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Business Insider
an hour ago
- Business Insider
Stellantis Stock (STLA) Powers Forward as Tesla's Chinese Challenge Intensifies
Shares in auto maker Stellantis (STLA) raced higher today as rival Tesla (TSLA) was handed another huge roadblock in the Chinese EV market. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. The Stellantis leap came on reports that Hangzhou-based EV maker Zhejiang Leapmotor Technology is launching a battery-powered sedan in mainland China. Leap Lower The B01, a midsize sedan, offers features similar to Tesla's Model 3 but reportedly at less than half the price at 89,800 yuan. According to a report in the South China Morning Post, it is understood that Leapmotor, which is backed by Stellantis, also plans to launch the car in global markets at a yet-to-be-decided date. Deliveries to mainland Chinese customers will reportedly begin this month and include five variants with driving ranges from 430 kilometers to 650 kilometers. The top-end model is priced at 119,800 yuan, the report said. Meanwhile, a Tesla-made Model 3 is priced from 235,500 yuan to 339,500 yuan. Tesla's China sales have suffered this year, falling month after month, as it suffered more intense competition from domestic rivals such as BYD (BYDDY). That's important given that a fifth of Tesla revenues come from China – see below. Stellantis Charge China's car market has also been dragged into a price war as companies compete to win over consumers who, hit by a sluggish economy, are reluctant to spend. However, Tesla recorded a 0.8% increase in June, delivering 71,599 units and breaking an eight-month losing streak. Meanwhile, deliveries of Tesla's China-made Model 3 and Model Y autos surged 16.1% compared to May. These figures include vehicles sold both within China and exported to other markets. Tesla is hoping for further growth from its revamped Model Y car. The six-seat sports utility vehicle could be launched in the fall. Reports suggest that the new Model Y will be larger than the current five-seat version and will have a top speed of 201 kilometers an hour. As for Stellantis, known for traditional car brands such as Chrysler, it keeps charging forward in the electric space. It has been reported that starting this September, some South African Stellantis dealers will sell Leapmotor electric vehicles, starting with the C10 SUV. More models are set to follow over the course of 2025 and into 2026. It's much needed if it wants to keep making inroads into the likes of Tesla both in China and elsewhere. As we see below it has underperformed Tesla substantially over the last 12 months.
Yahoo
2 hours ago
- Yahoo
Tesla plans 'friends and family' car service in California, regulator says
In an earnings call this week, Tesla CEO Elon Musk teased an expansion of his company's fledgling robotaxi service to the San Francisco Bay Area and other U.S. markets. But California regulators are making clear that Tesla is not authorized to carry passengers on public roads in autonomous vehicles and would require a human driver in control at all times. 'Tesla is not allowed to test or transport the public (paid or unpaid) in an AV with or without a driver,' the California Public Utilities Commission told CNBC in an email on Friday. 'Tesla is allowed to transport the public (paid or unpaid) in a non-AV, which, of course, would have a driver.' In other words, Tesla's service in the state will have to be more taxi than robot. Tesla has what's known in California as a charter-party carrier permit, which allows it to run a private car service with human drivers, similar to limousine companies or sightseeing services. The commission said it received a notification from Tesla on Thursday that the company plans to 'extend operations' under its permit to 'offer service to friends and family of employees and to select members of the public,' across much of the Bay Area. But under Tesla's permit, that service can only be with non-AVs, the CPUC said. The California Department of Motor Vehicles told CNBC that Tesla has had a 'drivered testing permit' since 2014, allowing the company to operate AVs with a safety driver present, but not to collect fees. The safety drivers must be Tesla employees, contractors or designees of the manufacturer under that permit, the DMV said. In Austin, Texas, Tesla is currently testing out a robotaxi service, using its Model Y SUVs equipped with the company's latest automated driving software and hardware. The limited service operates during daylight hours and in good weather, on roads with a speed limit of 40 miles per hour. Robotaxis in Austin are remotely supervised by Tesla employees and include a human safety supervisor in the front passenger seat. The service is now limited to invited users, who agree to the terms of Tesla's 'early access program.' On Friday, Business Insider, citing an internal Tesla memo, reported that Tesla told staff it planned to expand its robotaxi service to the San Francisco Bay Area this weekend. Tesla didn't respond to a request for comment on that report. In a separate matter in California, the DMV has accused Tesla of misleading consumers about the capabilities of its driver assistance systems, previously marketed under the names Autopilot and Full Self-Driving (or FSD). Tesla now calls its premium driver assistance features, 'FSD Supervised.' In owners manuals, Tesla says Autopilot and FSD Supervised are 'hands on' systems, requiring a driver at the wheel, ready to steer or brake at all times. But in user-generated videos shared by Tesla on X, the company shows customers using FSD hands-free while engaged in other tasks. The DMV is arguing that Tesla's license to sell vehicles in California should be suspended, with arguments ongoing through Friday at the state's Office of Administrative Hearings in Oakland. Under California state law, autonomous taxi services are regulated at the state level. Some city and county officials said on Friday that they were out of the loop regarding a potential Tesla service in the state. Stephanie Moulton-Peters, a member of the Marin County Board of Supervisors, said in a phone interview that she had not heard from Tesla about its plans. She urged the company to be more transparent. 'I certainly expect they will tell us and I think it's a good business practice to do that,' she said. Moulton-Peters said she was undecided on robotaxis generally and wasn't sure how Marin County, located north of San Francisco, would react to Tesla's service. 'The news of change coming always has mixed results in the community,' she said. Brian Colbert, another member of the Marin County Board of Supervisors, said in an interview that he's open to the idea of Tesla's service being a good thing but that he was disappointed in the lack of communication. 'They should have done a better job about informing the community about the launch,' he said. Google spinoff Waymo, which is far ahead of Tesla in the robotaxi market, obtained a number of permits from the DMV and CPUC before starting its driverless ride-hailing service in the state. Waymo was granted a CPUC driverless deployment permit in 2023, allowing it to charge for rides in the state. The company has been seeking amendments to both its DMV and CPUC driverless deployment permits as it expands its service territory in the state. This article was originally published on
Business Insider
2 hours ago
- Business Insider
Tesla (TSLA) Struggles to Scale Optimus Robot Production amid High Costs and Bottlenecks
Elon Musk has made it clear that he sees humanoid robots as the future of EV maker Tesla (TSLA), but the company is far from hitting its ambitious production goals, according to The Information. Indeed, Musk previously announced a target of producing at least 5,000 Optimus robots this year. However, sources say that Tesla has only built a few hundred so far. To meet its goal, Tesla would need to dramatically scale up production in the second half of the year. This comes as the company's revenue declines in its electric vehicle business and is searching for its next major growth driver. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. One of Tesla's biggest challenges when it comes to developing Optimus is designing functional, human-like hands capable of performing a wide range of tasks. In fact, these hands have proven to be extremely complex to engineer, and some robots remain incomplete without them. Nevertheless, Tesla has been testing about 50 Optimus robots at its Palo Alto facility, where they are trained to walk and handle objects under supervision. Production has since shifted to Fremont, California, where Tesla also builds its cars. Still, behind the scenes, Tesla has faced production bottlenecks, high research costs, and leadership changes. The company has also taken legal action against former employees accused of stealing trade secrets related to robots. While Musk predicts that Tesla will produce more than a million robots a year by 2030 and even imagines Optimus walking on Mars, skeptics point out that the company has a history of missing deadlines. What Is the Prediction for Tesla Stock? Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 14 Buys, 14 Holds, and seven Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $314.48 per share implies 0.5% downside risk.
