Stock Markets
Why are other automakers chasing Tesla’s ‘Gigacasting’?
Toyota Motor said this week it will adopt a technology Tesla pioneered known as “Gigacasting” as part of a strategy by the Japanese automaker to improve the performance – and lower the cost – of future electric vehicles (EVs).
Toyota is not alone in following Tesla’s breakthrough.
Here’s a look at Gigacasting and how the innovation is forcing automakers to scramble to match Tesla:
WHAT IS GIGACASTING?
The Giga Press is an aluminium die-casting machine adopted by Tesla at its factories in the U.S., China and Germany. The house-sized machines are able to produce aluminium parts far bigger than anything used before in auto manufacturing.
The “giga” in the name is a nod to Tesla’s convention of calling its plants “Gigafactories”. Other automakers have taken to calling them “megapresses”, which also can refer to smaller but still massive machines.
In operation, the press takes in a shot of molten aluminium of 80 kg (176 lb) or more into a mould where it is formed into a part, released and then quickly cooled.
Tesla has developed an aluminium alloy that also allows it to skip the heat treating traditionally used to increase the strength of the cast part.
WHAT’S THE PAYOFF?
Typically more than a hundred individually stamped metal parts have been welded together to make a car body.
Fewer parts, lower costs and a simplified production line have contributed to Tesla’s industry-leading profitability, analysts have said.
For Tesla, the use of a single component in the rear of the Model Y – its best-selling model – allowed it to cut related costs by 40%, the company has said.
In the Model 3, by using a single piece from the front and rear of the vehicle, Tesla was able to remove 600 robots from assembly, Elon Musk has said.
It can also cut a vehicle’s weight – an important consideration for EVs where the battery pack alone can weigh more than 700 kg. And it has the potential to reduce waste and greenhouse emissions from a plant.
Toyota said it expected that using aluminium die-casting would eliminate dozens of sheet metal parts from assembly and reduce waste.
WHO MAKES THESE MACHINES?
Tesla sources its presses from Italy-based IDRA, which has been a unit of China’s LK Industries since 2008.
Competitors of IDRA and LK include Buhler Group in Europe, Ube and Shibaura Machine in Japan, and Yizumi and Haitian in China.
The global aluminium die-casting market was worth almost $73 billion last year and is projected to top $126 billion by 2032, showed an AlixPartners analysis.
WHO’S CHASING IT?
In addition to Toyota, General Motors, Hyundai Motor and affiliates of China’s Geely – Volvo Cars, Polestar and Zeekr – are using the technology or planning for it.
Zeekr has started using massive aluminium die casts for a multi-purpose van it makes for sale in China and has said it will introduce the technology for other models.
Volvo said last year it would invest more than $900 million to upgrade its plant near Gothenburg, Sweden, to include megapress technology.
WHAT’S THE CATCH?
Cost is one.
Tesla records most of its sales with just two models: the Model 3 and Model Y. High sales volume on just two platforms make it easier to justify the investment in new production technology. Other EV startups also have that advantage.
For legacy automakers with more complicated product lineups and factory machinery that is already amortized, the decision to invest tens of millions of dollars in new casting technology can be a harder call, analysts have said.
Cars with body sections cast into single pieces could also be harder or more expensive to repair after an accident. That could add to the cost of operation for EVs.
Already insurance companies are writing off EVs with low mileage if they have damaged batteries because there is often no way to repair even slightly damaged battery packs.
Stock Markets
SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Nextracker
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In Nextracker To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $75,000 in Nextracker between February 1, 2024 and August 1, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York–(Newsfile Corp. – January 4, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Nextracker Inc. (“Nextracker” or the “Company”) (NASDAQ: NXT) and reminds investors of the February 25, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the impact of project delays on Nextracker’s business, financial results, and prospects was far more severe than represented to investors; (2) permitting and interconnection delays had materially impaired Nextracker’s ability to convert backlog into revenue at historical conversion rates; (3) Nextracker had been unable to offset the negative impact from project delays through increased client demand and the purported ability to pull forward its other projects in the manner represented by defendants; (4) Nextracker did not possess the competitive advantages which purportedly shielded it from industry-wide headwinds or the ability to effectively offset the adverse effects of project delays as claimed by defendants; and (5) consequently, defendants lacked a reasonable basis for their positive statements about Nextracker’s business, financial results, and prospects.
The Nextracker class action lawsuit further alleges that on August 1, 2024 Nextracker revealed that its revenue had declined sequentially, from $737 million in the fourth fiscal quarter of 2024 to $720 million during the first fiscal quarter of 2025. Similarly, Nextracker’s GAAP gross profit had declined sequentially from $340 million in the fourth fiscal quarter of 2024 to $237 million during the first fiscal quarter of 2025. Notably, Nextracker did not raise guidance for the first time since it became a public company, implying a slowdown in growth for the remainder of the year.
On this news, the price of Nextracker stock fell approximately 15% over two trading days.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information Nextracker’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236028
Stock Markets
SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Symbotic
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Symbotic To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000 in Symbotic between February 8, 2024 and November 26, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York–(Newsfile Corp. – January 4, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Symbotic Inc (NASDAQ:). (“Symbotic” or the “Company”) (NASDAQ: SYM) and reminds investors of the February 3, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Symbotic improperly accelerated revenue recognition in its 2024 financial statements; and (2) as a result, defendants’ statements about Symbotic’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On November 27, 2024, before market hours, Symbotic filed a current report on Form 8-K with the SEC in which it announced that it would restate its fiscal year 2024 financial results. The report stated that Symbotic “identified errors in its revenue recognition related to cost overruns on certain deployments that will not be billable, which additionally impacted system revenue, income (loss) before income tax, net income (loss) and gross margin recognized in the second, third, and fourth quarters of fiscal year 2024.”
On this news, Symbotic’s stock price fell $13.41 per share, or 36%, to close at $24 per share on November 27, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Symbotic’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Follow us for updates on LinkedIn, on X, or on Facebook (NASDAQ:).
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236032
Stock Markets
SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of AstraZeneca
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In AstraZenecaTo Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000 in AstraZeneca (NASDAQ:) between between February 23, 2022 and December 17, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
[You may also click here for additional information]
New York, New York–(Newsfile Corp. – January 4, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against AstraZeneca PLC (LON:) (“AstraZeneca” or the “Company”) (NASDAQ: AZN) and reminds investors of the Feb. 21, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that (1) AstraZeneca engaged in insurance fraud in China; (2) as a result, AstraZeneca faced heightened legal exposure in China, which eventually resulted in the AstraZeneca China President being detained by Chinese law enforcement authorities; (3) as a result, AstraZeneca understated its legal risks; (4) the foregoing, once revealed, could materially harm AstraZeneca’s business activities in China; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On October 30, 2024, AstraZeneca announced that Leon Wang, Executive Vice President International and AstraZeneca China President, was “cooperating with an ongoing investigation by Chinese authorities.”
On this news, AstraZeneca American Depositary Shares (“ADS”) fell 3.1% on October 30, 2024.
Then, on November 5, 2024, Yicai Global published an article entitled “AstraZeneca Insurance Fraud Involves Dozens of Senior Executives in China, Source Says.” This article stated that “[d]ozens of senior executives at AstraZeneca China have been implicated in an ongoing insurance fraud case as of last week, according to a person familiar with the matter.” Further, it stated that “[o]ver the past three years, insurance fraud cases involving AstraZeneca have surfaced in Shenzhen as well as the provinces of Fujian and Jiangxi. [. . .] These cases amount to the largest insurance fraud in the nation’s pharmaceutical sector for years, a person familiar with the matter pointed out.”
On this news, AstraZeneca ADSs fell a further 7.2% on November 5, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding AstraZeneca’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236013
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