1.TESLA : Tesla Inc chair Robyn Denholm sold more than $22 million worth of shares in the electric-car maker after exercising stock options, according to a filing with the U.S. Securities and Exchange Commission (SEC).
Denholm sold 31,250 shares at weighted average prices ranging from $703 to $726.200 in transactions that took place on Aug. 2, according to the filing from Wednesday.
Denholm, who joined Tesla’s board as an independent director in 2014, replaced Chief Executive Officer Elon Musk as the chair in 2018, fulfilling a demand by the SEC to strip the job from Musk.
2.BOEING Co:- A Boeing Co 737 Max jet departed for China on Wednesday to conduct a flight test as part of the U.S. planemaker’s attempt to gain approval in the vital travel market following two fatal crashes, people familiar with the matter said.
Flight-tracking site FlightRadar24 showed a 737 MAX 7 test plane taking off from Boeing Field near Seattle at 8:17 a.m. local time (1517 GMT). It landed in John Rodgers Field outside Honolulu nearly 5.5 hours later to complete the first leg of its trip across the Pacific.
Boeing and China regulators have scheduled re-certification flights and testing in the coming days, the people said.
The test plane, which lacks the range for a direct flight, is expected to arrive at Shanghai’s Pudong International Airport on Aug. 7, ahead of a simulator test on Aug. 8 and if all goes well a first flight test in China on Aug. 11, one of the people said.
The sources declined to be named because they were not authorised to speak publicly about the matter.
A Boeing spokesperson declined to comment on the flight and referred questions to regulators. “Boeing continues to work with global regulators as they complete their validation processes in order to better understand enhancements to the airplane,” the spokesperson said.
Civil Aviation Administration of China did not respond immediately to a request for comment.
Some 30 airlines and 175 countries have allowed the 737 MAX to return to service following a nearly two year safety ban after crashes five months apart killed 346 people, plunging Boeing into a financial crisis long-since compounded by the global coronavirus pandemic.
Boeing’s 737 MAX remains grounded in China, where trade tensions between Washington and Beijing have cut off sales for years, though Chief Executive Dave Calhoun said last week he still expects the 737 MAX to win approval before year-end.
Before the 737 MAX was grounded in March 2019 after a second fatal crash, Boeing was selling one quarter of the planes it built annually to China buyers. For years, simmering geopolitical tensions between Washington and Beijing have caused uncertainty.
Industry sources have also cautioned that the worsening COVID-19 pandemic situation in China may delay the planned testing.
3.GENERAL MOTORS:-Detroit’s Big Three automakers plan to announce on Thursday that they aspire to have 40% to 50% of new vehicle sales by 2030 be electric models as they call for billions in U.S. government assistance to meet aggressive targets, sources briefed on the matter said.
The White House is planning an event on electric vehicles and fuel economy standards with President Joe Biden and chief executives from General Motors Co , Ford Motor Co and Chrysler parent Stellantis NV. The administration this week plans to propose revisions to fuel economy requirements through the 2026 model year.
Biden will deliver remarks at 3 p.m. EDT (1900 GMT) on Thursday on the steps his administration is taking to strengthen American leadership on clean cars and trucks, the White House said. It did not say who would attend the event.
“When I say electric vehicles are the future, I’m not joking. Tune in for big news tomorrow,” Biden wrote in a Twitter post on Wednesday.
The three automakers declined to comment on Wednesday, as did the White House. Some major foreign automakers are also expected to support the aspiration target.
The administration has been pressing automakers to back a voluntary pledge of at least 40% of new vehicle sales being electric by 2030 as it works to reduce greenhouse gas pollution, Reuters reported last week.
Automakers are spending tens of billions of dollars to speed EV adoption, even though U.S. EV sales remain small, with the exception of Tesla Inc’s.
Consulting firm AlixPartners in June said investments in electric vehicles by 2025 could total $330 billion, a 41% increase from the firm’s comparable five-year investment outlook a year ago. As of now, electric vehicles represent about 2% of total global vehicle sales, and will be about 24% of total sales by 2030, the firm forecast.
Biden has resisted calls from many of his fellow Democrats to set a binding target for EV adoption or to follow California or some countries in setting 2035 as a date to phase out the sale of new gasoline-powered light duty vehicles.
Some environmental groups have been calling for enforceable requirements and tough vehicle emissions rules through 2026.
Automakers’ target includes full-battery electric, plug-in electric hybrid vehicles, which also have gasoline engines, and hydrogen fuel cell models, sources said.
The automakers will make clear in a joint statement that the aggressive EV targets are contingent on additional government support for EVs and the charging industry. The sources said the wording of the statement could still change before Thursday.
4.UBER:-Uber Technologies Inc on Wednesday reported widening losses as it spent more to entice drivers to return to its platform, sending shares of the ride-hail and food delivery company down in after-hours trade.
Investors sold the shares despite Uber management’s assurances that the company can deliver a sharp turnaround in profitability even as New York and other major cities reimpose some pandemic restrictions.
Uber posted an adjusted $509 million second-quarter loss before interest, taxes, depreciation and amortization – a metric that excludes one-time costs, including stock-based compensation – widening losses by nearly $150 million from the first quarter.
Analysts on average had expected the company to report an adjusted EBITDA loss of around $324.5 million, Refinitiv data showed.
Shares were down 5% in after-hours trading after closing the regular session down 2.2%.
The company also warned investors that uncertainty from the Delta variant of the coronavirus continues to impact visibility into recovery.
But Uber Chief Executive Dara Khosrowshahi told analysts on a conference call that the company’s food delivery business provided a hedge against potential ride-hail declines and that July trends support the company’s confidence for the second half of the year.
Gross bookings during the second quarter reached an all-time high of nearly $22 billion, with more passengers returning for trips while food delivery orders also increased.
Nevertheless, the earnings call was dominated by questions over driver supply and the ongoing impact of the pandemic.
Investors are worried about the ongoing shortage of drivers in the industry as demand ramps up. Uber’s smaller rival, Lyft , on Tuesday said it expected limited driver supply to continue in the next quarter, requiring further investments in driver incentives.
Uber said riders returned to its platform in greater numbers in July and it expects the trend to continue in the coming months, together with strong food delivery orders.
Uber reaffirmed its goal of hitting profitability on an adjusted EBITDA basis at the end of this year and said it would reduce losses to $100 million in the third quarter.
.5.HYUNDAI MOTORS –Hyundai Motor Co will invest in Germany’s H2 Mobility network of hydrogen fuelling station operators, it said on Thursday, as it looks to support infrastructure for fuel cell-powered vehicles.
A partner in the project since 2017, Hyundai Motor’s German subsidiary will become a seventh shareholder shortly, it said, having received approval from Germany’s cartel office.
The South Korean company did not disclose financial details.
It joins investors including France’s Total, Shell , OMV, industrial gas makers Linde and Air Liquide , and carmaker Daimler .
“In Germany, a lot of money is flowing into the topic of hydrogen through the European Union Green Deal and national funding, and we believe that we are at the forefront,” said Ronald Grasman, vice president of fuel cell business development at Hyundai Motor Company .
Fuel cell cars are far from mass market production.
But Hyundai, which is introducing fuel cell trucks in Switzerland, believes hydrogen technology could also play a bigger role in small vehicles further down the road.
H2 Mobility operates 91 hydrogen filling stations and is expanding.
H2 Mobility Managing Director Nikolas Iwan said the group was looking for anchor customers to bring big volumes to the stations, hoping this will allow them to reach break even within two to three years.