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Electric vehicle makers, as a group, are worth more than traditional auto makers.
By about $100 billion. It’s an incredible feat for an industry that, measured by cars shipped, is actually still quite small. But the fact that batteries surpassed internal combustion engines makes perfect sense to an investor steeped in disruptive technology.
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Electric vehicle makers, as a group, are worth more than traditional auto makers.
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General Motors stock is performing like an electric vehicle stock, with shares rallying after a Thursday upgrade. Argus Research analyst William Selesky thinks the company’s push into EVs will work.
He upgraded General Motors (ticker: GM) stock to Buy from Hold and set a target price at $56 a share. Selesky didn’t have a target price on GM stock before the upgrade.
Business is going much better for GM these days, he wrote, as its balance sheet is strong and profit margins in its U.S. business are improving. What’s more, Selesky thinks investors are undervaluing the company’s Chinese joint venture, as well as its finance unit and Ultium battery business. He now sees GM earning about $5.89 a share in 2021, up from his prior forecast of $5.39.
A Tesla Model Y at a showroom in Beijing. Wang Zhao/AFP via Getty Images
Tesla might be forced to recall 158,000 cars. That’s bad news. But just how bad is debatable.
On Wednesday, the National Highway Traffic Safety Administration, or NHTSA, sent a letter to Tesla (ticker: TSLA) requesting the electric-vehicle maker recall cars made between 2012 and 2018 for, essentially, problems with the center touch screen. It could result in the loss of the rearview camera image, to cite one example.
Tesla didn’t immediately return a request for comment about its recall plans. The NHTSA didn’t immediately return a request for comment about what drove the agency to send the letter.
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Space is cold, but space investing is heating up. Space-linked stocks are rocketing higher Wednesday because a well-known Tesla bull has turned her gaze upward.
ARK Invest, founded by technology disruption guru Cathie Wood, is planning a new exchange-traded fund focused on space stocks, based on filings with the Securities and Exchange Commission.
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Space is cold, but space investing is heating up.
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Jan. 12, 2021 7:45 pm ET
A blank-check company backed by energy investment firm ArcLight Capital Partners agreed to acquire and take public electric vehicle company Proterra Inc. in a deal that gives it an enterprise value of about $1.6 billion. ArcLight Clean Transition Corp. , the special-purpose acquisition company, will use $278 million raised through an initial public offering in September as well as $415 million being raised in a private investment in public securities transaction to help finance the deal, regulatory filings show. The deal is expected to close in the first half of the year.
Shares of the blank-check company, which priced its IPO at $10 a share and closed Monday at $12.19 each, more than doubled on Tuesday on news of the deal, closing at $25.20.