Share of Tesla Inc. (NASDAQ: TSLA) rose around 4% in previous trading session as in order to enhance manufacturing of its 4680 cells, which are used in the batteries for electric cars and the Semi heavy-duty vehicle, Tesla Inc. announced on Tuesday that it has upped its capital expenditure plan by $1 billion for the following two years. Days after announcing plans to expand its Nevada facility, the Elon Musk-led electric car business said it anticipates spending between $7 billion and $9 billion in 2024 and 2025.
General Motors (NYSE:GM) Is Standing Up to Tesla
General Motors Company (NYSE:GM) jumped in previous trading session as persist in pre trading session on Wednesday. The share jumped over 8.35% to close at $39.32. The automaker’s fourth-quarter performance brought an outstanding year for GM to a close.
Even though stock index futures indicated that Tuesday would begin slightly lower, stocks were on track to end January with significant gains. Despite having a long history of dominating the American industrial sector, General Motors (NYSE: GM) has recently struggled to stay up in the competitive electric vehicle (EV) market. GM has outlined an ambitious strategy that makes the most of its size and financial capabilities in an effort to catch up with EV pioneer Tesla.
Revenue for GM increased 28% year over year in the fourth quarter to $43.11 billion. The manufacturer reported adjusted earnings of $2.12 per share, a 57% increase over the prior year’s figures. This represents an even quicker rate of growth. Overall, 2022 saw a 23% increase in sales to $156.7 billion, with adjusted earnings for the year ending at $7.59 per share.
Arrival (NASDAQ: ARVL) To Lay off 800 Jobs To Control Costs
Arrival (NASDAQ: ARVL) plunges over 3.33% in pre trading session on Wednesday as Igor Torgov, a former Arrival EVP of Digital, has been named the company’s next CEO, starting January 30, 2023. Since joining Arrival in February 2020, Igor has steered the growth of many departments. Igor had a number of CEO, COO, and executive positions prior to joining Atol, Bitfury, Yota, Columbus IT, and Microsoft Corp. (NASDAQ: MSFT).
Peter Cuneo, the temporary CEO from November 2022, was followed by Igor. Denis Sverdlov succeeded Cuneo as chairman of the board in November after relinquishing his position as CEO. Prior to now, Arrival disclosed its intention to devote its energies on creating the U.S. Van product. In Charlotte, the business plans to begin production in 2024, barring the need for further funding.
In order to reduce the ongoing cash cost of running the company by half to $30 million per quarter, Arrival sought to reduce its worldwide staff by 50% to 800 personnel. To aid the business in assessing strategic options, Arrival recruited financial advisor Teneo.