Tesla is suing the Trump Administration over tariffs on a computer chip and other parts it imports from China, joining an increasingly long list of similar lawsuits filed by hundreds of companies, including automakers Ford, Mercedes-Benz and Volvo. Tesla, which names U.S. Trade Representative Robert Lighthizer in the lawsuit filed in the U.S. Court of International Trade, wants the court to declare the tariffs unlawful. Tesla is also seeking a refund for the tariffs it paid with interest.
Tesla owners were locked out of their vehicles and the accompanying app for about an hour Wednesday morning, thanks to an outage that affected the company's entire network, according to several sources. The Tesla outage was caused by an internal break of their application programming interface (or API), according to sources familiar with the outage. There's a chance that the glitch could have something to do with the rollout of new two-factor authentication security features, which Tesla chief executive Elon Musk called "embarrassingly late," in an August tweet.
(Bloomberg) -- Nikola Corp. got its first sell-equivalent rating, with the electric-vehicle startup downgraded to underperform from neutral at Wedbush citing the loss of a driving force in its founder’s departure, and the threat posed to hydrogen fuel’s appeal by Tesla Inc.’s “eye-popping battery innovations.”Nikola’s shares have been on a rollercoaster ride, shedding nearly 80% of their value since June’s record high as the truckmaker has come under increasing scrutiny, resulting in its founder Trevor Milton’s decision to resign as executive chairman on Monday.“The recent questions surrounding the Nikola story raised by the bears will be a dark cloud over the stock until answered, especially with no fundamental or delivery catalysts in the near-term,” Wedbush analyst Dan Ives said in a report, cutting his recommendation and slashing his price target from $45 to $15, the lowest among analysts followed by Bloomberg.Ives also bemoaned the founder’s departure, saying that despite controversy surrounding Milton, he left behind a “huge void that is hard to replace,” heightening execution risk.Nikola shares fell as much as 11% in U.S. premarket trading on Thursday, extending the week’s losses to 45%.While Wedbush considers Nikola’s electric-vehicle and hydrogen fuel cell ambitions “attainable in the semi-truck market,” the broker worries whether they can be delivered in time. Wedbush also pointed to up-and-running electric truck projects at Tesla and Daimler AG, with Tesla’s latest advances in the cost of batteries a potential game-changer in the contest between this more-established technology and fuel cells.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.