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Innovation Is the Answer to Auto Industry Uncertainty



Solar Power

Despite Tenneco (NYSE:TEN)’s shares dropped over the last weeks due to uncertainty surrounding the delay of spinoffs. But, ValuEngine did improve its rating from ‘sell’ to ‘hold’ so this designer, manufacturer and seller of after-market technology solutions for various vehicles is expected to do something right and it did announce some developments. Uncertainty surrounds the entire auto industry, but as in all scenarios, some will make it to the finish line. And those who do make it will be those both fearless and capable of making an innovative spin-off from the black cloud that is upon the whole industry.


The company behind ride performance systems and clean air for light vehicles and trucks, among others, announced its CEO is stepping down, effective immediately. As part of this shake-up of leadership, the current co-CEO is about to take control of the boat, continuing to lead DRiV but taking the new consolidated CEO role of the new business model. It is all part of a greater strategy to cut costs, bring operations to an optimum state and improve cash flow. Current market headwinds are making it challenging to spin off DRiV during 2020 as planned so executive team decided to wait for a more favourable climate to set off to sea. But if we know anything by now, it is that investors are never fans of uncertainty and market punishes it immediately- as it happened on Wednesday. More details on the company’s accelerated performance improvement plan are to be provided when the company reports its full year 2019 earnings.

Tesla has never been better…

When it comes to a CEO believing in his company, one can hardly beat Elon Musk who owns early 19% of Tesla Inc (NASDAQ:TSLA) or 34 million shares to be exact. Musk promised Tesla would go back to profitability and he pulled it off during the company’s latest quarter, after which the stock continued to rally, going up 8 percent on Monday. And not only that, but its stock passed $500 per share for the first time, leading to a market cap of $93 billion. And to impress you further, this is more than that of General Motors (NYSE:GM) and Ford (NYSE:F) combined. But, despite having a great year and an impressive entry to the ‘inaccessible’ Chinese market, this market cap doesn’t tell the whole story as Tesla has more work to do. Based on accounting rules, the electrification pioneer is seen losing nearly $800 million this year and excluding one-time charges, it is expected to lose $72 million this year. But all should end well with a profit in 2020, yet then again, Tesla is known for surprises both ways.

And there are many more players out there…

For Tenecco, the market will need to see an improvement for stock to climb back up. But no industry fan or follower or investor can afford to forget Franchise Holdings International’s (OTC:FNHI) Worksport that has expanded its portfolio of intellectual properties recently and is scheduled to launch world’s first solar technology tonneau cover. Another from electrically powered delivery and utility vehicles group, Workhorse Group Inc (NASDAQ:WKHS)’s stock is rising with quite an increase in hedge fund interest in recent months. It is impossible to predict who will arrive first to the finish line. But while industry peers are attempting to ‘reshape’ their business models in order to adapt to the new era of sustainability and electrification, the right innovation seems to be the only common factor when it comes to these not-so-often success stories. After all, Tesla did the impossible thanks to holding the invention throne when it comes to electric cars, for now at least.

This article is contributed by It was written by an independently verified journalist and is not a press release. It should not be construed as investment advice.

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Snap Makes a Comeback



Stock Market Tumble

Snap Inc (NYSE: SNAP) stock soared to a record high as the social media company smashed revenue estimates along with massive earnings beat. Shares were up more than 20% in after-hours trading. Snap’s earnings surprise fueled the stock of its social media peers. In after hours trading, Facebook (NASDAQ: FB) gained 3%, Twitter (NASDAQ: TWTR) jumped even more at 4.6% and Pinterest (NYSE: PINS) skyrocketed 5.8%. Prior to the earnings report, Snap stock skyrocketed more than 70% this year with investors sending its stock price up as much as 37% on Wednesday and lifting its market capitalization as high as $57 billion.

Q3 key figures

The Los Angeles-based delivered $679 million in revenue, smashing past Wall Street expectations at $555 million.Revenue jumped 52% YoY compared to the same period last year when, showcasing a huge comeback for the company which has faced some difficult quarters since making their debut.

The social media company unexpectedly reported an adjusted profit of 1 cent per share, topping Wall Street’s estimate of an adjusted loss of 5 cents. Snap reported daily active users of 249 million, up 18% from the year-ago period, exceeding its projections in the range of 242 million to 244 million as well as analysts’ estimates of 243 million. Net loss fell approximately 12%, from last year’s $227 million to $200 million.

Snap reported its daily active users at 249 million which marks approximately a 4% increase from the 238 million it reported in July and 19% up compared to the 210 million from the same quarter one year ago.

Capitalizing on Facebook’s ad boycott

The social media company used the third quarter as an opportunity to interact with brands that were looking to align their marketing efforts with platforms who share their corporate values. In other words, Snap took advantage of StopHateForProfit Facebook ad boycott, under which more than 1,000 advertisers paused their ads on the platform back in July. Although Facebook’s inaction to contain and fight hate speech and misinformation didn’t have any severe consequences on the giant as some brands already returned, Snap used this opportunity to interact with advertisers to show the value of its offering and future prospects.

Q4 forecasts

Snap expects YoY revenue growth in the range between 47% to 50% for the fourth quarter. It expects 257 million DAUs but also an increase in expenses.


While uncertainty has become a new normal when it comes to the global macroeconomy, Snap is pleased with what it achieved and remains highly optimistic about its long term prospects. The adoption of augmented reality is happening faster than the company previously anticipated, and it is working hard to capitalize on this opportunity. Delivering unexpected, adjusted profit along with positive user and revenue growth in its third-quarter earnings shows Snap is headed in the right direction.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact:

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Tesla Has Both Another Profitable Quarter and Record Up Its Sleeve



EV Stock Market

On Wednesday, Tesla (NASDAQ: TSLA) continued its meteoric rise as it delivered its fifth straight quarterly profit. Tesla has also set a revenue record, triggered by a boost in vehicle deliveries as well as sales of pollution credits to other automakers.

Key Q3 figures

Revenue rose 30% year-on-year, from $6.30 billion the same period last year to a record $8.77 billion. Analysts had expected revenue of $8.36 billion, according to Refinitiv. But Tesla would not have achieved a profitable quarter without sales of regulatory credits which amounted to $397 million. In fact, this is the fourth consecutive quarter that Tesla would not have been profitable without this revenue source that makes up 7% of total automotive revenue.

Net income was $331 million, which was more than triple its second quarter earnings which were impacted by the temporary plant shutdown due to the pandemic. Excluding items, profit amounted to 76 cents per share. Operating income also expanded to $809 million, improving operating margins to 9.2%.

Tesla is no longer starving for cash as it ended the quarter with $14.5 billion in cash on hand, marking a 69% increase in just three months.


Musk announced Cybertruck orders will be delivered in 2022 or the end of next year at earlierst. But on the same day, General Motors (NYSE: GM) revealed an electric version of its Hummer pickup truck is set to challenge Tesla’s futuristic Cybertruck. Back in September, Ford Motor (NYSE: F) also announced that it would be slashing the price on its Mustang Mach E to increase its competitiveness.

As more competitors enter the race, environmental regulatory credit will dry up as a source of revenue for Tesla. It has been a meaningful source of revenue for more than a year now.

Tech improvements

Back in September, Musk unveiled a sweeping new vision for Tesla’s battery manufacturing plans and a road map to achieving an affordable EV. Not to mention the ambitious plan to deliver up to 40% more EVs than last year. On Wednesday, the focus on improving manufacturing cost, efficiency and capacity as quickly as possible was evident. But Musk said the company won’t count on its own cell production before 2022, so it will continue relying on Panasonic Corporation (OTC: PCRFY) and other external partners for battery supplies. But its Berlin factory will begin production as early as next year while also building  its biggest battery and vehicle factory yet in Austin, Texas, and at great speed.

Solar improvements

While the automotive business is still the star of the show, Tesla’s solar and storage businesses showed significant improvements during the quarter. Musk continues to believe that Tesla’s energy business will ultimately be as large and successful as its EV business. Companies like Ideanomics (NASDAQ:IDEX) which announced today to invest in E-tractor company Solectrac show that Solar and EV are an interesting match.


The target to deliver half a million vehicles by the end of this unprecedented year is still on. This implies Tesla will have to significantly ramp up its sales in the undergoing quarter. With a market cap exceeding $394 billion, Tesla already became the largest global automaker, despite lagging its competitors in key financial figures, namely sales, revenue and profit. But unlike its automotive peers, Tesla has defied the pandemic-induced downturn that drowned the whole auto industry as it surfed its way through the pandemic, with its shares gaining 400% this year. By the looks of it, Tesla has sufficient liquidity to fund Musk’s roadmap and long-term ambitions.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact:

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Ideanomics Invests in California-based e-Tractor Company, Solectrac




  • Ideanomics acquires a 15% stake in e-Tractor company Solectrac, whose mission is to offer farmers independence from the pollution, infrastructure, and price volatility associated with fossil fuels
  • According to Research And Markets, the global agricultural tractor market is currently valued at $75 billion and poised for rapid growth
  • The largest segment for agricultural tractors is the below 40HP segment, where Solectrac’s initial three models address the broad needs of the market

New York October 22, 2020 (IAM Newswire) – Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”) is pleased to announce it has acquired 15% of California-based Solectrac, Inc. for the consideration of $1.3 million. Solectrac develops, assembles and distributes 100% battery-powered electric tractors—an alternative to diesel tractors—for agriculture and utility operations. With this investment in Solectrac, Ideanomics expands its global footprint in the electric vehicle (EV) industry, specifically in the category of specialty commercial vehicles. This investment marks its first in an existing US-based OEM, and Ideanomics will assume a seat on Solectrac’s Board of Directors.

“We are very impressed with Steve and the Solectrac team and their deep knowledge of the agricultural sector. We have been interested in this industry for some time because we knew EVs could have an immediate impact without the need for extensive infrastructure,” says Alf Poor, CEO of Ideanomics. “Solectrac is a pioneer in the electric tractor market and shares our motivation and passion for a cleaner tomorrow.”

According to Research And Markets, the global agricultural tractor market is currently valued at $75 billion, with the North American agricultural tractor market expected to reach $20 billion by 2023. The largest segment for agricultural tractors is the below-40HP segment, where Solectrac’s initial three models address the broad needs of the market. Its tractors are specifically designed to serve the needs of community-based farms, vineyards, orchards, equestrian arenas, greenhouses, and hobby farms.

“With our zero-emission electric tractors, tractor operators don’t have to choose between power and environmentally friendly practices,” says Steve Heckeroth, CEO and founder of Solectrac and visionary in the renewable energy and EV industry. “My life’s work has been dedicated to creating clean, renewable alternatives to fossil fuels. Now—with Ideanomics and the company’s unique experience and industry perspective—we are well-positioned to achieve these goals.”

Founded in 2012 to take electric tractors into commercial production, Solectrac was incorporated as a California Benefit Corp in 2019. It has received grants from the Indian U.S. Science and Technology Fund (IUSSTF) and the National Science Foundation (NSF). Earlier this year, Solectrac received the World Alliance Solar Impulse Efficient Solutions label from the Solar Impulse Foundation. The label was awarded for being one of the one thousand most efficient and profitable solutions that can transition society to being economically viable while being environmentally sustainable.

For more information, visit: and

About Solectrac

Solectrac, Inc., located in Northern California, has developed 100% battery powered, all electric tractors for agriculture and utility operations. Solectrac tractors provide an opportunity for farmers around the world to power their tractors by using the sun, wind, and other clean renewable sources of energy. The company’s mission is to offer farmers independence from the pollution, infrastructure, and price volatility associated with fossil fuels.

About Ideanomics

Ideanomics is a global company that facilitates the adoption of commercial electric vehicles and supports next-generation financial services and fintech products. Our electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity, as well as financing and charging solutions; we refer to this business model as sales to financing to charging (S2F2C). Ideanomics Capital provides fintech services that include intelligent and innovative solutions powered by AI and blockchain. Together, MEG and Ideanomics Capital provide our global customers and partners with more efficient solutions for a greener economy.

The company is headquartered in New York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia.

Safe Harbor Statement

This press release contains certain statements that may include “forward looking statements”. All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.


Investor Relations and Media Contact

Solectrac, Inc.

Christiane Heckeroth, CCO




Tony Sklar, SVP of Investor Relations

1441 Broadway, Suite 5116 New York, NY 10018.



Valerie Christopherson / Lora Wilson

Global Results Communications (GRC)

+1 949 306 6476

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