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(Bloomberg) -- Yandex NV will test a driverless car it developed with Hyundai Motor Co. in Detroit as the Russian technology giant makes plans to approximately double its fleet of self-driving vehicles.Yandex plans to buy 100 of the cars, which are souped-up versions of Hyundai’s Sonata, the company said in a statement on Tuesday. The test-drives, which had been planned around the now-canceled Detroit Auto Show, will commence on public roads in the city once lockdown restrictions are lifted, it said.Yandex and the South Korean company announced their partnership last year, seeking to create both a prototype of a driverless car and an autonomous control system that could be marketed to rival car manufacturers and car-sharing startups. The new, fourth-generation Hyundai model has been tweaked to help the system better detect what’s around the vehicles.The new Sonata has nine sensors, up from six, and has moved the radar system from underneath the bumpers to the roof, improving the system’s ability to distinguish objects around the car. Lidars, laser-based systems for measuring distance from a target, have also been moved to improve visibility. A human driver will be present in the car, but the vehicle should operate autonomously.Yandex operates a taxi service with its autonomous vehicles in the Russian city of Innopolis, though most of its fleet is currently occupied with test runs, which will gradually teach its driving software the skills it needs to react to incidents on the road. The company’s autonomous fleet, which recently exceeded 100 cars, have run 3 million autonomous miles, in cities including Moscow and Tel-Aviv.The road to mass-market robo-taxis has been fraught, with developers burning cash to create cars that can safely operate without a driver and win regulators’ approval. And the Covid-19 pandemic and accompanying lockdowns have hit the industry hard.Read more: The State of the Self-Driving Car Race 2020Competitors including General Motors Co.’s Cruise and Uber Technologies Inc. have cut staff recently, while Ford Motor Co. shifted plans to start self-driving services by a year to 2022. Self-driving trucks startup Starsky Robotics shut down in March with its founder saying that “supervised machine learning doesn’t live up to the hype.”Still, the promise of driverless vehicles and the revolution they could bring to everything from personal transportation to logistics, means the technology is still attracting investors. Amazon.com Inc. is in talks to acquire autonomous vehicle startup Zoox Inc., the Wall Street Journal reported last week. Analysts from Morgan Stanley estimate that Amazon could save $20 billion a year with the technology, which would also allow the e-commerce giant to compete in ride-sharing and food delivery.Read more: Amazon Buying Zoox May Save $20 Billion, Put Tesla on Its HeelsYandex, Russia’s largest internet-search engine and ride-hailing operator, has spent $35 million over the past three years to develop its self-driving cars, using technologies such as machine learning and image recognition from its other businesses.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Polestar, the premium electric vehicle maker owned by China's Geely, plans a big expansion of its showroom network in the mainland, sources said, as it prepares for delivery of cars to compete with Tesla Inc's <TSLA.O> locally made Model 3. Showroom strength is becoming an important differentiator for electric vehicle (EV) makers in the world's biggest auto and EV market, as they line up new model launches. Polestar, which plans to deliver Polestar 2 electric sedans in China from July, currently has one showroom, in the capital Beijing.
Despite no notable Tesla-specific news over the weekend, shares of the electric-car maker are rising on Monday. Here's what investors should know.
SpaceX and NASA’s historic human spaceflight proves what space investors are betting on — commercial companies that can lower the cost to access space.
A partnership between the National Aeronautics and Space Administration and privately held launch company SpaceX was responsible for sending two astronauts to the International Space Station. The news lifted shares of two other companies, Tesla (NASDAQ: TSLA) and Virgin Galactic Holdings (NYSE: SPCE), for related but somewhat different reasons. Tesla shares rose almost 6% Monday morning, reaching their best level since their February all-time highs.
Shares of Amyris (NASDAQ: AMRS) soared as much as 20.9% today after an article on Seeking Alpha suggested the synthetic biology company could be the next Tesla. On the one hand, what investor wouldn't want to own the next Tesla? Shares of the electric vehicle manufacturer and energy pioneer have jumped 3,570% since the initial public offering (IPO).
Nissan (NSANY) incurs fiscal 2019 loss of 671.2 billion yen, which marks the worst in two decades. Meanwhile, AutoZone (AZO) tops fiscal Q3 earnings estimates despite coronavirus woes.
Take a look at the most recent survey we conducted with a bunch of venture capitalists about mobility and what areas interest them most. A photo below, courtesy of Cris Moffitt, shows a sliver of the thousands of bikes at the yard in North Carolina. Keaks (Kirsten Korosec) has been working on a big(ish) story about JUMP for the last week.
O'Reilly (ORLY) well poised to benefit from expanding its business through store openings and buyouts amid the coronavirus pandemic.
Tesla blasted higher, clearing an 869.92 cup-with-handle buy point. The successful SpaceX launch was a trigger for Tesla, but the stock has been trading tightly for a few weeks.
Since even before its IPO, top electric-car maker Tesla (NASDAQ: TSLA) has faced tough questions about its future. After that, they were skeptical about the economics of manufacturing a mass-market electric car. Throughout it all, Tesla's reputation, its footprint, and -- for the most part, anyway -- its share price grew and grew and grew (as did its debt load; more on that later).
The mission is a milestone in Musk’s drive to make space travel less expensive, marking the first time a commercially developed spaceship will have carried Americans into orbit.
The Tesla CEO's aggressive criticism of stay-at-home orders could alienate wealthy coastal liberals, who make up the brand's core demographic.
Tesla (TSLA) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
If you think Zoom Video Communications is overvalued, has no moat, and has security issues, just remember that these are all issues Tesla had to overcome as well to deliver amazing shareholder returns.
(Bloomberg Opinion) -- Stocks were supposed to be mired in a bear market after they plunged in March as the coronavirus pandemic shuttered business and sent U.S. unemployment to its highest rate since the Great Depression.Even a 62% recovery by the S&P 500 Index by the middle of May failed to comfort experts like billionaire money managers Stan Druckenmiller and David Tepper , who characterized stocks as the worst investments of their careers. They weren't alone; amid an estimated 47% collapse in gross domestic product, fewer than a quarter of respondents to an Evercore ISI survey said they expected the next 10% move in the market to be higher.So far, though, stocks have held their own as economic indicators sagged, regaining 37% of their value from the low point in mid-March. “The stock market looks increasingly divorced from economic reality,” a New York Times article on the phenomenon proclaimed.Or maybe not — not if you think of it as the Microsoft market. No company has defied the pessimism more than Microsoft Corp., and for a lot of sensible reasons. The Seattle-based maker of global business and consumer software led all publicly traded companies most of the year with a $1.4 trillion market valuation, exceeded only by Saudi Arabian Oil Co. which isn't yet freely traded.Unlike the largest fossil fuel company, which lost 13% since its December $1.9 trillion initial public offering, Microsoft is within 5% of its Feb. 11 record high and appreciated $947 billion since 2015, more than any of the 10 largest companies, including Apple Inc., Alphabet Inc. and Amazon.com Inc. The gap between Microsoft and Aramco narrowed to $229 billion from $840 billion, a trend likely to continue amid weak global growth in the months ahead.That's because Microsoft, unlike Aramco, is a mainstay of the global economy, developing and supplying 75% of the operating systems used by computers and servers worldwide, according to the market-analysis company IDC.Microsoft's vast infrastructure and productivity applications enable companies, governments and individuals to navigate increasing social and workforce disruption caused by the pandemic and other disasters stoked by global warming and climate change.As one of the anchors of the Nasdaq 100 Index (more than 80% are technology firms) Microsoft signifies the growing dependence of the economy on these companies, which this year outperformed the Dow Jones Industrial Average by the most since 2000 (Nasdaq 100 gained 8% as the DJIA lost 10%), according to data compiled by Bloomberg.“Microsoft could emerge stronger than most of its rivals once the Covid-19 crisis subsides, in our view, as enterprises spend more to upgrade their infrastructure and applications, translating into above-consensus, double-digit sales growth from fiscal 2022-2021,” said Anurag Rana, a senior analyst with Bloomberg Intelligence in a May 15 report. “Its deep portfolio of cloud products, client relationships and security spending are differentiators.”Such confidence is prompted by the past five quarters, when Microsoft earnings for the first time exceeded forecasts by at least 10% after beating the average of analyst estimates in all but one of the 23 quarters since 2015, according to data compiled by Bloomberg. Unlike its five more glamorous peers — Facebook Inc., Apple, Amazon, Netflix and Google (Alphabet) — Microsoft has an uninterrupted growth rate with the least volatility, according to data compiled by Bloomberg.To be sure, the Faang companies and similar technology marvels retained much of their value during the Coronavirus pandemic. Netflix has gained 28% since the end of 2019; Amazon is up 30%, Apple 9%, Facebook 10%. Tesla Inc., the maker of electric, battery-powered vehicles, rallied 93% since the end of 2019 and is worth just $59 billion less than No. 1 Toyota Motor Corp.Tesla anticipated the remotely engaged economy by selling its vehicles online and improving the customer experience with periodic, automatic software upgrades. The traditional auto companies haven't fared well. Bayerische Motoren Werke AG, is down 24% since the end of 2019 and General Motors Co., the largest U.S. auto maker, declined 28% and is worth only 26% of Tesla's current market capitalization of $149 billion, according to data compiled by Bloomberg.That's why the Dow, once the benchmark of corporate America, is a shadow of its former self as industrial companies represent just 9% of the average, down from 16% in 2000, according to data compiled by Bloomberg.“Microsoft already had a great relationship with Fortune 2000 tech departments because of its dominance in Windows and Office software products,” said Bloomberg's Rana in a recent interview. “As these legacy companies look to invest more digitally transforming their business post Covid-19, Microsoft should get its fair share of work” — lifting the stock market as it helps transform the economy.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Matthew Winkler, Editor-in-Chief Emeritus of Bloomberg News, writes about markets.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Tesla (TSLA) closed the most recent trading day at $805.81, moving -1.76% from the previous trading session.
The fortified alliance among Renault (RNLSY), Nissan (NSANY) and Mitsubishi focuses more on efficiency and competitiveness than on volumes.
In a surprise move, electric-car maker Tesla (NASDAQ: TSLA) cut the prices of some of vehicles by as much as 6% this week. While investors can't know for sure exactly what spurred the decision for the price decrease, it almost certainly reflected an effort to increase demand for its vehicles. Further, it's possible that price cuts also reflected improved manufacturing costs.
As we've seen recently, the Dow Jones Industrial Average (DJINDICES: ^DJI) had larger gains than the broader market, but the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) also managed to pick up ground. Among individual stocks, Tesla (NASDAQ: TSLA) shares were surprisingly little changed, even after the electric automaker announced a move that made some fear that vehicle demand could be weaker than previously believed. Tesla shares were up a fraction of a percent Wednesday following news overnight that the automaker had chosen to cut prices of some its vehicles.
What happened Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were trading higher amid a broad-based rally on Wednesday afternoon, after a JPMorgan analyst upgraded the stock ahead of Thursday's earnings report.
(Bloomberg) -- Tesla Inc.’s overnight price cuts suggest the coronavirus is putting a bigger damper on demand than has been reflected in the electric-car maker’s share price.The $5,000 reductions for the Model S and X and $2,000 cut for the Model 3 were an “acknowledgment that Tesla isn’t immune to material North American demand weakness,” Craig Irwin, an analyst at Roth Capital Partners, said in a report Wednesday.“With the stock trading in the stratosphere,” Irwin wrote, “the key question is, ‘Can Tesla continue to deliver an interesting growth rate in the U.S.?’”Credit Suisse’s Dan Levy said the discounts change the narrative around the company’s volume this quarter. Prior to the price cuts, investors were concerned demand would be limited by tight inventory. The company shut down production at its lone U.S. auto plant on March 23 and rushed to reopen the facility -- initially without local authorities’ permission -- in mid May.Chief Executive Officer Elon Musk tweeted at the beginning of the month that Tesla’s shares were trading too high in his view. While the tweet dragged down the stock on May 1, it advanced another 18% through Tuesday’s close. While analysts have speculated the company’s sales will hold up better than the broader industry, forecaster IHS Markit is projecting at least a 22% contraction in global auto deliveries this year.“Price cuts are likely tactical and aimed at supporting demand in the U.S. in the context of today’s pandemic,” Pierre Ferragu, the New Street Research analyst whose $1,100 price target for Tesla’s stock is the highest on Wall Street, wrote in a report. He said the Model 3, X and S “all have reached their full potential in the U.S.”Tesla erased earlier declines to trade up 0.2% to $820.66 as of 3 p.m. in New York. The stock has almost doubled this year.Read more: Costly Electric Vehicles Confront a Harsh Coronavirus Reality(Updates with New Street Research report in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.