27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
- General Motors Co (NYSE:GM) robotaxi unit Cruise is eyeing cost cuts this year as mounting losses in the autonomous vehicle companies sparked investor concerns.
- "We'll continue to look at hardware, software - both in terms of component costs as well as the quantity of components that are on the vehicle - and continue to drive cost out as we move forward," Reuters reports citing Cruise's COO Gil West at a technology conference.
- At Cruise, General Motors burned through nearly $2 billion last year.
- Fully autonomous vehicles failed to launch as quickly as expected due to cumbersome regulations, safety investigations, and arduous technology.
- Last fall, Ford Motor Co (NYSE:F) and Volkswagen AG (OTC:VWAGY) shared plans to shutter their Argo AI self-driving unit and focus on driver-assistance technology that provided more immediate returns.
- Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) self-driving technology unit, Waymo, has laid off over 8% of its workforce this year.
- Cruise, which offers a limited service in San Francisco with a small fleet of Chevrolet Bolt fitted with driverless technology, has accumulated a little over a million driverless miles, West said.
- Cruise is also developing a fully autonomous vehicle called Origin from scratch without a steering wheel and with subway-like doors for rideshare and deliveries.
- West said Origin was in the final stages of certification and ready for full-scale production.
- Most of the barriers to entry, including technological challenges and regulatory clearances, will likely be resolved in 2023, West said.
- Price Action: GM shares traded higher by 0.32% at $40.58 premarket on the last check Tuesday.
- Photo via Wikimedia Commons
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
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