logo
Continental Won't Bear Extra Cost of Trump Tariffs, CFO Says

Continental Won't Bear Extra Cost of Trump Tariffs, CFO Says

Bloomberg04-03-2025

Continental AG will try to pass on the cost of tariffs imposed by US President Donald Trump to its customers, according to the German parts maker's finance chief.
'For us it's clear: We cannot bear additional duties, and we are informing our customers about that,' Continental Chief Financial Officer Olaf Schick told Bloomberg by phone.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump blocks California's ban on new sales of gas-powered cars
Trump blocks California's ban on new sales of gas-powered cars

Yahoo

timean hour ago

  • Yahoo

Trump blocks California's ban on new sales of gas-powered cars

The Brief President Trump has blocked California's 2035 ban on the sale of gas-powered vehicles. In response to his blocking, California has filed a lawsuit challenging the motion. President Donald Trump signed a resolution blocking California's first-in-the-nation rule banning the sale of new gas-powered cars by 2035. The state quickly announced it was challenging the move in court. What we know The resolution was approved by Congress last month and aims to quash the country's most aggressive attempt to phase out gas-powered cars. Trump also signed measures to overturn state policies curbing tailpipe emissions in certain vehicles and smog-forming nitrogen oxide pollution from trucks. Trump called California's regulations "crazy" at a White House ceremony where he signed the resolutions on Thursday. "It's been a disaster for this country," he said. The other side In response to the president's decision, California Attorney General Rob Bonta filed a lawsuit, saying Trump's actions "will have life or death consequences for CA communities breathing dirty, toxic air." "We've filed our lawsuit against the Trump Admin for illegally targeting California's clean vehicles program. CA will fiercely defend ourselves from this lawless federal overreach," Bonta wrote in a post on X. Dig deeper The three resolutions Trump signed will block California's rule phasing out gas-powered cars and end the sale of new ones by 2035. They will also kill rules that phase out the sale of medium- and heavy-duty diesel vehicles and cut tailpipe emissions from trucks. In his remarks at the White House, Trump expressed doubts about the performance and reliability of electric vehicles, though he had some notably positive comments about the company owned by Elon Musk, despite their fractured relationship. "I like Tesla," Trump said. In remarks that often meandered away from the subject at hand, Trump used the East Room ceremony to also muse on windmills, which he claimed "are killing our country," the prospect of getting electrocuted by an electric-powered boat if it sank and whether he'd risk a shark attack by jumping as the boat went down. "I'll take electrocution every single day," the president said. When it comes to cars, Trump said he likes combustion engines but for those that prefer otherwise, "If you want to buy electric, you can buy electric." What they're saying "What this does is it gives us freedom," said Bill Kent, the owner of Kent Kwik convenience stores. Kent, speaking at the White House, said that the California rules would have forced him to install "infrastructure that frankly, is extremely expensive and doesn't give you any return." The Alliance for Automotive Innovation, which represents major car makers, applauded Trump's action. "Everyone agreed these EV sales mandates were never achievable and wildly unrealistic," John Bozzella, the group's president and CEO, said in a statement. Trump's signing of the resolutions comes as he has pledged to revive American auto manufacturing and boost oil and gas drilling. The move follows other steps the Trump administration has taken to roll back rules that aim to protect air and water and reduce emissions that cause climate change. The Environmental Protection Agency on Wednesday proposed repealing rules that limit greenhouse gas emissions from power plants fueled by coal and natural gas. Dan Becker with the Center for Biological Diversity, said the signing of the resolutions was "Trump's latest betrayal of democracy." "Signing this bill is a flagrant abuse of the law to reward Big Oil and Big Auto corporations at the expense of everyday people's health and their wallets," Becker said in a statement. California, which has some of the nation's worst air pollution, has been able to seek waivers for decades from the EPA, allowing it to adopt stricter emissions standards than the federal government. In his first term, Trump revoked California's ability to enforce its standards, but Democratic President Joe Biden reinstated it in 2022. Trump has not yet sought to revoke it again. Republicans have long criticized those waivers and earlier this year opted to use the Congressional Review Act, a law aimed at improving congressional oversight of actions by federal agencies, to try to block the rules. That's despite a finding from the U.S. Government Accountability Office, a nonpartisan congressional watchdog, that California's standards cannot legally be blocked using the Congressional Review Act. The Senate parliamentarian agreed with that finding. California, which makes up roughly 11% of the U.S. car market, has significant power to sway trends in the auto industry. About a dozen states signed on to adopt California's rule phasing out the sale of new gas-powered cars. The Source Information for this story came from President Donald Trump, an X post by AG Rob Bonta, and the Associated Press.

Tesla's (TSLA) Full Self-Driving Could Expand in China Due to New Data Export Rules
Tesla's (TSLA) Full Self-Driving Could Expand in China Due to New Data Export Rules

Business Insider

time2 hours ago

  • Business Insider

Tesla's (TSLA) Full Self-Driving Could Expand in China Due to New Data Export Rules

China has released draft guidelines that could help EV maker Tesla (TSLA) expand its advanced driver-assistance features in the country, according to a Bloomberg report on Friday. For the first time, Beijing has provided clear rules on how data generated in China, including from driver-assistance systems and product development, can be accessed, used, and exported. This is an important step for companies like Tesla, which need to send data abroad in order to improve their systems. Confident Investing Starts Here: The proposed guidelines were published by China's Ministry of Industry and Information Technology, along with seven other government agencies, and are now open for public comment. The framework covers key types of information, such as autonomous driving algorithms, training images, operational data, and vehicle-to-road perception data. These are all critical for developing and improving advanced driver-assistance technologies like Tesla's Full Self-Driving (FSD) system. Being able to export this data is especially valuable for Tesla because the core team working on FSD is based in the U.S., and having access to real-world data from Chinese roads would help optimize the system's performance in China, the world's largest car market. It's worth noting that, until now, strict data controls have been a barrier for foreign automakers. However, the new guidelines could provide Tesla with a clearer path to making its most advanced driver-assistance features more competitive in China. What Is the Prediction for Tesla Stock? Overall, analysts have a Hold consensus rating on TSLA stock based on 14 Buys, 12 Holds, and nine Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $285.97 per share implies 12.1% downside risk.

Cantor Downgrades Joby Aviation Stock (JOBY) Due to Lack of Near-Term Upside
Cantor Downgrades Joby Aviation Stock (JOBY) Due to Lack of Near-Term Upside

Business Insider

time2 hours ago

  • Business Insider

Cantor Downgrades Joby Aviation Stock (JOBY) Due to Lack of Near-Term Upside

Cantor Fitzgerald downgraded electric vertical takeoff and landing (eVTOL) aircraft maker Joby Aviation (JOBY) to Hold from Buy with a price target of $9 due to a lack of near-term upside in the stock. While JOBY stock plunged about 8% on Thursday due to the rating downgrade, it has rallied 26.5% over the past month. As a result, the stock is up 9.1% year-to-date, thanks to a favorable executive order signed by U.S. President Donald Trump and the announcement of new deals. Confident Investing Starts Here: Indeed, the executive order would direct the Transportation Department to develop a program to accelerate eVTOL operations in the U.S., which is expected to benefit players like Joby Aviation and Archer Aviation (ACHR). This comes after Joby Aviation signed a Memorandum of Understanding (MoU) earlier this month with Abdul Latif Jameel to explore establishing a distribution agreement in Saudi Arabia for the company's electric aircraft. The agreement involves the potential delivery of up to 200 Joby aircraft and related services that are valued at about $1 billion. Cantor Moves to the Sidelines on JOBY Stock Interestingly, Cantor analyst Andres Sheppard admitted that Joby Aviation remains one of the best-positioned companies in the eVTOL sector, given its partnerships with Toyota (TM), Delta Air Lines (DAL), and the U.S. Department of Defense. However, the 4-star analyst finds JOBY stocks' valuation to be stretched, following a 60% rally over the past three months and an almost 90% gain in the past year. 'We don't see current levels as a good entry point for investors,' said Sheppard. The analyst noted that while Joby Aviation has solid liquidity, it also has one of the highest cash burn rates in the sector. In fact, the company ended Q1 2025 with about $1.3 billion in total liquidity, including Toyota's $250 million funding, but expects to spend between $500 million and $540 million in 2025. Additionally, Sheppard cautioned about delays in U.S. certification and doesn't expect Joby Aviation to secure full FAA Type Certification until at least the second half of 2026. Finally, Sheppard pointed out persistent uncertainty around the company's unit economics, such as pricing and deployment costs of its air taxi service. Is Joby Stock a Good Buy? Wall Street has a Moderate Buy consensus rating on Joby Aviation stock based on three Buys, three Holds, and one Sell recommendation. Furthermore, the average JOBY stock price target of $8.86 indicates that the stock is trading close to fair value.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store