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LAS VEGAS — The Advanced Clean Truck Expo is a come-all event. Until this year, Tesla has passed on attending.

The ACT Expo has outgrown the art deco charm of Long Beach and the &#34;Disney-fied&#34; atmosphere of Anaheim, California. This year, it moved to convention mecca with exhibitors filling the North Hall of the sprawling Las Vegas Convention Center.

Tesla to Trucking Industry: Step Up Your Electric Game

Proterra Inc

Former Ford Motor Co. CEO Mark Fields expressed doubts about General Motors Corp.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) ability to achieve mass adoption of its electric vehicles (EVs).
What Happened: Fields, in a comment on GM&#8217;s EV push, stated during CNBC&#8217;s &#8220;Last Call&#8221; on Tuesday, "Getting early adopters is one thing. Getting mass adoption is much harder." 
The comment appeared after GM announced a delay in its EV production target of one million units beyond 2025. Fields called this move a &#8220;huge pivot&#8221; for the company which had planned to stop producing gas cars completely from 2035 and produce 2 million EVs annually by 2026.
"They're the most exposed and they're also the latest to hybrids, their hybrids aren't going to be in the marketplace for another couple of years,&#8221; Fields added. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"Getting early adopters is one thing. Getting mass adoption is much harder," says Mark Fields on GM&#39;s EV push. "They're the most exposed and they're also the latest to hybrids, their hybrids aren't going to be in the marketplace for another couple years."$GM <a href="https://t.co/T546sKh34W">pic.twitter.com/T546sKh34W</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1813001390039425150?ref_src=twsrc%5Etfw">July 16, 2024</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/markets/equities/24/07/39743338/s-p-500-to-plunge-more-than-20-near-term-top-economist-breaks-down-broader-market-vs-small-cap-d?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">S&amp;P 500 To Plunge More Than 20% Near Term? Top Economist Breaks Down Broader Market Vs. Small-Cap Divergence After June CPI Report</a>
Why It Matters: GM recently announced a delay in its EV production target of one million units beyond 2025. CEO Mary Barra attributed this to the <a href="https://www.benzinga.com/markets/equities/24/07/39786382/gm-delays-1m-ev-production-target-beyond-2025-market-isnt-developing-were-going-to-be-guided-by-">market&#8217;s slower development</a>, stating, "We will not get to a million just because the market is not developing."
Despite the delay, Barra reiterated the company&#8217;s commitment to an all-electric future, emphasizing the importance of the vehicle as a software platform.
GM&#8217;s EV strategy has <a href="https://www.benzinga.com/markets/equities/24/07/39727305/biden-administration-injects-1-7b-into-ev-manufacturing-facilities-of-general-motors-stellantis-">received significant support</a> from the Biden administration, which recently granted nearly $1.1 billion to GM and Chrysler-parent Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) to transform their facilities into EV manufacturing hubs. This initiative aims to enable these facilities to produce 1 million EVs annually.
Price Action: On Tuesday, at the time of writing, GM was trading 0.26% higher at $49.43 after closing at $49.30 on Monday, according to <a href="https://pro.benzinga.com">Benzinga Pro.</a>
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39761977/trumps-crypto-portfolio-takes-a-hit-robert-kiyosaki-bats-for-bitcoin-and-more-top-crypto-u?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Crypto Portfolio Takes A Hit, Robert Kiyosaki Bats For Bitcoin And More: Top Crypto Updates This Week</a></li>
</ul>
Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

General

STLA

Former Ford CEO Says GM's Hybrids Will Not Hit Market For 'Another Couple Years:' 'Getting Mass Adoption Is Much Harder'

VIAV

VIAVI Launches Sensing Solutions For Fiber Optic Cables And Fiber-Enabled Critical Infrastructure

On Monday, July 15th, U.S. stock markets closed higher, continuing Friday&#8217;s rally, as hopes for a second Trump presidency and a looser regulatory environment rose after a failed assassination attempt. Although all three major U.S. stock indexes closed significantly below their intraday peaks, the Dow Jones Industrial Average achieved a record closing high.
According to the economic data, the NY Empire State Manufacturing Index fell to -6.6 in July, below the expected -6.
Energy shares had the largest gain among the 11 S&amp;P 500 sectors, while utilities lagged.
The Dow Jones Industrial Average was up 0.53% and closed at 40,211.72. The S&amp;P 500 gained 0.28%, ending the day at 5,631.22, and the Nasdaq Composite rose 0.42%, finishing the session at 18,475.86.
Asian Markets Today
<ul>
<li>On Tuesday, Japan&#8217;s Nikkei 225 closed higher by 0.22%, ending the session at 41,282.50, led by gains in the Real Estate, Transportation Equipment, and Fishery sectors.</li>
<li>Australia&#8217;s S&amp;P/ASX 200 declined 0.23%, ending the day at 7,999.30, led by losses in the Metals &amp; Mining, Materials, and Information Technology sectors.</li>
<li>India&#8217;s Nifty 50 closed higher by 0.07% at 24,602.70, and Nifty 500 slid 0.04% to 23,200.35.</li>
<li>China&#8217;s Shanghai Composite was up 0.08%, ending the session at 2,976.30, and the Shenzhen CSI rose 0.63%, closing at 3,498.28.</li>
<li>Hong Kong&#8217;s Hang Seng ended the session lower by 1.60% at 18,015.94.</li>
</ul>
Eurozone at 06:00 AM ET
<ul>
<li>The European STOXX 50 index declined 0.58%.</li>
<li>Germany&#8217;s DAX fell 0.47%.</li>
<li>France&#8217;s CAC was down 0.69%.</li>
<li>U.K.&#8217;s FTSE 100 traded lower by 0.17%.</li>
</ul>
Commodities at 06:00 AM ET
<ul>
<li>Crude Oil WTI was trading lower by 0.79% at $80.20/bbl, and Brent was down 0.73% at $84.23 bbl.</li>
<li>Oil prices dipped on Tuesday amid concerns over slowing Chinese demand despite expectations of U.S. Fed rate cuts. China&#8217;s Q2 growth missed forecasts, raising doubts about its oil demand.</li>
<li>Natural Gas gained 0.46% to $2.168.</li>
<li>Gold was trading higher by 0.76% at $2,447.40, Silver rose 0.76% to $31.133, and Copper slid 0.27% to $4.5145.</li>
</ul>
US Futures at 06:00 AM ET
Dow futures were up 0.07%, S&amp;P 500 futures rose 0.04%, and Nasdaq 100 Futures rose 0.06%.
Forex at 06:00 AM ET
The U.S. dollar index gained 0.07% to 104.26, the USD/JPY rose 0.24% to 158.39, and the USD/AUD rose 0.18% to 1.4820.
Global shares dipped as investors reacted to Trump&#8217;s victory trades and a stronger dollar, weakening the yen. Fed Chair Powell&#8217;s inflation comments boosted hopes for a rate cut while focus remained on Trump&#8217;s <a href="https://www.benzinga.com/general/politics/24/07/39761947/gunman-dead-trump-rally-attendee-killed-says-local-da-former-president-comes-under-fire-in-penns" target="_blank" rel="noreferrer noopener">attempted assassination</a> and his VP nomination of J.D. Vance.
Photo via Shutterstock.

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Asia Mixed, European Markets Fall, While Gold Heads Toward All Time High - Global Markets Today While US Slept

Earnings

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AngioDynamics Q4 2024 Adj EPS $(0.05) Beats $(0.16) Estimate, Sales $71.122M Beat $70.891M Estimate

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Nuvalent To Present Updated Data From ARROS-1 Phase 1/2 Clinical Trial Of zidesamtinib And ALKOVE-1 Phase 1/2 Clinical Trial Of NVL-655 at ESMO Congress 2024

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Western Copper And Gold Appoints Michael Psihogios Effective, Early August

Wolfe Research analyst Shweta Khajuria initiates coverage on Peloton Interactive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTON#NASDAQ">PTON</a>) with a Peer Perform rating.

Initiation

Analyst Ratings

PTON

Wolfe Research Initiates Coverage On Peloton Interactive with Peer Perform Rating

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Silo Pharma Obtains Exclusive Global License To Develop, Manufacture, And Commercialize Its Alzheimer's Drug

Wolfe Research analyst Shweta Khajuria initiates coverage on Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) with a Outperform rating and announces Price Target of $620.

Price Target

Wolfe Research Initiates Coverage On Meta Platforms with Outperform Rating, Announces Price Target of $620

Loop Capital analyst Alan Gould downgrades Reddit (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) from Buy to Hold and maintains the price target from $75 to $75.

Downgrades

RDDT

Loop Capital Downgrades Reddit to Hold, Maintains Price Target to $75

Wolfe Research analyst Shweta Khajuria initiates coverage on Match Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>) with a Outperform rating and announces Price Target of $36.

MTCH

Wolfe Research Initiates Coverage On Match Group with Outperform Rating, Announces Price Target of $36

Wolfe Research analyst Shweta Khajuria initiates coverage on Magnite (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MGNI#NASDAQ">MGNI</a>) with a Outperform rating.

MGNI

Wolfe Research Initiates Coverage On Magnite with Outperform Rating

Wolfe Research analyst Shweta Khajuria initiates coverage on Lyft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>) with a Peer Perform rating.

LYFT

Wolfe Research Initiates Coverage On Lyft with Peer Perform Rating

Salesforce, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) reportedly cut around 300 roles to streamline operations, highlighting the tech industry&#8217;s ongoing focus on cost control.
The company made the job cuts this month, reported <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-15/salesforce-cuts-about-300-jobs-in-latest-sign-of-tech-austerity" rel="noreferrer noopener">Bloomberg</a>, citing a source familiar with the matter. In a statement, Salesforce confirmed the job reductions but did not provide specifics, per the report.
&#8220;Like any healthy business, we continuously assess whether we have the right structure in place to best serve our customers and fuel growth areas,&#8221; the report cited a spokesperson. &#8220;In some cases that leads to roles being eliminated.&#8221;
In January 2024, Salesforce laid off close to 700 employees, about 1% of its 70,000-strong workforce, following a previous reduction of 10% or <a target="_blank" href="https://www.benzinga.com/news/24/01/36798167/salesforce-cuts-700-jobs-in-streamlining-effort-yet-eyes-growth-with-1-000-open-roles" rel="noreferrer noopener">around&nbsp;8,000 workers in 2023</a>.&nbsp;
At the end of January, Salesforce had 72,682 employees.
Salesforce stock gained over 10% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) and&nbsp;Vanguard Total Stock Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTI#NYSE">VTI</a>).
Several tech companies disclosed headcount reductions this month, with Intuit Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>) laying off about 1,800 employees and closing <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39713891/why-software-company-intuits-shares-are-trading-lower-today" rel="noreferrer noopener">its Boise and Edmonton sites</a>.
Also, in July, UiPath Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PATH#NYSE">PATH</a>) revealed plans for restructuring actions to manage its operating expenses, <a target="_blank" href="https://www.benzinga.com/news/24/07/39694378/uipath-to-cut-workforce-by-10" rel="noreferrer noopener">including a&nbsp;10% workforce reduction</a>.
Another tech giant, Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), carried out another round of layoffs, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39632988/microsoft-carries-out-another-round-of-layoffs-across-teams-and-geographies-third-this-year-so-f" rel="noreferrer noopener">affecting various teams and regions</a>.
Notably, the number of employees laid off in the tech sector increased by 304% in January 2024 as <a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36874447/tech-layoffs-up-over-300-month-over-month-in-january-3-companies-with-the-most-employees-laid-of" rel="noreferrer noopener">compared to December 2023</a>.
Price Action: CRM shares are down 0.02% at $252.81 premarket at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

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Salesforce Slashes 300 Jobs, Emphasizes Cost Control Amid Tech Slowdown: Report

B of A Securities analyst Brad Sills upgrades Shopify (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) from Neutral to Buy and raises the price target from $78 to $82.

Upgrades

SHOP

B of A Securities Upgrades Shopify to Buy, Raises Price Target to $82

Wolfe Research analyst Shweta Khajuria initiates coverage on Maplebear (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CART#NASDAQ">CART</a>) with a Peer Perform rating.

CART

Wolfe Research Initiates Coverage On Maplebear with Peer Perform Rating

Wolfe Research analyst Shweta Khajuria initiates coverage on Etsy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>) with a Peer Perform rating.

ETSY

Wolfe Research Initiates Coverage On Etsy with Peer Perform Rating

<a href="https://www.bloomberg.com/news/articles/2024-07-16/blue-owl-to-buy-private-credit-firm-atalaya-adding-10-billion-in-assets?sref=2h1zKciy" title="https://www.bloomberg.com/news/articles/2024-07-16/blue-owl-to-buy-private-credit-firm-atalaya-adding-10-billion-in-assets?sref=2h1zKciy">https://www.bloomberg.com/news/articles/2024-07-16/blue-owl-to-buy-private-credit-firm-atalaya-adding-10-billion-in-assets?sref=2h1zKciy</a>

Bloomberg Reported Earlier, Blue Owl To Buy Atalaya For ~$800M After Earnouts

Wolfe Research analyst Deepak Mathivanan initiates coverage on eBay (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>) with a Peer Perform rating.

EBAY

Wolfe Research Initiates Coverage On eBay with Peer Perform Rating

Offerings

ZENV

Zenvia Entered Sales Agreement With A.G.P./Alliance Global Partners To Offer And Sell Class A Common Shares Up To $20M

Tracking Al Gore's Generation Investment Management Portfolio - Q2 2023 Update

Warning: PTRAQ is at high risk of performing badly

Volvo Battery Solutions selected winning bidder to acquire Proterra Powered

Proterra reports results of chapter 11 sale of Proterra Transit and energy business lines

Proterra COO resigns

Proterra (PTRAQ) has released an update to notify the public and investors about a regulation fd disclosure. Proterra Inc and its subsidiary, opera...

Proterra's Chapter 11 Filing and Reorganization Plan Risks

Proterra (PTRAQ) has released an update. Proterra Inc has been undergoing Chapter 11 bankruptcy proceedings, and in a court-supervised sale, has ag...

Proterra Sells Battery Assets Amidst Chapter 11 Proceedings

Proterra (PTRAQ) has released an update. Proterra Inc., a company entangled in Chapter 11 bankruptcy proceedings, has been navigating a complex res...

Proterra's Restructuring Journey Amid Bankruptcy Risks

Proterra (PTRAQ) has released an update. Proterra Inc and its subsidiary have filed for Chapter 11 bankruptcy and are operating under court supervi...

Proterra Files for Bankruptcy, Cautions on Forward-Looking Statements

Proterra (PTRAQ) has provided an update. Proterra Inc, now known as Prodigy Investments Holdings, Inc., has successfully emerged from Chapter 11 ba...

Proterra's Transformation Post-Bankruptcy and New Stock Issuance

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Press Releases

The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Proterra Inc. (PTRAQ)

Legal

SHAREHOLDER ALERT: Levi & Korsinsky Notifies Proterra Inc. (PTRAQ) Investors of a Class Action Lawsuit and Upcoming Deadline

Proterra, Inc investors: Please contact the Portnoy Law Firm to recover your losses; September 12, 2023, deadline

PTRA DEADLINE TOMORROW: ROSEN, SKILLED INVESTOR COUNSEL, Encourages Proterra Inc. Investors to Secure Counsel Before Important September 12 Deadline in Securities Class Action - PTRA, PTRAQ

SHAREHOLDER ALERT: The Gross Law Firm Notifies Shareholders of Proterra Inc. of a Class Action Lawsuit and a Lead Plaintiff Deadline of September 12, 2023 - (OTC PINK: PTRAQ)

PTRA DEADLINE TODAY: ROSEN, A LEADING LAW FIRM, Encourages Proterra Inc. Investors to Secure Counsel Before Important September 12 Deadline in Securities Class Action – PTRA, PTRAQ

Proterra Announces Results of Chapter 11 Sale of the Proterra Powered Business Line

Proterra Announces Results of Chapter 11 Sale of the Proterra Transit and Energy Business Lines

Proterra Receives Court Approval for Sale of Proterra Powered Business Line

Proterra Receives Court Approval for Sale of Proterra Transit Business Line

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Proterra Inc

News

Latest news for Proterra Inc (OTC:PTRAQ) Stock

Friday, May 24, 2024