Latest news with #ModelX
Toronto Sun
6 days ago
- Automotive
- Toronto Sun
Tesla's monthly sales in Europe plunge by half, signaling backlash against Musk runs deep
Published May 27, 2025 • 2 minute read A Model X sports-utility vehicle sits outside a Tesla store in Littleton, Colo., June 18, 2023. Photo by David Zalubowski / AP LONDON — Tesla sales across Europe plunged by half last month even as growth in the electric car market picked up pace, according to data released Tuesday. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The numbers are the latest indication of how much the Tesla brand is suffering because of the backlash against billionaire CEO Elon Musk over his far-right views. Sales of Tesla vehicles in 32 European countries tumbled 49% to 7,261 in April from 14,228 in the same month the previous year, according to the figures released by the European Automobile Manufacturers' Association, or ACEA. At the same time, sales of battery-electric vehicles by all manufacturers rose about 28%. Meanwhile, sales of gasoline and diesel powered cars slumped. The figures, which cover the European Union's 27 member countries and five other nations outside the bloc, back up early data from Sweden, the Netherlands and Denmark released at the start of this month that had pointed to a sales collapse. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Tesla has been reeling from protests and boycotts over Musk wading into politics, but it also faces other factors including an aging model lineup and intensifying competition from rival electric vehicle brands, particularly from China. U.S. President Donald Trump's trade war has also turned Europeans off buying American brands. In recent days, Trump threatened to impose a 50% tariff on EU goods, accusing the bloc of being 'very difficult to deal with,' before agreeing to delay the duties until July. In one sign that Tesla appears to be losing ground to cut-price Chinese brands, sales at China's SAIC zoomed up 54% in April, according to the ACEA figures. SAIC owns a slew of auto brands including U.K.-based MG, known for its low-cost EV models. This advertisement has not loaded yet, but your article continues below. Tesla is also suffering because it had to shut down factories for several weeks this year while upgrading its best selling Model Y sport utility vehicle, pinching supply. For the first four months of the year, Tesla's European sales fell roughly 39% to 61,320 while the continent's auto market as a while showed little change during the same period, according to the data. For April, car sales in the EU edged up 1.3% from the previous year, 'showing signs of recovery despite the ongoing unpredictable global economic environment,' the group said in a press release. Read More Columnists Sunshine Girls Sunshine Girls Relationships Columnists
Yahoo
22-05-2025
- Automotive
- Yahoo
Cathie Wood Says Brand Damage Has Happened For Tesla But Believes It Isn't Long-Term: 'Tesla...Will Have A Lock...'
ARK Investment Management LLC's founder, Cathie Wood, agrees that Tesla Inc. (NASDAQ:TSLA) has suffered brand damage owing to CEO Elon Musk's close ties with the Trump administration as well as his activities with DOGE. What Happened: "Brand damage, yes it has happened," Wood said in an interview with Bloomberg on Monday. However, she doesn't believe that the damage is long-term. "Tesla, we believe, will have a lock on the robotaxi business in the U.S.," Wood said. She then highlighted the company's upcoming robotaxi launch in Austin next month and reiterated her optimism. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — this is your last chance to become an investor for $0.80 per share. The team behind $6B+ in licensing deals is now building the next billion-dollar IP empire — invest early at $2.25/share. "We believe they're going to proliferate through the United States. Especially if we move regulation from a state level to a federal level, which we believe will happen," she shared. "What also hurt were macros," Wood said as she transitioned into the impact of U.S. President Donald Trump's auto tariffs on the sector at large. She also acknowledged Musk's move away from DOGE as important. "The shock value of what he did was important," She shared. Why It Matters: Wood's comments coincide with Tesla's imminent robotaxi launch in Austin in June, which had come under the scrutiny of the U.S. NHTSA as the agency was seeking details on Tesla's AVs in various weather conditions. However, industry expert and Future Fund LLC's Managing Director, Gary Black, expressed concerns about the launch and whether the analysts' expectations were too high for the debut. Elsewhere, Tesla is offering lucrative deals to ride-hailing service Lyft Inc. (NASDAQ:LYFT) drivers for buying Tesla cars in the form of credits and incentives on all of the company's products, including Model 3, Model S, Model Y, Model X, and the Cybertruck. Read Next: Hasbro, MGM, and Skechers trust this AI marketing firm — Invest before it's too late. Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – with $1,000 you can invest at just $0.30/share! Photo courtesy: Shutterstock Send To MSN: Send to MSN UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Cathie Wood Says Brand Damage Has Happened For Tesla But Believes It Isn't Long-Term: ' Have A Lock…' originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Automotive
- Yahoo
Could Rivian Stock Help You Become a Millionaire?
Tesla is now worth $1 trillion thanks to a step-by-step master plan it conceived. Smaller rival Rivian Automotive aims to follow much the same path to growth. 10 stocks we like better than Rivian Automotive › With a market capitalization of just $17 billion, Rivian Automotive (NASDAQ: RIVN) has a long way to go to reach rival Tesla's (NASDAQ: TSLA) $1 trillion valuation. But if the gap is ever closed, shares of the upstart electric vehicle (EV) maker could potentially see huge upside ahead. If all goes well, even a relatively small investment could balloon significantly, helping your portfolio pass the $1 million mark. Will Rivian ever approach Tesla's gargantuan size? There are two reasons to believe such a meteoric rise is possible. Growing your portfolio isn't as simple as buying growth stocks. Often, growth stocks are already priced at a premium. So while sales or profits may grow immensely, the market may have already priced in that growth, resulting in minimal gains for shareholders. Sometimes, a company can grow by leaps and bounds and yet shareholders lose value due to buying in at too steep a premium. Rivian does not face this risk right now. Compared to competitors, its shares trade at a bargain valuation of just 3.1 times sales. Sluggish revenue growth forecasts add credence to this discounted valuation. But there's no denying that the company's stock is a bargain not only compared to the competition but also compared to its trading history. RIVN PS Ratio data by YCharts The market simply isn't excited about Rivian stock right now. But if you're willing to remain patient, you can lock in today's discounted valuation and wait in the wings for growth rates to reemerge. This is a classic strategy for making huge profits. By buying growth stocks before the market realizes how much growth will occur in the long term, you can benefit from both sides of the coin: a low valuation plus high underlying growth rates. As we'll see, Rivian's growth rates are about to spike. But not within the next 12 months -- the typical time frame for Wall Street growth estimates. Rivian's growth will likely occur over the next 12 to 36 months, giving patient investors a chance to jump in early at today's bargain valuation. In 2006, Tesla laid out its master plan for growth. It involved three phases: Build a sports car, use that money to build an affordable car, and use that money to build an even more affordable car. And that's exactly what Tesla did. It built a sports car, the Tesla Roadster. Then it built more affordable cars like the Model X and Model S. And then it built even more affordable cars like the Model Y and Model 3. Today, the Model 3 and Model Y account for the vast majority of Tesla's sales. Rivian is about to follow a very similar growth trajectory. In 2021, the company began deliveries of its first vehicle: the R1T. One year later, it began shipping the R1S. Both vehicles drew high reviews from buyers, but they failed to reach the masses due to their high price tags. Depending on options, both vehicles could be equipped with price tags above $100,000. That will all change next year when the company begins selling its new "mass market" offerings -- vehicles with starting price tags below $50,000 that are affordable to millions of new buyers. This is the critical threshold that put Tesla's growth on overdrive, and Rivian should begin this new phase of growth starting sometime in 2026. The company has three mass-market vehicles on deck, not all of which will hit the market in 2026. Some, like the R3X, may wait until 2027 for deliveries to begin. That puts Rivian's renewed growth path sometime between the next 12 to 36 months. By buying well before this growth takes off, investors secure a very attractive valuation, creating the opportunity for massive growth over the long term. A decade from now, I wouldn't be surprised to see Rivian's vehicle sales rival Tesla's. At the same time, due to Tesla's diversified investments in other fields like energy storage and robo-taxis, don't expect Rivian's total valuation to exceed Tesla's anytime soon. Before you buy stock in Rivian Automotive, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Rivian Automotive wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $635,275!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $826,385!* Now, it's worth noting Stock Advisor's total average return is 967% — a market-crushing outperformance compared to 171% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 12, 2025 Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy. Could Rivian Stock Help You Become a Millionaire? was originally published by The Motley Fool
Yahoo
13-05-2025
- Automotive
- Yahoo
GM names Aurora co-founder Sterling Anderson as Chief Product Officer
General Motors (GM) announced the appointment of Sterling Anderson, co-founder and Chief Product Officer of autonomous trucking company Aurora (AUR), as executive VP, global product, and Chief Product Officer. 'Our customers are expecting more from our vehicles than ever before,' said GM President Mark Reuss. 'We have an opportunity to evolve the way we build from the ground up, with tighter integration between software and hardware, shorter development cycles, and an unwavering focus on a seamless customer experience. Sterling brings decades of leadership in automotive engineering and transformative software innovation to his new role and is the right leader to help GM continue leading now and into the future.' Before co-founding Aurora in 2017, Anderson worked at Tesla (TSLA), where he led both the Model X program and the team that delivered Tesla Autopilot, GM noted. Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on GM: Disclaimer & DisclosureReport an Issue Charged: Tesla's China-made EV sales down in April Trump says tax bill to include tax break for built-in-America car purchases Tesla Supplier and Battery Giant CATL Eyes $4B in Hong Kong Listing Mixed options sentiment in General Motors (GM), with shares down $-0.03 (-0.06%) near $47.32. Aspen Aerogels price target lowered to $8 from $16 at Roth Capital
Yahoo
13-05-2025
- Automotive
- Yahoo
GM hires Sterling Anderson, self-driving truck co-founder, to lead product development
General Motors has hired another California-based tech expert to work in its Silicon Valley offices. The Detroit automaker has tapped Sterling Anderson, co-founder of self-driving truck company Aurora and former lead on Tesla's Model X and Autopilot programs, to be its next chief product officer. In a role created for him, Anderson will 'oversee GM's end-to-end product lifecycle, ensuring a cohesive strategy that integrates hardware, software and services' the company said in a statement. His first day will be June 2. Anderson's role positions him above GM's key departments: battery, propulsion and sustainability; global manufacturing and product engineering, research and development; software and services product; and vehicle product programs, product safety, integration and motorsports. Kurt Kelty, Josh Tavel, Bariş Cetinok, and Ken Morris, who respectively lead each team, will report to Anderson. 'With decades of leadership in automotive engineering, tech start-ups and software innovation, Sterling is absolutely the right person to help us accelerate the pace of progress across the entire portfolio and to build vehicles with the design, performance, and technology that our customers want and expect,' GM President Mark Reuss said in the company statement. Aurora's fully driverless service is operational in Texas, running commercial trucks regularly between Houston and Dallas, the company also said. Anderson holds a master's and Ph.D. in robotics from the Massachusetts Institute of Technology. Jackie Charniga covers General Motors for the Free Press. Reach her at jcharniga@ This article originally appeared on Detroit Free Press: GM taps Sterling Anderson, Aurora co-founder, as chief product officer
