Todd Lassa, Detroit Bureau Chief for Automobile Magazine, discusses a recent downgrade to Tesla's Model 3 outlook for the fourth quarter as Elon Musk promises a pickup truck and new features to fans.
Lassa adds that Musk's own ambition might be beginning to catch up with him as the Model 3 has not yet proven to be profitable. He notes its major miss of deliveries in the third quarter as well.
Is there a place in the market for a Tesla pickup truck? Three major manufacturers are making $90 billion in that market, but Lassa notes how inexpensive a Ford F-150 is in comparison to the cost of a Tesla truck. He estimates that it would be several years before a car like that would become profitable for the company.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Bristol Myers Squibb agreed to buy schizophrenia drug maker Karuna Therapeutics in a $14 billion deal.
Supermarket chain Ralphs is facing a new lawsuit from the state of California.
Shake Shack is giving out free fried chicken sandwiches, bacon cheese fries and milkshakes nationwide.
The IRS is announcing a voluntary disclosure program.
Lionsgate announced its studio division is going to spin off in a merger with Screaming Eagle Acquisition Corp., which is a special purpose acquisition company.
A new report suggests that it's getting more difficult for an average American to afford a home.
The Food and Drug Administration warned consumers about a copycat version of the diabetes drug Ozempic.
Tesla is reportedly moving forward with its plan to make energy shortage storage batteries in China.
Wells Fargo employees at a branch in New Mexico have voted to unionize.
