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Regulatory

BYDDY

TSLA

South Korea has introduced a new EV policy favoring domestic automakers Hyundai and Kia over foreign competitors like Tesla and BYD. The policy aims to give Hyundai and Kia a competitive edge by adjusting subsidies based on vehicle range, price, and battery type, disadvantaging EVs with LFP batteries, predominantly used by Tesla and BYD. This move comes as Tesla's Model Y gains global popularity and BYD leads in BEV sales, with the policy potentially increasing Hyundai's market position.

Portfolio Pulse from Benzinga Neuro

February 16, 2024 | 6:53 am

GOOG

GOOGL

Alphabet Inc.'s Waymo recalled 444 self-driving cars after two collisions in Phoenix, deploying an OTA fix. The incidents, involving no injuries, highlighted potential risks in autonomous vehicle technology. Waymo's recall, a first for autonomous vehicles, followed discussions with the NHTSA. The recall and software update were completed by Jan. 12. This event, along with a separate attack on a Waymo car in San Francisco, underscores the challenges facing self-driving vehicle operators.

Portfolio Pulse from Anan Ashraf

February 16, 2024 | 6:18 am

GOOG

GOOGL

Alphabet Inc.'s Google announced the launch of a free, open-source AI-powered tool aimed at enhancing cybersecurity by detecting malware in services like Gmail and Google Drive. Additionally, Google plans to release a white paper at the Munich Security Conference, advocating for AI research and regulations in cybersecurity. This initiative is part of Google's broader effort to counter the increasing use of AI in cybercrime, as highlighted by a recent Microsoft report on state-sponsored criminal groups using AI tools like ChatGPT for cyber operations.

Portfolio Pulse from Ananya Gairola

February 16, 2024 | 5:48 am

TSLA

Tesla Inc. (NASDAQ:TSLA) has delayed the delivery of Model S and Model Y in the U.S. due to the EPA's request for retesting these vehicles over range issues. The delay, initially until February 28, has been extended to March 7. This situation arises after Tesla revised the range ratings for these models, attributed to changes in EPA testing methods and the introduction of an 'efficiency package' that increases energy consumption.

Portfolio Pulse from Benzinga Neuro

February 16, 2024 | 5:33 am

COIN

Coinbase Global Inc (NASDAQ:COIN) reported a doubling in trading volume in Q4, with $154 billion traded. CEO Brian Armstrong highlighted the success of Bitcoin ETFs, noting Coinbase's significant role in custodying 90% of the $36 billion in Bitcoin ETF assets. The company's Q4 earnings exceeded expectations, with earnings of $1.04 per share and revenue of $953.8 million. Armstrong attributed part of this success to the growing appeal of Bitcoin ETFs, which have seen over $4 billion in net inflows. He also mentioned Coinbase's involvement in supporting pro-crypto candidates in the U.S. election through a Super PAC.

Portfolio Pulse from Mehab Qureshi

February 16, 2024 | 5:22 am

F

GM

STLA

TSLA

Morgan Stanley analyst Adam Jonas suggests that partnerships with each other or with China could be a strategic move for legacy automakers like Ford, General Motors, and Stellantis to compete against Chinese EV dominance. He emphasizes the inextricable link between mass EV adoption and China, noting the challenges of diversifying from Chinese supply chains due to cost, time, and regulatory hurdles. Jonas highlights Mexico's potential role as a bridge for China, with Chinese suppliers, including BYD, looking to establish plants there. Partnerships with startups, China, Tesla, or among themselves are seen as vital for legacy automakers to strengthen their EV supply chain.

Portfolio Pulse from Anan Ashraf

February 16, 2024 | 5:12 am

XOM

Exxon Mobil Corporation (NYSE:XOM) has been granted an exemption from Canadian oil and gas reporting obligations by the securities commissions of Alberta and Ontario. This exemption allows ExxonMobil to not comply with the National Instrument 51-101 disclosure requirements, instead following the U.S. legal requirements for oil and gas activity disclosure. Future disclosures by ExxonMobil will adhere to U.S. rules, which differ from Canadian requirements.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 10:00 pm

AGRX

Agile Therapeutics has been granted an extension by the Nasdaq Hearings Panel to regain compliance with the stockholders' equity continued listing requirement until March 25, 2024. The company expects FY23 revenue to be between $20M-$21M, an 84% to 93% increase from FY22, with GAAP operating expenses projected to decrease by 47% to 44% from $56.6M in FY22 to $30M-$31.5M in FY23. The company also plans to reverse a $2.1M accrual for performance bonuses.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:55 pm

STI

Solidion Technology, Inc. (STI) plans to build a graphite production facility in the Southeast United States to produce sustainable graphite anode materials for lithium-ion batteries, addressing the supply shortage. The facility aims for an initial capacity of 10,000 MTA by end of 2026, expanding to ~180,000 MTA by 2030. This move is in response to the anticipated demand surge for EV and ESS battery capacities and the global supply shortage, exacerbated by China's graphite export restrictions.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:51 pm

GE

GE announced the filing of a Form 10 registration statement for the spin-off of GE Vernova, a company focused on electrification and decarbonization, expected to become a standalone public company in early April. GE Vernova is positioned for growth in the energy transition market, with a $1.4 trillion opportunity. The spin-off, intended to be tax-free for U.S. federal income tax purposes, will see GE Vernova listed on the NYSE under the ticker 'GEV'. The move is part of GE's strategy to form well-capitalized, investment-grade companies, including GE Vernova and GE Aerospace.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:51 pm