Tesla has applied to become a Texas electricity provider
- Tesla filed an application with the Texas Public Utility Commission to sell electricity in the state as the company’s big battery build-out in Angleton, Texas comes online
- The company aims to connect a 100 megawatt energy storage system to the grid and has already built several utility-scale energy storage systems across the globe
Disappointing earnings cause Peloton stock to fall
- On August 26, Peloton reported that revenue growth in their 4th fiscal quarter dropped off dramatically
- The company posted a bigger-than-expected loss as costs from its treadmill recall mounted and also offered up a disappointing revenue outlook for its 2022 first quarter
Ford F-150 pickup truck production cut due to chip shortage
- Due to the ongoing semiconductor shortage, Ford is cutting production of another one of their vehicles, their F-150 pickup truck along with 2 others starting August 30
- The two other vehicles experiencing the cut in production are the Ford Edge and Lincoln Nautilus crossovers
- Ford has been impacted particularly hard by the lack of chips, losing about 50% of its planned production in the second quarter.
