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Tesla Suspends Production at Shanghai Giga-Plant

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© Reuters. Tesla Suspends Production at Shanghai Giga-Plant

Difficulties at the Tesla (NASDAQ:TSLA) Shanghai plant have, once again, halted most production. According to an internal memo seen by Reuters, the plant has had continued troubles securing parts for its electric vehicles.

After reopening the plant following continued 22-day closure in April, Tesla had ramped up production and was producing more than 1,200 units per day. However, according to the memo, Tesla planned to manufacture fewer than 200 vehicles on Tuesday.

Shanghai is in its sixth week of an intensifying lockdown that has tested the ability of manufacturers to operate amid hard restrictions on the movement of people and materials.

Data from the China Passenger Car Association (CPCA) shows that Tesla’s sales in China have slid by 98 percent in April, with Tesla producing 10,757 vehicles and selling just 1,512. Tesla did not export any China-made Model 3s and Model Ys from the Shanghai plant in April.

By Michael Elkins

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Plotkin’s Melvin Capital to Wind Down – Report

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© Reuters Plotkin’s Melvin Capital to Wind Down – Report

Gabe Plotkin’s Melvin Capital Management, a hedge fund that lost billions after its bearish wagers were caught up in a Reddit-fueled rally of buying stocks including GameStop (NYSE:GME), announced its plans to wind down funds and return cash to investors, Bloomberg News reported.

Plotkin wrote to investors about his decision to step away from managing external capital, noting they have not been able to deliver the returns investors should expect.

“The past 17 months has been an incredibly trying time for the firm and you, our investors,” Plotkin wrote to investors. “I have given everything I could, but more recently that has not been enough to deliver the returns you should expect. I now recognize that I need to step away from managing external capital.”

By Davit Kirakosyan

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Chevron, Schlumberger withdraw request for California carbon-capture permit

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© Reuters. FILE PHOTO: The logo of Chevron Corp is seen in its booth at Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai

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By Liz Hampton and Sabrina Valle

(Reuters) – Top U.S. energy companies Chevron (NYSE:CVX) and Schlumberger (NYSE:SLB) have withdrawn an application to capture carbon dioxide emissions and store them deep underground in central California, spokespeople said on Wednesday, putting the clean-energy project on hold after U.S. environmental regulators questioned it.

Burying industrial gases has become a focus for energy companies seeking to show investors they are willing to reduce emissions and help fight climate change. Their permit was one of more than a dozen filed with the U.S. Environmental Protection Agency (EPA), which requested the application be withdrawn.

In a March 25 letter, the EPA said the application was “substantially incomplete,” citing changes to the application and the failure to supply financial assurances.

The companies had formed a venture to revive an idled biomass-fueled power plant and generate “carbon negative power” in Mendota, near Fresno, California. The project included an underground carbon sequestration site and would remove about 300,000 tons of carbon dioxide a year.

“The EPA did the right thing by hitting the brakes on the Mendota carbon capture project,” said Victoria Bogdan Tejeda, an attorney for the Center for Biological Diversity. “Carbon capture is risky, expensive, and incompatible with environmental justice.”

Chevron and Schlumberger said they elected to withdraw the permit application and the group would continue “to gather and evaluate project information.”

“The team remains committed to developing lower carbon solutions and doing so in an environmentally and socially responsible manner,” spokespeople said.

Separately, Chevron on Wednesday said it was launching a carbon-capture and storage project in the San Joaquin Valley aimed at reducing emissions from its own operations in California.

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Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance

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© Reuters. Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance

Synopsys (NASDAQ:SNPS) shares were trading more than 4% higher after-hours following Q2 results, with EPS of $2.50 coming in better than the consensus estimate of $2.37. Revenue was $1.28 billion, compared to the consensus estimate of $1.26 billion.

The company expects Q3 non-GAAP EPS in the range of $2.01- $2.06 and revenue in the range of $1.21 billion – 1.24 billion. This is better than the consensus of $1.61 and $1.14 billion, respectively.

For the full 2022-year, the company expects EPS in the range of $8.63 – $8.70 and revenue in the range of $5 billion – $5.05 billion. This compares favorably to the consensus of $7.90 and $4.81 billion, respectively.

Shares of Synopsys were down 26% year-to-date going into the results.

By Davit Kirakosyan

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