfy? Ah, the good old days! Meanwhile, Tesla remains a lousy business. In its Q3 earnings report the company claimed it made around $1.3 billion in free cash flow (defined as operating cash flow less capex). However, this number appears to be entirely due to working capital adjustments and not from the business itself. Let me explain: Tesla claimed operating cash flow of around $3.2 billion for the quarter, but this came with the benefit of accounts payable increasing by $702 million, receivables declining by $167 million and accrued liabilities up by $665 million while (detrimentally) prepaid expenses increased by $144 million. Adjusting for that massive net working capital benefit, operating cash flow was only a bit over $1.8 billion and with capex at $1.8 billion it means Tesla’s Q3 free cash flow was essentially zero, and if you deduct stock comp (a non-cash item paid through share dilution) it was around negative $500 million. Also in its Q3 report Tesla claimed it made around $1.45 billion in net income after excluding $279 million of pure-profit emission credit sales (excluded because they’ll almost entirely disappear some time next year when other automakers will have enough EVs of their own), and after adding back a $50 million Bitcoin write-down. However, that earnings number also includes what I estimate to be Tesla’s usual $300 million or so in unsustainably low warranty provisioning, and after adjusting for that and assuming no other fraudulent accounting, Tesla only earned around $1.06/share, which annualizes to $4.24. An auto industry PE multiple of 10x would thus make TSLA worth around $42/share (admittedly, more than the “$0” I once expected), while a “growth multiple” of 20x would value it at $84, which is a 92% discount to December’s closing price of around $1057. And before you tell me that a 100% premium to the industry’s PE ratio isn’t enough, keep in mind that—as noted earlier—Tesla’s sequential unit growth is an auto industry rounding error. In fact, one could argue that Tesla’s multiple should carry a discount, considering the massive legal and financial liabilities continually generated by its pathologically lying CEO. Full Self Driving Meanwhile Tesla continues to sell (and book cash flow, if not accounting revenue from) its fraudulent & dangerous so-called “Full Self Driving.” In a sane regulatory environment Tesla having done this for five years now… …would be considered “consumer fraud,” and indeed the regulatory tide may finally be turning, as in August two U.S. Senators demanded an FTC investigation and in October the NHTSA appointed a harsh critic of this deadly product to advise on its regulation. (For all known Tesla deaths see here.) Are major write-downs and refunds on the way, killing the company’s slight “claimed profitability”? Stay tuned! Meanwhile, Guidehouse Insights continues to rate Tesla dead last among autonomous competitors: Another favorite Tesla hype story has been built around so-called “proprietary battery technology.” In fact though, Tesla has nothing proprietary there—it doesn’t make them, it buys them from Panasonic, CATL and LG, and it’s the biggest liar in the industry regarding the real-world range of its cars. And if new-format 4680 cells enter the market some time in 2022 (as is now expected), even if Tesla makes some of its own, other manufacturers will gladly sell them to anyone. Tesla Build Quality Remains Awful Meanwhile, Tesla build quality remains awful (it ranks second-to-last in the latest Consumer Reports reliability survey and in the bottom 10% of the latest J.D. Power survey) and its worst-rated Model Y faces current (or imminent) competition from the much better built electric Audi Q4 e-tron, BMW iX3, Mercedes EQB, Volvo XC40 Recharge, Volkswagen ID.4, Ford Mustang Mach E, Nissan Ariya, Hyundai Ioniq 5 and Kia EV6. And Tesla’s Model 3 now has terrific direct “sedan competition” from Volvo’s beautiful Polestar 2, the great new BMW i4 and the premium version of Volkswagen’s ID.3 (in Europe), plus multiple local competitors in China. And in the high-end electric car segment worldwide the Audi e-tron (substantially improved for 2022!) and Porsche Taycan outsell the Models S & X (and the newly updated Tesla models with their dated exteriors and idiotic shifters & steering wheels won’t change this), while the spectacular new Mercedes EQS, Audi e-Tron GT and Lucid Air make the Tesla Model S look like a fast Yugo, while the extremely well reviewed new BMW iX does the same to the Model X. And oh, the joke of a “pickup truck” Tesla previewed in 2019 (and still hasn’t shown in production-ready form) won’t be much of “growth engine” either, as it will enter a dogfight of a market; in fact, Ford’s terrific 2022 all-electric F-150 Lightning now has nearly 200,000 retail reservations (plus many more fleet reservations), Rivian’s pick-up has gotten fantastic early reviews, and in January GM will introduce its electric Silverado. Regarding safety, as noted earlier in this letter, Tesla continues to deceptively sell its hugely dangerous so-called “Autopilot” system, which Consumer Reports has completely eviscerated; God only knows how many more people this monstrosity unleashed on public roads will kill despite the NTSB condemning it. Elsewhere in safety, in 2020 the Chinese government forced the recall of tens of thousands of Teslas for a dangerous suspension defect the company spent years trying to cover up, and now Tesla has been hit by a class-action lawsuit in the U.S. for the same defect. Tesla also knowingly sold cars that it knew were a fire hazard and did the same with solar systems, and after initially refusing to do so voluntarily, it was forced to recall a dangerously defective touchscreen. In other words, when it comes to the safety of customers and innocent bystanders, Tesla is truly one of the most vile companies on Earth. Meanwhile the massive number of lawsuits of all types against the company continues to escalate. So Here Is Tesla's Competition In Cars (Note: These Links Are Regularly Updated)... Porsche Taycan Porsche Taycan Cross Turismo Porsche Macan Electric SUV Officially Coming in 2023 Volkswagen ID.3 Headlines VW's Electrified Future Volkswagen ID.4 Electric SUV Volkswagen ID.Buzz electric van teased ahead of 2022 launch Volkswagen ID 6 to arrive with 435-mile range in 2023 Volkswagen Aero B: new electric Passat equivalent spied VW’s Cupra brand counts on performance for Born EV Cupra, VW brand to get entry-level battery-powered cars Audi e-tron Audi e-tron Sportback Audi E-tron GT Audi Q4 e-tron Audi Q6 e-tron confirmed for 2022 launch Audi previews long-range A6 e-tron EV Audi TT set to morph into all-electric crossover Hyundai Ioniq 5 Hyundai Ioniq 6 spotted ahead of 2022 launch Hyundai Kona Electric Genesis reveals their first EV on the E-GMP platform, the electric GV60 crossover Genesis Electrified GV70 Revealed With 483 Horsepower And AWD Kia Niro Electric: 239-mile range & $39,000 before subsidies Kia EV6: Charging towards the future Kia EV4 on course to grow electric SUV range Jaguar’s All-Electric i-Pace Jaguar to become all-electric brand; Land Rover to Get 6 electric models Daimler will invest more than $47B in EVs and be all-electric ready by 2030 Mercedes EQS: the first electric vehicle in the luxury class Mercedes EQS SUV takes shape Mercedes-Benz unveils EQE electric sedan with impressive 400-mile range Mercedes EQE SUV to rival BMW iX and Tesla Model X Mercedes EQC electric SUV available now in Europe & China Mercedes-Benz Launches the EQV, its First Fully-Electric Passenger Van Mercedes-Benz EQB Makes Its European Debut, US Sales Confirmed Mercedes-Benz unveils EQA electric SUV with 265 miles of range and ~$46,000 price Ford Mustang Mach-E Available Now Ford F-150 Lightning electric pick-up available 2022 Ford set to launch ‘mini Mustang Mach-E’ electric SUV in 2023 Ford to offer EV versions of Explorer, Aviator, ‘rugged SUVs' Volvo Polestar 2 Polestar 3 SUV Production Design Revealed. The US-built electric SUV will debut in 2022. Volvo XC40 Recharge Volvo C40 electric sedan to challenge Tesla Model 3, VW ID3 Polestar 3 will be an electric SUV that shares its all-new platform with next Volvo XC90 Chevy updates, expands Bolt EV family as price drops Cadillac All-Electric Lyriq Available Spring 2022 GMC ALL-ELECTRIC SUPERTRUCK HUMMER EV GM to build electric Silverado in Detroit with estimated range of more than 400 miles GMC to launch electric Hummer SUV in 2023 GM will offer 30 all-electric models globally by 2025 GM Launches BrightDrop to Electrify the Delivery of Goods and Services Nissan vows to hop back on EV podium with Ariya Nissan LEAF e+ with 226-mile range is available now Nissan Unveils $18 Billion Electric-Vehicle Strategy BMW leads off EV offensive with iX3 BMW expands EV offerings with iX tech flagship and i4 sedan BMW i7 Confirmed for 2022 Launch 2022 BMW iX1 electric SUV spied Rivian R1T Is the Most Remarkable Pickup We’ve Ever Driven Renault upgrades Zoe electric car as competition intensifies Renault Dacia Spring Electric SUV Renault to boost low-volume Alpine brand with 3 EVs Renault's electric Megane will debut new digital cockpit Stellantis promises 'heart-of-the-market SUV' from new, 8-vehicle EV platform Alfa Romeo is latest Stellantis brand to get all-electric future Peugeot e-208 PEUGEOT E-2008: THE ELECTRIC AND VERSATILE SUV Peugeot 308 will get full-electric version Subaru shows off its first electric vehicle, the Solterra SUV Citroen compact EV challenges VW ID3 on price Maserati to launch electric sports car Mini Cooper SE Electric Toyota’s Electric bZ4X Goes On Sale in Spring 2022 Toyota will have lineup of 30 full EVs by 2030; Lexus will be all-electric brand Opel sees electric Corsa as key EV entry 2021 Vauxhall Mokka revealed as EV with sharp looks, massive changes Skoda Enyaq iV electric SUV offers range of power, battery sizes Electric Skoda Enyaq coupe to muscle-in on Tesla Model 3 Skoda plans small EV, cheaper variants to take on French, Korean rivals Nio to launch in five more European countries after Norway BYD will launch electric SUV in Europe The Lucid Air Achieves an Estimated EPA Range of 517 Miles on a Single Charge Bentley converting to electric-only brand All-electric Rolls-Royce Spectre to launch in 2023 – firm to be EV-only by 2030 Aston Martin will build electric vehicles in UK from 2025 Meet the Canoo, a Subscription-Only EV Pod Coming in 2021 Two new electric cars from Mahindra in India; Global Tesla rival e-car soon Former Saab factory gets new life building solar-powered Sono Sion electric cars Foxconn aims for 10% of electric car platform market by 2025 And In China... How VW Group plans to dominate China's EV market VW Goes Head-to-Head With Tesla in China With New ID.4 Crozz Electric SUV Volkswagen’s ID.3 EV to be produced by JVs with SAIC, FAW in 2021 2022 VW ID.6 Revealed With Room For Seven And Two Electric Motors China-built Audi e-tron rolls off production line in Changchun Audi Q2L e-tron debuts at Auto Shanghai Audi will build Q4 e-tron in China Audi Q5 e-tron Confirmed For China Audi in cooperation company for local electric car production with FAW FAW Hongqi starts selling electric SUV with 400km range for $32,000 FAW (Hongqi) to roll out 15 electric models by 2025 BYD goes after market left open by Tesla with four cheaper models for budget-conscious buyers BYD said to launch premium NEV brand ‘Dolphin’ in 2022 Top of Form Bottom of Form Daimler & BYD launch DENZA electric vehicle for the Chinese market Geely announces premium EV brand Zeekr Geely, Mercedes-Benz launch $780 million JV to make electric smart-branded cars Mercedes styled Denza X 7-seat electric SUV to hit market Mercedes ‘makes mark’ with China-built EQC BMW, Great Wall to build new China plant for electric cars BAIC Goes Electric, & Establishes Itself as a Force in China’s New Energy Vehicle Future BAIC BJEV, Magna ready to pour RMB2 bln in all-electric PV manufacturing JV Toyota partners with BYD to build affordable $30,000 electric car Ford MUSTANG MACH-E ROLLS OFF ASSEMBLY LINE IN CHINA FOR LOCAL CUSTOMERS Lexus to launch EV in China taking on VW and Tesla GAC Aion about to start volume production of 1,000-km range AION LX GAC Toyota to ramp up annual capacity by 400,000 NEVs GAC kicks off delivery of HYCAN 007 all-electric SUV Nio – Ready For Tomorrow Nio steps up plans for mass-market brand to compete with VW, Toyota Xpeng Motors sells multiple EV models SAIC-GM to build Ultium EV platform in Wuhan Chevrolet Menlo Electric Vehicle Launched in China Buick Introduces New VELITE 6 EV with Extended Range Buick Velite 7 EV And Velite 6 PHEV Launch In China Dongfeng launches the all-electric Voyah  PSA to accelerate rollout of electrified vehicles in China SAIC, Alibaba-backed EV brand IM begins presale of first model L7 Hyundai Motor Transforming Chongqing Factory into Electric Vehicle Plant Polestar said to plan China showroom expansion to compete with Tesla Jaguar Land Rover's Chinese arm invests £800m in EV production Renault reveals series urban e-SUV K-ZE for China Renault & Brilliance detail electric van lineup for China Renault forms China electric vehicle venture with JMCG Honda to start sales of new EV-branded vehicles in China in 2022 Geely launches new electric car brand 'Geometry' – will launch 10 EVs by 2025 Geely, Foxconn form partnership to build cars for other automakers Fiat Chrysler, Foxconn Team Up for Electric Vehicles Baidu to create an intelligent EV company with automaker Geely Leapmotor starts presale of C11 electric SUV on Jan. 1 2021 Changan forms subsidiary Avatar Technology to develop smart EVs with Huawei, CATL WM Motors/Weltmeister Chery Seres Enovate China's cute Ora R1 electric hatch offers a huge range for less than US$9,000 Singulato JAC Motors releases new product planning, including many NEVs Seat to make purely electric cars with JAC VW in China Iconiq Motors Hozon Aiways Skyworth Auto Youxia CHJ Automotive begins to accept orders of Leading Ideal ONE Infiniti to launch Chinese-built EV in 2022 Human Horizons Chinese smartphone giant Xiaomi to launch electric car business with $10 billion investment Lifan Technology to roll out three EV models with swappable batteries in 2021 Here’s Tesla’s Competition In Autonomous Driving... Waymo ranked top & Tesla last in Guidehouse leaderboard on automated driving systems Tesla has a self-driving strategy other companies abandoned years ago Fiat Chrysler, Waymo expand self-driving partnership for passenger, delivery vehicles Waymo and Lyft partner to scale self-driving robotaxi service in Phoenix Volvo, Waymo partner to build self-driving vehicles Jaguar and Waymo announce an electric, fully autonomous car Renault, Nissan partner with Waymo for self-driving vehicles Geely’s Zeekr, Waymo partner on autonomous ride-hailing vehicle for the U.S. market Cruise and GM Team Up with Microsoft to Commercialize Self-Driving Vehicles Cadillac Super Cruise Sets the Standard for Hands-Free Highway Driving Honda Joins with Cruise and General Motors to Build New Autonomous Vehicle Honda launching Level 3 autonomous cars Volkswagen moves ahead with Autonomous Driving R&D for Mobility as a Service Volkswagen teams up with Microsoft to accelerate the development of automated driving VW taps Baidu's Apollo platform to develop self-driving cars in China Ford “Blue Cruise” ARGO AI AND FORD TO LAUNCH SELF-DRIVING VEHICLES ON LYFT NETWORK Hyundai and Kia Invest in Aurora Toyota, Denso form robotaxi partnership with Aurora Aptiv and Hyundai Motor Group complete formation of autonomous driving joint venture Amazon’s Zoox unveils electric robotaxi that can travel up to 75 mph Nvidia and Mercedes Team Up to Make Next-Gen Vehicles Daimler's heavy trucks start self-driving some of the way SoftBank, Toyota's self-driving car venture adds Mazda, Suzuki, Subaru Corp, Isuzu Daihatsu  Continental & NVIDIA Partner to Enable Production of Artificial Intelligence Self-Driving Cars Mobileye and Geely to Offer Most Robust Driver Assistance Features Mobileye Starts Testing Self-Driving Vehicles in Germany Mobileye and NIO Partner to Bring Level 4 Autonomous Vehicles to Consumers Lucid Chooses Mobileye as Partner for Autonomous Vehicle Technology Alibaba-backed AutoX unveils first driverless RoboTaxi production line in China Nissan gives Japan version of Infiniti Q50 hands-free highway driving Hyundai to start autonomous ride-sharing service in Calif. Pony.ai Receives Approval for Paid Autonomous Robotaxi Services in Beijing Baidu kicks off its robotaxi business, after getting the OK to charge fees in Beijing Toyota to join Baidu's open-source self-driving platform Baidu, WM Motor announce strategic partnership for L3, L4 autonomous driving solutions Volvo will provide cars for Didi's self-driving test fleet BMW and Tencent to develop self-driving car technology together BMW, NavInfo bolster partnership in HD map service for autonomous cars in China GM Invests $300 M in Momenta to deliver self-driving technologies in China FAW Hongqi readies electric SUV offering Level 4 autonomous driving Tencent, Changan Auto Announce Autonomous-Vehicle Joint Venture Huawei teams up with BAIC BJEV, Changan, GAC to co-launch self-driving car brands GAC Aion, DiDi Autonomous Driving to co-develop driverless NEV model BYD partners with Huawei for autonomous driving Lyft, Magna in Deal to Develop Hardware, Software for Self-Driving Cars Xpeng releases autonomous features for highway driving Nuro Becomes First Driverless Car Delivery Service in California Deutsche Post to Deploy Test Fleet Of Fully Autonomous Delivery Trucks ZF autonomous EV venture names first customer Magna’s new MAX4 self-driving platform offers autonomy up to Level 4 Groupe PSA’s safe and intuitive autonomous car tested by the general public Mitsubishi Electric to Exhibit Autonomous-driving Technologies in New xAUTO Test Vehicle Apple acquires self-driving startup Drive.ai Motional to begin robotaxi testing with Hyundai Ioniq 5 in Los Angeles JD.com Delivers on Self-Driving Electric Trucks NAVYA Unveils First Fully Autonomous Taxi Fujitsu and HERE to partner on advanced mobility services and autonomous driving Great Wall’s autonomous driving arm Haomo.ai receives investment from Meituan Plus.ai, Iveco to start L4 autonomous heavy-duty truck test in Europe, China T3 Mobility, IDRIVERPLUS to pilot Robotaxi operation in Suzhou with autonomous+manual model Here’s Where Tesla’s Competition Will Get Its Battery Cells... Panasonic (making deals with multiple automakers) LG Samsung SK Innovation Toshiba CATL BYD Volkswagen to Build Six Electric-Vehicle Battery Factories in Europe How GM's Ultium Battery Will Help It Commit to an Electric Future GM to develop lithium-metal batteries with SolidEnergy Systems Ford, SK Innovation announce EV battery joint venture BMW & Ford Invest in Solid Power to Secure All Solid-State Batteries for Future Electric Vehicles Stellantis, LG Energy Solution to form battery JV for N. American market Stellantis and Factorial Energy to Jointly Develop Solid-State Batteries for Electric Vehicles Toyota to build plant in N.C. capable of making up to 1.2M batteries a year Toyota Outlines Solid-State Battery Tech, $13.6 Billion Investment Nissan Announces Proprietary Solid-State Batteries Daimler joins Stellantis as partner in European battery cell venture ACC Renault signs EV battery deals with Envision, Verkor for French plants Nissan to build $1.4bn EV battery plant in UK with Chinese partner UK companies AMTE Power and Britishvolt plan $4.9 billion investment in battery plants Freyr Verkor Farasis Microvast Akasol Cenat Wanxiang Eve Energy Svolt Romeo Power ProLogium Hyundai Motor developing solid-state EV batteries Daimler Morrow Here’s Tesla’s Competition In Charging Networks... Infrastructure Bill: $7.5 billion Towards Nationwide Network of 500,000 EV Chargers Electrify America is spending $2 billion building a high-speed U.S. charging network 51 U.S. electric companies commit to build nationwide EV fast charging network by end of 2023 GM to distribute up to 10 chargers to each of its dealerships starting early 2022 General Motors and EVgo Boost Build Plan for High Power Fast Chargers Across the US Circle K Owner Plans Electric-Car Charging Push in U.S., Canada 191 U.S. Porsche dealers are installing 350kw chargers ChargePoint to equip Daimler dealers with electric car chargers GM and Bechtel plan to build thousands of electric car charging stations across the US Ford introduces 12,000 station charging network, teams with Amazon on home installation Shell Plans To Deploy Around 500,000 Charging Points Globally By 2025 Petro-Canada Introduces Coast-to-Coast Canadian Charging Network Volta is rolling out a free charging network Ionity Europe E.ON and Virta launch one of the largest intelligent EV charging networks in Europe Volkswagen plans 36,000 charging points for electric cars throughout Europe Smatric has over 400 charging points in Austria Allego has hundreds of chargers in Europe PodPoint UK charging stations BP Chargemaster/Polar is building stations across the UK Instavolt is rolling out a UK charging network Fastned building 150kw-350kw chargers in Europe Aral To Install Over 100 Ultra-Fast Chargers In Germany Deutsche Telekom launches installation of charging network for e-cars Total to build 1,000 high-powered charging points at 300 European service-stations NIO teams up with China’s State Grid to build battery charging, swapping stations Volkswagen-based CAMS launches supercharging stations in China Volkswagen, FAW Group, JAC Motors, Star Charge formally announce new EV charging JV BMW to Build 360,000 Charging Points in China to Juice Electric Car Sales BP, Didi Jump on Electric-Vehicle Charging Bandwagon Evie rolls out ultrafast charging network in Australia Evie Networks To Install 42 Ultra-Fast Charging Sites In Australia And Here’s Tesla’s Competition In Storage Batteries... Panasonic Samsung LG BYD AES + Siemens (Fluence) GE Bosch Hitachi ABB Toshiba Saft Johnson Contols EnerSys SOLARWATT Schneider Electric Sonnen Kyocera Generac Kokam NantEnergy Eaton Nissan Tesvolt Kreisel Leclanche Lockheed Martin EOS Energy Storage ESS UET electrIQ Power Belectric Stem ENGIE Redflow Renault Primus Power Simpliphi Power redT Energy Storage Murata Bluestorage Adara Blue Planet Tabuchi Electric Aggreko Orison Moixa Powin Energy Nidec Powervault Kore Power Shanghai Electric Schmid 24M Ecoult Innolith LithiumWerks Natron Energy Energy Vault Ambri Voltstorage Cadenza Innovation Morrow Gridtential Villara Elestor Thanks and Happy New Year, Mark Spiegel Updated on Jan 3, 2022, 11:25 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJan 3rd, 2022

150+ of the best Cyber Monday deals to shop now: Target, Amazon, Walmart, and more

Shop Cyber Monday deals now. Save big at Amazon, Walmart, Target, and Nordstrom, and with small brands like Outdoor Voices, Eberjey, and Kiehl's. Prices are accurate at the time of publication.When you buy through our links, Insider may earn an affiliate commission. Learn more.Alyssa Powell/InsiderIt's November 29, which means Cyber Monday is live. Cyber Monday is explicitly an online-shopping event — even more so than Black Friday — and it's historically brought some of the sales weekend's lowest prices. While Cyber Monday is officially live now, many retailers are continuing Black Friday deals right now.Cyber Monday is a particularly great time to shop for tech, smart home, and gift cards, but categories like kitchen and home, as well as personal care are also very active.  Stock is typically more limited than Black Friday, which means acting fast is key to getting a good deal. Bookmark this page and check back throughout the day to keep up with discounts without spending all day combing the internet; we'll do the heavy lifting for you.At Insider Reviews, we test products all year and track their price history so we can give you solid buying advice during big shopping events like Cyber Monday. Tons of deals are available now on products we love and trust, and we're highlighting the best ones below.Spotlight: Our top 10 standout Cyber Monday dealsSony WH-1000XM4, $248 (originally $349.99)Amazon Echo (4th Gen), $59.99 (originally $99.99)KitchenAid Professional 5 Plus Series 5-Quart Bowl-Lift Stand Mixer, $294.11 (originally $429.99)Molekule Air Purifier, $479 (originally $799)Dyson V8 Absolute, $399.99 (originally $449.99)Eufy BoostIQ RoboVac 15C MAX, $169.99 (originally $279.99)Hulu Monthly Subscription, $0.99 (originally $6.99)Amazon Prime Video Channel Add-Ons, $0.99 for up to two months (originally up to $10.99 per month)L.L.Bean Wicked Good Slippers, Men's $75.65 (originally $89), Women's $67.15 (originally $79), and Toddlers $33.96 (originally 39.94)Lululemon Wunder Under High-Rise Tight, $69 (originally $98)Best Cyber Monday 2021 tech dealsAnker PowerWave Alloy PadIf you have a phone capable of charging at 15W or you want to future-proof, then the Anker PowerWave Alloy Pad is best for you.$24.79 FROM AMAZONOriginally $30.99 | Save 20%Belkin 15W Boost Charge Wireless ChargerBelkin's Boost Charge Wireless Charger is inexpensive, includes a charger and cable, and works as well as all the other options we tested.$29.99 FROM BEST BUYOriginally $39.99 | Save 25%Apple MagSafe ChargerApple’s MagSafe wireless charger uses magnets snap in place on the iPhone 12 and delivers charging of up to 15 watts. It is still compatible with wireless Qi charging, so older iPhone models can use it too, though they have to rest flat against the charger, as they lack the embedded magnets to take advantage of snap-on alignment. This is great for any iPhone owner looking for wireless charging and is on sale for $34.$29.99 FROM AMAZONOriginally $39.00 | Save 23%Roku Streaming Stick 4K (2021)Compared to the Roku Streaming Stick+, the new Streaming Stick 4K provides an improved viewing experience by adding support for Dolby Vision. This advanced high dynamic range (HDR) format can provide better picture quality on TVs that support it.$29.00 FROM AMAZONOriginally $49.99 | Save 42%$29.99 FROM ROKUOriginally $49.99 | Save 40%$29.99 FROM BEST BUYOriginally $49.99 | Save 40%$29.00 FROM WALMARTOriginally $49.99 | Save 42%Apple Pencil (2nd Generation)The Apple Pencil is a special stylus that lets you draw and handwrite on your iPad. There are two versions of the Apple Pencil, and they each work with a different collection of iPads.$99.00 FROM AMAZONOriginally $129.00 | Save 23%$99.00 FROM BEST BUYOriginally $129.00 | Save 23%$99.99 FROM VERIZONOriginally $129.99 | Save 23%$129.00 FROM APPLERoku Streambar 2020Too much clutter under the TV? The interesting Roku Streambar combines all of the features of a Roku 4K player with a compact soundbar.$79.98 FROM AMAZONOriginally $129.99 | Save 38%$79.98 FROM BEST BUYOriginally $129.99 | Save 38%$79.98 FROM TARGETOriginally $129.99 | Save 38%$99.00 FROM WALMARTOriginally $129.99 | Save 24%Google Nest Hub (2nd gen)The Google Nest Hub is a smart display with a unique Sleep Sensing feature to help you monitor your sleep habits. $49.99 FROM KOHL'SOriginally $99.99 | Save 50%$49.98 FROM WALMARTOriginally $99.98 | Save 50%$49.99 FROM BEST BUYOriginally $99.99 | Save 50%Apple Watch Series 7Much more than a timepiece, the Apple Watch can also be used for keeping track of workouts, making phone calls, sending text messages, setting timers and alarms, counting calories, and more.$379.99 FROM AMAZONOriginally $399.00 | Save 5%$379.99 FROM WALMARTOriginally $399.00 | Save 5%$399.00 FROM APPLESamsung Galaxy Watch 4 (40mm)The Samsung Galaxy Watch 4 is the obvious choice for Android users looking for a comprehensive, quality, premium smartwatch experience. However, it's a shame that the ECG feature is limited specifically to Samsung phone owners. $199.99 FROM AMAZONOriginally $249.99 | Save 20%$199.99 FROM TARGETOriginally $249.99 | Save 20%$199.99 FROM BEST BUYOriginally $249.99 | Save 20%MasterClass 2-for-1 membershipGet two MasterClass subscriptions for the price of one! Each subscription gets you access to all of MasterClass, so you can watch or sample unlimited celebrity and expert-led classes across a wide range of topics.$180.00 FROM MASTERCLASSOriginally $360.00 | Save 50%Bose QuietComfort 45The QuietComfort 45 have a refreshed design with improved noise cancelling and better battery life.$279.00 FROM BEST BUYOriginally $329.00 | Save 15%$279.00 FROM BOSEOriginally $329.00 | Save 15%$279.00 FROM AMAZONOriginally $329.00 | Save 15%$279.00 FROM WALMARTOriginally $329.00 | Save 15%Apple AirPods (3rd Gen)Apple's third-generation AirPods offer longer battery life, a MagSafe charger, water resistance, and support for spatial audio. $169.99 FROM AMAZONOriginally $179.00 | Save 5%$179.00 FROM APPLE$179.00 FROM BEST BUY$174.98 FROM WALMART$154.99 FROM MICRO CENTEROriginally $179.99 | Save 14%Apple Airpods (2nd Generation)You’ll need to pick up your pair from your local Micro Center, but this is a solid deal price for the second-generation Apple AirPods. You can often find them discounted as low as $120, making this extra $5 drop noteworthy. $104.99 FROM MICRO CENTEROriginally $129.99 | Save 19%$114.99 FROM TARGETOriginally $129.99 | Save 12%$114.99 FROM AMAZONOriginally $129.99 | Save 12%$119.99 FROM BEST BUYOriginally $129.99 | Save 8%Apple MacBook Air (M1)The latest MacBook Air released in late 2020 gains Apple's new M1 processor, which brings impressively fast performance and long battery life, for under $1,000, making it the best Apple laptop overall.$899.99 FROM BEST BUYOriginally $999.99 | Save 10%$999.00 FROM APPLE$999.00 FROM B&HApple 2020 MacBook Air (M1 chip, 8GB RAM, 512GB)The latest MacBook Air released in late 2020 gains Apple's new M1 processor, which brings impressively fast performance and long battery life, for prices starting at under $1,000, making it the best Apple laptop overall. The 512GB storage model adds to the price over the base 256GB model. $1099.99 FROM AMAZONOriginally $1199.00 | Save 8%$1149.00 FROM B&HOriginally $1199.00 | Save 4%Apple MacBook Pro with M1 Processor (13-inch, 8GB RAM, 256GB)Apple's latest MacBook Pro with the M1 processor is leaps and bounds beyond its predecessor, but the Intel MacBook Pro still has some tricks.$1199.00 FROM B&HOriginally $1299.00 | Save 8%$1299.00 FROM APPLELG 65-inch C1 OLED 4K TVLG’s C1 is one of the best 4K TVs you can buy. The OLED panel delivers incredible image quality with an infinite contrast ratio. This deal price matches the lowest we’ve seen so far.$1796.99 FROM AMAZONOriginally $2499.98 | Save 28%$1796.99 FROM WALMARTOriginally $2499.98 | Save 28%Samsung 65-inch Q60A QLED 4K TVSamsung's Q60A is the company's less expensive lineup of premium QLED TVs. $849.99 FROM BEST BUYOriginally $999.99 | Save 15%Amazon Fire TV 50" Omni SeriesAmazon launched its own smart TVs in fall 2021 and the Omni Series boasts features like hands-free Alexa support and video calling along with the latest Fire TV software.$359.99 FROM AMAZONOriginally $509.99 | Save 29%Amazon Echo (4th Gen)The latest Echo speaker from Amazon takes on a spherical design for more effective room-filling audio. $59.99 FROM AMAZONOriginally $99.99 | Save 40%$59.99 FROM BEST BUYOriginally $99.99 | Save 40%$59.99 FROM TARGETOriginally $99.99 | Save 40%Amazon Fire TV Stick 4K MaxThe Fire TV Stick 4K is designed to be 40% more powerful than Fire TV Stick 4K. It also adds Wi-Fi 6 support.$34.99 FROM AMAZONOriginally $54.99 | Save 36%$34.99 FROM BEST BUYOriginally $54.99 | Save 36%$34.99 FROM TARGETOriginally $54.99 | Save 36%Ring Video Doorbell (2020)The latest affordable Video Doorbell model from Ring features 1080p recording and improved motion tracking. It's a great deal if you're looking to start adding smart devices to your home. Orders made now will be fulfilled in 6 to 7 weeks.$79.98 FROM AMAZONOriginally $99.99 | Save 20%Google Nest Cam Outdoor Battery (2021) Elegant design, reliable performance, and wireless battery power make the Nest Cam Outdoor a tempting option to add peace of mind and checking in on your home's exterior when you're away. $149.99 FROM BEST BUYOriginally $179.99 | Save 17%$149.99 FROM GOOGLEOriginally $179.99 | Save 17%$149.99 FROM BED BATH & BEYONDOriginally $179.99 | Save 17%$149.99 FROM TARGETOriginally $179.99 | Save 17%$198.00 FROM AMAZONGoogle Nest ThermostatGoogle Nest makes some of the best smart thermostats you can buy. This model lets you control your home's temperature via the internet or through a mobile app. It can also learn your preferred temperature settings over time. $99.99 FROM TARGETOriginally $129.99 | Save 23%$89.99 FROM AMAZONOriginally $129.99 | Save 31%Vizio Elevate 5.1.4 SoundbarVizio's Elevate soundbar offers a 5.1.4 Dolby Atmos experience with performance that rivals many full-fledged home theater systems.$798.00 FROM AMAZONOriginally $1099.99 | Save 27%$799.99 FROM BEST BUYOriginally $1099.99 | Save 27%GoPro Hero 10 BlackThis video and still camera has similar capabilities to larger variants, while maintaining the small go-anywhere form-factor it's known for.$349.98 FROM GOPROOriginally $499.99 | Save 30%Best Cyber Monday 2021 kitchen dealsZojirushi MaestroThis bread machine is specifically calibrated to bake excellent one-pound loaves of bread, making it a solid choice for one or two-person households.$242.99 FROM AMAZONOriginally $329.99 | Save 26%$339.99 FROM ABTOriginally $395.00 | Save 14%Café Specialty Drip Coffee MakerWhat makes this coffee maker the best I tested is its combination of simplicity and customizability. It’s also extremely consistent — every cup of coffee brewed at every setting tasted just like it should. $279.95 FROM WILLIAMS SONOMAOriginally $349.95 | Save 20%$279.00 FROM BEST BUYOriginally $349.99 | Save 20%KitchenAid Professional 5 Plus Series 5-Quart Bowl-Lift Stand MixerThis KitchenAid is a powerful mixer that can handle sticky doughs and a few quarts of cake batter, but isn't too bulky for a home kitchen. It comes in eight colors, and each includes a flat beater, a spiral dough hook, and a wire whisk. $249.99 FROM TARGETOriginally $429.99 | Save 42%GreaterGoods Kitchen ScaleThis basic food scale is reliable and easy to use, for a low price.$8.39 FROM AMAZONOriginally $19.95 | Save 58%Nespresso Vertuo Next Deluxe Coffee and Espresso MakerA truly versatile machine, the Nespresso Vertuo Next uses capsules to make both coffee and espresso in a variety of cup or carafe sizes.$126.75 FROM TARGETOriginally $169.99 | Save 25%Ninja Professional Plus Food ProcessorThe Ninja Professional Plus makes food prep fast and easy with presets for chopped vegetables, shredded cheese, more.$79.98 FROM KOHLSOriginally $119.99 | Save 33%Ninja Foodi 5-in-1 Indoor Grill with Air Fryer, Roast, Bake & DehydrateThe Ninja Foodi 5-in-1 has five functions, including grill, bake, and dehydrate. Its temperatures range between 105°F to 500°F, giving it a lot of versatility in cooking options. Many of the parts are dishwasher safe for easier cleanup. $169.99 FROM TARGETOriginally $229.99 | Save 26%$169.99 FROM KOHL'SOriginally $249.99 | Save 32%Vitamix Explorian BlenderThe renewed Vitamix Explorian is pre-owned, but every bit as good as new and comes with a 90-day Amazon Renewed Guarantee on top of a 3-year full warranty.$289.95 FROM TARGETOriginally $449.99 | Save 36%$289.95 FROM BEST BUYOriginally $345.99 | Save 16%Instant Pot Duo Plus Pressure Cooker BundleThis bundle is a Target exclusive, and it includes an extra silicone egg rack and stainless steel steam rack for your pressure cooking needs. It’s only $60 right now — an excellent value for such a multifunctional kitchen appliance.$50.99 FROM TARGETOriginally $129.99 | Save 61%Cuisinart Chef's Classic 17-Piece Hard-Anodized Cookware SetThis nonstick set includes nine different pans, lids to match, and a steamer for a total of 17 pieces. $219.99 FROM KOHL'SOriginally $399.99 | Save 45%Keurig K-Mini Single Serve Coffee MakerThe slim 6- to 12-ounce coffee maker will fit neatly on any kitchen counter and save energy with the auto-off feature after brewing.$49.99 FROM THE HOME DEPOTOriginally $79.98 | Save 37%$89.99 FROM TARGETBest Cyber Monday 2021 home dealsHammam Linen Bath Towels 4-PackThese 100% cotton towels are big, soft, and fluffy.$33.15 FROM AMAZONOriginally $69.98 | Save 53%AeroGarden SproutA smaller option from AeroGarden's lineup, the Sprout lets you grow up to three plants in its narrow footprint. It's down to $70 with promo code SUMMER20 through May 31, a rare and excellent deal direct from AeroGarden.$49.95 FROM AEROGARDENOriginally $99.95 | Save 50%$49.99 FROM AMAZONOriginally $99.95 | Save 50%Chewy Pet ProductsFor Cyber Monday, Chewy is offering $30 off purchases of $100 or more. This is only for select products, including food, treats, beds, and more.$70.00 FROM CHEWYOriginally $100.00 | Save 30%Dyson Outsize Absolute+The Dyson Outsize Absolute+ is ideal for whole home, deep cleaning with its full-size dustbin and large cleaner head. $799.99 FROM DYSONOriginally $899.99 | Save 11%Dyson V8 AbsoluteBuilt with a soft roller head for hard floors and a motorized cleaner head for carpets, the Dyson V8 Absolute handles all surfaces efficiently.$399.99 FROM DYSONOriginally $449.99 | Save 11%Dyson Cyclone V10 AbsoluteEquipped with a sensor to detect the difference between carpets and hard floors, the Cyclone V10 Absolute is the perfect vacuum cleaner for any room in the house. We've seen it go for as low as $350 before (it's usually $550), but during Black Friday and Cyber Monday, you'll get it for $400 while supplies last.$499.99 FROM DYSONOriginally $549.99 | Save 9%Eufy BoostIQ RoboVac 15C MAXQuiet, slim, and powerful, the eufy RoboVac 15C Max is a solid investment if you're looking for a robot vacuum. It's already very affordable at retail price, but you can also often find it on sale, making it an even better deal.$169.99 FROM AMAZONOriginally $279.99 | Save 39%$169.99 FROM EUFYOriginally $249.99 | Save 32%iRobot Roomba i3+ (3550) Robot VacuumThe i3+ costs considerably more than your average robot vacuum, but it also does a lot more than the average robot vacuum. It develops personalized cleaning schedules and empties itself. $399.00 FROM WALMARTOriginally $599.00 | Save 33%$399.99 FROM IROBOTOriginally $599.99 | Save 33%$399.99 FROM THE HOME DEPOTOriginally $565.47 | Save 29%$399.99 FROM BEST BUYOriginally $599.99 | Save 33%Ecovacs Deebot Ozmo T8 AIVI Robot VacuumThe  Ecovacs Deebot Ozmo Pro Mopping System thoroughly cleans floors as opposed to pushing a wet cloth around. When paired with the Ecovacs Deebot Ozmo T8 AIVI Robot Vacuum, the two make easy work of time-consuming chores.$499.99 FROM AMAZONOriginally $749.99 | Save 33%$799.99 FROM BEST BUYBissell SpinWave Robot VacuumThe Bissell SpinWave Robot Vacuum picked up all the pet hair on carpet in our tests and has a great assortment of mop attachments and accessories. The company is also committed to helping homeless pets and helps them find loving homes. $249.00 FROM AMAZONOriginally $399.99 | Save 38%$299.00 FROM WALMARTOriginally $399.99 | Save 25%Dewalt Atomic 20-Volt Max Compact Drill/Impact Combo Kit This 20-Volt MAX Brushless Compact 2-Tool Combo Kit includes 1 cordless Drill/Driver, 1 cordless Impact Driver, two 20-Volt MAX Lithium Ion Batteries, 1 charger, and a carrying bag. $149.00 FROM THE HOME DEPOTOriginally $229.00 | Save 35%Kitchellence 3-Stage Knife SharpenerThis knife sharpener includes three stages to help repair and sharpen dull blades. It also includes cut-resistant gloves. $19.98 FROM AMAZONOriginally $30.00 | Save 33%Best Cyber Monday 2021 gaming dealsSony Spider-Man: Miles Morales Launch Edition (PS5)An all-new Spider-Man experience, Spider-Man Miles Morales has you master explosive new powers along with some classic web-slinging acrobatics. The PS5 update even lets you play the game in the gorgeous raytracing mode at a smooth 60 fps.$29.99 FROM TARGETOriginally $49.99 | Save 40%$29.99 FROM BEST BUYOriginally $49.99 | Save 40%$29.83 FROM AMAZONOriginally $49.99 | Save 40%Nintendo Switch Legend of Zelda: Breath of the Wild (Digital Download)The Legend of Zelda: Breath of the Wild was released for the Nintendo Switch in 2017, but still remains one of the best Switch games out there. Right now, a physical copy is selling for $40, which is a solid price on this rarely discounted game.$35.00 FROM WALMARTOriginally $59.99 | Save 42%Nintendo eShop $50 Gift CardThe Nintendo eShop is the best place to shop for digital copies of Nintendo's games. This gift card is the perfect gift or investment for anyone with a Nintendo Switch. Better still, Nintendo's eShop offers several sales throughout the year. This means, patient shoppers can double their savings.$45.00 FROM WALMARTOriginally $50.00 | Save 10%$50.00 FROM BEST BUY$45.00 FROM NEWEGGOriginally $50.00 | Save 10%Xbox Game Pass for PC (3-Month Membership)Typically, you can get a 3-month Game Pass subscription for $30. Right now, it's only $20, a solid deal. This is the PC version, which gets you EA Play, exclusive member discounts, and unlimited to access to over 100 games. $1.00 FROM MICROSOFTOriginally $29.99 | Save 97%$19.98 FROM AMAZONOriginally $29.99 | Save 33%$19.98 FROM BEST BUYOriginally $29.99 | Save 33%Microsoft Xbox Series S|X Wireless ControllerThis latest-gen Xbox gamepad is the best Microsoft has ever made, and during Cyber Monday, shoppers can save $20 on this recently released controller.$49.99 FROM MICROSOFTOriginally $59.99 | Save 17%$54.99 FROM BEST BUYOriginally $59.99 | Save 8%$49.00 FROM GAME STOPOriginally $54.99 | Save 11%$49.00 FROM WALMARTOriginally $64.88 | Save 24%Death Loop for PlayStation 5“Death Loop” is an unusual first-person shooter that challenges players to escape a day-long time loop by assassinating specific targets. The game is a great pick for fans of spy movies, sci-fi, and creative gunplay.$29.99 FROM BEST BUYOriginally $59.99 | Save 50%Call of Duty Vanguard for PlayStation 4The latest Call of Duty game is now on sale for $20 off, just a few weeks after its release.$39.00 FROM WALMARTOriginally $59.99 | Save 35%$44.99 FROM TARGETOriginally $59.99 | Save 25%Call of Duty Vanguard for PlayStation 5The latest Call of Duty game is now on sale for PlayStation 5 just a few weeks after its release.$54.99 FROM TARGETOriginally $69.98 | Save 21%$39.00 FROM WALMARTOriginally $59.94 | Save 35%Nintendo Mario Kart Live: Home Circuit Nintendo Switch Set EditionYou can use a Nintendo Switch to control this real-life Mario Kart toy, and watch Mario or Luigi’s perspective as they zoom around your home.$88.99 FROM TARGETOriginally $99.99 | Save 11%$99.99 FROM BEST BUYLogitech G305 Lightspeed Wireless Gaming MouseCompact and portable, the Logitech G305 is great to take on the go. It's best if you prefer smaller mice and right now it's only $40, a great price drop from a typical selling price of $50.$29.99 FROM AMAZONOriginally $59.99 | Save 50%$29.99 FROM WALMARTOriginally $48.97 | Save 39%Nintendo Switch Ring Fit Adventure"Ring Fit Adventure" for the Nintendo Switch uses the exclusive "Ring-Con" attachment and a leg strap to track movement and provide resistance for workouts. The game also includes an adventure mode. Right now, it's selling for $55 at Target and Amazon, $25 off its usual price and the lowest price we've ever seen on this game.$54.00 FROM AMAZONOriginally $79.98 | Save 32%$54.00 FROM WALMARTOriginally $80.00 | Save 33%$79.98 FROM BEST BUY$79.98 FROM TARGETBest Cyber Monday 2021 streaming dealsHulu Monthly Subscription (Deal)Save a huge 85% on an ad-supported Hulu subscription for an entire year. That amounts to just 99 cents per month. This deal is live until Monday, November 29. $0.99 FROM HULUOriginally $6.99 | Save 86%Disney Plus Free Trial with Amazon Music UnlimitedNew Amazon Music Unlimited subscribers can get six months of Disney Plus for free when they sign up. Current Music Unlimited members can get three months of Disney Plus. Music Unlimited costs $8 a month for Prime members or $10 a month without Prime.$0.00 FROM AMAZONAmazon Prime Video Channel Add-OnsPrime Video subscribers can choose from a variety of channel-add ons including Starz, Showtime, Paramount+, AMC+, Discovery+, and more.$0.99 FROM AMAZONOriginally $10.99 | Save 91%YouTube PremiumYouTube Premium lets you stream videos and music on YouTube without any ads. The service also features exclusive programs.FREE FROM YOUTUBEOriginally $11.99 | Save 100%Best Cyber Monday 2021 health & fitness dealsTheragun PrimeTheragun's Prime massage gun is the perfect blend of performance and value. It delivers a high-quality massage, is durably built, and features an ergonomic design that makes it easy to use anywhere on your body. It's also half the price of the flagship Pro model.$249.99 FROM THERABODYOriginally $299.00 | Save 16%$249.99 FROM KOHL'SOriginally $299.99 | Save 17%RENPHO Foot Massager MachineWith customizable patterns of kneading, compression, and heat therapy, the RENPHO Foot Massager Machine is a full-service Shiatsu device and feels like a home spa for your feet.$129.99 FROM AMAZONOriginally $149.99 | Save 13%Garmin Forerunner 245 MusicThe Garmin Forerunner 245 is a great choice for runners and offers features like calendar syncing, weather forecasting, and notifications, so you can leave your phone at home. $249.99 FROM TARGETOriginally $349.99 | Save 29%$249.99 FROM GARMINOriginally $349.99 | Save 29%Garmin Fenix 6SThe Garmin Fenix 6S Sapphire smartwatch is a premium watch perfect for those looking for enhanced GPS capabilities in a rugged design. The Fenix 6S features an always-on display, stainless steel bezels, an enhanced pulse oximeter for sleep monitoring and altitude acclimation, grade-adjusted pace guidance, and comes preloaded with maps, as well as the ability to tap into three different navigation satellite systems. $549.99 FROM AMAZONOriginally $749.99 | Save 27%Philips Sonicare 9900 PrestigeDentists love Philips Sonicare and its new 9900 Prestige has every bell and whistle you could want in an electric toothbrush, including the ability to adjust its vibrations based on how hard you're brushing.$299.99 FROM AMAZONOriginally $349.99 | Save 14%$299.95 FROM PHILLIPS SONICAREOriginally $349.99 | Save 14%Fitbit LuxeThe Fitbit Luxe is the company's latest fitness band that comes with a sleek design and advanced health features like stress management and the ability to measure heart rate variation.$99.99 FROM KOHL'SOriginally $149.99 | Save 33%$99.95 FROM FITBITOriginally $149.94 | Save 33%$99.95 FROM BEST BUYOriginally $149.94 | Save 33%Mirror from lululemonThis isn't just a mirror. It's a cardio class, it's a yoga studio, it's a boxing ring, it's your new personal trainer, and it's so much more. For Cyber Monday, Mirror is on sale for $500 with the code "CYBERMONDAY20"$995.00 FROM MIRROROriginally $1495.00 | Save 33%Hydro Flask 32-Ounce Wide Mouth This bottle has all the hallmark features of a Hydro Flask water bottle — 12-24 hours of temperature retention, powder color coating that won't chip or fade with time, a silicone twist top — with the very convenient wide mouth for easy pouring and drinking.$33.71 FROM HYDRO FLASKOriginally $44.95 | Save 25%Amazon HaloAmazon's Halo fitness tracker can analyze the tone of your voice to help you understand how you sound to others.$54.99 FROM AMAZONOriginally $99.99 | Save 45%LifeSpan TR1200i Folding TreadmillThe TR1200i is the baby sister of our top pick for a folding treadmill, the TR300i, with fewer built-in training programs and fewer fancy features like manual instead of digital buttons. But it's nearly the same size, has the same motor, and the same shock absorption — but for significantly cheaper.$899.00 FROM LIFESPANOriginally $1199.00 | Save 25%Best Cyber Monday 2021 style & beauty dealsKiehl's Powerful-Strength Vitamin C SerumThis serum by Kiehl’s boasts its ability to reduce fine lines, and customers agree—one even called it “botox in a bottle.”$44.00 FROM KIEHL'SOriginally $88.00 | Save 50%$70.00 FROM SEPHORAKiehl's Creamy Eye Treatment with Avocado This hydrating, fragrance-free eye cream de-puffs under-eyes. $25.00 FROM ULTAOriginally $50.00 | Save 50%$25.00 FROM KIEHL'SOriginally $50.00 | Save 50%Anastasia Beverly Hills Sugar Glow KitA palette with four metallic highlighter shades compatible with many skin tones, the Sugar Glow Kit is nice to have to change up your daily highlight or to do someone else's. Down to $20, this is a solid price on a palette from a brand known for it's popping highlights.$20.00 FROM SEPHORAOriginally $40.00 | Save 50%Fenty Beauty Portable Contour & Concealer BrushFenty Beauty Portable Contour & Concealer Brush $6.00 FROM FENTY BEAUTY Originally $24.00 | Save 75%Levi's Men's 501 Original Fit JeansNot too skinny and not too baggy, the Levi's 501 features a timeless fit that you'll be able to wear for years to come.$35.70 FROM LEVI'SOriginally $59.50 | Save 40%$35.70 FROM KOHL'SOriginally $59.50 | Save 40%$32.79 FROM AMAZONOriginally $59.50 | Save 45%Levi's 501 Original Fit JeansA blank canvas for self-expression, featuring the iconic straight fit and signature button fly.$58.80 FROM LEVI'SOriginally $98.00 | Save 40%Adidas Adilette Boost SlidesWith full-length Boost soles, these slides are designed for ultimate comfort.$35.70 FROM ADIDAS Originally $60.00 | Save 41%L.L.Bean Wicked Good Slippers - Men'sThis shearling-lined, leather-bottom slipper is one of the best men's slippers we've ever tried.$75.65 FROM L.L.BEANOriginally $89.00 | Save 15%L.L.Bean Wicked Good Shearling-Lined Slides - Women'sThese ridiculously-cozy, shearling-lined slides are easy to slip on and off, and keep your feet toasty around the house.$67.15 FROM L.L.BEANOriginally $79.00 | Save 15%L.L.Bean Toddlers' Wicked Good SlippersEverything we love about L.L.Bean's Wicked Good Slippers — but mini. These shearling-lined, leather-soled booties will keep kid's feet, sizes 3-10, toasty around the house and in a stroller.$33.96 FROM L.L.BEANOriginally $39.95 | Save 15%Lululemon Hooded Define JacketA fan-favorite, now with a hood. Between the technical fabric and a do-anything fit, it's easy to see why this one's a hit. Right now you can save up to 50% on this versatile piece, but sizes are selling out quickly. $64.00 FROM LULULEMONOriginally $128.00 | Save 50%Bombas Women's Gripper Slipper (Sherpa Lined) 2-PackA mix between socks and slippers, Bombas' Gripper Slippers include a cozy sherpa lining and sole grippers to prevent slips. $72.95 FROM BOMBASOriginally $96.00 | Save 24%Columbia Men's Lake 22 Down Hooded JacketThis water-resistant jacket is stocked with 650-fill power down insulation, zippered hand pockets, and a structured hood to keep you zipped up and toasty through any winter weather.$69.98 FROM COLUMBIAOriginally $140.00 | Save 50%Adidas Climacool VentoThe Adidas Climacool Vento features a highly breathable mesh upper to help keep your feet cool.$98.00 FROM ADIDASOriginally $140.00 | Save 30%Nike Adapt Auto MaxThe Nike Adapt Auto Max uses advanced technology to automatically form to your foot without laces.$288.97 FROM NIKEOriginally $400.00 | Save 28%Nike Space Hippie 01The Nike Space Hippie 01 is made from 50% recycled materials and features a lightweight, track-inspired look.$77.56 FROM NIKEOriginally $130.00 | Save 40%Crocs Classic Clog (Unisex)The shoe that really started it all, the Classic Clog is comfortable, breathable, and easy to slip on whenever. With over 20 fun colors to choose from, you can’t go wrong.$39.99 FROM CROCSOriginally $49.99 | Save 20%$27.55 FROM AMAZONDagne Dover Indi Diaper BackpackDagne Dover's Indi Diaper Backpack adds a stylish neutral flair while holding every basic essential.$160.00 FROM DAGNE DOVEROriginally $200.00 | Save 20%Rough Linen St. Barts Linen RobeThe Rough Linen St. Barts Robe is made from top-notch linen that offers a light feel and a cool, casual look.$131.93 FROM ROUGH LINENOriginally $167.00 | Save 21%Kiehl's Since 1851 Avocado Nourishing Hydration MaskWinter is coming, and Kiehls' Avocado Mask is here to provide your skin with hydration all season long. This nourishing treatment infuses your face with avocado and evening primrose oils, offering sumptuous moisture after just one use. Plus, it's green tint is a total throwback. You can save 50% on a jar during Black Friday sale. $21.50 FROM MACY'SOriginally $45.00 | Save 52%Giorgio Armani Lip Magnet Liquid LipstickA liquid lip color that gives you a super matte look, but it's so light it feels like a lip stain. The formula is highly pigmented, smudge-resistant, and comfortable on your lips.$19.00 FROM NORDSTROMOriginally $38.00 | Save 50%Nike Sportswear Essential Fleece PantsMade from soft fleece material, these sweats are perfect for everyday comfort.$48.00 FROM NORDSTROMOriginally $60.00 | Save 20%Thread & Supply Double Breasted PeacoatThis peacoat from Thread & Supply is a classic with a twist. The oversized buttons extend up the lapel to the collar, giving you the option to bundle up if necessary. And if you don't love it in black, never fear — you can save 31% on this coat in black, camel, or light gray. $39.90 FROM NORDSTROMOriginally $58.00 | Save 31%True & Co. True Body Triangle Convertible Strap BraletteThe convertible straps on this wireless bra can be worn either straight or crisscrossed, and the smooth material appears invisible under clothes.$30.80 FROM NORDSTROMOriginally $44.00 | Save 30%Chaps Mens Long Sleeve Button DownMade from an easy-to-care-for cotton blend and a dose of stretch, this men's button-down shirt will keep you looking polished all day.$19.98 FROM WALMARTOriginally $60.00 | Save 67%Nine West Car Coat CardiganThi cozy topper is part coat, part cardigan, and will keep you warm all winter. Save an extra 15% on this cardigan with the code ENJOY15 at checkout.$35.99 FROM KOHL'SOriginally $60.00 | Save 40%When is Cyber Monday?Cyber Monday falls on the Monday after Black Friday every year. In 2021, the shopping event will land on November 29.As a continuation of sorts to Black Friday, Cyber Monday gives shoppers another opportunity to save on tech, home goods, clothing, and more that you might've missed while digesting Thanksgiving dinner. Unlike Black Friday, though, Cyber Monday is entirely online.What time does Cyber Monday start?Cyber Monday officially begins at 12 a.m. ET on November 29. That said, the event is expected to carry over many deals from Black Friday, so some discounts are already available.What is Cyber Monday?Cyber Monday began as the online version of Black Friday, where online retailers offered big discounts to match their brick-and-mortar counterparts. Now, Cyber Monday is one of the biggest shopping days of the year, often surpassing even Black Friday in terms of revenue and sales. Previously, the main distinction between Black Friday and Cyber Monday was that Black Friday focused on in-store sales and Cyber Monday on online sales. But as shopping habits have increasingly favored the internet, shoppers can look forward to a very online-focused Cyber Monday and Black Friday. Cyber Monday offers a great opportunity to save on all your holiday gifts. How long do Cyber Monday sales last? Though Cyber Monday sales once took place on Monday only, we've seen them extend to longer and longer durations, with a handful lasting through the rest of the week. However, the best discounts we see are in limited supply and expire soon after they become available.What's better, Black Friday or Cyber Monday?With more and more buyers shopping online, the debate over which shopping holiday wins, is practically moot. Both events will be held predominantly online, and more than a few deals overlap. In fact, many Black Friday deals become Cyber Monday deals when the dates change. If possible, buyers should shop on both holidays. We've seen different products receive better discounts on each day, and the deals that each retailer offers will vary. Generally speaking, consumers shopping for big-ticket items, such as laptops, TVs, and kitchen appliances, can expect more opportunities on Black Friday. Shoppers looking for last year's models, smart home gadgets, digital subscriptions, and gift cards will likely find more luck during Cyber Monday.What should I buy during Cyber Monday?If a retailer offers Black Friday deals, it's a near guarantee that it will offer Cyber Monday deals, too. Amazon, Best Buy, Target, and Walmart are some noteworthy retailers that we know will participate in the shopping event, with deals across many product categories.We will likely see massive discounts on some of our favorite direct-to-consumer products during Cyber Monday, such as retail startups like Leesa and Brooklinen. For some online stores, Cyber Monday (or Cyber Week) will be one of the few times of the year when their products see major markdowns.Will there be Cyber Monday shipping delays?Shipping delays and shopping holidays are inextricably linked, so there's always a risk of late deliveries.To help you avoid the shipping crunch and get your stuff sooner, several retailers, including Walmart, Target, and Best Buy, offer in-store pickup and contactless curbside pickup. This means shoppers can grab their orders at a nearby location, provided that the retailer has it in stock. Best Cyber Monday deals we saw last yearLast year, we saw a lot of great sales on Cyber Monday ranging from sitewide discounts to specific products. Everything from home and kitchen, to subscription services were on sale during last year's annual savings event.Here are a few of the best Cyber Monday deals from 2020.  Philips Sonicare DiamondClean Classic Rechargeable Electric Toothbrush was $179 from Kohl's, originally $229.FujiFilm Instax Mini 11 Camera Bundle was $70 from Kohl's on Cyber Monday last year, originally $120.Keurig K-Supreme Single Serve K-Cup Pod Coffee Maker was $84 from Target on Cyber Monday last year, originally $140.How we select the best Cyber Monday dealsWe only choose products that meet our high standard of coverage, and that we've either used ourselves or researched carefully.We compare the prices among top retailers such as Amazon, Best Buy, Target, and Walmart and only include the deals that are better than all others offered (not including promotional discounts that come from using certain credit cards).All deals are at least 20% off, with the occasional exception for products that are rarely discounted or provide an outsized value.Read more about how the Insider Reviews team evaluates deals and why you should trust us.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 29th, 2021

The 4 best Bluetooth speakers of 2021 for listening to music outside and around the house

These are the best Bluetooth speakers you can buy in 2021, whether you want a compact option on a budget or a smart model with voice control. Prices are accurate at the time of publication.When you buy through our links, Insider may earn an affiliate commission. Learn more.Amazon Bluetooth speakers come in all shapes, sizes, and price ranges. The Sonos Move is our top pick thanks to quality sound, reliable smart features, and good battery life. Read more about why you can trust our tech team to provide the best product recommendations. A great listening experience for all your favorite music services shouldn't be limited by pesky wires. While the days of carrying around a boom box are by and large over, you can still get quality wireless music in the form of a Bluetooth speaker.Thanks to Bluetooth support, these speakers are able to play music from other Bluetooth-enabled sources, like a smartphone or laptop, without any cables. Whether you're getting a speaker for use around the house or a day at the park, there's a Bluetooth speaker for you. But there are several things to consider before you buy, including size, battery, durability, and sound quality.With all of those factors in mind, we selected the best Bluetooth speakers you can buy for a variety of needs. Since most people purchase Bluetooth speakers for their portability, all of our picks feature built-in batteries for listening on the go, though some are better suited for travel than others. Many of our picks are expected to be on sale for Black Friday and Cyber Monday, so be sure to check out our deals coverage for all the latest discounts.Here are the best Bluetooth speakers:Best Bluetooth speaker overall: Sonos MoveBest Bluetooth speaker for portability: Bose SoundLink Revolve+ IIBest waterproof Bluetooth speaker: UE Boom 3Best cheap Bluetooth speaker: Anker Soundcore Flare MiniThe best deals on Bluetooth speakers from this guideBluetooth speaker deals are usually rather plentiful year-round, but substantial discounts on flagship models from Bose and Sonos tend to be rare. These models have a better chance of going on sale during Black Friday and Cyber Monday. In anticipation of those big deal events, you can already snag a solid discount the UE Boom 3. Ultimate Ears Boom 3UE Boom 3 is well-designed and sounds pretty good, but it's also water resistant, making it great for use by the pool or at the beach.$129.99 FROM AMAZONOriginally $149.99 | Save 13%Read more about how the Insider Reviews team evaluates deals and why you should trust us.Best Bluetooth speaker overallAmazonThe Sonos Move looks good, sounds great, and offers voice control with Alexa and Google Assistant.Dimensions: 9.44 (H) x 6.29 (W) x 4.96 (D) inchesDrivers: One downward-firing tweeter and one mid-wooferSmart assistant: Alexa or Google Assistant (requires Wi-Fi)Battery life: Up to 11 hoursPros: Attractive design, integrates with other Sonos speakers, excellent audio quality, Alexa and Google Assistant with Wi-FiCons: A little expensive, a bit heavyWith an excellent design, awesome sound quality, and support for two digital assistants, the Sonos Move is one of the most fully featured Bluetooth speakers you can buy.The speaker offers a ton of bass, coupled with crisp clarity and detail in the high end. That makes it excellent for listening to music. The Move can even be calibrated using Trueplay tuning technology to suit different environments and locations.The Move has a charging station where you can keep it docked in your home, but it's also designed to be portable, so you can take it outside or move it around the house. It's rated for around 11 hours of battery life, so it should easily get you through a day of listening.Like other Sonos speakers, the Sonos Move is also smart. You can choose to use either Google Assistant or Amazon Alexa, plus it integrates perfectly with Sonos' other speakers, allowing for multi-room audio. But what about the downsides? The speaker is a little pricey, and you won't get access to all of its smart features unless you're connected to Wi-Fi. The Move is also bigger and heavier than most Bluetooth speakers which limits its portability a bit.Buyers who want a similar speaker with a more compact design and cheaper price tag should consider the Move's smaller sibling, the Sonos Roam. It doesn't sound as good as the Move, but it's a better fit for people who primarily plan to use their speaker for on-the-go listening.Note: Stock for the Sonos Move is limited. Best Buy currently lists a December 13 delivery date for new orders.$399.99 FROM BEST BUY$399.00 FROM SONOS$399.99 FROM AMAZONBest Bluetooth speaker for portabilityBoseThe Bose SoundLink Revolve+ II is easy-to-use, offers 17 hours of battery, and features a convenient handle for travel.Dimensions: 7.25 (H) x 4.13 (W) x 4.13 (D) inchesDrivers: Dual passive radiators and downward-facing, full-range transducerSmart assistant: Requires separate deviceBattery life: Up to 17 hoursPros: Good sound, versatile design for portable use outdoors and around the house, long battery lifeCons: A bit pricey, lacks Wi-Fi supportThere are a number of things that make the Bose SoundLink Revolve+ II such an ideal portable option, from its great sound to its convenient design.The design is reminiscent of smart speakers, so it'll look right at home in any tech-savvy person's house. On top of that, it offers extremely easy-to-use controls, with six buttons located on the top for things like volume and Bluetooth control. Bose also added a handle to make it easy to bring the speaker with you outside or around the house.We tested the previous-generation model and were impressed by its great sound quality and how easy it is to move from room to room. It delivers ample volume and deep bass without distorting. This newer version is nearly identical to the one we tested, but features an upgrade from IPX4 water resistance to an IP55 rating. It also supports an extra hour of battery life for up to 17 hours of play time — the longest of any speaker on our guide. The SoundLink Revolve+ II even has some smart features, including Bluetooth pairing with voice prompts, the ability to take calls, and access to Siri or Google Assistant from your phone. That said, the speaker doesn't have Wi-Fi so it doesn't support a built-in digital assistant.$329.00 FROM AMAZON$329.99 FROM BEST BUYBest waterproof Bluetooth speakerUltimate EarsThe UE Boom 3 features a water resistant design, making it great for use by the pool or at the beach.Dimensions: 7.2 (H) x 2.8 (D) inchesDrivers: Dual 2-inch drivers and two passive radiatorsSmart assistant: NoBattery life: Up to 15 hoursRead our UE Boom 3 review herePros: Good sound quality, nice design, waterproof, can floatCons: High frequencies aren't as detailed as other speakersLooking for something that you can take to the beach or use by the pool without fear of it breaking due to water damage? The UE Boom 3 is the way to go. The speaker may not sound as robust as the Sonos Move, but it still sounds good, especially considering how small it is. The UE Boom 3 offers decent bass response, along with a well-tuned mid-range, and a solid amount of clarity in the high frequencies. One of the best things about it is that it can also get super loud, which is great for use outside.It's relatively small and portable, and it's available in a range of different colors. On the side, you get buttons for controlling volume, while on the top there are controls for things like Bluetooth pairing and power. The UE Boom 3 is built for use near water. The speaker is not only waterproof, but it's also designed to float, so you won't have to worry about losing it at the bottom of the pool. The Boom 3 is capable of being submerged in up to 1 meter of water for up to 30 minutes, so it shouldn't break due to water damage.$129.99 FROM AMAZONOriginally $149.99 | Save 13%Best cheap Bluetooth speakerAmazonThe Anker Soundcore Flare Mini may be super-affordable, but it still looks and sounds solid for the price.Dimensions: 5.5 (H) x 2.8 (W) x 3.4 (D) inchesDrivers: Back-to-back neodymium drivers and dual IIR passive radiatorsSmart assistant: NoBattery life: Up to 12 hoursPros: Inexpensive, water-resistant, solid battery lifeCons: Sound quality is only decentLooking for an inexpensive speaker that still looks and sounds pretty good? The Anker Soundcore Flare Mini is the way to go. This speaker may carry a budget price, but it still sounds decent and won't break the bank.The Soundcore Flare is designed to look a lot better than other speakers in its price range. It features a cylindrical design with a fabric covering around the side and controls on the top. Those controls include power, volume, and Bluetooth pairing. There are even LED lights on the bottom, and you can control those lights through five different lighting modes.The design of the speaker plays into how it sounds too. The speaker can deliver 360-degree audio, so no matter where you are around it, you'll be to hear your music. It definitely won't sound as powerful as some of the more expensive speakers on our list, but it can still get pretty loud and offers a decent amount of bass.You'll get around 12 hours of battery life out of the speaker, which isn't bad at all, and it's water-resistant with an IPX7 rating. Considering the price range, perhaps the only real downside to the speaker is that it can't match more expensive offerings in the audio department.$42.99 FROM AMAZONWhat else we consideredJBLHere are other speakers we considered for our guide, and why they didn't make our top picks.Other Bluetooth speakers we recommend:JBL Flip 4: The JBL Flip 4 speaker was previously one of our picks, and it's still a fantastic Bluetooth speaker for the money. With that said, the less expensive Soundcore Flare Mini includes similar features for a more affordable price, making that model a better overall budget pick. If you're willing to spend more, however, the JBL Flip 4 features a bit more power and better sound quality.What you should look for in a Bluetooth speakerAmazonWhen shopping for a Bluetooth speaker, there are some key factors you should keep in mind. For instance, a compact model might not be a good fit for someone who wants the best audio quality, while a heavy speaker won't be ideal for someone who wants to take their audio on the go.Below, we've broken down some main features and design elements you should consider when selecting the best Bluetooth speaker for your needs.Size matters: Generally speaking, larger speakers will be louder, so they tend to be a better fit for parties and gatherings. Larger speakers also tend to have more refined audio quality with better clarity and bass. Of course, size also affects portability. If you're looking for something you can slip in your bag and carry around easily, then a smaller speaker will be a better choice.Battery life: You'll obviously want longer battery life if you're looking for a speaker that can last all day, but sometimes a speaker with shorter battery life will do the job — especially if you plan on being able to charge it often or even while in use. Though all of our picks include batteries, some Bluetooth speakers on the market only work with an outlet. If you just plan to use your speaker in one room, this isn't a problem, but if you want portability, a speaker with a battery is a must.Durability and water resistance: Durability is another important factor if you plan on carrying your speaker around a lot. Not only will your speaker last longer if it's more durable, but it might be a little more versatile, too. For example, you probably won't want to take a non-waterproof speaker to the pool or the beach.Sound quality: A single Bluetooth speaker is never going to offer the same quality as a true stereo speaker pair, but high-end Bluetooth speakers from brands like Sonos and Bose offer impressive performance. Again, larger models tend to have better sound, so if audio quality is a priority, you'll likely want to avoid ultra-compact speakers. Check out our other speaker buying guidesSonosThe best speakersThe best smart speakersThe best soundbarsThe best Alexa speakersThe best home theater systemsRead the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 22nd, 2021

Tesla’s “Rounding Error” Of Sales Improvement

Stanphyl Capital’s commentary for the month ended October 31, 2021, discussing their short position in Tesla Inc (NASDAQ:TSLA). Q3 2021 hedge fund letters, conferences and more The Biggest Bubble In Modern Stock Market History We remain short the biggest bubble in modern stock market history, Tesla Inc. (TSLA), which now has a completely absurd diluted […] Stanphyl Capital’s commentary for the month ended October 31, 2021, discussing their short position in Tesla Inc (NASDAQ:TSLA). if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more The Biggest Bubble In Modern Stock Market History We remain short the biggest bubble in modern stock market history, Tesla Inc. (TSLA), which now has a completely absurd diluted market cap of $1.25 trillion. Perhaps this ridiculousness is best shown graphically, courtesy of @MichalStupavsky and @AlbertBridgeCap; note that both these graphics were created hundreds of billions of dollars ago in Tesla market cap, and when viewing them please keep in mind that Tesla’s share of the world auto market is only around 1.1% (yes, one POINT one percent): And yet at some point when momentum-riding Tesla bulls (or, for that matter, bears) least expect it, TSLA will recouple with “reality,” and that’s why I continue to maintain a core short position. So here’s “reality”… Tesla has no “moat” of any kind; i.e., nothing meaningfully proprietary in terms of electric car technology, while existing automakers—unlike Tesla­—have a decades-long “experience moat” of knowing how to mass-produce, distribute and service high-quality cars consistently and profitably. Excluding sunsetting emission credit sales Tesla is barely profitable. Growth in sequential unit demand for Tesla’s cars is at a crawl relative to expectations. Elon Musk is a pathological liar who under the terms of his SEC settlement cannot deny having committed securities fraud. Tesla's Q3 Deliveries In October Tesla reported Q3 deliveries of 241,000 cars, 18,000 more than Wall Street’s “official” consensus and around 11,000 more than the 230,000-delivery “whisper number.” These (and even the entire 40,000-unit gain over Q2) are rounding errors for an auto company trading at even one-tenth of Tesla’s valuation. If in any quarter GM or VW or Toyota sold 2.04 million vehicles instead of 2 million or 1.96 million, no one would pay the slightest bit of attention to the difference. Seeing as Tesla is now being valued at nearly sixteen GMs, it’s time to start looking at its relatively tiny numerical sequential sales growth, rather than Wall Street’s sell-side hype of “percentage off a small base.” In other words, if you want to be valued at a giant multiple of “the big boys,” you should be treated as a big boy. In fact, a favorite hype story from Tesla fans has been “the China market” and its “record” number of 73,659 Q3 deliveries there. Let’s put this in perspective: this was only around 4000 more cars than in Q1 and only around 11,000 more than in Q2—these are “growth” rounding errors. And that “record” Q3 China quarter gave it just 1.5% of the overall passenger vehicle market and just 11% of the BEV market, and it had so much excess capacity that it exported tens of thousands of cars to Europe. And now in October, Tesla sales in China reportedly fell back to just 12,000 units. Remember when Musk claimed that Tesla’s Chinese domestic demand alone would need multiple factories to satisfy? Ah, the good old days! One likely way Tesla was able to post an upside surprise in Q3 deliveries was because competitors’ production (and thus inventories) were at the lowest level in decades due to the massive chip shortage, thereby eliminating a number of “Tesla alternatives.” Meanwhile, Tesla had record production because Musk (a notorious “corner-cutter”) was apparently willing to substitute untested, non-auto-grade chips for the more durable chips he couldn’t get; please see my Twitter post about this. Rounding Error As for the demand implications of the new U.S. EV tax credit (assuming it passes in its current form—which, by the way, benefits GM & Ford’s union-made cars with a $12,500 per-car credit vs. just $8000 for each Tesla), please see my Twitter thread as to why—relative to Tesla’s insane valuation and its fans’ expectations—it will likely result in just another “rounding error” of sales improvement. In its Q3 earnings report (released in October), Tesla claimed it made around $1.3 billion in free cash flow (defined as operating cash flow less capex). However, this number appears to be entirely due to working capital adjustments and not from the business itself. Let me explain: Tesla claimed operating cash flow of around $3.2 billion for the quarter, but this came with the benefit of accounts payable increasing by $702 million, receivables declining by $167 million and accrued liabilities up by $665 million while (detrimentally) prepaid expenses increased by $144 million. Adjusting for that massive net working capital benefit, operating cash flow was only a bit over $1.8 billion and with capex at $1.8 billion it means Tesla’s Q3 free cash flow was essentially zero; i.e., it’s a horrible business. Also in its Q3 report Tesla claimed it made around $1.45 billion in net income after excluding $279 million of pure-profit emission credit sales (excluded because they’ll almost entirely disappear some time next year when other automakers will have enough EVs of their own), and after adding back a $50 million Bitcoin write-down. However, that earnings number also includes what I estimate to be Tesla’s usual $300 million or so in unsustainably low warranty provisioning, and after adjusting for that and assuming no other fraudulent accounting, Tesla only earned around $1.06/share, which annualizes to $4.24. An auto industry PE multiple of 10x would thus make TSLA worth around $42/share (admittedly, more than the “$0” I once expected), while a “growth multiple” of 20x would value it at $84, which is almost a 93% discount to October’s closing price of $1114. And before you tell me that a 100% premium to the industry’s PE ratio isn’t enough, keep in mind that—as noted earlier—Tesla’s sequential unit growth is an auto industry rounding error. In fact, one could argue that Tesla’s multiple should carry a discount, considering the massive legal and financial liabilities continually generated by its pathologically lying CEO. Meanwhile Tesla continues to sell (and book cash flow, if not accounting revenue from) its fraudulent & dangerous so-called “Full Self Driving.” In a sane regulatory environment Tesla having done this for five years now would be considered “consumer fraud,” and indeed the regulatory tide may finally be turning, as in August two U.S. Senators demanded an FTC investigation and in October the NHTSA appointed a harsh critic of this deadly product to advise on its regulation. (For all known Tesla deaths see TeslaDeaths.com.) Are major write-downs and refunds on the way, killing the company’s slight “claimed profitability”? Stay tuned! And remember, the 2021 overview from Guidehouse Insights rates Tesla dead last among autonomous competitors: Proprietary Battery Technology Another favorite Tesla hype story has been built around so-called “proprietary battery technology.” In fact though, Tesla has nothing proprietary there—it doesn’t make them, it buys them from Panasonic, CATL and LG, and it’s the biggest liar in the industry regarding the real-world range of its cars. And if new-format 4680 cells enter the market some time in 2022 (as is now expected), their manufacturers will gladly sell them to anyone. Meanwhile, the quality of the Model Y—is awful, and that car faces current (or imminent) competition from the much better built electric Audi Q4 e-tron, BMW iX3, Mercedes EQA, Volvo XC40 Recharge, Volkswagen ID.4, Ford Mustang Mach E, Nissan Ariya, Hyundai Ioniq 5 and Kia EV6. And Tesla’s Model 3 now has terrific direct “sedan competition” from Volvo’s beautiful Polestar 2 and the premium version of Volkswagen’s ID.3 (in Europe), and later this year from the BMW i4, plus multiple local competitors in China. And in the high-end electric car segment worldwide the Audi e-tron and Porsche Taycan outsell the Models S & X (and the newly updated Tesla models with their dated exteriors and idiotic shifters & steering wheels won’t change this), while the spectacular new Mercedes EQS, Audi e-Tron GT and Lucid Air make the Tesla Model S look like a fast Yugo, while the extremely well reviewed new BMW iX does the same to the Model X. And oh, the joke of a “pickup truck” Tesla previewed in 2019 (and still hasn’t shown in production-ready form) won’t be much of “growth engine” either, as it will enter a dogfight of a market; in fact, in May Ford formally introduced its terrific new all-electric F-150 Lightning which now has over 150,000 reservations, Rivian’s pick-up has gotten fantastic early reviews, and in January at CES GM will introduce its electric Silverado. Meanwhile, Tesla quality ranks 30th among 33 brands in the latest J.D. Power dependability survey… …and second-to-last in the latest Consumer Reports reliability survey: …while the most recent What Car? survey shows similar results with Tesla finishing #29 out of 31, and now quality is slipping in China. Regarding safety, as noted earlier in this letter, Tesla continues to deceptively sell its hugely dangerous so-called “Autopilot” system, which Consumer Reports has completely eviscerated; God only knows how many more people this monstrosity unleashed on public roads will kill, despite the NTSB condemning it. Elsewhere in safety, in 2020 the Chinese government forced the recall of tens of thousands of Teslas for a dangerous suspension defect the company spent years trying to cover up, and now Tesla has been hit by a class-action lawsuit in the U.S. for the same defect. Tesla also knowingly sold cars that it knew were a fire hazard and did the same with solar systems, and after initially refusing to do so voluntarily, it was forced to recall a dangerously defective touchscreen. In other words, when it comes to the safety of customers and innocent bystanders, Tesla is truly one of the most vile companies on Earth. Meanwhile the massive number of lawsuits of all types against the company continues to escalate. So Here Is Tesla’s Competition In Cars (Note: These Links Are Regularly Updated)... Porsche Taycan Porsche Taycan Cross Turismo Porsche Macan Electric SUV Officially Coming in 2023 Volkswagen ID.3 Headlines VW's Electrified Future Volkswagen ID.4 Electric SUV Volkswagen ID 6 to arrive with 435-mile range in 2023 Volkswagen Aero B: new electric Passat equivalent spied VW’s Cupra brand counts on performance for Born EV Cupra, VW brand to get entry-level battery-powered cars Audi e-tron Audi e-tron Sportback Audi E-tron GT Audi Q4 e-tron Audi Q6 e-tron confirmed for 2022 launch Audi previews long-range A6 e-tron EV Audi TT set to morph into all-electric crossover Hyundai Ioniq 5 Hyundai Ioniq 6 spotted ahead of 2022 launch Hyundai Kona Electric Genesis reveals their first EV on the E-GMP platform, the electric GV60 crossover Genesis aims to go all-electric from 2025 Kia Niro Electric: 239-mile range & $39,000 before subsidies Kia EV6: Charging towards the future Kia EV4 on course to grow electric SUV range Jaguar’s All-Electric i-Pace Jaguar to become all-electric brand; Land Rover to Get 6 electric models Daimler will invest more than $47B in EVs and be all-electric ready by 2030 Mercedes EQS: the first electric vehicle in the luxury class Mercedes EQS SUV takes shape Mercedes-Benz unveils EQE electric sedan with impressive 400-mile range Mercedes EQE SUV to rival BMW iX and Tesla Model X Mercedes EQC electric SUV available now in Europe & China Mercedes-Benz Launches the EQV, its First Fully-Electric Passenger Van Mercedes-Benz EQB Makes Its European Debut, US Sales Confirmed Mercedes-Benz unveils EQA electric SUV with 265 miles of range and ~$46,000 price Ford Mustang Mach-E Available Now Ford F-150 Lightning electric pick-up available 2022 Ford set to launch ‘mini Mustang Mach-E’ electric SUV in 2023 Ford to offer EV versions of Explorer, Aviator, ‘rugged SUVs' Volvo Polestar 2 Volvo XC40 Recharge Volvo C40 electric sedan to challenge Tesla Model 3, VW ID3 Polestar 3 will be an electric SUV that shares its all-new platform with next Volvo XC90 Chevy updates, expands Bolt EV family as price drops Cadillac All-Electric Lyriq Available Spring 2022 GMC ALL-ELECTRIC SUPERTRUCK HUMMER EV GM to build electric Silverado in Detroit with estimated range of more than 400 miles GMC to launch electric Hummer SUV in 2023 GM will offer 30 all-electric models globally by 2025 GM Launches BrightDrop to Electrify the Delivery of Goods and Services Nissan vows to hop back on EV podium with Ariya Nissan LEAF e+ with 226-mile range is available now BMW leads off EV offensive with iX3 BMW expands EV offerings with iX tech flagship and i4 sedan 2022 BMW iX1 electric SUV spied BMW 3-series EV coming Rivian R1T Is the Most Remarkable Pickup We’ve Ever Driven Renault upgrades Zoe electric car as competition intensifies Renault Dacia Spring Electric SUV Renault to boost low-volume Alpine brand with 3 EVs Renault's electric Megane will debut new digital cockpit Stellantis promises 'heart-of-the-market SUV' from new, 8-vehicle EV platform Alfa Romeo is latest Stellantis brand to get all-electric future Peugeot e-208 PEUGEOT E-2008: THE ELECTRIC AND VERSATILE SUV Peugeot 308 will get full-electric version Citroen compact EV challenges VW ID3 on price Maserati to launch electric sports car Mini Cooper SE Electric Toyota's bZ4X EV gets 300-mile range, steer by wire; first of 7 BEVs by 2025 Opel sees electric Corsa as key EV entry 2021 Vauxhall Mokka revealed as EV with sharp looks, massive changes Skoda Enyaq iV electric SUV offers range of power, battery sizes Electric Skoda Enyaq coupe to muscle-in on Tesla Model 3 Skoda plans small EV, cheaper variants to take on French, Korean rivals Nio to launch in five more European countries after Norway BYD will launch electric SUV in Europe The Lucid Air Achieves an Estimated EPA Range of 517 Miles on a Single Charge Bentley converting to electric-only brand All-electric Rolls-Royce Spectre to launch in 2023 – firm to be EV-only by 2030 Aston Martin will build electric vehicles in UK from 2025 Meet the Canoo, a Subscription-Only EV Pod Coming in 2021 Two new electric cars from Mahindra in India; Global Tesla rival e-car soon Former Saab factory gets new life building solar-powered Sono Sion electric cars Foxconn aims for 10% of electric car platform market by 2025 And In China... How VW Group plans to dominate China's EV market VW Goes Head-to-Head With Tesla in China With New ID.4 Crozz Electric SUV Volkswagen’s ID.3 EV to be produced by JVs with SAIC, FAW in 2021 2022 VW ID.6 Revealed With Room For Seven And Two Electric Motors China-built Audi e-tron rolls off production line in Changchun Audi Q2L e-tron debuts at Auto Shanghai Audi will build Q4 e-tron in China Audi Q5 e-tron Confirmed For China Audi in cooperation company for local electric car production with FAW FAW Hongqi starts selling electric SUV with 400km range for $32,000 FAW (Hongqi) to roll out 15 electric models by 2025 BYD goes after market left open by Tesla with four cheaper models for budget-conscious buyers BYD said to launch premium NEV brand ‘Dolphin’ in 2022 Top of Form Bottom of Form Daimler & BYD launch DENZA electric vehicle for the Chinese market Geely announces premium EV brand Zeekr Geely, Mercedes-Benz launch $780 million JV to make electric smart-branded cars Mercedes styled Denza X 7-seat electric SUV to hit market Mercedes ‘makes mark’ with China-built EQC BMW, Great Wall to build new China plant for electric cars BAIC Goes Electric, & Establishes Itself as a Force in China’s New Energy Vehicle Future BAIC BJEV, Magna ready to pour RMB2 bln in all-electric PV manufacturing JV Toyota, BYD will jointly develop electric vehicles for China Lexus to launch EV in China taking on VW and Tesla GAC Aion about to start volume production of 1,000-km range AION LX GAC Toyota to ramp up annual capacity by 400,000 NEVs GAC kicks off delivery of HYCAN 007 all-electric SUV Nio – Ready For Tomorrow Nio steps up plans for mass-market brand to compete with VW, Toyota Xpeng Motors sells multiple EV models SAIC-GM to build Ultium EV platform in Wuhan Chevrolet Menlo Electric Vehicle Launched in China Buick Launches VELITE 6 PLUS MAV Electric Vehicle in China Buick Velite 7 EV And Velite 6 PHEV Launch In China Dongfeng launches the all-electric Voyah  PSA to accelerate rollout of electrified vehicles in China SAIC, Alibaba-backed EV brand IM begins presale of first model L7 Hyundai Motor Transforming Chongqing Factory into Electric Vehicle Plant Polestar said to plan China showroom expansion to compete with Tesla Jaguar Land Rover's Chinese arm invests £800m in EV production Renault reveals series urban e-SUV K-ZE for China Renault & Brilliance detail electric van lineup for China Renault forms China electric vehicle venture with JMCG Honda to start sales of new EV-branded vehicles in China in 2022 Geely launches new electric car brand 'Geometry' – will launch 10 EVs by 2025 Geely, Foxconn form partnership to build cars for other automakers Fiat Chrysler, Foxconn Team Up for Electric Vehicles Baidu to create an intelligent EV company with automaker Geely Leapmotor starts presale of C11 electric SUV on Jan. 1 2021 Changan forms subsidiary Avatar Technology to develop smart EVs with Huawei, CATL WM Motors/Weltmeister Chery Seres Enovate China's cute Ora R1 electric hatch offers a huge range for less than US$9,000 Singulato JAC Motors releases new product planning, including many NEVs Seat to make purely electric cars with JAC VW in China Iconiq Motors Hozon Aiways Skyworth Auto Youxia CHJ Automotive begins to accept orders of Leading Ideal ONE Infiniti to launch Chinese-built EV in 2022 Human Horizons Chinese smartphone giant Xiaomi to launch electric car business with $10 billion investment Lifan Technology to roll out three EV models with swappable batteries in 2021 Here’s Tesla’s Competition In Autonomous Driving... Waymo ranked top & Tesla last in Guidehouse leaderboard on automated driving systems Tesla has a self-driving strategy other companies abandoned years ago Fiat Chrysler, Waymo expand self-driving partnership for passenger, delivery vehicles Waymo and Lyft partner to scale self-driving robotaxi service in Phoenix Volvo, Waymo partner to build self-driving vehicles Jaguar and Waymo announce an electric, fully autonomous car Renault, Nissan partner with Waymo for self-driving vehicles Cruise and GM Team Up with Microsoft to Commercialize Self-Driving Vehicles Cadillac Super Cruise Sets the Standard for Hands-Free Highway Driving Honda Joins with Cruise and General Motors to Build New Autonomous Vehicle Honda launching Level 3 autonomous cars Volkswagen moves ahead with Autonomous Driving R&D for Mobility as a Service Volkswagen teams up with Microsoft to accelerate the development of automated driving VW taps Baidu's Apollo platform to develop self-driving cars in China Ford's electric Mustang will offer hands-free driving technology in 2021 ARGO AI AND FORD TO LAUNCH SELF-DRIVING VEHICLES ON LYFT NETWORK BY END OF 2021 Hyundai and Kia Invest in Aurora Toyota, Denso form robotaxi partnership with Aurora Aptiv and Hyundai Motor Group complete formation of autonomous driving joint venture Amazon’s Zoox unveils electric robotaxi that can travel up to 75 mph Nvidia and Mercedes Team Up to Make Next-Gen Vehicles Daimler's heavy trucks start self-driving some of the way SoftBank, Toyota's self-driving car venture adds Mazda, Suzuki, Subaru Corp, Isuzu Daihatsu  Continental & NVIDIA Partner to Enable Production of Artificial Intelligence Self-Driving Cars Mobileye and Geely to Offer Most Robust Driver Assistance Features Mobileye Starts Testing Self-Driving Vehicles in Germany Mobileye and NIO Partner to Bring Level 4 Autonomous Vehicles to Consumers Lucid Chooses Mobileye as Partner for Autonomous Vehicle Technology AutoX, backed by Alibaba Nissan gives Japan version of Infiniti Q50 hands-free highway driving Hyundai to start autonomous ride-sharing service in Calif. Pony.ai raises $462 million in Toyota-led funding Baidu kicks off trial operation of Apollo robotaxi in Changsha Toyota to join Baidu's open-source self-driving platform Baidu, WM Motor announce strategic partnership for L3, L4 autonomous driving solutions Volvo will provide cars for Didi's self-driving test fleet BMW and Tencent to develop self-driving car technology together BMW, NavInfo bolster partnership in HD map service for autonomous cars in China GM Invests $300 M in Momenta to deliver self-driving technologies in China FAW Hongqi readies electric SUV offering Level 4 autonomous driving Tencent, Changan Auto Announce Autonomous-Vehicle Joint Venture Huawei teams up with BAIC BJEV, Changan, GAC to co-launch self-driving car brands GAC Aion, DiDi Autonomous Driving to co-develop driverless NEV model BYD partners with Huawei for autonomous driving Lyft, Magna in Deal to Develop Hardware, Software for Self-Driving Cars Xpeng releases autonomous features for highway driving Nuro Becomes First Driverless Car Delivery Service in California Deutsche Post to Deploy Test Fleet Of Fully Autonomous Delivery Trucks ZF autonomous EV venture names first customer Magna’s new MAX4 self-driving platform offers autonomy up to Level 4 Groupe PSA’s safe and intuitive autonomous car tested by the general public Mitsubishi Electric to Exhibit Autonomous-driving Technologies in New xAUTO Test Vehicle Apple acquires self-driving startup Drive.ai Motional to begin robotaxi testing with Hyundai Ioniq 5 in Los Angeles JD.com Delivers on Self-Driving Electric Trucks NAVYA Unveils First Fully Autonomous Taxi Fujitsu and HERE to partner on advanced mobility services and autonomous driving Here’s Where Tesla’s Competition Will Get Its Battery Cells... Panasonic (making deals with multiple automakers) LG Samsung SK Innovation Toshiba CATL BYD Volkswagen to Build Six Electric-Vehicle Battery Factories in Europe How GM's Ultium Battery Will Help It Commit to an Electric Future Ultium (General Motors & LG joint venture) GM to develop lithium-metal batteries with SolidEnergy Systems Ford, SK Innovation announce EV battery joint venture BMW & Ford Invest in Solid Power to Secure All Solid-State Batteries for Future Electric Vehicles Stellantis, LG Energy Solution to form battery JV for N. American market Toyota to build U.S. battery plant Daimler joins Stellantis as partner in European battery cell venture ACC Renault signs EV battery deals with Envision, Verkor for French plants Nissan to build $1.4bn EV battery plant in UK with Chinese partner UK companies AMTE Power and Britishvolt plan $4.9 billion investment in battery plants Freyr Verkor Farasis Microvast Akasol Cenat Wanxiang Eve Energy Svolt Romeo Power ProLogium Hyundai Motor developing solid-state EV batteries Daimler Morrow Here’s Tesla’s Competition In Charging Networks... Electrify America is spending $2 billion building a high-speed U.S. charging network GM to distribute up to 10 chargers to each of its dealerships starting early 2022 GM, EVgo partner to expand U.S. charging network Circle K Owner Plans Electric-Car Charging Push in U.S., Canada 191 U.S. Porsche dealers are installing 350kw chargers ChargePoint to equip Daimler dealers with electric car chargers GM and Bechtel plan to build thousands of electric car charging stations across the US Ford introduces 12,000 station charging network, teams with Amazon on home installation Shell Plans To Deploy Around 500,000 Charging Points Globally By 2025 Petro-Canada Introduces Coast-to-Coast Canadian Charging Network Volta is rolling out a free charging network Ionity Europe E.ON and Virta launch one of the largest intelligent EV charging networks in Europe Volkswagen plans 36,000 charging points for electric cars throughout Europe Smatric has over 400 charging points in Austria Allego has hundreds of chargers in Europe PodPoint UK charging stations BP Chargemaster/Polar is building stations across the UK Instavolt is rolling out a UK charging network Fastned building 150kw-350kw chargers in Europe Aral To Install Over 100 Ultra-Fast Chargers In Germany Deutsche Telekom launches installation of charging network for e-cars Total to build 1,000 high-powered charging points at 300 European service-stations NIO teams up with China’s State Grid to build battery charging, swapping stations Volkswagen-based CAMS launches supercharging stations in China Volkswagen, FAW Group, JAC Motors, Star Charge formally announce new EV charging JV BMW to Build 360,000 Charging Points in China to Juice Electric Car Sales BP, Didi Jump on Electric-Vehicle Charging Bandwagon Evie rolls out ultrafast charging network in Australia Evie Networks To Install 42 Ultra-Fast Charging Sites In Australia And Here’s Tesla’s Competition In Storage Batteries... Panasonic Samsung LG BYD AES + Siemens (Fluence) GE Bosch Hitachi ABB Toshiba Saft Johnson Contols EnerSys SOLARWATT Schneider Electric Sonnen Kyocera Generac Kokam NantEnergy Eaton Nissan Tesvolt Kreisel Leclanche Lockheed Martin EOS Energy Storage ESS UET electrIQ Power Belectric Stem ENGIE Redflow Renault Primus Power Simpliphi Power redT Energy Storage Murata Bluestorage Adara Blue Planet Tabuchi Electric Aggreko Orison Moixa Powin Energy Nidec Powervault Kore Power Shanghai Electric Schmid 24M Ecoult Innolith LithiumWerks Natron Energy Energy Vault Ambri Voltstorage Cadenza Innovation Morrow Gridtential Villara Elestor   Thanks and stay healthy, Mark Spiegel Updated on Nov 1, 2021, 11:19 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkNov 1st, 2021

Wharton piles into $200M Fabric funding round

Distribution startup Fabric, which is building technology to help retailers compete against giants such as Amazon in fulfillment operations, has announced $200 million in funding. Singapore’s Temasek led the Series C funding, with Koch Disruptive Technologies, Union Tech Ventures, Harel Insurance & Finance, Pontifax Global Food and Agriculture Technology Fund... The post Wharton piles into $200M Fabric funding round appeared first on Real Estate Weekly. Distribution startup Fabric, which is building technology to help retailers compete against giants such as Amazon in fulfillment operations, has announced $200 million in funding. Singapore’s Temasek led the Series C funding, with Koch Disruptive Technologies, Union Tech Ventures, Harel Insurance & Finance, Pontifax Global Food and Agriculture Technology Fund (Pontifax AgTech), Canada Pension Plan Investment Board (CPP Investments), KSH Capital, Princeville Capital, Wharton Equity Ventures, and other unnamed backers also participating. The investment will aid the company as it expands its automated, on-demand fulfillment platform servicing the general merchandise market. Fabric is building a network of micro-fulfillment centers across major metropolitan areas in the United States to make fast delivery scalable and profitable for retailers.  “E-commerce activity has exploded in recent years, and consumers are increasingly demanding next-day or even same-day fulfillment of their orders. These trends show no signs of slowing, and as the pandemic has exposed critical weaknesses in the global supply chain, Fabric’s platform has become more vital than ever,” said Peter C. Lewis, founder & chairman of Wharton Equity Partners. PETER LEWIS “With our unique lens as owners of last mile facilities, we were able to assess Fabric’s solutions and are convinced the company is at the forefront of the inevitable migration to automation of urban warehouses.” Fabric runs micro-fulfillment operations for grocery and general merchandise retailers in New York City, Washington, DC, and Tel Aviv. The company recently announced major partnerships with Walmart, Instacart, and FreshDirect.  Wharton Equity Ventures’ investment in Fabric marks the latest in a string of commitments to successful technology companies, including many designed to solve growing pain points in commercial real estate. It has previously backed notable companies such as Latch Inc., a smart locks maker and full-building enterprise software-as-a-service (SaaS) platform that debuted as a publicly traded company earlier this year. Wharton has also invested in Dataminr, an AI-powered platform that monitors high-impact events and emerging risks to help customers mitigate and manage crises more effectively, which closed a $475 million Series F funding round in March 2021 at a valuation of $4.1 billion. “As a longtime investor across various sectors of commercial real estate, Wharton closely monitors the macroeconomic trends at the intersection of real estate and technology,” said Lewis. “Our unique position in the market, deep professional network and entrepreneurial insights have helped us identify tech-based solutions that hold the potential to transform not only the business world, but the broader built environment. We are extremely excited to add Fabric to our expanding list of investments, and look forward to their growth in the years and decades to come.”  The post Wharton piles into $200M Fabric funding round appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyOct 26th, 2021

Tesla’s Market Value Tops $1 Trillion After Hertz Orders 100,000 Electric Cars

The purchase by a leading rental car company reflects its confidence that electric vehicles are gaining acceptance (DETROIT) — Hertz announced Monday that it will buy 100,000 electric vehicles from Tesla, one of the largest purchases of battery-powered cars in history and the latest evidence of the nation’s increasing commitment to EV technology. The news of the deal triggered a rally in Tesla’s stock, driving the carmaker’s market value over the $1 trillion mark for the first time. The purchase by one of the world’s leading rental car companies reflects its confidence that electric vehicles are gaining acceptance with environmentally minded consumers as an alternative to vehicles powered by petroleum-burning internal combustion engines. In an interview with The Associated Press, Mark Fields, Hertz’ interim CEO, said that Teslas are already arriving at the company’s sites and should be available for rental starting in November. [time-brightcove not-tgx=”true”] Hertz said in its announcement that it will complete its purchases of the Tesla Model 3 small cars by the end of 2022. It also said it will establish its own electric vehicle charging network as it strives to produce the largest rental fleet of electric vehicles in North America. Fields wouldn’t say how much Hertz is spending for the order. But he said the company has sufficient capital and a healthy balance sheet after having emerged from bankruptcy protection in June. The deal likely is worth around $4 billion because each Model 3 has a base price of about $40,000. It also ranks at the top of the list of electric vehicle orders by a single company. In 2019, Amazon ordered 100,000 electric delivery vans from Rivian, a startup manufacturer of electric van, pickup trucks and SUVs. Amazon is an investor in Rivian. The Hertz order sent Tesla shares soaring nearly 13% to a record closing price of $1,024.86, and pushed the world’s most valuable automaker’s total market value to just over $1 trillion. The wealth of CEO Elon Musk, the richest person in the world, grew 11.4% to $255.8 billion, according to Forbes. In his interview with the AP, Fields made clear his belief that electric vehicles are increasingly moving into the mainstream and that Hertz intends to be a leading provider of EVs to rental customers. He pointed to surveys showing that over the past five years, consumer interest in electric vehicles has grown dramatically. “More are willing to try and buy,” he said. “It’s pretty stunning.” Fields said that Hertz, which is based in Estero, Florida, is in discussions with other automakers, too, about buying additional electric vehicles as it expands its EV fleet as more models enter the marketplace. Hertz also is investing in its own charging network. Fields said it has plans for 3,000 chargers in 65 locations across the United States by the end of 2022 and 4,000 by the end of 2023. Many of the sites will be at Hertz locations such as airports, he said, while others will be in suburban areas. Customers also would be able to use Tesla’s own large charging network for a fee, Fields said. The company has a network of about 25,000 chargers worldwide. Fields declined to say how much Hertz will charge to rent the Teslas or whether they would be more expensive for customers than gas-powered vehicles. Daniel Ives, a technology analyst at Wedbush Securities, wrote in a note Monday to investors that Hertz’s order represents a “major feather in the cap” for Tesla and shows that a broad adoption of electric vehicles is under way “as part of this oncoming green tidal wave hitting the U.S.” China and Europe have been ahead of the U.S. on vehicle electrification. But demand in the United States is accelerating, Ives noted, with Tesla leading the way, followed by startup Lucid Motors, General Motors, Ford and others that are chasing a potential $5 trillion market opportunity over the next decade. In an interview, Ives said he expected other rental car companies to follow Hertz’s lead. “It’s a wake-up call for the rest of the industry as well,” he said. Ives suggested that the deal will help Tesla and other manufacturers by giving thousands of consumers the experience of driving electric vehicles who might not otherwise have done so. “It’s the ultimate test drive,” he said. “For a company that doesn’t normally market, this is the best brand and marketing deal they’ve ever struck,” he said of Tesla. Hertz’s order may also help alleviate a nationwide shortage of rental cars, he said. Automakers have slashed production and sales to rental car companies because of a global shortage of computer chips. Still, Ives said he doesn’t expect Hertz to receive significant numbers of Teslas until the automaker’s new factory near Austin, Texas, starts producing late next year. Hertz likely will charge customers more to rent the Model 3s compared with conventional vehicles with combustion engines, Ives noted. Hertz Global Holdings Inc. filed for bankruptcy protection in May 2020, two months after the coronavirus erupted across the country. It was among the first major corporations to be felled by the pandemic as infections surged and shut down travel on a global scale for both companies and vacationers. In October, Hertz named Fields, a former Ford Motor Co. CEO, as its interim chief executive. Shortly after Hertz’s announcement Monday, the National Transportation Safety Board released a letter from its chairwoman chastising Tesla for failing to respond to recommendations that emerged from several fatal crash investigations involving the company’s Autopilot partially automated driver-assist system. The agency recommended four years ago that Tesla limit where its Autopilot system can operate and that it better monitor drivers to make sure they’re paying attention......»»

Category: topSource: timeOct 25th, 2021