JPMorgan analyst Ryan Brinkman reiterates an Overweight rating on General Motors (GM) after the firm hosted its first ever "GM EV Day" in which management provided investors with an overview of its electrification strategy. The overview "impressed on a number of fronts," Brinkman tells investors in a research note. GM showcased its work on a next-generation of batteries it calls "Ultium," which possess performance characteristics when mated to its new drive units that are at least on par with or even exceed that of the most advanced competition, says the analyst. Brinkman believes GM's electric vehicle day reads negative for Tesla (TSLA), a stock he keeps Underweight rated.

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Tesla expects to lose the entire $7,500 federal tax credit on the Model 3 standard range, its cheapest electric car, because the batteries come from China, Electrek's Fred Lambert reports. The new tax credit program includes requirements for battery production in North America and battery material sourcing in countries with free trade agreements with the U.S. in order to get access to up to half of $7,500 credit, Lambert notes. Reference Link