Finance

Tesla Says It’s Already Well on Its Way to Doubling Last Year’s Output

Image: Tesla Tesla believes it will finish the year strong, Volkswagen is turning to new benefactors to spin off Porsche on the stock market and automakers have finally started to understand how the silicon business works. All that and more in The Morning Shift for Friday, August 5, 2022. 1st Gear: A Tenth of 20 …

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Report: Tencent Wants To Expand Its Empire By Becoming Ubisoft’s Biggest Shareholder

Image: Ubisoft Tencent appears to be doubling down on its investment in Ubisoft. While it already owns 5 percent of the Assassin’s Creed publisher, Reuters now reports the Chinese mega-conglomerate with huge investments throughout the gaming industry has its sights set on becoming Ubisoft’s single biggest shareholder. Its plan for achieving that? Pay double what …

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U.S. Automakers Demand Changes to EV Tax Credit Proposal That Favors EVs Made in the U.S.

A Tesla Model Y rolls through an assembly line in Austin, Texas, but the EV still relies on foreign battery components.Photo: Suzanne Cordeiro (Getty Images) Automakers in the U.S. are pushing back against Senator Joe Manchin’s EV tax credit proposal due its domestic supply and production requirements. The proposal would restore credit eligibility to some …

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Robinhood Crypto Fined $30 Million by New York Regulator, Cuts 23% of Its Workforce

Photo: Oliver Douliery (Getty Images) Robinhood, the self-proclaimed ‘Democratized Finance’ app accused of misleading and ripping off retail investors will have to cough up another $30 million to appease regulators. That raises the company’s overall regulatory penalty and settlement tab well above $100 million. In a filing Tuesday, the New York State Department of Financial …

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Nomad Hack Allowed ‘Mob’ of Users to Drain Bridge of $190 Million in Crypto

Graphic: Cryptographer (Shutterstock) As evidenced by its namesake, apparently there wasn’t much security stopping a hoard of wandering strangers from breaking into the Nomad DeFi project’s token bridge, allowing hundreds of unknown hackers and some users to walk away with over $190 million crypto, leaving behind a bare pittance in the project’s wallet. Late on …

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Stellantis Sentenced for Cheating Diesel Emissions in Jeeps and Rams

Image: Stellantis Toyota’s commercial truck business and Stellantis are under fire for cheating emissions controls like it’s 2015 again, Ferrari’s order books are breaking records, and Renault is going to follow its heart, with or without its so-called “Alliance” partners. All that and more in The Morning Shift for Tuesday, August 2, 2022. 1st Gear: …

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Google’s CEO Reportedly Calls for ‘Simplicity Sprint’ as Employees Fear Possibility of Layoffs

Photo: Staff (Getty Images) Google CEO Sundar Pichai is reportedly calling on his staff to implement a “Simplicity Sprint” initiative meant to crowdsource employee ideas around product development, drive up efficiency and, “get better results faster.” The proposal comes on the heels of a hiring freeze and a series of worrying emails that has some …

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