Diamonds and Dogs
Tesla (TSLA) moving ahead with production in China. The US electric carmaker is up 3% to a three-month high on news the company has started building a battery factory in Shanghai after wrapping up construction of its Phase-1 factory complex, where their cars will be assembled.Tesla is also on the verge of producing its Model 3s in the Shanghai plant. A veteran car industry analyst believes the first batch of vehicle batteries would be fully assembled at the Shanghai factory by October 30th and mass production of the Model 3 car may start in the Shanghai factory as soon as January next year.
Beyond Meat (BYND) taking a hit on a downgrade. The plant-based burger producer is down 3% to a four-month low after an analyst made cautious comments on the valuation amid increase competition. Competition is coming from Impossible Foods who is introducing a similar plant burger while a range of companies from the likes of Kellogg, Conagra Brands, Tyson Foods, Maple Leaf Foods, Nestlé and Kraft Heinz are also in talks about introducing plant-based meat products. Currently, Beyond Meat is struggling to make money and trades for 17 times sales. Not a cheap burger.