Musk claims that Tesla’s pricing decreases increased competition
Elon Musk, the CEO of Tesla Inc. (TSLA.O), dismissed worries that a poor economy would stifle buyers’ enthusiasm on Wednesday by claiming that the company’s aggressive price reductions have sparked a desire for its electric automobiles.Despite a dramatic decrease in car profit margins, the business slightly above Wall Street projections for fourth-quarter profits and revenue […]
Start-ups emerge from the wreckage of Big Tech’s purging
Just two months after starting on a full-time basis, Nic Szerman quit his position at Meta Platforms (META.O) in November. He was a victim of the company’s drastic 13% personnel cut when the advertising market collapsed.A few days later, he was back to work and looking for funding for his own blockchain-based payment company, Nulink.He […]
U.S. alarmed by China’s hold of outdated chip technology
The largest chip manufacturer in China, SMIC (0981.HK), is increasing production of ten-year semiconductor technology that is essential to the supply chains of many industries, raising concerns in the US and driving some lawmakers to attempt to stop them. Dan Hutcheson, the chip economist at TechInsights, warned that if China unveils a trillion yuan ($144 […]
Apple shares suffer as Foxconn turmoil puts iPhone delivery at stake
Following the most recent round of employee discontent this week, Foxconn’s (2317.TW) main iPhone production in China is expected to witness a significant decrease in November shipments, according to a person with first-hand information on the situation on Friday. This comes as thousands of workers leave the facility.As a result of the COVID-19 regulations, production […]
Electric vehicle manufacturers struggle financially—struck by exorbitant prices
The soaring cost of raw materials and production means that every time Lucid Group Inc. (LCID.O) or Rivian Automotive Inc. (RIVN.O) sells an electric vehicle, they lose hundreds of thousands of dollars, according to their most recent earnings reports.Electric vehicle (EV) manufacturers’ quarterly reports from the last two weeks reveal that they are having difficulty […]
As analysts foresee a “price war,” Tesla reduces prices in China by up to 9%
In China, the world’s largest auto market, Tesla (TSLA.O) has reduced the starting rates for its Model 3 and its Model Y automobiles by as much as 9%, bucking a trend of hikes in the sector.The price reductions, which were announced in postings on the electric vehicle (EV) behemoth’s China webpage on Monday, are the […]
Offering of Intel’s Mobileye: first indication of a defrosting tech IPO market
Even though the market for fresh issues has all but collapsed, Intel Corp.’s (INTC.O) self-driving arm Mobileye on Friday announced its filing for a U.S. initial public offering.The technology IPO market is currently experiencing its worst dry spell in close to two decades. According to data from Dealogic, U.S. listings have raised just over $7 […]
Twitter denies Musk’s assertions that he was duped
Elon Musk claimed in a court document filed in Delaware that he was duped into signing the agreement to purchase the social media business, but on Thursday—Twitter Inc (TWTR.N) rejected this assertion, calling it unrealistic and untrue. The allegations were made by Musk in a countersuit that was filed last Friday and was publicly disclosed […]
Twitter questions centre on Musk’s efforts to scuttle a $44 billion deal
Elon Musk’s $44 billion takeover bid for Twitter Inc. (TWTR.N) is being investigated by Twitter Inc. (TWTR.N), according to legal experts, who are also trying to determine why he backed out of the transaction. As per the documents filed over the last two days in the Delaware Court of Chancery, Twitter served dozens of civil […]
Micron gets rare underweight rating
Micron Technology’s stock received a rare underweight rating. This is often because of the memory-chip maker’s heavy exposure to mobiles and PCs. Which is at a time when rising inflation forces consumers to rein in spending. Micron shares were down about 6% at $71.18. Piper Sandler said to the clients that with the worldwide economy […]