Toronto, Ontario — Tesla ends a winning streak, an Ontario-based miner preps to supply lithium to the industry and Uber plans a new service for Toronto.
Downgrades galore
Tesla shares have fallen seven percent in the last week, following downgrades from multiple Wall Street brokerages.
Goldman Sachs cut Tesla to a “hold” rating on Monday, following Morgan Stanley and Barclays, which downgraded the stock last week. The brokerages say price targets were raised to reflect recent momentum in Tesla shares; the EV automaker had been on a winning streak since April 27, with shares up 71.33 percent through June 20. Year-to-date, shares are up 134 percent.
As of Monday at 11 a.m EST, shares of Tesla traded at US$252.87.
Thunder power
A Toronto-based miner with a Thunder Bay, Ont.-based processing plant will supply lithium to battery cell manufacturers and OEMs across North America.
Avalon Advanced Materials announced it had purchased land in Thunder Bay last week. The company is also developing two other lithium mining projects in Ontario; one outside Kenora and another outside Eabametoong First Nation.
The land in Thunder Bay was purchased less than a week after Avalon finalized a deal with a Belgium-based industrial materials processor that would allow the former to kick off the development of its mining projects in northwestern Ontario.
Belgium-based Silbelco and Avalon will oversee the Kenora and Eabametoong First Nation projects as part of a joint venture agreement worth approximately $63.4 million, reported Automotive News Canada.
Avalon is one of several miners advancing projects in Ontario, Quebec, and Manitoba, with aims to support the North American battery cell industry with much-needed lithium supplies.
Uber’s new endeavour
Uber plans to launch a car-sharing service in Toronto this summer, the company announced in early June.
The service will launch later this summer, said Uber. It was initially launched in Australia in October 2022.
“You’ll be able to rent affordable cars nearby from people in your local area,” said the company.
The company specified the service will allow customers to borrow vehicles from private owners for a set number of hours or even days.
Uber has yet to release further details on the service or a precise launch date.
