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Tesla’s Battery Suppliers Feel Shock From Musk’s Cost-Cut Push

(Bloomberg) — Tesla Inc.’s Elon Musk cast a shadow of uncertainty over the sales prospects of his suppliers in Asia after unveiling a push to lower the cost of batteries for electric vehicles and underscoring the point by signaling that it will eventually start producing its own cells.Shares of LG Chem Ltd. slid as much as 5.5% in Seoul, while Contemporary Amperex Technology Co. dropped 4.7% in Shenzhen and Panasonic Corp. dropped 4.3% in Tokyo. The world’s three top EV battery makers all supply Tesla, according to Bloomberg’s Supply Chain Analysis.The maker of the Model S, X and 3 electric …read more […]

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Positive about flying? Airlines look to COVID tests that give results in minutes

European airlines are pinning hopes on pre-flight COVID-19 tests that deliver results as fast as pregnancy tests to help restore passengers’ confidence in taking to the skies in confined spaces with shared air. Germany’s Lufthansa, at the mercy of government bailouts for survival, is in talks with Swiss drugmaker Roche over deploying so-called antigen tests, according to two people familiar with the discussions, as the airline aims to make them available next month. Italian operator Alitalia, meanwhile, told Reuters that from Wednesday it would add two flights from Milan to Rome, to the two it is already offering …read more […]

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Gold May Hit Record Before Year-End on Election Risk, Citi Warns

(Bloomberg) — Gold could hit a record before the year-end, aided in part by the risks surrounding the U.S. presidential election, according to Citigroup Inc.Uncertainty over the contest and delays about the outcome may “be under-appreciated by precious metals markets,” analysts including Aakash Doshi said in a quarterly commodities outlook. The bank’s forecast implies a surge of more than $200 for bullion futures from current levels.Gold rallied to an all-time high last month as investors sought havens amid the coronavirus pandemic, but prices have slipped back since then. Citi’s outlook reflects rising investor concern about the battle for the White …read more […]

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Tesla's Battery Day: The Biggest Takeaways

Tesla Inc’s (NASDAQ: TSLA) battery day was a highly anticipated event that ended up delivering a lot of updates on the company’s plans. Here are some major announcements the company made that could help extend its electric vehicle lead in the years to come.FSD Rewrite Coming Soon: CEO Elon Musk has been talking about a full self-driving rewrite for a while now. This is supposed to make the FSD software vastly more impressive. He said it should be available in a closed beta in about one month.New 4860 Battery Cells: This is Tesla’s new battery design. It is tabless, power …read more […]

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Huawei Has Sufficient Inventory of Communications Equipment

(Bloomberg) — Huawei Technologies Co., the telecom giant at the center of U.S.-China tensions, said it has “sufficient” inventory for its communications equipment business while it seeks out supplies of smartphone chips that have been cut off by a Trump administration ban.The company has enough supplies to keep its enterprise and carrier units afloat and it’s developing new consumer devices to offset the hit to its smartphone business, Guo Ping, Huawei’s rotating chairman, told reporters in Shanghai on Wednesday. It’s still evaluating the impact of the U.S. blacklist, which has greatly limited American suppliers’ businesses, Guo added, saying Huawei is …read more […]

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Musk Sets Lofty Goal for $25,000 Model With Tesla-Made Batteries

(Bloomberg) — Tesla Inc. laid out a road map to build a $25,000 car by 2023 and eventually 20 million cars a year, part of a highly anticipated presentation that was short on the sizzle from Elon Musk that investors have come to expect.The cheaper car will come from cutting the cost of batteries in half, the chief executive officer said at an event Tuesday, based on a series of innovations that include using dry electrode technology and making the battery a structural element of the car.Those incremental and longer-term advances belied expectations for a blockbuster leap forward, which Musk …read more […]

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Blacklisting U.S. Tech Would Highlight China’s Own Weakness

(Bloomberg Opinion) — Plans by China to draw up a blacklist of U.S. technology firms might sound great to hardliners as a retaliatory measure against Washington, but would most likely backfire. Pulling the trigger on such a threat could end up proving that the importance of the world’s most populous country as a global buyer may be smaller than many imagine.Beijing has sped development of a catalog of companies it could target, yet debate remains in the halls of power over whether to release it before November’s U.S. election, if at all, the Wall Street Journal reported Tuesday, citing officials …read more […]

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Asian suppliers' stocks slump on Tesla's aggressive plan to make cheaper batteries

Shares of Asian battery suppliers fell on Wednesday after Tesla Inc unveiled a plan to halve the cost of its electric vehicle batteries and bring more production of the key auto component in-house. The fortunes of battery makers in South Korea, Japan and China are linked to Tesla, the EV market leader, supplying its factories in Nevada and Shanghai. Tesla CEO Elon Musk on Tuesday outlined a plan at the company’s closely watched “Battery Day” to aggressively boost production of its own batteries and cut battery costs as it looks to deliver affordable electric cars. …read more […]

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Oil falls after surprise rise in U.S. crude inventories

Oil prices fell on Wednesday after an industry group reported a rise in U.S. crude inventories against expectations for a decline, adding to worries about demand that led to a steep selloff earlier in the week. Brent crude was trading down 21 cents, or 0.5%, at $41.51 a barrel by 0055 GMT, after gaining 28 cents on Tuesday, while U.S. crude slipped 23 cents, or 0.6, to $39.57. Surging cases of coronavirus infections in countries including France and Spain, along with the likelihood of more restrictions in Britain have renewed worries about fuel demand, just as more supply …read more […]

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Nikola: Executive Shake Up Was Necessary, Says Analyst

Electric car maker Nikola (NKLA) has been grabbing headlines for all the wrong reasons recently. Shares took a 19% tumble on Monday after the company announced that its founder and chairman, Trevor Milton, had resigned.Following a September 10 report, in which short-seller Hindenburg Research alleged Milton had made fabricated claims about NKLA technology, Milton found himself in hot water.Weighing in on this development for RBC, analyst Joseph Spak wrote, “We believe this was a hard, but necessary step for Nikola in wake of allegations against Milton raised by a short-seller report and SEC investigation. In our view, Nikola’s promise was …read more […]

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Why NVIDIA Corp. (NVDA) Is Buying SoftBank’s ARM

NVIDIA Corporation (NASDAQ: NVDA) recently struck a deal to acquire Arm Limited from SoftBank Group for $40 billion. The combination will bring together NVIDIA’s AI computing platform with Arm’s vast ecosystem to “create the premier computing company for the age of artificial intelligence,” according to NVIDIA. The deal is a hot topic in the technology industry. The […] …read more […]

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Shopify says customer data likely exposed as employees accessed records

The data exposed includes email, name, and address, as well as order details, but does not involve complete payment card numbers or financial information, the Canadian company said https://bit.ly/3mJ0pGK. Shopify said it immediately terminated the access of the individuals, who were part of its support team, to its network and was working with the Federal Bureau of Investigation and other international agencies in the investigation. …read more […]

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Aurora Cannabis Stock Plunges 18% After Q4 Earnings Call

Aurora Cannabis Inc. (NYSE: ACB) shares plunged over 18% after hours following the release of the company’s fourth-quarter earnings results.The Edmonton, Canada-based company reported losing more than CA$3.3 billion ($2.5 billion) in the fiscal year closing Tuesday.On Monday, Jefferies upgraded Aurora from Underperform to Hold. This, along with anticipation for Tuesday’s earnings call, caused the cannabis giant’s stock to rise, closing Tuesday up 15%. However, excitement fell after the company released its quarterly earnings, causing the stock price to plunge to over 18% after the market close.”Aurora has slipped from its top position in Canadian consumer, a market that continues …read more […]