Tesla Daily: Tesla News & Analysis
BP Reaches Supercharging Agreement, Ford Delays EVs, Hertz EV Business Challenges (10.26.23)
Oct 27, 2023
BP acquires $100M of Tesla Supercharging hardware, Ford delays EV investment, Hertz comments on Tesla's impact, Mercedes faces challenges in the EV market
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Quick takeaways
- BP will buy $100M of Tesla's supercharging hardware, marking the first time Tesla allows other companies to purchase and deploy its superchargers.
- Hertz faces challenges with its Tesla EV fleet due to higher collision and damage repair costs, as well as reduced residual value.
Deep dives
Tesla and Ford's Earnings
Tesla and Ford both reported earnings, with Tesla experiencing a tough day in the stock market and the NASDAQ seeing its worst two-day performance. Despite this, Tesla's performance has held up relative to the NASDAQ. Meanwhile, Ford's EV business continues to struggle, reporting losses of $3.1 billion year-to-date with a negative e-bit margin. Ford announced a delay in $12 billion worth of planned spending on EV manufacturing capacity and other investments, citing the need to balance production of gas, hybrid, and electric vehicles to match EV adoption rates.
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