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Fly News Breaks for May 19, 2017
May 19, 2017 | 08:22 EDT
UBS analyst Colin Langan remains bearish on Tesla (TSLA) following his teardown of a General Motors (GM) Chevy Bolt electric vehicle. Powertrain costs were lower than expected and with the help of falling battery costs, he sees more profitable economics for Tesla's Model 3. However, despite raising his gross margin assumptions and lowering his loss estimate for 2019, he believes Tesla's near-term challenges remain and his bearish thesis is intact. Langan reiterated his Sell rating, but raised his price target to $185 from $160, on Tesla shares.
News For TSLA;GM From the Last 2 Days
Jun 22, 2017 | 10:04 EDT
General Motors reports that it has successfully concluded a three-year consent order with the National Highway Traffic Safety Administration, or NHTSA, and is working with the agency to transition to a voluntary model for continuing dialogue on important vehicle safety issues. "The company has built a positive and productive relationship with NHTSA, and the proposal for a continuing dialogue includes regularly scheduled monthly meetings with senior agency officials, with expedited discussions as needed, covering field investigations, safety recalls and other issues. GM is also proposing periodic meetings with NHTSA and other stakeholders to advance safety discussions that benefit the industry as a whole," the company stated.
Jun 22, 2017 | 06:43 EDT
Tesla has signed a preliminary agreement with Shanghai to explore production in China in a move that could reduce manufacturing and shipping costs for the automaker, Bloomberg reports, citing people familiar with the matter. The company, which expects to start production of its Model 3 in July, would be able to better compete with local rivals through the deal as it would eliminate a 25% import tariff that makes its models more costly. Reference Link
Jun 21, 2017 | 12:58 EDT
In a regulatory filing, GM (GM) said that as previously announced, the company entered into a Master Agreement with Peugeot (PUGOY), under which the Purchaser will acquire, together with a financial partner, the Seller's European financial subsidiaries and branches, as well as the Parent's Opel and Vauxhall businesses and certain other assets in Europe. The net consideration to be paid for the European Operations will be 0.8 times their book value at closing, which the Company estimates will be approximately $1B, denominated in Euros. The purchase price is subject to certain adjustments as provided in the Agreement. The Company expects to recognize a disposal loss of up to $700M based on current foreign currency exchange rates. The transfer of the Transferred Business is subject to the satisfaction of various closing conditions and the transfer of the Opel/Vauxhall Business is expected to close by the end of 2017 and the transfer of the European Operations is expected to close as soon as practicable after the receipt of necessary antitrust, financial and other regulatory approvals, which may be after the transfer of the Opel/Vauxhall Business, but not before. The transfer of the European Operations will not occur unless the transfer of the Opel/Vauxhall Business occurs. The Agreement contains certain termination rights for both the Seller and the Purchaser, including if certain closing conditions with respect to the transfer of the Opel/Vauxhall Business have not been satisfied on or before June 1, 2018.
Jun 21, 2017 | 06:04 EDT
Chris Lattner, VP of Autopilot software at Tesla (TSLA), is leaving the company after just about six months at the company, The Wall Street Journal reports. "Chris just wasn't the right fit for Tesla, and we've decided to make a change," Tesla says. Lattner joined Tesla from Apple (AAPL), the report notes. Tesla has elevated Jim Keller, VP of Autopilot hardware, to also oversee Autopilot software. Reference Link
Jun 21, 2017 | 05:55 EDT
Tesla has hired deep learning and computer vision expert Andrej Karpathy as its director of AI, Karpathy confirmed in a tweet. arpathy most recently held a role as a researcher at OpenAI, the artificial intelligence nonprofit backed by Elon Musk. Reference Link
Jun 20, 2017 | 08:06 EDT
Baird analyst Ben Kallo met with Tesla management and came away confident in the company's position at the forefront of changes in the auto industry, which are concentrated in electrification, manufacturing, and autonomy. Kallo noted the Model 3 production ramp remains a focus for investors and he believes its energy storage opportunity is underappreciated by some investors. Kallo reiterated his Outperform rating and $368 price target on Tesla shares.
Jun 20, 2017 | 07:52 EDT
Google's (GOOG, GOOGL) YouTube has won back some advertisers, including General Motors (GM), Coca-Cola (KO), and McDonald's (MCD) U.K. unit, after improving its video screening technology and allowing marketers more control following a backlash over advertisements appearing next to offensive videos on the site, the Wall Street Journal reports, citing people familiar with the situation. However, some companies which removed their ads, including Wal-Mart (WMT), AT&T (T), JP Morgan (JPM), Starbucks (SBUX), Procter & Gamble (PG) and at least a dozen other major brands, are staying on the sidelines signaling that concerns over "brand safety" continue. Reference Link
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