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Autos

    • Tesla shares sink as Musk's sales push by price cuts hurts margins

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    Tesla Inc's shares sank more than 6.8% on Thursday and dragged down other automakers after Chief Executive Elon Musk signalled the electric-vehicle maker will keep cutting prices to drum up demand even after taking a big hit to margins.

    The stock was trading at $168.25, with at least 15 analysts lowering their price targets on Tesla. The company was set to lose around $50 billion in market value, if losses hold.

    "Facing a volatile macroeconomic backdrop and weakening demand, Tesla continues to prioritize units over near-term profits," said analysts at Canaccord Genuity.

    Tesla's gross margins fell to a more than two-year low in the first quarter and missed market estimates, after the company kicked off a price war in January to defend its dominance in the U.S. and make inroads in China, its second-largest market.

    Musk suggested more such moves ahead, saying the company that has cut slashed prices six times so far this year will put sales growth ahead of profit in a weak economy.

    That spooked investors, who dumped automakers from Europe to the United States on fears that margins will be sacrificed for maintaining share in a market that is slowing this year due to economic uncertainty.

    "Long-term we believe this (Tesla's price cuts) is the right strategy and leverages their cost leadership position. However, this does not come without pain as we now believe margins will get worse before they get better," RBC analyst Tom Narayan said.

    U.S. automakers ranging from Ford Motor Co to startups such as Lucid Group Inc fell between 3.3% and 4.4%.

    France-based Renault SA, whose finance chief said the company will not drastically cut prices on its EVs amid Tesla's downward "spiral," was down 7.6%, while Germany's Volkswagen fell 3.5%.

    CTVNews.ca Top Stories

    Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.

    Unusual flippered feet are making their way into the Saint Lawrence River this weekend. Led by underwater explorer and filmmaker Nathalie Lasselin, volunteer divers are combing the riverbed near Beauharnois in Montérégie to remove hundreds of tires that have been polluting the aquatic environment for decades.

    Canada

    • A man is facing numerous drug trafficking charges after Dufferin OPP seized a large assortment of drugs and weapons in Orangeville earlier this week.

    • The London Police Service (LPS) is currently investigating a suspicious death in the east end.

    • Unusual flippered feet are making their way into the Saint Lawrence River this weekend. Led by underwater explorer and filmmaker Nathalie Lasselin, volunteer divers are combing the riverbed near Beauharnois in Montérégie to remove hundreds of tires that have been polluting the aquatic environment for decades.

    • The 75-year-old building, formerly the Waskesiu Chamber of Commerce building, was relocated to the Parks Canada compound on the edge of the townsite.

    • Mattea Roach among the Maritimers honoured with the King Charles III Coronation Medal Friday.

    • Montrealers can get used to taking a stroll on several car-free streets during the summer in the years to come thanks to a new commitment from the city.

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    Lifestyle

    • Tattoos are becoming more common in today's society and, as a result, appear to be more acceptable in the workplace than they used to be.

    • How to win the fight with kids over phone use

      The end of the day — when school, extracurricular activities and homework are (hopefully) finally done — is the window that many kids have for downtime. It can be a struggle to convince them not to go on their phones.

    • While slang may come and go, experts say the phenomenon behind them, which constantly churns out brand-new bon mots, is as old as language itself.

    Sports

    • Kiefer Sherwood spent several nights last spring chasing Quinn Hughes around the ice and generally pestering the Vancouver Canucks.

    • Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.

    Autos

    Local Spotlight

    Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.

    Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.

    An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.

    They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

    A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.

    Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.

    The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

    The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

    It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.

    • A six-year-old girl who was reported missing in northern B.C. earlier this week remains unaccounted for, and "significant resources from across the province" have joined in the search, police said Saturday.

    • A man who was found dead behind a curling rink in Nanaimo, B.C., earlier this month was the victim of a homicide, police confirmed.

    • No one was injured when a large fire destroyed a home in a rural part of Surrey overnight.

    • A suspect wanted in a homicide in Richmond Hill has been arrested, York Regional Police say.

    • Toronto police say they have now identified a third person who they believe was involved in a shooting that left two men dead in North York earlier this week.

    • A man is fighting for his life in hospital a day after a vehicle smashed into several others in and around an intersection in Milton before flipping over.

    • The water coming from your taps might be a bit murky Saturday, but Calgary remains on schedule to end all water restrictions on Sunday.

    • An estimated 8,000 volunteers mobilized across the city Saturday as the Calgary Food Bank went door-to-door collecting food and funds.

    • The man charged with fatally stabbing lifelong Banff resident Ethan Enns-Goneau in 2022 has been convicted of second-degree murder.

    • A woman who went missing on the Ottawa River near Pembroke, Ont. while kayaking Tuesday night has been found dead, according to the Ontario Provincial Police (OPP).

    • A joint police operation to promote safe driving on Highway 417 in the Ottawa area has resulted in laying dozens of charges in three hours Friday, according to the Ontario Provincial Police (OPP).

    • Whether it was a big truck, or a small one, the construction trucks rolling past the Children’s Hospital of Eastern Ontario (CHEO) on Saturday had a very important job, and it's putting smiles on the faces of little ones.

    • Montrealers can get used to taking a stroll on several car-free streets during the summer in the years to come thanks to a new commitment from the city.

    • Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.

    • Unusual flippered feet are making their way into the Saint Lawrence River this weekend. Led by underwater explorer and filmmaker Nathalie Lasselin, volunteer divers are combing the riverbed near Beauharnois in Montérégie to remove hundreds of tires that have been polluting the aquatic environment for decades.

    • Tattoos are becoming more common in today's society and, as a result, appear to be more acceptable in the workplace than they used to be.

    • The Edmonton Police Service is looking for a person of interest in connection with a suspicious fire that destroyed a multi-unit building and damaged several townhomes earlier this week.

    • Former Edmonton Oiler Zack Kassian has rejoined the team as a pro scout, the Oilers announced on Saturday.

    • Halifax Regional Police warned the public of a series of high-value thefts targeting retail stores Friday.

    • Pictou County District RCMP is investigating a fatal crash that occurred in Thorburn, N.S., Saturday.

    • A proposal for additional parking to accommodate upgrades at the Irving Pulp & Paper Mill in Saint John, N.B., would add an estimated 500 parking spots at Wolastoq Park.

    • The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.

    • A herd of dogs paid visit to patients and residents at Riverview Health Centre during an annual event that lifts spirits and wags tails.

    • While slang may come and go, experts say the phenomenon behind them, which constantly churns out brand-new bon mots, is as old as language itself.

    • The last two months after losing her daughter Bella have been extremely difficult for Kyla Thomson.

    • Regina police arrested three youths in connection to a bear mace incident at a Regina high school on Friday.

    • Heading into Friday's game against the Calgary Stampeders, quarterback Trevor Harris said he and his Saskatchewan Roughriders were "ready to rock."

    • The Cambridge Professional Fire Fighters’ Association held their annual Muscular Dystrophy Boot Drive on Saturday.

    • Protests were held in front of Kitchener City Hall on Friday, both for and against LGBTQ2S+ inclusive education and queer rights in schools.

    • The provincial government is considering new rules to restrict a municipality’s ability to install new bike lanes if it means traffic lanes would be removed.

    • Heading into Friday's game against the Calgary Stampeders, quarterback Trevor Harris said he and his Saskatchewan Roughriders were "ready to rock."

    • The City of Saskatoon is proposing changes to the proposed downtown shelter site plan following feedback from nearby residents and businesses.

    • The 75-year-old building, formerly the Waskesiu Chamber of Commerce building, was relocated to the Parks Canada compound on the edge of the townsite.

    • A motorcyclist has died following a serious collision that took place in London’s south end on Friday afternoon.

    • The London Police Service (LPS) is currently investigating a suspicious death in the east end.

    • The St. Thomas police is asking the public for help locating a missing man.

    • A man is facing numerous drug trafficking charges after Dufferin OPP seized a large assortment of drugs and weapons in Orangeville earlier this week.

    • One person is in hospital after an e-bike crash in Orillia on Thursday.

    • On Saturday, OPP officers responded to a call after a car hit a tree in a parking lot at 8:00 a.m. on West St. S and King St in Orillia.

    • The Amherstburg Freedom Museum is celebrating a year of festivities in anticipation of its 50th anniversary in 2025.

    • The St. Clair College golf teams were successful at the Niagara Knights Invitational tournament on Friday.

    • A LaSalle high school is celebrating its emerald anniversary this weekend, with everyone who has ever walked its halls invited to return.

    • A man who was found dead behind a curling rink in Nanaimo, B.C., earlier this month was the victim of a homicide, police confirmed.

    • A six-year-old girl who was reported missing in northern B.C. earlier this week remains unaccounted for, and "significant resources from across the province" have joined in the search, police said Saturday.

    • The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.

    • A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.

    • The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.

    • Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.

    • Despite the heavy rain, plenty of muscle turned up for United Way’s annual Pull the Bus fundraiser in Lethbridge Friday.

    • Lethbridge County has rescinded its fire restriction as a result of the recent cool, wet weathr.

    • The Lethbridge Hurricanes kicked off the 2024-25 season on a winning note Friday night, defeating the Edmonton Oil Kings 3-1 in a game played at VisitLethbridge.com Arena.

    • Following an outbreak of COVID-19 on its continuing care floor and just ahead of the flu season, St. Joseph’s General Hospital in Elliot Lake has opted to re-introduce a universal masking policy until further notice.

    • A 26-year-old driver from Surrey, B.C., has been charged with three counts of criminal negligence causing death and bodily harm in a crash that killed two youths in northern Ontario last year.

    • Ontario Provincial Police say three suspects from southern Ontario have been charged and drugs worth $300,000 have been seized following a traffic stop Sept. 16.

    N.L.

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