Tesla's July China-made EV sales fall 8.4%
Deliveries of Tesla's China-made Model 3 and Model Y vehicles, including exports to Europe and other markets, reached 67,886 units last month, down 5.2% from June.
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Mint
an hour ago
- Mint
Wall Street rebounds as Fed rate cut bets intensify on weaker payrolls
(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window) Indexes up: Dow 1.06%, S&P 500 1.2%, Nasdaq 1.58% Tesla rises on 96 million share award to CEO Musk Spotify to raise premium subscription price, shares jump (Updates with analyst comment, early afternoon prices) By Nikhil Sharma and Pranav Kashyap Wall Street's main indexes bounced back on Monday after a sharp pullback in the previous session, buoyed by growing expectations of deeper Federal Reserve interest rate cuts following an unexpectedly weak jobs report. At 11:39 a.m. ET, the Dow Jones Industrial Average rose 463.55 points, or 1.06%, to 44,052.13, the S&P 500 gained 74.56 points, or 1.20%, to 6,312.57 and the Nasdaq Composite gained 325.95 points, or 1.58%, to 20,976.08. Both the S&P 500 and the Nasdaq were on track for their biggest single-day jump in more than two months. This is in contrast to Friday, when a dismal U.S. jobs report hammered the S&P 500 and sent it to its steepest intraday drop since May 27. The bleak data that also accompanied steep downward revisions for May and June forced market participants to amplify their bets for Fed rate cuts this year, noting signs of a weakening labor market. "When you have a Fed that operates in a lagging sense, you're going to have the market moving around as the data comes, that's what we're seeing with the weaker jobs report," said Charlie Ripley, senior investment strategist for Allianz Investment Management. Odds for a September rate cut now stand at about 84%, according to CME Fedwatch. Market participants see at least two quarter-point cuts by the end of this year. Underscoring uncertainty, Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer the same day, her of faking the jobs numbers. "The revisions ... it brings a level of skepticism into the data sets," Allianz Investment Management's Ripley added. Investors also weighed Fed Governor Adriana Kugler's unexpected resignation, which could open the door for President Donald Trump to reshuffle the central bank's leadership to his favor. Trump has repeatedly threatened to fire Chair Jerome Powell, believing that rates should be much lower than they are. Meanwhile, Tesla rose 1.2% after CEO Elon Musk 96 million shares worth about $29 billion. All S&P 500 sub-sectors were trading in the green, with communication services leading gains with a 2% jump. U.S. factory orders tumbled 4.8% in June after an upwardly revised 8.3% increase in May, owing to a sharp drop in commercial aircraft orders. Meanwhile, Trump threatened to substantially raise tariffs on India over its purchases of Russian oil. Last week, Trump slapped a 25% tariff on goods imported from the country. After a big week for Big Tech earnings, companies from various sectors, including Palantir, Eli Lilly and Disney, will report this week. Among notable movers, Joby Aviation rose 20.7% after Bloomberg News reported that the company was exploring the acquisition of helicopter ride-share operator Blade Air Mobility . Blade Air's shares surged 26.6%. IDEXX Laboratories soared 26.8% after the animal diagnostics maker its full-year profit and revenue forecasts and reported better-than-expected second-quarter results. Spotify jumped 6.8% as the music streaming platform announced plans to raise the monthly price of its premium individual subscription in select markets from September. Advancing issues outnumbered decliners by a 4.76-to-1 ratio on the NYSE and by a 2.8-to-1 ratio on the Nasdaq. The S&P 500 posted 25 new 52-week highs and seven new lows, while the Nasdaq Composite recorded 52 new highs and 72 new lows. (Reporting by Nikhil Sharma and Pranav Kashyap in Bengaluru; Editing by Maju Samuel)
Time of India
2 hours ago
- Time of India
Elon Musk's Tesla ordered to pay over $240 million for Autopilot crash case; company says ‘This was never about…'
Representative Image A US court has found Elon Musk's electric vehicle (EV) company, Tesla, partially liable for a fatal 2019 Autopilot crash. The Miami jury has ordered the EV maker to pay a portion of the $329 million in damages awarded to the family of the deceased and an injured survivor. The jury held Tesla responsible for 33% of the crash's fault. The total damages include $129 million in compensatory damages and $200 million in punitive damages. Based on the jury's decision, Tesla will be responsible for paying nearly $42.5 million in compensatory damages. However, as punitive damages were exclusively assessed against Tesla, plaintiffs' attorneys expect the company to pay the full $200 million, potentially bringing its total payment to around $242.5 million. Tesla has stated its intention to appeal the decision. What Tesla said about the Autopilot crash order In a statement to CNBC, Tesla confirmed that it will appeal the decision. The company said: 'Today's verdict is wrong and only works to set back automotive safety and jeopardize Tesla's and the entire industry's efforts to develop and implement life-saving technology. We plan to appeal given the substantial errors of law and irregularities at trial. Even though this jury found that the driver was overwhelmingly responsible for this tragic accident in 2019, the evidence has always shown that this driver was solely at fault because he was speeding, with his foot on the accelerator – which overrode Autopilot – as he rummaged for his dropped phone without his eyes on the road. To be clear, no car in 2019, and none today, would have prevented this crash. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The boy meets a dog on the street - no one expected what happened next. Women's Method Learn More Undo This was never about Autopilot; it was a fiction concocted by plaintiffs' lawyers blaming the car when the driver – from day one – admitted and accepted responsibility.' The trial, which began last month in Florida, focused on a fatal 2019 crash involving Tesla's Enhanced Autopilot system. George McGee, the Tesla driver, dropped his phone and assumed the Autopilot would brake if needed. Instead, the car accelerated through an intersection at over 60 mph, hitting a parked car and its owners. Naibel Benavides, 22, was killed, and her boyfriend, Dillon Angulo, was seriously injured. Plaintiffs' attorneys had sought $345 million in damages. In an emailed statement, Brett Schreiber, one of the plaintiffs' counsel, said: 'Tesla designed Autopilot only for controlled access highways yet deliberately chose not to restrict drivers from using it elsewhere, alongside Elon Musk telling the world Autopilot drove better than humans. Tesla's lies turned our roads into test tracks for their fundamentally flawed technology, putting everyday Americans like Naibel Benavides and Dillon Angulo in harm's way.'
Time of India
2 hours ago
- Time of India
Elon Musk pay reboot: Tesla approves $29bn award after court setback, board bets big to retain CEO's focus on AI
Tesla has approved a new stock award for CEO Elon Musk worth an estimated $29 billion, offering him 96 million shares as part of a fresh compensation deal aimed at keeping him at the company's helm. The move comes just months after a Delaware court voided Musk's earlier 2018 pay package, which had been valued at over $50 billion, ruling that the board's approval process was flawed and unfair to shareholders, Reuters reported. Musk, who holds a 13% stake in Tesla, is currently appealing the Delaware court's decision. His legal team has argued that the judge made 'multiple legal errors' in striking down what was then the largest executive compensation plan in corporate history, valued at over $50 billion. Earlier this year, Tesla said a special board committee had been formed to revisit Musk's compensation, though it did not initially disclose details. The new award — nearly $29 billion based on current market prices — will require Musk to pay $23.34 per share of restricted stock, the same as the exercise price of his voided 2018 package. "While we recognize Elon's business ventures, interests, and other potential demands on his time and attention are extensive and wide-ranging ... by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dolly Parton, 79, Takes off Her Makeup, and the Whole World Is Stunned The Noodle Box Undo we are confident that this award will incentivize Elon to remain at Tesla," the special committee said in its filing. Tesla's board and Musk have repeatedly stated that increasing his voting power was essential to securing his continued leadership at the company, especially as it undergoes a strategic pivot. Musk has redirected Tesla's focus away from its long-promised affordable electric vehicle platform, instead pushing toward autonomous robotaxis and humanoid robots — a move that positions Tesla more as a technology and AI-driven company than a traditional automaker. The announcement of Musk's new compensation plan helped lift Tesla shares, which rose more than 2% in premarket trading Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
