Latest news for Conifex Timber (OTC:CFXTF) Stock

Conifex Timber Inc is a Canada-based forestry company. It operates through two segments: Lumber and Bioenergy. The main activities of the lumbar segment include timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value-added lumber finishing. The firm's primary activities in the bioenergy segment are the generation of electrical power and the development of other opportunities in bioenergy and bioproducts which are complementary to the company's harvesting and manufacturing operations. The firm's main activities areas are the United States, Chinese, Canadian and Japanese markets. The revenues are generated from lumber in the United States of America.

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CONIFEX TIMBER INC by Conifex Timber Inc.

Conifex Timber Inc

Electric-vehicle makers&#8217; shares pulled back this week amid the broader market weakness, with market leader Tesla, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/markets/equities/24/07/39926440/tesla-stock-is-plunging-over-7-in-wednesdays-pre-market-after-q2-earnings-whats-going-on">earnings not offering any respite</a>.
Here&#8217;s a rundown on what happened in the EV space during the week:
Tesla Posts Mixed Results: Kicking off the EV reporting season this week, Tesla had a mixed tale to tell. Second-quarter revenue exceeded expectations but earnings per share trailed estimates. Fund Manager Gary Black blamed the earnings per share miss on restructuring charges related to job cuts. Investors also fretted over a surge in regulatory credits and management commentary regarding a notable drop in volume this year.
CEO Elon Musk tried to rev up sentiment by pointing to the promise that robotics holds for the company and raving over Tesla&#8217;s full self-driving software. He also said the eagerly awaited robotaxi event has been shifted to Oct. 10. Investors did not buy into the potential of the energy storage business, which doubled during the quarter. The stock, which had been rebounding nicely ahead of the quarterly results, reversed course and ended with a weekly drop of more than 8%.
Rivian&#8217;s Scaringe Talks Up New R2 Platform: In a podcast, Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) CEO R.J. Scaringe said Tesla&#8217;s Model Y and Model 3 EVs, though excellent, have saturated the market, leaving buyers craving variety. &#8220;If you want to spend less than $50,000 for an EV, I'd say there's a very, very small number of great products,&#8221; Scaringe <a href="https://podcasts.apple.com/us/podcast/decoder-with-nilay-patel/id1011668648?i=1000662961702">told</a> the Decoder podcast in December.
While many EV companies have tried to replicate the success Tesla has had with the Model Y EVs, they have not focused on giving diverse choices. Scaringe also clarified that Rivian&#8217;s R2 platform-based will not be a Model Y copycat.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>
GM To Go Slow On EVs: On its earnings call this week, General Motors Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) said it was slowing plans for EVs by delaying a second EV truck plant in Michigan by six months and delaying the first Buick brand EV. The delay until mid-2025 suggests GM may not hit its 2025 production target of one million EVs. CEO Mary Barra said the company is looking to grow &#8220;responsibly and profitably.&#8221; EVs accounted for just 3.2% of GM&#8217;s total second-quarter U.S. sales.
Xiaomi Quick With EV Ramp-Up: Xiaomi Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACY#OTC">XIACY</a>) Chairman and CEO Lei Jun said in a Weibo post that the smartphone maker is on track to meet its annual delivery target of 100,000 EV units for 2024 two months ahead of schedule, CnEVPost <a href="https://cnevpost.com/2024/07/26/xiaomi-completes-capacity-ramp-up-100000-target-nov/">reported</a>. According to the report, Jun said that Xiaomi has completed its factory capacity ramp-up and has sold 30,000 units of its SU7 model in a little over three months since the vehicle&#8217;s launch.
Lucid Stitches Battery Material Deal:  Lucid Group, Inc. (NASDAQ LCID) announced an agreement with mineral exploration company Graphite One Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GPHOF#OTC">GPHOF</a>) <a href="https://www.benzinga.com/markets/equities/24/07/39959245/whats-going-on-with-lucid-group-stock-today">for the supply of anode active materials</a>.
&#8220;We are committed to accelerating the transition to sustainable vehicles and the development of a robust domestic supply chain ensures the United States, and Lucid, will maintain technology leadership in this global race,&#8221; said Lucid CEO/CTO Peter Rawlinson. &#8220;Through work with partners like Graphite One, we will have access to American-sourced critical raw materials, helping power our award-winning vehicles made with pride in Arizona.&#8221;
The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session up 0.72% at $19.31 according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>. For the week, the ETF fell 3.84%.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39951197/jim-cramer-calls-elon-musk-bankable-and-visionary-as-tesla-shares-fall-over-12-why-">Jim Cramer Calls Elon Musk &#8216;Bankable&#8217; And Visionary As Tesla Shares Fall Over 12%: Why The Stock Picker Recommends To &#8216;Buy This Weakness&#8217;</a></li>
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<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Weekly Change (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>-8.11%</td>
</tr>
<tr>
<td>Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>-0.67%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>+0.71%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>-2.55%</td>
</tr>
<tr>
<td>Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>-10.78%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>+7.58%</td>
</tr>
<tr>
<td>Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>)</td>
<td>-10.00%</td>
</tr>
<tr>
<td>Rivian </td>
<td>-3.22%</td>
</tr>
<tr>
<td>Lucid</td>
<td>-3.43%</td>
</tr>
<tr>
<td>Faraday Future Intelligent Electric Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NYSE">FFIE</a>)</td>
<td>-11.07%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>-1.37%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>-9.03%</td>
</tr>
</tbody>
</table>
</figure>
Photo: Shutterstock

Elon Musk's Optimism Doesn't Rub Off On Investors, Rivian CEO Says R2 Not Model Y Copycat, GM's EV Goals Scaled Back Yet Again And More: Biggest EV Stories Of The Week

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Latest news for Conifex Timber (OTC:CFXTF) Stock

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