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Monday's Stock News: EV Tariffs, Boeing, and Tesla

Ahead of electric vehicle tariffs against China starting on August 1, 2024, U.S. industry groups are pushing back. They asked the Biden Administration for a one-month extension to comment. The “American For Free Trade” trade association represents manufacturers, retailers, technology, energy, and transport firms.

As expected, Chinese EV stocks slumped last week. ZEEKR Intelligent Technology (ZK) lost 11.3% after posting weak quarterly results. Nio (NIO) lost 10.35% and is now down by 52.3% YTD.

In the aerospace sector, Boeing (BA) informed its suppliers that it would delay key production milestones related to its 737 jets by three months. The firm now forecasts outputting 42 units in September instead of in June. Boeing needs to absorb the financial penalty for the delays in return for improving serious quality issues.

Tesla (TSLA) is in a strong position to pivot from its incredible defiance against a Delaware judge. Shareholders overwhelmingly approved a $56 billion pay package for the CEO, which a judge invalidated in January. The firm needs CEO Elon Musk to return his focus to the struggling EV firm. Profit margins are slumping as consumers cancel purchases of high-ticket-priced items.

The struggling consumer stopped buying pricey items like furnishings and appliances. That hurt Whirlpool (WHR). TSLA stock has higher risks for the same reason.