Musk says he is “uncomfortable” making Tesla AI leader without 25% control
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MUSK VOTING RIGHTS/OWNERSHIP COMMENTS:
Tesla CEO Elon Musk said via X, formerly known as Twitter, that “I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control. Enough to be influential, but not so much that I can’t be overturned. Unless that is the case, I would prefer to build products outside of Tesla. You don’t seem to understand that Tesla is not one startup, but a dozen. Simply look at the delta between what Tesla does and GM. As for stock ownership itself being enough motivation, Fidelity and other own similar stakes to me. Why don’t they show up for work?”
Discussing the comments, Wedbush acknowledged that Musk having a back and forth about such an important issue over X is far from ideal for the investment community around Tesla and creates a distraction and likely some selling pressure on Tuesday morning.
Click here to check out Tesla’s recent Media Buzz Sentiment as measured by TipRanks.
OUTPUT SUSPENSION:
Tesla plans to suspend most car output at its factory near Berlin from January 29 to February 11, Reuters’ Victoria Waldersee reports. “The armed conflicts in the Red Sea and the associated shifts in transport routes between Europe and Asia via the Cape of Good Hope are also having an impact on production in Gruenheide,” the car maker said. “The considerably longer transportation times are creating a gap in supply chains.”
DELIVERIES:
Lucid Group (LCID) announced production and delivery totals for the quarter ended December 31, 2023. Lucid produced 2,391 vehicles during Q4 and delivered 1,734 vehicles during the same period. On a full year basis in 2023, the company produced 8,428 vehicles and delivered 6,001 vehicles.
MOVING TO THE SIDELINES:
Susquehanna downgraded Plug Power (PLUG). While calling the rating changes “late,” the firm says the downgrade reflects a preference for new capital. Overall, the residential segment is likely to see recent headwinds continue into at least the first half of this year before demand gets better heading into 2025, Susquehanna tells investors in an update on the Alternative Energy sector.
ENPHASE OVER SOLAREDGE:
Canaccord initiated coverage of Enphase Energy (ENPH). Over the coming decades, solar power generation will prove one of the most critical technologies for transitioning the grid to renewable energy with no direct CO2 emissions, the firm tells investors in a research note. Canaccord views Enphase as better equipped than SolarEdge Technologies (SEDG) to benefit from a demand recovery in the near-term due to its use of contract manufacturers and existing production lines in the U.S. In addition, its modular, scalable microinverter products can be paired with any number of panels, the firm tells investors in a research note. Canaccord initiated coverage of SolarEdge.
PREFERENCE FOR NEW CAPITAL:
Susquehanna downgraded SunPower (SPWR), to reflect a preference for new capital. Overall, the residential segment is likely to see recent headwinds continue into at least the first half of this year before demand gets better heading into 2025, the firm tells investors in an update on the Alternative Energy sector.
Meanwhile, GLJ Research lowered the firm’s price target on SunPower. SunPower funds its business differently than SunRun (RUN) and Sunnova (NOVA), on which the firm also has Sell ratings, as SunPower relies on TotalEnergies (TTE) and this “is a big problem should TotalEnergies SE be done providing that funding,” the analyst tells investors. The firm’s checks suggest long-standing partner TotalEnergies “may be moving away from further funding” of SunPower’s origination of solar rooftop loans, the analyst noted.
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Originally Posted January 16, 2024 – What You Missed This Week in EVs and Clean Energy
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