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Friday's Pre-Market: Tesla, Chinese Economy, India's Microchip Plant Approval, Dell, and NYCB

  • Writer: Mathieu Desfosses
    Mathieu Desfosses
  • Mar 1, 2024
  • 2 min read

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Tesla stands to earn billions of dollars a year by opening U.S. charging stations to drivers of Ford and other EVs


  • Tesla on Thursday opened up its Superchargers to drivers of Ford Mustang Mach-E and F-150 Lightning electric vehicles.

  • Tesla struck similar partnerships with General Motors and other automakers in North America.

  • AutoForecast Solutions says Tesla could generate $6 billion to $12 billion in annual charging revenue by 2030 by opening its charging stations to drivers of non-Tesla EVs.


China calls on foreign businesses to share their problems as investment slumps


  • China’s Ministry of Commerce met with foreign businesses this week in an effort to address operating challenges, but did not share much progress on major issues.

  • “What came up was concerns about changes to national security regulation that impacts the ability of companies to conduct due diligence in China,” said Jens Eskelund, president of the EU Chamber of Commerce in China.

  • The roundtable on Wednesday came as U.S.-China exchanges have ticked up — and both sides attempt to stabilize the tense relationship between the world’s two largest economic powers.


India approves three chip plants with over $15 billion in investments to realize semiconductor ambitions


  • India has ambitions to become a major chip hub on the lines of the U.S., Taiwan and South Korea, and has been courting foreign firms to set up operations in the country.

  • “Within a very short time, India Semiconductor Mission has achieved four big successes. With these units, the semiconductor ecosystem will get established in India,” the government of India said in a press statement.

  • India in June 2023 had approved Micron for setting up a semiconductor unit in Sanand, Gujarat.


Dell shares soar 15% after beating earnings expectations, cites rising demand for AI servers


  • Shares of Dell Technologies popped in extended trading Thursday after the company released fiscal 2024 fourth-quarter results.

  • The company beat analysts’ expectations on the top and bottom lines and announced it is increasing its annual dividend.

  • Dell reported $22.32 billion in revenue for the quarter.


Shares of NYCB fall more than 20% after bank discloses ‘internal controls’ issue, CEO change


  • The regional bank announced that Alessandro DiNello, its executive chairman, is taking on the roles of president and CEO, effective immediately.

  • NYCB has been under pressure in recent months due in part to concerns about its exposure to commercial real estate.

  • The bank also announced an amendment to its fourth-quarter results, adding a disclosure about its internal risk management.



 
 
 

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