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Today in the Market (5/10/2024)

Good Morning! On Friday, despite consumer confidence hitting a six-month low, the three U.S. main indices managed to make advances, even if they lost some momentum early in the day.

The Dow Jones continued its streak by increasing 0.32% making this the eighth day of increases, while the S&P 500 rose by 0.16%. The NASDAQ, however, barely finished under by 0.03%.

OUT WITH THE OLD, IN WITH THE NEW

GM (GM) has decided to discontinue the manufacturing of the Chevy Malibu, which is the last sedan model in their lineup. This move is being made to prioritize the development of EVs. The discontinuation of the Malibu marks the completion of GM’s previous action at Chevy, when it terminated the Camaro, resulting in a product range consisting only of SUVs, trucks, and the two-door Corvette.

However, GM isn’t the only company to do this. To a large extent, Ford (F) stopped producing sedans in 2019, however the Mustang is still manufactured. Even though Stellantis (STLA) is mostly concerned with SUVs and trucks, the company has ambitions to revive an electric version of the Dodge Challenger in the year 2025. Automobile manufacturers from other countries, such as Toyota (TM), Honda (HMC), Hyundai, and Subaru, have similarly reduced the number of sedans they produce.

However, this works out great for car makers because… Since SUVs and crossovers generate more revenue than sedans and younger drivers want larger interior space, automakers have been more than glad to accommodate this trend. Also, according to JD Power, hatchbacks, sedans, coupes, and other types of cars made up less than 23% of total vehicle sales in the U.S. in 2021.

WHAT IS HAPPENING?

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Musk has made the choice to reverse the decision that was made the previous week to cut the number of Tesla’s (TSLA) supercharger team. He said following on X, “Just to reiterate: Tesla will spend well over $500M expanding our Supercharger network to create thousands of NEW chargers this year.”

So what made him change his mind? Following the workforce reductions, Musk discussed the Supercharger announcement on X, saying that the expansion of the network for additional sites would occur at a slower rate. However, GM, Ford, Kia, Polestar, Stellantis, Honda, and other automakers had signed up to use the Supercharger network and integrate Tesla’s NACS plug outlet into their next cars, with the expectation that the network would steadily grow.

However, no one knows if this will happen because… contractors and other individuals who were working with Tesla on current Supercharger projects continued to receive emails that were bounced back without receiving any reply about what the next step should be. With this, 

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