Benzinga Before The Bell: Elon Musk Confirms Tesla AI Day Part 2, Dogecoin Scam, BioNTech Q2 Earnings Shocker And Other Top Financial Stories Monday, August 8

Monday, 8 August 2022, 14:32:46
CNBC Celsius Withdraws Motion To Rehire CFO A court filing submitted Friday in the Southern District of New York states that the bankrupt cryptocurrency lender Celsius has dropped its plea to reinstate former CFO, Rod Bolger. The withdrawal notice was published just before a Monday, August 8 hearing to review it. A week ago, the company had approached Ex-CFO Rod Bolger to come back and work with Celsius in exchange for $92,000 monthly pay, prorated over a minimum of six weeks. Reuters GM, Toyota, Other Automakers Oppose US”s EV Bill: Report A group representing General Motors Co (NYSE: GM ), Toyota Motor Corp (NYSE: TM ), Volkswagen AG (OTC: VWAGY ), and others saw the U.S. Senate”s $430 billion bill jeopardizing the country”s electric-vehicle adoption targets for 2030, Reuters reports. “Unfortunately, the EV tax credit requirements will make most vehicles immediately ineligible for the incentive,” said the Alliance for Automotive Innovation”s chief executive, John Bozzella, adding the bill “will also jeopardize our collective target of 40-50% electric vehicle sales by 2030.” The group had warned that most EV models would not qualify for a $7,500 tax credit for U.S. buyers under the bill.
— Benzinga

GM, Toyota, Other Automakers Oppose US”s EV Bill: Report

Monday, 8 August 2022, 14:10:52
A group representing General Motors Co (NYSE: GM ), Toyota Motor Corp (NYSE: TM ), Volkswagen AG (OTC: VWAGY ), and others saw the U.S. Senate”s $430 billion bill jeopardizing the country”s electric-vehicle adoption targets for 2030, Reuters reports . “Unfortunately, the EV tax credit requirements will make most vehicles immediately ineligible for the incentive,” said the Alliance for Automotive Innovation”s chief executive, John Bozzella, adding the bill “will also jeopardize our collective target of 40-50% electric vehicle sales by … Full story available on Benzinga.com
— Benzinga

General Motors Stock: Cruise Is The Differentiator, Not EVs (NYSE:GM)

Monday, 8 August 2022, 14:00:00
General Motors” recent quarterly performance highlighted how the semiconductor issue continues to be a concern. Read why I feel GM stock is undervalued.
— Seeking Alpha

MG”s new all-electric hatchback will cost just $31,400 when it arrives in the UK

Monday, 8 August 2022, 09:55:37
Last month, MG revealed the all-electric MG4 hatchback with range of up to 281 miles (on the WLTP system). Now, we know it will be one of the least expensive EVs available in the UK with a starting price of £25,995 ($31,400). It”s set to arrive in the UK in September this year. As a reminder, China”s SAIC Motors now owns the MG brand following the collapse of MG Rover in 2005. The vehicles are manufactured in China, but SAIC has a design studio in London. It also has joint venture partnerships with Volkswagen, GM and others to produce branded vehicles in China. The MG4 first arrived as the Mulan in China, built on SAIC”s MSP (Modular Scalable Platform) architecture that will be used on future MG EVs. It”ll come in three versions in the UK. The starting SE Standard Range model is priced at £25,995 with a 51kWh battery delivering 218 miles of WLTP range, compared to £36,195 ($43,800) for the ID.3 with a 58kWh battery and 265 miles of range. The £28,495 ($34,490) Long Range SE model uses a 64kWh battery to go 281 miles on a charge, which takes about 35 minutes to go from 10-80 percent thanks to the 135kW charging capacity.
— Engadget

Automakers say U.S. Senate bill will jeopardize 2030 EV targets

Monday, 8 August 2022, 00:23:00
WASHINGTON — A group representing General Motors, Toyota Motor, Volkswagen and other major automakers said a $430 billion bill approved Sunday by the U.S. Senate will put achieving U.S. electric-vehicle adoption targets for 2030 in jeopardy. “Unfortunately, the EV tax credit requirements will make most vehicles immediately ineligible for the incentive,” said the Alliance for […]
— Financial Post