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- Tesla: Steering Into Trouble?
Good Morning!
Happy Wednesday! Let’s have a great day:
👉 Tesla under investigation
👉 Uber earnings are here
👉Private equity looks to acquire Peloton
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TESLA: Under Investigation
U.S. prosecutors are investigating Tesla for potentially misleading investors and consumers about the self-driving capabilities of its vehicles, according to Reuters. Although Tesla’s Autopilot and Full Self-Driving systems assist with some driving functions, they are not fully autonomous. Despite warnings that drivers must remain alert, the Justice Department is exploring whether Tesla and CEO Elon Musk falsely claimed the cars could drive themselves.
Source: Reuters
Additionally, the investigation includes reviewing if Tesla committed wire fraud by deceiving consumers and securities fraud by misleading investors. The Securities and Exchange Commission is also examining Tesla’s communications to investors about these technologies. Neither Tesla nor the Justice Department has commented on the probe, which could lead to criminal charges, civil penalties, or no action at all.
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EARNINGS: Uber
Uber's first-quarter gross bookings missed expectations, rising 20% to $37.7 billion, due to softer demand in Latin America and the early timing of holidays. This was below both the company’s forecast and analysts' estimate of $38 billion. Looking ahead, Uber anticipates bookings of $38.75 billion for the current quarter, slightly below Wall Street's prediction of $40 billion.
Source: Bloomberg
Despite a slowdown, the company noted strong growth in airport rides and increased demand during work hours. Its delivery business performed well, with record order frequency and expanded services through the Uber One program. Uber also announced plans to integrate Uber Eats with the Instacart app and pursue further partnerships. However, its Freight business continues to struggle amid broader industry challenges.
EARNINGS:
Loss per share: 32 cents vs. 23 cents
Revenue: $10.13 billion vs. $10.11 billion
PELOTON: Exploring Offers
Several private equity firms are exploring a buyout of Peloton as the company seeks to refinance its debt and reverse a trend of 13 straight quarterly losses. Peloton has discussed potentially going private with at least one firm, although it's not clear how interested this firm is.
Source: StrongerU
Peloton's recent plan to cut expenses by over $200 million by fiscal 2025 boosted its shares significantly. However, there's no certainty of a deal, and Peloton may stay public. The company's value has dropped dramatically, from $49.3 billion in 2021 to about ~$1.3 billion today.
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