In court documents filed this week, Tesla alleges Rivian recruited its employees with the goal of stealing Tesla trade secrets. in the suit, Tesla acknowledges that merely recruiting Tesla workers to the rival startup would be “legitimate competitive conduct,” but says the company has seen “an alarming pattern” among those who have recently left the company for the electric car startup.
“Rivian instructed one recently departing Tesla employee about the types of Tesla confidential information that Rivian wants,” Tesla claims in the lawsuit. the company says it discovered three other employees taking “highly valuable, confidential information as they left for Rivian.” The suit also notes that over a dozen of Rivian’s recruiters are former Tesla employees and “thus familiar with the types of information to which Tesla employees have access.”
In a statement, a Rivian spokesperson called Tesla’s claims “baseless.”
“We admire Tesla for its leadership in resetting expectations of what an electric car can be,” a spokesperson said in a statement. “Rivian is made up of high-performing, mission-driven teams, and our business model and technology are based on many years of engineering, design and strategy development. This requires the contribution and know-how of thousands of staff from across the technology and automotive spaces. Upon joining Rivian, we require all employees to verify that they have not, and will not, introduce former employers’ intellectual property into Rivian systems. This suit’s allegations are baseless and run counter to Rivian’s culture, ethos and company policies.”
Tesla didn’t immediately reply to a request for comment.
Tesla, Inc., formerly Tesla Motors, Inc., designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products.
The Company operates through two segments: Automotive, and Energy generation and storage.
The Automotive segment includes the design, development, manufacturing, and sales of electric vehicles.
The Energy generation and storage segment includes the design, manufacture, installation, and sale or lease of stationary energy storage products and solar energy systems to residential and commercial customers, or sale of electricity generated by its solar energy systems to customers.
The Company produces and distributes two fully electric vehicles, the Model S sedan and the Model X sport utility vehicle (SUV).
It also offers Model 3, a sedan designed for the mass market. It develops energy storage products for use in homes, commercial facilities and utility sites.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 1,160.80.
The projected upper bound is: 1,677.31.
The projected lower bound is: 1,376.97.
The projected closing price is: 1,527.14.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 42.5027. This is not an overbought or oversold reading. The last signal was a sell 8 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 64.50. This is not a topping or bottoming area. However, the RSI just crossed below 70 from a topping formation. This is a bearish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 0 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 59. This is not a topping or bottoming area. The last signal was a sell 7 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 0 period(s) ago.
Rex Takasugi – TD Profile
TESLA INC closed down -79.260 at 1,513.070. Volume was 52% above average (neutral) and Bollinger Bands were 138% wider than normal.
Open High Low Close Volume 1,678.950 1,689.000 1,480.770 1,513.070 24,328,504
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1,542.28 1,084.51 662.91 Volatility: 96 78 103 Volume: 19,750,788 13,739,427 15,340,416
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
TESLA INC is currently 128.2% above its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect moderate flows of volume into TSLA.O (mildly bullish).
Our trend forecasting oscillators are currently bullish on TSLA.O and have had this outlook for the last 32 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.