Connect with us

FbMagazine

Bitcoin Rally Continues With Tesla

Published

on

As many investors across the globe are wondering how to invest in bitcoin stock, the announcement that much of the crypto world has been hoping for is here: Tesla Inc (NASDAQ: TSLA) has invested in bitcoin. In a SEC filing on Monday, the electric vehicle pioneer has revealed it has invested $1.5 billion into bitcoin under a new policy. Now, Tesla may acquire and hold digital assets both from time to time as well as long term. According to CoinDesk’s Bitcoin Price Index, Bitcoin’s price skyrocketed 14% after Tesla’s disclosure to a new all-time high. Even Square, Inc. (NYSE: SQ) saw its stock going up almost 8% upon Bitcoin’s surge. Besides buying stock with bitcoin, we will also be able to buy Tesla’s cars with it in the future as the company revealed it plans to accept crypto payments.

The bitcoin kingdom is expanding

The 12-year-old bitcoin, which is the oldest and largest cryptocurrency, now has a market valuation of $818 billion. It is just behind Tesla’s $823 billion but ahead of social media gorilla Facebook’s (NASDAQ: FB) $757 billion, according to companiesmarketcap.com. It is still below of gold’s $11.7 trillion market value and even silver’s $1.5 trillion, but there are only seven other publicly traded companies in the world that are larger than bitcoin.

Companies including Square and IBM (NYSE: IBM) are using blockchain, the technology behind the currency, to design and improve digital payments methods. Consumers can purchase goods from Amazon (NASDAQ: AMZN) with bitcoin using a third-party service called Purse. Retailers are finding ways to adjust to the digital currency era ahead by setting up payment systems that enable bitcoin transactions. Among the biggest are Microsoft (NASDAQ: MSFT), AT&T (NYSE: T) and Home Depot (NYSE: HD). Additionally, apps in the Apple (NASDAQ: AAPL) and Google’s (NASDAQ: GOOG) Android stores make it possible for crypto connoisseurs to pay for airplane tickets.

In June 2020, Mastercard announced it was introducing a crypto-based debit card in partnership with Bitpay that could be used at more than 3,000 merchants across the globe. Last fall, PayPal Holdings, Inc. (NASDAQ: PYPL) allowed its 361 million customers to buy, sell or hold cryptocurrencies over its platforms and later this year, they will also be able to shop with it.

Bitcoin is also being adopted by more conservative financial players as even Visa (NYSE: V) just announced plans to implement a pilot program of application programming interfaces that will allow banks to offer their customers a variety of Bitcoin-based services.

A game changer

Elon Musk’s $1.50 billion bet is a game changer for Bitcoin. It could easily be the overturning factor that will prove DocuSign, Inc .(NASDAQ: DOCU) wrong as its CEO Daniel Springer stated last year that blockchain is still too expensive for wide adoption. Expensive or not, it’s coming to ‘stores near you’.

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: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

BenzingaEditorial

News From the EV World

Published

on

EV news keeps on coming. After leading companies like Tesla (NASDAQ:TSLA), General Motors (NYSE:GM) and NIO (NASDAQ:NIO) now Subaru Corporation (OTC: FUJHY) has finally hopped on the EV train by officially releasing a few of teaser images of its first electric car that will be powered by the platform it has been co-developing with fellow Japanese automaker Toyota Motors (NYSE: TM). Renown tonneau cover designer and manufacturer that brought its revolutionary solar fusion TerraVis to the EV table, Worksport Ltd (OTC: WKSP) has announced this morning it entered pre-production and testing phase with TerraVis COR mobile energy storage system with which it’ll tap into a wider consumer market.

Subaru’s first EV

No pricing or specs have been released but the Solterra EV will be coming to the US, Canada, Europe, and Japan in 2022.  Like its automotive peers, the Japanese automaker will use its first electric vehicle as a clean slate to refresh the way it designs the interior of its vehicles. Solterra was created from two Latin words, “Sol” standing for the ‘Sun’ and “Terra” standing for the ‘Earth’ to represent the automaker’s commitment to deliver traditional SUV capabilities in a way that is in harmony with the environment, which does sound refreshingly harmonic for corporate naming conventions. Like other vehicles that will be built on this platform which Toyota calls the e-TNGA and Subaru calls e-Subaru, Subaru’s first EV will benefit from its expertise in creating good all-wheel drive systems and Toyota’s mastery in developing battery technology for its hybrids. Solterra certainly seems more pleasing to the eyes than “BZ4X,” the first SUV Toyota will build on this shared platform that is also due out next year.

Worksport’s TerraVis COR has entered the production prototype phase

After signing deals with Atlis Motor Vehicles and Hercules Electric Vehicles to configure its groundbreaking TerraVis™ system for their upcoming electric pickups and the company’s most recent news about the expansion of its manufacturing capacity and Private Label customer base, Worksport reported it has entered the pre-production and testing phase of its mobile energy storage system, TerraVis COR.

In the coming weeks, the company will soon launch a TerraVis™ website to provide more information on this revolutionary line. TerraVis COR™’s first pre-production prototype is expected to be ready during the early stages of the third quarter. It will be fully operational and is expected to reflect the final product that will be commercially available by the end of the year. However, extensive testing is required to receive certifications for it to become a commercially viable global product. This independent mobile energy system is the ideal integration of user-friendly simplicity with clever and multi-dimensional functionality. It is an extension to its TerraVis line that will allow the company to go beyond pickup trucks and tap into a wider consumer market, appealing to any everyday consumer who needs mobile power- and that is pretty much everyone.

Worksport is also in in the process of getting its uniquely designed sold through several large, automotive-focused, online retailers to expand its footprint nationally.  Simultaneously, discussions are being held with various distribution channels to get the company’s innovative branded products in many brick-and-mortar stores in the coming year as the company is working diligently towards becoming a household brand known for its unique offering of affordable leading-edge technology that enhances everyday lives.

New EV models are coming, the world’s first electric pickup will see the light of the day this year with exciting technology developments also on the way as after all, EVs are more about software than hardware.

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: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

Continue Reading

BenzingaEditorial

Ride-hailing Seems To Be Making a Comeback But Drivers Seem Hesitant

Published

on

Last week, Uber Technologies Inc (NYSE: UBER) and Lyft Inc (NASDAQ: LYFT) showed they are seeing improvement in ride hailing that was strangled by the COVID-19 pandemic.

Uber was saved by its food delivery business

Uber’s first-quarter results come after it announced March was the best month in the company’s nearly 12-year history, as its mobility business reported the most bookings since the start of the pandemic and delivery demand exceeded driver supply.

Q1 figures

Revenue for the quarter came in at $2.9 billion which was below analysts’ estimates. Uber had to deal with a $600 million UK charge, which is merely a glimpse of the costs it could face if it were it is forced to treat its US gig workers as employees. This time, it had to settle with its more than 70,000 UK drivers. During the first quarter, Uber had 3.5 million active drivers and food-delivery workers on its platform, the majority of whom work in the United States.

Excluding that charge, Uber reported $3.5 billion in revenue, up 8 per cent YoY. As has been the case for most of the pandemic, its delivery division accounted for the bulk of sales, at $1.7 billion, a 230% increase from the first quarter of 2020. A one-off, $1.6 billion windfall from the sale of its self-driving division helped the company come within touching distance of a profitable quarter, recording a net loss of $108 million, compared with $2.9 billion in the same quarter a year ago.

Uber recorded $19.5 billion in gross bookings which is the total value of all transactions, marking a 24 per centincrease compared to the same period last year which was marked by the early days of the pandemic.

Uber’s preferred measure of performance and the one it promised to be profitable on by the end of the year, adjusted EBITDA, also came in ahead of analysts’ expectations, with a $359 million loss, 41 per cent better than a year ago.  Narrowing losses by nearly $100 million from the previous quarter, it is important to note this figure excludes one-time costs such as stock-based compensation.

Ride-hailing improvements

In April, Uber’s gross ride-share bookings in the US increased 5 per cent month on month. Also, executives shared data from two of its largest markets for rides and delivery, namely Sydney and New York, that revealed delivery gross bookings were still elevated even after reopenings, which boosted rideshare demand. Uber recorded 98 millionactive users, whether for rides or food which is a 5 per cent increase from the previous quarter but 5 per cent lower than the same period last year.

Incentives for drivers

In addition to distributing free personal protective equipment, Uber announced last month it would spend $250 million as a one-time stimulus to get drivers who are hesitant to ferry passengers over food back on the road.

Lyft’s first quarter results exceeded expectations

Lyft is handing out similar incentives as it will use its cut from elevated pricing to fund investments to bring back more drivers. But, unlike Uber, it managed to beat on the top and bottom lines and exceeded Wall Street’s rider expectations for its first quarter.

Purely ride-hailing company generated $609 million of revenue that resulted in a loss per share of 35 cents. After deducting $180.7 million of stock-based compensation and related payroll tax expenses, net loss for the quarter amounted to $427.3 million whereas net loss margin was 70.2%. One year ago, it amounted to 41.7%.

Adjusted EBITDA loss was $73 million whereas the adjusted EBITDA loss margin was 12%, compared to 8.9% in the same quarter in 2020 and 26.3% in the previous quarter, fourth quarter of 2020.

It is important to highlight that YoY comparisons don’t adequately show the company’s progress since Covid-19 pandemic took hold of the world and severely restricted travel. For example, revenue is down 36% YoY but it increased 7% from the fourth quarter.

Outlook

Lyft reaffirmed its expectation that it will reach sustained adjusted profits on an adjusted EBITDA basis by the third quarter of the year. It also issued guidance for its second quarter, with revenue expected in the range between $680 million and $700 million, which is a 12% to 15% increase quarter over quarter and YoY growth between 100% and 106%. Adjusted EBITDA loss is expected in the range between $35 million and $45 million.

Strategic move to advance the profitability timeline

Lyft sold off its self-driving car unit to a subsidiary of Toyota Motor (NYSE: TM), Woven Planet, for $550 million in cash. This deal is great news for its profitability timeline as it is expected to eliminate $100 million of annualized non-GAAP operating expenses on a net basis.

Outlook – driver supply shortage

Although recovery will take time, as Covid vaccines roll out, state restrictions are lifted, and people feel more comfortable returning to work or traveling, transit companies are slowly showing signs of recovering. Moreover, Uber is confident that its business will benefit from the complementary nature of two of its large core opportunities even in a post-pandemic world as it intertwined its ride-hailing app with its delivery business.

With a resurgence in users, both companies are facing a growing need for more drivers. Lyft executives said they expect issues around supply and demand to continue in the second quarter and ease in the third. Uber executives expect ride-hailing business to bounce back as vaccinations pick up but they also acknowledged the business isfacing the same imminent challenge: not enough drivers.

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: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

Continue Reading

BenzingaPRs

Worksport Enters Pre-Production & Testing Phase with TerraVis COR: Mobile Energy Storage System

Published

on

WKSP

TORONTO, May 13, 2021 — Worksport Ltd (OTC: WKSP) (or the “Company”) is updating its investors, shareholders, and supporters about its ground-breaking TerraVis COR mobile energy storage system. The Company has completed the final designs for TerraVis COR. As a result of overwhelming international demand, Worksport will soon be launching a new TerraVis specific website that we will be providing more information about in the coming weeks.

TerraVis COR has entered the production prototype phase with the first pre-production prototype expected to be ready by early Q3, 2021. The prototype system(s) will be fully operational and is expected to mirror that which will be commercially available at the turn of the year, barring any drastic changes warranted from results of the complete testing process. Please note that this extensive testing is required to receive certifications that go beyond North American’s mandated requirements and will make TerraVis COR a commercially viable global product.

Worksport CEO Steven Rossi comments, “My team and I are delighted to be at the stage where we can showcase our TerraVis COR system. We believe the system is the ideal integration of user-friendly simplicity with clever, multi-dimensional, complex function, creating an intriguing, robust, practical, and mobile energy storage product for the everyday consumer. We believe the TerraVis COR system is going to be a truly unique product, the first of its kind. We expect that as the broader global markets experience this ultra-functional modular, portable, energy storage and deployment system, demand will be extraordinary.”

WKSPOne more development: Worksport is in in the process of getting its uniquely designed, branded products, sold through several large, automotive-focused, online retailers which is expected to expand the Company’s footprint on the national scale. At the same time, discussions are being held with various distribution channels to get Worksport’s innovative branded products in many brick-and-mortar stores in the coming year.

Rossi concluded, “Worksport is working diligently to become a household brand known for its unique combination of leading-edge technology with every-day use. The TerraVis COR system is huge step for the growth of this brand as it epitomizes the combination of sophistication and simplicity. We expect it to be a massive revenue stream, supplementing the solid foundation as the business journeys back to profitability and beyond.

Worksport will update shareholders on new Intellectual Property, TerraVis Pre-Order Site, and a global launch of the TerraVis COR soon, among other forthcoming updates.

To stay up-to-date on all the latest Worksport news, investors, shareholders, and supporters are encouraged to follow the company’s social media accounts on Twitter, Facebook, LinkedIn, and Instagram, as well as sign up for the company’s newsletters at www.worksport.com and www.goterravis.com. Worksport will continue to update investors, shareholders, and supporters to maintain the highest level of disclosure and information dissemination as Worksport continues to grow and develop at a very rapid pace.

About Worksport Ltd.

Worksport Ltd. (currently OTCQB: WKSP) develops and manufactures high quality, modular, attractively priced tonneau covers and solar-powered systems for light-duty trucks such as the Sierra, Silverado, Canyon, RAM, Ford F-Series, et al. as well as consumer adventures & emergency/ disaster-recovery purposes, where portable energy is a necessity. The modular, redefining Worksport TerraVis tonneau cover system is being mindfully designed for the jobsite contractor and off-road, light-duty trucker – for work and play – to sustainably supply extra energy for those additional miles. Its allied TerraVis COR mobile energy storage system (ESS), expected to launch by end of 2021, will be another redefining product targeted for vacationers, second-home owners, and campers. Plans are also being constructed to address the dire adoption & scaling needs of the EV markets with grid micro-charging stations to provide convenience and efficiency in recharging to smaller form-factor EVs. For more information, please visit www.worksport.com and www.goterravis.com.

Connect with Worksport: 

LinkedIn

Facebook

Twitter

Instagram

For additional information, please contact:
Faran Ali
Business Development Manager
Worksport Ltd
T: 1-(888) 506-2013
E: investors@worksport.com

Forward-Looking Statements

The information contained herein may contain “forward‐looking statements.” Forward‐looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of the Company concerning its business strategy, an up listing to a national exchange, future operating results and liquidity and capital resources outlook. Forward‐looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those contemplated by the forward‐looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward‐looking statements. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward‐looking statements to conform these statements to actual results. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Continue Reading
Advertisement

TRENDING

Advertisement

Submit an Article

Send us your details and the subject of your article and an IAM editor will be in touch with you shortly

Trending