Latest news for Prom Resources (OTC:PRMOD) Stock

Prom Resources Inc is a holding company engaged in the acquisition of franchise corporations in the food services industry. The Company provides financial analysis and consolidation services for food service acquisition targets. The company wishes to be a growing restaurant company and franchise, with portfolio of differentiated restaurant concepts.

PROM RESOURCES INC NEW by Prom Resources, Inc.

Prom Resources Inc

Stora Enso (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SEOAY#OTC">SEOAY</a>) reported quarterly losses of $(0.86) per share. This is a 25.22 percent decrease over losses of $(0.69) per share from the same period last year. The company reported $2.48 billion in sales this quarter. This is a 5.90 percent increase over sales of $2.34 billion the same period last year.

Earnings

News

SEOAY

Stora Enso Q4 Adj. EPS $(0.86) Down From $(0.69) YoY, Sales $2.48B Up From $2.34B YoY

2025 guidance&nbsp;
• bp expects reported upstream&#x2A; production to be lower and underlying upstream production&#x2A; to be slightly lower compared with 2024. Within this, bp expects underlying production from oil production &amp; operations to be broadly flat and production from gas &amp; low carbon energy to be lower.&nbsp;
• In its customers business, bp expects growth in its customers businesses including a full year contribution from bp bioenergy and a higher contribution from TravelCenters of America in part supported by a partial recovery from the US freight recession. Earnings growth is expected to be supported by structural cost reduction. bp continues to expect fuels margins to remain sensitive to the cost of supply and earnings delivery to remain sensitive to the relative strength of the US dollar.&nbsp;
• In products, bp expects broadly flat refining margins relative to 2024 and stronger underlying performance underpinned by the absence of the plant-wide power outage at Whiting refinery, and improvement plans across the portfolio. bp expects similar levels of refinery turnaround activity, with phasing of turnaround activity in 2025 heavily weighted towards the first half, with the highest impact in the second quarter.&nbsp;
• bp expects other businesses &amp; corporate underlying annual charge to be around $1.0 billion for 2025. The charge may vary from quarter to quarter.&nbsp;
• bp expects the depreciation, depletion and amortization to be broadly flat compared with 2024.&nbsp;
• bp expects the underlying ETR&#x2A; for 2025 to be around 40% but it is sensitive to a range of factors, including the volatility of the price environment and its impact on the geographical mix of the group's profits and losses.&nbsp;
• bp expects divestment and other proceeds to be around $3 billion in 2025 weighted towards the second half. Having realized $22.0 billion of divestment and other proceeds since the second quarter of 2020, bp continues to expect to reach $25 billion of divestment and other proceeds between the second half of 2020 and 2025.&nbsp;
• bp expects Gulf of America settlement payments for the year to be around $1.2 billion pre-tax including $1.1 billion pre-tax to be paid during the second quarter.

Guidance

BP 2025 Guidance: Flat Oil Production, Lower Gas Output, Stable Refining Margins, And $3B In Asset Sales By Year-End

Prominent Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) investors are weighing in on the increasingly competitive autonomous driving landscape as Chinese rivals BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) and Huawei advance their driver assistance systems, challenging Tesla&#8217;s vision-only approach.
What Happened: Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, highlighted a key technical distinction in the autonomous driving race, noting on X that all major competitors &#8220;use LIDAR&#8221; technology, contrasting with Tesla&#8217;s camera-only system. 
His observation comes amid recent concerns about Tesla&#8217;s Full Self-Driving (FSD) system&#8217;s limitations, including its vulnerability to <a href="https://www.benzinga.com/markets/equities/25/01/43329365/a-day-after-elon-musk-hailed-teslas-unsupervised-fsd-ross-gerber-criticizes-ev-makers-autonomous-driving-system-doesnt-work-when-dust-or-ash-get-in-the-cameras">dust, ash, and sun glare</a>.
Gary Black, managing partner of The Future Fund LLC, suggests that autonomous driving is becoming &#8220;commoditized&#8221; rather than a winner-take-all market. &#8220;We own TSLA as the global EV leader as EV adoption soars, and we get upside from unsupervised autonomy and Optimus. But we don&#8217;t own TSLA because of any misplaced view it will take 100% share of ride sharing,&#8221; Black stated on X.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">All use LIDAR
&mdash; Ross Gerber (@GerberKawasaki) <a href="https://twitter.com/GerberKawasaki/status/1888962659783217317?ref_src=twsrc%5Etfw">February 10, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/25/02/43613306/ios-1831-released-with-critical-security-fix-apple-confirms-usb-restricted-mode-vulnerability-was-actively-exploited">iOS 18.3.1 Released With Critical Security Fix: Apple Confirms USB Restricted Mode Vulnerability Was Actively Exploited</a>
Why It Matters: The debate intensifies as BYD introduces its &#8220;God&#8217;s Eye&#8221; advanced driver assistance system across its entire lineup, including its budget Seagull hatchback priced at approximately $9,600. 
Meanwhile, Huawei&#8217;s Qiankun ADS 3.2 system, demonstrated in recent reviews, has shown promising performance in complex urban environments, featuring HD map-free smart driving and omnidirectional collision avoidance capabilities.
Tesla CEO Elon Musk continues to defend the company&#8217;s vision-only approach, recently stating, &#8220;Obviously, humans drive without shooting lasers out of their eyes.&#8221; However, this stance faces scrutiny as the National Highway Traffic Safety Administration investigates 2.6 million Tesla vehicles <a href="https://www.benzinga.com/25/01/43327837/tesla-ceo-elon-musk-dismises-lidar-again-says-if-humans-drive-without-shooting-lasers-from-their-eyes-so-can-autonomous-cars">equipped with FSD technology</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/02/43613133/trumps-25-tarrifs-a-self-inflicted-wound-says-economist-amid-warnings-of-fewer-american-jobs-peter-schiff-says-youll-pay-more-for-cars-and-homes">Trump&#8217;s 25% Tariffs A &#8216;Self-Inflicted Wound,&#8217; Says Economist Amid Warnings Of Fewer American Jobs — Peter Schiff Says You&#8217;ll Pay More For Cars And Homes </a></li>
</ul>
Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

Markets

BYDDY

GOOGL

TSLA

UBER

BYD's 'God's Eye' And Huawei's Autonomous Driving Progress Spark Concerns For Tesla: Ross Gerber Points Out, 'All Use LIDAR'

1Q 2025 guidance&nbsp;
• Looking ahead, bp expects first quarter 2025 reported upstream&#x2A; production to be lower compared with the fourth-quarter 2024 primarily due to the already announced divestments in Egypt and Trinidad, which completed towards the end of the fourth quarter and base decline in both regions, totaling around 90 thousand barrels of oil equivalent per day.&nbsp;
• In its customers business, bp expects seasonally lower volumes compared to the fourth quarter.&nbsp;In addition, bp expects fuels margins to remain sensitive to movements in cost of supply and earnings delivery to remain sensitive to the relative strength of the US dollar.&nbsp;
• In products, bp expects realized refining margins to remain low in the first quarter. bp also expects a lower level of refinery turnaround activity compared to the fourth quarter 2024.

BP 1Q Guidance: Upstream Headwinds From Egypt And Trinidad Divestitures, Soft Refining Margins, And Seasonal Weakness In Customer Business To Weigh On Performance

BP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) reported quarterly earnings of $0.44 per share which missed the analyst consensus estimate of $0.47 by 6.38 percent. This is a 58.88 percent decrease over earnings of $1.07 per share from the same period last year. The company reported quarterly sales of $45.752 billion which missed the analyst consensus estimate of $47.511 billion by 3.70 percent. This is a 12.25 percent decrease over sales of $52.141 billion the same period last year.

Earnings Misses

BP Q4 2024 Adj. EPS $0.44 Misses $0.47 Estimate, Sales $45.752B Miss $47.511B Estimate

Reflects the promise of the novel Factor XI inhibitor class of medicines to help prevent strokes and other conditions as well as Abelacimab's potential to provide superior safety
Culminates growth journey as part of Blackstone Life Science

Blackstone-Backed Anthos Therapeutics To Be Acquired By Novartis In $3.1B Deal, Advancing Factor XI Inhibitor Therapy

TD currently holds 184,678,738 shares of Schwab's common stock representing 10.1% economic ownership. The Bank will sell 165,443,530 shares through a registered offering at a price of US$79.25 per share. Schwab will purchase 19,235,208 shares from the Bank for a total purchase price of US$1.5 billion. The sale is expected to close on February 12, 2025, subject to customary closing conditions.
The transaction will generate net proceeds of approximately C$20 billion after taxes and underwriting discount with C$15 billion in CET1 capital created or 247 bps of CET1 capital released.

SCHW

TD Bank Group Prices Sale Of 184.7M Schwab Shares At $79.25 Each, Unlocking C$20B In Proceeds And Launching Share Buyback Program

LILA

Reported Earlier, Liberty Latin America's C&W Completes $755M Senior Notes Issuance, Extending Debt Maturities Beyond 2032

Danaos (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAC#NYSE">DAC</a>) reported quarterly earnings of $6.93 per share which beat the analyst consensus estimate of $6.64 by 4.37 percent. This is a 0.86 percent decrease over earnings of $6.99 per share from the same period last year. The company reported quarterly sales of $258.179 million which missed the analyst consensus estimate of $261.559 million by 1.29 percent. This is a 3.56 percent increase over sales of $249.315 million the same period last year.

Earnings Beats

Danaos Q4 2024 Adj. EPS $6.93 Beats $6.64 Estimate, Sales $258.179M Miss $261.559M Estimate

Each unit consisting of one ordinary share and one-half of one redeemable warrant. Each whole warrant will entitle the holder thereof to purchase one ordinary share at $11.50 per share. The units are expected to trade on The Nasdaq Global Market ("Nasdaq") under the ticker symbol "ATIIU" beginning February 11, 2025. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities comprising the units begin separate trading, the ordinary shares and the warrants are expected to be traded on Nasdaq under the symbols "ATII" and "ATIIW," respectively.

IPOs

ATII

Reported Earlier, Archimedes Tech SPAC Partners II Co. Prices $200M Initial Public Offering Of 20M Units At $10/Unit

HLNE

Reported Earlier, Hamilton Lane Prices $252M Public Offering Of 1,572,536 Class A Common Stock

ON Semiconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) <a href="https://www.benzinga.com/25/02/43592322/on-semiconductor-q4-earnings-q4-revenue-drops-15-weak-demand-in-auto-and-industrial-sectors-lower-utilization-hits-margins-ceo-warns-of-continued-challenges-in-2025">missed</a> street expectations in the fourth quarter, predicting a sluggish first quarter for its automotive segment as its shares tumbled over 8% after the earnings report on Monday.
What Happened: Lower global automotive demand combined with slower-than-expected adoption of electric vehicles impacted the fourth-quarter results of the semiconductor company that supplies custom devices for automotive players.
According to its president and CEO, &#8220;Entering the first quarter, we expect persisting volatility due to the geopolitical uncertainty across all geographies as our customer assess their manufacturing footprints and the impact of tariffs,&#8221; said Hassane El-Khoury during its earnings call.
The management said that the company will be monitoring the demand signals of EV adoption, given the uncertainty around &#8220;EV tax credits and slowing infrastructure deployment.&#8221;
While the 8% sequential growth in the fourth quarter was driven by China, the company expects it to decline by 25% or more in the first quarter owing to the early Chinese New Year in the month of January.
The company is working on its &#8216;Fab Right&#8217; strategy and reducing its operating expenditures via potential site closures, headcount reductions, and portfolio rationalization.
&#8220;The structural changes we plan on making will position us to react quickly and favorably to changing market conditions,&#8221; said company CFO Thad Trent.
The management expects a &#8220;meaningful impact&#8221; of opex reduction in the second quarter, and gross margin improvements by late in 2025.
See Also: <a href="https://www.benzinga.com/25/02/43587245/tariffs-are-the-only-way-to-fund-tax-cuts-without-deficit-expansion-argues-expert-as-it-takes-center-stage-in-donald-trumps-economic-plan" target="_blank" rel="noreferrer noopener">Tariffs Are ‘The Only Way' To Fund Tax Cuts Without ‘Deficit Expansion', Argues Expert As It Takes Center Stage In Donald Trump's Economic Plan</a>
Why It Matters: Its revenue declined by 15% year-on-year to $1.72 billion, missing the analyst consensus estimate of $1.76 billion, and its reported adjusted earnings of $0.95 per share missing the analyst consensus estimate of $0.97.
For the full year 2024, the revenue came in at $7.1 billion with a non-GAAP gross margin of 45.5% and a free cash flow of $1.2 billion.
In the first quarter, ON expects revenue in the range of $1.35-$1.45 billion and non-GAAP gross margin within 39-41%, with non-GAAP EPS at $0.45-$0.55.
&#8220;We believe electrification, AI data center and renewable energy are still the major growth drivers for our industry over the next decade, and we remain confident our technology and innovations in these markets will allow us to capitalize on those trends,&#8221; added CFO Trent.
Price Action: The shares fell by 8.21% to $47.04 apiece on Monday and slid by 0.09% in after-hours, whereas the exchange-traded fun tracking Nasdaq Composite index, Fidelity NASDAQ Composite Index ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONEQ#NASDAQ">ONEQ</a>) rose 0.92%.
ON shares have plunged 23.77% on a year-to-date basis, whereas it was down by 41.87% over the last one year.
The average price target among 30 <a href="https://www.benzinga.com/quote/ON/analyst-ratings">analysts tracked by Benzinga</a> is $81.43 with a ‘hold' rating. The estimates range from $52 to $110 apiece. Recent ratings from Needham, Jefferies, and Rosenblatt suggest a $72.33 target, implying a potential upside of 53.90%.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/ON/analyst-ratings"><img loading="lazy" decoding="async" width="1024" height="383" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/11004839/ON-ANR-1024x383.png" alt="" class="wp-image-775770" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/11004839/ON-ANR-1024x383.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/11004839/ON-ANR-300x112.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/11004839/ON-ANR-768x287.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/11004839/ON-ANR.png 1054w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Photo Courtesy: Ju Jae-young On Shutterstock.com
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43586493/jpmorgan-bofa-equifax-honda-block-and-many-more-may-get-relief-after-cfpb-dissolution-as-director-vought-halts-activities-maryland-senator-says-will-ensure-the-body-continues-to-fight-for-consumers" target="_blank" rel="noreferrer noopener">JPMorgan, BofA, Equifax, And Others May Get Relief After CFPB Dissolution: Maryland Senator Says He Will Ensure It Continues To ‘Fight For Consumers'</a></li>
</ul>

Market Summary

Broad U.S. Equity ETFs

Analyst Ratings

ETFs

General

Fidelity NASDAQmposite Index Fund ETF-Tracking NASDAQmposite Index

ONEQ

Auto Slowdown Hits ON Semiconductor In Q4 — Q1 Outlook Also Dim: CEO Warns of 'Persisting Volatility Due To The Geopolitical Uncertainty'

<ul>
<li>a U.S. public offering of two series of US dollar denominated fixed-to-fixed rate subordinated notes with an aggregate principal amount of US$2.1 billion, consisting of US$1.1 billion of 7.0% fixed-to-fixed rate subordinated notes due 2055 and US$1.0 billion of 7.125% fixed-to-fixed rate subordinated notes due 2055 (collectively the "US Notes"), and</li>
<li>a Canadian private placement of $1.0 billion of 5.625% fixed-to-fixed rate subordinated notes due 2055 (the "Cdn Notes" and, together with the US Notes, the "Notes").</li>
</ul>

Reported Earlier, Rogers Communications Prices US$2.1B Public Offering And C$1B Private Placement Of Fixed-To-Fixed Rate Subordinated Notes

<ul>
<li>The net result for the first half of fiscal year 2025 registered a loss of ARS 64,391 million. This result is mainly explained by the loss due to changes in the fair value of IRSA investment properties.</li>
<li>The adjusted EBITDA for the period reached ARS 134,961 million, 15.3% lower than the same period in 2024. The agribusiness adjusted EBITDA was ARS 35,262 million and the Urban adjusted EBITDA (through IRSA), ARS 103,136 million.</li>
<li>The 2025 campaign is developing with historically low commodity prices, although a slight recovery was observed in the last quarter, reduced input costs, and favorable weather conditions in the region. We planted 303,000 hectares in the region, 9% more than the previous season.</li>
<li>In January 2025, the Argentine government announced a temporary reduction in crops tax exports until June 30, 2025, lowering soybean from 33% to 26% and wheat and corn from 12% to 9.5%. This had a positive impact on spot and future crop prices of approximately 5%.</li>
<li>During the first half of fiscal year 2025, we sold a fraction of Los Pozos farm in Argentina for USD 2.2 million and our subsidiary BrasilAgro sold a fraction of its Alto Taquari farm for BRL 189.4 million.</li>
<li>On November 2024, we distributed a cash dividend of ARS 45,000 million (dividend yield ~7%).</li>
</ul>

CRESY

Cresud SACIF 1H EPS ARS(103.27) Down From ARS181.95 YoY

China&#8217;s leading automaker, BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), is outpacing Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) in the deployment of AI-powered driving technology in the Chinese market. The company has launched a new system specifically for budget vehicles.
What Happened: BYD has rolled out a new driving-assistance technology system, known as &#8220;Eyes of God&#8221; in Chinese, for its low-cost mass-market vehicles. This move comes as Tesla faces difficulties in launching its latest driver-assistance software in China due to regulatory hurdles, <a href="https://www.scmp.com/business/china-business/article/3298118/byd-add-autopilot-system-evs-gain-edge-amid-chinas-price-war">reported</a> the South China Morning Post. 
The Chinese automaker has partnered with DeepSeek to roll out driver-assist technology for its electric vehicles. This collaboration is aimed at leveraging DeepSeek&#8217;s AI capabilities to enhance BYD&#8217;s offerings
During a live-streamed launch event in China, late Monday, BYD's Founder and Chairman Wang Chuanfu stated that advanced smart driving will evolve into a standard safety feature, much like seatbelts and airbags.
BYD&#8217;s &#8220;Eyes of God&#8221; system will be integrated into all its models, including an electric compact hatchback priced at approximately $9,600, with the system included in the cost. 
Nomura analysts said, "BYD is changing its competition strategy from price cutting last year to functions' upgrade in 2025."
SEE ALSO: <a href="https://www.benzinga.com/25/02/43589901/the-potential-merger-of-chinese-carmakers-dongfeng-and-changan-likely-to-cast-a-shadow-on-tesla-rival-byd">Tesla&#8217;s Chinese Rival BYD May Lose Market Dominance As China&#8217;s Dongfeng And Changan Mull Merger: Report</a>
Why It Matters:&nbsp;The launch of BYD&#8217;s new system underscores the company&#8217;s strategic move to capitalize on the regulatory challenges faced by Tesla in China. Earlier this year, Tesla CEO Elon Musk blamed U.S. and Chinese regulations for the delay in the release of the company&#8217;s &#8220;Full-Self Driving&#8221; software. Despite Musk&#8217;s repeated claims that the software could be available in China by the end of 2024, it has not yet received approval from Beijing.
The successful deployment of the &#8220;Eyes of God&#8221; system in its mass-market vehicles signifies BYD&#8217;s commitment to making advanced driving technology accessible to a <a href="https://www.benzinga.com/markets/25/02/43527039/teslas-chinese-rival-byd-to-hire-20000-more-workers-in-zhengzhou-plans-major-expansion-to-meet-rising-ev-demand">broader consumer base</a>. This is in sharp contrast to Tesla&#8217;s plan to charge $8,000 for the installation of its &#8216;Full Self-Driving system&#8217; in the U.S., in addition to a $99 monthly subscription. The Elon Musk-led EV giant is likely to begin testing on the mainland later this year.
However, Brian Tycangco, an analyst at Stansberry Research, warned that the Chinese EV giant&#8217;s association with DeepSeek "increases the likelihood that BYD vehicles will face more difficulties entering Western markets like the U.S. due to national security reasons."
<ul>
<li>READ MORE: <a href="https://www.benzinga.com/markets/asia/25/02/43613949/tesla-supplier-catl-eyes-5-billion-hong-kong-listing-amid-us-sanctions-market-revival-report">Tesla Supplier CATL Eyes $5 Billion Hong Kong Listing Amid US Sanctions, Market Revival: Report</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

BYD Teams Up With DeepSeek To Outpace Tesla In Budget-Friendly AI-Driven Tech For Chinese Cars Amid Regulatory Roadblocks

Cybin (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/CYBN#AMEX">CYBN</a>) reported quarterly losses of $(0.53) per share which beat the analyst consensus estimate of C$(1.72) by 69.19 percent. This is a 84.64 percent increase over losses of C$(3.45) per share from the same period last year.

CYBN

Cybin Q3 2024 GAAP EPS C$(0.53) Beats C$(1.72) Estimate; Cash C$136.3M

Pricing of its underwritten public offering of 1,250,000 shares of its Class A common stock at a public offering price of $4.00 per share, and, in lieu of Class A common stock to certain investors, pre-funded warrants to purchase 11,250,000 shares of its Class A common stock at a public offering price of $3.9999 per pre-funded warrant, which equals the public offering price per share of the Class A common stock less the $0.0001 per share exercise price of each pre-funded warrant, in each case before underwriting discounts and commissions.

SERA

Reported Earlier, Sera Prognostics Prices $50M Public Offering Of 1.25M Class A Common Shares At $4/Share

Strategic Alignment with American Manufacturing Initiatives
President and CFO Jason Maddox emphasized EVTV's strategy to align with the Trump Administration's focus on strengthening U.S. manufacturing and reducing reliance on foreign supply chains:
"With over two decades in the defense contracting sector, I've witnessed firsthand the importance of building a strong American industrial base. At Envirotech, we are fully committed to producing American-made vehicles, supporting domestic manufacturing, and creating jobs for American workers. This approach not only aligns with the Trump Administration's priorities but ensures that Envirotech remain resilient in the face of global trade tensions and supply chain disruptions."

EVTV

Reported Earlier, Envirotech Vehicles Reaffirms Commitment To U.S. Manufacturing As Federal EV Policies Pivot Under Trump Administration

Elon Musk-led EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) said on Monday that its newly built megafactory in Shanghai manufactured the first Megapack, boosting the company&#8217;s fast-growing energy storage segment.
What Happened: The first megapack to have rolled off the production line at the Shanghai megafactory will be shipped to Australia, the company said in a post on X, formerly Twitter. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The first Megapack rolled off the production line at the Megafactory Shanghai and will soon ship to Australia&#x1f389;<a href="https://twitter.com/teslaenergy?ref_src=twsrc%5Etfw">@teslaenergy</a> <a href="https://t.co/ze0jXgO0B2">pic.twitter.com/ze0jXgO0B2</a>
&mdash; Tesla Asia (@Tesla_Asia) <a href="https://twitter.com/Tesla_Asia/status/1889141621893022190?ref_src=twsrc%5Etfw">February 11, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Megapack is a powerful battery manufactured by the company for large-scale energy storage. Each unit can store over 3.9 Megawatt-hours of energy, which is enough to power an average of 3,600 homes for an hour.
The&nbsp;<a href="https://www.benzinga.com/24/12/42680075/tesla-exec-says-we-will-be-ready-to-efficiently-produce-autonomous-vehicles-as-shanghai-megafactory-nears-completion" target="_blank" rel="noreferrer noopener">Shanghai megafactory</a>&nbsp;is the company&#8217;s first factory dedicated to the production of energy storage products outside the U.S.&nbsp;Currently, Tesla has only one other factory dedicated to manufacturing megapacks, located in Lathrop, California. The Lathrop facility has the capability of producing 40 GWh of energy storage products every year.
Tesla officially began the construction of the Shanghai megafactory in May, taking less than a year from the start of construction to commencing production. 
Why It Matters:&nbsp;Tesla reported revenue of over $3 billion from its energy generation and storage segment in the fourth quarter or more than double the $1.44 billion reported in the corresponding quarter of 2023, upon deploying a record&nbsp;<a href="https://www.benzinga.com/25/01/42780335/teslas-evergy-storage-deployements-rise-in-q4-even-as-vehicle-deliveries-disappoint" target="_blank" rel="noreferrer noopener">11.0 GWh of energy storage products</a>.
Revenue from the energy segment accounted for about 12% of the company&#8217;s total revenue in the quarter, while the automotive segment accounted for 77%. The company reported quarterly&nbsp;<a href="https://www.benzinga.com/news/earnings/25/01/43321103/tesla-q4-earnings-highlights-revenue-miss-eps-miss-ev-updates-automaker-says-2025-will-be-a-seminal-year" target="_blank" rel="noreferrer noopener">total revenue</a>&nbsp;of $25.71 billion, missing a street consensus estimate of $27.26 billion, owing to an 8% drop in automotive revenue.
Tesla continues to be&nbsp;<a href="https://www.benzinga.com/news/24/10/41537560/teslas-energy-segment-boom-in-q3-sparks-leadership-changes-veteran-mike-snyder-promoted-as-vp" target="_blank" rel="noreferrer noopener">hopeful for its energy segment</a>&nbsp;for it said late last month that it expects energy storage deployment to grow at least 50% year-over-year in 2025. Both the powerwall and megapack continue to be supply-constrained as it opens to new markets, the company added.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43588718/lucid-ceo-envisions-ev-maker-licensing-tech-more-than-building-cars">Peter Rawlinson Wants Lucid To Be The Intel Of EVs: &#8216;You Flash Your Microsoft Office… Bill Gates Gets His Royalty… I Want To Be Like That&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

Tesla Starts Production At Shanghai Megafactory Less Than 9 Months After Beginning Construction

Cryptocurrencies themed on video game retailer GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) were up in the green Monday, buoyed by interest in CEO Ryan Cohen&#8217;s picture with Strategy co-founder Michael Saylor.&nbsp;
What happened: Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)-based GameStop soared nearly 50% in the last 24 hours, with its trading volume surging by 37% to $1.83 million, <a href="https://coinmarketcap.com/currencies/gamestop/">according</a> to CoinMarketCap.&nbsp;&nbsp;
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 10:30 p.m. ET)</td>
</tr>
<tr>
<td>GameStop (GME)</td>
<td>+49.52%</td>
<td>$0.0001924</td>
</tr>
<tr>
<td>GmeStop (GME)</td>
<td>+3.54%</td>
<td>$0.001948</td>
</tr>
</tbody>
</table>
</figure>
The rise alleviated some of the coin&#8217;s problems, which had lost more than 33% over the last month.
Similarly, Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based GmeStop, with a much lower market capitalization, rose over 3% in the last 24 hours.&nbsp;
It's worth noting that these coins aren&#8217;t directly tied to GameStop but rather seek to capitalize on the hype surrounding the meme stock.
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/02/43584910/man-who-accidentally-lost-his-775-million-bitcoin-stash-expresses-desire-to-buy-the-landfill-site">Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap</a>
The uptick comes after <a href="https://in.benzinga.com/trading-ideas/movers/25/02/43605313/gamestop-stock-is-surging-monday-whats-going-on">Cohen posted a picture with Saylor</a> on X over the weekend, spurring speculations that the company could be leaning toward Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) investments.
Strategy, formerly known as MicroStrategy, is the largest corporate holder of Bitcoin, and Saylor is known for consistently <a href="https://in.benzinga.com/markets/cryptocurrency/25/02/43583287/michael-saylor-declares-death-to-blue-lines-long-live-green-dots-is-strategys-btc-purchase-streak-about-to-resume">pushing for the asset's adoption</a>.&nbsp;
GameStop has been one of the most popular retail stocks in the last few years, helped by the historic 2021 meme stock craze that saw the stock squeeze higher. Keith Gill, also known as <a href="https://www.benzinga.com/topic/roaring-kitty">&#8220;Roaring Kitty,"</a> has been influencing GameStop price action with cryptic posts on X.
Price Action: Shares of GameStop soared 9.66% to $27.12 during Monday&#8217;s regular session and were up 0.99% in after-hours trading, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
Photo by Igor Faun on Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43581896/analyst-who-nailed-2021-crypto-collapse-now-says-worst-of-bitcoin-could-come-in-next-few-weeks">Analyst Who Nailed 2021 Crypto Collapse Now Says Worst Of Bitcoin Could Come In Next Few Weeks</a></li>
</ul>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Comments

Prom Resources

News

Latest news for Prom Resources (OTC:PRMOD) Stock

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga