In my last article , I took a bearish position on Tesla, Inc. ( TSLA ), and since then, its stock price has risen. But I have not changed my opinion, and here I will try to explain why.I started trading on the Moscow Exchange in 2005 as a private trader. Since 2010, I have been a financial markets analyst. I worked as an analyst in several brokerage companies in Russia and then in Ukraine since 2018. I also worked for a leading financial media outlet in Ukraine, covering global markets for Ukrainian readers ...

Core Insights - American Axle & Manufacturing Holdings (AXL) reported third-quarter 2025 adjusted earnings of 16 cents per share, exceeding the Zacks Consensus Estimate of 12 cents, but down from 20 cents per share in the same quarter last year [1][8] - The company generated quarterly revenues of $1.51 billion, surpassing the Zacks Consensus Estimate of $1.49 billion, but remained flat year-over-year [1][8] Segmental Performance - The Driveline segment achieved sales of $1.05 billion, nearly flat year-over-year, but exceeded the estimate of $1.02 billion. Adjusted EBITDA for this segment was $156.8 million, a 15.5% increase year-over-year, surpassing the estimate of $136 million [2] - The Metal Forming business reported revenues of $595 million, flat year-over-year, but fell short of the estimate of $600 million. Adjusted EBITDA for this segment was $37.9 million, down 2% year-over-year, missing the estimate of $40.7 million [3] Financial Position - Third-quarter SG&A expenses totaled $98.8 million, an increase from $94.6 million in the year-ago quarter [4] - Net cash provided by operating activities was $143.3 million, slightly down from $143.6 million in the previous year [4] - Capital spending for the quarter was $52.9 million, up from $46.6 million reported in the year-ago period [4] - Free cash flow for the three months ended September 30, 2025, was $79.5 million, compared to $70.7 million in the same period last year [5] - As of September 30, 2025, cash and cash equivalents stood at $714.1 million, up from $552.9 million as of December 31, 2024. Net long-term debt was $2.59 billion, slightly up from $2.58 billion as of December 31, 2024 [5] Revised Outlook for 2025 - American Axle revised its 2025 revenue guidance to a range of $5.8-$5.9 billion, compared to the previous estimate of $5.75-$5.95 billion. Adjusted EBITDA is now estimated to be between $710 million and $745 million, up from the previous guidance of $695-$745 million [6] - Adjusted free cash flow is anticipated to be between $180 million and $210 million, compared to the prior guidance of $175-$215 million [6] Zacks Rank & Key Picks - AXL currently holds a Zacks Rank 3 (Hold). Other better-ranked stocks in the auto sector include General Motors Company (GM), OPENLANE, Inc. (KAR), and Garrett Motion Inc. (GTX), each with a Zacks Rank 1 (Strong Buy) [7]

Core Points - Toyota Motor has commenced production at its $13.9 billion battery plant located in North Carolina [1] - The company has confirmed plans to invest up to $10 billion over the next five years in the United States [1]

Core Insights - A new plant in North Carolina is being established to increase the production and sales of hybrid cars and trucks in the American market [1] Industry Summary - The initiative reflects a growing trend in the automotive industry towards hybrid vehicles, aiming to meet rising consumer demand for more fuel-efficient options [1] - The establishment of the plant is part of a broader strategy to enhance the company's competitive position in the hybrid vehicle segment [1]

Core Insights - Toyota has commenced production at its new battery plant in Liberty, North Carolina, marking a significant step in its global vehicle electrification strategy [1][2] - The facility represents a nearly $14 billion investment and is expected to create up to 5,100 jobs in the U.S. [1][3] - An additional investment of up to $10 billion over the next five years will bring Toyota's total U.S. investment to nearly $60 billion [1][2] Investment and Economic Impact - The new plant is Toyota's first battery manufacturing facility outside Japan and will serve as a hub for lithium-ion battery production [3][4] - The facility spans 1,850 acres and has the capacity to produce 30 GWh of batteries annually [3] - The investment is anticipated to have a substantial economic impact on the Piedmont Triad region of North Carolina [2][3] Job Creation and Community Development - The establishment of the plant will create over 5,000 new jobs for North Carolinians [4][5] - The facility will include amenities for employees, such as on-site childcare, a pharmacy, a medical clinic, and a fitness center [4] - Toyota is committed to workforce development through educational initiatives, including a $2.7 million grant to local schools [6][8] Product Focus and Future Plans - Batteries produced at the North Carolina plant will power various Toyota hybrid and electric vehicle models, including the Camry HEV and a new all-electric 3-row BEV [4][9] - Additional production lines are expected to launch by 2030, expanding the plant's capabilities [4] Commitment to Sustainability and Innovation - Toyota has sold over 6.6 million electrified vehicles in the U.S. since 2000, demonstrating its commitment to reducing carbon emissions [9] - The company emphasizes building where it sells, aligning with its sustainability philosophy [9][10]

In the 10 years after the global financial crisis, net supply — new debt minus old bonds coming due — grew at similar rates for governments and corporates, according to Bloomberg indexes. Since 2020, sovereign debt issuance has raced ahead after governments introduced expensive policies to buoy their economies during widespread Covid lockdowns.The power to raise taxes and print money has meant that, for decades, the core of portfolio construction in the US or Europe has been Treasury bonds, followed by Germ ...

Core Points - Workhorse Group, Inc. has adjourned its 2025 Annual General Meeting of Shareholders to November 25, 2025, to allow more time for shareholders to vote on proposals [1][2] - The company emphasizes the importance of shareholder participation in voting for the proposed merger with Motiv and other proposals to secure long-term growth opportunities [3][4] - Independent proxy advisory firms have recommended that shareholders vote in favor of the merger, highlighting its potential value [5] Company Overview - Workhorse Group, Inc. is focused on transitioning to zero-emission commercial vehicles, designing and building vehicles in the U.S. for last-mile delivery and medium-duty operations [9] Voting Information - Shareholders of record as of September 18, 2025, are entitled to vote, and those who have already voted do not need to take further action [6] - Voting can be done via proxy card, online, or by phone, with additional information available on the company's website [8]

（原标题：守擂"AI王冠"，小鹏拆掉的拐杖不止语言） 21世纪经济报道记者何煦阳 报道 摘要："当你解决了一个问题之后，你发现之前很多解决不了的难题正在被新的方法论轻松地解决。" 2019年，何小鹏曾提出一句颇具争议的话——"如果只有电动化，电动车没有未来"。这句看似反常识的话，实际上并不反常识——如果说电动化 只是让传统车换了一身皮囊，那么电动化基础上的智能化，才是其与传统汽车彻底区别开的核心。 六年前，敢于重金投入智能驾驶研发的竞争对手寥寥，至暗时刻也不削减智驾投入的何小鹏，需要一遍又一遍跟人解释。但如今，这个观点已成 为行业共识。这位始终将智能驾驶视为 "汽车下半场核心战场" 的创业者，十年间用"All in 智驾"的孤注一掷，带领团队从 XPILOT 1.0 迭代至 VLA 大模型时代，使得智能化成为小鹏汽车最鲜明的标签。 但小鹏的王冠正遭遇前所未有的挑战。10月9日，一则人事变动公告打破行业平静：小鹏原智驾一号位李力耘卸任，由世界基座模型负责人刘先明 接棒。这恰与近期小鹏智驾的市场反响形成微妙呼应 —— 不少用户反馈，小鹏最新推送的智驾5.7.8版本效果不佳。 更激烈的围剿来自身后的追兵。理想汽车刚 ...

Financial Data and Key Metrics Changes - Retail sales volume increased by 36% to over 44,000 cars in the first nine months of 2025 [9] - Revenue grew by 49% to approximately $2.2 billion in the first nine months of 2025 [10] - Adjusted EBITDA loss improved by 8% to $561 million, reflecting fixed cost reductions and carbon credit income [13] - Net loss for the third quarter was $365 million, with a gross margin of negative 6%, a deterioration of 5 percentage points [15] Business Line Data and Key Metrics Changes - Retail sales in the third quarter grew by 13% year-on-year, with revenue increasing by 36% to $748 million [14] - The Polestar 3 and Polestar 4 accounted for 65% of retail sales [9] - Carbon credit sales amounted to $104 million under the new EU pooling agreement, a significant increase from below $1 million in the same period in 2024 [11] Market Data and Key Metrics Changes - Europe remains the main market, representing over 75% of global deliveries, with notable growth in Belgium (40%), Netherlands (37%), Germany (46%), Norway (63%), Sweden (41%), and the U.K. (100%) [6] - Korea showed exceptional growth of 430% [7] - The U.S. market represented only 8% of retail sales for the first nine months of 2025, down from 16% in 2024, due to tariff and policy challenges [10] Company Strategy and Development Direction - The company is focusing on transforming commercial operations, increasing retail footprint, and improving operational efficiency [4] - A shift in platform strategy was announced, utilizing group technology platforms for future models [7] - The company plans to continue optimizing its operations and expects to end the year with approximately 2,000 employees, down from 2,500 [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant external headwinds, including tariff and pricing pressures impacting profitability [9] - The company aims to drive growth through an active selling model and leverage its attractive model lineup [16] - Management expressed optimism about the prospects for the Polestar 4 in North America, highlighting positive media reception [8] Other Important Information - The company raised $200 million in new equity from PSD Investment Limited, controlled by Mr. Li Shufu, founder and chairman of GD Group [16] - A reverse stock split is planned to change the ratio of American depositary shares to ordinary shares [16] Q&A Session Summary Question: Can you help us bridge the walk for gross margin? - Management noted that Q3 gross margin was disappointing due to pricing pressure and higher production costs, with an adverse mix effect from selling more Polestar 2 and 3 [19][20] Question: Can you comment on OPEX spending trends? - Management indicated a significant decrease in fixed costs, driven by optimized marketing expenses and headcount reduction, aiming to reach 2,000 employees by year-end [23][24] Question: How is the bilateral trade agreement affecting business plans? - Management discussed local production in the U.S. and the introduction of Polestar 4 from South Korea, which has lower duties, as a positive setup for optimizing the U.S. business model [28] Question: What is the new effective rate of interest on Polestar's debt portfolio? - Management confirmed that most of the interest rate is floating, with no significant change to the previous rate [31] Question: Can you provide an update on capital needs and liquidity? - Management reported a monthly cash burn of around $136 million, with expectations for an increase due to legacy CapEx, while actively working on improving working capital [36][38] Question: What are the opportunities in autonomy for Polestar? - Management highlighted partnerships with Mobileye and the importance of balancing performance with higher levels of autonomy as a focus area for the future [41][42]

Financial Data and Key Metrics Changes - Retail sales volume increased by 36% to over 44,000 cars in the first nine months of 2025, with Polestar 3 and Polestar 4 accounting for 65% of sales [9][10] - Revenue grew by 49% to approximately $2.2 billion in the first nine months of 2025, driven by higher sales volume and an increased share of higher-priced models [10][11] - Adjusted EBITDA loss improved by 8% to $561 million, reflecting fixed cost reductions and carbon credit income [13] - Net loss for the third quarter was $365 million, with a gross margin of -6%, a deterioration of 5 percentage points year-on-year [14][15] Business Line Data and Key Metrics Changes - Retail sales in the third quarter grew by 13% year-on-year, with revenue increasing by 36% to $748 million [14] - Carbon credit sales amounted to $104 million under the new EU pooling agreement, a significant increase from below $1 million in the same period in 2024 [11] Market Data and Key Metrics Changes - Europe remains the main market, representing over 75% of global deliveries, with notable growth in Belgium (40%), the Netherlands (37%), Germany (46%), Norway (63%), Sweden (41%), and the U.K. (100%) [6][9] - South Korea showed exceptional growth of 430%, while the U.S. market represented only 8% of retail sales, down from 16% in 2024 due to tariff and policy changes [10][11] Company Strategy and Development Direction - The company is focusing on commercial transformation, increasing retail footprint, and improving operational efficiency [4] - A shift in platform strategy was announced, utilizing group technology platforms for future models to access the best EV technology [7] - The company plans to continue optimizing operations and reducing headcount, targeting approximately 2,000 employees by year-end [7][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant external headwinds, including tariff and pricing pressures impacting profitability [9] - The company aims to end the year strongly and expects to provide guidance in early 2026 [8] - Management is optimistic about the prospects for the Polestar 4 in North America, highlighting its competitive advantages [8] Other Important Information - The company raised $200 million in new equity and secured about $1 billion in new facilities, with a cash position of $995 million at the end of September [16] - A reverse stock split is planned to change the ratio of American depositary shares to ordinary shares [16] Q&A Session Summary Question: Can you help us bridge the walk for gross margin? - Management noted that Q3 gross margin was disappointing due to pricing pressure and higher production costs, despite some cost reductions [19][20] Question: Can you comment on OpEx spending trends? - Management indicated a significant decrease in fixed costs, driven by optimized marketing expenses and headcount reduction, with plans to accelerate these efforts [23][24] Question: How will the bilateral trade agreement affect Polestar's business plan? - Management expressed optimism about local production in the U.S. and the introduction of Polestar 4 from South Korea, which has lower duties [28] Question: What is the new effective rate of interest on Polestar's debt portfolio? - Management confirmed that most of the debt is floating, with no significant change to the previous effective rate [31][32] Question: Can you provide an update on capital needs and liquidity? - Management reported a monthly cash burn of around $136 million, with expectations for an increase due to legacy CapEx, but noted improvements in normalized cash burn [36][38] Question: What are Polestar's plans regarding autonomy? - Management highlighted partnerships with Mobileye and emphasized the importance of balancing performance with autonomy in future models [41][42]