US Premarket Wrap: Auto Sector Rises Following Technological Advances in Products
Go Wire
November 11, 2024
GoGPT Summarizes Articles
On November 11, the Nasdaq rises 0.58% before the market opens. This week, the U.S. will release its October CPI and PPI data. The auto sector rises significantly following the rise of the Electric Vehicle leader Tesla.
Tesla leaps up 7.23% in pre-market trading session. Its increase can be attributed to Tesla’s announcement about the Optimus robot. Tesla’s CEO Musk revealed that Tesla was improving the design of the Optimus robot to address key bottlenecks in the production process. Musk has previously expressed strong confidence in the Optimus robot, predicting that it will become one of the most popular innovations of all time due to its superior performance. At the recent “We, Robot” event in Los Angeles, Musk further increased the market's anticipation by revealing the estimated price range of Optimus, which is between $20,000 and $30,000. He highlighted that the robot will be a companion assisting people in their everyday lives. Whether it is the dog walking, the babysitting, or the drink service offered at the networking events, Optimus will be able to do it all. Optimus has already been integrated into factory operations, rapidly expanding the boundaries of its capabilities.
Likewise, US-listed Xpeng Motors jumps up 4.42% because it launched the industry's first chip upgrade crowdfunding today, November 11. A crowdfunding campaign will last from November 11, 2024, to December 12th. According to the introduction, Xpeng will take a sub-model crowdfunding approach. Once crowdfunding reaches the target number, Xpeng can start the preparation of the relevant models. The campaign notice said that if the crowdfunding was successful, the result would be sent through the Xpeng APP to notify the follow-up service matters. It does not support a refund. Funds raised will be immediately used for research and development. If the crowdfunding fails, the crowdfunding money will be returned to the payers within 15 working days. And, this chip upgrade event will stop. After the R&D team completes the chip upgrade, the installation service will be provided in the order of payment of crowdfunding money.
#Automotive