Tesla Shifts China Factory Workers To US Plant, Complete European Approval For AstraZeneca's COVID-19 Shot, Tesla Eyes Cybertruck Commercialization Next Year: Top Stories Tuesday, Nov. 1

Tesla Shifts China Factory Workers To US Plant, Complete European Approval For AstraZeneca's COVID-19 Shot, Tesla Eyes Cybertruck Commercialization Next Year: Top Stories Tuesday, Nov. 1

Bloomberg

Tesla Migrates Shanghai Factory Workers To Boost US Plant Production

  • Tesla Inc TSLA sent engineers and production staff from its recently upgraded Shanghai factory to its plant in Fremont, California, to boost production at the U.S. facility.
  • The Elon Musk-led carmaker will dispatch staff, particularly automation and control engineers, to assist efforts to increase output in Fremont, where Tesla produces the Model S, X, 3, and Y vehicles.
  • About 200 people will head to California on assignments that will last at least three months.

Reuters

Tesla To Monetize Its Cybertruck From Next Year

  • Tesla Inc TSLA aimed to commercialize its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck CEO Elon Musk unveiled it in 2019.
  • A gradual ramp in the second half of next year to total output for the sharp-angled electric truck would imply that Tesla would not record revenue until early 2024.
  • It would also imply another year's wait for hundreds of thousands of potential buyers.

Wall Street Journal

Ford Asks Underperforming Employees To Choose Severance Or Performance Improvement

  • Ford Motor Co F has chosen an alternative approach to deal with its white-collar employees deemed underperformers.
  • The automaker has conveyed to its managers that the underperforming workers should choose between severance or a performance enhancement program.
  • The change will mostly apply to employees who have eight or more years of service with a consistent decline in performance.

Financial Times

Carlyle Aviation Partners Accuses Insurers Acted In Bad Faith Over Jet Seizures By Russian Airlines

  • Carlyle Aviation Partners filed a claim to receive $700 million from over 30 insurers and reinsurers after they failed to pay when Russian airlines seized jets and refused to return.
  • Acting on official instructions, Russian carriers have taken control of about 500 aircraft worth about $10 billion leased from overseas companies.
  • They have ignored lessors' demands to return the aircrafts.

Benzinga

Elon Musk Gets Word Of Advice From Jacinda Ardern: Twitter 'Can Do A Huge Amount Of Harm' If Misused

  • New Zealand's Prime Minister Jacinda Ardern said Tesla Inc TSLA CEO and the new chief of Twitter Inc, Elon Musk, needs to "stick strongly to the principle of transparency."
  • Ardern, speaking at a national summit on countering terrorism and violent extremism, said, "While I haven't had any opportunity to engage directly with Mr. Musk, I think the point I would make here is that social media and platforms like Twitter have a huge responsibility."

Netflix Snaps Its Sixth Gaming Studio

  • Netflix Inc NFLX scooped Spry Fox, a Seattle-based independent gaming studio focused on cozy games.
  • The financial terms of the transaction remained undisclosed.
  • Spry Fox became Netflix's sixth in-house games studio.

BP Clocks 145% YoY Growth In Q3 Profit, Announces Further $2.5B Share Buyback

  • BP plc BP posted more than double profit during Q3 of $8.15 billion from $3.32 billion, reflecting higher realizations, higher production, and an exceptional gas marketing & trading result.
  • The company expanded its share buybacks by $2.5 billion.
  • It posted a revenue of $55.01 billion, up 53% Y/Y but missing the consensus of $64.76 billion.

Toyota Again Cuts Production Forecast Citing Supply Chain Woes; Suffers 25% Drop In Q2 Profits

  • Toyota Motor Corp TM has lowered its annual production target by 500,000 vehicles to 9.20 million vehicles.
  • The sharp cut in the FY23 target comes as the automaker suffers difficulties procuring semiconductors.
  • Toyota also underlined the business headwinds, including the rapid changes in foreign exchange rates, higher interest rates, soaring materials prices, and more.

European Regulator Grants Complete Approval To AstraZeneca's COVID-19 Vaccine

  • The European Medicines Agency (EMA) has granted full Marketing Authorisation to AstraZeneca Plc's AZN COVID-19 vaccine, Vaxzevria.
  • The approval covers the use of Vaxzevria in both a primary vaccination series and as both a heterologous (with an approved mRNA COVID-19 vaccine) or homologous (all the same vaccine) third-dose booster.

FDA Signals Shortage Of ICU Medical's Tracheostomy Tubes

  • The FDA said there was a shortage of tracheostomy tubes, including Bivona tracheostomy tubes manufactured by ICU Medical Inc ICUI.
  • The agency said the shortage was due to difficulties in raw material procurement and would most likely impact pediatric patients.

Sony Boosts Profit Forecast As Music, Entertainment, Financial Segments Post Upbeat Q2

  • Sony Group Corp SNY reported second-quarter FY22 sales growth of 16% year-on-year to ¥2.75 trillion. Segments & Profits: Game & Network Services revenue increased 12% Y/Y to ¥720.7 billion, and operating income declined by 49% Y/Y to ¥42.1 billion.
  • Consolidated operating income grew 8% Y/Y to ¥344 billion. EPS was ¥212.29.
  • Sony sold 3.3 million PS5 units in the quarter. The gaming division sold fewer physical software copies this year, with 62.5 million units, down 18% from the same quarter a year ago.

Pfizer's Q3 Earnings Surpasses Estimates, Lifts Forecasts For COVID-19 Vaccine Sales By $2B

  • Pfizer Inc PFE has reported a Q3 adjusted EPS of $1.78, up 40% Y/Y, well ahead of the consensus of $1.47.
  • The company achieved revenues of $22.64 billion, down 6%, beating the Wall Street estimate of $21.37 billion.
  • COVID-19 treatment Paxlovid contributed $7.51 billion in global sales.

Eli Lilly Says Q3 Earnings Supported By Key Products and Volume, Cuts FY22 Outlook

  • Eli Lilly And Co LLY has reported Q3 sales of $6.94 billion, +2% Y/Y beating the consensus of $6.91 billion.
  • Lilly's revenue increased 7% on a constant currency basis, primarily driven by volume growth of key growth products, partially offset by lower realized prices and lower Alimta revenue following the entry of generics.
  • Eli Lilly lowered FY22 adjusted EPS guidance to $7.70-$7.85.
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