Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Wild week: The stock market was little changed Friday, which masked the drama we saw in this holiday-shortened week of trading. Nvidia soared to all-time highs on Tuesday and became the most valuable U.S. company — if only briefly. Back-to-back losses Thursday and Friday put Nvidia in the No. 3 position of $3 trillion-plus stocks. Club names Microsoft regained the throne followed by Apple . The Dow was poised to be the big weekly winner, a change from its recent also-ran status. The S & P 500 and Nasdaq , while off their record highs, were holding on weekly gains in Friday afternoon trading. The CME FedWatch tool indicated a high likelihood of two Federal Reserve interest rate cuts before the end of the year — one in September and the other in December. Energized : West Texas Intermediate crude , the U.S. oil benchmark, was on track for its second consecutive positive week. In Friday’s session, WTI lost nearly 1% to trade around $80.50 a barrel. Strong gasoline demand in the U.S. is one factor cited for crude’s advance. Alongside the move, energy is the top-performing sector in the S & P 500 this week, up more than 2%. However, Club name Coterra Energy has largely sat out the rally, with the stock only slightly higher week to date. Natural gas prices have cooled off recently, which could be pressuring Coterra given the producer’s significant exposure to nat gas and oil. Coterra did shift more resources to oil production earlier this year, which has so far been a good move due to the volatility in nat gas. Alexa overhaul : Amazon is planning a huge overhaul of Alexa that could include two tiers of new generative artificial intelligence features, Reuters reported on Friday. This follows a CNBC report in May that Club name Amazon could charge a monthly subscription fee for its AI-powered voice assistant services. A paid version can complete more complex tasks like “composing a brief email, sending it and ordering dinner for delivery from Uber Eats, all from a single prompt,” Reuters reported. Amazon aims to complete the project, known internally as “Banyan,” by August. An Amazon spokesperson told CNBC in a statement that the company has “already integrated generative AI into different components of Alexa, and are working hard on implementation at scale … to enable even more proactive, personal, and trusted assistance for our customers.” “Amazon’s pricing strategy for Alexa could help keep losses down, but it’s too early to know if consumers will be willing to pay for it,” said Jeff Marks, the Investing Club’s director of portfolio analysis. Amazon shares are up about 0.4% Friday, to nearly $187 each. Over the past month, the stock is up around 1.9%. Caffeinated deals : Starbucks is looking to win back price-conscious customers through discounts. According to The Wall Street Journal , the company launched a $5 value menu and ran promotions for about half of May. The coffee deals follow weak traffic that led to a sales slump last quarter, driven by higher prices and slow service. “It’s good to see Starbucks recognize it needs to provide more value to its customers to get them back in the store, but this is one small step in what will be a long turnaround,” Marks said. The sentiment around Starbucks stock has been negative, with shares down roughly 17% so far this year. Shares are still nearly $10 below where they were trading before their May 1 earnings rout. Jim Cramer has said he’s tentative about the next steps and has the stock in the penalty box. He’d prefer waiting a few more quarters to see if management can deliver on plans to improve financials. Next week : There are a handful of economic reports on the agenda, including housing data on Tuesday, Wednesday and Thursday. Also on Thursday, we get durable goods orders for May, weekly jobless claims, and the final look at first-quarter gross domestic product. The Fed’s favorite inflation gauge — the PCE price index — is released next Friday. — CNBC’s Matthew J. Belvedere and Kevin Stankiewicz contributed to this article. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.
T1 Energy (NYSE: TE), formerly FREYR Battery, kicks off preparations for its new solar cell factory, set to be one of the largest in the US.
T1 Energy has chosen Yates Construction as the contractor for preconstruction services and site preparations for its planned $850 million, G2_Austin 5 GW Solar Cell Facility.
The G2_Austin site is in Milam County, Texas, in the Advanced Manufacturing and Logistix Campus at Sandow Lakes.
It’s expected to create up to 1,800 new direct US advanced manufacturing jobs. Construction is on track to kick off in mid-2025, and the facility is expected to begin producing cells by the end of 2026. There are currently far fewer solar cell manufacturing sites in the US than solar module factories, according to the SEIA.
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On December 24, FREYR announced that it had closed its acquisition of China-headquartered Trina Solar’s 5-gigawatt (GW), 1.35 million-square-foot solar panel factory in Wilmer, Texas. The company renamed the factory G1_Dallas, which employs more than 1,000 people and is now fully online.
Daniel Barcelo, T1’s chairman of the board and CEO, said, “Our facilities will manufacture solar cells and modules to invigorate our economy with abundant energy. We’re excited to work with Yates and Milam County to bring American advanced manufacturing to the heart of Texas and to unlock our most scalable energy resources.”
T1 Energy says it anticipates finalizing commercial terms with Yates Construction as General Contractor.
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The EV2 is set to arrive as Kia’s smallest and most affordable electric vehicle next year. With its official debut coming up, the electric SUV was spotted driving on public roads. The electric SUV may be small, but it looks bigger in person.
Kia’s new EV2 is an affordable, small electric SUV
Kia has yet to say precisely how big the EV2 will be, but it’s expected to be around 4,000 mm (157″), or slightly smaller than the EV3 at 4,300 mm (169.3″). That’s even more compact than the outgoing Chevy Bolt EV (163.2″).
During its EV Day event in April, Kia unveiled the Concept EV2, a preview of the entry-level EV that will sit below the EV3.
Although it’s the brand’s smallest EV, Kia promises that it will feel larger when you’re inside. The EV2 sits higher than you’d expect with a wide front end, giving it a bigger presence on the road, similar to the three-row EV9.
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We got a sneak peek at Kia’s affordable EV last month after it was spotted testing on public roads in Korea, but the latest sighting gives us a closer look at the EV2 in its production form. The new video from HealerTV reveals a few details that could look a little different from the concept.
Kia’s new entry-level EV2 spotted driving in public (Source: HealerTV)
The footage shows what appears to be different daytime running lights (DRLs). When Kia unveiled the Concept EV2 in April, it featured a unique split vertical headlight design.
The EV2 spotted driving still has the split design, but both the inner and outer lights appear to be angled more inwards. It’s not a huge difference, but given most of Kia’s new EVs look almost identical to the concepts, this could be something to keep an eye on.
Prices, specs, and more
Despite being an entry-level model, the EV2 is still equipped with advanced technology and features, including vehicle-to-load (V2L) capability, which allows it to power a campsite, home appliances, and other electronics. With OTA updates, it will only get smarter and more advanced over time.
The interior will feature Kia’s new ccNC (connected car Navigation Cockpit), which features dual 12.3″ driver cluster and touchscreen navigation screens in a panoramic display.
Like its other new EV models, it’s also expected to include a 5″ climate control display for nearly 30″ of screen space.
Kia plans to launch the EV2 next year in Europe and “other global regions.” For those in the US, sorry to disappoint, but it’s not expected to make the trip overseas. We do have the EV4, Kia’s first electric sedan, to look forward to.
Kia Concept EV2 (Source: Kia)
We will learn prices and final specs closer to launch, but given it will sit below the EV3, it will likely be cheaper than that.
The EV3 starts at £32,995 ($44,800) in the UK and €35,990 ($41,600) in Europe. Kia’s CEO, Ho-Sung Song, told Autocar in 2023 that the company aims to launch the EV2 at around £25,000 ($32,000) in the UK. With new battery technology and other advancements, it could be even more affordable when it arrives next year.
It’s not a Kia or Hyundai, but the Musso EV pickup truck is shaking up the Korean Market. After the first models left for Europe, the company’s CEO is already saying it will be a “driving force” as it goes on a global conquest.
Korea has a new EV pickup that’s going global
During an event celebrating the first exports of its new Musso EV and Torres HEV pickup trucks, KG Mobility’s CEO, Kwak Jae-Seon, said the new models “have already received favorable reviews and garnered much attention from reporters and sales agents.”
KG Mobility (KGM) expects them to serve as “a driving force” as it expands exports into new global markets. The first Ro-Ro (Roll-on/Roll-off) hit the seas on June 12 carrying 983 vehicles, 184 Musso EVs, and 799 Torres HEVs.
The vessel is headed for Europe, where the first models will be sold in Germany, Spain, Norway, Hungary, and other markets, starting in August.
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Jae-Seon, who personally drove the Musso EV onto the car carrier, said during the event that pickup is now on a “full-scale conquest” as it rolls out globally.
KG Mobility Musso EV and Torres HEV pickup launch event (Source: KG Mobility)
KGM’s EV pickup has already generated quite the buzz in Korea, beating Hyundai and Kia to the first fully electric pickup truck.
After launching the Musso EV pickup in Korea in March, the company announced it had secured over 3,200 orders in two weeks. The Special Edition model sold out in an hour and a half.
KGM promotes the vehicles as “a new alternative to mid-size SUVs” that’s more useful as an everyday ride with more interior space.
Measuring 5,160 mm long, 1,920 mm wide, and 1,740 mm tall, the electric pickup is about the size of a Ford Ranger (5,225 mm long, 1,910 mm wide, and 1,866 mm tall).
KGM Musso EV electric pickup truck interior (Source: KGM)
The infotainment system looks a lot like new Hyundai and Kia EVs with a dual 12.3″ driver cluster and touchscreen navigation screens in a panoramic display.
It also comes with a Land Rover-like ClearSite Ground View camera, allowing you to see what’s beneath you through several strategically placed cameras.
The electric pickup is powered by an 86.6 kWh LFP battery, providing a range of nearly 250 miles (400 km). With up 200 kW fast charging, it can recharge to 80% in 24 minutes.
KGM’s Musso EV is available in both single (FWD) and dual-motor setups. The FWD version features a 152.2 kW front motor, producing up to 207 horsepower, while the AWD model boasts up to 413 horsepower. It can tow almost 4,000 lbs (1.8 tons) and includes a “trailer sway function” to stabilize the vehicle while towing.
The Musso EV pickup starts at 48 million won, or about $35,000. With incentives, KGM says the purchase price is closer to 39.62 million won ($29,000).
With more monthly exports in May than it has in 10 years, KGM expects the Musso EV pickup to accelerate the momentum.
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